Exhibit 10.60
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
BY AND BETWEEN
NATIONAL MEDICAL HEALTH CARD SYSTEMS, INC.
AND
XXXXX XXXXXXX
This First Amendment ("Amendment") dated as of the 6th day of November,
2002 by and between NATIONAL MEDICAL HEALTH CARD SYSTEMS, INC., a Delaware
corporation, having an office at 00 Xxxxxx Xxxx Xxxxx, Xxxx Xxxxxxxxxx, Xxx Xxxx
00000 (the "Company") and Xxxxx Xxxxxxx ("Employee"), who resides at 0 Xxx
Xxxxx, Xxxxxxxxx, X.X.00000.
WITNESSETH:
WHEREAS, on March 27, 2000 the Company entered into an Employment Agreement
with Employee (the "Agreement"); and
WHEREAS, both the Company and the Employee are desirous to amend certain
provisions of the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein, the parties agree as follows:
1. Section 3 of the Agreement shall be amended by adding Section 3.4 which
shall state the following:
In the event of a Change of Control (as defined in Section 5.5),
Executive shall be entitled to receive a transaction bonus payable as
follows: (i) 50% of the Executive's current Base Salary payable on the
closing of the transaction constituting the Change of Control and (ii) 50%
of the Executive's current base salary payable the earlier of six month
from the closing of the transaction constituting the Change of Control or
the effective date of termination of the Executive for a reason other than
pursuant to Section 5.2 of the Agreement.
2. All other terms of the Agreement shall remain in full force and effect
as previously written.
IN WITNESS WHEREOF, the Company and Employee have executed this First
Amendment the day and year first above written.
NATIONAL MEDICAL HEALTH CARD
SYSTEMS, INC.
By:
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Xxxxx Xxxx, Chief Executive Officer
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Xxxxx Xxxxxxx
