Exhibit 10.56
AMENDMENT NO. 3 TO
EMPLOYMENT AGREEMENT
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This is an Amendment dated September 17, 2001 (the "Amendment") to the
Employment Agreement (as hereinafter defined) by and between SELECT MEDICAL
CORPORATION, a Delaware corporation (the "Employer"), and XXXXXX X. XXXXXXXX, an
individual (the "Employee").
Background
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A. The Employer and the Employee executed and delivered that certain
Employment Agreement dated as of March 1, 2000, that certain Amendment No. 1 to
Employment Agreement dated as of August 8, 2000, and that certain Amendment No.
2 to Employment Agreement dated as of February 23, 2001 (as amended, the
"Employment Agreement"). The Employer and the Employee now desire to further
amend the Employment Agreement as hereinafter provided.
B. Accordingly, and intended to be legally bound hereby, the Employer and
the Employee agree as follows:
Agreement
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1. Section 1.02 of the Employment Agreement is hereby amended and restated
as follows:
"1.02 Capacity. The Employee shall serve as President and Chief
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Operating Officer of the Employer until September 17, 2001. From and
after September 17, 2001, the Employee shall serve as the Chief
Executive Officer, President and Chief Operating Officer of the
Employer."
2. Effective as of the first of the Company's payroll periods beginning
after September 17, 2001, the Employee's base salary under Section 3.01 of the
Employment Agreement shall be increased to $800,000.
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 Amendment as of the date
first above written.
SELECT MEDICAL CORPORATION
By: _________________________________
Xxxxxxx X. Xxxxxx,
Senior Vice President
______________________________________
Xxxxxx X. Xxxxxxxx
