Aurora Diagnostics, LLC 11025 RCA Center Drive Palm Beach Gardens, FL 33410
Exhibit 10.6
Aurora Diagnostics, LLC
00000 XXX Xxxxxx Xxxxx
Xxxx Xxxxx Xxxxxxx, XX 00000
00000 XXX Xxxxxx Xxxxx
Xxxx Xxxxx Xxxxxxx, XX 00000
August 11, 2008
Xx. Xxxx Xxxxx
00000 Xxxx Xxxx Xx.
Xxxx Xxxxx Xxxxxxx, XX 00000
00000 Xxxx Xxxx Xx.
Xxxx Xxxxx Xxxxxxx, XX 00000
Dear Xxxx:
Reference is made to that certain Senior Management Agreement dated November 5,
2007 (the “Senior Management Agreement”) by and among Aurora Diagnostics Holdings, LLC, a Delaware
limited liability company (the “Company”), Aurora Diagnostics, LLC, a Delaware limited liability
company (“Employer”), and Xxxx Xxxxx (“Executive”). Capitalized terms used but not otherwise
defined herein shall have the meanings given to such terms in the Limited Liability Company
Agreement of the Company, as amended from time to time including the first and second amendments
thereto (as amended, the “LLC Agreement”).
In the event of an Approved Sale (as defined in the LLC Agreement), specifically excluding the
consummation of an initial public offering of Employer or the Company (an “IPO”) and in addition to
any base salary and benefits of general application to which Executive is otherwise entitled,
Employer agrees to pay Executive an amount (the “Approved Sale Payment’) equal to (i) (x)
Executive’s annual base salary (currently $280,000) at the time of the Approved Sale plus
(y) Executive’s target annual bonus (currently $140,000) at the time of the Approved Sale
times (ii) fifty percent (50%). Such Approved Sale Payment shall be paid by Employer to
Executive on the effective date of such Approved Sale and shall be paid in accordance with
Employer’s customary payroll practices (including, without limitation, customary income tax
withholding) and is conditioned upon Executive’s compliance with the terms and conditions set forth
in Section 9.4 of the LLC Agreement. The provisions of this paragraph shall terminate immediately
prior to an IPO.
In the event Executive’s employment is terminated by Employer without Cause (as defined in the
Senior Management Agreement) within one year following the effective date of an Approved Sale,
Employer agrees that the Severance Period (as defined in the Senior Management Agreement)
(currently a one-year period commencing on the date of termination) shall be an eighteen-month
period commencing on the date of termination.
Except as expressly set forth in this letter and Executive’s Award Letter dated July 23,
2008 (the “Award Letter”), Executive acknowledges that (i) he is not entitled to any bonus or other
payment in connection with an Approved Sale, IPO or other similar transaction and (ii) the equity
interests granted pursuant to the Award Letter were issued in lieu of any equity interests
discussed or contemplated to be issued, including pursuant to Executive’s Employment Offer
Letter dated July 30, 2007 from Employer to Executive, in connection with Executive’s employment.
Sincerely,
Aurora Diagnostics Holdings, LLC |
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By: | /s/ Xxxxx X. New | |||
Name: | Xxxxx X. New | |||
Title: | Chief Executive Officer and President | |||
Aurora Diagnostics, LLC |
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By: | /s/ Xxxxx X. New | |||
Name: | Xxxxx X. New | |||
Title: | Chief Executive Officer and President | |||
Agreed to and accepted
this 11 day of August, 2008:
this 11 day of August, 2008:
/s/ Xxxx Xxxxx | ||||
Xxxx Xxxxx | ||||