Document:

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                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement") dated as of MAY 21, 2001,
is by and between IASIS Healthcare Corporation, a Delaware corporation (the
"Company), and SANDRA MCREE (the "Executive").

         WHEREAS, the Executive has experience beneficial to the Company's
operations, management and business development of acute care hospitals,
outpatient facilities and ancillary medical services (the "Business"); and

         WHEREAS, the Company desires that the Executive serve as CHIEF
OPERATING OFFICER of the Company and the Executive desires to hold such
position(s) under the terms and conditions of this Agreement; and

         WHEREAS, the parties desire to enter into this Agreement setting forth
the terms and conditions of the employment relationship of the Executive with
the Company.

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

         1.       EMPLOYMENT. The Company hereby employs the Executive and the
Executive hereby accepts employment with the Company, upon the terms and subject
to the conditions set forth herein.

         2.       TERM.

                  (a)      Subject to termination pursuant to Section 10 hereof,
the term of the employment by the Company of the Executive pursuant to this
Agreement (as the same may be extended, the "Term") shall commence on MAY 21,
2001 (the "Effective Date"), and terminate on the fifth anniversary thereof.

                  (b)      Commencing on the fourth anniversary of the Effective
Date and on each subsequent anniversary thereof, the Term shall automatically be
extended for a period of one (1) additional year following the expiration of the
otherwise applicable Term unless, not later than ninety days (90) prior to any
such anniversary date, either party hereto shall have notified the other party
hereto in writing that such extension shall not take effect.

         3.       POSITION; LOCATION. During the Term, the Executive shall serve
as CHIEF OPERATING OFFICER of the Company, supervising the conduct of the
business and affairs of the Company and performing such other duties as the
Board of Directors of the Company (the "Company Board") shall determine, which
duties shall not be materially inconsistent with the duties to be performed by
executives holding similar offices in similarly-sized healthcare corporations.
The Executive shall report directly to the CHIEF EXECUTIVE OFFICER.

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         4.       DUTIES. During the Term, the Executive shall devote her full
time and attention during normal business hours to the business and affairs of
the Company.

         5.       SALARY AND BONUS.

                  (a)      During the Term, the Company shall pay to the
Executive a base salary at the rate of $380,000 per year. Commencing on or
before the first anniversary of the Effective Date, the Company Board shall
review the base salary annually and may increase such amount from time to time
as it may deem advisable, (such salary, as the same may be increased, the "Base
Salary"). The Base Salary shall be payable to the Executive in substantially
equal installments in accordance with the Company's normal payroll practices.

                  (b)      For the Company's fiscal year ending September 30,
2001, and for each fiscal year thereafter during the Term, the Executive shall
be eligible to receive an annual cash bonus equal to up to one hundred percent
(100%) of the Base Salary, subject to the terms of the Company's executive bonus
program to be adopted by the Company Board, the principal terms of which are set
forth on Exhibit A hereto (the "Bonus Plan"), or, to the extent more favorable
to the Executive, other incentive compensation plan established by the Company
Board for the Company's senior executive officers, as either of the same may be
amended from time to time (provided that no such amendment or alternative plan
shall materially diminish the benefits available to the Executive upon
satisfaction of the conditions of such plan).

         6.       STOCK OPTION PLAN; INITIAL GRANT OF OPTIONS. Reference is made
to the IASIS Healthcare Corporation 2001 Stock Option Plan to be adopted by the
Company Board and, if applicable, the stockholders of the Company, the principal
terms of which are set forth on Exhibit B, hereto (the "Stock Option Plan").
Promptly following adoption of the Stock Option Plan, the Company shall grant
the Executive options under the Stock Option Plan (the terms of which shall not
be inconsistent with the previsions of Sections 10(e) and 10(f) below), to
purchase 625,986 shares of common stock of the Company under the Stock Option
Plan. Thereafter during the Term, the Executive shall be eligible to participate
in the Stock Option Plan or, to the extent more favorable to the Executive,
other equity plan established by the Company Board for the Company's senior
executive officers, as the same may be amended from time to time (provided that
no such amendment shall materially diminish the benefits to Executive there
under), as and to the extent other senior executive officers participate in the
same.

         7.       VACATION. Holidays and Sick Leave. During the Term, the
Executive shall be entitled to paid vacation, paid holidays and sick leave in
accordance with the Company's standard policies for its senior executive
officers; provided that the Executive shall during each year of the Term be
entitled to at least four (4) weeks of such vacation, which shall not accrue
from year to year.

         8.       BUSINESS EXPENSES. The Executive shall be reimbursed for all
reasonable and necessary business expenses incurred by him in connection with
the his employment (including, without limitation, expenses for travel and
entertainment incurred in conducting or promoting

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business for the Company) upon timely submission by the Executive of receipts
and other documentation in accordance with the Company's normal expense
reimbursement policies.

         9.       OTHER BENEFITS. During the Term, the Executive shall be
eligible to participate fully in all health and other employee benefit
arrangements available to senior executive officers of the Company generally
provided that (i) the Company agrees in any event to provide major medical,
disability and life insurance coverage in amounts substantially consistent with
such coverage at similarly-sized healthcare corporations.

         10.      TERMINATION OF AGREEMENT. The Executive's employment by the
company pursuant to this Agreement shall not be terminated prior to the end of
the Term hereof except as set forth in this Section 10.

                  (a)      BY MUTUAL CONSENT. The Executive's employment
pursuant to this Agreement may be terminated at any time by the mutual written
agreement of the Company and the Executive.

                  (b)      DEATH. The Executive's employment pursuant to this
Agreement shall be terminated upon the death of the Executive, in which event
the Executive's spouse or heirs shall receive, when the same would have been
paid to the Executive (whether or not the Term shall have expired during such
period), (i) all Base Salary and benefits to be paid or provided to the
Executive under this Agreement through the Date of Termination (as defined in
Section 10(h) hereof) and (ii) Base Salary at the then-current rate of Base
Salary and benefits to be provided pursuant to clause 9(i) above through the
date one (1) year after the Date of Termination. In the case of health and
medical continuation coverage ("COBRA"), the Company will make all COBRA premium
payments on behalf of the Executive and her dependents (and the Company will
continue to pay that portion of the coverage then-currently paid by the Company)
until the earlier to occur of the date of cessation of benefits as provided
above or the end of the maximum period of COBRA eligibility under
then-applicable law.

                  (c)      DISABILITY. The Executive's employment pursuant to
this Agreement may be terminated by written notice to the Executive by the
Company or to the Company by the Executive in the event that (i) the Executive
becomes unable to perform his duties as set forth in Section 3 by reason of
physical or mental illness or accident for any six (6) consecutive month period
or (ii) the Company receives written opinions from both a physician for the
Company and a physician for the Executive that the Executive will be so
disabled. In the event the Executive's employment is terminated pursuant to this
Section 10(c), the Executive shall be entitled to receive, when the same would
have been paid to the Executive (whether or not the Term shall have expired
during such period), (i) all Base Salary and benefits to be paid or provided to
the Executive under this Agreement through the Date of Termination and (ii) Base
Salary at the then-current rate of Base Salary and benefits to be provided
pursuant to clause 9(i) above though the date one (1) year after the Date of
Termination provided, however, that amounts payable to the Executive under this
Section 10(c), shall be reduced by the proceeds of any short or long-term
disability payments to which the Executive may be entitled during such period
under policies maintained at the expense of the Company as and to the extent
such disability payments compensate the insured for lost wages resulting from
the disability. In the case of COBRA, the

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Company will make all COBRA premium payments on behalf of the Executive and her
dependents (and the Company will continue to pay that portion of the coverage
then-currently paid by the Company) until the earlier to occur of the date of
cessation of benefits as provided above or the end of the maximum period of
COBRA eligibility under then-applicable law.

         (d)      BY THE COMPANY FOR CAUSE. The Executive's employment pursuant
to this Agreement may be terminated by written notice to the Executive ("Notice
of Termination") upon the occurrence of any of the following events (each of
which shall "Cause" for termination): (i) the Executive commits any act of gross
negligence, fraud or willful misconduct causing material harm to the Company,
(ii) the conviction of the Executive of a felony that would reasonably be
expected by the Company Board to adversely affect the Company or its reputation,
(iii) the Executive intentionally obtains material personal gain, profit or
enrichment at the expense of the Company or from any transaction in which the
Executive has an interest which is adverse to the interest of the Company,
unless the Executive shall have obtained the prior written consent of the
Company Board, or (iv) any material breach of the Executive of this Agreement,
including, without limitation, a material breach of Section 13 hereof, which
breach remains uncorrected for a period of fifteen (15) days after receipt of
the Executive of written notice from the Company setting forth the breach. In
the event the Executive's employment is terminated pursuant to this Section
10(d), the Executive shall be entitled to receive all Base Salary and benefits
to be paid or provided to the Executive under this Agreement through the Date of
Termination and no more.

         (e)      BY THE COMPANY WITHOUT CAUSE. The Executive's employment
pursuant to this Agreement may be terminated by the Company at any time without
Cause by delivery of a Notice of Termination to the Executive. In the event that
the Executive's employment is terminated pursuant to this Section 10(e), the
Executive shall be entitled to receive (i) on or prior to the Date of
Termination, all Base Salary and benefits to be paid or provided to the
Executive under this Agreement through the Date of Termination, (ii) an amount
equal to two hundred percent (200%) of the Executive's Base Salary at the
then-current rate of Base Salary, (iii) to the extent applicable, an amount
equal to the Pro Rata Bonus, (iv) in the event that the Executive is entitled to
receive a payment with respect to the Pro Rata Bonus, a severance amount equal
to two hundred percent (200%) of the Pro Rata Bonus and (v) a lump sum payment
equal to the then present value of all major medical, disability and life
insurance coverage to be provided pursuant to Section 9 above through the date
two (2) years after the Date of Termination, provided that under such
circumstances the Executive shall make all COBRA premium payments on her own
behalf. The sum of the amounts described in clauses (ii), (iii), if any, (iv)
and (v) above hereafter referred to as the "Severance Amount." Fifty percent
(50%) of the Severance Amount shall be paid to the Executive no later than ten
(10) days following the Date of Termination and the balance of the Severance
Amount shall be paid to the Executive in twenty-four (24) equal monthly
installments commencing on the first day of the month immediately following the
Date of Termination. Additionally, in the event that the Executive's employment
is terminated pursuant to this Section 10(e), a percentage of the Executive's
options to purchase shares of capital stock of the Company unvested as of the
Date of Termination but otherwise scheduled to vest on the first vesting date
scheduled to occur following the Date of Termination, which percentage shall
equal the percentage of the twelve (12) month period immediately preceding such
subsequent vesting date occurring prior to the Date of Termination, shall
immediately vest and become exercisable on the Date of Termination. In the event
that the

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Executive shall be entitled to receive a bonus payment pursuant to clause (iii)
above, all of the Executive's options to purchase capital stock of the Company
that are vested as of the applicable Date of Termination or become vested
pursuant to the immediately preceding sentence may be Date of Termination
notwithstanding any other provision of the Stock Option Plan or any grant of
options there under to the contrary.

         (f)      BY THE EXECUTIVE FOR GOOD REASON. The Executive's employment
pursuant to this Agreement may be terminated by the Executive by written notice
of her resignation ("Notice of Resignation") delivered within twelve (12) months
after the occurrence of any of the following events (each of which shall
constitute "Good Reason" for resignation): (i) any Change of Control (as defined
below) shall occur, (ii) the removal of the Executive from or the failure to
elect or re-elect the Executive to the position of CHIEF OPERATING OFFICER of
the Company, (iii) any material reduction by the Company of the Executive's
duties or responsibilities or the assignment to the Executive of duties
materially inconsistent with such position or (iv) any breach by the Company of
this Agreement (including the provisions of Section 3), which breach remains
uncorrected for a period of fifteen (15) days after receipt of the Company of
written notice from the Executive. Notwithstanding the provisions of clause (i),
(ii), (iii) or (iv) above, in the event the Executive is elected as CHIEF
OPERATING OFFICER of any entity which requires control of more than 50% of the
voting securities of the Company or, if such entity is subsidiary of another
entity, the ultimate parent of such subsidiary, with responsibility for (A) no
fewer facilities than the Company controlled at the end of the fiscal year
ending immediately preceding such Change of Control and (B) operating revenues
equal to or greater than the Company's operating revenues during such fiscal
year, and is provided with a written employment agreement by the entity or, if
such entity is a subsidiary of another entity, the ultimate parent of such
subsidiary , on substantially the same terms as those contained in this
Agreement, the appointment to such position shall not constitute Good Reason for
purposes of the Agreement. In the event that the Executive resigns for Good
Reason pursuant to this Section 10(f), the Executive shall be entitled to
receive, (i) on or prior to the Date of Termination, all Base Salary and
benefits to be paid or provided to the Executive under this Agreement through
the Date of Termination and (ii) the Severance Amount payable at the times and
in the manner set forth in Section 10(e) above, provided that applicable
references therein to the date of delivery of Notice of Termination shall mean
reference to the date of delivery of Notice of Resignation. Additionally, in the
event that the Executive's employment is terminated pursuant to this Section
10(f), a percentage of the Executive's options to purchase shares of capital
stock of the Company unvested as of the Date of Termination but otherwise
scheduled to vest on the first vesting date scheduled to occur following the
Date of Termination, which percentage shall equal the percentage of the twelve
(12) month period immediately preceding such subsequent vesting date occurring
prior to the Date of Termination, shall immediately vest and become exercisable
on the Date of Termination. In the event that the Severance Amount described in
clause (iii) above shall include a bonus payment as determined pursuant to
clause (iii) of Section 10(e) above, all of the Executive's options to purchase
capital stock of the Company that are vested as of the applicable Date of
Termination or become vested pursuant to the immediately preceding sentence may
be exercised by the Executive at any time within twenty-four (24) months
following the Executive's Date of Termination notwithstanding any other
provision of the Stock Option Plan or any grant of options there under to the
contrary.

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         For purposes of this Agreement, a "Change in Control" shall be deemed
to have occurred (A) at such times as any Person (as defined in Section 13(d)(3)
or 14(d)(2) of the Securities and Exchange Act of 1934, as amended from time to
time (the "Exchange Act")) or "group" of Persons (as defined in Section 13(d) of
the Exchange Act), other than any of the parties to that certain Stockholders
Agreement, dated October 7, 1999, among the company, JLL Healthcare, LLC, a
Delaware limited liability company, and certain other stockholders, as the same
may be amended (the "Stockholders Agreement"), directly and indirectly, acquires
beneficially or of record, more than 50% of the outstanding voting securities of
the Company (by operation of law or otherwise) or (B) upon a sale of all or
substantially all of the assets of the Company.

         (g)      BY THE EXECUTIVE WITHOUT GOOD REASON. The Executive's
employment pursuant to this Agreement may be terminated by the Executive at any
time by delivery of a Notice of Resignation to the Company. In the event that
the Executive's employment is terminated pursuant to this Section 10(g), the
Executive shall receive all Base Salary and benefits to be paid or provided to
the Executive under this Agreement through the Date of Termination and no more.

         (h)      DATE OF TERMINATION. The Executive's Date of Termination shall
be (i) if the Executive's employment is terminated pursuant to Section 10(b),
the date of her death, (ii) if the Executive's employment is terminated pursuant
to Section 10(c), the last day of the six-month period referred to in Section
10(c)(i) or the date of delivery of the last physician's opinion referred to in
Section 10(e)(ii), as the case may be, (iii) if the Executive's employment is
terminated pursuant to Section 10(d), the date on which a Notice of Termination
is given, (iv) if the Executive's employment is terminated pursuant to Section
(10(e), sixty (60) days after the date of the Notice of Termination is given;
provided, however, that the Company may waive such notice in the event of a
termination pursuant to Section 10(e) in which event, the Executive's Date of
Termination shall be five (5) days after the Notice of Termination (v) if the
Executive's employment is terminated pursuant to Section 10(f), five (5) days
after the date of the Notice of Resignation is given and (vi) if the Executive's
employment is terminated pursuant to Section 10(g), one hundred twenty (120)
days after the date the Notice of Resignation is given or such shorter period as
may be determined by the Company.

         (i)      COMPANY'S FAILURE TO EXTEND TERM. In the event the Company
provides notice of its intent not to extend the Term for any additional period
as provided in Section 2(b) and the Executive is not then in violation of
Section 13 hereof, The Company shall pay to Executive, on the expiration of the
Term, a lump sum payment in an amount equal to the sum of (i) the aggregate
amount of one (1) year of Base Salary at the then-current rate of Base Salary
and (ii) in the event that (A) the Company's actual EBITDA for the twelve (12)
month period ending on the last day of the month prior to the month in which
such expiration of the Term occurs (for purposes of this Section 10(i), such
12-month period, the "Trailing Employment Year") shall equal or exceed the
aggregate budgeted EBITDA as reflected in the monthly budgets prepared by the
Company with respect to such period and (B) the Company's EBITDA for any nine
(9) months during the Trailing Employment Year, considered individually, shall
equal or exceed the budgeted EBITDA as reflected in the budgets prepared by the
Company with respect to such months, an amount equal to one hundred percent
(100%) of the base target bonus (e.g., in the case of the Bonus Plan for the
fiscal year ending September 30, 2001, fifty percent

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(50%) of the Executive's base salary) set forth in the Bonus Plan for the fiscal
year in which such expiration of the Term occurs.

         11.      REPRESENTATIONS.

                  (a)      The Company represents and warrants that this
Agreement has been authorized by all necessary corporate action of the Company
and is a valid and binding agreement of the Company enforceable against both in
accordance with its terms.

                  (b)      The Executive represents and warrants that she is not
a party to any agreement or instrument, which would prevent him from entering
into or performing his duties in any way under this Agreement.

         12.      ASSIGNMENT; BINDING AGREEMENT. This Agreement is a personal
contract and the rights and interests of the Executive hereunder may not be
sold, transferred, assigned, pledged, encumbered, or hypothecated by her, except
as otherwise expressly permitted by the provisions of this Agreement. This
Agreement shall insure to the benefit of and be enforceable by the Executive and
her personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. If the Executive should die while
any amount would still be payable to her hereunder had the Executive continued
to live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to her devisee, legatee or other
designee or, if there is no such designee, to her estate.

         13.      CONFIDENTIALITY; NON-COMPETITION; OWNERSHIP OF WORKS.

                  (a)      The Executive acknowledges that: (i) the Business is
intensely competitive and that the Executive's employment by the Company will
require that the Executive has access to and knowledge of confidential
information of the Company relating to the Business, including but not limited
to, the identity of the Company's employees, physicians, payors or suppliers,
the kinds of services provided by the Company, the manner in which such services
are performed or offered to be performed, the service needs of actual or
prospective patients, physicians or payors, pricing information and other
contractual terms, information concerning the creation, acquisition or
disposition of products and services, creative ideas and concepts, including
clinical arid financial systems, compliance programs and physician relation arid
retention programs, computer software applications arid other programs, research
data, personnel information and other trade secrets, in each case other than as
and to the extent such information is generally known or publicly available
through no violation of this Section 13 by the Executive or such information is
readily discernible (the "Confidential Information"); (ii) the disclosure of any
such Confidential Information may place the Company at a competitive
disadvantage and may do damage, monetary or otherwise, to the Company's
business; and (iii) the engaging by the Executive in any of the activities
prohibited by this Section 13 may constitute improper appropriation and/or use
of such Confidential Information. The Executive expressly acknowledges the trade
secret status of the Confidential Information and that the Confidential
Information constitutes a protectable business interest in the Company.
Accordingly, the Company and the Executive agree as follows:

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         (b)      For purposes of this Section 13, the Company shall be
construed to include the Company and its parents and subsidiaries engaged in the
Business, including any divisions managed by the Executive.

         (c)      During the Executive's employment with the Company, and at all
times after the termination of the Executive's employment by expiration of the
Term or otherwise, the Executive shall not, directly or indirectly, whether
individually, as a director, stockholder, owner, partner, employee, principal or
agent of any business, or in any other capacity, make known, disclose, furnish,
make available or utilize any of the Confidential Information, other than in the
proper performance of the duties contemplated herein, or as expressly permitted
herein, or as required by a court of competent jurisdiction or other
administrative or legislative body, the Executive shall promptly notify the
Company so that the Company may seek a protective order or other appropriate
remedy. The Executive agrees to return all documents or other materials
containing Confidential Information, including all photocopies, extracts and
summaries thereof, and any such information stored electronically on tapes,
computer disks or in any other manner to the Company at any time upon request by
the Company and immediately upon the termination of her employment for any
reason.

         (d)      For a period of two (2) years following the Executive's Date
of Termination (or one (1) year following the expiration of the Term in the case
of the Company's delivery of notice of its intent not to extend the Term for any
additional period as provided in Section 2(b)), whether upon expiration of the
Term or otherwise, the Executive shall not engage in Competition, as defined
below, with the Company or its subsidiaries within fifty (50) miles of the
location of any hospital managed by the Company (or other facility managed by
the Company from which in excess of five percent (5%) of the Company's annual
revenues are derived) at the time of, or within six (6) months prior to, the
Executive's Date of Termination or the expiration of the Term (as applicable) or
in which, during the six (6) months period prior to the Executive's Date of
Termination or the expiration of the Term (as applicable), the Company had made
substantial plans with the intention of establishing operations in such locality
or region. For purposes of this Agreement, "Competition" by the Executive shall
mean the Executive's engaging in significant activities relating to, or
otherwise directly or indirectly being employed by or acting as a consultant or
lender to, or being a director, officer, employee, principal, agent,
stockholder, member, owner or partner of, or permitting her name to be used in
connection with the activities of any entity engaged in significant activities
relating to, the Business; provided that it shall not be a violation of this
sub-paragraph for the Executive to become the registered or beneficial owner of
up to five (5%) of any class of capital stock of any one or more competing
corporations registered under the Securities Exchange Act of 1934, as amended,
provided that the Executive does not actively participate in the business of
such corporation until such time as this covenant expires.

         (e)      For a period of two (2) years following the Executive Date of
Termination (or one (1) year following the expiration of the Term in the case of
the Company's delivery of notice of its intent not to extend the Term for any
additional period as provided in Section 2(b)), whether upon expiration of the
Term or otherwise, the Executive agrees that she will not, directly or
indirectly, for her benefit or for the benefit of any other person, firm or
entity, do any of the following:

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                  (i)      solicit from any physician or physician group, payor
         or supplier doing business with the Company as of the Executive's
         termination, business of the same or of a similar nature to the
         business of the Company with such physician, physician group, payor or
         supplier;

                  (ii)     solicit from any known potential physician or
         physician group, payor or supplier of the Company business of the same
         or of a similar nature to that which has been the subject of a known
         written or oral bid, offer or proposal by the Company, or of
         substantial preparation with a view to making such a bid, proposal or
         offer, within six (6) months prior to the Executive's termination: or

                  (iii)    recruit or solicit the employment or services of any
         person who was employed by the Company upon termination of the
         Executive's employment and is employed by the Company at the time of
         such recruitment or solicitation.

                  (f)      The Executive will make full and prompt disclosure to
the Company of all inventions, improvements, formulas, data, programs,
processes, ideas, concepts, discoveries, methods, developments, software, and
works of authorship, whether or not copyrightable, trademarkable or patentable,
which relate to the actual or anticipated business, activities or research of
the Company and either (i) are created, made, conceived or reduced to practice
by the Executive, either alone, under her direction or jointly with others
during the period of her employment with the Company, (ii) result from or are
suggested by work performed by the executive for the Company or (iii) result, to
any extent, from use of the Company's premises or property (all of which are
collectively referred to in this Agreement as "Works"). All Works shall be the
sole property of the Company, and, to the extent that the Company is not already
considered the owner thereof as a matter of law, the Executive hereby assigns to
the Company, without further compensation, all her right, title and interest in
and to such Works and any and all related intellectual property rights
(including, but not limited to, patents, patent applications, copyright
applications, and trademarks) in the United States and elsewhere.

                  (g)      The Executive acknowledges that the services to be
rendered by her to the company are of a special and unique character, which
gives this Agreement a peculiar value to the Company, the loss of which may not
be reasonably or adequately compensated for by damages in a action at law, and
that a breach or threatened breach by her of any of the provisions contained in
this Section 13 may cause the Company irreparable injury. The Executive
therefore agrees that the Company may be entitled, in addition to any other
right or remedy, to a temporary, preliminary and permanent injunction, without
the necessity of proving the inadequacy of monetary damages or the posting of
any bond or security, enjoining or restraining the Executive from any such
violation or threatened violations.

                  (h)      If any one or more of the previsions contained in the
Agreement shall be held to be excessively broad as to duration, activity or
subject, such provisions shall be construed by limiting and reducing them so as
to be enforceable to the fullest extent permitted by law.

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         14.      ENTIRE AGREEMENT. This Agreement contains all the
understandings between the parties hereto pertaining to the matters referred to
herein, and supersedes any other undertakings and agreements, whether oral or in
writing, previously entered into by them with respect thereto. The Executive
represents that, in executing this Agreement, she does not rely and has not
relied upon any representation or statement not set forth herein made by the
Company with regard to the subject matter or effect of this Agreement or
otherwise.

         15.      AMENDMENT OR MODIFICATION WAIVER. No provision of this
Agreement may be amended or waived, unless such amendment or waiver is agreed to
in writing, signed by the Executive and by a duly authorized officer of the
Company. No waiver by any party hereto of any breach by another party hereto of
arty condition or provision of this Agreement to he performed by such other
party shall be deemed a waiver of a similar or dissimilar condition or provision
at the same time, any prior time or any subsequent time.

         16.      NOTICES. Any notice to be given hereunder shall be in writing
and shall be deemed given when delivered personally, sent by courier or
facsimile or registered or certified mail, postage prepaid, return receipt
requested, addressed to the party concerned at the address indicated below or to
such address as such party may subsequently give notice hereunder in writing:

         To the Executive at:
         204 McRee Road
         --------------------------
         Goodspring, TN 38460
         --------------------------

         With copies to:
         N/A
         --------------------------

         --------------------------

         To the Company at:

         IASIS Healthcare Corporation
         Dover Centre
         113 Seaboard Lane, Suite A200
         Franklin, TN 37067
         Facsimile: (615)-467-1284

         With copies to:

         Joseph Littlejohn & Levy
         450 Lexington Avenue
         New York, New York 10022
         Attention: Jeffrey C. Lightcap

Employment Agreement of Sandra K. McRee           [IASIS HEALTHCARE(R) LOGO]  10
<PAGE>   11

         With copies to:

         Skadden, Arps, Slate, Meagher & Flom, LLP
         One Rodney Square
         P.O. Box 636
         Wilmington, Delaware 19899
         Facsimile: (302) 651-3001
         Attention:  Robert B. Pincus, Esquire

         Any notice delivered personally or by courier under this Section 16
shall be deemed given on the date delivered and nay notice sent by facsimile or
registered or certified mail, postage prepaid, return receipt requested, shall
be deemed given on the date transmitted by facsimile or mailed.

         17.      SEVERABILITY. If any provision of this Agreement or the
application of any such provision to any party or circumstances shall be
determined by any court of competent jurisdiction to be invalid and
unenforceable to any extent, the remainder of this Agreement or the application
of such provision to such person or circumstances other than those to which it
is so determined to be invalid and unenforceable, shall not be affected thereby,
and each provision hereof shall be validated and shall be enforced to the
fullest extent permitted by law.

         18.      SURVIVORSHIP. The respective rights and obligations of the
parties hereunder shall survive any termination of this Agreement to the extent
necessary to the intended preservation of such rights and obligations.

         19.      GOVERNING LAW; VENUE. This Agreement will be governed by and
construed in accordance with the laws of the State of Delaware, without regard
to the principles of conflicts of law thereof.

         20.      HEADINGS. All descriptive headings of sections and paragraphs
in this Agreement are intended solely for convenience, and no provision of this
Agreement is to be construed by reference to the heading of any section or
paragraph.

         21.      WITHHOLDING. All payments to the Executive under this
Agreement shall be reduced by all applicable withholding required by federal,
state or local law.

         22.      COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but of which together shall
constitute one and the same instrument.

                            (SIGNATURE PAGE FOLLOWS)

Employment Agreement of Sandra K. McRee           [IASIS HEALTHCARE(R) LOGO]  11

<PAGE>   12

         IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement on May 21, 2001 to be effective as of the Effective Date.

                              IASIS HEALTHCARE CORPORATION

                              By:    /s/ David R. White
                                  ----------------------------------------------
                              Name: CEO
                              Title:

                              /s/ Sandra K. McRee
                              --------------------------------------------------
                              Sandra K. McRee

Employment Agreement of Sandra K. McRee           [IASIS HEALTHCARE(R) LOGO]  12<PAGE>   1

                                                                     EXHIBIT 4.9

                              STANDSTILL AGREEMENT

          This STANDSTILL AGREEMENT (this "Agreement") dated as of July 9, 2001
among Imax Corporation, a corporation organized under the laws of Canada (the
"Company"), Richard L. Gelfond ("Gelfond") and Bradley J. Wechsler
("Wechesler").

          WHEREAS, Gelfond and Wechsler are beneficial owners of common shares
of the Company ("Common Shares");

          WHEREAS, in 1999 Gelfond, Wechsler, the Company, Wasserstein Perella
Partners, L.P., Wasserstein Perella Offshore Partners, L.P., WPPN, Inc. and the
Michael Biondi Voting Trust entered into a Second Amended and Restated
Shareholders' Agreement (the "1999 Shareholders' Agreement"), a Registration
Rights Agreement (the "1999 Registration Rights Agreement") and an Amended and
Restated Standstill Agreement; and

          WHEREAS, this Agreement is being entered into pursuant to Section
3(c)(iv) of the 1999 Shareholders' Agreement;

          NOW, THEREFORE, in consideration of the foregoing and the covenants
and agreements set forth herein and for other good and valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, the parties
do hereto agree as follows;

          SECTION 1 COVENANTS OF GELFOND AND WECHSLER.

          (a) Prohibited Transactions Involving the Company. Each of Gelfond and
Wechsler agrees with the Company that he will not, and will cause each
"affiliate" "controlled" by him, as such terms are defined in Rule 12b-2 under
the Securities Exchange Act of 1934, as amended (the "Exchange Act") (each
referred to herein as an "Affiliate") (whether or not such person or entity is
such an Affiliate or associate on the date hereof), not to, directly or
indirectly:

          (i) make, or in any way participate in, directly or indirectly, any
     solicitation of proxies, or become a "participant" in any solicitation or
     "election contest" (as such terms are defined or used in Regulation 14A
     under the Exchange Act), with respect to the Company or any successor or
     seek to influence any person or group (within the meaning of Section
     13(d)(3) of the Exchange Act) with respect to the voting of any voting
     securities of the Company or any successor;

          (ii) initiate, propose or otherwise solicit shareholders of the
     Company or any successor for the approval of one or more proposals
     submitted to the shareholders for a vote with respect to the Company or any
     successor;

          (iii) deposit any voting securities of the Company or any successor in
     a voting) trust or subject any such voting securities to any agreement or
     arrangement with respect to the voting of such voting securities, other
     than any such trust, agreement or arrangement whereby he or any Affiliate
     controlled by him have the right to vote such securities and continue to be
     bound by this Agreement or other arrangements entered into for tax purposes
     whereby the party having the right to vote such securities agrees to be
     bound by the terms of this Agreement;

<PAGE>   2

          (iv) acquire or affect, or attempt to acquire or affect, control of
     the Company or any successor or directly or indirectly participate in, or
     encourage the formation of, any group (within the meaning of Section
     13(d)(3) of the Exchange Act) which owns or seeks to acquire beneficial
     ownership of voting securities of the Company or any successor, or to
     acquire or affect control of the Company or any successor;

          (v) except though normal procedures of the Board of Directors (the
     "Board") of the Company or any successor, otherwise act, alone or in
     concert with others, to seek to control or to influence in any manner the
     management, Board, policies or affairs of the Company or any successor, or
     propose or seek to effect any form of business combination transaction with
     the Company, any successor or any Affiliate thereof or any restructuring,
     recapitalization or similar transaction with respect to any thereof; or

          (vi) encourage or render advice to or make any recommendation or
     proposal to any person or group (within the meaning of Section 13(d)(3) of
     the Exchange Act) to engage in any of the actions covered by clauses (i)
     through (v) of this Section 1(a), or render advice with respect to voting
     securities of the Company or any successor, without the consent of the
     Company or any successor.

          Nothing herein shall restrict Gelfond or Wechsler from (A) acquiring
any Common Shares of the Company unless, following such acquisition, they are
the beneficial owners (in the aggregate) of more than 15,900,000 Common Shares,
as such number shall be adjusted to take into account any stock dividend, stock
split, reverse stock split, recapitalization or other similar transaction after
the date hereof or (B) taking any action in his capacity as an officer or
employee of the Company or any of its subsidiaries, including as Co-Chief
Executive Officer or Co-Chairman of the Company.

          For purposes of this Agreement, the term "voting securities" shall
mean (x) any securities which are entitled to vote generally in the election of
directors of the Company or any successor, and (y) any options, warrants, rights
or securities of the Company or any successor which by their terms may be
convertible into or exchangeable for any security described in clause (x) above.

          (b) Voting of Voting Securities. Each of Gelfond and Wechsler agrees
with the Company that he will, and will cause each Affiliate he controls to:

          (i) be present, in person or by proxy, at all meetings of shareholders
     of the Company or any successor, so that all voting securities beneficially
     owned by him or any of his Affiliates may be counted for the purpose of
     determining the presence of a quorum at such meetings;

          (ii) vote or cause to be voted at any meeting of shareholders of the
     Company or any successor any voting securities owned by him or any of his
     Affiliates in favor of each person nominated by the Board or any successor
     for election as a director of the Company or any successor; and

                                       2
<PAGE>   3

          (iii) not to vote or cause to be voted at any meeting of shareholders
     of the Company or any successor any voting securities owned by him or any
     of his Affiliates in any way that is inconsistent with this Agreement.

          SECTION 2. [INTENTIONALLY OMMITTED]

          SECTION 3. REPRESENTATIONS AND WARRANTIES.

          Each of the Company, Gelfond and Wechsler represents and warrants to
the other parties to this Agreement that (a) it is duly authorized to execute
and deliver, and to perform its obligations under, this Agreement; (b) this
Agreement has been duly executed and delivered by such party and constitutes a
valid and binding obligation of such party, enforceable against such party in
accordance with its terms; and (c) the execution and delivery of this Agreement
by such party does not, and the performance by such party of its obligations
hereunder will not (i) constitute a violation of, conflict with or result in a
default under any contract, commitment, agreement, instrument, understanding,
arrangement or restriction of any kind to which it is a party or by which it is
bound or any judgment, decree or order applicable to it, or (ii) violate any
provision of law applicable to it or require any consent or approval of, or
filing with or notice to any public body or authority under any provision of law
applicable to it.

          SECTION 4. TERM OF AGREEMENT.

          (a) Initial Term. This Agreement shall be effective from the date
hereof and shall terminate on July 8, 2002, unless extended by Gelfond and
Wechsler pursuant to Section 4(b) below.

          (b) Extensions. Gelfond and Wechsler may, from time to time, extend
the term of this Agreement beyond July 8, 2002 for additional one year terms
(but no event beyond March 1, 2004) upon written notice delivered to the Company
10 business days prior to the expiration of the term (as it may be extended from
time to time) of this Agreement.

          SECTION 5. MISCELLANEOUS.

          (a) Specific Performance. The parties hereto acknowledge that in the
event of any breach of the provisions of this Agreement, the nonbreaching party
would be irreparably harmed and could not be made whole by monetary damages. It
is accordingly agreed that, in addition to any other remedy to which a party may
be entitled at law or in equity, the obligations of the parties hereunder shall
be specifically enforceable and no party shall take any action to impede the
other from seeking to enforce such right of specific performance.

          (b) Binding Effect. This Agreement shall inure to the benefit of and
be binding upon the parties hereto and their directors, officers, heirs, legal
representatives, successors and assigns.

          (c) Notices. All notices, requests, claims, demands and other
communications hereunder shall be effective upon receipt, shall be in writing
and shall be delivered in person, by telecopy, telegram or telex, or by mail
(registered or certified mail, postage prepaid, return receipt requested) as
follows:

                                       3
<PAGE>   4

                  if to the Company, to:

                  Imax Corporation
                  110 East 59th Street
                  Suite 2100
                  New York, New York 10022
                  Telecopier; (212) 371-5510
                  Attention:  Chief Executive Officer

                  with a copy to:

                  Imax Corporation
                  2525 Speakman Drive
                  Mississauga, Ontario
                  L5K lBl Canada
                  Telecopier: (905) 403-6468
                  Attention:  Corporate Secretary

                  and a copy to:

                  McCarthy Tetrault
                  Suite 4700
                  Toronto Dominion Bank Tower
                  Toronto Dominion Centre
                  Toronto, Ontario
                  M5K IE6 Canada
                  Telecopier: (416) 868-0673
                  Attention:  Garth M. Girvan

                  and a copy to:

                  Cleary, Gottlieb, Steen & Hamilton
                  One Liberty Plaza
                  New York, New York 10006
                  Telecopier: (212) 225-2434
                  Attention:  Christopher E. Austin

                  If to Gelfond, to:

                  Richard L. Gelfond
                  2 Squabble Lane
                  Southampton, New York 11969

                  with a copy to;

                  Cleary, Gottlieb, Steen & Hamilton
                  One Liberty Plaza
                  New York, New York 10006

                                       4
<PAGE>   5

                  Telecopier: (212) 225-2434
                  Attention:  Christopher E. Austin

                  if to Wechsler, to:

                  Bradley J. Wechsler
                  88 East Mile Patent Road
                  Bedford, New York 10506

                  with a copy to:

                  Cleary, Gottlieb, Steen & Hamilton
                  One Liberty Plaza
                  New York, New York 10006
                  Telecopier: (212) 225-2434
                  Attention:  Christopher E. Austin

or to such other address as either party may have furnished to the other in
writing in accordance herewith.

          (d) Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the Province of Ontario and the laws of Canada
without regard to principles of conflicts of laws.

          (e) Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission) in counterparts, each of which shall be an
original, but all of which together shall constitute one and the same agreement.

          (f) Entire Agreement; Amendment; Waiver. This Agreement, together with
the 1999 Shareholders' Agreement and the 1999 Registration Rights Agreement,
constitutes the entire agreement and supersedes all prior agreements and
understandings, whether oral or written, among the parties hereto with respect
to the subject matter hereof, including, without limitation, the Shareholders'
Agreement dated June 16, 1994 and the Standstill Agreement dated June 16, 1994
among the Company and certain of the parties hereto. No amendment or waiver of
any provision of this Agreement or consent to departure therefrom shall be
effective unless in writing and signed by the Company, Gelfond and Wechsler in
the case of an amendment or by the party which is the beneficiary of any such
provision in the case of a waiver or a consent to departure therefrom. Any
waiver by a party of a breach of any provision of this Agreement shall not
operate as, or be construed to be, a waiver of any other breach of such
provision or any breach of any other provision of this Agreement. The failure of
a party to insist upon strict adherence to any term of this Agreement or one or
more sections shall not be considered a waiver or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term
of this Agreement.

                                       5
<PAGE>   6

          IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto all as of the day and year first above written.

                                   IMAX CORPORATION

                                   By         "Robert D. Lister"
                                       ----------------------------------
                                       Name:  Robert D. Lister
                                       Title: Exec. VP, Legal Affairs
                                              & General Counsel

                                   By         "G. Mary Ruby"
                                       ----------------------------------
                                       Name:  G. Mary Ruby
                                       Title: Sr. VP, Legal Affairs
                                              & Corporate Secretary

                                              "Richard L. Gelfond"
                                       ----------------------------------
                                       Richard L. Gelfond

                                              "Bradley J. Wechsler"
                                       ----------------------------------
                                       Bradley J. Wechsler

                                       6

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