Exhibit 10.47

 

February 14, 2005

 

Kevin R. Sayer

 

Re:          Retention Agreement

 

Dear Kevin:

 

As you are aware, following the departure of Rick Belluzzo and Doug Harrington,
there are some significant organizational changes occurring here at Specialty
Laboratories (“Specialty”).

 

To encourage your support and as a further incentive for you to stay with the
company as a valued employee, subject to the conditions specified in this
letter, we are offering you an incentive bonus of $150,000 as specified below. 
Payment of such bonus is expressly contingent on your continued employment with
Specialty through at least May 15, 2005.  If you are still employed with
Specialty on May 15, 2005, and have not been terminated for Cause (as defined in
your Employment Agreement dated April 12, 2004) prior to May 15, 2005, Specialty
will pay you the $150,000 incentive bonus (less required deductions) in a lump
sum.  Should you resign or be terminated for Cause before May 15, 2005, you will
not be eligible for the incentive bonus.  If you are involuntarily terminated
other than for Cause prior to May 15, 2005, you will receive the $150,000
incentive bonus, as well as any severance pay owed to you under you Employment
Agreement.

 

You will naturally still be subject to Specialty’s standard policies and
procedures, and all other terms of your Employment Agreement with Specialty will
remain in full effect.

 

If you are in agreement with the terms herein, please countersign below.

 

 

 

Sincerely,

 

 

 

/s/ Nicholas R. Simmons

 

 

Nicholas R. Simmons, Esq., for

 

Richard K. Whitney, Chairman of the Board of Directors

 

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/s/ Kevin R. Sayer

 

14 February 2005

 

Kevin R. Sayer

 

Date

 

 

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