Exhibit 10.18
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
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This Amendment No. 1 to Employment Agreement ("Amendment") is effective as
of July 1, 1997, and is made by and between HEALTHCARE FINANCIAL PARTNERS, INC.,
a Delaware corporation (the "Corporation") and XXXXXX X. SILVER ("Employee").
W I T N E S S E T H:
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A. Employee and the Corporation have entered into an Employment Agreement
("Agreement") dated as of October 1, 1996.
B. The Corporation desires to further recognize Employee's contribution
to the growth and success of the Corporation by amending the term of the
Agreement, and to make Employee an executive officer of the Corporation.
NOW, THEREFORE, in consideration of the foregoing premises, and of the
mutual covenants and representations contained in this Amendment, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Section 4.1 of the Agreement is hereby amended and restated in its
entirety to read as follows:
4.1 Duration and Extension.
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(a) The Employment Period shall commence on the original date of the
Agreement and shall continue until the earlier of (i) the close of business on
the day immediately preceding the third annual anniversary of the date of the
Agreement (i.e. October 1, 1999), subject to extension pursuant to Paragraph
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4.1(b), (ii) the Employee's normal retirement date under the Corporation's
retirement plan as in effect on the date of this Agreement ("Normal Retirement
Date"), or (iii) the death or Total Disability of the Employee.
(b) On the first annual anniversary of the date of this Agreement
(i.e. October 1, 1997), and on each annual anniversary date thereafter, the
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Employment Period shall be automatically extended for an additional one year
period (but not beyond the Normal Retirement Date, death or Total Disability of
the Employee), unless the Corporation or the Employee notifies the other in
writing prior to such anniversary date of its or his intention not to so extend
the Employment Period."
2. In view of the satisfactory resolution of that certain adversary
proceeding identified in Section 1.1(a) of the Agreement, Employee shall assume
the office of Vice President of Marketing effective as of the date of this
Amendment.
3. Except as expressly modified by this Amendment, the Agreement remains
in full force and effect.
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
No. 1 To Employment Agreement as of the date first above written.
ATTEST: THE CORPORATION:
HEALTHCARE FINANCIAL
PARTNERS, INC.
a Delaware corporation
Xxxxxx X. Xxxxxxxx, Xx. By: Xxxxx X. Xxxxx
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Xxxxxx X. Xxxxxxxx, Xx. Name: Xxxxx X. Xxxxx
Its: President
WITNESS: EMPLOYEE:
Xxxxx X. Xxx Xxxxxxx Xxxxxx X. Silver
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Xxxxx X. Xxx Xxxxxxx Xxxxxx X. Silver
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