EXHIBIT 10.12.1
FIRST AMENDEMENT TO EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement by and between Pediatrix
Medical Group, Inc., a Florida corporation ("Company") and Xxxx X. Xxxxxx
("Executive") effective January 1, 1999 (the "Agreement") is made and entered
into as of the 1st day of January, 2003.
WHEREAS, the parties entered into the Agreement as of the 20th day of
April, 1999;
WHEREAS, the Agreement set forth certain duties and responsibilities of
both the Company and the Executive as they related to Executive's role as Chief
Financial Officer of Company; and
WHEREAS, the parties desire to amend such Agreement to clarify and
memorialize certain changes thereto;
NOW THEREFORE, in consideration of the recitals above and the mutual
covenants and conditions herein, Company and Executive agree that effective
January 1, 2003, this Amendment modifies the referenced Agreement only as
follows:
1. The text of Section 2.1, Base Salary, shall be deleted in its
entirety and replaced with the following:
2.1 BASE SALARY. "Commencing January 1, 2003, the Executive
shall receive a base salary at the annual rate of not less
than Three Hundred Thousand Dollars ($300,000) (the "Base
Salary") during the term of this Agreement, with such Base
Salary payable in installments consistent with the Company's
normal payroll schedule, subject to required applicable
withholding taxes."
2. The text of Section 2.2 Performance Bonus, shall be deleted in its
entirety and replaced with the following:
2.2 PERFORMANCE BONUS. For each calendar year during the
Employment Period, the Executive shall be eligible to receive
a performance bonus (the "Performance Bonus") in an amount of
up to one hundred percent (100%) of the Base Salary, with the
actual amount, if any, to be determined at the sole discretion
of the Compensation Committee of the Company's Board of
Directors. The Company shall pay the Performance Bonus, if
any, to the Executive within ninety (90) days after the end of
each applicable calendar year.
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Except as amended herein, all other terms and conditions of the
Agreement shall remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment 1 as of
the 1st day of January, 2003.
PEDIATRIX MEDICAL GROUP, INC. EXECUTIVE:
By: /s/ Xxxxx X. Xxxxx, M.D. /s/ Xxxx X. Xxxxxx
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Xxxxx X. Xxxxx, M.D., M.B.A. Xxxx X. Xxxxxx
Chief Executive Officer
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