Document:

exv10w12

	 	 	 	 	 

Exhibit 10.12

FIRST AMENDMENT TO THE

AURORA DIAGNOSTICS HOLDINGS, LLC 2011 INCENTIVE PLAN

     THIS FIRST AMENDMENT (this “Amendment”) to the Aurora Diagnostics Holdings, LLC 2011
Incentive Plan (the “Plan”), is effective as of August 8, 2011.

     1. The Plan is amended by deleting the first sentence of Section 5.1 and replacing it with the
following:

     “Subject to adjustment as provided in Section 9.1, the aggregate number of Units reserved and
available for issuance pursuant to Awards granted under the Plan shall be 1,931,130.”

     2. Except as expressly amended hereby, the terms of the Plan shall be and remain unchanged and
the Plan as amended hereby shall remain in full force and effect.

     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized representative.

	 	 	 	 	 
	 	AURORA DIAGNOSTICS HOLDINGS, LLC

 	 
	 	By:  	/s/ James C. New
 	 
	 	 	James C. New 	 
	 	 	Chief Executive Officerexv10w13

Exhibit 10.13

AURORA DIAGNOSTICS HOLDINGS, LLC

UNIT OPTION AWARD CERTIFICATE

Non-transferable

G R A N T T O

 

(“Optionee”)

the right to purchase from Aurora Diagnostics Holdings, LLC (the “Company”)

___________ Common Units, at the price of $____ per Common Unit (the “Option”)

pursuant to and subject to the provisions of the Aurora Diagnostics Holdings, LLC 2011 Equity
Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following pages (the
“Terms and Conditions”). By accepting the Option, Optionee shall be deemed to have agreed to the
Terms and Conditions set forth in this Award Certificate and the Plan. Capitalized terms used
herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.

Unless vesting is accelerated as provided in the Plan or Section 1 of the Terms and Conditions, the
Option shall vest in accordance with the following schedule, provided that Optionee remains in
Continuous Service on each applicable vesting date:

	 	 	 
	 	 	Cumulative
	Vesting Date	 	Percent of Option Units Vested
	________

	 	________
	________

	 	________
	________

	 	________
	________

	 	________
	________

	 	________

IN WITNESS WHEREOF, Aurora Diagnostics Holdings, LLC, acting by and through its duly authorized
officers, has caused this Award Certificate to be duly executed.

	 	 	 

	AURORA DIAGNOSTICS HOLDINGS, LLC

	 	Grant Date: ____________________

	 	 	 	 	 
	 	 
	By:  	          *SAMPLE DOCUMENT*
 	 
	 	Its:  Authorized Officer 	 
	 	 	 

 

 

TERMS AND CONDITIONS

1. Vesting of Option. The Option shall vest (become non-forfeitable) in accordance with
the schedule shown on the cover page of this Award Certificate (on an annual cliff basis with no
proration); provided, however, that the Option shall become fully vested and exercisable upon (i)
the Sale of Holdings LLC or (ii) the Sale of the Company. The Option, to the extent unvested,
shall be immediately forfeited and cancelled without consideration upon termination of Optionee’s
employment with or services to the Company and its Affiliates for any reason. In addition to the
foregoing, the Option shall be become vested and exercisable solely to the extent necessary for
Optionee to participate in a transfer in accordance with Section 9.3 of the Operating Agreement (it
being understood Optionee shall participate to the extent of any already vested portion of the
Option first).

2. Exercise of Option. To the extent unvested, the Option may not be exercised at any
time. The Option may be exercised to the extent vested only in connection with or (other than with
respect to clause (i), (ii) or (iii)) following the first to occur of the following: (i) the
dissolution of the Company, (ii) the Sale of Holdings LLC, (iii) the Sale of the Company, (iv) a
Corporate Conversion, (v) a Public Offering, (vi) the termination of Optionee’s Continuous Service
for any reason other than discharge for Cause or resignation (other than with Good Reason), (vii)
to extent necessary for Optionee to participate in a transfer in accordance with Section 9.3 of the
Operating Agreement, and (viii) the date that is 90 days prior to the Expiration Date.

3. Term of Option. The term of the Option will be for a period of ten years, expiring at
5:00 p.m., Eastern Time, on the tenth anniversary of the Grant Date (the “Expiration Date”), after
which it shall expire and therefore no longer be exercisable. Any unvested portion of the Option
(after giving effect to Section 1 above) will lapse and be forfeited prior to the Expiration Date
upon the date of termination of Optionee’s Continuous Service for any reason. Any vested portion
of the Option will lapse and expire prior to the Expiration Date in the event of the termination of
Optionee’s Continuous Service for any reason according the following schedule (but in no event
shall an Option survive the Expiration Date): (a) if Optionee’s Continuous Service terminates
because of Optionee’s death or Disability, then the Option will expire 180 days after the date of
such death or Disability, (b) if Optionee’s Continuous Service terminates because of Optionee’s
discharge for Cause, then the Option will expire immediately upon such termination, (c) if
Optionee’s Continuous Service terminates because of Optionee’s resignation (other than a
resignation with Good Reason), then the Option will expire on the effective date of such
termination, and (d) if Optionee’s Continuous Service terminates because of any reason other than
Optionee’s death, Disability, discharge for Cause or resignation (other than with Good Reason),
then the Option will terminate 90 days after the date of such termination. Unless otherwise
provided by the Board in its discretion, any unexercised Option will lapse and be forfeited upon
consummation of any of the following, if not exercised in connection therewith: (i) the
dissolution of the Company, (ii) the Sale of Holdings LLC and (iii) the Sale of the Company.

4. Procedure for Exercise of Option. To the extent exercisable, the Option shall be
exercised by (a) written notice directed to the Secretary of the Company or his or her designee at
the address and in the form specified by the Secretary from time to time setting forth the portion
of the Option to be exercised, (b) payment to the Company of the full exercise price of Units
subject to such written notice and (c) delivery to the Secretary of an agreement in the form
specified by the Secretary from time to time providing for Optionee’s undertaking rights and
obligations under the Operating Agreement. If the person exercising an Option is not Optionee,
such person shall also deliver with the notice of exercise appropriate proof acceptable to the
Secretary of his or her right to hold and exercise the Option. Payment for such Units shall be (a)
in cash, (b) by delivery (actual or by attestation) of Units previously acquired by the purchaser,
(c) by withholding of Units from the Option, or (d) any combination thereof, for the number of
Units specified in such written notice. The value of Units surrendered or withheld for this
purpose shall be the Fair Market Value as of the last trading day immediately prior to the exercise
date.

5. Withholding. The Company or any employer Affiliate has the authority and the right to
deduct or withhold, or require Optionee to remit to the employer, an amount sufficient to satisfy
federal, state, and local taxes (including Optionee’s FICA obligation) required by law to be
withheld with respect to any taxable event arising as a result of the exercise of the Option. The
withholding requirement may be satisfied, in whole or in part, at the election of the Company, by
withholding from the Option Units having a Fair Market Value on the date of withholding equal to
the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in
accordance with such procedures as the Company establishes. The obligations of the Company under
this Award Certificate will be conditional on such payment or arrangements, and the Company, and,
where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to Optionee.

6. Limitation of Rights. The Option does not confer to Optionee or Optionee’s beneficiary
designated pursuant to the Plan any rights of a Member or other holder of Units of the Company
unless and until Units are in fact issued to such person in connection with the exercise of the
Option. Nothing in this Award Certificate shall interfere with or limit in any way the right of
the Company or any Affiliate to terminate Optionee’s service at any time, nor confer upon Optionee
any right to continue in the service of the Company or any Affiliate.

7. Restrictions on Transfer and Pledge. No right or interest of a Participant in any
Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the
Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such
Participant to any other party other than the Company or an Affiliate. No Award shall be
assignable or transferable by a Participant other than by will or the laws of descent and
distribution; provided, however, the Board may (but need not) permit other transfers where the
Board provides prior written consent after concluding that such transferability does not result in
accelerated taxation and is otherwise appropriate and desirable, taking into account any factors
deemed relevant, including without limitation, state or federal tax or securities laws applicable
to transferable Options. Any assignment, transfer, pledge, encumbrance or hypothecation of any
Award not permitted by this Section 7 shall, automatically and without further action by any person
or entity, result in the immediate forfeiture and cancellation of such Award without consideration.
The Option may be exercised during the lifetime of Optionee only by Optionee or any permitted
transferee.

8. Restrictions on Issuance of Units. If at any time the Board shall determine in its
discretion, that registration, listing or qualification of the Units covered by the Option upon any
securities exchange or under any foreign, federal, or local law or practice, or the consent or
approval of any governmental regulatory body, is necessary or desirable as a condition to the
exercise of the Option, the Option may not be exercised in whole or in part unless and until such
registration, listing, qualification, consent or approval shall have been effected or obtained free
of any conditions not acceptable to the Board.

 

 

9. Plan Controls. The terms contained in the Plan are incorporated into and made a part
of this Award Certificate and this Award Certificate shall be governed by and construed in
accordance with the Plan. In the event of any actual or alleged conflict between the provisions of
the Plan and the provisions of this Award Certificate, the provisions of the Plan shall be
controlling and determinative.

11. Notice. Notices hereunder must be in writing, delivered personally or sent by
registered or certified U.S. mail, return receipt requested, postage prepaid. Notices to the
Company must be addressed to Aurora Diagnostics Holdings, LLC, 11025 RCA Center Drive, Suite 300,
Palm Beach Gardens, FL 33410, or any other address designated by the Company in a written notice to
Optionee. Notices to Optionee will be directed to the address of Optionee then currently on file
with the Company, or at any other address given by Optionee in proper written notice to the
Company.

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