EX-10.58 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
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EX-10.58 3 g12255exv10w58.htm EX-10.58 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT EX-10.58 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.60
SECOND AMENDMENT
TO
EMPLOYMENT AGREEMENT
TO
EMPLOYMENT AGREEMENT
This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT is made as of September 29, 2006 among MEDICAL PROPERTIES TRUST, INC. (the REIT), MPT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the Operating Partnership) (the REIT and the Operating Partnership are referenced collectively as the Company), and Edward K. Aldag, Jr. (the Executive):
WHEREAS, the Executive and the Company entered into an Employment Agreement Dated September 10, 2003, as first amended on March 8, 2004, (the Employment; Agreement); and
WHEREAS, the parties desire to amend the Employment Agreement as provided herein.
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:
1. Paragraph 4 of the Employment Agreement is hereby deleted in its entirety and the following paragraph is hereby substituted in lieu thereof:
4. INCENTIVE AWARDS: ANNUAL INCENTIVE BONUS. The Executive shall be entitled to receive an annual cash incentive bonus for each fiscal year during the Term of this Agreement consistent with such bonus policy as may be adopted by the Board of Directors or its Compensation Committee (Bonus Policy). The Bonus Policy shall contain both individual and group goals. If the Executive or the Company, as the case may be, satisfies the performance criteria contained in such Bonus Policy for a fiscal year, he shall receive an annual incentive bonus (the Incentive Bonus), in an amount determined by the Compensation Committee and subject to ratification by the Board, if required. If the Executive or the Company, as the case may be, fails to satisfy the performance criteria contained in such Bonus Policy for a fiscal year, the Compensation Committee may determine whether any Incentive Bonus shall be payable to Executive for that year, subject to ratification by the Board, if required. The Executives bonus shall not be subject to any minimum award, as provided in the Executives Employment Agreement previous to this amendment. Additionally, in consideration for the Executives agreement to forgo a guaranteed minimum bonus, the Company agrees that the previous bonus ceiling of 100% of salary is no longer applicable and that, henceforth, there shall be no limitation or ceiling on the maximum bonus that may be awarded to the Executive by the Board of Directors or its Compensation Committee.
Second Amendment to Employment Agreement of
Edward K. Aldag, Jr.
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Edward K. Aldag, Jr.
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2. Except to the extent hereby amended, the Employment Agreement, as amended on March 8, 2004, is hereby confirmed and ratified and shall continue in full force and effect.
3. The effective date of this amendment is September 29,2006.
IN WITNESS WHEREOF, the parties have executed this First Amendment to Employment Agreement as of the date first above written.
OPERATING PARTNERSHIP: | EXECUTIVE: | |||
MPT OPERATING PARTNERSHIP, L.P. | ||||
BY: MEDICAL PROPERTIES TRUST, LLC | ||||
ITS: GENERAL PARTNER | ||||
BY: MEDICAL PROPERTIES TRUST, INC. | /s/ Edward K. Aldag, Jr. | |||
ITS: SOLE MEMBER | Edward K. Aldag, Jr. |
By: | /s/ Emmett E. McLean | Dated: 10/2/06 | ||
Emmett E. McLean | ||||
Executive Vice President and CEO | ||||
Dated: 10/10/06 | ||||
REIT: | ||||
By: | /s/ Emmett E. McLean | |||
Emmett E. McLean | ||||
Executive Vice President and CEO | ||||
Dated: 10/10/06 |
Second Amendment to Employment Agreement of
Edward K. Aldag, Jr.
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Edward K. Aldag, Jr.
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