EXHIBIT 10.20
AMENDMENT No. 1 TO
EMPLOYMENT AGREEMENT
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This is an Amendment, dated August 8, 2000 (the "Amendment") to the
Employment Agreement made as of the 1/st/ day of March, 2000 (the "Employment
Agreement") by and between SELECT MEDICAL CORPORATION, a Delaware corporation
(the "Company"), and XXXXXXXX X. XXXX, an individual (the "Employee").
Background
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The Company and the Employee executed and delivered the Employment
Agreement. The Company and the Employee now desire to amend the Employment
Agreement as hereinafter provided.
Accordingly, and intended to be legally bound hereby, the Company and
the Employee agree as follows:
Agreement
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1. Effective as of the first of the Company's payroll periods beginning
after the Refinancing Date (as defined in paragraph 2 of this Amendment), the
Employee's base salary under Section 3.01 of the Employment Agreement shall be
increased to $500,000.
2. For purposes of the Employment Agreement, as amended by Amendment No.
1, the term "Refinancing Date" shall mean the first date upon which:
a. the Company has closed the refinancing of its Second Amended and
Restated Credit Agreement dated as of November 19, 1999, to the reasonable
satisfaction of the Company; and
b. after that refinancing has been accomplished, the debt created
thereby is solely that of the Company (and its subsidiaries) and no shareholder
or other investor in the Company guarantees or is otherwise directly obligated
to repay that debt.
3. Except as amended hereby, the Employment Agreement shall continue in
effect in accordance with its terms.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.
SELECT MEDICAL CORPORATION
Attest: /s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxx X. Xxxxxxxxx
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Xxxxxxx X. Xxxxxx, Xxxxx X. Xxxxxxxxx,
Secretary Vice President and Controller
Witness: [ILLEGIBLE] /s/ Xxxxxxxx X. Xxxx (SEAL)
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Xxxxxxxx X. Xxxx
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