Amendment to Employment Agreement between Ramsay Youth Services, Inc. and Marcio C. Cabrera

Summary

Ramsay Youth Services, Inc. and Marcio C. Cabrera have agreed to amend Cabrera's existing employment agreement. Effective June 30, 2002, Cabrera's annual base salary is increased to $250,000. He will continue to serve as Executive Vice President and Chief Financial Officer, reporting to the President and CEO. All other terms of the original employment agreement remain unchanged.

EX-10.3 5 g77628exv10w3.txt LETTER AGREEMENT WITH CABRERA EXHIBIT 10.3 RAMSAY YOUTH SERVICES, INC. Columbus Center One Alhambra Plaza Suite 750 Coral Gables, Florida 33134 July 30, 2002 Mr. Marcio C. Cabrera 7240 S.W. 107 Terrace Miami, Florida 33156 Dear Marcio: Reference is made to the letter agreement between you and Ramsay Youth Services, Inc. (then known as Ramsay Health Care, Inc) dated June 1, 1998 relating to your employment with the Company (the "Employment Agreement"). This will confirm that, effective as of the close of business on June 30, 2002, your annual base salary shall be increased to $250,000. Your position continues to be Executive Vice President and Chief Financial Officer of the Company, reporting to the President and Chief Executive Officer of the Company. All other terms of the Employment Agreement continue in full force and effect. Please acknowledge your acceptance of and agreement with the foregoing by signing the enclosed counterpart of this letter, whereupon this shall constitute an amendment to the Employment Agreement. Sincerely yours, /s/ LUIS E. LAMELA ------------------------------------- Luis E. Lamela President and Chief Executive Officer Accepted and Agreed: /s/ MARCIO C. CABRERA - ------------------------------ Marcio C. Cabrera