Document:

exv10w5

Exhibit 10.5

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT dated November 11, 2008 by and between Robert C. Low (the
“Employee”) and Chindex International, Inc., a Delaware corporation (the
“Employer”).

     1. Employment.

     The Employer agrees to employ the Employee, and the Employee agrees to serve in the employ of
the Employer, commencing the date hereof and terminating, unless terminated earlier in accordance
with Section 7 below, on the third anniversary of the date hereof (unless otherwise agreed to in
writing by the parties), on the terms and conditions set forth in this Agreement.

     2. Position, Duties.

     The Employee shall initially serve as Vice President, Finance and Chief Accounting Officer of
the Employer, shall report to the Chief Financial Officer of Employer, and shall perform,
faithfully and diligently, such service and duties, and shall have such responsibilities,
appropriate to said positions, as shall be assigned by the Chief Financial Officer or Chief
Executive Officer of the Employer. Without limiting the generality of the foregoing, the
Employee’s duties shall include the responsibilities set forth in Schedule A attached hereto. The
Employee agrees to devote his best efforts, skills and full business time to fulfilling the
performance of his duties and responsibilities hereunder. The principal place of performance of
services by the Employee hereunder shall be Bethesda, Maryland.

     3. Salary; Bonus; Incentive Compensation.

     3.1 Base Salary. In consideration of the performance by the Employee of the services
set forth herein and his observance of the other covenants set forth herein, the Employer shall pay
to the Employee, and the Employee shall accept, a base salary at the rate of $195,000 per annum,
payable in accordance with the standard payroll practices of the Employer.

     3.2 Bonus. The Employee will be eligible to participate subject at all times to
eligibility requirements and at Employer’s sole discretion in the annual performance bonus program,
if any, implemented by the Employer from time to time, providing for a bonus to the Employee
ranging from 10% to 35% of the Employee’s base salary based on combined individual, departmental
and consolidated company performance, all determined in accordance with such program. Any annual
bonus earned shall be paid in cash as soon as reasonably practicable after the end of the fiscal
year for which such bonus was earned, and in any event not later than six months after the end of
such fiscal year, unless the Company determines (at a time and in a manner that complies
with Section 409A of the U.S. Internal Revenue Code (“Section 409A”) that payment shall be
made at a later date and/or in a different form.

Chindex -
Low Employment Agreement

 

 

     3.3 Stock Options. In consideration of the performance by the Employee of the
services set forth herein and his observance of the other covenants set forth herein, on the date
hereof the Employee shall be awarded under the Company’s 2007 Stock Incentive Plan (the “Plan”)
non-qualified options to purchase 6,000 shares of the Company’s common stock, $0.01 par value per
share, having an exercise price per share equal to the Fair Market Value thereof on the date hereof
determined in accordance with the Plan, expiring ten years from the date hereof, vesting ratably on
each of the first three anniversaries of the date hereof (subject to Employee’s continued
employment through the respective vesting date), and covered by a written stock option award having
such other reasonable terms and conditions as shall be determined by the Employer that are not
inconsistent with such foregoing terms.

     4. Expense Reimbursement.

     During the term of this Agreement, the Employer shall reimburse the Employee for all
reasonable and necessary out-of-pocket expenses incurred by him in connection with the performance
of his duties hereunder, subject to prior approval in accordance with the policies of the Employer
from time to time. The Employee shall provide Employer with such documentation of such expenses as
is required by such policies no later than 60 days after the expense was incurred. Reimbursement
shall be made as soon as practicable, but no later than the end of the calendar year following the
calendar year in which such expenses are incurred.

     5. Benefits and Paid Time Off.

     5.1 Employee Benefit Plans. During the term of this Agreement, the Employee will have
the right to participate in all employee benefit and health plans and programs of the Employer
offered to similarly situated employees of comparable seniority, including the Employer’s 401(k)
retirement plan, subject to the provisions of such plans and programs as in effect from time to
time. The Employer retains the right to amend or terminate any employee benefit or health plan and
program in its sole discretion at any time.

     5.2 Vacation. The Employee shall be entitled annually to four weeks paid vacation to
be used at the Employee’s discretion, subject to the approval of the Chief Financial Officer.
Should the Employee fail to use his vacation days, he may not carry any unused vacation time into
the following year.

     5.3 China Operations. The Employee acknowledges that substantially all of the
Employer’s operations are conducted in the People’s Republic of China. In this regard and without
limiting any other provision hereof, among other requirements that may apply, the Employee agrees
that he may be required to travel to China pursuant to his duties hereunder not less than five
times during each year of his employment
hereunder on such dates, for such durations and with such itineraries as shall be required by
the Chief Executive Officer or Chief Financial Officer of the Employer.

 

 

     6. Compliance with Company Policies.

     The Employee agrees that during the term of this Agreement he will comply with all rules,
policies and procedures implemented by the Employer from time to time, including those set forth in
the Employee Handbook, and in all applicable codes of ethics and other policies implemented in
accordance with the Sarbanes Oxley Act of 2002 and otherwise. The Employee understands that
failure to comply with such rules, policies and procedures may result in disciplinary action
including termination of Employee’s employment with Employer pursuant to Section 7.2 of this
Agreement.

     7. Termination of Employment.

     7.1 Death; Disability/Voluntary Termination. The Employee’s employment and this
Agreement (i) shall terminate automatically upon the Employee’s death, (ii) may be terminated by
the Employer at any time if the Employee is unable to perform the essential functions of his
position, with or without reasonable accommodation, by reason of a physical or mental impairment
that is reasonably expected to be permanent or continuing for 180 consecutive days, and (iii) may
be voluntarily terminated by the Employee at any time. In the event of any such termination of
employment, the Employer shall pay to the Employee (or to his estate or other legal
representative), within 30 days after such termination, the base salary provided for in Section 3.1
accrued to the date of such termination and not theretofore paid. Rights and benefits, if any, of
the Employee under the benefit plans and programs of the Employer shall be determined in accordance
with the terms and conditions of such plans and programs. Neither the Employee nor the Employer
shall have any further rights or obligations under this Agreement, except as provided in Sections
8, 9 and 10.

     7.2 Termination by the Employer For Cause. (a) The employment of the Employee
hereunder and this Agreement may be terminated by the Employer at any time for Cause (as
hereinafter defined). If the Employer terminates the Employee’s employment for Cause, the Employee
shall have no further rights hereunder after the date of termination, all obligations of the
Employer to provide compensation and benefits shall cease, effective as of the date of termination,
except that the Employer shall pay to the Employee, within 30 days after such termination, the base
salary provided for in Section 3.1 accrued to the date of such termination and not theretofore
paid. The Employer’s rights under this Agreement or otherwise, if any, against the Employee shall
survive any such termination of this Agreement. Rights and benefits, if any, of the Employee under
the benefit plans and programs of the Employer shall be determined in accordance with the terms and
conditions of such plans and programs. Neither the Employee nor the Employer shall have any
further rights or obligations under this Agreement, except as provided in Sections 8, 9 and 10.

     (b) For purposes hereof, “Cause” shall mean: (i) Employee’s willful misconduct or gross
negligence in the performance of his obligations to the Employer or
one of its Affiliates; (ii) Employee’s dishonesty or misappropriation relating to the Employer
or one of its Affiliates or any funds, properties, or other assets of the Employer or any such
Affiliate; (iii) Employee’s inexcusable repeated or prolonged absence from

 

 

work (other than as a
result of, or in connection with, a disability); (iv) any unauthorized disclosure by Employee of
confidential or proprietary information of the Employer or one of its Affiliates which is
reasonably likely to result in material harm to the Employer or such Affiliate; (v) Employee’s
conviction (including entry of a guilty or nolo contendere plea) of any felony, or of any crime
involving fraud, dishonesty, or moral turpitude, or involving a violation of federal or state
securities laws; (vi) Employee’s willful or grossly negligent violation of the Employer’s policies
and procedures or of reasonable and appropriate directions from senior management; or (vii) the
unsatisfactory performance of Employee, as determined in the sole discretion of the Employer, if
not remedied within 30 days of notice from the Employer. For purposes of this Agreement,
“Affiliate” shall mean any person or entity that directly, or through one or more intermediaries,
controls or is controlled by or is under common control with Employer.

     7.3 Termination by the Employer Without Cause. (a) The employment of the Employee
hereunder and this Agreement may be terminated by the Employer at any time without Cause. If the
Employer terminates Employee’s employment without Cause (and such termination is not pursuant to
Section 7.1 or 7.2), the Employer shall pay to the Employee, within 30 days after such termination,
the base salary provided for in Section 3.1 accrued to the date of such termination and not
theretofore paid. In addition, in lieu of any severance or termination benefits generally payable
to employees under any of the Employer’s plans, policies or practices, and subject to Section
7.3(b) and to Executive’s compliance with the provisions of Sections 8, 9, and 10, the Employer
shall continue to pay Employee’s base salary, in accordance with the Employer’s normal payroll
practice, for a period of (i) three months, if such termination occurs prior to the first
anniversary of the date hereof, or (ii) six months, if such termination occurs after the first
anniversary and before the third anniversary of the date hereof. The rights and benefits of the
Employee under the benefit plans and programs of the Employer shall be determined in accordance
with the terms and conditions of such plans and programs. Neither the Employee nor the Employer
shall have any further rights or obligations under this Agreement, except as provided in this
Section 7.3 and Sections 8, 9, and 10.

     (b) Employee shall not be entitled to receive the salary continuation payments described in
paragraph (a) unless he executes a general release of claims against the Employer in the form
annexed as Exhibit A hereto (but with such changes therein as may be necessary to comply with
changes in law to make it effective) within forty-five (45) days of termination of employment and
does not revoke such release within any applicable revocation period. Notwithstanding the
provisions of paragraph (a), all payments of such salary continuation that would otherwise be due
prior to the sixtieth (60th) day after the Employee’s termination of employment shall be
delayed and paid to Employee in a lump sum on the first payroll date on or following the sixtieth
(60th) day after the Employee’s termination of employment, and any remaining salary
continuation payments due under this Section 7.3 shall be paid in accordance with the normal
payment dates specified in Section 7.3(a).

     7.4 Special 409A Provisions. Notwithstanding the provisions of Section 7.3, if
Employee is a specified employee within the meaning of Section 409A, as determined by the
Compensation Committee of the Employer’s Board of Directors in

 

 

accordance with Section 409A, the
amount of salary continuation payments under Section 7.3 that are paid during the first six months
following Employee’s termination of employment shall not exceed two times the lesser of (A)
Employee’s annual rate of pay (within the meaning of Section 409A) for the calendar year before
Employee’s termination of employment (adjusted for any increase in rate of pay during that year
that was expected to continue indefinitely) or (B) the maximum amount of compensation that may be
taken into account under a qualified plan for the calendar year of Employee’s termination of
employment. If such payments reach this limit during the first six months after Employee’s
termination of employment, such payments will be suspended. The payments will resume as soon as
practicable (but no later than 30 days) after the six-month anniversary of Employee’s termination
of employment, at which time all payments that were suspended will be paid to Employee in a lump
sum. For purposes of Section 409A of the Internal Revenue Code, each payment of salary
continuation and each other installment payment payable under this Agreement will be treated as a
separate payment. A termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or benefits upon or
following a termination of employment unless such termination is also a “separation from service”
within the meaning of Section 409A.

     8. Confidential Information.

     8.1 Confidential Information Defined. For the purposes hereof, the term “Confidential
Information” shall include, but is not limited to, all confidential or proprietary information of
the Employer and its Affiliates acquired by the Employee in the course of his employment, including
without limitation information in any way concerning any existing services, hardware and software
products and hardware and software in various stages of development by Employer and its Affiliates,
plans, projects, activities, research, know-how, trade secrets, trade practices, identity of actual
and prospective clients, patients and customers, financial information, and information received
from third parties (including customers, suppliers, and patients) that the Employer is obligated to
treat as confidential or proprietary. The Employee understands that the foregoing is not an
exhaustive list and that Confidential Information will also include any other information or
materials identified as confidential or proprietary or which the Employee knows or has reason to
know has such status; provided, however, that Confidential Information shall not include
information that (i) is or becomes publicly known through no breach of this Agreement by the
Employee, (ii) has been approved for release by prior written consent of the Employer, or (iii) has
been publicly disclosed pursuant to a requirement of a government agency or of law.

     8.2 Nondisclosure. Except as required in the performance of Employee’s duties to the
Employer, the Employee will never use or disclose any Confidential Information. To the extent that
the Employee’s duties require him to disclose Confidential Information, the Employee shall do so
only after advising the Employer in advance of such disclosure and only in strict conformity with
the Employer’s policy, always taking all steps necessary to maintain the confidential nature of the information.
Furthermore, the Employee understands and agrees that information and materials developed by the
Employee in the course of the Employee’s employment for the Employer

 

 

shall be considered no less
Confidential Information belonging to the Employer than would have been the case had the Employer
furnished the same information and materials to the Employee in the first instance. The Employee’s
obligations under this Section 8 are in addition to all other obligations of confidentiality which
the Employee may have to the Employer and its Affiliates under other agreements or policies, or
under general legal or equitable principles.

     8.3 Records. Upon termination of the Employee’s employment with the Employer, or the
Employer’s earlier request at any time, all records of Confidential Information including copies
thereof in the Employee’s possession, or subject to the Employee’s control, whether prepared by
the Employee or others, will be left with the Employer. The Employee will also return to the
Employer any and all keys, identification cards and equipment, and remove and purge all copies and
traces of Confidential Information from any Non-Employer storage locations and/or media under the
Employee’s control.

     8.4 Security. The Employee agrees to comply with all Employer security policies and
procedures including without limitation those regarding computer security and passwords; not to
access any Employer or Employer client’s, patient’s or supplier’s computer system except as
authorized; and not to access any Employer or Employer client’s, patient’s or supplier’s computer
system in any manner after the termination of his employment by the Employer. The Employee agrees
to advise the Employer promptly in the event the Employee learns of any violation or unauthorized
entry by others or of any misappropriation or unauthorized use, reproduction of, reverse
engineering of, or tampering with the Employer’s software or other research and development
materials or equipment by others.

     9. Employee Conceptions and Developments.

     9.1 Works Made For Hire. All writings, inventions, discoveries, improvements,
processes and work product of any nature whatsoever including without limitation computer programs,
hardware, software, systems, networks, models, drawings, formulae, styles, specifications, data
bases, know-how, strategies, data and designs, prepared by the Employee individually or jointly
with others during the period of his employment by the Employer and relating in any way to the
business or contemplated business, research or development of the Employer, or prepared within one
(1) year thereafter in regard to any matter on which the Employee was actively engaged during such
period (regardless of whose equipment is used in preparing the same or the hours in which such
writings or other work product were written) (“Work Product”), shall be the sole and exclusive
property of the Employer, including without limitation the physical copies or other embodiments
thereof as well as any and all copyright, trade secret, trademark (and related goodwill), and
patent rights therein and all related rights of priority under international conventions with
respect thereto (collectively, “Intellectual Property Rights”). The Employee acknowledges that he
has been engaged in the capacity as an employee of the Employer, and that by reason thereof, among other consequences, all of
his writings prepared within the scope of his employment by the Employer are subject to treatment
as “works made for hire” under the U.S. Copyright Act. Nothing

 

 

contained in this Agreement shall be
construed to reduce or limit the Employer’s rights in any Work Product so as to be less in any
respect than the rights the Employer would have had in the absence of this Agreement. To the
extent, if any, that the Work Product comprises writings or other developments that cannot qualify
as “works made for hire” under the U.S. Copyright Act, the Employee hereby assigns and agrees to
assign to the Employer and its successors and assigns all of the Employee’s intellectual property
rights therein. The Employer shall have a right of first refusal to reacquire copyright interests
in the event the Employee or his successors shall hereafter exercise any statutory right of
termination that the Employee or such successors may have or acquire with respect thereto. The
Employee further hereby assigns and agrees to assign to the Employer all pending and future patent
applications and patents (and rights of priority under international conventions), and all
continuations, divisions, continuations-in-part, reissues, patents or addition and extensions
thereof, based upon any invention or discovery implemented or conceived as part of the Work
Product. The Employee agrees to waive any “moral rights” or rights he may have in any Work Product
under the Visual Artists Rights Act of 1990.

     9.2 Execution of Documents. The Employee agrees to execute and deliver to the
Employer any and all applications, oaths, declarations, affidavits, waivers, assignments and other
documents and instruments as shall be requested by the Employer either during or subsequent to the
Employee’s employment to obtain, perfect, transfer to the Employer or enforce any of the
aforementioned rights in the United States and/or in such foreign countries as the Employer may
designate, and to render all lawful assistance in connection with the same, including the giving of
testimony under oath, or if the Employee cannot be found, the Employee irrevocably grants the
Employer (without limiting the rights the Employer shall have in such circumstances by operation of
law) power of attorney to execute and deliver any such document or take any such act on the
Employee’s behalf and in his name, to the full extent permitted by law.

     9.3 No License. The Employee understands that he shall neither obtain nor retain any
license of any nature with respect to the Work Product or any materials or tools made available to
him by the Employer.

     10. Restrictive Covenants.

     10.1 Non-Solicitation of Employees. Employee agrees that during the period of his
employment with the Employer and for a period of two years from the date of termination of his
employment with the Employer for any reason, he will not directly or indirectly, solicit for
employment or hire any employee of the Employer or its Affiliates; provided,
however, that general solicitations such as through newspaper advertisements not directed
at employees of the Employer, will not be deemed to violate this Section 10.1.

     10.2 Non-Competition. Employee agrees that during the period of his employment with
Employer and for a period of one year from the date of termination of his Employment with the
Employer for any reason, he will not directly or indirectly engage (whether as owner, operator,
shareholder, manager, consultant, strategic partner

 

 

or otherwise) in or render services to any
business involving any health care or related services or the marketing, sales or servicing of
medical or related products that in any way whatsoever competes with the Employer and its
Affiliates; provided, however, that it shall not be deemed to be a violation of
this Section 10.2 for the Employee to invest in securities having less than 1% of the outstanding
voting power of any business entity, the securities of which are publicly traded. The Employee
also agrees that during the period of his employment with Employer and for a period of eighteen
months following the termination of his employment he will not directly or indirectly solicit any
clients, patients or customers of the Employer or any Affiliate of the Employer.

     10.3 Certain Comments. The Employee agrees to refrain from making now or at any time
in the future any derogatory comment concerning the Employer or any Affiliate of the Employer or
any of their respective current or former officers, directors or employees which, directly or
indirectly, could lead to impairment, disruption or loss of the Employer’s business to any extent,
except as may be required by law. The Employee agrees that his obligation under this Section 10.3
shall continue during and after his employment with the Employer and shall remain in full force and
effect in perpetuity.

     11. Miscellaneous.

     11.1 Assignment.

     (a) Assignment by the Employer. The Employer may assign this Agreement to any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or the assets of the Employer. As used in this Agreement,
the “Employer” shall mean the Employer as herein before defined and any successor to its business
and/or assets as aforesaid which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law and this Agreement shall be binding upon, and inure to the benefit
of, the Employer, as so defined.

     (b) Assignment by the Employee. The Employee may not assign this Agreement; provided,
however, that amounts payable to the Employee following his death or legal incompetence shall be
paid to his legal representative or his estate.

     11.2 Governing Law. This Agreement shall be deemed a contract made under, and for all
purposes shall be construed in accordance with, the laws of the State of Maryland. The Employee
hereby agrees that the sole jurisdiction and venue for any litigation arising out of this Agreement
shall be an appropriate federal or state court in the State of New York.

     11.3 Entire Agreement. This Agreement contains all the understandings and
representations between the parties hereto pertaining to the subject matter hereof and supersedes
all undertakings and agreements, whether oral or in writing previously entered into by them with
respect thereto.

 

 

     11.4 Amendment, Modification, Waiver. No provision of this Agreement may be amended
or modified unless such amendment or modification is agreed to in writing and signed by the
Employee and by a duly authorized representative of the Employer other than the Employee. No
waiver by either party hereto of any breach by the other party hereto of any condition or provision
of this Agreement to be performed by such other party shall be deemed a waiver of a similar or
dissimilar provision or condition at the same or any prior or subsequent time, nor shall the
failure of or delay by either party hereto in exercising any right, power or privilege hereunder
operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of
any other such right, power or privilege.

     11.5 Notices. Any notice to be given hereunder shall be in writing and delivered via
overnight courier or via facsimile (in which case with a copy sent via overnight courier) addressed
to the party concerned at the address indicated below or at such other address as such party may
subsequently designate by like notice:

If
to the Employer:

Chindex International, Inc.

4340 East West Highway, Suite 1100

Bethesda, Maryland 20814

Attn: Chief Employee Officer

If to the Employee:

Robert C. Low

10114 Garrett Street

Vienna, VA 22181

     11.6 Severability; Specific Performance.

     (a) Should any provision of this Agreement be held by a court of competent jurisdiction to be
enforceable only if modified, such holding shall not affect the validity of the remainder of this
Agreement, the balance of which shall continue to be binding upon the parties hereto with any such
modification to become a part hereof and treated as though originally set forth in this Agreement.
The parties further agree that any such court is expressly authorized to modify any such
unenforceable provision of this Agreement in lieu of severing such unenforceable provision from
this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all
of the offending provision, adding additional language to this Agreement, or by making such other
modifications as it deems warranted to carry out the intent and agreement of the parties as
embodied herein to the maximum extent permitted by law. In any event,
should one or more of the provisions of this Agreement be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provisions hereof, and if such provision or provisions are not modified as provided above,
this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never
been set forth herein.

 

 

     (b) The Employee acknowledges and agrees that the restrictions contained in Sections 8, 9 and
10 are a reasonable and necessary protection of the immediate interests of the Employer, and any
violation of these restrictions would cause substantial injury to the Employer and that the
Employer would not have entered into this Agreement without receiving the additional consideration
offered by Employee in binding itself to these restrictions. In the event of a breach or a
threatened breach by the Employee of these restrictions, the Employer will be entitled to an
injunction restraining the Employee from such breach or threatened breach without the necessity of
(x) proving the inadequacy as a remedy of money damages or (y) posting a bond or other surety;
provided, however, that the right to injunctive relief will not be construed as
prohibiting the Employer from pursuing any other available remedies, whether at law or in equity,
for such breach or threatened breach.

     (c) The Employee acknowledges and agrees that his obligations under Sections 8, 9 and 10 shall
survive the termination of this Agreement.

     11.7 Withholding. Anything to the contrary notwithstanding, all payments required to
be made by the Employer hereunder to the Employee, his transferee or his beneficiaries, including
his estate, shall be subject to withholding of such amounts relating to taxes as the Employer may
reasonably determine it should withhold pursuant to any applicable law or regulation.

     11.8 No Restraint. The Employee represents and warrants that he is subject to no
employment, non-competition, non-solicitation or non-disclosure agreement. In the event that the
Employee is in possession of any confidential non-public information by virtue of his prior
employment, the Employee further represents and warrants that he will not engage in any activity
that is inconsistent with the rights of such prior employer, which could subject the Employer to
liability.

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

[Signatures on next page]

 

 

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

	 	 	 	 	 
	 	CHINDEX INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Lawrence Pemble
 	 
	 	 	Name:  	Lawrence Pemble 	 
	 	 	Title:  	EVP/CFO 	 
	 
	 	 	 
	 	  	                                                    /s/ Robert C. Low
 	 
	 	 	Robert C. Low 	 
	 	 	 	 

 

 

	 	 	 	 	 

SCHEDULE A

SPECIFIED DUTIES

The duties of the Vice President, Finance and Chief Accounting Officer include as follows:

To assume and execute the fiduciary responsibilities of the Principal Accounting Officer of the
company for all SEC/SOX purposes. To assume and excute overall responsibility, authority and
accountability for accounting matters relating to the business of the corporation and its
subsidiaries worldwide.

Specified responsibilities include:

	 	•	 	Development, monitoring and maintenance of the companies system of internal controls to
ensure accurate and reliable financial information and safeguarding of company assets..
	 
	 	•	 	Preparation of monthly financial information that is timely and accurate.
	 
	 	•	 	Preparation and filing of all required filings with the SEC
	 
	 	•	 	Management of the company’s audit and tax processes
	 
	 	•	 	Monitoring and analysis of new accounting developments and application of GAAP
	 
	 	•	 	Maintenance of all regulatory compliance and statutory reporting requirements worldwide

 

 

EXHIBIT A

GENERAL RELEASE

     For a valuable consideration, the receipt and adequacy of which are hereby acknowledged,
                     (“Employee”), does hereby release and forever discharge Chindex International, Inc. (the
“Company”), its subsidiaries and affiliates, and all of their respective successors and assigns,
past and present directors, officers, partners, employees, and agents (each, a “Releasee”), both
individually and in their official capacities, from any and all claims, causes of action (in law or
in equity), suits, liabilities, demands, damages, losses, costs or expenses (including attorneys’
fees), of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called
“Claims”), which Employee ever had, now has or may hereafter have against any of the Releasees by
reason of any and all acts, omissions, events or facts occurring or existing on or prior to the
date hereof, in connection with his employment with the Company or the termination thereof. The
Claims released hereunder include, without limitation, any alleged breach of any employment
agreement between the Company and Employee; any alleged breach of any covenant of good faith and
fair dealing, express or implied; any alleged torts or other legal restrictions on the Company’s
right to terminate Employee’s employment; and any alleged violation of any federal, state or local
statute or ordinance including without limitation, Title VII of the Civil Rights Act of 1964, as
amended, the Age Discrimination in Employment Act, as amended (“ADEA”), the Americans with
Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act, the Employee Retirement Income
Security Act of 1973, and any applicable state employment laws. Excluded from the scope of this
Release, however, are (i) any right Employee has to indemnification under any agreement with or
governing documents of the Company or any of its affiliates, (ii) any rights of Employee arising
under his Employment Agreement with the Company dated September 29, 2008 (or under any employee
benefit plan of the Company) after the effective date of this Release.

          Employee acknowledges that he has been advised by the Company to consult an attorney before
signing this Release and that he has executed this Release after having had the opportunity to
consult with an attorney and after having had the opportunity to consider the terms of this Release
for twenty-one (21) days (or for such longer period as the Company may specify), although he may
sign it at any time during this period. Employee further acknowledges that he has read this
Release in its entirety, understands all of its terms, and knowingly and voluntarily agrees to
them; he is executing this Release in exchange for the receipt of consideration to which he would
not otherwise be entitled; and that he has seven (7) days after signing this Release to revoke his
release as to any ADEA claim. Any such revocation shall be in writing signed by the Employee and
delivered to the Company at its executive offices, to the attention of the Company’s Secretary.

          This Release shall not become effective until the expiration of seven (7) days following
Employee’s execution of this Release.

 

 

	 	 	 	 	 	 	 	 	 
	 

	 	Dated:                                        
	 	          
	 	                                        
	 	 
	 

	 	 	 	 	 	Employeeexv10w2

Exhibit 10.2

FOURTH AMENDMENT

TO AMENDED AND RESTATED CREDIT AGREEMENT

     THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (“Fourth Amendment”), dated as
of January 30, 2009, is made and entered into by and between MOTORCAR PARTS OF AMERICA, INC., a New
York corporation (“Borrower”), and UNION BANK, N.A., a national banking association formerly known
as Union Bank of California, N.A. (“Bank”).

RECITALS:

A. Borrower and Bank are parties to that certain Amended and Restated Credit Agreement dated as of
October 24, 2007, as amended by (i) that certain First Amendment dated as of January 14, 2008, (ii)
that certain Second Amendment dated as of May 13, 2008 and (iii) that certain Third Amendment dated
as of August 19, 2008 (as so amended, the “Agreement”), pursuant to which Bank agreed to make
various credit facilities available to Borrower in the respective amounts provided for therein.

B. Borrower has requested that Bank agree to (i) extend the Revolving Credit Commitment
Termination Date from October 1, 2009 to April 15, 2010 and (ii) amend the Agreement in certain
other respects. Bank is willing to so extend the Revolving Credit Commitment Termination Date and
so amend the Agreements, subject, however, to the terms and conditions of this Fourth Amendment.

AGREEMENT:

     In consideration of the above recitals and of the mutual covenants and conditions contained
herein, Borrower and Bank agree as follows:

1. Defined Terms. Initially capitalized terms used herein which are not otherwise defined
herein shall have the meanings assigned thereto in the Agreement.

2. Amendments to the Agreement.

     (a) The definition of “Revolving Credit Commitment Termination Date” appearing in
Section 1 of the Agreement is hereby amended by substituting the date “April 15, 2010” for the date
“October 1, 2009” appearing therein.

     (b) Section 2.7(a) of the Agreement, which relates to the unused fee payable by Borrower to
Bank in connection with the Revolving Credit Commitment, is hereby amended to read in full as
follows:

          “(a)
On the last Business Day of each fiscal quarter of each fiscal year of Borrower and its
Subsidiaries, and on the Revolving Credit Commitment Termination Date, Borrower shall pay to Bank a
fee in respect of the Revolving Credit Commitment equal to (i) one-half of one percent (1/2 of 1%)
per annum of the average daily unutilized amount of the Revolving Credit Commitment during such
fiscal quarter, in the event that the Leverage Ratio as of the last day of the immediately
preceding fiscal

 

 

quarter was greater than or equal to 1.50 to 1.00 and (ii) three-eighths of one percent (3/8 of 1%)
per annum of the average daily unutilized amount of the Revolving Credit Commitment during such
fiscal quarter, in the event that the Leverage Ratio as of the last day of the immediately
preceding fiscal quarter was less than 1.50 to 1.00.”

3. Effectiveness of this Fourth Amendment. This Fourth Amendment shall become effective
as of the date hereof when, and only when, Bank shall have received all of the following, in form
and substance satisfactory to Bank:

     (a) A counterpart of this Fourth Amendment, duly executed by Borrower:

     (b) A replacement Revolving Note, on Bank’s standard form therefor, in the principal amount
of Forty Million Dollars ($40,000,000), duly executed by Borrower;

     (c) An Authorization to Disburse, on Bank’s standard form therefor, duly executed by
Borrower, authorizing Bank to disburse the proceeds of advances under the replacement Revolving
Note as provided for in the Agreement, as amended hereby;

     (d) An amendment fee in the sum of Fifty Thousand Dollars ($50,000); provided, however, that
in the event that (i) Bank, in its sole and absolute discretion, agrees to extend the Revolving
Credit Commitment Termination Date beyond the Revolving Credit Commitment Termination Date provided
for in this Fourth Amendment and (ii) Borrower and Bank enter into an appropriate amendment to the
Agreement providing for such extension on or before the date that is ninety (90) days after the
effective date of this Fourth Amendment, then Twenty-Five Thousand Dollars ($25,000) of the
aforementioned amendment fee will be applied to the fees otherwise payable by Borrower to Bank in
connection with that subsequent amendment to the Agreement;

     (e) A legal documentation fee in the sum of Six Hundred Dollars ($600), which legal
documentation fee shall be non-refundable; and

     (f) Such other documents, instruments or agreements as Bank may reasonably deem necessary in
order to effect fully the purposes of this Fourth Amendment.

 

 

4. Ratification.

     (a) Except as specifically amended hereinabove, the Agreement shall remain in full force and
effect and is hereby ratified and confirmed; and

     (b) Upon the effectiveness of this Fourth Amendment, each reference in the Agreement to “this
Agreement”, “hereunder”, “herein”, “hereof”, or words of like import referring to the Agreement
shall mean and be a reference to the Agreement, as amended by this Fourth Amendment, and each
reference in the Agreement to the “Revolving Note” or words of like import referring to the
Revolving Note shall mean and be a reference to the replacement Revolving Note issued by Borrower
in favor of Bank pursuant to this Fourth Amendment.

5. Representations and Warranties. Borrower represents and warrants as follows:

     (a) Each of the representations and warranties contained in Section 5 of the Agreement, as
amended hereby, is hereby reaffirmed as of the date hereof, each as if set forth herein;

     (b) The execution, delivery and performance of this Fourth Amendment and the execution and
delivery of the replacement Revolving Note provided for hereinabove are within Borrower’s corporate
powers, have been duly authorized by all necessary corporate action, have received all necessary
approvals, if any, and do not contravene any law or any contractual restriction binding on
Borrower;

     (c) This Fourth Amendment is, and the replacement Revolving Note provided for hereinabove
when executed and delivered for value received shall be, the legal, valid and binding obligations
of Borrower, enforceable against Borrower in accordance with their respective terms; and

     (d) No event has occurred and is continuing or would result from this Fourth Amendment which
constitutes an Event of Default under the Agreement, or would constitute an Event of Default but
for the requirement that notice be given or time elapse, or both.

6. Governing Law. This Fourth Amendment shall be deemed a contract under and subject to,
and shall be construed for all purposes and in accordance with, the laws of the State of
California.

7. Counterparts. This Fourth Amendment may be executed in two or more counterparts, each
of which shall be deemed an original and all of which together shall constitute one and the same
agreement.

 

 

     WITNESS the due execution hereof as of the date first above written.

“Borrower”

MOTORCAR PARTS OF AMERICA, INC.

	 	 	 	 	 
	 	By:  	/s/ Selwyn H. Joffe 	 
	 	 	     Selwyn H. Joffe 	 
	 	 	     Chairman, President and

     Chief Executive Officer 	 
	 

“Bank”

	 	 	 	 	 
	 	UNION BANK, N.A.

 	 
	 	By:  	/s/ Cary L. Moore 	 
	 	 	     Cary L. Moore 	 
	 	 	     Senior Vice President

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