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EXHIBIT 10.49
May 22, 1998
Physicians' Specialty Corp.
PSC Acquisition Corp.
0000 Xxxx Xxxxx Xxxxx
Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
Attention: Chief Executive Officer
Re: Stock Purchase Agreement dated as of May 1, 1998
("STOCK PURCHASE AGREEMENT")
Dear Sir:
Reference is hereby made to the Stock Purchase Agreement. Capitalized terms
used in this letter not otherwise defined herein shall have the meanings set
forth in the Stock Purchase Agreement. This will confirm that Xxxxxx Xxxxx,
M.D., Xxxxxxx Hamburg, M.D., Xxx Xxxxxxxxxx, M.D. and Xxxx Xxxxxx, M.D. have
decided not to go forward with the transactions under the Stock Purchase
Agreement and that, accordingly, Sellers will not be able to meet the conditions
to Closing specified in Section 5 of the Agreement.
We recognize and agree that the Stock Purchase Agreement will be terminated
as a result of this development. Please confirm that the Stock Purchase
Agreement is terminated by executing this letter in the space below and return a
copy to the Sellers c/o Xxxxxx Xxxxx, M.D., 0000 0xx Xxxxxx, Xxx Xxxx, Xxx Xxxx
00000, with a copy to Xxxx Lever, Esq., Xxxxxxx & Xxxxxxxxx, LLP, Xxx Xxxxx
Xxxxxxxx, Xxxxx Xxxxxx, Xxx Xxxx 00000.
Thank you for your cooperation.
Sincerely yours,
/s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx, M.D.
/s/ Xxx Xxxxxxxxx
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Xxx Xxxxxxxxx, M.D.
/s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx, M.D.
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx, M.D.
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Physicians' Specialty Corp.
PSC Acquisition Corp.
May 22, 1998
Page 2
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx, M.D.
/s/ Xxx Xxxxxxxxx
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Xxx Xxxxxxxxx, M.D.
/s/ Xxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx, M.D.
/s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx, M.D.
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx, M.D.
/s/ Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx, M.D.
/s/ Xxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx, M.D.
/s/ Xxxxxx Xxxx
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Xxxxxx Xxxx, M.D.
ACCEPTED AND AGREED
THIS 22 DAY OF MAY, 1998
PHYSICIANS' SPECIALTY CORP.
By: /s/ Xxxxxxx X. Xxxxxxx
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Name:
PSC ACQUISITION CORP.
By: /s/ Xxxxxxx X. Xxxxxxx
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Name:
cc: Xxxx X. Lever, Esq.
Xxxxxxx X. Xxxxx, Esq.
