Document:

exv10w82

Exhibit 10.82

FIRST AMENDMENT

TO THE

SELECT MEDICAL HOLDINGS CORPORATION

LONG-TERM CASH INCENTIVE PLAN

          WHEREAS, Select Medical Holdings Corporation (the “Company”) previously adopted the Select
Medical Holdings Corporation Long-Term Cash Incentive Plan (the “Plan”);

          WHEREAS, the Company desires to amend the Plan as set forth in this amendment in order to
comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended;

          NOW THEREFORE, in accordance with the Board’s authority provided in Section 16 of the Plan,
the Board hereby amends the Plan, effective August 20, 2008, as follows:

I. A new Section 2 is hereby added (and the subsequent Sections of the Plan are hereby renumbered
accordingly) to the Plan to read in its entirety as follows:

     “2. Accounts. The Company will establish a bookkeeping account in the name of each
Participant (an ‘Account’) to hold such Participant’s Units and to be credited, from time to time,
with amounts, if any, in respect of such Participant’s Units as described in Section 3, below.”

II. Section 2 (hereinafter, Section 3) of the Plan is hereby amended in its entirety to read as
follows:

     “3. Plan Credits.

     (a) If the Cumulative Value of a Strip of Company Securities, valued at the earlier to
occur of a Qualified IPO or Change of Control, exceeds the greater of (i) the IRR Hurdle or
(ii) the Price Hurdle, each Participant’s Account shall be credited with an amount equal to
the Final Bonus Payment in respect of each of such Participant’s then vested Units in such
Account.

     (b) Upon a Preferred Stock Liquidity Event, each Participant’s Account shall be
credited, without duplication, with an amount equal to the Preferred Stock Liquidity Payment
in respect of each of such Participant’s then vested Units in such Account.

     (c) Except as the Committee otherwise provides in a Participant’s Unit Award Agreement,

     (i) a Participant will forfeit all of the Units in his or her Account for no
consideration upon the termination of such Participant’s employment with the Company
or its Subsidiaries other than due to the Participant’s death or Disability, and

 

 

     (ii) upon the termination of the Participant’s employment due to such
Participant’s death or Disability: (1) the Participant (or his estate, in the case
of death) shall forfeit all of the unvested Units and 50% of the vested Units in his
or her Account and (2) payment with respect to the remaining vested Units in his or
her Account shall be made as set forth in Section 4 below.”

III. A new Section 4 is hereby added (and the subsequent Sections of the Plan are hereby renumbered
accordingly) to the Plan to read in its entirety as follows:

     “4. Payment of Plan Accounts.

     (a) Except as provided in Section 4(b), a Participant shall receive payment of the
amount credited to his or her Account on the applicable Preferred Stock Liquidity Event,
Change of Control or Qualified IPO, provided, however, that such Participant is then
employed by the Company or its Subsidiaries.

     (b) In the event of a Participant’s termination of employment with the Company or its
Subsidiary, as applicable, as a result of such Participant’s death or Disability, subject to
Section 4(c) hereof, such Participant shall receive payment of the amount credited to his or
her Account on January 31st of the second calendar year following the calendar
year during which such Participant died or suffered such Disability.

     (c) Notwithstanding the payment date provided in Section 4(b) above, the Committee may
by resolution, from time to time, defer payment of a Participant’s Account following such
Participant’s death or Disability without such Participant’s or such Participant’s estate’s
consent, provided that:

     (i) The Committee resolves to defer payment not less than 12 months before the
previously scheduled payment date;

     (ii) The Committee determines a fixed subsequent payment date; and

     (iii) The Committee’s resolution to defer payment hereunder may not take effect
until at least 12 months after the date on which such resolution is passed.”

IV. The first sentence of Section 17(d) (hereinafter, Section 19(d)) is hereby amended in its
entirety to read as follows:

     “(d) ‘Change of Control’ has the meaning provided for such term in the Company’s
Amended and Restated Certificate of Incorporation, provided, however, that such Change of Control
constitutes a ‘change in control’ within the meaning of Section 409A of the Code.”

 

 

V. Section 17(j) (hereinafter, Section 19(j)) is hereby amended in its entirety to read as follows:

     “(j) ‘Disability’ means a Participant is (i) unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months, or (ii) by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months, receiving income replacement benefits for a period of not less than three months under an
accident and health plan covering employees of the Company or its Subsidiary.”

VI. Section 17(q) (hereinafter, Section 19(q)) is hereby amended in its entirety to read as
follows:

     “(q) ‘Preferred Stock Liquidity Event’ means any time the Company pays a Special
Dividend in respect of the Preferred Stock or redeems, in whole or in part, outstanding shares of
Preferred Stock (it being understood that any Common Stock that is issued in conversion of
Preferred Stock and subsequently sold in a Qualified IPO will be considered redeemed for purposes
of this Plan). For the avoidance of doubt, the mere conversion of Preferred Stock to Common Stock
at the time of a Qualified IPO without such shares being redeemed or sold in the Qualified IPO
shall not be a Preferred Stock Liquidity Event; provided, however, that, within the first year
after a Qualified IPO, the redemption or sale of any outstanding Preferred Stock shall constitute a
Preferred Stock Liquidity Event.”

VII. Section 17(r) (hereinafter, Section 19(r)) is hereby amended to add the following sentence at
the end thereof:

     “Notwithstanding the foregoing, if a Qualified IPO occurs on or prior to March 31, 2009 and
the aggregate amount received by Participants hereunder on account of all prior Preferred Stock
Liquidity Events and a Preferred Stock Liquidity Event resulting from such Qualified IPO, if
applicable, is less than $50,000,000, Preferred Stock Liquidity Payment shall mean and include an
additional amount equal to the lesser of (A) $50,000,000 minus the sum of (x) the aggregate
Preferred Stock Liquidity Payments theretofore received by Participants and (y) the Preferred Stock
Liquidity Payment to be received by Participants as a result of such Qualified IPO, if applicable,
or (B) $10,000,000.”

[Signature Page Follows]

 

 

     IN WITNESS WHEREOF, the Board has executed this First Amendment as of the 20th day of August,
2008.

	 	 	 	 	 
	 	SELECT MEDICAL HOLDINGS CORPORATION

 	 
	 	/s/ Michael E. Tarvin
 	 
	 	Michael E. Tarvin,               	 
	 	Secretary of the Board of Directors of
Select Medical Holdings Corporationexv10w83

Exhibit 10.83

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

     THIS SECOND AMENDMENT is made as of this 26th day of October, 2001, by and between SELECT
MEDICAL CORPORATION, a Delaware corporation (the “Employer”) , having an address c/o
Select Medical Corporation, 4716 Old Gettysburg Road, P.O. Box 2034, Mechanicsburg, Pennsylvania
17055, and DAVID W. CROSS, an individual (the “Employee”), residing at 10 Lindworth
Drive, St. Louis, Missouri 63124.

BACKGROUND

     A. Employer and Employee executed and delivered that certain Employment Agreement, dated
December 16, 1998 (the “Agreement”), pursuant to which Employer employed Employee to
serve as its Senior Vice President — Development and to develop new long term acute care hospitals
for Employer and to provide other services for Employer’s businesses. All capitalized terms
not specifically defined herein shall have the meanings ascribed to them in the Agreement.

     B. The term of the Agreement was extended to December 31, 2001 by that certain First Amendment
to Employment Agreement between Employer and Employee, dated October 15, 2000. Employer and
Employee now desire to further extend the term of the Agreement as hereinafter provided.

     NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, covenant and agree
as follows:

     1. Amendment to Section 5(a). The second sentence of Section 5(a) is hereby amended
and restated as follows:

“This Agreement shall commence on the date hereof and remain in effect, unless
this Agreement is terminated by either party hereto, or extended by the written
agreement of both parties hereto, until December 31, 2002.”

     2. No Other Modifications. Except as expressly amended hereby, the Agreement shall
remain unmodified and in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Employment

 

 

Agreement to be executed the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Employer:	 	 
	 	 	 	 	 	 	 
	 	 	SELECT MEDICAL CORPORATION, a Delaware corporation
	 	 	 	 	 	 	 
	 	 	By:	 	     /s/ Robert A. Ortenzio 
      Robert A. Ortenzio,
      President	 	 
	 	 	 	 	 	 	 
	 	 	Employee:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	     /s/ Davis W. Cross	 	 
	 	 	 	 	 
	 	 	 	 	      David W. Cross	 	 

-2-exv10w84

Exhibit 10.84

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

     THIS THIRD AMENDMENT is made as of this 1st day of November, 2002, by and between SELECT
MEDICAL CORPORATION, a Delaware corporation (the “Employer”) , having an address c/o Select Medical
Corporation, 4716 Old Gettysburg Road, P.O. Box 2034, Mechanicsburg, Pennsylvania 17055, and DAVID
W. CROSS, an individual (the “Employee”), residing at 10 Lindworth Drive, St. Louis, Missouri
63124.

BACKGROUND

     A. Employer and Employee executed and delivered that certain Employment Agreement, dated
December 16, 1998 (the “Agreement”), pursuant to which Employer employed Employee to serve as its
Senior Vice President — Development and to develop new long term acute care hospitals for Employer
and to provide other services for Employer’s businesses. All capitalized terms not specifically
defined herein shall have the meanings ascribed to them in the Agreement.

     B. The term of the Agreement was initially extended to December 31, 2001 by that certain First
Amendment to Employment Agreement between Employer and Employee, dated October 15, 2000. The term
of the Agreement was later extended to December 31, 2002 by that certain Second Amendment to
Employment Agreement between Employer and Employee, dated October 26, 2001. Employer and Employee
now desire to further extend the term of the Agreement as hereinafter provided.

     NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, covenant and agree
as follows:

     1. Amendment to Section 5(a). The second sentence of Section 5(a) is hereby amended
and restated as follows:

“This Agreement shall commence on the date hereof and remain in effect, unless this
Agreement is terminated by either party hereto, or extended by the written agreement of both
parties hereto, until December 31, 2003.”

     2. No Other Modifications. Except as expressly amended hereby, the Agreement shall
remain unmodified and in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Employment

 

 

Agreement to be executed the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Employer:	 	 
	 	 	 	 	 	 	 
	 	 	SELECT MEDICAL CORPORATION, a Delaware corporation
	 	 	 	 	 	 	 
	 	 	By:	 	     /s/ Robert A. Ortenzio 
      Robert A. Ortenzio,
      President	 	 
	 	 	 	 	 	 	 
	 	 	Employee:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	     /s/ Davis W. Cross	 	 
	 	 	 	 	 
	 	 	 	 	      David W. Cross

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