Document:

<PAGE>

                                                                     Exhibit 4.6

                         GUARANTY AND PLEDGE AGREEMENT

          GUARANTY AND PLEDGE AGREEMENT (this "Agreement"), dated as of May 8,
                                               ---------
2001, among e resources inc, a Utah corporation (the "Company"), Christopher D.
                                                      -------
Curtis (the "Pledgor"), AJW Partners, LLC, a limited liability company ("AJW")
             -------                                                     ---
and New Millennium Capital Partners II, LLC, a limited liability company ("NMC"
                                                                           ---
and together with AJW, the "Pledgees").
                            --------

                              W I T N E S S E T H:
                              -------------------

          WHEREAS, the Company and the Pledgees are parties to that certain
Securities Purchase Agreement, of even date herewith (the "Purchase Agreement"),
                                                           ------------------
pursuant to which the Company (i) has issued (a) 12% secured convertible
debentures in the aggregate principal amount of $300,000 and (b) stock purchase
warrants to purchase an aggregate of 300,000 shares of the Company's common
stock, $0.001 par value per share (the "Common Stock") and (ii) will issue,
                                        ------------
pursuant to Section 4(l) of the Purchase Agreement, (a) 12% secured convertible
debentures in the aggregate principal amount of $300,000, and (b) stock purchase
warrants to purchase an aggregate of 300,000 shares of the Common Stock; and

          WHEREAS, as a material inducement to the Pledgees to enter into the
Purchase Agreement, the Pledgees have required and the Pledgor has agreed (i) to
unconditionally guarantee the timely and full satisfaction of all obligations of
the Company, whether matured or unmatured, now or hereafter existing or created
and becoming due and payable (the "Obligations") to the Pledgees, their
                                   -----------
successors, endorsees, transferees or assigns under the Transaction Documents
(as defined in the Purchase Agreement) to the extent of the Collateral (as
defined in Section 5 hereof), and (ii) to grant to the Pledgees, their
successors, endorsees, transferees or assigns a security interest in the number
of shares of Common Stock currently owned by the Pledgor as set forth below the
Pledgor's signature on the signature page hereto (collectively, the "Shares"),
                                                                     ------
as collateral security for Obligations.  Terms used and not defined herein shall
have the meaning ascribed to them in the Purchase Agreement.

          NOW, THEREFORE, in consideration of the foregoing recitals, and the
mutual covenants contained herein, the parties hereby agree as follows:

          1.  Guaranty.  To the extent of the Collateral, the Pledgor hereby
              --------
absolutely, unconditionally and irrevocably guarantees to the Pledgees, their
successors, endorsees, transferees and assigns the due and punctual performance
and payment of the Obligations owing to the Pledgees, their successors,
endorsees, transferees or assigns when due, all at the time and place and in the
amount and manner prescribed in, and otherwise in accordance with, the
Transaction Documents, regardless of any defense or set-off counterclaim which
the Company or any other person may have or assert, and regardless of whether or
not the Pledgees or anyone on behalf of the Pledgees shall have instituted any
suit, action or proceeding or exhausted its remedies or taken any steps to
enforce any rights against the Company or any other person to compel any such
performance or observance or to collect all or part of any such amount, either
<PAGE>

pursuant to the provisions of the Transaction Documents or at law or in equity,
and regardless of any other condition or contingency.

        2.  Waiver of Demand.  The Pledgor hereby unconditionally: (i) waives
            ----------------
any requirement that the Pledgees, in the event of a breach in any material
respect by the Company of any of its representations or warranties in the
Transaction Documents, first make demand upon, or seek to enforce remedies
against, the Company or any other person before demanding payment of enforcement
hereunder; (ii) covenants that this Agreement will not be discharged except by
complete performance of all the Obligations to the extent of the Collateral;
(iii) agrees that this Agreement shall remain in full force and effect without
regard to, and shall not be affected or impaired, without limitation, by, any
invalidity, irregularity or unenforceability in whole or in part of the
Transaction Documents or any limitation on the liability of the Company
thereunder, or any limitation on the method or terms of payment thereunder which
may now or hereafter be caused or imposed in any manner whatsoever; and (iv)
waives diligence, presentment and protest with respect to, and notice of default
in the performance or payment of any Obligation by the Company under or in
connection with the Transaction Documents.

        3.  Release.  The obligations, covenants, agreements and duties of the
            -------
Pledgor hereunder shall not be released, affected or impaired by any assignment
or transfer, in whole or in part, of the Transaction Documents or any
Obligation, although made without notice to or the consent of the Pledgor, or
any waiver by the Pledgees, or by any other person, of the performance or
observance by the Company or the Pledgor of any of the agreements, covenants,
terms or conditions contained in the Transaction Documents, or any indulgence in
or the extension of the time or renewal thereof, or the modification or
amendment (whether material or otherwise), or the voluntary or involuntary
liquidation, sale or other disposition of all or any portion of the stock or
assets of the Company or the Pledgor, or any receivership, insolvency,
bankruptcy, reorganization, or other similar proceedings, affecting the Company
or the Pledgor or any assets of the Company or the Pledgor, or the release of
any proper from any security for any Obligation, or the impairment of any such
property or security, or the release or discharge of the Company or the Pledgor
from the performance or observance of any agreement, covenant, term or condition
contained in or arising out of the Transaction Documents by operation of law, or
the merger or consolidation of the Company, or any other cause, whether similar
or dissimilar to the foregoing.

        4.  Subrogation.
            -----------

            (a)  Unless and until complete performance of all the Obligations to
the extent of the Collateral, the Pledgor shall not be entitled to exercise any
right of subrogation to any of the rights of the Pledgees against the Company or
any collateral security or guaranty held by the Pledgees for the payment or
performance of the Obligations, nor shall the Pledgor seek any reimbursement
from the Company in respect of payments made by the Pledgor hereunder.

            (b)  In the extent that the Pledgor shall become obligated to
perform or pay any sums hereunder, or in the event that for any reason the
Company is now or shall hereafter become indebted to the Pledgor, the amount of
such sum shall at all times be subordinate as to lien, time of payment and in
all other respects, to the amounts owing to the Pledgees under the Transaction
Documents and the Pledgor shall not enforce or receive payment

                                       2
<PAGE>

thereof until all Obligations due to the Pledgees under the Transaction have
been performed or paid. Nothing herein contained is intended or shall be
construed to give to the Pledgor any right of subrogation in or under the
Transaction Documents, or any right to participate in any way therein, or in any
right, title or interest in the assets of the Pledgees.

        5.  Security.  As collateral security for the punctual payment and
            --------
performance, when due, by the Company of all the Obligations, the Pledgor hereby
pledges with, hypothecates, transfers and assigns to the Pledgees all of the
Shares and all proceeds, shares and other securities received, receivable or
otherwise distributed in respect of or in exchange for the Shares, including,
without limitation, any shares and other securities into which such Shares may
be convertible or exchangeable (collectively, the "Additional Collateral" and
                                                   ---------------------
together with the Shares, the "Collateral").  Simultaneously herewith, the
                               ----------
Pledgor shall deliver to the Pledgees the certificate(s) representing the
Shares, stamped with a bank medallion guarantee, along with a stock transfer
power duly executed in blank by the Pledgor, to be held by the Pledgees as
security.  Any Collateral received by the Pledgor on or after the date hereof
shall be immediately delivered to the Pledgees together with any executed stock
powers or other transfer documents requested by the Pledgees, which request may
be made at any time prior to the date when the Obligations shall have been paid
and otherwise satisfied in full.

        6.  Voting Power, Dividends, Etc. and other Agreements.
            --------------------------------------------------

            (a) Unless and until an Event of Default (as set forth in Section 7
hereof) has occurred, the Pledgor shall be entitled to:

                (i)   Exercise all voting and/or consensual powers pertaining to
     the Collateral, or any part thereof, for all purposes;

                (ii)  Receive and retain dividends paid with respect to the
     Collateral; and

                (iii) Receive the benefits of any income tax deductions
     available to the Pledgor as a shareholder of the Company.

            (b)  The Pledgor agrees that it will not sell, assign, transfer,
pledge, hypothecate, encumber or otherwise dispose of the Collateral.

            (c)  The Pledgor and the Company jointly and severally agree to pay
all costs including all reasonable attorneys' fees and disbursements incurred by
the Pledgees in enforcing this Agreement in accordance with its terms.

        7.  Default and Remedies.
            --------------------

            (a)  For the purposes of this Agreement, "Event of Default" shall
                                                      ----------------
mean:

                 (i)  default in or under any of the Obligations after the
     expiration, without cure, of any applicable cure period;

                                       3
<PAGE>

                 (ii)  a breach in any material respect by the Company of any of
     its representations or warranties in the Transaction Documents; or

                 (iii) a breach in any material respect by the Pledgor of any of
     its representations or warranties in this Agreement.

            (b)  the Pledgees shall have the following rights upon any Event of
Default:

                 (i)   the rights and remedies provided by the Uniform
     Commercial Code as adopted by the State of New York (the "UCC") (as said
                                                               ---
     law may at any time be amended);

                 (ii)  the right to receive and retain all dividends, payments
     and other distributions of any kind upon any or all of the Collateral;

                 (iii) the right to cause any or all of the Collateral to be
     transferred to its own name or to the name of its designee and have such
     transfer recorded in any place or places deemed appropriate by the
     Pledgees; and

                 (iv)  the right to sell, at a public or private sale, the
     Collateral or any part thereof for cash, upon credit or for future
     delivery, and at such price or prices in accordance with the UCC (as such
     law may be amended from time to time). Upon any such sale the Pledgees
     shall have the right to deliver, assign and transfer to the purchaser
     thereof the Collateral so sold. The Pledgees shall give the Pledgor not
     less than ten (10) days' written notice of its intention to make any such
     sale. Any such sale, shall be held at such time or times during ordinary
     business hours and at such place or places as the Pledgees may fix in the
     notice of such sale. The Pledgees may adjourn or cancel any sale or cause
     the same to be adjourned from time to time by announcement at the time and
     place fixed for the sale, and such sale may be made at any time or place to
     which the same may be so adjourned. In case of any sale of all or any part
     of the Collateral upon terms calling for payments in the future, any
     Collateral so sold may be retained by the Pledgees until the selling price
     is paid by the purchaser thereof, but the Pledgees shall incur no liability
     in the case of the failure of such purchaser to take up and pay for the
     Collateral so sold and, in the case of such failure, such Collateral may
     again be sold upon like notice. The Pledgees, however, instead of
     exercising the power of sale herein conferred upon them, may proceed by a
     suit or suits at law or in equity to foreclose the security interest and
     sell the Collateral, or any portion thereof, under a judgment or decree of
     a court or courts of competent jurisdiction, the Pledgor having been given
     due notice of all such action. The Pledgees shall incur no liability as a
     result of a sale of the Collateral or any part thereof. All proceeds of any
     such sale, after deducting the reasonable expenses and reasonable
     attorneys' fees incurred in connection with such sale, shall be applied in
     reduction of the Obligations, and the remainder, if any, shall be paid to
     the Pledgor.

                                       4
<PAGE>

        8.  Application of Proceeds; Release. The proceeds of any sale or
            --------------------------------
enforcement of or against all or any part of the Collateral, and any other cash
or collateral at the time held by the Pledgees hereunder, shall be applied by
the Pledgees first to the payment of the reasonable costs of any such sale or
enforcement, then to reimburse the Pledgees for any damages, costs or expenses
incurred by the Pledgees as a result of an Event of Default, then to the payment
of the principal amount or stated valued (as applicable) of, and interest or
dividends (as applicable) and any other payments due in respect of, the
Obligations. The remainder, if any, shall be paid to the Pledgor. As used in
this Agreement, "proceeds" shall mean cash, securities and other property
                 --------
realized in respect of, and distributions in kind of, the Collateral, including
any thereof received under any reorganization, liquidation or adjustment of debt
of any issuer of securities included in the Collateral.

        9.  Representations and Warranties.
            ------------------------------

            (a)  The Pledgor hereby represents and warrants to the Pledgees
that:

                 (i)   the Pledgor has full power and authority and legal right
     to pledge the Collateral to the Pledgees pursuant to this Agreement and
     this Agreement constitutes a legal, valid and binding obligation of the
     Pledgor, enforceable in accordance with its terms.

                 (ii)  the execution, delivery and performance of this Agreement
     and other instruments contemplated herein will not violate any provision of
     any order or decree of any court or governmental instrumentality or of any
     mortgage, indenture, contract or other agreement to which the Pledgor is a
     party or by which the Pledgor and the Collateral may be bound, and will not
     result in the creation or imposition of any lien, charge or encumbrance on,
     or security interest in, any of the Pledgor's properties pursuant to the
     provisions of such mortgage, indenture, contract or other agreement.

                 (iii) the Pledgor is the sole record and beneficial owner of
     all of the Shares; and

                 (iv)  the Pledgor owns the Collateral free and clear of all
     Liens.

            (b)  The Company represents and warrants to the Pledgees that:

                 (i)   it has no knowledge that any of the representations or
     warranties of the Pledgor herein are incorrect or false in any material
     respect;

                 (ii)  all of the Shares were validly issued, fully paid and
     non-assessable; and

                 (iii) the Pledgor is the record holder of the Shares.

            10.  No Waiver; No Election of Remedies.  No failure on the part of
                 ----------------------------------
the Pledgees to exercise, and no delay in exercising, any right, power or remedy
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise by the Pledgees of any right,

                                       5
<PAGE>

power or remedy preclude any other or further exercise thereof or the exercise
of any other right, power or remedy. The remedies herein provided are cumulative
and are not exclusive of any remedies provided by law. In addition, the exercise
of any right or remedy of the Pledgees at law or equity or under this Agreement
or any of the documents shall not be deemed to be an election of Pledgee's
rights or remedies under such documents or at law or equity.

            11.  Termination.  This Agreement shall terminate on the date on
                 -----------
which all Obligations have been performed, satisfied, paid or discharged in
full.

            12.  Further Assurances.  The parties hereto agree that, from time
                 ------------------
to time upon the written request of any party hereto, they will execute and
deliver such further documents and do such other acts and things as such party
may reasonably request in order fully to affect the purposes of this Agreement.

            13.  Miscellaneous.
                 -------------

                 (a)  Modification.  This Agreement contains the entire
                      ------------
understanding between the parties with respect to the subject matter hereof and
specifically incorporates all prior oral and written agreements relating to the
subject matter hereof. No portion or provision of this Agreement may be changed,
modified, amended, waived, supplemented, discharged, canceled or terminated
orally or by any course of dealing, or in any manner other than by an agreement
in writing, signed by the party to be charged.

                 (b)  Notice.  Any and all notices or other communications or
                      ------
deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of (i) the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 6:30 p.m. (New
York City time) on a Business Day (as defined in the Purchase Agreement), (ii)
the Business Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile telephone number specified in this
Agreement later than 6:30 p.m. (New York City time) on any date and earlier than
11:59 p.m. (New York City time) on such date, (iii) the Business Day following
the date of mailing, if sent by nationally recognized overnight courier
services, or (iv) upon actual receipt by the party to whom such notice is
required to be given. The address for such notices and communications shall be
as follows:

            If to the Company:    e resources inc
                                  304 North Highway 377
                                  Roanoke, Texas  76262
                                  Facsimile No.: (817) 491-9634
                                  Attn:  Chief Executive Officer

            With copies to:       Hallett & Perrin, P.C.
                                  717 N. Harwood Street, Suite 1400
                                  Dallas, Texas  75201
                                  Facsimile No:  (214) 953-3154
                                  Attn:  Scot O'Brien, Esq.

                                       6
<PAGE>

            If to the Pledgor:       Christopher D. Curtis
                                     e resources inc
                                     304 North Highway 337
                                     Roanoke, Texas  76262
                                     Facsimile No.:  (817) 491-9634

           If to the Pledgees:       AJW Partners, LLC
                                     155 First Street, Suite B
                                     Mineola, NY  11501
                                     Facsimile No.:  (516) 739-7115
                                     Attn:  Corey Ribotsky

                                     and

                                     New Millennium Capital Partners II, LLC
                                     155 First Street, Suite B
                                     Mineola, NY  11501
                                     Facsimile No.:  (516) 739-7115
                                     Attn:  Glenn A. Arbeitman

           With copies to:           Ballard Spahr Andrews & Ingersoll, LLP
                                     1735 Market Street, 51st Fl.
                                     Philadelphia, PA  19103
                                     Facsimile No.:  (215) 864-8999
                                     Attn:   Gerald J. Guarcini, Esq.

        (c)  Invalidity.  If any part of this Agreement is contrary to,
             ----------
prohibited by, or deemed invalid under applicable laws or regulations, such
provision shall be inapplicable and deemed omitted to the extent so contrary,
prohibited or invalid, but the remainder hereof shall not be invalidated thereby
and shall be given effect so far as possible.

        (d)  Benefit of Agreement.  This Agreement shall be binding upon and
             --------------------
inure to the parties hereto and their respective successors and assigns.

        (e)  Mutual Agreement.  This Agreement embodies the arm's length
             ----------------
negotiation and mutual agreement between the parties hereto and shall not be
construed against either party as having been drafted by it.

        (f)  New York Law to Govern.  This Agreement shall be governed by and
             ----------------------
construed and enforced in accordance with the internal laws of the State of New
York without regard to the principals of conflicts of law thereof. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and
Federal courts sitting in the city of New York, borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court or that
such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to

                                       7
<PAGE>

process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address in effect for notices to it under this
agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Guaranty and
Pledge Agreement to be duly executed by their respective authorized persons as
of the date first indicated above.

                              e resources inc

                              By:
                                 -----------------------------------
                                 Christopher D. Curtis
                                 Chief Executive Officer

                              Pledgees:

                              AJW PARTNERS, LLC
                              By:  SMS Group, LLC

                              By:
                                 -----------------------------------
                                 Corey S. Ribotsky
                                 Manager

                              NEW MILLENNIUM CAPITAL PARTNERS II, LLC
                              By:  First Street Manager II, LLC

                              By:
                                 -----------------------------------
                                 Glenn A. Arbeitman
                                 Manager

                              Pledgor:

                              --------------------------------------
                              Christopher D. Curtis

                              Number of Shares subject to this pledge: ________

                              Date such Shares were acquired:  __________

                                       9<PAGE>

                                                                    Exhibit 10.2

                            AMENDMENT NO. 1 TO THE
                    VENCOR, INC. DEFERRED COMPENSATION PLAN

     This is Amendment No. 1 to the Vencor, Inc. Deferred Compensation Plan
adopted effective April 30, 1998 (the "Plan"), and each amendment shall be
effective as set forth below.

                                    Recitals
                                    --------

     Vencor, Inc.  (the  "Company")  wishes to amend the Plan to eliminate the
termination of the Plan and the consequent acceleration of the payment of
benefits under the Plan pursuant to Section 11.2, entitled "Termination on
Change of Control Event," of the Plan.

     The Company wishes to amend the Plan to suspend the deferrals of Annual
Salary and Annual Bonus elected by Participants.

     The Company wishes to amend the Plan to change time periods in the claims
proce dure.

     The Company wishes to amend the Plan to provide for a one-time distribution
election, allow for the proration of interest credits to a Participant's Account
Balance for a less-than-full-year period prior to a distribution event, and
clarify that an Employee who is eligible to participate in one year, but not
eligible to participate in a later year, remains a Participant with respect to
an existing Account Balance, until distributed.

                                   Amendments
                                   ----------

     1.  All capitalized terms used in this Amendment and not otherwise defined
shall have the meanings given them in the Plan.  Unless otherwise specified
herein, all amendments shall be effective upon the execution of this Amendment.

     2.  The Plan is hereby amended to delete Sections 1.8, 11.2 and 16.15
thereof, each in its entirety, and to delete all references in the Plan to such
Sections 1.8, 11.2 and 16.15 thereby eliminating any change in control
provisions.

     3.  A new section 2.4 of the Plan is hereby added effective as of March 29,
1999, to read in its entirety as follows:

          2.4  Eligibility: Cessation of Deferrals.  Deferrals of Base Annual
               -----------------------------------
          Salary and Annual Bonus under the Plan shall cease upon the earlier of
          (i) termination of an existing Plan Agreement by the Participant, (ii)
          suspension of Plan Agreements by the unilateral action of the
          Committee, which action must apply uniformly to all similarly-situated
          groups of Participants; (iii) determination by the Committee, in its
          sole discretion,
<PAGE>

          with respect to any one or more Participant(s), that that Participant
          shall no longer be an eligible Participant for future deferrals,
          effective at the beginning of the next Plan Year after notice of
          revocation of participation is delivered to the Participant. Cessation
          of deferrals pursuant to this Section shall not be a termination of
          the Plan, and affected Participant(s) rights to interest crediting and
          distribution of their Account Balance shall be unaffected by the
          cessation or suspension of the right to defer.

     4.  Section 5.2 of the Plan is hereby amended to delete the last sentence
thereof (regarding 12-month advance changes in distribution elections) because
that provision was never implemented in operation.

     5.  Section 7.2 is amended so that the second subparagraph (b) shall be
designated as (c).

     6.  Section 14.1 of the Plan is amended so that as amended it shall read in
its entirety as follows:

          Presentation of Claim.  Any Participant or Beneficiary of a deceased
          ---------------------
          Participant (such Participant or Beneficiary being referred to below
          as a "Claimant") may deliver to the Committee a written claim for a
          determination with respect to the amounts distributable to such
          Claimant from the Plan. If such a claim relates to the contents of a
          notice received by the Claimant, the claim must be made within 60 days
          after such notice was received by the Claimant. The claim must state
          with particularity the determination desired by the Claimant. All
          other claims must be made within 180 days of the date on which the
          event that caused the claim to arise occurred. The claim must state
          with particularity the determination desired by the Claimant.

     7.   Section 1.22 of the Plan is hereby amended effective as of May 1, 1998
so that as amended it shall read in its entirety as follows:

          "Participant" shall mean any Employee (i) who is selected to
          participate in the Plan; (ii) who elects to participate in the Plan;
          (iii) who signs a Plan Agreement and an Election Form; (iv) whose
          signed Plan Agreement and Election Form are received by the Committee;
          (v) who commences participation in the Plan; and (vi) whose Plan
          Agreement has not terminated.  A Participant shall also include a
          former Employee or Employee whose Plan Agreement has terminated who
          has an Account Balance hereunder.  By addendum to this Plan, the Board
          or the Committee may permit directors of any of the Employers to
          become Participants hereunder regardless of whether they are
          Employees.

     8.   Section 3.5 of the Plan is hereby amended effective as of May 1, 1998
so that as amended it shall read in its entirety as follows:
<PAGE>

          Interest Crediting Prior to Distribution.  Prior to any distribution
          ----------------------------------------
          of benefits under Articles 4, 5, 6, 7 or 8, interest shall be credited
          and compounded annually on a Participant's Account Balance as if the
          Participant's Annual Deferral Amount and Employer contributions were
          made in two installments, one-half on the first day of the year and
          the balance on the last day of the year.  In the case of a Participant
          who receives a lump sum distribution during a year, a pro rated amount
          of interest shall be credited based on the number of full months of
          the calendar year elapsed prior to distribution, as a percentage of 12
          months, and  as if the Participant's Annual Deferral Amount and
          Employer contributions were made in two installments, one-half on the
          first day of the year and one-half at the end of the month prior to
          distribution.  The rate of interest for crediting shall be the
          Crediting Rate.

     9.   A new Section 7.3 is hereby added effective May 1, 1998 to the Plan to
read in its entirety as follows:

          7.3  One-Time Election to Withdraw.  Due to the substitution of new
               -----------------------------
          Vencor, Inc. as the sponsor and obligor under the Plan, each
          Participant shall have an election to cease participation in the Plan
          and withdraw 90% of his Account Balance, with 10% of the Account
          Balance being forfeited upon the election to withdraw.  Such election
          shall be available during the month of May 1998, and shall expire and
          become unavailable if not made in writing before May 31, 1998. The
          election, if made, shall also constitute a termination of the
          Participant's Plan Agreement for 1998, effective June 1, 1998

     10.  All other provisions of the Plan shall remain unchanged and in full
force and effect.

     IN WITNESS WHEREOF, the Company has caused this Amendment No. 1 to be
executed on the date set forth below.

                                    VENCOR, INC.

                                    By: /s/ Edward L. Kuntz

                                    Title: Chairman of the Board, Chief
                                            Executive Officer and President

                                    Date: February 16, 2001

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