Document:

exv10w14

Exhibit 10.14

Execution Version

CONSULTING AGREEMENT

     THIS
CONSULTING AGREEMENT (“Agreement”) is made and entered into
as of this 6th day of July,
2011 (the “Effective Date”), by and between Aurora Diagnostics, LLC (the “Company”) and James C.
New (“New”).

WITNESSETH:

     WHEREAS, New currently serves as the Company’s and Aurora Diagnostics Holdings, LLC’s
(“Holdings”) President and Chief Executive Officer; and

     WHEREAS, the Company and New expect that the Company will hire a new chief executive officer
during 2011, and desire to enter into this agreement to provide New with certain payments after
such hiring, in consideration for New’s agreement to provide certain consulting and transition
services;

     NOW THEREFORE, for and in consideration of the mutual covenants and agreements contained
herein, and for other good and valuable consideration, the receipt, sufficiency and adequacy of
which are hereby acknowledged, the parties hereby agree as follows:

     1. Voluntary Termination of Employment and Retirement Payment. The Company and New
have mutually agreed that the Company will hire a new chief executive officer during 2011, and that
New will retire as an employee of the Company effective December 31, 2011. The Company hereby
agrees to pay New a lump-sum payment of $500,000 (the “Incentive Payment”), within 45 days
following the commencement of the new chief executive officer’s employment with the Company,
provided that (a) the new chief executive officer’s employment commences on or prior to December
31, 2011, and New has remained continuously employed by the Company from the date hereof through
such date, and (b) New executes and delivers to the Company, no later than 30 days after the
commencement of the new chief executive officer’s employment with the Company, a general release
substantially in the form of Exhibit E attached to the Senior Management Agreement among Holdings,
the Company and New dated June 2, 2006 (as amended from time to time, the “Senior Management
Agreement”). The Incentive Payment shall be in addition to, and not in lieu of, any other
severance, separation or retirement benefits to which New may otherwise be entitled; provided that,
for purposes of the Senior Management Agreement, the parties acknowledge and agree that (A) New’s
resignation as President and Chief Executive Officer and subsequent retirement and separation from
employment shall be deemed a resignation without “Good Reason” for purposes of (and as defined in)
the Senior Management Agreement, and the changes to the terms and conditions of New’s employment
set forth herein in connection therewith shall not provide Executive with Good Reason to terminate
employment and receive severance payments and benefits
pursuant to Section 6(c) of the Senior Management Agreement; provided, however, such
resignation without Good Reason will not trigger the back-buy provisions contained in

 

 

Section 9.11 (b)(ii) of that certain Aurora Diagnostics Holdings, LLC Second and
Amended Limited Liability Company Agreement, dated July 6 2011, and (B) New shall
remain eligible to earn his Annual Bonus under the Senior Management Agreement for
2011 (payable in accordance with the terms of the Senior Management Agreement).

     2. Resignation as President and Chief Executive Officer; Service as a Senior Advisor;
Engagement as an Independent Contractor. Effective as of the commencement of employment of a
new chief executive officer, New hereby resigns as President and Chief Executive Officer and any
other officer position he holds with Holdings and the Company (but not, for the avoidance of doubt,
as an employee of the Company). Thereafter, and through December 31, 2011, New shall continue to be
employed by the Company as a Special Advisor to the Board of Managers and to the Chief Executive
Officer with such duties and responsibilities as the Company may be reasonably determine from time
to time. Notwithstanding anything to the contrary in the Senior Management Agreement, from and
after the new chief executive officer commences employment, (A) New’s position is not expected to
be a full-time commitment and the necessary hours generally are expected to decline over the
remainder of the Employment Period (as defined in the Senior Management Agreement) and (B) the
Board may specify, in its sole discretion, the amount of work required, if any, for any particular
period, may instruct New not to report to the office for certain periods and may determine that the
Company will cease providing other customary indicia or perquisites of Executive’s employment such
as office space, administrative assistance, email and building access (all without any “Good
Reason” to resign, constructive termination or other basis for Executive to claim post-termination
compensation or benefits, under Section 6(c) of the Senior Management Agreement or otherwise, so
long as Executive remains on the Company’s payroll and receives the benefits specified in Sections
6(b) through the end of the Employment Period). For the avoidance of doubt, except as expressly
modified herein, the Senior Management Agreement shall continue to govern New’s employment
throughout the duration of the Employment Period. Effective December 31, 2011, New hereby resigns
as an employee and officer of the Company and any of its affiliates and the Company hereby engages
New as an independent contractor to provide consulting services and New hereby accepts such
engagement as an independent contractor, upon the terms and conditions set forth in this Agreement.

     3. Consulting Period. Unless terminated sooner, the term of the Consulting Services
under this Agreement shall be for the period commencing on January 1, 2012, and ending on December
31, 2012 (the “Consulting Period”).

     4. Consulting Services. Based on his expertise and knowledge of the Company, New shall
provide professional consulting and transition services (the “Consulting Services”), as the Company
may reasonably request from time to time during the Consulting Period. New shall devote such time
to the performance of Consulting Services hereunder as is reasonably necessary to perform them in a
satisfactory manner.

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     5. Consulting Payments. In consideration of the consulting services to be rendered
by New hereunder and as the sole compensation to which New is entitled for
performance of the Consulting Services, the Company agrees to pay New the following
amounts: (i) twelve monthly payments of $5,667, payable on the last day of each month
during the Consulting Period (the “Monthly Consulting Payments”), and (ii) an aggregate
payment of up to $450,000, such amount to be determined by the Company’s (or its
parent’s) board of managers in its sole discretion based on its assessment of New’s
responsiveness to such board’s requests and directions regarding the Consulting Services
during the Consulting Period (the “Final Consulting Payment”), with any such Final
Consulting Payment (a) conditioned upon New’s execution and delivery to the Company
of a general release substantially in the form of Exhibit E attached to the Senior
Management Agreement (with such changes as necessary to reflect New’s status as a
consultant and independent contractor during the Consulting Period) no later than 30 days
after the end of the Consulting Period and (b) to be made within 45 days after the
termination of the Consulting Period.

     6. Health and Welfare Plan Coverage. During the Consulting Period, New shall be
entitled to continue to participate in all health and welfare benefit plans offered by the
Company to its current executives, including without limitation, medical, dental,
hospitalization, accidental death and disability plans, but excluding any life insurance
coverage. New shall be responsible for the full cost of participating in such plans. In
addition, during the Consulting Period, the Company shall continue to pay New an
annual amount of $18,636 to cover the cost of a supplemental life insurance policy,
consistent with past practice. The Company and New agree that the period for which
New is eligible to elect health coverage under Section 4980B of the Code (COBRA) shall
not run concurrently with the Consulting Period, but shall commence following
termination of the Consulting Period, provided that New has remained a participant of
such applicable plans throughout the Consulting Period, and in accordance with
applicable law and the terms of such plans.

     7. Expenses. The Company shall reimburse New for all reasonable expenses that
are either pre-approved by the Company or actually necessitated by the Consulting
Services specified by Company, including expenses for non-local travel, meals and
lodging, rental cars, long distance calls, telecopy charges and copying costs, translation
fees and third-party expenses incurred in connection with the performance of the
Consulting Services, in each case subject to the Company’s requirements with respect to
reporting and documentation of such expenses and to the submission of such expenses
within sixty (60) days of incurrence. All invoices for expenses properly submitted by
New hereunder shall be paid by the Company within thirty (30) days after receipt thereof.

     8. Independent Contractor Relationship. The parties acknowledge and intend that
the relationship of New to the Company during the Consulting Period under this
Agreement shall be that of an independent contractor. In performing the Consulting
Services under this Agreement, New shall undertake the Consulting Services according to
his own means and methods of work which shall be in the exclusive charge and control of

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New and which shall not be subject to the control or supervision of the Company, except
as to the objectives of those Consulting Services. New shall determine his own working
hours and schedule and shall not be subject to the Company’s personnel policies and
procedures. New shall be entirely and solely responsible for his actions or inactions and
the actions or inactions of his agents, employees or subcontractors, if any, while
performing Consulting Services hereunder. New agrees that he shall not, in any form or
fashion, maintain, hold out, represent, state or imply to any other individual or entity that
an employer/employee relationship exists between the Company and New, his agents and
employees, or between the Company and any subcontractor or its agents and employees,
and New is not granted nor shall he represent that he is granted any right or authority to
make any representation or warranty or assume or create any obligation or responsibility,
express or implied, for, on behalf or in the name of the Company, to incur debts for the
Company or to bind the Company in any manner whatsoever. New shall be responsible
for all taxes arising from the provision of the Consulting Services pursuant to the
requirements of applicable local, state and federal regulation. New agrees to comply fully
with any and all of Company’s reasonable rules and regulations that relate to any of
New’s activities as to which he has been given advance notice. New shall secure and
maintain in force all licenses and permits required of New by law or regulation (including
any required business license), and New shall fully comply with all federal, state and
local laws, ordinances and regulations applicable to New or the Consulting Services.

     9. Confidentiality. New shall not, without the prior written consent of the Company,
disclose to third parties or use for his own account any confidential information he
acquires from the Company, and New shall take all reasonable precautions to prevent his
disclosure of confidential information to any third party who is not independently under
an obligation of confidentiality to the Company. For the purposes of this Agreement,
confidential information shall include any and all information respecting the activities,
operations, plans, properties, and financial condition of the Company and its affiliates
(including, without limitation, such information in the Company’s and its affiliates’
possession but belonging to third parties and including acquisition opportunities), that is
disclosed or made available to New, his employees or agents by any source, whether
orally or in writing, and whether such information is disclosed either before or after the
date of this Agreement, unless such disclosure has been specifically approved for public
release by the Company in writing or such information is already in the public domain
other than as a result of New’s (or any of his employees’ or agents’) acts or omissions. The
terms of this paragraph shall be a continuing covenant that survives the expiration or
earlier termination of this Agreement for an additional period of five (5) years, after
which the covenant of this Section 9 respecting confidentiality shall expire.

     10. Ownership of Property. The terms of Section 7(b) of the Senior Management
Agreement are incorporated herein by reference and shall apply to New’s Work Product
(as defined therein) developed, contributed to, made or reduced to practice during the
Consulting Period.

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     11. Non-Competition and Non-Solicitation. The terms of Section 8 of the Senior
Management Agreement are incorporated herein by reference and shall apply to New in connection with
the Consulting Services, except that the Noncompete Period shall be during the Consulting Period
and for a period of two (2) years thereafter.

     12. Assignment. New may not assign, transfer or subcontract any of his obligations
under this Agreement to any party without the prior written consent of the Company. Any attempted
or purported assignment, transfer or subcontracting in violation of this provision shall be null
and void.

     12. Governing Law. Except to the extent preempted by federal law, and without regard
to conflict of laws principles, the laws of the State of Florida will govern this Agreement in all
respects, whether as to its validity, construction, capacity, performance or otherwise.

     14. TRA. The Company and New agree that if the Company decides, in its sole
discretion, to enter into a Tax Receivable Agreement or similar agreement (the “TRA”), New shall be
entitled to participate in the TRA proportionate to his ownership as a Unit holder of the Company
in accordance with and subject to the terms and conditions of the TRA and the Company’s operating
agreement, as may be amended.

     15. Entire Agreement. This Agreement embodies the entire agreement of the parties and
supersedes all prior agreements between the parties hereto relating to the subject matter hereof
provided that, for the avoidance of doubt, the Senior Management Agreement shall remain in full
force and effect and is not superseded in any respect by this Agreement. This Agreement may not be
changed orally, but only by an agreement in writing signed by the party against whom enforcement of
any waiver, change, modification, extension or discharge is sought.

* * * * *

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

	 	 	 	 	 
	 	AURORA DIAGNOSTICS, LLC

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	James C. New 	 
	 	 	Chief Executive Officer 	 
	 
	 	 	 
	 	  	/s/
James C. New
 	 
	 	 	James C. New 	 
	 	 	 	 
	 

	 	 	 	 	 
	[Signature Page to Consulting Agreement]exv10w15

Exhibit 10.15

EXECUTION COPY

$200,000,000

AURORA DIAGNOSTICS HOLDINGS, LLC

AURORA DIAGNOSTICS FINANCING, INC.

AND THE GUARANTORS PARTY HERETO

10.750% Senior Notes Due 2018

PURCHASE AGREEMENT

December 14, 2010

 

 

December 14, 2010

Morgan Stanley & Co. Incorporated

Barclays Capital Inc.

UBS Securities LLC

c/o Morgan Stanley & Co. Incorporated

      1585 Broadway

      New York, New York 10036

Ladies and Gentlemen:

     Aurora Diagnostics Holdings, LLC, a Delaware limited liability company (the
“Company”) and Aurora Diagnostics Financing, Inc., a Delaware corporation and a
wholly-owned subsidiary of the Company without any operations or subsidiaries of its own
(the “Co-Issuer” and together with the Company, the “Issuers”), propose to issue and sell
to the several purchasers named in Schedule I hereto (the “Initial Purchasers”) Two
Hundred Million Dollars ($200,000,000) aggregate principal amount of their 10.750% Senior
Notes Due 2018 (the “Notes”) to be issued pursuant to the provisions of an Indenture dated
as of the Closing Date (as defined herein) (the “Indenture”) by and among the Issuers, the
Guarantors (as defined below) and U.S. Bank National Association, as trustee (the
“Trustee”). The Notes will be fully and unconditionally guaranteed (the “Guarantees”) on a
senior unsecured basis, jointly and severally by (i) the guarantors named in Schedule II
hereto (collectively, the “Guarantors”) and (ii) any wholly-owned subsidiary of the
Issuers or the Guarantors formed or acquired after the Closing Date (as defined in Section
4) that executes an additional guarantee in accordance with the terms of the Indenture,
and their respective successors and assigns, pursuant to their guarantees. The Notes and
the Guarantees are herein collectively referred to as the “Securities.”

     The Securities will be offered without being registered under the
Securities Act of 1933, as amended, and the rules and regulations of the Securities and
Exchange Commission (the “SEC”) thereunder (collectively, the “Securities Act”), to
qualified institutional buyers in compliance with the exemption from registration provided
by Rule 144A under the Securities Act or in offshore transactions in reliance on Regulation
S under the Securities Act
(“Regulation S”). Upon original issuance thereof, and until such time as the same is
no longer required under the applicable requirements of the Securities Act, the Notes
shall bear the legends set forth in the Final Memorandum (as hereinafter defined).

     The Initial Purchasers and the persons to whom the Initial Purchasers directly or
indirectly transfer the Securities in accordance with this Agreement

 

 

will be entitled to the benefits of a Registration Rights Agreement, to be executed and dated as of
the Closing Date between the Company and the Initial Purchasers (the “Registration Rights
Agreement”).

     In connection with the sale of the Securities, the Issuers have prepared a preliminary
offering memorandum, dated December 6, 2010 (the “Preliminary Memorandum”) and will prepare a final
offering memorandum (the “Final Memorandum”) including a description of the terms of the
Securities, the terms of the offering and a description of the Issuers. For purposes of this
Agreement, “Additional Written Offering Communication” means any written communication (as defined
in Rule 405 under the Securities Act) that constitutes an offer to sell or a solicitation of an
offer to buy the Securities other than the Preliminary Memorandum or the Final Memorandum, and
“Time of Sale Memorandum” means the Preliminary Memorandum together with the Additional Written
Offering Communications, if any, each identified in Schedule III hereto. The “Time of Sale” means
5:01 p.m., New York City time, on the date of this Agreement.

     1. Representations and Warranties. Each of the Issuers and the Guarantors, jointly and severally,
represents and warrants to, and agrees with, you that:

     (a) (i) The Time of Sale Memorandum does not, and at the time of each sale of the Securities in connection
with the offering when the Final Memorandum is not yet available to prospective purchasers and at
the Closing Date (as defined in Section 4), the Time of Sale Memorandum, as then amended or
supplemented by the Issuers, if applicable, will not, contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, (ii) the Preliminary Memorandum does not
contain and the Final Memorandum, in the form used by the Initial Purchasers to confirm sales and
on the Closing Date (as defined in Section 4), will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except that the representations and
warranties set forth in this paragraph do not apply to statements or omissions in the Preliminary
Memorandum, the Time of Sale Memorandum or the Final Memorandum based upon information relating to
any Initial Purchaser furnished to the Issuers in writing by or on behalf of such Initial Purchaser
through you expressly for use therein.

     (b) Except for the Additional Written Offering
Communications, if any, identified in Schedule III hereto, and electronic road
shows, if any, furnished to you before first use, none of the Issuers

2

 

nor any Guarantor has prepared, used or referred to, and will not, without your
prior consent, prepare, use or refer to, any Additional Written Offering
Communication that constitutes an offer to sell or a solicitation of an offer to
buy the Notes, or otherwise is prepared or used to market the Notes.

     (c) Each Issuer has been duly incorporated or formed, is validly existing as a corporation or
limited liability company, as applicable, in good standing under the laws of the jurisdiction of
its incorporation or formation, has the corporate or limited liability company power and authority
to own its property and to conduct its business as described in the Time of Sale Memorandum and is
duly qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business or its ownership or leasing of property requires such qualification, except
to the extent that the failure to be so qualified or be in good standing would not have a material
adverse effect on the condition, financial or otherwise, or in the earnings, business, business
prospects or operations of the Company and its subsidiaries, taken as a whole (a “Material Adverse
Effect”).

     (d) Each Guarantor has been duly incorporated or formed, is validly existing and in good
standing (or such similar status as may be applicable) under the laws of the jurisdiction of its
incorporation or formation, has the corporate or limited liability company power and authority to
own its property and to conduct its business as described in the Time of Sale Memorandum and is
duly qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business or its ownership or leasing of property requires such qualification, except
to the extent that the failure to be so qualified or be in good standing would not have a Material
Adverse Effect; all of the issued and outstanding shares of capital stock or membership interests
of each wholly-owned subsidiary of the Issuers have been duly and validly authorized and issued,
are fully paid and non-assessable and, except as described in the Time of Sale Memorandum, are
owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or
claims, except where the existence of such liens, encumbrances or claims would not, individually or
in the aggregate, have a Material Adverse Effect.

     (e) This Agreement has been duly authorized, executed and delivered by
each Issuer and each of the Guarantors.

     (f) The Notes have been duly authorized by each Issuer and, when executed
by each Issuer and authenticated in accordance with the provisions of the
Indenture and delivered to and paid for by the Initial

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Purchasers in accordance with the terms of this Agreement, will be valid and
binding obligations of each Issuer, enforceable in accordance with their terms,
subject to (i) applicable bankruptcy, insolvency, reorganization, receivership,
moratorium, fraudulent conveyance, fraudulent transfer and similar laws now or
hereafter affecting creditors’ rights generally and (ii) equitable principles of
general applicability (whether applied by a court of law or equity) and the
discretion of the court before which any proceeding therefor may be brought, and
will receive the benefits of the Indenture.

     (g) The Guarantees have been duly authorized by each Guarantor and, when the
Indenture has been executed and delivered by the parties thereto on the Closing
Date and the Notes have been delivered to and paid for by the Initial Purchasers
in accordance with the terms of this Agreement, will be valid and binding
obligations of such Guarantor, enforceable in accordance with their terms, subject
to (i) applicable bankruptcy, insolvency, reorganization, receivership,
moratorium, fraudulent conveyance, fraudulent transfer and similar laws now or
hereafter affecting creditors’ rights generally and (ii) equitable principles of
general applicability (whether applied by a court of law or equity) and the
discretion of the court before which any proceeding therefor may be brought, and
will receive the benefits of the Indenture.

     (h) Each of the Indenture and the Registration Rights Agreement has been duly
authorized by each Issuer and each of the Guarantors. Each of the Indenture and
the Registration Rights Agreement, when executed and delivered by each Issuer and
each of the Guarantors, will be a valid and binding agreement of each Issuer and
each of the Guarantors, enforceable in accordance with its terms, subject to (i)
applicable bankruptcy, insolvency, reorganization, receivership, moratorium,
fraudulent conveyance, fraudulent transfer and similar laws now or hereafter
affecting creditors’ rights generally, (ii) equitable principles of general
applicability (whether applied by a court of law or equity) and the discretion of
the court before which any proceeding therefor may be brought and (iii)
limitations under applicable law with respect to rights to indemnification and
contribution under the Registration Rights Agreement.

     (i) None of the Issuers nor any of the Guarantors is (i) in violation of its
certificate of incorporation, by-laws, certificate of formation, limited liability
company agreement or other organizational document or (ii) in default, and no
event has occurred which, with notice or lapse of time or both, would constitute
such a default, in the due performance or observance of any term, covenant or
condition contained in any indenture, mortgage, deed of trust, credit agreement or
other similar

4

 

agreement or instrument to which it is a party or by which it is bound or to which
any of its property or assets is subject, except for any default or event
described in clause (ii) which would not have a Material Adverse Effect or a
material adverse effect on the power and ability of such Issuer or Guarantors to
perform their respective obligations in all material respects under this Agreement
or to consummate the transactions contemplated by the Time of Sale Memorandum.

     (j) The execution and delivery by each Issuer and each Guarantor of, and the
performance by each Issuer and each Guarantor of its respective obligations under,
this Agreement, the Indenture, the Registration Rights Agreement and the Notes
and/or Guarantees, respectively, will not contravene (i) any provision of
applicable law, (ii) the certificate of incorporation, by-laws, certificate of
formation, limited liability company agreement or other organizational document of
any Issuer or any Guarantor, (iii) any indenture, mortgage, deed of trust, credit
agreement or other similar agreement or instrument to which it is a party or by
which any Issuer or any Guarantor is bound or to which any of its property or
assets is subject, or (iv) any judgment, order or decree of any governmental body,
agency or court having jurisdiction over any Issuer or any of its subsidiaries,
except in the case of clauses (i), (iii) and (iv) above, where such contravention
would not, singly or in the aggregate, have a Material Adverse Effect or a material
adverse effect on the power and ability of such Issuers or any Guarantor to perform
their respective obligations under this Agreement or to consummate the transactions
contemplated by the Time of Sale Memorandum. No consent, approval, authorization or
order of, or qualification with, any governmental body or agency is required for
the performance by any Issuer or any Guarantor of its obligations under this
Agreement, the Indenture, the Registration Rights Agreement or the Securities,
except (i) those that have been obtained or made, as the case may be, by the
Company and are in full force and effect, (ii) those required by the securities or
Blue Sky laws of the various states or other applicable non-U.S. laws in connection
with the offer and sale of the Securities, and (iii) those contemplated by the
Registration Rights Agreement.

     (k) There has not occurred any material adverse change, or any development
involving a prospective material adverse change, in the condition, financial or
otherwise, or in the earnings, business, prospects or operations of each of the
Issuers and its respective subsidiaries, taken as a whole, from the information
set forth in the Time of Sale Memorandum.

     (l) There are no legal or governmental proceedings pending or, to the
knowledge of the Company, threatened to which any Issuer or its respective
subsidiaries is a party or to which any of the properties of any

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Issuer or its respective subsidiaries is subject, other than proceedings (i)
accurately described in all material respects in the Time of Sale Memorandum, (ii)
that would not have a Material Adverse Effect or (iii) that would not have a
material adverse effect on the power or ability of any Issuer or its respective
subsidiaries (x) to perform its obligations under this Agreement, the Indenture,
the Registration Rights Agreement or the Securities, or (z) to consummate the
transactions contemplated by the Time of Sale Memorandum.

     (m) The Company and its subsidiaries (i) are in compliance with any and all
applicable foreign, federal, state and local laws and regulations relating to the
protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have
received all permits, licenses or other approvals required of them under
applicable Environmental Laws to conduct their respective businesses and (iii) are
in compliance with all terms and conditions of any such permit, license or
approval, except where such noncompliance with Environmental Laws, failure to
receive required permits, licenses or other approvals or failure to comply with
the terms and conditions of such permits, licenses or approvals would not, singly
or in the aggregate, have a Material Adverse Effect.

     (n) There are no costs or liabilities associated with Environmental Laws
(including, without limitation, any capital or operating expenditures required
for clean-up, closure of properties or compliance with Environmental Laws or any
permit, license or approval, any related constraints on operating activities and
any potential liabilities to third parties) which would, singly or in the
aggregate, have a Material Adverse Effect.

     (o) No Issuer nor any Guarantor is, and after giving effect to the offering
and sale of the Securities and the application of the proceeds thereof as
described in the Final Memorandum will not be, required to register as an
“investment company” as such term is defined in the Investment Company Act of
1940, as amended.

     (p) No securities of either Issuer of the same class as the Notes have been
offered, issued or sold by the Issuers or any of their respective Affiliates (as
defined in Rule 501(b) of Regulation D under the Securities Act) within the
six-month period immediately prior to the date hereof; and the Issuers do not have
any intention of making, and will not make, an offer or sale of such securities of
the Issuers of the same class as the Notes, for a period of six months after the
date of this Agreement, except for the offering of the Notes as contemplated by
this Agreement or the

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Registration Rights Agreement. As used in this paragraph, the terms “offer” and
“sale” have the meanings specified in Section 2(a)(3) of the Securities Act.

     (q) None of the Issuers, any of their respective Affiliates or other person
acting on behalf of the Issuers has, with respect to the Notes sold outside the
United States, offered the Notes to buyers qualifying as “U.S. persons” (as
defined in Rule 902 under the Securities Act) or engaged in any directed selling
efforts within the meaning of Rule 902 under the Securities Act; the Issuers, any
Affiliate of the Issuers and any person acting on behalf of the Issuers or any
Affiliate of the Issuers have complied with and will implement the “offering
restrictions” within the meaning of such Rule 902; and neither the Issuers nor any
of their respective Affiliates has entered or will enter into any arrangement or
agreement with respect to the distribution of the Notes, except for this
Agreement; provided that no representation is made in this paragraph with respect
to the actions of the Initial Purchasers.

     (r) It is not necessary in connection with the offer, sale and delivery of
the Securities to the Initial Purchasers in the manner contemplated by this
Agreement to register the Securities under the Securities Act or to qualify the
Indenture under the Trust Indenture Act of 1939, as amended, except for the
rights and obligations set forth in the Registration Rights Agreement, and
assuming the accuracy of the Initial Purchasers’ representations contained herein
and the Initial Purchasers’ compliance with Section 7 hereof.

     (s) The Securities satisfy the requirements set forth in Rule
144A(d)(3) under the Securities Act.

     (t) No Issuer or any of its respective subsidiaries or Affiliates, directors,
officers, or employees, nor, to the Company’s knowledge, any agent or
representative of any Issuer or its respective subsidiaries or its respective
Affiliates, has taken or will take any action in furtherance of an offer, payment,
promise to pay, or authorization or approval of the payment or giving of money,
property, gifts or anything else of value, directly or indirectly, to any
“government official” (including any officer or employee of a government or
government-owned or controlled entity or of a public international organization,
or any person acting in an official capacity for or on behalf of any of the
foregoing, or any political party or party official or candidate for political
office) to influence official action or secure an improper advantage; and each
Issuer and its subsidiaries and each of its respective Affiliates has conducted
its business in compliance with applicable anti-corruption laws and has instituted
and maintained and will continue to maintain policies and procedures designed to
promote and

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achieve compliance with such laws and with the representation and warranty
contained herein.

     (u) The operations of each Issuer and its respective subsidiaries and each of
their respective Affiliates are and have been conducted at all times in material
compliance with all applicable financial recordkeeping and reporting requirements,
including those of the Bank Secrecy Act, as amended by Title III of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money
laundering statutes of jurisdictions where such Issuer and its respective
subsidiaries or their respective Affiliates conducts its business, the rules and
regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any governmental agency
(collectively, the “Anti-Money Laundering Laws”), and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving such Issuer and its respective subsidiaries or their
respective Affiliates with respect to the Anti-Money Laundering Laws is pending
or, to the best knowledge of the Company, threatened.

     (v) (i) No Issuer or its respective subsidiaries, or any of its respective directors or
officers (collectively, the “Entity”), nor, to the Company’s knowledge, any employee, agent
affiliate or representative of the Entity, is an individual or entity (“Person”) that is, or is
owned or controlled by a Person that is:

     (A) the subject of any sanctions administered or enforced by the U.S. Department of
Treasury’s Office of Foreign Assets Control (“OFAC”) (collectively, “Sanctions”), nor

     (B) located, organized or resident in a country or territory that is the subject of
Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and
Syria).

     (ii) The Entity represents and covenants that it will not, directly or indirectly, use
the proceeds of the offering, or lend, contribute or otherwise make available such proceeds
to any subsidiary, joint venture partner or other Person:

     (A) to fund or facilitate any activities or business of or with any Person or in any
country or territory that, at the time of such funding or facilitation, is the subject of
Sanctions; or

     (B) in any other manner that will result in a violation of Sanctions by any Person
(including any Person participating in the offering, whether as underwriter, advisor,
investor or otherwise).

8

 

     (iii) The Entity represents and covenants that, for the past 5 years, it has not
knowingly engaged in, is not now knowingly engaged in, and will not engage in, any dealings
or transactions with any Person, or in any country or territory, that at the time of the
dealing or transaction is or was the subject of Sanctions.

     (w) Subsequent to the dates as of which information is given in the Time of Sale Memorandum,
(i) no Issuer or its respective subsidiaries has incurred any material liability or obligation,
direct or contingent, or entered into any material transaction; (ii) no Issuer or its respective
subsidiaries has purchased any of its outstanding capital stock, nor declared, paid or otherwise
made any dividend or distribution of any kind on its capital stock other than ordinary and
customary dividends; and (iii) there has not been any material change in the capital stock,
short-term debt or long-term debt of any Issuer or its respective subsidiaries, except in each case
as described in the Time of Sale Memorandum.

     (x) Each of the Issuers and each of the Guarantors has good and marketable title in
fee simple to all real property and good and marketable title to all personal property
owned by them, in each case free and clear of all liens, encumbrances and defects, except
such as are described to the extent required in the Time of Sale Memorandum or such as
would not have a Material Adverse Effect; and any real property and buildings held under
lease by any Issuer or its respective subsidiaries are held by them under valid,
subsisting and enforceable leases, in each case except such as are described to the extent
required in the Time of Sale Memorandum or such as would not have a Material Adverse
Effect.

     (y) Each Issuer and its respective subsidiaries owns or possesses, or can acquire on
reasonable terms, all patents, patent rights, licenses, inventions, copyrights, know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks and trade
names currently employed by them in connection with the business now operated by them,
except where the failure to so own or possess would not, singly or in the aggregate, have
a Material Adverse Effect, and no Issuer or its respective subsidiaries has received any
notice of infringement of or conflict with asserted rights of others with respect to any
of the foregoing which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would have a Material Adverse Effect.

     (z) No labor dispute with the employees of any Issuer or its respective subsidiaries
exists, except as described in the Time of Sale Memorandum, or, to the knowledge of the
Company, is imminent except

9

 

for any such dispute that would not have a Material Adverse Effect; and the
Company is not aware of any existing, threatened or imminent labor disturbance
by the employees of any of its principal suppliers, manufacturers or
contractors that could have a Material Adverse Effect.

     (aa) Each Issuer and its respective subsidiaries is insured by insurers of
recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the businesses in which it is engaged
except as would not reasonably be expected to have a Material Adverse Effect; no
Issuer or its respective subsidiaries has been refused any insurance coverage
sought or applied for; and no Issuer or its respective subsidiaries has any reason
to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not have a
Material Adverse Effect, except as described in the Time of Sale Memorandum.

     (bb) Each Issuer and its subsidiaries possess all certificates,
authorizations and permits issued by the appropriate federal, state or foreign
regulatory authorities (“Permits”) necessary to conduct its respective businesses
except where the failure to possess such Permits would not, individually or in the
aggregate, have a Material Adverse Effect, and no Issuer or its subsidiaries has
received any notice of proceedings relating to the revocation or modification of
any such certificate, authorization or permit which, singly or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, would have a
Material Adverse Effect, except as described in the Time of Sale Memorandum.

     (cc) Without limiting the generality of clause (aa) above and except as
described in the Time of Sale Memorandum and except as would not, singly or in the
aggregate, result in a Material Adverse Effect, no Issuer’s or its subsidiaries’
business operations is in violation of any Health Care Laws. For purposes of this
Agreement, “Health Care Laws” means (i) all federal and state fraud and abuse laws,
including, but not limited to, the federal Anti-Kickback Statute (42 U.S.C.
§1320a-7(b)), the Stark Law (42 U.S.C. §1395nn and §1395(q)), the Anti-Inducement
Law (42 U.S.C. § 1320a-7a(a)(5)), the civil False Claims Act (31 U.S.C. §3729 et
seq.), the administrative False Claims Law (42 U.S.C. § 1320a-7b(a)), the exclusion
laws (42 U.S.C. § 1320a-7), the civil monetary penalty laws (42 U.S.C. § 1320a-7a)
and the regulations promulgated pursuant to such statutes; (ii) the administrative
simplification provisions of the Health Insurance Portability and Accountability
Act of 1996 (Pub. L.
No. 104-191), the regulations promulgated thereunder and comparable state
privacy and security laws, (iii) Medicare (Title XVIII of the Social

10

 

Security Act) and the regulations promulgated thereunder; (iv) Medicaid (Title XIX
of the Social Security Act) and the regulations promulgated thereunder; (v) the
Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (Pub. L.
No. 108-173) and the regulations promulgated thereunder; (vi) the federal Food,
Drug, and Cosmetic Act (21 U.S.C. § 301 et seq.) and the regulations promulgated
pursuant thereto; (vii) the Clinical Laboratory Improvement Amendments of 1988
(Pub. L. No. 100-578) and the regulations promulgated pursuant thereto (the
“CLIA”); (viii) quality, safety and accreditation standards and requirements of
all applicable state laws or regulatory bodies; and (ix) any and all other
applicable health care laws, regulations, manual provisions, policies and
administrative guidance, each of (i) through (ix) as may be amended from time to
time. Except as disclosed in the Time of Sale Memorandum, the Company has received
notice of any material claim, action, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from any governmental authority
alleging that any product, operation or activity is in violation of any applicable
Health Care Law or Permit and has no knowledge that any such governmental
authority is considering any such claim, litigation, arbitration, action, suit,
investigation or proceeding; and the Company has not received notice, either
verbally or in writing, that any governmental authority has taken, is taking or
intends to take action to materially limit, suspend, modify or revoke any Permits
and has no knowledge that any such governmental authority is considering such
action.

     (dd) All of the regional laboratories of each Issuer or its respective
subsidiaries are eligible for accreditation by College of American Pathologists
and are so accredited, and all of the laboratories of each Issuer or its
respective subsidiaries are in compliance, in all material respects, with the
standards required by CLIA.

     (ee) Each Issuer and its subsidiaries maintain a system of internal
accounting controls over financial reporting sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s
general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally
accepted accounting principles in the United States and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with
management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Except
as described in the Time of Sale Memorandum, since the end of the Company’s most
recent audited fiscal year, there has been (i) no material weakness identified in
the Company’s internal control over financial reporting (whether or not

11

 

remediated) and (ii) no change in the Company’s internal control over
financial reporting that has materially and adversely affected, or is
reasonably likely to materially and adversely affect, the Company’s internal
control over financial reporting.

     (ff) There is no broker, finder or other party that is entitled to receive
from any Issuer or any Guarantor any brokerage or finder’s fee or other similar
payment as a result of any transactions contemplated by this Agreement.

     2. Agreements to Sell and Purchase. On the basis of the representations, warranties,
agreements and covenants herein contained and subject to the terms and conditions herein
set forth, the Issuers hereby agree to sell to the several Initial Purchasers, and each
Initial Purchaser, upon the basis of the representations and warranties herein contained,
but subject to the conditions hereinafter stated, agrees, severally and not jointly, to
purchase from the Issuers the respective principal amount of Securities set forth in
Schedule I hereto opposite its name at a purchase price of 98% of the $200,000,000
aggregate principal amount thereof (the “Purchase Price”) plus accrued interest, if any,
to the Closing Date.

     3. Terms of Offering. You have advised the Issuers that the Initial
Purchasers will make an offering of the Securities purchased by the Initial Purchasers
hereunder as soon as practicable after this Agreement is entered into as in your judgment
is advisable.

     4. Payment and Delivery. Payment for the Securities shall be made to the Issuers, in Federal
or other funds immediately available in New York City, against delivery of such Securities for the
respective accounts of the several Initial Purchasers at the offices of Shearman & Sterling LLP,
599 Lexington Avenue, New York, NY 10022 (or such other place as may be agreed to by the Issuers
and Morgan Stanley & Co. Incorporated, Barclays Capital Inc and UBS Securities LLC) at 10:00 a.m.,
New York City time, on December 20, 2010, or at such other time on the same or such other date, not
later than December 27, 2010, as shall be designated in writing by you. The time and date of such
payment are hereinafter referred to as the “Closing Date”.

     The Securities shall be in definitive
form or global form, as specified by you, and registered in such names and in such denominations as
you shall request in writing not later than one full business day prior to the Closing Date. The
Securities shall be delivered to you on the Closing Date for the respective accounts of the several
Initial Purchasers, against payment by the Initial Purchasers of the Purchase Price therefor, with
any transfer taxes payable in connection with the transfer of the Securities to the Initial
Purchasers duly paid, against payment of the Purchase Price therefor plus accrued interest, if any,
to the

12

 

date of payment and delivery. The Securities to be represented by one or more global
notes in book-entry form will be deposited on the Closing Date, by or on behalf of the
Issuers, with The Depository Trust Company (“DTC”) or its designated custodian, and
registered in the name of Cede & Co.

     5. Conditions to the Initial Purchasers’ Obligations. The several obligations of the Initial
Purchasers to purchase and pay for the Securities on the Closing Date are subject to the following
conditions:

     (a) Subsequent to the execution and delivery of this Agreement and prior to the Closing
Date:

     (i) there shall not have occurred any downgrading, nor shall any notice have been given of
any intended or potential downgrading or any review for a possible change that does not indicate
the direction of the possible change, in the rating accorded the Issuers of any securities of the
Issuers or any of its respective subsidiaries or in the rating outlook for the Issuers by
any “nationally recognized statistical rating organization,” as such term is defined for purposes
of Rule 436(g)(2) under the Securities Act; and

     (ii) there shall not have occurred any change, or
any development reasonably likely to result in a prospective change, in the condition, financial or
otherwise, or in the earnings, business or operations of the Issuers, the Guarantors and their
respective subsidiaries, taken as a whole, from that set forth in the Time of Sale Memorandum as of
the date of this Agreement that, in your judgment, is material and adverse and that makes it, in
your judgment, impracticable to market the Securities on the terms and in the manner contemplated
in the Time of Sale Memorandum.

     (b) The Initial Purchasers shall have received on the Closing Date a
certificate from each Issuer and each Guarantor, dated as of the Closing Date and
signed by an executive officer of such Issuer or Guarantor, in their capacity as
an officer of such Issuer or Guarantor, as applicable, and not in his or her
individual capacity, to the effect set forth in Section 5(a)(i) and to the effect
that the representations and warranties of such Issuer or Guarantor contained in
this Agreement are true and correct as of the Closing Date and that the Issuer or
Guarantor has complied with all of the agreements and satisfied all of the
conditions on its part to be performed or satisfied hereunder on or before the
Closing Date.

13

 

     The officer signing and delivering such certificate may rely upon the best
of his or her knowledge as to proceedings threatened.

     (c) The Initial Purchasers shall have received on the Closing Date an
opinion of Alston & Bird LLP, outside counsel for the Company, dated the Closing
Date, to the effect set forth in Exhibit A-1, and the opinions of Gunster, Warner
Norcross & Judd LLP, Jones Vargas, McElroy, Deutsch, Mulvaney & Carpenter, LLP,
Maslon Edelman Borman & Brand, LLP and Nexsen Pruet, LLC, outside local counsel
for the Company, dated the Closing Date, to the effect set forth on Exhibit A-2. Such opinions shall be rendered to the Initial Purchasers at the request of
the Company and shall so state therein.

     (d) The Initial Purchasers shall have received on the Closing Date an
opinion of Shearman & Sterling LLP, counsel for the Initial Purchasers, dated
the Closing Date.

     (e) The Initial Purchasers shall have received (i) a comfort letter dated the
date hereof, in form and substance satisfactory to the Initial Purchasers, from
McGladrey & Pullen LLP, independent public accountants, containing statements and
information of the type ordinarily included in accountants’ “comfort letters” to
underwriters with respect to the financial statements and certain financial
information contained in the Time of Sale Memorandum and the Final Memorandum, and
(ii) a customary “bring-down” comfort letter dated the Closing Date, in form and
substance satisfactory to the Initial Purchasers, from McGladrey & Pullen LLP,
independent public accountants, containing a reaffirmation of the statements made
in its comfort letter as of the date hereof; provided that the letter delivered on
the Closing Date shall use a “cut-off date” not earlier than the date hereof.

     (f) The Indenture and the Registration Rights Agreement shall have been
executed and delivered by the Issuers and Guarantors, or shall be executed and
delivered by the Issuers and Guarantors substantially concurrently with the
issuance of the Securities on the terms and conditions described in the Time of
Sale Memorandum.

     (g) There shall not exist at, and as of, the Closing Date any conditions that
would constitute a default (or an event that with notice or the lapse of time, or
both, would constitute a default) under the Credit and Guaranty Agreement, dated
May 26, 2010, by and among Aurora Diagnostics, LLC, as borrower, the Company,
certain subsidiaries and affiliates thereof as guarantors, the various lenders
party thereto, Barclays Bank PLC as Administrative Agent and collateral agent,
Barclays Capital, Morgan Stanley Senior Funding, Inc. and UBS Securities LLC as
joint

14

 

lead arrangers and joint bookrunners, Morgan Stanley Senior Funding, Inc. as
syndication agent and UBS Securities LLC as documentation agent (the “Credit
Agreement”), as amended as of the Closing Date, and the Issuers shall be in
compliance with all covenants and conditions under the Credit Agreement and have
the capacity to borrow the full amount of the commitments under such Credit
Agreement as of the Closing Date.

     (h) The Issuers shall have taken all action required to be taken by it for
the Securities to be eligible for clearance and settlement through DTC, it being
understood that the Initial Purchasers shall obtain relevant CUSIP numbers for
the Notes.

     (i) The Credit Agreement shall have been amended as described in the
Time of Sale Memorandum.

     6. Covenants of the Issuers and the Guarantors. Each of the Issuers and the Guarantors,
jointly and severally, covenant with each Initial Purchaser as follows:

     (a) To furnish to you in
New York City, without charge, prior to 10:00 a.m. New York City time on the business day next
succeeding the date of this Agreement and during the period mentioned in Section 6(d) or (e), as
many copies of the Time of Sale Memorandum, the Final Memorandum and any supplements and amendments
thereto as you may reasonably request.

     (b) Before amending or supplementing the Preliminary Memorandum, the Time of
Sale Memorandum or the Final Memorandum, to furnish to you a copy of each such
proposed amendment or supplement and not to use any such proposed amendment or
supplement to which you reasonably object.

     (c) To furnish to you a copy of each proposed Additional Written Offering
Communication to be prepared by or on behalf of, used by, or referred to by any
Issuer or Guarantor for purposes of offering and/or selling Securities and not to
use or refer to any proposed Additional Written Offering Communication to which you
reasonably object.

     (d) If the Time of Sale Memorandum is being used to solicit offers to buy the
Securities at a time when the Final Memorandum is not yet available to prospective
purchasers and any event shall occur or condition exist as a result of which it is
necessary to amend or supplement the Time of Sale Memorandum in order to make the
statements therein, in the light of the circumstances, not misleading, or if, in
the reasonable opinion of counsel for the Initial Purchasers, it is necessary to
amend or supplement the Time of Sale Memorandum to comply with applicable

15

 

law, forthwith to prepare and furnish, at its own expense, to the Initial
Purchasers and to any dealer upon request, either amendments or supplements to
the Time of Sale Memorandum so that the statements in the Time of Sale
Memorandum as so amended or supplemented will not, in the light of the
circumstances when delivered to a prospective purchaser, be misleading or so
that the Time of Sale Memorandum, as amended or supplemented, will comply with
applicable law.

     (e) If, during such period after the date hereof and prior to the date on
which all of the Securities shall have been sold by the Initial Purchasers, any
event shall occur or condition exist as a result of which it is necessary to amend
or supplement the Final Memorandum in order to make the statements therein, in the
light of the circumstances when the Final Memorandum is delivered to a purchaser,
not misleading, or if, in the reasonable opinion of counsel for the Initial
Purchasers, it is necessary to amend or supplement the Final Memorandum to comply
with applicable law, forthwith to prepare and furnish, at its own expense, to the
Initial Purchasers, either amendments or supplements to the Final Memorandum so
that the statements in the Final Memorandum as so amended or supplemented will not,
in the light of the circumstances when the Final Memorandum is delivered to a
purchaser, be misleading or so that the Final Memorandum, as amended or
supplemented, will comply with applicable law.

     (f) To endeavor to qualify the Securities for offer and sale under the
securities or Blue Sky laws of such jurisdictions as you shall reasonably
request.

     (g) Whether or not the transactions contemplated in this Agreement are
consummated or this Agreement is terminated, to pay or cause to be paid all
expenses incident to the performance of its obligations under this Agreement,
including: (i) the fees, disbursements and expenses of counsel to the Issuers and
the Guarantors and the accountants of the Issuers, the Guarantors or other
entities in connection with the issuance and sale of the Securities and all other
fees or expenses in connection with the preparation of the Preliminary Memorandum,
the Time of Sale Memorandum, the Final Memorandum, any Additional Written Offering
Communication prepared by or on behalf of, used by, or referred to by the any
Issuer or Guarantor and any amendments and supplements to any of the foregoing,
including all printing costs associated therewith, and the delivering of copies
thereof to the Initial Purchasers, in the quantities herein above specified, (ii)
all costs and expenses related to the transfer and delivery of the Securities to
the Initial Purchasers, including any transfer or other taxes payable thereon,
(iii) the cost of printing or producing any Blue Sky or legal investment
memorandum in connection

16

 

with the offer and sale of the Securities under state securities laws and all
expenses in connection with the qualification of the Securities for offer and sale
under state securities laws as provided in Section 6(f) hereof, including filing
fees and the reasonable fees and disbursements of one firm of counsel for the
Initial Purchasers in connection with such qualification and in connection with
the Blue Sky or legal investment memorandum, (iv) any fees charged by rating
agencies for the rating of the Securities, (v) the fees and expenses, if any,
incurred in connection with the admission of the Securities for trading in PORTAL
or any appropriate market system, (vi) the costs and charges of the Trustee and
any transfer agent, registrar or depositary, (vii) the cost of the preparation,
issuance and delivery of the Securities, (viii) the costs and expenses of the
Issuers and the Guarantors relating to investor presentations on any “road show”
undertaken in connection with the marketing of the offering of the Securities,
including, without limitation, expenses associated with the preparation or
dissemination of any electronic road show, expenses associated with production of
road show slides and graphics, fees and expenses of any consultants engaged in
connection with the road show presentations with the prior approval of the
Issuers, travel and lodging expenses of the representatives and officers of the
Issuers and the Guarantors and any such consultants, and 50 percent of the cost of
any aircraft chartered in connection with the road show, (ix) the document
production charges and expenses associated with printing this Agreement and (x)
all other cost and expenses incident to the performance of the obligations of the
Issuers and the Guarantors hereunder for which provision is not otherwise made in
this Section. It is understood, however, that except as provided in this Section,
Section 8, and the last paragraph of Section 10, the Initial Purchasers will pay
all of their costs and expenses, including fees and disbursements of their
counsel, transfer taxes payable on resale of any of the Securities by them and any
advertising expenses connected with any offers they may make.

     (h) No securities of either Issuer of the same class as the Notes have been
offered, issued or sold by the Issuers or any of their respective Affiliates (as
defined in Rule 501(b) of Regulation D under the Securities Act) within the
six-month period immediately prior to the date hereof; and the Issuers do not have
any intention of making, and will not make, an offer or sale of such securities of
the Issuers of the same class as the Notes, for a period of six months after the
date of this Agreement, except for the offering of the Notes as contemplated by
this Agreement or the Registration Rights Agreement. As used in this paragraph,
the terms “offer” and “sale” have the meanings specified in Section 2(a)(3) of the
Securities Act.

17

 

     (i) None of the Issuers, any of their respective Affiliates or other person
acting on behalf of the Issuers shall, with respect to the Notes sold outside the
United States, offer the Notes to buyers qualifying as “U.S. persons” (as defined
in Rule 902 under the Securities Act) or engaged in any directed selling efforts
within the meaning of Rule 902 under the Securities Act; the Issuers, any
Affiliate of the Issuers and any person acting on behalf of the Issuers or any
Affiliate of the Issuers shall comply with and will implement the “offering
restrictions” within the meaning of such Rule 902; and neither the Issuers nor any
of their respective Affiliates will enter into any arrangement or agreement with
respect to the distribution of the Notes, except for this Agreement; provided that
no covenant is made in this paragraph with respect to the actions of the Initial
Purchasers.

     (j) Not to solicit any offer to buy or offer or sell the Securities by means
of any form of general solicitation or general advertising (as those terms are
used in Regulation D under the Securities Act) or in any manner involving a public
offering within the meaning of Section 4(2) of the Securities Act.

     (k) While any of the Securities remain “restricted securities” within the
meaning of the Securities Act, to make available, upon request, to any seller of
such Securities the information specified in Rule 144A(d)(4) under the Securities
Act, unless the Issuers are then subject to Section 13 or 15(d) of the Exchange
Act.

     (l) None of the Issuers, their Affiliates or any person acting on its or
their behalf (other than the Initial Purchasers) will engage in any directed
selling efforts (as that term is defined in Regulation S) with respect to the
Securities, and the Issuers and their Affiliates and each person acting on its or
their behalf (other than the Initial Purchasers) will comply with the offering
restrictions requirement of Regulation S.

     (m) During the period of one year after the Closing Date, the Issuers will
not, and will not permit any of its affiliates (as defined in Rule 144 under the
Securities Act) to resell any of the Securities which constitute “restricted
securities” under Rule 144 that have been reacquired by any of them.

     (n) Not to take any action prohibited by Regulation M under the Exchange
Act in connection with the distribution of the Securities contemplated hereby.

     The Issuers also agree that, without the prior written consent of Morgan Stanley &
Co. Incorporated, Barclays Capital Inc. and UBS Securities LLC on

18

 

behalf of the Initial Purchasers, they will not, during the period of 90 days following
the date hereof, offer, sell, contract to sell or otherwise dispose of any debt
securities of any Issuer or warrants to purchase debt securities of any Issuer
substantially similar to the Securities (other than the sale of the Securities under this
Agreement).

     7. Offering of Securities; Restrictions on Transfer. (a) Each Initial
Purchaser, severally and not jointly, represents and warrants that such Initial Purchaser is a
qualified institutional buyer as defined in Rule 144A under the Securities Act (a “QIB”). Each
Initial Purchaser, severally and not jointly, agrees with the Issuers and the Guarantors that (i)
it will not solicit offers for, or offer or sell, such Securities by any form of general
solicitation or general advertising (as those terms are used in Regulation D under the Securities
Act) or in any manner involving a public offering within the meaning of Section 4(2) of the
Securities Act and (ii) it will solicit offers for such Securities only from, and will offer such
Securities only to, persons that it reasonably believes to be (A) in the case of offers inside the
United States, QIBs and (B) in the case of offers outside the United States, to persons other than
U.S. persons (“foreign purchasers,” which term shall include dealers or other professional
fiduciaries in the United States acting on a discretionary basis for foreign beneficial owners
(other than an estate or trust)) in reliance upon Regulation S under the Securities Act that, in
each case, in purchasing such Securities are deemed to have represented and agreed as provided in
the Final Memorandum under the caption “Notice to Investors.”

(b) Each Initial Purchaser, severally
and not jointly, represents, warrants, and agrees with respect to offers and sales outside the
United States that:

     (i) such Initial Purchaser understands that no action has been or will be taken
in any jurisdiction by any Issuer or any Guarantor that would permit a public offering of the
Securities, or possession or distribution of the Preliminary Memorandum, the Time of Sale
Memorandum, the Final Memorandum or any other offering or publicity material relating to the
Securities, in any country or jurisdiction where action for that purpose is required;

     (ii) such
Initial Purchaser will comply with all applicable laws and regulations in each jurisdiction in
which it acquires, offers, sells or delivers Securities or has in its possession or distributes the
Preliminary Memorandum, the Time of Sale Memorandum, the Final Memorandum or any such other
material, in all cases at its own expense;

     (iii) the Securities have not been registered under the
Securities Act and may not be offered or sold within the United

19

 

States or to, or for the account or benefit of, U.S. persons except in accordance
with Rule 144A or Regulation S under the Securities Act or pursuant to another
exemption from the registration requirements of the Securities Act;

     (iv) such
Initial Purchaser has offered the Securities and will offer and sell the
Securities (A) as part of their distribution at any time and (B) otherwise until
40 days after the later of the commencement of the offering and the Closing Date,
only in accordance with Rule 903 of Regulation S or as otherwise permitted in
Section 7(a); accordingly, neither such Initial Purchaser, its Affiliates nor any
persons acting on its or their behalf have engaged or will engage in any directed
selling efforts (within the meaning of Regulation S) with respect to the
Securities, and any such Initial Purchaser, its Affiliates and any such persons
have complied and will comply with the offering restrictions requirement of
Regulation S;

     (v) such Initial Purchaser, in relation to each Member State of the
European Economic Area which has implemented the Prospectus Directive (each, a
“Member State”), has represented and agreed that with effect from and including
the date on which the Prospectus Directive is implemented in that Member State it
has not made and will not make an offer of Securities to the public in that Member
State, except that it may, with effect from and including such date, make an offer
of Securities to the public in that Member State:

     (A) at any time to legal
entities which are authorized or regulated to operate in the financial markets or,
if not so authorised or regulated, whose corporate purpose is solely to invest in
securities;

     (B) at any time to any legal entity which has two or more of (1) an
average of at least 250 employees during the last financial year; (2) a total
balance sheet of more than €43,000,000 and (3) an annual net turnover of more than
€50,000,000, as shown in its last annual or consolidated accounts; or

     (C) at any
time in any other circumstances which do not require the publication by us of a
prospectus pursuant to Article 3 of the Prospectus Directive.

20

 

For the purposes of the above, the expression an “offer of Securities to the public” in relation to
any Securities in any Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the Securities to be offered so as to enable
an investor to decide to purchase or subscribe the Securities, as the same may be varied in that
Member State by any measure implementing the Prospectus Directive in that Member State and the
expression Prospectus Directive means Directive 2003/71/EC and includes any relevant implementing
measure in that Member State;

     (vi) such Initial Purchaser has represented and agreed that it has
only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of
the Securities in circumstances in which Section 21(1) of such Act does not apply to the Issuers
and the Guarantors, and the Issuers and the Guarantors have complied and will comply with all
applicable provisions of such Act with respect to anything done by it in relation to any Securities
in, from or otherwise involving the United Kingdom;3

     (vii) such Initial Purchaser
understands that the Securities have not been and will not be registered under the Securities and
Exchange Law of Japan, and represents that it has not offered or sold, and agrees not to offer or
sell, directly or indirectly, any Securities in Japan or for the account of any resident thereof
except pursuant to any exemption from the registration requirements of the Securities and Exchange
Law of Japan and otherwise in compliance with applicable provisions of Japanese law; and

     (viii)
such Initial Purchaser agrees that, at or prior to confirmation of sales of the Securities, it will
have sent to each distributor, dealer or person receiving a selling concession, fee or other
remuneration that purchases Securities from it during the restricted period a confirmation or
notice to substantially the following effect:

     “The Securities covered hereby have not been
registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered and
sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of
their distribution at any time or

21

 

(ii) otherwise until 40 days after the later of the commencement of the offering and the
closing date, except in either case in accordance with Regulation S (or Rule 144A if available)
under the Securities Act. Terms used above have the meaning given to them by Regulation S.”

Terms
used in this Section 7(b) have the meanings given to them by Regulation S.

     8. Indemnity and Contribution. (a) Each of the Issuers and the
Guarantors, jointly and severally, agrees to indemnify and hold harmless each Initial
Purchaser, each person, if any, who controls any Initial Purchaser within the meaning of
either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each
Affiliate of any Initial Purchaser within the meaning of Rule 405 under the Securities Act
from and against any and all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred in connection with defending
or investigating any such action or claim) caused by any untrue statement or alleged
untrue statement of a material fact contained in the Preliminary Memorandum, the Time of
Sale Memorandum, any Additional Written Offering Communication prepared by or on behalf
of, used by, or referred to by any Issuer or Guarantor, or the Final Memorandum or any
amendment or supplement thereto, or caused by any omission or alleged omission to state
therein a material fact necessary to make the statements therein in the light of the
circumstances under which they were made not misleading, except insofar as such losses,
claims, damages or liabilities are caused by any such untrue statement or omission or
alleged untrue statement or omission based upon information relating to any Initial
Purchaser furnished to any Issuer or Guarantor in writing by such Initial Purchaser
through you specifically for use therein.

          (b) Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold
harmless the Issuers, the Guarantors and their respective directors and officers and each
person, if any, who controls any such Issuers or Guarantors within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as
the foregoing indemnity from the Issuers and Guarantors to such Initial Purchaser, but
only with reference to information relating to such Initial Purchaser furnished to any
Issuer and Guarantor in writing by such Initial Purchaser through you specifically for use
in the Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written
Offering Communication prepared by or on behalf of, used by or referred to by any Issuer
or Guarantor, or the Final Memorandum or any amendment or supplement thereto; it being
understood and agreed that the only such information furnished by any Initial Purchasers
consists of the following: the information contained in the fourth paragraph and the
fourth sentence in the sixth paragraph under the caption “Plan of Distribution”.

22

 

          (c) In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to
Section 8(a) or 8(b), such person (the “indemnified party”) shall promptly notify the
person against whom such indemnity may be sought (the “indemnifying party”) in writing and
the indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified party and any
others the indemnifying party may designate in such proceeding and shall pay the fees and
disbursements of such counsel related to such proceeding. In any such proceeding, any
indemnified party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such indemnified party unless (i) the
indemnifying party and the indemnified party shall have mutually agreed to the retention of
such counsel or (ii) the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the indemnifying party shall not,
in respect of the legal expenses of any indemnified party in connection with any proceeding
or related proceedings in the same jurisdiction, be liable for the reasonably incurred fees
and expenses of more than one separate firm (in addition to any local counsel) for all such
indemnified parties and that all such fees and expenses shall be reimbursed as they are
incurred. Such firm shall be designated in writing by Morgan Stanley & Co. Incorporated, in
the case of parties indemnified pursuant to Section 8(a), and by the Issuers, in the case
of parties indemnified pursuant to Section 8(b). The indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, the indemnifying party
agrees to indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel as contemplated by the second and third sentences of
this paragraph, the indemnifying party agrees that it shall be liable for any settlement of
any proceeding effected without its written consent if (i) such settlement is entered into
more than 60 days after receipt by such indemnifying party of the aforesaid request and
(ii) such indemnifying party shall not have reimbursed the indemnified party in accordance
with such request prior to the date of such settlement. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified party,
unless such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding.

23

 

          (d) To the extent the indemnification provided for in Section 8(a) or 8(b) is
unavailable to an indemnified party or insufficient in respect of any losses, claims,
damages or liabilities referred to therein, then each indemnifying party under such
paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Issuers and the Guarantors on the one hand and the Initial
Purchasers on the other hand from the offering of the Securities or (ii) if the allocation
provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i)
above but also the relative fault of the Issuers and the Guarantors on the one hand and of
the Initial Purchasers on the other hand in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Issuers and the Guarantors
on the one hand and the Initial Purchasers on the other hand in connection with the
offering of the Securities shall be deemed to be in the same respective proportions as the
net proceeds from the offering of the Securities (before deducting expenses) received by
the Issuers and the Guarantors and the total discounts and commissions received by the
Initial Purchasers bear to the aggregate offering price of the Securities. The relative
fault of the Issuers and the Guarantors on the one hand and of the Initial Purchasers on
the other hand shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by any Issuer or Guarantor or by the
Initial Purchasers and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Initial Purchasers’
respective obligations to contribute pursuant to this Section 8 are several in proportion
to the respective principal amount of Securities they have purchased hereunder, and not
joint.

          (e) The Issuers, the Guarantors and the Initial Purchasers agree that it would not be
just or equitable if contribution pursuant to this Section 8 were determined by pro rata
allocation (even if the Initial Purchasers were treated as one entity for such purpose) or
by any other method of allocation that does not take account of the equitable
considerations referred to in Section 8(d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred to in Section
8(d) shall be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 8, no Initial Purchaser shall be required to contribute any amount in excess of the
amount by which the total price at which the Securities resold by it in the initial
placement of such Securities were offered to investors exceeds the amount of any damages
that such Initial Purchaser has otherwise been required to pay by reason

24

 

of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The remedies provided for in this Section 8 are not
exclusive and shall not limit any rights or remedies which may otherwise be available to
any indemnified party at law or in equity.

          (f) The indemnity and contribution provisions contained in this Section 8 and the
representations, warranties and other statements of the Issuers and the Guarantors
contained in this Agreement shall remain operative and in full force and effect regardless
of (a) any termination of this Agreement, (b) any investigation made by or on behalf of any
Initial Purchaser, any person controlling any Initial Purchaser or any Affiliate of any
Initial Purchaser or by or on behalf of any Issuer, any Guarantor, their respective
officers or directors or any person controlling any Issuer or Guarantor and (c) acceptance
of and payment for any of the Securities.

     9. Termination. The Initial Purchasers may terminate this Agreement by notice given
by you to the Issuers, if after the execution and delivery of this Agreement and prior to
the Closing Date (a) trading generally shall have been suspended or materially limited
on, or by, as the case may be, any of the New York Stock Exchange, the American Stock
Exchange, the NASDAQ Global Market, the Chicago Board of Options Exchange, the Chicago
Mercantile Exchange or the Chicago Board of Trade, (b) trading of any securities of the
Company shall have been suspended on any exchange or in any over-the-counter market, (c)
a material disruption in securities settlement, payment or clearance services in the
United States shall have occurred, (d) any moratorium on commercial banking activities
shall have been declared by Federal or New York State authorities or (e) there shall have
occurred any outbreak or escalation of hostilities, or any change in financial markets or
any calamity or crisis that, in your judgment, is material and adverse and which, singly
or together with any other event specified in this clause (d), makes it, in your
judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the
Securities on the terms and in the manner contemplated in the Time of Sale Memorandum or
the Final Memorandum.

     10. Effectiveness; Defaulting Initial Purchasers. This Agreement shall become
effective upon the execution and delivery hereof by the parties hereto.

     If, on the Closing Date, any one or more of the Initial Purchasers shall fail or
refuse to purchase Securities that it or they have agreed to purchase hereunder on such
date, and the aggregate principal amount of Securities which such defaulting Initial
Purchaser or Initial Purchasers agreed but failed or refused to purchase is not more than
one-tenth of the aggregate principal amount of Securities to be purchased on such date,
the other Initial Purchasers shall be

25

 

obligated severally in the proportions that the principal amount of Securities set forth
opposite their respective names in Schedule I bears to the aggregate principal amount of
Securities set forth opposite the names of all such non-defaulting Initial Purchasers, or
in such other proportions as you may specify, to purchase the Securities which such
defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase
on such date; provided that in no event shall the principal amount of Securities that any
Initial Purchaser has agreed to purchase pursuant to this Agreement be increased pursuant
to this Section 10 by an amount in excess of one-ninth of such principal amount of
Securities without the written consent of such Initial Purchaser. If, on the Closing Date
any Initial Purchaser or Initial Purchasers shall fail or refuse to purchase Securities
which it or they have agreed to purchase hereunder on such date and the aggregate principal
amount of Securities with respect to which such default occurs is more than one-tenth of
the aggregate principal amount of Securities to be purchased on such date, and arrangements
satisfactory to you and the Issuers for the purchase of such Securities are not made within
36 hours after such default, this Agreement shall terminate without liability on the part
of any non-defaulting Initial Purchaser or of any Issuer or Guarantor. In any such case
either you or the Issuers shall have the right to postpone the Closing Date, but in no
event for longer than seven days, in order that the required changes, if any, in the Time
of Sale Memorandum, the Final Memorandum or in any other documents or arrangements may be
effected. Any action taken under this paragraph shall not relieve any defaulting Initial
Purchaser from liability in respect of any default of such Initial Purchaser under this
Agreement.

     If this Agreement shall be terminated by the Initial Purchasers, or any of them,
because of any failure or refusal on the part of any Issuer or Guarantor to comply with
the terms or to fulfill any of the conditions of this Agreement, or if for any reason
any Issuer or Guarantor shall be unable to perform its obligations under this Agreement,
the Issuers and the Guarantors will reimburse the Initial Purchasers or such Initial
Purchasers as have so terminated this Agreement with respect to themselves, severally,
for all documented out-of-pocket expenses (including the fees and disbursements of their
counsel) reasonably incurred by such Initial Purchasers in connection with this
Agreement or the offering contemplated hereunder.

     11. Entire Agreement. (a) This Agreement, together with any contemporaneous
written agreements and any prior written agreements (to the extent not superseded by
this Agreement) that relate to the offering of the Securities, represents the entire
agreement between the Issuers, the Guarantors and the Initial Purchasers with respect
to the preparation of the Preliminary Memorandum, the Time of Sale Memorandum, the
Final Memorandum, the conduct of the offering, and the purchase and sale of the
Securities.

26

 

     (b) The Issuers and the Guarantors acknowledge that in connection with the offering
of the Securities: (i) the Initial Purchasers have acted at arms length, are not agents
of, and owe no fiduciary duties to, the Issuers, the Guarantors or any other person, (ii)
the Initial Purchasers owe the Issuers and the Guarantors only those duties and
obligations set forth in this Agreement and prior written agreements (to the extent not
superseded by this Agreement) if any, and (iii) the Initial Purchasers may have interests
that differ from those of the Issuers and the Guarantors. The Issuers and the Guarantors
waive to the full extent permitted by applicable law any claims they may have against the
Initial Purchasers arising from an alleged breach of fiduciary duty in connection with the
offering of the Securities.

     12. Counterparts. This Agreement may be signed in two or more counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument.

     13. Applicable Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York.

     14. Consent to Jurisdiction. Any legal suit, action or proceeding arising out of or
based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States of
America located in the City and County of New York or the courts of the State of New York
in each case located in the City and County of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for
suits, actions, or proceedings instituted in regard to the enforcement of a judgment of any
Specified Court in a Related Proceeding a “Related Judgment”, as to which such jurisdiction
is non-exclusive) of the Specified Courts in any Related Proceeding. Service of any
process, summons, notice or document by mail to such party’s address set forth above shall
be effective service of process for any Related Proceeding brought in any Specified Court.
The parties irrevocably and unconditionally waive any objection to the laying of venue of
any Specified Proceeding in the Specified Courts and irrevocably and unconditionally waive
and agree not to plead or claim in any Specified Court that any Related Proceeding brought
in any Specified Court has been brought in an inconvenient forum.

     15. Waiver of Immunity. With respect to any Related Proceeding, each party
irrevocably waives, to the fullest extent permitted by applicable law, all immunity
(whether on the basis of sovereignty or otherwise) from jurisdiction, service of process,
attachment (both before and after judgment) and execution to which it might otherwise be
entitled in the Specified Courts, and with respect to any Related Judgment, each party
waives any such immunity in the Specified Courts or any other court of competent
jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or
in respect of any such Related

27

 

Proceeding or Related Judgment, including, without limitation, any immunity pursuant
to the United States Foreign Sovereign Immunities Act of 1976, as amended.

     16. Headings. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.

     17. Notices. All communications hereunder shall be in writing and effective only
upon receipt and if to the Initial Purchasers shall be delivered, mailed or sent to you
in care of Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036,
Attention: High Yield Syndicate Desk, with a copy to the Legal Department; and if to the
Company shall be delivered, mailed or sent to 11025 RCA Center Drave, Suite 300, Palm
Beach Gardens, FL 33410.

[Signature Pages to Follow]

28

 

	 	 	 	 	 
	 	Very truly yours,

AURORA DIAGNOSTICS HOLDINGS, LLC

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AURORA DIAGNOSTICS FINANCING, INC.

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AURORA DIAGNOSTlCS, LLC

AURORA GREENSBORO, LLC 

AURORA LMC, LLC

AURORA MASSACHUSETTS, LLC 

AURORA MICHIGAN, LLC

AURORA NEW HAMPSHIRE, LLC 

BERNHARDT LABORATORIES, INC.

BIOPSY DIAGNOSTICS, LLC

C R COLLECTIONS, LLC

COVENANT HEALTHCARE LAB, LLC

CUNNINGHAM PATHOLOGY, L.L.C. 

GREENSBORO PATHOLOGY, LLC

HARDMAN PATHOLOGY ADX, LLC

LABORATORY OF DERMATOPATHOLOGY

ADX, LLC 

MARK & KAMBOUR, LLC

MARK & KAMBOUR HOLDINGS, INC.

PATHOLOGY SOLUTIONS, LLC, SEACOAST

PATHOLOGY, INC.

TWIN CITIES DERMATOPATHOLOGY, LLC.

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Purchase Agreement — Signature Page

 

Accepted as of the date hereof

Morgan Stanley & Co. Incorporated

Barclays Capital Inc.

UBS Securities LLC

Acting severally on behalf of themselves and the

          several Initial Purchasers named in

           Schedule I hereto.

	 	 	 	 	 
	 	By: Morgan Stanley & Co. Incorporated

 	 
	 	By:  	/s/
Brian Carr
 	 
	 	 	Name:  	Brian Carr 	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to Purchase Agreement

 

	 	 	 	 	 
	 	By: Barclays Capital Inc.

 	 
	 	By:  	/s/ John Skrobe
 	 
	 	 	Name:  	John Skrobe 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to Purchase Agreement

 

	 	 	 	 	 
	 	By: USB Securities LLC

 	 
	 	By:  	/s/
David Barth
 	 
	 	 	Name:  	David Barth	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Michael Lawton
 	 
	 	 	Name:  	Michael Lawton 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Purchase Agreement

 

SCHEDULE I

	 	 	 	 	 
	 	 	Principal Amount of	 
	 	 	Securities to be	 
	Initial Purchaser	 	Purchased	 
	Morgan Stanley & Co. Incorporated
	 	$	70,000,000	 
	Barclays Capital Inc.
	 	 	50,000,000	 
	UBS Securities LLC
	 	 	50,000,000	 
	RBC Capital Markets Corporation
	 	 	15,000,000	 
	BMO Capital Markets Corp.
	 	 	15,000,000	 
	 
	 	 	 
	Total:
	 	$	200,000,000	 
	 
	 	 	 

I-1

 

SCHEDULE II

GUARANTORS

Aurora Diagnostics, LLC

Aurora Greensboro, LLC

Aurora LMC, LLC

Aurora Massachusetts, LLC

Aurora Michigan, LLC

Aurora New Hampshire, LLC

Bernhardt Laboratories, Inc.

Biopsy Diagnostics, LLC

C R Collections, LLC

Covenant Healthcare Lab, LLC

Cunningham Pathology, L.L.C.

Greensboro Pathology, LLC

Hardman Pathology ADX, LLC

Laboratory of Dermatopathology ADX, LLC

Mark & Kambour, LLC

Mark & Kambour Holdings, Inc.

Pathology Solutions, LLC, Seacoast Pathology, Inc.

Twin Cities Dermatopathology, LLC.

II-1

 

SCHEDULE III

Time of Sale Memorandum

	 	1.	 	Preliminary Memorandum dated December 6, 2010
	 
	 	2.	 	Pricing Supplement dated December 14, 2010 as set forth in
Schedule IV

III-1

 

SCHEDULE IV

IV-1

 

PRICING SUPPLEMENT

Issued December 14, 2010

AURORA DIAGNOSTICS HOLDINGS, LLC

AURORA DIAGNOSTICS FINANCING, INC.

$200,000,000 10.750% SENIOR NOTES DUE 2018

_________________________

Pricing Supplement dated December 14, 2010 to preliminary offering memorandum dated December 6,
2010 of Aurora Diagnostics Holdings, LLC and Aurora Diagnostics Financing, Inc. (the
“Preliminary Offering Memorandum”).

This Pricing Supplement is qualified in its entirety by reference to the Preliminary Offering
Memorandum. The information in this Pricing Supplement supplements the Preliminary Offering
Memorandum and supersedes the information in the Preliminary Offering Memorandum to the
extent inconsistent with the information in the Preliminary Offering Memorandum.

Unless otherwise indicated, terms used but not defined herein have the meanings assigned to
such terms in the Preliminary Offering Memorandum.

	 	 	 	 	 

	Issuers:	 	Aurora Diagnostics Holdings, LLC and Aurora Diagnostics Financing, Inc. (collectively
the “Issuers”)
	 
	 	 	 	 
	Notes Offered:	 	10.750% Senior Notes due 2018 (the “Notes”)
	 
	 	 	 	 
	Maturity Date:	 	January 15, 2018 
	 
	 	 	 	 
	Interest:	 	10.750% 
	 
	 	 	 	 
	Issue Price:	 	100% 
	 
	 	 	 	 
	Principal Amount:	 	$200,000,000 
	 
	 	 	 	 
	Interest Payment Dates:	 	January 15 and July 15 
	 
	 	 	 	 
	First Interest Payment Date:	 	July 15, 2011 
	 
	 	 	 	 
	Make-Whole Redemption:	 	Before January 15, 2015 at 100% plus the Applicable Premium and accrued and unpaid
interest, if any, to, but excluding, the redemption date.

IV-2

 

	 	 	 	 	 

	Optional Redemption:	 	On and after January 15, 2015, the Issuers may redeem the Notes in whole or in
part, at the applicable redemption prices set forth below plus accrued and unpaid interest, if
any, to, but excluding, the redemption date:

	 	 	 	 	 
	Year	 	Redemption Price	 
	2015
	 	 	105.375	%
	2016
	 	 	102.688	%
	2017 and thereafter
	 	 	100.000	%

	 	 	 	 	 

	Equity Clawback:	 	At any time prior to January 15, 2014, at a redemption price equal to 110.750% of
the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the
redemption date; provided, however, that:
	 
	 	 	 	 
	 

	 	 	 	(1) at least 65% of such aggregate principal amount of notes (which includes Additional Notes and
exchange notes, if any) remains outstanding immediately after the occurrence of each such
redemption (other than the notes held, directly or indirectly, by the Issuers or Affiliates of the
Issuers);
	 
	 	 	 	 
	 

	 	 	 	(2) each such redemption occurs within 90 days after the date of the related Equity Offering; and
	 
	 	 	 	 
	 

	 	 	 	(3) that no such redemption occurs in the 90 days preceding or following a Change of Control.
	 
	 	 	 	 
	Use of Proceeds:	 	We estimate that the net proceeds that we will receive from this offering will be
approximately $194 million after payment of accrued interest and transaction
expenses. We intend to use approximately $129 million of the net proceeds that
we expect to receive from this offering to repay borrowings under our senior
secured revolving credit facility and senior secured term loan credit facility.
In addition, we intend to use approximately $30 million of the net proceeds that
we expect to receive from this offering to consummate a pending acquisition, and
approximately $35 million of the remaining of such net proceeds for general
corporate purposes, including working capital, or to further acquire or invest
in companies that we believe will complement our business. There is no assurance
that the pending acquisition will be consummated upon the closing of this
offering or at any time in the future.
	 
	 	 	 	 
	Capitalization and As
Adjusted Interest Expense:	 	As of September 30, 2010, on an as adjusted basis after giving effect to this
offering and the application of net proceeds therefrom, the Company and its
subsidiaries would have had a total of $344.4 million of indebtedness
outstanding. This would have included $114.8 million of secured indebtedness,
$114.4 million of which was borrowed under our amended senior secured credit
facility. Subject to certain conditions, an additional $110.0 million in total
would have been available for borrowing under our amended senior secured credit
facility (all of which would be secured if borrowed). In addition, on a pro
forma as adjusted basis after giving effect to this offering and the application
of the net proceeds from this offering, the Company and its subsidiaries would
have had interest expense of $30.0 million for the twelve months ended September
30, 2010.

IV-3

 

	 	 	 	 	 

	Covenant Changes relating
to the Senior Notes due
2018 to be issued:	 	The following paragraphs will amend and supplement the terms of the Notes to be issued by the Issuers, as described in “Description of the Notes” in the Preliminary Offering Memorandum. Changes to the terms of the Notes from the Preliminary Offering Memorandum are shown in blacklining on a comparative basis to reflect the final terms of the Notes:
	 
	 	 	 	 
	 	 	A.    Maturity and Offering Amount

	 
	 	 	 	 
	 

	 	 	 	1.   All references in the Preliminary Offering Memorandum to the maturity date of the Notes are revised from 2017 to 2018.

	 
	 	 	 	 
	 

	 	 	 	2.   All references in the Preliminary Offering Memorandum to the aggregate
principal amount of Notes to be offered by the Issuers
are revised from $230,000,000 aggregate principal amount
to $200,000,000 aggregate principal amount.

	 
	 	 	 	 
	 	 	B.    Optional Redemption

	 
	 	 	 	 
	 

	 	 	 	The section of the Preliminary Offering Memorandum described
under the caption “Description of the Notes—Optional
Redemption” is amended as follows:
	 
	 	 	 	 
	 

	 	 	 	Optional Redemption
	 
	 	 	 	 
	 

	 	 	 	Except as set forth below, the Issuers will not be entitled
to redeem the notes at their option prior to January 15,
2015.
	 
	 	 	 	 
	 

	 	 	 	On and after January 15, 2015, the Issuers will be
entitled at their option to redeem all or a portion of the
notes upon not less than 30 nor more than 60 days’ notice, at
the redemption prices (expressed in percentages of principal
amount on the redemption date), plus accrued and unpaid
interest to the redemption date (subject to the right of
Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), if
redeemed during the 12 month period commencing on January 15
of the years set forth below:

	 	 	 	 	 	 	 

	 	 	 	 	
Redemption

	 	 	Period	 	Price
	 	 	 	 	 
	 	 	2015 	 	 	105.375% 	 
	 	 	2016 	 	 	102.688% 	 
	 	 	2017 and thereafter	 	 	              100.000% 	 

	 	 	 	 	 

	 

	 	 	 	Unless the Issuers default in payment of the redemption price,
interest will cease to accrue on the notes or portions thereof
called for redemption on the applicable redemption date.
	 
	 	 	 	 
	 

	 	 	 	In addition, any time prior to January 15, 2014, the Issuers
will be entitled at their option on one or more occasions to redeem
the notes (which includes Additional Notes, if any) in an aggregate
principal amount not to exceed 35% of the aggregate principal amount
of the notes (which includes Additional Notes, if any) originally
issued at a redemption price (expressed as a percentage of principal
amount) of %,

IV-4

 

	 	 	 	 	 

	 

	 	 	 	plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date), with
the Net Cash Proceeds from one or more Equity Offerings; provided, however, that:
	 
	 	 	 	 
	 

	 	 	 	(1)   at least 65% of such aggregate principal amount of notes (which includes Additional Notes and
exchange notes, if any) remains outstanding immediately after the occurrence of each such
redemption (other than the notes held, directly or indirectly, by the Issuers or Affiliates of the
Issuers); and

	 
	 	 	 	 
	 

	 	 	 	(2)   each such redemption occurs within 90 days after the date of the related Equity Offering; and

	 
	 	 	 	 
	 

	 	 	 	(3)   that no such redemption occurs in the 90 days preceding or following a Change of Control.

	 
	 	 	 	 
	 

	 	 	 	Prior to January 15, 2015, we will be entitled at our option to redeem all, but not less than
all, of the notes at a redemption price equal to 100% of the principal amount of the notes plus the
Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the
right of Holders on the relevant record date to receive interest due on the relevant interest
payment date). Notice of such redemption must be mailed by first class mail to each Holder’s
registered address, not less than 30 nor more than 60 days prior to the redemption date.
	 
	 	 	 	 
	 

	 	 	 	“Applicable Premium” means with respect to a note at any redemption
date, the greater of (i) 1.00% of the principal amount of such note
and (ii) the excess of (A) the present value at such redemption
date of (1) the redemption price of such note on January 15, 2015
(such redemption price being described in the table above in this
“—Optional Redemption” section exclusive of any accrued interest)
plus (2) all required remaining scheduled interest payments due on
such note through January 15, 2015 (but excluding accrued and
unpaid interest to the redemption date), computed by the Company
using a discount rate equal to the Adjusted Treasury Rate, over (B)
the principal amount of such note on such redemption date.
	 
	 	 	 	 
	 

	 	 	 	“Adjusted Treasury Rate” means, with respect to any redemption
date, (i) the yield, under the heading which represents the average
for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable
Treasury Issue (if no maturity is within three months before or
after January 15, 2015, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue shall
be determined and the Adjusted Treasury Rate shall be interpolated
or extrapolated from such yields on a straight line basis, rounding
to the nearest month), or (ii) if such release (or any successor
release) is not published during the week preceding the calculation
date or does not

IV-5

 

	 	 	 	 	 

	 

	 	 	 	contain such yields, the rate per year equal to the semi annual
equivalent yield to maturity of the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date, in each case
calculated on the third Business Day immediately preceding the
redemption date, plus 0.50%.
	 
	 	 	 	 
	 

	 	 	 	“Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the notes from the redemption
date to January 15, 2015, that would be utilized, at
the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of a
maturity most nearly equal to January 15, 2015.
	 
	 	 	 	 
	 

	 	 	 	“Comparable Treasury Price” means, with respect to any redemption
date, if clause (ii) of the Adjusted Treasury Rate is applicable,
the average of three, or such lesser number as is obtained by the
Company, Reference Treasury Dealer Quotations for such redemption
date.
	 
	 	 	 	 
	 

	 	 	 	“Quotation Agent” means the Reference Treasury Dealer selected by
the Company.
	 
	 	 	 	 
	 

	 	 	 	“Reference Treasury Dealer” means Morgan Stanley & Co. Incorporated
and its successors and assigns and two other nationally recognized
investment banking firms selected by the Company that are primary
U.S. Government securities dealers.
	 
	 	 	 	 
	 

	 	 	 	“Reference Treasury Dealer Quotations” means with respect to each
Reference Treasury Dealer and any redemption date, the average, as
determined by the Company, of the bid and asked prices for the
Comparable Treasury Issue, expressed in each case as a percentage
of its principal amount, quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the
third Business Day immediately preceding such redemption date.
	 
	 	 	 	 
	 	 	C.    Certain Covenants—Limitation on Indebtedness

	 
	 	 	 	 
	 

	 	 	 	1.   Paragraph (a) of this covenant is amended as follows:

	 
	 	 	 	 
	 

	 	 	 	(a)   The Company will not, and will not permit any Restricted
Subsidiary to, Incur, directly or indirectly, any
Indebtedness; provided, however, that the Company and the
Restricted Subsidiaries will be entitled to Incur
Indebtedness if the Consolidated Coverage Ratio for the
Company’s most recent four consecutive fiscal quarters
ending at least 45 days prior to the date on which such
additional Indebtedness is Incurred would have been at least
2.2 to 1.0 (including a pro forma application of the Net
Cash Proceeds therefrom including to Refinance other
indebtedness), as if the additional Indebtedness had been
Incurred at the beginning of such four quarter period (any
such Indebtedness Incurred pursuant to this paragraph (a)
being herein referred to as “Coverage
Indebtedness”).

IV-6

 

	 	 	 	 	 

	 

	 	 	 	2.   Paragraph (b)(19) of this covenant is amended as follows:

	 
	 	 	 	 
	 

	 	 	 	(19)   Indebtedness of the Company or any Restricted
Subsidiary in an aggregate principal amount which, when
taken together with all other Indebtedness of the Company
and the Restricted Subsidiaries outstanding on the date of
such Incurrence under this clause (19) does not exceed 5.0% of Total Assets

	 
	 	 	 	 
	 	 	D.    Certain Covenants—Limitation on Restricted Payments

	 
	 	 	 	 
	 

	 	 	 	1.    Paragraph (b)(4) of this covenant is amended as follows:

	 
	 	 	 	 
	 

	 	 	 	(4) the purchase, redemption or other acquisition of Equity
Interests of the Company, any Parent or any of its
Subsidiaries from employees, former employees, directors or
former directors of the Company, any Parent or any of its
Subsidiaries (or permitted transferees of such employees,
former employees, directors or former directors), upon
termination of employment or pursuant to the terms of the
agreements (including employment agreements) or plans (or
amendments thereto) approved by the Board of Managers of the
Company under which such individuals purchase or sell or are
granted the option to purchase or sell, such Equity
Interests; provided, however, that the aggregate amount of
such Restricted Payments (excluding amounts representing
cancellation of Indebtedness) shall not exceed $10.0 million in the
aggregate;

	 
	 	 	 	 
	 

	 	 	 	2.     Paragraph (b)(14) of this covenant is amended as follows:

	 
	 	 	 	 
	 

	 	 	 	(14)    other Restricted Payments not to exceed
$15.0 million.

	 
	 	 	 	 
	 	 	E.    Certain Definitions—Credit Facilities

	 
	 	 	 	 
	 

	 	 	 	The definition of “Credit Facilities” is amended as follows:
	 
	 	 	 	 
	 

	 	 	 	“Credit Facilities” means one or more debt facilities or agreements
(including the Credit Agreement), commercial paper facilities,
securities purchase agreements, indentures or similar agreements, in
each case, with banks or other institutional lenders or investors
providing for, or acting as initial purchasers of, revolving loans,
term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables), letters of
credit or the issuance and sale of securities including any related
notes, guarantees, collateral documents, instruments

IV-7

 

	 	 	 	 	 

	 

	 	 	 	and agreements executed in connection therewith, and, in each case,
as amended, restated, replaced (whether upon or after termination or
otherwise), Refinanced, supplemented, modified or otherwise changed
(in whole or in part, and without limitation as to amount, terms,
conditions, covenants and other provisions) from time to time.or any other Indebtedness.
	 
	 	 	 	 
	 	 	F.    Certain Definitions—Permitted Investment

	 
	 	 	 	 
	 

	 	 	 	Clause (23) of the definition of “Permitted Investment” is
amended as follows:
	 
	 	 	 	 
	 

	 	 	 	(23) additional Investments, when taken together with all other
Investments made pursuant to this clause (23) and outstanding on
the date such Investment is made, do not exceed the greater of
(i) $25.0 million and (ii) 5.0% of Total Assets.

	 
	 	 	 	 
	 	 	G.    Certain Definitions—Permitted Liens

	 
	 	 	 	 
	 

	 	 	 	Clause (27) of the definition of “Permitted Liens” is amended as follows:
	 
	 	 	 	 
	 

	 	 	 	(27) other Liens securing Indebtedness; provided, however, that,
at the time of incurrence after giving pro forma effect thereto,
the Consolidated Secured Leverage Ratio would be no greater than
3.0 to 1.0, provided that, solely for purposes of
calculating the Consolidated Secured Leverage Ratio pursuant to
this clause (27), the amount of Credit Facility Indebtedness
that has been Incurred pursuant to clause (b)(1) of the covenant
described under “—Certain Covenants—Limitation on
Indebtedness” and secured under clause (7) of this definition
shall be deemed to equal the sum of (x) $155.0 million and (y)
the amount of any Indebtedness outstanding under any revolving
Credit Facility of the Company or its Restricted Subsidiaries
and secured under clause (7) of this definition.

	 	 	 

	Distribution:

	 	144A/Regulation S
	 
	 	 
	Joint Book-Running 

Managers:

	 	Morgan Stanley & Co. Incorporated

Barclays Capital Inc.

UBS Securities LLC

	 
	 	 
	Co-managers:

	 	RBC Capital Markets, LLC

BMO Capital Markets Corp.
	 
	 	 
	Trade Date:

	 	December 14, 2010

IV-8

 

	 	 	 	 
	 	 	 	 
	Settlement Date:

	 	December 20, 2010 (T+4), which is the 4th business day following the
date of pricing of the Notes.
	 
	 	 	 
	 

	 	Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades
in the secondary market are required to settle in three business
days, unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade Notes prior to the delivery
of the Notes hereunder will be required, by virtue of the fact that
the Notes initially settle in T+4, to specify an alternate settlement
arrangement at the time of any such trade to prevent a failed
settlement.
	 
	 	 	 
	 

	 	Purchasers of the Notes who wish to trade the Notes prior to their
date of delivery hereunder should consult their advisors.
	 
	 	 	 
	CUSIP:

	 	144A:
Regulation S:

	051620 AA0
 U05080 AA1
	 
	 	 	 
	ISIN:

	 	144A:

 Regulation S:

	US051620AA01
USU05080AA11

This communication is for informational purposes only and does not constitute an offer to
sell, or a solicitation of an offer to buy any security. No offer to buy securities
described herein can be accepted, and no part of the purchase price thereof can be
received, unless the person making such investment decision has received and reviewed the
information contained in the relevant prospectus or offering memorandum in making their
investment decisions. This communication is not intended to be a confirmation as required
under Rule 10b-10 of the Securities Exchange Act of 1934, as amended. A formal confirmation
will be delivered to you separately. This notice shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful. The Notes will be
offered and sold to qualified institutional buyers in the United States in reliance on Rule
144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons in
offshore transactions in reliance on Regulation S under the Securities Act. The Notes have
not been registered under the Securities Act or any state securities laws, and may not be
offered or sold in the United States or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from the registration requirement.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS
COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE
AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR
ANOTHER EMAIL SYSTEM.

IV-9

 

EXHIBIT A-1

OPINION OF COUNSEL FOR THE COMPANY

     The opinion of the counsel for the Company, to be delivered pursuant to Section 5(c) of the
Purchase Agreement shall be to the effect that:

     A. [Each] Issuer has been duly organized [or incorporated], is validly existing as a limited
liability company [or corporation], in good standing under the laws of the State of Delaware and
has the limited liability company [or corporate] power and authority to own its property and to
conduct its business as described in the Time of Sale Memorandum.

     B. Each Guarantor set forth on the attached Schedule A-11 (each “Opinion
Guarantor”) has been duly organized, is validly existing as a limited liability company [or
corporation], in good standing (or such similar status as may be applicable) under the laws
of the jurisdiction of its organization [or incorporation] and has the limited liability
company [or corporate] power and authority to own its property and to conduct its business
as described in the Time of Sale Memorandum; all of the issued and outstanding membership
interests [or shares of capital stock] of each such Opinion Guarantor have been duly
authorized and issued and, except as described in the Time of Sale Memorandum, are owned
directly or indirectly by the Company.

     C. This Agreement has been duly authorized, executed and delivered by each Issuer
and each of the Opinion Guarantors.

     D. The Notes have been duly authorized by each Issuer and, when executed by each
Issuer and authenticated in accordance with the provisions of the Indenture and delivered
to and paid for by the Initial Purchasers in accordance with the terms of this Agreement,
will be valid and binding obligations of each Issuer, enforceable in accordance with their
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally and equitable principles of general applicability, and will be entitled
to the benefits of the Indenture and the Registration Rights Agreement pursuant to which
such Securities are to be issued.

     E. The Guarantees have been duly authorized by each Opinion Guarantor and, when the
Indenture has been executed and delivered by the parties thereto on the Closing Date and
the Guarantees have been delivered to and paid

 

			
	1	 	Aurora Diagnostics, LLC (DE), Cunningham Pathology, L.L.C. (DE), Aurora
Massachusetts, LLC (DE), Greensboro Pathology, LLC (NC), Aurora Greensboro LLC (NC),
Laboratory of Dermatopathology ADX, LLC (NY) and Hardman Pathology ADX, LLC (GA)

A-1

 

for by the Initial Purchasers in accordance with the terms of this Agreement, will
be valid and binding obligations of such Opinion Guarantor, enforceable in accordance
with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and equitable principles of general applicability.

     F. Each of the Indenture and the Registration Rights Agreement has been duly
authorized, executed and delivered by, and is a valid and binding agreement of, the
Issuers and the Opinion Guarantors, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and equitable principles of general applicability and except as rights to indemnification
and contribution under the Registration Rights Agreement may be limited under applicable
law.

     G. The execution and delivery by each Issuer and each Opinion Guarantor of, and the
performance by each Issuer and each Opinion Guarantor of its respective obligations, if
any, under, this Agreement, the Indenture, the Registration Rights Agreement and the
Securities will not contravene (i) any provision of applicable law, (ii) the certificate of
formation or operating agreement [or the certificate of incorporation or by-laws] (or other
organizational documents) of [any] Issuer or any Opinion Guarantor, (iii) to the best of
such counsel’s knowledge, any agreement or other instrument binding upon [any] Issuer or
any Opinion Guarantor that is material to the [any] Issuer or any Opinion Guarantor, taken
as a whole (ii) any judgment, order or decree of any governmental body, agency or court
having jurisdiction over any Issuer or any such Opinion Guarantor.

     H. No consent, approval, authorization or order of, or qualification with, any
governmental body or agency is required for the performance by any Issuer or any Opinion
Guarantor of its respective obligations, if any, under this Agreement, the Indenture, the
Registration Rights Agreement or the Securities, as the case may be, except such as may be
required by the securities or Blue Sky laws of the various states in connection with the
offer and sale of the Securities and by Federal and state securities laws with respect to
each Issuer’s or Opinion Guarantor’s obligations under the Registration Rights Agreement
(in respect of which matters no opinion is expressed).

     I. No Issuer nor any Opinion Guarantor is, and after giving effect to the offering and sale of
the Notes and the application of the proceeds thereof as described in the Final Memorandum will not
be, required to register as an “investment company” as such term is defined in the Investment
Company Act of 1940, as amended;

     J. The statements relating to legal matters, documents or
proceedings included in the Time of Sale Memorandum and the Final Memorandum under the

A-1-2

 

captions “Description of Securities”, “— Billing and Reimbursement,” “—Government Regulation” and
“— State Requirements.”

     K. Nothing has come to such counsel’s attention that causes such counsel to believe that (A)
the Time of Sale Memorandum (except for the financial statements and financial schedules and other
financial and statistical information, as to which it need not express any belief) as of the date
of the Purchase Agreement or as amended or supplemented, if applicable, as of the date such opinion
is delivered contained or contains any untrue statement of a material fact or omitted or omits to
state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (B) the Final Memorandum (except for
the financial statements and financial schedules and other financial and statistical information,
as to which it need not express any belief) as of its date contained, or as of the date such
opinion is delivered contains, any untrue statement of a material fact or omitted or omits to state
a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

     With respect to the matters referred to in the paragraph above, such counsel may
state that its opinions and beliefs are based upon his or her participation in the
preparation of the Time of Sale Memorandum and the Final Memorandum (and any amendments
or supplements thereto) and review and discussion of the contents thereof and review of
the documents incorporated by reference therein, but are without independent check or
verification except as specified.

     L. Based upon the representations, warranties and agreements of the Issuers in
Sections 1(j), 1(q), 1(s), 6(h), 6(i), 6(j), 6(k) and 6(l) of the Purchase Agreement and of
the Initial Purchasers in Section 7 of the Purchase Agreement, it is not necessary in
connection with the offer, sale and delivery of the Securities to the Initial Purchasers
under the Purchase Agreement or in connection with the initial resale of such Securities by
the Initial Purchasers in accordance with Section 7 of the Purchase Agreement to register
the Securities under the Securities Act of 1933 or to qualify the Indenture under the Trust
Indenture Act of 1939, it being understood that no opinion is expressed as to any
subsequent resale of any Security.

A-1-3

 

EXHIBIT A-2

OPINION OF LOCAL COUNSEL FOR THE COMPANY

     The opinion of local counsel for the Guarantor set forth on the attached Schedule
A-22 (“Opinion Guarantor”), to be delivered pursuant to Section 5(c) of the Purchase
Agreement shall be to the effect that:

     A. [Each] Opinion Guarantor has been duly organized, is validly existing as a limited
liability company [or corporation], in good standing (or such similar status as may be applicable)
under the laws of the jurisdiction of its organization [or incorporation] and has the limited
liability company [or corporate] power and authority to own its property and to conduct its
business as described in the Time of Sale Memorandum; all of the issued and outstanding membership
interests [or shares of capital stock] of [each such] Opinion Guarantor have been duly authorized
and issued and, except as described in the Time of Sale Memorandum, are owned directly or
indirectly by the Company.

     B. This Agreement has been duly authorized, executed and delivered by [each of] the
Opinion Guarantor[s].

     C. Each of the Indenture, the Guarantees and the Registration Rights Agreement has
been duly authorized, executed and delivered by, and is a valid and binding agreement
of, [each] Opinion Guarantor, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and equitable principles of general applicability and except as rights to
indemnification and contribution under the Registration Rights Agreement may be limited
under applicable law.

     D. The execution and delivery by each Opinion Guarantor of, and the performance by
each Opinion Guarantor of its respective obligations, if any, under, this Agreement, the
Indenture, the Registration Rights Agreement and the Securities will not contravene (i)
any provision of applicable law, (ii) the certificate of formation or operating agreement
[or the certificate of incorporation or by-laws] (or other organizational documents) of
[any] Opinion Guarantor, (iii) to the best of such counsel’s knowledge, any agreement or
other instrument binding upon [any] Opinion Guarantor that is material to [any] Opinion
Guarantor, or (iv) any judgment, order or decree of any governmental body, agency or court
having jurisdiction over [any] Opinion Guarantor.

 

			
	2	 	Mark & Kambour, LLC (FL), Mark & Kambour Holdings, Inc. (FL), Bernhardt
Laboratories, Inc. (FL), Aurora Michigan, LLC (MI), Aurora LMC, LLC (NV), Path
Solutions, LLC (NJ), Twin Cities Dermapathology, LLC (MN) and Biopsy Diagnostics, LLC
(SC).

A-2-1

 

     No consent, approval, authorization or order of, or qualification with, any
governmental body or agency is required for the performance by [any] Opinion Guarantor of
its [respective] obligations, if any, under this Agreement, the Indenture, the
Registration Rights Agreement or the Guarantees, as the case may be, except such as may be
required by the securities or Blue Sky laws of the various states in connection with the
offer and sale of the Guarantees and by Federal and state securities laws with respect to
[such] Opinion Guarantor’s obligations under the Registration Rights Agreement (in respect
of which matters no opinion is expressed).

A-2-2

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