Exhibit 10.78
MUTUAL TERMINATION OF DEFERRED COMPENSATION AGREEMENT
THIS AGREEMENT is made as of this 22nd day of December, 2003, by and
between SELECT MEDICAL CORPORATION, a Delaware corporation ("Employer"), and
XXXXX X. XXXXXXXX, an individual ("Executive").
BACKGROUND
A. Employer and Executive executed and delivered that certain Deferred
Compensation Agreement, dated January 1, 2000 (the "Agreement"), pursuant to
which Employer and Executive agreed that Executive's compensation for the period
beginning on March 1, 1997 and ending on December 31, 2000 (with interest
thereon as therein provided) would be deferred and paid as therein provided.
B. All capitalized terms not specifically defined herein shall have the
meanings ascribed to them in the Agreement.
C. The parties hereto now mutually desire to terminate the Agreement.
NOW, THEREFORE, the parties hereto, intending to be legally bound
hereby, covenant and agree as follows:
1. Mutual Termination of the Agreement. The Agreement is hereby
terminated effective on December 22, 2003. Notwithstanding anything contained to
the contrary in Section 4 of the Agreement, all amounts credited to the Account
will be paid to Executive on or before December 26, 2003. Upon receipt of such
amounts, Executive shall be deemed to have fully released Employer from any
obligation relating to, or arising under, the Agreement.
2. Binding Effect. This instrument shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and
assigns.
3. Entire Agreement. This is the entire agreement between the
parties hereto regarding the matters described herein, and there are no other
terms, conditions, provisions or statements, oral or otherwise, of any kind
whatsoever.
IN WITNESS WHEREOF, the parties hereto have duly executed this
instrument, under seal, as of the day and year first above written.
SELECT MEDICAL CORPORATION, a Delaware
corporation
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx,
Senior Vice President
/s/ Xxxxx X. Xxxxxxxx
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