EXHIBIT 10.1
March 31, 2001
Xxxxx X. Xxxxxxx, M.D.
US Oncology, Inc.
00000 Xxxxxxxxxx Xxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Re: Termination of Employment Agreement
Dear Xx. Xxxxxxx:
In connection with the termination of your current employment agreement and
the entering into of a new employment agreement between you and US Oncology,
Inc., you and US Oncology hereby agree as follows:
1. Termination. The employment agreement dated January 1, 2000, by and
between US Oncology, Inc. and Xxxxx X. Xxxxxxx, M.D. ("Old Employment
Agreement") is hereby terminated, effective upon Xx. Xxxxxxx'x execution of this
letter, and neither party shall have any further rights or obligations with
respect to or arising out of such employment agreement except as provided in
this letter. Notwithstanding Section 4(c) of the Old Employment Agreement, only
Sections 8, 9, 10, and 11 thereof, and the rights and obligations created
therein, shall survive except as provided in this letter.
2. Resignation. Xx. Xxxxxxx hereby resigns from all officer positions he
holds with US Oncology, Inc. In addition, Xx. Xxxxxxx hereby resigns from all
officer and director positions he holds with each of US Oncology, Inc.'s direct
and indirect subsidiaries.
3. Termination and Severance Benefits. Section 4(b) of the Old Employment
Agreement, and the rights and obligations created therein, shall survive the
termination of the Old Employment Agreement and the benefits set forth therein
shall be provided to Xx. Xxxxxxx as if the Old Employment Agreement shall have
been terminated by the Company without cause pursuant to Section 4(a)(iv)
thereof. The "Base Salary" as defined in Section 4(b) shall be the base salary
of Xx. Xxxxxxx as in effect on the date hereof.
4. New Employment Agreement. Xx. Xxxxxxx will enter into a new employment
agreement with US Oncology, Inc. substantially in the form attached hereto. The
new
Xxxxx X. Xxxxxxx, M.D.
March 31, 2001
Page 2
employment agreement will be effective simultaneously with the termination
of the Old Employment Agreement.
Please indicate your acknowledgement and acceptance of the terms of this
letter by executing where indicated below.
US ONCOLOGY, INC.
By:
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Name: -----------------------------
Title:
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Accepted and agreed to on this 31st day of March, 2001.
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Xxxxx X. Xxxxxxx, M.D.
