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Exhibit 10.79
AMENDMENT TO EMPLOYMENT AGREEMENT
Amendment made as of the 1st day of July, 1998 by and between Balanced
Care Corporation (the "Employer") and Xxxxx X. Xxxxx (the "Employee").
WITNESSETH:
WHEREAS Employer and Employee entered into that certain Employment
Agreement dated as of September 20, 1995, (the "Agreement"), and
WHEREAS, Employer and Employee desire to amend the Agreement.
Now, Therefore, in consideration of the mutual covenants herein
contained, and intending to be legally bound, the parties hereto hereby agree as
follows:
1. Paragraph 2 of the Agreement is deleted in its entirety and replaced
with the following language:
"2. CAPACITY. Employee shall serve as Chief Development
Officer."
2. Paragraph 4 is deleted in its entirety and replaced with the
following language:
"4. TERM OF EMPLOYMENT. Unless earlier terminated as hereafter
provided, this Agreement shall commence on July 1, 1998 and
shall expire on June 30, 2001, provided however, that upon
expiration of such term, this Agreement shall be extended from
year to year without further action on the part of the parties
hereto, unless either party gives written notice of
termination to the other party at least ninety (90) days prior
to the expiration of the then current terms.
3. Paragraph 6 (a) of the Agreement is amended by deleting the first
sentence thereof and replacing it with the following language:
"6. COMPENSATION:
(a) CASH COMPENSATION. During the term of this
Agreement or any extension thereof, as compensation
for services to the Employer, Employer shall pay to
Employee a base salary of $170,000.00 per year in
semi-monthly installments."
The remainder of paragraph 6 (a) remains unchanged.
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4. Paragraph 6 (b) is amended by deleting the first sentence thereof
and replacing it with the following language:
(b) ANNUAL BONUS. During the term of this Agreement, Employee
shall be entitled to receive a bonus with respect to each
fiscal year of Employer during the term of his employment in
an amount not less than 50% of Employee's base salary upon
achievement of the annual operating budget as approved by the
Board of Directors of the Employer."
The remainder of paragraph 6 (b) remains unchanged.
5. Paragraph 9 of the Agreement is deleted in its entirety.
Except as amended as set forth in this Amendment, the Agreement remains
in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.
Attest: Balanced Care Corporation
------------------------ By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
Witness Employee
------------------------ /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
