Document:

Exhibit 10.76

 

AMENDMENT NO. 2 TO THE SECOND
 AMENDED AND RESTATED SECURITYHOLDERS AGREEMENT

 

March [·], 2014

 

The Company (as defined below) desires to approve, as of the Effective Date (as defined below) this Amendment No. 2 (this “Amendment”) to that certain Amended and Restated Securityholders Agreement of 21st Century Oncology Investments, LLC (formerly known as Radiation Therapy Investments, LLC) (the “Company”), dated as of March 25, 2008 (as amended, modified or supplemented from time to time, the “Securityholders Agreement”).  All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Securityholders Agreement.

 

WHEREAS, Section 7.1 of the Securityholders Agreement provides that the Company, the Vestar Majority Holders and the Employee Majority Holders shall have the right to amend or modify the Securityholders Agreement as set forth herein.

 

NOW, THEREFORE, the Company agrees as follows:

 

1.                                      Amendments.

 

(a)                                 Section 2.1(a)(i) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“two managers designated by Vestar V, who shall initially be Daniel S. O’Connell and Anil Shrivastava;”

 

(b)                                 Section 2.1(a)(ii) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“one manager designed by Vestar V-A, who shall initially be James L. Elrod, Jr.;”

 

(c)                                  Section 2.1(a)(iii) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“one manager designated by Vestar/RTI, who shall initially be Erin L. Russell (the managers designated pursuant to Sections 2.1(a)(i) through (iii), collectively, the “Vestar Managers”);”

 

(d)                                 Section 2.1(a)(iv) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“(A) Dr. Daniel E. Dosoretz (“Dr. Dosoretz”) (whether or not he is a senior officer of RTS) and two managers (each such manager, including Dr. Dosoretz, a “Management Manager”) (initially to be James H. Rubenstein and Howard M. Sheridan[·]) designated by Dr. Dosoretz after 

 

 

consultation with Vestar V for so long as Dr. Dosoretz is the Chief Executive Officer of RTS and thereafter, determined by the affirmative vote of holders of a majority of Class A Units held by the Executive Holders (the “Majority Executives”); and (B) the Chief Executive Officer of RTS, Dr. Dosoretz and one manager designated by the affirmative vote of holders of a majority of Class A Units held by the Executive Holders (the “Majority Executives”) after consultation with Vestar V, at such time as Dr. Dosoretz is no longer the Chief Executive Officer of RTS (each such manager designated pursuant to this Section 2.1(a)(iv), a “Management Manager”); provided further, however, the number of Management Managers on the Board shall be reduced to two effective immediately upon the occurrence of any of the following: (x) the Executive Holders collectively hold, directly or indirectly, less than 10% of the outstanding Class A Units of the Company, (y) Dr. Dosoretz exercises his put option pursuant to Section 5.1 of the Dosoretz Unit Subscription Agreement, or (z) for four consecutive quarters, RTS’ EBITDA was at a level less than 90% of the projections provided by management to Vestar V in connection with the transactions contemplated by the Purchase Agreement; provided, further, that a Management Manager (other than Dr. Dosoretz) shall be a senior officer of the Company, except that an Executive Holder who is not an officer of the Company may be designated a Management Manager if such designation is reasonably acceptable to Vestar V; and”

 

(e)                                  Section 2.1(b) of the Securityholders Agreement is hereby deleted and replaced in its entirety as follows:

 

“For so long as the Company, Vestar and Vestar’s Affiliates continue to hold in the aggregate, capital stock of Holdings entitled to vote generally in the election of directors representing at least 25% of the total voting power of Holdings then outstanding, the Company shall nominate for election to the board of directors of Holdings each of the individuals then-entitled to be designated to the Company’s Board pursuant to Section 2.1 hereof and such other individuals as may be designated by Vestar (such other individuals, the “Vestar Designees”).  Each Person that is a party hereto (including the Company with respect to voting securities of Holdings) agrees to vote, or cause to be voted, all voting securities of the Company and Holdings over which such Person has the power to vote or direct the voting, and shall take all such other actions as shall be necessary or desirable to cause such designees to be elected.”

 

(f)                                   Section 2.1(c) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“If at any time Vestar V notifies the other parties to this Agreement of its desire to remove, with or without cause, any Vestar Manager, any Vestar Designee or any Independent Manager, all such parties (including the Company with respect to voting securities of Holdings) so notified will vote, or cause to be voted, all voting securities of the Company and the Subsidiaries of the Company Holdings over which they have the power to vote or direct the voting, and shall take all such other actions promptly as shall be necessary or desirable to cause the removal of such manager from the Board and, to the extent permitted by Holdings’ certificate of incorporation and bylaws, the board of directors of Holdings.”

 

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(g)                                  Section 2.1(d) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“If at any time Dr. Dosoretz (to the extent that at such time the Management Manager or Management Managers are designated by Dr. Dosoretz) or the Executive Holders (to the extent the Management Manager or Management Managers are designated by the Majority Executives) notify the other parties to this Agreement of his or their desire to remove, with or without cause, any Management Manager, all such parties (including the Company with respect to voting securities of Holdings) so notified will vote, or cause to be voted, all voting securities of the Company and the Subsidiaries of the Company Holdings over which they have the power to vote or direct the voting, and shall take all such other actions promptly as shall be necessary or desirable to cause the removal of such manager from the Board and to the extent permitted by Holdings’ certificate of incorporation and bylaws, the board of directors of Holdings.  Each Person that is a party hereto (including the Company with respect to voting securities of Holdings) agrees to vote, or cause to be voted, all voting securities of the Company and Holdings over which such Person has the power to vote or direct the voting, and shall take all such other actions as shall be necessary or desirable to cause the removal of each such manager from the Board and to the extent permitted by Holdings’ certificate of incorporation and bylaws, the board of directors of Holdings.”

 

(h)                                 Section 2.1(e) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“If at any time a Management Manager (other than Dr. Dosoretz) ceases to be that was employed by the Company, Holdings or any of its Subsidiaries at the time of such Management Manager’s election to the Board and/or board of directors of Holdings ceases to be employed by the Company, Holdings or its Subsidiaries, such Management Manager shall be deemed to have resigned from the Company and Holdings and, unless otherwise reasonably determined by Vestar V and Dr. Dosoretz or the Majority Executives (as applicable), such Management Manager will be promptly removed from the Board and, to the extent permitted by Holdings’ certificate of incorporation and bylaws, the board of directors of Holdings.”

 

(i)                                     Section 2.1(f) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“If at any time any Vestar Manager, Vestar Designee or any Independent Manager ceases to serve on the Board and the board of managers directors (or similar governing body) of the Company’s Subsidiaries Holdings (whether due to resignation, removal or otherwise), Vestar V shall be entitled to designate a successor manager (provided, that with respect to any successor to an Independent Manager, after consultation with Dr. Dosoretz) to fill the vacancy created thereby on the terms and subject to the conditions of paragraph (a) above. Each Person that is a party hereto (including the Company with respect to voting securities of Holdings) agrees to vote, or cause to be voted, all voting securities of the Company and Holdings and the aforementioned Subsidiaries over which such Person has the power to vote or direct the voting, 

 

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and shall take all such other actions as shall be necessary or desirable to cause the designated successor to be elected to fill each such vacancy.”

 

(j)                                    Section 2.1(g) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“If at any time any Management Manager (other than Dr. Dosoretz) ceases to serve on Board and the board of managers (or similar governing body) of the Company’s Subsidiaries Holdings and its Subsidiaries (whether due to resignation, removal or otherwise), the Chief Executive Officer of RTS or the Majority Executives, as applicable, shall be entitled to designate a successor manager to fill the vacancy created thereby on the terms and subject to the conditions of paragraph (a) above. Each Person that is a party hereto (including the Company with respect to voting securities of Holdings) agrees to vote, or cause to be voted, all voting securities of the Company and Holdings and the aforementioned Subsidiaries over which such Person has the power to vote or direct the voting, and shall take all such other actions as shall be necessary or desirable to cause the designated successor to be elected to fill such vacancy.”

 

(k)                                 Section 2.2(b) of the Securityholders Agreement is hereby amended and restated in its entirety as follows (additional text is double underlined and deleted is struck through):

 

“The provisions of this Article II shall terminate immediately prior to the consummation of an initial Public Offering or an initial Holdings Public Offering; provided that the provisions of this Article II shall remain in effect following an initial Public Offering or an initial Holdings Public Offering with respect to Securityholders who are otherwise (i.e., not due to the formation of a group pursuant to this Agreement) subject to the reporting requirements of Section 16(a) of the Exchange Act, each of Dr. Dosoretz, James H. Rubenstein, Howard M. Sheridan and Alejandro Dosoretz for so long as they remain subject thereto and (A) Vestar holds at least 20% of the fully-diluted voting equity securities of the Company, and (B) the Company, Vestar and Vestar’s Affiliates continue to hold in the aggregate, capital stock of Holdings entitled to vote generally in the election of directors representing at least 25% of the total voting power of Holdings then outstanding, in order to (i) vote in favor of the election of any designees of Vestar V to the Board or the board of directors (or similar governing bodies) of the Company’s Subsidiaries Holdings and any successors thereto and (ii) support any transaction that if consummated would constitute a Sale of the Company that is supported by Vestar V.”

 

(l)                                     The following definitions are hereby added to Section 9.1 of the Securityholders Agremeent in the appropriate alphabetical order:

 

“Holdings Common Stock” means common stock of Holdings or any other class or series of authorized capital stock of Holdings which is not limited to a fixed sum or percentage of par or stated value in respect to the rights of the holders thereof to participate in dividends or in the distribution of assets upon any liquidation, dissolution or winding up of Holdings.

 

“Holdings Public Offering” means a sale of Holdings Common Stock to the public in an offering pursuant to an effective registration statement filed with the SEC pursuant to the Securities Act; 

 

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provided that a Holdings Public Offering shall not include any issuance of equity securities in any merger or other business combination, and shall not include any registration of the issuance of securities to existing securityholders or employees of Holdings and its Subsidiaries on Form S-4 or Form S-8 (or any successor forms).

 

2.                                      Effectiveness. This Amendment shall become effective upon (the “Effective Date”) its approval by the Vestar Majority Holders and the Employee Majority Holders.  Upon the effectiveness of this Amendment, each reference in the Securityholders Agreement to “this Agreement”, “herein”, “hereof” and words of like import and each reference in the Securityholders Agreement shall mean the Securityholders Agreement as amended hereby.

 

3.                                      Confirmation of Securityholders Agreement.  Except as specifically set forth above, the Securityholders Agreement shall remain in full force and effect and is hereby ratified and confirmed.

 

4.                                      Governing Law.  THIS AMENDMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION.

 

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IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Securityholders Agreement as of the date first above written.

 

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
21ST   CENTURY ONCOLOGY INVESTMENTS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
VESTAR   MAJORITY HOLDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
VESTAR   CAPITAL PARTNERS V. L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   Vestar Associates V, L.P.
    
	
 
    	
Its:   General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   Vestar Managers V Ltd
    
	
 
    	
Its:   General Partners
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:   
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EMPLOYEE   MAJORITY HOLDERS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:Exhibit 10.77

 

PROFIT SHARING AGREEMENT

 

This Profit Sharing Agreement (this “Agreement”), which is effective as of July 30, 2010 (the “Effective Date”), is entered into by and between Radiation Therapy Services, Inc., a Florida corporation (“RTS”) and Norton Travis, a natural person (“Travis”). RTS and Travis are sometimes referred to herein each individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, RTS and/or one or more of its Affiliates (collectively, the “Investor”) is currently evaluating a potential investment of up to $10,000,000 (the “Transaction”) with certain other institutions in an operating company (the “Project Company”) that will develop and manage a proton treatment facility in Manhattan, New York City, New York (the “Project”);

 

WHEREAS, whether RTS will ultimately engage in the Transaction is subject to many conditions, including without limitation, review and amendment by the Board of Directors of RTS; and

 

WHEREAS, the Parties desire to enter into this Agreement to enable RTS, subject to the terms and conditions hereof, to share with Travis profits realized by RTS with respect to its investment in the Project Company in the event that RTS does ultimately determine to and engage in the Transaction.

 

NOW, THEREFORE, in consideration of the above premises and of the mutual covenants and agreements contained herein, the Parties, intending to be legally bound, hereby agree as follows:

 

1.             Definitions. As used in this Agreement, as of any time, the following terms shall have the following meanings:

 

“Affiliate” shall mean, when used with reference to another Person, any Person, directly or indirectly, through one or more intermediaries, Controlling, Controlled by, or under common Control with, such other Person.

 

“Control” means, when used with reference to any Person, the power to direct the management or policies of such Person, directly or indirectly, by or through stock or other equity ownership, agency or otherwise, or pursuant to or in connection with any Contract; and the terms “Controlling” and “Controlled” shall have meanings correlative to the foregoing.

 

“Final Liquidity Event” shall mean any of (i) the sale of all or substantially all of the Project Company’s equity securities or consolidated assets, (ii) the liquidation, dissolution or winding up of the Project Company and its subsidiaries, if any, or (iii) the sale of all or substantially all of the Investor’s equity interest in the Project Company to a non-Affiliated third party (other than as permitted in Section 11).

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or any other entity, including any governmental entity or any group of any of the foregoing.

 

“Project Completion” shall mean the time when the Project has been fully licensed and has been opened to provide treatment and has treated its first commercial patient.

 

“Travis Employment Agreement” shall mean the Executive Employment Agreement by and among Radiation Therapy Services Holdings, Inc., RTS and Travis, dated as of February 21, 2008 (as may be amended, modified or supplemented from time to time).

 

 

2.           Capital Contribution. Pursuant to the terms that have been discussed among the potential investors in the Project Company to date, it is contemplated that the Investor will make, or will cause to be made, one or more cash investments in the Project Company in an amount up to $10,000,000 (the “Capital Contribution”).

 

3.           Profit Sharing Between the Investor and Travis.

 

(a)         In accordance with Sections 3(c) and 4 below, the Investor hereby agrees to share with Travis distributions received by the Investor from the Project Company and the proceeds received by the Investor from any eventual sale or liquidation of the Project Company (“Distributions”), as determined by RTS in its sole discretion, and in each case only with respect to such distributions or proceeds that derive from the Investor’s Capital Contribution and any equity grant to the Investor from the Project Company granted on or prior to the Project Completion (if granted), representing up to 10% of the fully diluted equity of the Project Company. For purposes of distributions, any non-cash property, including securities, will be valued at fair market value as reasonably determined by RTS.

 

(b)         If, prior to a Final Liquidity Event, cumulative taxable income in excess of cumulative taxable deduction and loss (“Excess Income”) is allocated to Travis from the Project Company by the tax partnership described in Section 7, then, subject to the determination of RTS and to the extent there is available cash from Distributions from the Project Company to the Investor to cover such amounts, the Investor will use a portion of such Distributions to make an advance payment equivalent to a tax distribution to Travis on a quarterly basis at an assumed income tax rate of 40% (the “Tax Funding Payment”), such Tax Funding Payment to apply as an advance payment of any distributions that may be due to Travis pursuant to Section 3(c) of this Agreement. Notwithstanding the foregoing, no Tax Funding Payment shall be made to Travis if Travis has received Distributions pursuant to Section 3(c) that, in the determination of RTS, when taken together with prior Tax Funding Payments, equal or exceed the Excess Income multiplied by the assumed tax rate referenced above.

 

(c)          Distributions received by the Investor from the Project Company, including distributions received in connection with a Final Liquidity Event will be shared by the Investor and Travis in the following order and priority:

 

(i)           First, Distributions will be retained by the Investor until the aggregate amount of such Distributions equals the total of the Capital Contribution and an annual return of 15% on the aggregate Capital Contribution (determined, for the avoidance of doubt, without taking into account any taxes paid by the Investor on such Distributions), compounded quarterly (the “Return Hurdle”); provided that, solely for purposes of determining whether the Return Hurdle has been achieved, but not treating any such amounts as an actual Distribution, 50% of any management and billing fees that RTS receives as manager/biller for the Project (such 50% amounts, the “Fee Inclusion Amounts”) shall be taken into consideration in the calculation of the Return Hurdle as if such Fee Inclusion Amounts were Distributions to the Investor.

 

(ii)          Then, all remaining Distributions will be shared 90% to be retained by the Investor and 10% to be paid to Travis (such sharing of profits to Travis, the “Travis Profit Interest”). Any Tax Funding Payments paid to Travis shall be treated as an advance of payments to Travis pursuant to this clause (ii).

 

 

4.           Vesting of Travis’ Rights to Profit Interests.

 

(a)         Travis (or his successors) shall vest in the right to the Travis Profit Interest at the time of achievement of the following milestones with respect to the Project (as reasonably determined by RTS):

 

(i)           10% shall vest upon issuance of (or determination of exemption from) the Certificate-of-Need for the Project by New York State;

 

(ii)          10% shall vest upon execution of formal binding agreement(s) of participating institutions to participate in the Project;

 

(iii)         10% shall vest upon receipt of committed financing for the Project;

 

(iv)        10% shall vest upon commencement of construction of the Project; and

 

(v)         60% shall vest upon Project Completion.

 

(b)         All vesting of the Travis Profit Interest shall continue for so long as Travis continues to be employed with RTS; provided that the Travis Profit Interest shall continue vesting in accordance with the schedule set forth in clause (a) above (i) if Travis’ employment with RTS is terminated without Cause (as defined in the Travis Employment Agreement) or as a result of RTS determining to not renew Travis’ employment agreement with RTS at the end of the term thereof, (ii) if Travis resigns with Good Reason (as defined in the Travis Employment Agreement) or (ii) upon Travis’ death or Disability (as defined in the Travis Employment Agreement).

 

(c)          Notwithstanding any provision to the contrary, all vesting of the Travis Profit Interests shall cease immediately upon termination of Travis’ employment for Cause or if Travis resigns from his employment with RTS, including Travis determining to not renew the Travis Employment Agreement with RTS at the end of the term thereof.

 

(d)         The payment of any amounts to Travis in respect of the Travis Profit Interest shall be further conditioned upon the consummation of the Transaction and Project Completion. Any amounts that would otherwise be paid to Travis in respect of the Travis Profit Interest (to the extent vested) prior to such date shall be held in a segregated account and distributed promptly after such date. In the event that all or any portion of the Travis Profit Interest is forfeited prior to such date whether due to failure to vest or failure of the Project to be completed, any amount held in a segregated account in respect of that portion of the Travis Profit Interests that is forfeited shall be released to RTS.

 

5.           Method of Calculation. The amounts payable by the Investor to Travis in accordance with Section 3 above shall be determined in good faith by RTS and shall be binding upon the Parties.

 

6.           Expenses. If the Transaction is not consummated, each Party shall pay its own fees incurred in connection with the Transaction, including the formation of any entities, the raising of capital, the negotiation and preparation of documentation related to the investment in the Project, investment bankers’ and attorneys’ fees, and any other out of pocket expenses. If the Transaction is consummated, then after the closing, RTS shall promptly pay Travis’ documented, reasonable and customary legal fees and expenses related to the negotiation and preparation of documentation of this Agreement and related Agreements in connection with the Transaction.

 

 

7.           Partnership for Tax Purposes. This Agreement and the sharing arrangement hereunder shall be treated as creating a partnership between the Parties solely and exclusively for federal and applicable state and local income tax purposes. All income, gains, losses, expenses, deductions and credits with respect to the Investments shall be allocated among the Parties for income tax purposes in a manner that appropriately reflects the distribution entitlements and payment obligations set forth in Section 3, and to the extent affected thereby, Section 4, above, and RTS shall be the “tax matters partner” (as defined in Section 6231 of the United States Internal Revenue Code of 1986, as amended) and shall file, or cause to be filed, all partnership tax returns and reports required to be filed with respect to this Agreement (including annual Internal Revenue Service Form K-1s). RTS and Travis shall reimburse the “tax matters partner,” upon request, for such Party’s pro rata share of all costs and expenses incurred by the “tax matters partner” with respect to the obligations of the “tax matters partner” under this Section 7. All such tax returns shall designate this Agreement and the sharing arrangement hereunder as the “Proton Center Investment Joint Venture.” In accordance with the foregoing, the Parties will have all of the rights to inspect the books and records related to the Transaction that would normally be accorded to a partner in such a partnership under Delaware law.

 

8.           Conversion to Limited Liability Company Structure. At RTS’ sole discretion, the Parties may form a limited liability company in Delaware or similar entity with the Investor and Travis as members of such entity, which governing definitive documents of such entity reflecting the economic arrangements and other terms and conditions set forth herein.

 

9.           Conditions and Assumptions. This Agreement is conditioned upon and assumes a Capital Contribution by the Investor of up to $10,000,000. If the aggregate amount of the Capital Contribution by the Investor is required to be more than $13,000,000, this Agreement shall terminate immediately and the Parties shall revisit the terms and conditions provided for herein and negotiate in good faith to revise such terms and conditions as the Parties mutually agree. Additionally, the terms and conditions set forth herein are based on assumptions existing as of the date hereof with respect to the investment returns expected to be generated by the Project. In the event that there is any change in facts which materially reduces the expected return to be generated for the Investor from the Project prior to the time of Project Completion, the Parties shall revisit the terms and conditions provided for herein and negotiate in good faith to revise such terms and conditions as the Parties mutually agree. Nothing herein shall be construed nor shall create any obligations on the part of RTS or any of its Affiliates to continue to pursue a Transaction or to ultimately make an investment in the Project Company, all such discussions and determinations being in RTS’ sole discretion. RTS may abandon the pursuit of a Transaction or of Project Completion (if the Transaction occurs) in its sole discretion, at any time, with or without notice to Travis.

 

10.         Notices. All notices and other communications hereunder shall be in writing and be deemed to have been duly given if delivered or mailed by recognized overnight courier, or certified or registered mail, postage prepaid, evidenced by a postal delivery receipt, addressed to the address for such party on file with RTS or to such other address(es) as the party in question may specify from time to time in writing to RTS. Any such notice, demand or communication shall be deemed to have been given on the date of actual delivery or attempted delivery as evidenced by a postal or courier receipt.

 

11.         Assignment. This Agreement is binding on and for the benefit of the Parties and their respective successors, heirs, executors, administrators, and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be sold, transferred, assigned, or pledged by Travis without the consent of RTS other than transfers to (i) irrevocable or revocable trusts for the sole benefit of Travis’ spouse, descendants and parents and (ii) voluntary transfers to Travis’ spouse, descendants and parents. RTS and the Investor may sell, transfer, assign or pledge their rights and obligations hereunder without the consent of Travis.

 

 

12.         Severability. Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 

13.         No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or disfavoring any person or entity by virtue of the authorship of any of the provisions of this Agreement.

 

14.         Captions. The captions used in this Agreement are for convenience of reference only and do not constitute a part of this Agreement and will not be deemed to limit, characterize or in any way affect any provision of this Agreement, and all provisions of this Agreement will be enforced and construed as if no caption had been used in this Agreement.

 

15.         No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to confer on any person or entity other than the parties to this Agreement and their respective successors and permitted assigns any rights or remedies under or by virtue of this Agreement.

 

16.         Entire Agreement. This Agreement and the documents referred to herein contain the entire agreement between the Parties and supersedes any prior understandings, agreements or representations by or between the Parties, written or oral, which may have related to the subject matter hereof in any way.

 

17.         Interpretation. All questions concerning the construction, validity and interpretation of this Agreement and the transactions giving rise to it and contemplated hereby will be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York will control the interpretation and construction of this Agreement (and all schedules and exhibits hereto), even if under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 

18.         Arbitration. The Parties hereby agree that any claim, controversy or dispute arising out of this Agreement shall be settled by arbitration pursuant to this Section 18. All arbitration shall be finally and conclusively determined by the decision of a single arbitrator selected by mutual agreement of the Parties, or if the Parties fail to reach agreement on an arbitrator within twenty days, such arbitrator shall thereafter be selected by the American Arbitration Association upon application made to it for a member possessing expertise or experience appropriate to the dispute (such selected arbitrator, the “Selected Arbitrator”). The Selected Arbitrator shall be located in New York, New York, and shall reach and render a decision in writing. In connection with rendering its decisions, the Selected Arbitrator shall adopt and follow such rules and procedures as such Selected Arbitrator deems necessary or appropriate in accordance with the arbitration rules and procedures of the America Arbitration Association. To the extent practical, decisions of the Selected Arbitrator shall be rendered no more than thirty days following commencement of proceedings with respect thereto. The Selected Arbitrator shall cause its written decision to be delivered to the Parties in the manner provided for the giving of notices in Section 10. Any decision made by the Selected Arbitrator (either prior to or after the expiration of such thirty day period) shall be final, binding and conclusive on the Parties and entitled to be enforced to the fullest extent

 

 

permitted by law and entered in any court of competent jurisdiction. Each Party to any arbitration shall bear its own expense in relation thereto, including such Party’s attorneys’ fees, if any; provided, however, that the expenses and fees of the Selected Arbitrator shall be borne in equal parts by RTS, on the one hand, and Travis, on the other hand.

 

19.         Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH PARTY EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN.

 

20.         Construction. The terms “hereof,” “herein” and “hereunder” and terms of similar import will refer to this Agreement as a whole and not to any particular provision of this Agreement. Section and clause references contained in this Agreement are references to Sections and clauses in or attached to this Agreement, unless otherwise specified. Each defined term used in this Agreement has a comparable meaning when used in its plural or singular form. Each gender-specific term used in this Agreement has a comparable meaning whether used in a masculine, feminine or gender-neutral form. Whenever the term “including” is used in this Agreement (whether or not that term is followed by the phrase “but not limited to” or “without limitation” or words of similar effect) in connection with a listing of items within a particular classification, that listing will be interpreted to be illustrative only and will not be interpreted as a limitation on, or an exclusive listing of, the items within that classification.

 

21.         Counterparts. This Agreement may be executed in one or more counterparts, including in facsimile or electronic form, each of which will be deemed an original but all of which taken together will constitute one and the same instrument.

 

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[signature page follows]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

 

 

	
 
    	
RADIATION THERAPY SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Kerrin E. Gillespie
    
	
 
    	
 
    	
Name: Kerrin E. Gillespie
    
	
 
    	
 
    	
Title: Chief Financial Officer
    

 

 

	
 
    	
NORTON TRAVIS
    
	
 
    	
 
    
	
 
    	
/s/ Norton Travis

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