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                                                                    EXHIBIT 10.3

               AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

         This Amended and Restated Executive Employment Agreement (the
"Agreement") is made and executed to be effective as of the 16th day of May,
2002, by and between Symbion, Inc. (the "Company"), and WILLIAM V.B. WEBB, an
individual and resident of Nashville, Tennessee ("Executive").

                                    RECITALS:

         WHEREAS, the Company and Executive are parties to that certain
Executive Employment Agreement dated as of May 11, 2000 (the "Employment
Agreement"); and

         WHEREAS, the Company and Executive desire to amend and restate and to
supercede in all prior writings evidencing the Employment Agreement in the
manner set forth herein;

         NOW, THEREFORE, in consideration of the mutual undertakings of the
parties set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Executive hereby agree as follows:

         1.       Employment. The Company hereby employs Executive, and
Executive hereby accepts employment with the Company, on the terms and
conditions hereinafter set forth.

         2.       Term. The initial term of this Agreement shall commence and
shall be effective as of May 16, 2002, (the "Effective Date") and shall extend
from that date for a period of three (3) years, unless earlier terminated as
provided in Section 8 or 9 of this Agreement (the "Employment Term"). At the
beginning of each month after the Effective Date in which Executive is employed
by the Company, the term of this Agreement shall automatically be extended for
an additional month so that the Employment Term on such date is a period of
three (3) years.

         3.       Nature of Duties and Responsibilities. During the Employment
Term, Executive shall be employed by the Company as its chief development
officer and shall have such duties, powers and authority as determined by the
Company's chief executive officer.

         4.       Extent of Services. Executive shall devote his full time,
attention, skills and energies during the Employment Term to the business of the
Company. During the Employment Term, Executive shall not be engaged in any other
business activity that conflicts with or detracts from his duty to the Company
or with the business of the Company, whether or not such business activity is
pursued for gain, profit or other pecuniary advantage. Notwithstanding the
foregoing, Executive may, at his option, devote reasonable time and attention to
personal investments and to civic, charitable or social organizations as he
deems appropriate. It is anticipated that Executive will devote a reasonable
amount of time to serving on the board of directors of one or more public or
private corporations, provided that the business activities of any such
corporation are not competitive with those of the Company.

         5.       Location. The permanent place of employment of Executive shall
be the corporate headquarters of the Company located in Nashville, Tennessee.
Executive shall not be required to relocate his place of employment at any time
during the Employment Term without his prior

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consent, which consent may be withheld by Executive for any reason he deems
appropriate. Executive may be required to conduct reasonable travel in the
course of the performance of his duties on behalf of the Company.

         6.       Compensation.

                  (a)      For all services rendered by Executive under this
Agreement, the Company shall compensate Executive at Executive's current annual
base rate of $213,451.

                  (b)      The annual rate of compensation provided in Section
6(a) may be adjusted upward effective on January 1 for each year during the
Employment Term by an amount determined by the Compensation Committee of the
Company's Board of Directors (the "Board") in its sole discretion. Executive is
not entitled to any guaranteed annual increase in his rate of compensation.

                  (c)      During the Employment Term, Executive shall be
eligible for and shall participate in any bonus program, plan or arrangement
(whether formal or informal) generally adopted or made available by the Company
with respect to its officers or senior management personnel, and the
participation by Executive in any such program, plan or arrangement shall be
upon terms and conditions (including without limitation the computation of
amounts) at least as favorable as those applicable to any other participant in
such program, plan or arrangement. Nothing in this Section 6(c) shall be
construed so as to require the Company to adopt any bonus program, plan or
arrangement.

                  (d)      The Company shall be entitled to withhold such
amounts on account of employment and payroll taxes and similar matters required
by applicable law, rule or regulation of any appropriate governmental authority.

                  (e)      The Company shall continue to pay Executive his
compensation during any period of physical or mental incapacity or disability,
but shall not be obligated to pay Executive any compensation for any continuous
period of physical or mental incapacity or disability after Executive is
determined to be disabled by the Board, as provided in Section 8(g).

                  (f)      During the Employment Term, the Company shall pay the
reasonable expenses incurred by Executive (based on business development
objectives and within limits that may be established by the Board) in the
performance of his duties under this Agreement (or shall reimburse Executive on
account of such expenses paid directly by Executive) promptly upon the
submission to the Company by Executive of appropriate vouchers prepared in
accordance with applicable regulations of the Internal Revenue Service.

         7.       Other Benefits.

                  (a)      Executive shall be entitled to and eligible for group
health, life and disability insurance coverage, vacation, and any other fringe
benefits that may from time to time be available to other salaried employees of
the Company. Executive may participate in any other pension, profit sharing or
other employee benefit plan of the Company or in which the Company participates.
Any and all such benefits provided in this Section 7(a) shall terminate on the

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expiration or earlier termination of this Agreement, except as otherwise
required by law or as otherwise provided herein.

                  (b)      Executive shall be eligible to participate in each
stock option or stock award plan or program now or hereafter maintained by the
Company, and Executive shall participate in each such plan or program to the
extent, and upon such terms and conditions, as generally applicable to other key
management personnel of the Company.

         8.       Termination.

                  (a)      Termination for Cause. Prior to the end of the stated
or extended term of this Agreement, the Company may terminate this Agreement for
cause, as provided below, without any further liability hereunder to Executive.
The Company may terminate Executive for cause without notice in the event that
Executive (i) has committed any act of willful misconduct, fraud or dishonesty
that relates to the business of the Company; or (ii) is convicted of a felony
which in the reasonable judgment of the Board materially affects Executive's
ability to perform his duties pursuant to this Agreement. In addition, the
Company may terminate Executive for cause in the event of intentional neglect of
or material inattention to Executive's duties, which neglect or inattention
remains uncorrected for more than 30 days following written notice from the
Board detailing the Board's concern; provided, however, that the Company may
terminate Executive pursuant to this sentence only if each of the following
conditions is satisfied: (1) any determination to terminate Executive must be
made upon the affirmative vote of two-thirds of the non-management directors of
the Company; (2) the Company must provide to Executive at least thirty (30) days
prior written notice of the termination date determined by such directors, which
notice must contain a reasonably specific explanation of the reasons for
termination determined by such directors; (3) Executive shall have the
opportunity during such notice period to cure the deficiencies or failures cited
as the basis for his termination; and (4) upon expiration of the aforementioned
notice period, a new determination must be made upon the affirmative vote of
two-thirds of the non-management directors of the Company that Executive has not
adequately cured the deficiencies or failures cited as the basis for his
termination, upon which determination the termination of Executive shall be
effective.

                  (b)      Termination Without Cause. Prior to the end of the
stated or extended term of this Agreement, the Company may terminate this
Agreement other than as provided in Section 8(a), upon thirty (30) days prior
written notice to Executive. In such event, the Company shall pay to Executive
the amounts required under Section 8(g).

                  (c)      Death of Executive. In the event Executive's death
occurs during the stated or extended term of this Agreement, the Company shall
pay to the estate of Executive all accrued but unpaid compensation earned to the
date of death. This Agreement otherwise shall terminate in all respects upon
Executive's death.

                  (d)      Voluntary Resignation. Executive may, upon thirty
(30) days prior written notice to the Company, voluntarily resign and thereby
terminate this Agreement at any time prior to the expiration of the stated or
extended term of this Agreement. In such event, the Company shall pay to
Executive all accrued but unpaid compensation earned to the effective date of

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resignation. Executive shall not be entitled to any benefits under this
Agreement after the effective date of resignation.

                  (e)      Material Breach by Company. In the event that the
Company materially breaches this Agreement, which breach is not cured by the
Company within ninety (90) days of the date on which written notice of such
breach is provided by Executive to the Company, Executive may thereafter
voluntarily resign and thereby terminate this Agreement. In such event, the
Company shall pay to Executive the amounts required under Section 8(g).

                  (f)      Disability. In the event that Executive is unable to
perform his services under this Agreement for a continuous period of one hundred
eighty (180) days during the term of this Agreement and Executive is determined
to be disabled under the Company's long-term disability plan, the Company may
terminate Executive's employment and the Board may remove Executive from his
position on the Board without further liability to Executive, except as
specified in Section 8(g).

                  (g)      Severance Benefits. Except for a termination of
employment following a Change in Control (as provided in Section 9) or the
disability of Executive (as provided in Section 8(f)), if (i) the Company
terminates the employment of Executive without cause (as provided in Section
8(b)), or (ii) Executive elects to resign and terminate this Agreement upon the
occurrence of a material breach of this Agreement by the Company (as provided in
Section 8(e)), then, in addition to all accrued but unpaid compensation earned
to the effective date of such termination, the Company shall pay to Executive a
severance benefit in an amount equal to (1) three times the Executive's rate of
annual base compensation determined by reference to the highest base salary rate
in effect at any time during the 12-month period immediately prior to the
termination, (2) three times the annual bonus that is payable under Section 6(c)
calculated as if the performance goals set by the Board had been fully achieved,
without regard to actual achievement, and (3) continuation of benefits at no
cost under the benefit programs specified in Section 7(a) for the period of time
that he is eligible for continuation coverage under the Consolidated Omnibus
Budget Reconciliation Act of 1985 ("COBRA"). Upon a termination of employment
due to Executive's disability pursuant to Section 8(f), Company shall pay
Executive 75% of the base salary then in effect as set forth in Section 6(a)
(reduced by any Company-provided disability insurance benefits), commencing upon
the determination of Employee's disability by the Board and continuing until the
first to occur of (i) 36 months or (ii) the death of Employee, and Executive
shall receive benefits at no cost under the benefit programs specified in
Section 7(a) for the period of time that he is eligible for continuation
coverage under COBRA. Nothing in this Section 8(f) is intended to affect any
vesting provisions applicable to any stock option or stock award of Executive in
effect as of the date his employment is terminated.

         9.       Termination After a Change in Control. Notwithstanding
anything to the contrary contained herein, if within the 120 day period
following a Change in Control (as defined herein), Executive's employment with
the Company terminates for any reason, other than a termination by the Company
for "cause" described in Section 8(a), Company will pay Executive the
Termination Payment described in Section 9(b) and the Gross-up Payment as
described in Section 9(c).

                  (a)      Change in Control. A "Change in Control" shall mean
the occurrence at any time during the Employment Term of any one of the
following events:

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                  (i)      An acquisition (other than directly from the Company)
         of any voting securities of the Company (the "Voting Securities") by
         any "Person" (as that term is used for purposes of Section 13(d) or
         14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
         Act")), immediately after which such Person has "Beneficial Ownership"
         (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
         of more than fifty percent (50%) of the combined voting power of the
         Company's then outstanding Voting Securities; provided, however, in
         determining whether a Change in Control has occurred, Voting Securities
         which are acquired in a Non-Control Acquisition shall not constitute an
         acquisition which would cause a Change in Control. A "Non-Control
         Acquisition" shall mean an acquisition by (1) an employee benefit plan
         (or a trust forming a part thereof) maintained by (A) the Company, or
         (B) any corporation or other Person of which a majority of its voting
         power or its voting equity securities or equity interest is owned,
         directly or indirectly, by the Company (for purposes of this
         definition, a "Subsidiary"), (2) the Company or its Subsidiaries, or
         (3) any Person in connection with a Non-Control Transaction (as
         hereinafter defined);

                  (ii)     The individuals who, as of the date of this
         Agreement, are members of the Board (the "Incumbent Board"), cease for
         any reason to constitute at least a majority of the members of the
         Board; provided, however, that if the election, or nomination for
         election by the Company's stockholders, of any new director was
         approved by a vote of at least a majority of the Incumbent Board, such
         new director shall, for purposes of this Agreement, be considered as a
         member of the Incumbent Board; provided, further, however, that no
         individual shall be considered a member of the Incumbent Board if such
         individual initially assumed office as a result of either an actual or
         threatened "Election Contest" (as described in Rule 14a-11 promulgated
         under the Exchange Act) or other actual or threatened solicitation of
         proxies or consents by or on behalf of a Person other than the
         Company's Board of Directors (a "Proxy Contest") including by reason of
         any agreement intended to avoid or settle any Election Contest or Proxy
         Contest; or

                  (iii)    Approval by stockholders of the Company of:

                           (1)      A merger, consolidation or reorganization
                  involving the Company, unless such merger, consolidation or
                  reorganization is a Non-Control Transaction. A "Non-Control
                  Transaction" shall mean a merger, consolidation or
                  reorganization of the Company where:

                                    (A) the stockholders of the Company,
                           immediately before such merger, consolidation or
                           reorganization, own directly or indirectly
                           immediately following such merger, consolidation or
                           reorganization, more than fifty percent (50%) of the
                           combined voting power of the outstanding voting
                           securities of the corporation resulting from such
                           merger or consolidation or reorganization (the
                           "Surviving Corporation") in substantially the same
                           proportion as their ownership of the Voting
                           Securities immediately before such merger,
                           consolidation or reorganization; and

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                                    (B) the individuals who were members of the
                           Incumbent Board immediately prior to the execution of
                           the agreement providing for such merger,
                           consolidation or reorganization constitute at least a
                           majority of the members of the board of directors of
                           the Surviving Corporation, or a corporation
                           beneficially directly or indirectly owning a majority
                           of the voting securities of the Surviving
                           Corporation;

                           (2)      A complete liquidation or dissolution of
                  the Company; or

                           (3)      An agreement for the sale or other
                  disposition of all or substantially all of the assets of the
                  Company to any Person (other than a transfer to a Subsidiary).

         Notwithstanding the foregoing, a Change in Control shall not be deemed
         to occur solely because any Person (the "Subject Person") acquired
         Beneficial Ownership of more than the permitted amount of the then
         outstanding Voting Securities as a result of the acquisition of Voting
         Securities by the Company which, by reducing the number of Voting
         Securities than outstanding, increases the proportional number of
         shares Beneficially Owned by the Subject Person, provided that if a
         Change in Control would occur (but for the operation of this sentence)
         as a result of the acquisition of Voting Securities by the Company, and
         after such share acquisition by the Company, the Subject Person becomes
         the Beneficial Owner of any additional Voting Securities which
         increases the percentage of the then outstanding Voting Securities
         Beneficially Owned by the Subject Person, then a Change in Control
         shall occur.

                  (b)      Termination Payment. The "Termination Payment" shall
be a cash payment to the Executive that is the sum of the following:

                  (i)      Three times the Executive's rate of annual base
         compensation determined by reference to the highest base salary rate in
         effect at any time during the 12-month period prior to the Change of
         Control;

                  (ii)     Three times the annual bonus that is payable under
         Section 6(c) calculated as if the performance goals set by the Board
         had been fully achieved, without regard to actual achievement; and

                  (iii)    Continuation of benefits at no cost under the benefit
         programs specified in Section 7(a) for the period of time that he is
         eligible for continuation coverage under COBRA.

                  (c)      Gross Up Payment. Anything in this Agreement to the
contrary notwithstanding, in the event it shall be determined that any payment
or distribution by or on behalf of the Company to or for the benefit of
Executive as a result of a change in control (within the meaning of section 280G
of the Internal Revenue Code (the "Code")) (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required
under this Section 9(c) (a "Payment")) would be subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code (the "Code"), or any

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interest or penalties are incurred by Executive with respect to such excise tax
(such excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "Excise Tax"), then Executive shall be entitled
to receive an additional payment (a "Gross-Up Payment") in an amount such that
after payment by Executive of all taxes (including any interest or penalties
imposed with respect to such taxes), including, without limitation, any income
taxes (and any interest and penalties imposed with respect thereto) and Excise
Tax imposed upon the Gross-Up Payment, Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

                  (i)      Tax Opinion. Subject to the provisions of Section
         9(c)(ii), all determinations required to be made under this Section
         9(c), including whether and when a Gross-Up Payment is required and the
         amount of such Gross-Up Payment and the assumptions to be utilized in
         arriving at such determination, shall be made by a nationally
         recognized accounting firm or law firm selected by the Executive
         (subject to the reasonable consent of the Company) (the "Tax Firm");
         provided, however, that the Tax Firm shall not determine that no Excise
         Tax is payable by Executive unless it delivers to Executive a written
         opinion (the "Tax Opinion") that failure to pay the Excise Tax and to
         report the Excise Tax and the payments potentially subject thereto on
         or with Executive's applicable federal income tax return will not
         result in the imposition of an accuracy-related or other penalty on
         Executive. All fees and expenses of the Tax Firm shall be borne solely
         by the Company. Within 15 business days of the receipt of notice from
         Executive that there has been a Payment, or such earlier time as is
         requested by the Executive or the Company, the Tax Firm shall make all
         determinations required under this Section 9(c), shall provide to the
         Company and Executive a written report setting forth such
         determinations, together with detailed supporting calculations, and, if
         the Tax Firm determines that no Excise Tax is payable, shall deliver
         the Tax Opinion to Executive. Any Gross-Up Payment, as determined
         pursuant to this Section 9(c), shall be paid by the Company to
         Executive within fifteen days of the receipt of the Tax Firm's
         determination. Subject to the remainder of this Section 9(c), any
         determination by the Tax Firm shall be binding upon the Company and
         Executive; provided, however, that Executive shall only be bound to the
         extent that the determinations of the Tax Firm hereunder, including the
         determinations made in the Tax Opinion, are reasonable and reasonably
         supported by applicable law. As a result of the uncertainty in the
         application of Section 4999 of the Code at the time of the initial
         determination by the Tax Firm hereunder, it is possible that Gross-Up
         Payments which will not have been made by the Company should have been
         made ("Underpayment"), consistent with the calculations required to be
         made hereunder. In the event that it is ultimately determined in
         accordance with the procedures set forth in Section 9(c)(ii) that
         Executive is required to make a payment of any Excise Tax, the Tax Firm
         shall reasonably determine the amount of the Underpayment that has
         occurred and any such Underpayment shall be promptly paid by the
         Company to or for the benefit of Executive. In determining the
         reasonableness of Tax Firm's determinations hereunder, and the effect
         thereof, Executive shall be provided a reasonable opportunity to review
         such determinations with Tax Firm and Executive's tax counsel. Tax
         Firm's determinations hereunder, and the Tax Opinion, shall not be
         deemed reasonable until Executive's reasonable objections and comments
         thereto have been satisfactorily accommodated by Tax Firm.

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                  (ii)     Notice of IRS Claim. Executive shall notify the
         Company in writing of any claims by the Internal Revenue Service that,
         if successful, would require the payment by the Company of the Gross-Up
         Payment. Such notification shall be given as soon as practicable but no
         later than 30 calendar days after Executive actually receives notice in
         writing of such claim and shall apprise the Company of the nature of
         such claim and the date on which such claim is requested to be paid;
         provided, however, that the failure of Executive to notify the Company
         of such claim (or to provide any required information with respect
         thereto) shall not affect any rights granted to Executive under this
         Section 9(c) except to the extent that the Company is materially
         prejudiced in the defense of such claim as a direct result of such
         failure. Executive shall not pay such claim prior to the expiration of
         the 30-day period following the date on which he gives such notice to
         the Company (or such shorter period ending on the date that any payment
         of taxes with respect to such claim is due). If the Company notifies
         Executive in writing prior to the expiration of such period that it
         desires to contest such claim, Executive shall do all of the following:

                           (1) give the Company any information reasonably
                  requested by the Company relating to such claim;

                           (2) take such action in connection with contesting
                  such claim as the Company shall reasonably request in writing
                  from time to time, including, without limitation, accepting
                  legal representation with respect to such claim by an attorney
                  selected by the Company and reasonably acceptable to
                  Executive;

                           (3) cooperate with the Company in good faith in order
                  effectively to contest such claim;

                           (4) if the Company elects not to assume and control
                  the defense of such claim, permit the Company to participate
                  in any proceedings relating to such claim;

         provided, however, that the Company shall bear and pay directly all
         costs and expenses (including additional interest and penalties)
         incurred in connection with such contest and shall indemnify and hold
         Executive harmless, on an after-tax basis, for any Excise Tax or income
         tax (including interest and penalties with respect thereto) imposed as
         a result of such representation and payment of costs and expenses.
         Without limiting the foregoing provisions of this Section 9(c), the
         Company shall have the right, at its sole option, to assume the defense
         of and control all proceedings in connection with such contest, in
         which case it may pursue or forego any and all administrative appeals,
         proceedings, hearings and conferences with the taxing authority in
         respect of such claim and may either direct Executive to pay the tax
         claimed and sue for a refund or contest the claim in any permissible
         manner, and Executive agrees to prosecute such contest to a
         determination before any administrative tribunal, in a court of initial
         jurisdiction and in one or more appellate courts, as the Company shall
         determine; provided, however, that if the Company directs Executive to
         pay such claim and sue for a refund, the Company shall advance the
         amount of such payment to Executive, on an interest-free basis and
         shall indemnify and hold Executive harmless, on an after-tax basis,
         from any Excise Tax or income tax (including interest or penalties with
         respect thereto) imposed with respect to

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         such advance or with respect to any imputed income with respect to such
         advance; and further provided that any extension of the statute of
         limitations relating to payment of taxes for the taxable year of
         Executive with respect to which such contested amount is claimed to be
         due is limited solely to such contested amount. Furthermore, the
         Company's right to assume the defense of and control the contest shall
         be limited to issues with respect to which a Gross-Up Payment would be
         payable hereunder and Executive shall be entitled to settle or contest,
         as the case may be, any other issue raised by the Internal Revenue
         Service or any other taxing authority.

                  (iii)    Right to Tax Refund. If, after the receipt by
         Executive of an amount advanced by the Company pursuant to Section 9(c)
         Executive becomes entitled to receive any refund with respect to such
         claim, Executive shall (subject to the Company's complying with the
         requirements of Section 9(c)(ii)) promptly pay to the Company the
         amount of such refund (together with any interest paid or credited
         thereon after taxes applicable thereto). If, after the receipt by
         Executive of an amount advanced by the Company pursuant to Section
         9(c)(ii), a determination is made that Executive is not entitled to a
         refund with respect to such claim and the Company does not notify
         Executive in writing of its intent to contest such denial of refund
         prior to the expiration of 30 days after such determination, then such
         advance shall, to the extent of such denial, be forgiven and shall not
         be required to be repaid and the amount of forgiven advance shall
         offset, to the extent thereof, the amount of Gross-Up Payment required
         to be paid.

         10.      Time for Payment; Interest. The severance payment described in
Section 8 and the Termination Payment described in Section 9 shall be paid to
Executive in a single lump sum within 15 days following the date of termination,
provided that the Gross-Up Payment described in Section 9(c) shall be payable in
accordance with the procedures described therein. The Company's obligation to
pay to Executive any amounts under this Agreement will bear interest at the
prime rate as quoted in The Wall Street Journal plus 2%, and all accrued and
unpaid interest will bear interest at the same rate, all of which interest will
be compounded annually.

         11.      Restrictive Covenant. Executive hereby covenants and agrees
that during the Employment Term and for a period of one (1) year thereafter,
Executive shall not, directly or indirectly: (a) own, manage, operate, control,
be employed by, consult with, participate in or be connected in any manner with,
the operation, ownership, management or control of any enterprise predominantly
engaged in the management of physician practices or the ownership and management
of outpatient surgery centers (other than the Company or its affiliates); (b) be
employed by or consult with any organization in which Executive is primarily
engaged in maintaining the operation, ownership, management or control of a
business unit that is predominantly engaged in the management of physician
practices or the ownership and management of outpatient surgery centers that is
competitive with the Company; or (c) induce any employee of the Company to leave
the employ of the Company or solicit the business of any client or customer of
the Company (other than on behalf of the Company). Notwithstanding the
foregoing, Executive may own, directly or indirectly, solely as an investment,
securities of any publicly-traded corporation or other business entity, provided
that Executive does not own, directly or indirectly, more than one percent (1%)
of any class of voting securities of any such corporation or other business
entity. The foregoing covenants and agreements of Executive are referred to
herein as the "Restrictive Covenant."

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                  (a)      Executive has carefully read and considered the
provisions of-the Restrictive Covenant and, having done so, agrees that the
restrictions set forth in this Section 11, including without limitation the time
period of restriction and the geographic areas of restriction set forth above,
are fair and reasonable and are reasonably required for the protection of the
legitimate business interests of the Company.

                  (b)      Executive acknowledges that the Company's business is
and will be built upon the confidence of those with whom it conducts business
and that Executive will gain acquaintances and develop relationships by using
the good will of the Company. Executive also acknowledges that the Company's
business is and will be built upon the success of the Company in research,
development and marketing, and through the development of certain business
methods and trade secrets, and that Executive's position will give him
confidential knowledge of all aspects of the Company's business and internal
operations. In addition, Executive acknowledges that the Company's dealings
through Executive will give Executive confidential knowledge that should not be
divulged or used for his own benefit. Executive recognizes and agrees that his
violation of any provision of the Restrictive Covenant will cause irreparable
harm to the Company.

                  (c)      In the event that, notwithstanding the foregoing, any
of the provisions of this Section 11 or any parts hereof shall be held to be
invalid or unenforceable, the remaining provisions or parts hereof shall
nevertheless continue to be valid and enforceable as though the invalid or
unenforceable portions or parts had not been included herein. In the event that
any provision of this Section 11 relating to the time period and/or the areas of
restriction and/or related aspects shall be declared by a court of competent
jurisdiction to exceed the maximum restrictiveness such court deems reasonable
and enforceable, the time period and/or areas of restriction and/or related
aspects deemed reasonable and enforceable by such court shall become and
thereafter be the maximum restrictions in such regard, and the provisions of the
Restrictive Covenant shall remain enforceable to the fullest extent deemed
reasonable by such court.

         12.      Remedies. Executive agrees that in the event of any conduct by
Executive violating any provision of Section 11, the Company shall be entitled,
if it so elects, to institute and prosecute proceedings in any court of
competent jurisdiction, either at law or in equity, to obtain damages for such
conduct, to enforce specific performance of such provision, to enjoin Executive
from such conduct, to obtain an accounting and repayment of all profits,
compensation, commissions, remuneration or other benefits that Executive
directly or indirectly has realized and/or may realize as a result of, growing
out of, or in connection with any such violation, or to obtain any other relief,
or any combination of the foregoing, that the Company may elect to pursue.

         13.      Waiver of Breach. The waiver by either party of a breach of
any provisions of this Agreement by either party shall not operate or be
construed as a waiver of any subsequent breach by either party.

         14.      Successors. This Agreement shall be binding upon and accrue
to the benefit of any successors and assigns of the Company. This Agreement is
not assignable by Executive or by the Company, except upon the agreement of both
parties.

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         15.      Construction. This Agreement shall be construed under and
enforced in accordance with the laws of the State of Tennessee.

         16.      Entire Agreement. This Agreement is the entire agreement of
the parties and supersedes all prior agreements and understandings, written or
oral, including, without limitation, the Employment Agreement prior to this
amendment and restatement. This Agreement shall not be amended or modified
except in writing executed by both parties.

         17.      Notice. For the purposes of this Agreement, notices shall be
deemed given when mailed by United States certified or registered mail, return
receipt requested, postage prepaid, addressed in the case of the Company to its
principal executive office; or in the case of Executive to the address shown on
the signature page of this Agreement. Either party may change such address by
giving the other party notice of such change in the aforesaid manner, except
that notices of changes of address shall only be effective upon receipt.

                                       11
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                            SYMBION, INC.

                                            By:      /s/ Richard E. Francis, Jr.
                                                     ---------------------------
                                                     Richard E. Francis, Jr.
                                                     Chief Executive Officer

                                            EXECUTIVE:

                                             /s/ William V.B. Webb
                                            ------------------------------------
                                            William V.B. Webb

                                            Address:

                                            6113 Hickory Valley Road
                                            Nashville, Tennessee 37205

                                       12<PAGE>
                                                                    EXHIBIT 10.4

                        EMPLOYEE STOCK PURCHASE AGREEMENT

         This Agreement is made as of the 13th day of March, 1996, by and among
UniPhy Healthcare, Inc., a Tennessee corporation (the "Corporation"), and
Richard E. Francis, Jr. (the "Purchaser").

1.       PURCHASES OF SHARES

         1.1      Purchase. The Purchaser has purchased, and the Corporation has
sold to the Purchaser, 320,000 shares of the Corporation's Common Stock (the
"Purchased Shares") at a purchase price of $.01 per share (the "Purchase
Price").

         1.2      Legend. The certificates representing the Purchased Shares
purchased hereunder shall be marked with appropriate legends indicating that
such shares are subject to this Agreement and are restricted as provided herein.

         1.3      Other Agreements. The Purchaser and the Corporation
acknowledge that they are parties to a Series A Preferred Stock Purchase
Agreement, an Investors' Rights Agreement, a Right of First Refusal and Co-Sale
Agreement and a Voting Agreement executed simultaneously herewith (collectively
the "Related Agreements"), and the shares covered hereby shall also be held
pursuant to the applicable terms of the Related Agreements.

2.       SECURITIES LAW COMPLIANCE

         2.1      Exemption front Registration. The Purchased Shares have not
been registered under the Securities Act of 1933, as amended (the "1933 Act"),
and are being issued to Purchaser in reliance upon the exemption from such
registration provided by Rule 701 of the Securities and Exchange Commission (the
"Commission") for stock issuances under compensatory benefit arrangements such
as this Agreement. Purchaser hereby acknowledges receipt of a copy of this
Agreement.

         2.2      Restricted Securities. Purchaser hereby confirms that
Purchaser has been informed that the Purchased Shares are "restricted
securities" under the 1933 Act and may not be resold or transferred unless the
Purchased Shares are first registered under the federal securities laws or
unless an exemption from such registration is available. Accordingly, Purchaser
hereby acknowledges Purchaser is prepared to hold the Purchased Shares for an
indefinite period and that Purchaser is aware Rule 144 of the Commission issued
under the 1933 Act is not presently available to exempt the offer and sale by
the Purchaser of the Purchased Shares from the registration requirements of the
1933 Act. Purchaser is aware of' the adoption of Rule 144 by the Commission,
promulgated under the Securities Act, which permits limited public resales of
securities acquired in a nonpublic offering, subject to the satisfaction of
certain conditions. Purchaser understands that under Rule 144, the conditions
currently include, among other things, the availability of

<PAGE>

certain current public Information about the issuer, the resale occurring not
fewer than two years after the party has purchased and paid for the securities
to be sold, the sale being through a broker in an unsolicited "brokers
transaction" and the amount of securities being sold during any three-month
period not exceeding specified limitations. Purchaser acknowledges and
understands that the Company may not satisfy the current public information
requirement of Rule 144 at the time Purchaser wishes to sell the Purchased
Shares or other conditions under Rule 144 which are required of the Company and
Purchaser understands that Purchaser will thereby be precluded from selling the
securities under Rule 144 even if the two-year holding period of said Rule has
been satisfied. Prior to Purchaser's acquisition of the Purchased Shares,
Purchaser represents and warrants that he acquired sufficient information about
the Company to reach an informed knowledgeable decision to acquire the Purchased
Shares. Purchaser has such knowledge and experience in financial and business
matters as to make Purchaser capable of utilizing said information to evaluate
the risks of the prospective investment and to make an informed investment
decision. Purchaser is able to bear the economic risk of the entire loss of the
Purchaser's investment in the Purchased Stock.

3.       SPECIAL PROVISIONS

         3.1      Stockholder Rights. Until such time as the Corporation
actually exercises its repurchase rights under this Agreement, Purchaser (or any
successor in interest) shall have all the rights of a stockholder (including
voting and dividend rights) with respect to the Purchased Shares subject,
however, to any applicable transfer restrictions.

         3.2      Section 83(b) Election. Purchaser understands that under
Section 83 of the Internal Revenue Code of 1986, as amended (the "Code"), the
difference between the Purchase Price paid for the Purchased Shares and their
fair market value on the date any forfeiture restrictions applicable to such
shares lapse will be reportable as ordinary income at the time. For this
purpose, the term "forfeiture restrictions" includes the right of the
corporation to repurchase the Purchased Shares pursuant to its Repurchase Right
under Article 4 of this Agreement. Purchaser understands that Purchaser may
elect to be taxed at the time the Purchased Shares are acquired to the extent,
if any, the fair market value of the Purchased Shares differs from the Purchase
Price rather than when and as such Purchased Shares cease to be subject to such
forfeiture restrictions, by filing an election under Section 83(b) of the code
with the I.R.S. within thirty (30) days after the date of purchase hereunder. If
the fair market value of the Purchased Shares at the date of purchase equals the
Purchase Price paid (and thus no tax is payable), the election must be made to
avoid adverse tax consequences in the future. The form for making this election
is available from the Company upon request. Purchaser understands that failure
to make this filing within the thirty (30) day period will result in the
recognition of ordinary income by the Purchaser (in the event the fair market
value of the Purchased Shares increases after the date of

                                       2
<PAGE>

purchase) as the forfeiture restrictions lapse. PURCHASER ACKNOWLEDGES THAT IT
IS PURCHASER'S SOLE RESPONSIBILITY, AND NOT THE CORPORATION'S, TO FILE A TIMELY
ELECTION UNDER SECTION 83(b). EVEN IF PURCHASER REQUESTS THE CORPORATION OR ITS
REPRESENTATIVES TO MAKE THIS FILING ON PURCHASER'S BEHALF, PURCHASER IS RELYING
SOLELY ON PURCHASER'S ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT
TO FILE AN 83(b) ELECTION.

4.       REPURCHASE RIGHT

         4.1      Grant. The Corporation is hereby granted the right (the
"Repurchase Right"), exercisable at any time during the sixty (60) day period
following the date that (i) the Purchaser ceases for any reason to be an
employee of the Corporation, other than Termination for Good Reason (as
hereinafter defined), or (ii) the Purchaser engages in Competitive Activity (as
hereinafter defined) after the first anniversary of his Termination with Good
Reason (or such longer period of time mutually agreed to by the parties), to
repurchase at the Purchase Price all or (at the discretion of the Corporation)
any portion of the Purchased Shares in which the Purchaser has not acquired a
vested interest in accordance with the vesting provisions of Section 4.3 (such
shares to be hereinafter called the "Unvested Shares"). For the purposes of the
Section 4, "Termination with Good Reason" shall mean the termination by
Purchaser of his employment with the Corporation pursuant to Section 8(e), 8(f)
or 8(g) of the Executive Employment Agreement between Purchaser and the
Corporation of even date herewith (the "Employment Agreement") and "Competitive
Activity" shall mean Purchaser's becoming an employee of or consultant to, or
acquiring a controlling ownership interest in, any business enterprise that is
"directly competitive" (as such term is defined in the Employment Agreement)
with the Corporation. From and after the date of Competitive Activity, the
Repurchase Right shall arise only with respect to Purchased Shares which remain
Unvested Shares on the date of such Competitive Activity.

         4.2 Exercise of the Repurchase Right. The Repurchase Right shall be
exercisable by written notice delivered to the Purchaser prior to the expiration
of the applicable sixty (60) day period specified in Section 4.1. The notice
shall indicate the number of Unvested Shares to be repurchased and the date on
which the repurchase is to be effected, such date to be not more than thirty
(30) days after the date of notice. To the extent one or more certificates
representing Unvested Shares may be held by the Purchaser, then Purchaser shall,
prior to the close of business on the date specified for the repurchase, deliver
to the Secretary of the Corporation the certificates representing the Unvested
Shares to be repurchased, each certificate to be properly endorsed for transfer.
The Corporation shall, concurrently with the receipt of such stock certificates,
pay to Purchaser in cash or cash equivalents (including the cancellation of any
purchase-money indebtedness),

                                       3
<PAGE>

an amount equal to the original Purchase Price for the Unvested Shares that are
to be repurchased.

         4.3      Termination of the Repurchase Right.

                  (a)      The Repurchase Right shall terminate with respect to
any Unvested Shares for which it is not timely exercised under Section 4.2. In
addition, the Repurchase Right shall terminate, and cease to be exercisable,
with respect to any and all Purchased Shares in which the Purchaser vests in
accordance with the schedule below. Accordingly, provided (i) the Purchaser
continues to be an employee of the Corporation, or (ii) the Purchasers
termination constitutes Termination with Good Reason and, from and after the
first anniversary of the date of such Termination with Good Reason, the
Purchaser is not engaged in Competitive Activity, then the Purchaser shall
acquire a vested interest in, and the Repurchase Right shall lapse with respect
to, the Purchased Shares in accordance with the following, provisions:

                           (i)      The Purchaser shall acquire a vested
interest in, and no Repurchase Right shall attach to, twenty-five percent (25%)
of the Purchased Shares on the date of the Initial Closing of the Series A Stock
Purchase Agreement to which Purchaser and the Corporation are parties (the
"Vesting Measurement Date").

                           (ii)     From and after the Vesting Measurement, the
Purchaser shall acquire a vested interest in, and the Repurchase Right shall
lapse with respect to, the remaining Purchased Shares in a series of thirty-six
equal successive monthly installments.

                  (b)      All Purchased Shares as to which the Repurchase Right
lapses shall, however, continue to be subject to any rights of the Corporation
or any other party under the Related Agreements or other agreements between the
Corporation and the Purchaser and may continue to be subject to the resale
restrictions under Rule 144 of the 1933 Act.

         4.4      Fractional Purchased Shares. No fractional shares shall be
repurchased by the Corporation. Accordingly, should the Repurchase Right extend
to a fractional share in accordance with the vesting computation provisions of
Section 4.3), then such fractional share shall be added to any fractional share
in which the Purchaser is at such time vested in order to make one whole vested
share no longer subject to the Repurchase Right.

         4.5      Additional Purchased Shares or Substituted Securities. In the
event of any stock dividend, stock split, recapitalization or other change
affecting the Corporation's outstanding Common Stock as a class effected without
receipt of consideration, then any new, substituted or additional securities or
other property (including money paid other than as a regular cash dividend)
which is by reason of

                                       4
<PAGE>

any such transaction distributed with respect to the Purchased Shares shall be
immediately subject to the Repurchase Right, but only to the extent the
Purchased Shares are at the time covered by such right. Appropriate adjustments
to reflect the distribution of such securities or property shall be made to the
number of Purchased Shares hereunder and to the price per share to be paid upon
the exercise of the Repurchase Right in order to reflect the effect of any such
transaction upon the Corporation's capital structure: provided, however, that
the aggregate Purchase Price for the shares subject to the Repurchase Right
shall remain the same.

         4.6      Corporate Transaction. In the event of any of the following
transactions (a "Corporate Transaction"): the sale, transfer or other
disposition of all or substantially all of the assets of the Corporation, or any
meager or consolidation of the Corporation with or into and other corporation or
corporations in which the holders of shares of the Corporation's outstanding
capital stock prior to such merger or consolidation own less than fifty percent
(50%) of the outstanding capital stock of the surviving corporation following
such merger or consolidation, then the Repurchase Right shall automatically
lapse in its entirety, and the Purchaser shall acquire a vested interest in all
the Purchased Shares upon the consummation of such Corporate Transaction.

         4.7      Transfer Restrictions on Unvested Shares. The Purchaser shall
not transfer by sale, assignment, hypothecation, donation or otherwise any of
the Stock or any interest therein subject to the Repurchase Right without the
prior express written consent of the Corporation. The Corporation shall not be
required (i) to transfer on its books any Purchased Shares which shall have been
transferred in violation of any of the provisions set forth in this Agreement or
(ii) to treat as owner of such shares or to accord the right to vote as such
owner or to pay dividends to any transferee to whom such shares shall have been
so transferred.

5.       GENERAL PROVISIONS

         5.1      Assignment. The Corporation may assign its Repurchase Rights
under Article 4 to the Shareholders of the Corporation on a pro-rata basis.

         5.2      Definitions. For purposes of this Agreement, the following
provisions shall he applicable in determining the parent and subsidiary
corporations of the Corporation:

                  (a)      Any corporation (other than the Corporation) in an
unbroken chain of corporations ending with the Corporation shall be considered
to be a parent corporation of the Corporation, provided each such corporation in
the unbroken chain (other than the Corporation) owns, at the time of the
determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations
in such chain.

                                       5
<PAGE>

                  (b)      Each corporation (other than the Corporation) in an
unbroken chain of corporations beginning with the Corporation shall be
considered to be a subsidiary of the Corporation, provided each such corporation
(other than the last corporation) in the unbroken chain owns, at the time of the
determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations
in such chain.

         5.3      No Employment or Service Contract. Nothing in this Agreement
shall confer upon the Purchaser any right to continue in the service of the
Corporation or any parent or subsidiary corporation of the Corporation employing
or retaining Purchaser) for any period of time or interfere with or restrict in
any way the rights of the Corporation (or any parent or subsidiary corporation
of the Corporation employing or retaining Purchaser) or the Purchaser, which
rights are hereby expressly reserved by each, to terminate the employment status
of Purchaser at any time for any reason whatsoever, with or without cause.

         5.4      Notices. Any notice required in connection with (i) the
Repurchase Right or (ii) the disposition of and, Purchased Shares covered
thereby shall be given in writing and shall be deemed effective upon personal
delivery or upon deposit in the United States mail, registered or certified,
postage prepaid and addressed to the party entitled to such notice at the
address indicated below such party's signature line on this Agreement or at such
other address as such party may designate by ten (10) days advance written
notice under this Section 5.4 to all other parties to this Agreement.

         5.5      No Waiver. The failure of the Corporation (or its assignees)
in any instance to exercise the Repurchase Rights granted under Article 4 shall
not constitute a waiver of any other repurchase rights that may subsequently
arise under the provisions of this Agreement or any other agreement between the
Corporation and the Purchaser. No waiver of any breach or condition of this
Agreement shall be deemed to be a waiver of any other or subsequent breach or
condition, whether of like or different nature.

         5.6      Cancellation of Shares. If the Corporation (or its assignees)
shall make available, at the time and place and in the amount and form provided
in this Agreement, the consideration for the Purchased Shares to be repurchased
in accordance with the provisions of this Agreement, then from and after such
time, the person from whom such shares are to be repurchased shall no longer
have any rights as a holder of such shares (other than the right to receive
payment of such consideration in accordance with this Agreement), and such
shares shall be deemed purchased in accordance with the applicable provisions
hereof and the Corporation (or its assignees) shall be deemed the owner and
holder of such shares, whether or not the certificates therefor have been
delivered as required by this Agreement.

                                       6
<PAGE>

6.       MISCELLANEOUS PROVISIONS

         6.1      Purchaser Undertaking. Purchaser hereby agrees to take
whatever additional action and execute whatever additional documents the
Corporation may in its judgment deem necessary or advisable in order to carry
out or effect one or more of the obligations or restrictions imposed on either
the Purchaser or the Purchased Shares pursuant to the express provisions of this
Agreement.

         6.2      Agreement Is Entire Contract. This Agreement and the Related
Agreements constitutes the entire contract between the parties hereto with
regard to the subject matter hereof.

         6.3      Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Tennessee, as such laws
are applied to contracts entered into and performed in such State.

         6.4      Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.

         6.5      Successors and Assigns. The provisions of this Agreement shall
inure to the benefit of, and be binding upon, the Corporation and its successors
and assigns and the Purchaser and the Purchaser's legal representatives, heirs,
legatees, distributees, assigns and transferees by operation of law, whether or
not any such person shall have become a party to this Agreement and have agreed
in writing to join herein and be bound by the terms and conditions hereof.

                                       7
<PAGE>

         IN WITNESS WHEREOF, the Parties have executed this Agreement on the day
and year first indicated above.

                                           UNIPHY HEALTHCARE, INC.

                                           By: /s/ Clifford G. Adlerz
                                              ----------------------------------

                                           Its: Chief Operating Officer
                                               ---------------------------------

                                           PURCHASER

                                           /s/ Richard E. Francis, Jr.
                                           -------------------------------------
                                           Richard E. Francis, Jr.

                                       8

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