SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.60
This
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT is made as of September 29, 2006 among MEDICAL PROPERTIES
TRUST, INC. (the “REIT”), MPT OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (the “Operating
Partnership”) (the REIT and the Operating Partnership are
referenced collectively as the “Company”), and
Xxxxxx X. Xxxxx, Xx. (the “Executive”):
WHEREAS,
the Executive and the Company entered into an Employment Agreement Dated September 10, 2003, as
first amended on March 8, 2004, (the “Employment; Agreement”); and
WHEREAS,
the parties desire to amend the Employment Agreement as provided
herein.
NOW,
THEREFORE, in consideration of the premises and for other good and
valuable consideration, the
parties hereby agree as follows:
1. Paragraph 4
of the Employment Agreement is hereby deleted in its entirety and the following
paragraph is hereby substituted in lieu thereof:
“4. INCENTIVE AWARDS: ANNUAL INCENTIVE BONUS. The Executive shall be entitled to
receive an annual cash incentive bonus for each fiscal year during the Term of this
Agreement consistent with such bonus policy as may be adopted by the Board of Directors
or its Compensation Committee (“Bonus Policy”). The Bonus Policy shall contain both
individual and group goals. If the Executive or the Company, as the case may be,
satisfies the performance criteria contained in such Bonus Policy for a fiscal year, he
shall receive an annual incentive bonus (the “Incentive Bonus”), in an amount determined
by the Compensation Committee and subject to ratification by the Board, if required. If
the Executive or the Company, as the case may be, fails to satisfy the performance
criteria contained in such Bonus Policy for a fiscal year, the Compensation Committee may
determine whether any Incentive Bonus shall be payable to Executive for that year,
subject to ratification by the Board, if required. The Executive’s bonus shall not be
subject to any minimum award, as provided in the Executive’s Employment Agreement
previous to this amendment. Additionally, in consideration for the Executive’s agreement
to forgo a guaranteed minimum bonus, the Company agrees that the previous bonus ceiling
of 100% of salary is no longer applicable and that, henceforth, there shall be no
limitation or ceiling on the maximum bonus that may be awarded to the Executive by the
Board of Directors or its Compensation Committee.”
2. Except to the extent hereby amended, the Employment Agreement, as amended on March 8, 2004,
is hereby confirmed and ratified and shall continue in full force and effect.
3. The effective date of this amendment is September 29,2006.
IN WITNESS WHEREOF, the parties have executed this First Amendment to Employment Agreement as
of the date first above written.
OPERATING PARTNERSHIP:
|
EXECUTIVE: | |||
MPT OPERATING PARTNERSHIP, L.P. |
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BY: MEDICAL PROPERTIES TRUST, LLC |
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ITS: GENERAL PARTNER |
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BY: MEDICAL PROPERTIES TRUST, INC.
|
/s/ Xxxxxx X. Xxxxx, Xx.
|
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ITS: SOLE MEMBER
|
Xxxxxx X. Xxxxx, Xx. |
By:
|
/s/ Xxxxxx X. XxXxxx | Dated: 10/2/06 | ||
| Xxxxxx X. XxXxxx | ||||
| Executive Vice President and CEO | ||||
| Dated: 10/10/06 | ||||
| REIT: | ||||
By:
|
/s/ Xxxxxx X. XxXxxx | |||
| Xxxxxx X. XxXxxx | ||||
| Executive Vice President and CEO | ||||
| Dated: 10/10/06 | ||||
