Amendment to Employment and Stock Option Agreement between Lifemark Corporation and Michael Kennedy
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Summary
This letter amends the previous employment agreement between Lifemark Corporation and Michael Kennedy, who serves as Vice President. It clarifies that Kennedy was granted stock options to purchase 100,000 shares, with 60,000 options already vested and exercised. The remaining 40,000 options will vest immediately if approved by shareholders, and Kennedy is entitled, but not required, to exercise these options upon vesting. The amendment requires Kennedy's acceptance by signature.
EX-10.30.B 7 ex10-30_b.txt EX-10.30.B 1 Exhibit 10.30(b) Lifemark Corporation 7600 North 16th Street Suite 150 Phoenix, Arizona 85020 August 11, 2000 Michael Kennedy 7600 North 16th Street, Suite 150 Phoenix, Arizona 85020 Dear Michael: This letter amends the October 14, 1999 agreement between us pursuant to which Lifemark Corporation ("Lifemark") agreed to employ you and you have agreed to serve as a Vice President of Lifemark. As of October 14, 2000, Lifemark granted you ten year stock options to purchase 100,000 shares of Lifemark common stock. You also agreed to exercise these options at the time of their vesting by delivering to Lifemark a secured nine-year promissory note in the full amount of your exercise price. 60,000 of the options granted to you vested immediately and were exercised by you on October 14, 1999. The remaining 40,000 options granted to you under the 1999 Executive Stock Option and Ownership Plan will vest immediately if the Plan is approved by the Company's stockholders. Lifemark and you agree to amend the October 14, 1999 agreement to provide that you are entitled, but have no obligation, to exercise the remaining options immediately upon their vesting. Please confirm your agreement with and acceptance of the provisions of this letter by signing and returning the enclosed copy of this letter where indicated. Sincerely, /s/Rhonda E. Brede Rhonda Brede, President ACCEPTED AND AGREED: /s/Michael J. Kennedy Michael Kennedy
