Document:

Exhibit
10.7

 

SYMBION,
INC.

 

EXECUTIVE
CHANGE IN CONTROL SEVERANCE PLAN AND

 

SUMMARY
PLAN DESCRIPTION

 

Amended
and Restated March 1, 2006

 

 

SYMBION,
INC.

EXECUTIVE
CHANGE IN CONTROL SEVERANCE PLAN AND

SUMMARY
PLAN DESCRIPTION

 

TABLE OF
CONTENTS

 

	
  INTRODUCTION

  	
  Introduction

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
  In General

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  What Benefits Are Provided Under the
  Plan?

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  How Do I Become Eligible to Receive
  Benefits?

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  How Do I Make a Claim for Benefits?

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  Can I Lose My Plan Benefits?

  	
  6

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  What Are My Rights if My Claim for
  Benefits Is Denied?

  	
  6

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  May I Assign My Rights Under This
  Plan?

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  What Events Can Cause the Plan To Be
  Changed or Terminated?

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  Additional Information

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  What Are My Rights Under ERISA?

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  Summary of Plan Information

  	
  9

  

 

 

INTRODUCTION

 

This Plan document
was adopted effective December 11, 1997, and revised effective May 11,
2000 to reflect that UniPhy Healthcare, Inc. changed its name to Symbion, Inc.
The Plan has been amended from time to time and was amended and restated
effective March 1, 2006. This document is a summary of your benefits,
rights and obligations under the Symbion, Inc. Executive Change in Control
Severance Plan (the “Plan”). This document is intended to comply with both the
summary plan description and the written plan requirements of the Employee
Retirement Income Security Act of 1974 (“ERISA”) and the regulations issued
under ERISA by the United States Department of Labor.

 

Symbion, Inc.
(“Symbion”) may generally amend or terminate the Plan at any time prior to a “change
in control” (see definitions). For that reason, all statements in this document
are subject to change at any time prior to a change in control without notice.

 

The Plan
Administrator has the discretion to interpret the provisions of the Plan and
make determinations for the payment of Plan benefits. All such determinations
are final, binding and conclusive.

 

SECTION 1.   In General

 

Symbion has
established the Plan with the intention of providing benefits to Eligible
Employees of Symbion and its Affiliates under the conditions described in this
document. Plan benefits are intended to provide additional compensation to
Eligible Employees whose positions are eliminated or adversely effected
following a change in control of Symbion. Therefore, the amount of your benefit
is calculated without regard to your actual period of unemployment following a
change in control, if any.

 

This document
constitutes the entire written Plan. Any oral or other written expressions of
the Plan or related to the Plan or its subject matter are completely superseded
by this document. Except for a formal written Plan amendment that is properly
adopted by Symbion, or a written modification authorized under Section 9,
any oral or written statements concerning the Plan shall not modify or add to
this Plan document.

 

As is more fully
explained in Section 4, severance benefits are not provided under this
Plan if your employment termination is not connected with a Change in Control.

 

SECTION 2.   Definitions

 

Defined terms in
the Plan are indicated by initial capitalization of the term. References to a “Section”
mean a section of this Plan. Pronouns that refer to one gender include the
other gender. “You” or “your” means you, an individual in the employ of
Symbion.

 

a.             “Administrator” or “Plan Administrator”
means the chief executive officer of Symbion. The Administrator may delegate any
of his or her duties or authorities to a committee 

 

 

of the Board of
Directors. The Administrator has absolute discretion to make all decisions
under the Plan, including making determinations about eligibility for and the
amounts of Benefits payable under the Plan and interpreting all Plan
provisions. All decisions of the Administrator are final, binding and
conclusive. If a Change in Control occurs, as described in Section 2.e,
the Administrator shall be the individual who was the chief executive officer
of Symbion immediately prior to the Change in Control.

 

b.             “Affiliate” means Symbion and all corporations,
partnerships, trusts and other entities that are members, with Symbion, of a
controlled group of corporations or a group of trades or businesses under
common control under Sections 414(b) and (c) of the Internal
Revenue Code.

 

c.             “Annual Pay” means the following items of
compensation payable to an Eligible Employee immediately prior to the time of a
Change in Control that gives rise to payment of Benefits to the Eligible
Employee hereunder:

 

(1)                                  Normal monthly salary payable on regular
payroll dates, as adjusted to an annualized rate.

 

(2)                                  Cash bonuses (including deferred bonus
accruals) normally payable in the fiscal year of Symbion that includes the
Change in Control, calculated by reference to (i) the bonus amount that
has been determined for the fiscal year, (ii) if no bonus amount has been
determined, the bonus payment plan or policy previously adopted by the board of
directors of Symbion, or, (ii) if no such plan or policy has been adopted,
the amount of bonuses paid in the prior fiscal year (as adjusted for increases
in cost of living announced by federal government) to the Eligible Employee or
to a similarly situated employee of Symbion or an Affiliate, and as enhanced
for increases in the profitability of Symbion or increases in value of
shareholder equity.

 

(3)                                  The value of noncash benefits (taxable or
nontaxable) under fringe benefit arrangements of Symbion or an Affiliate
normally available to the Eligible Employee, to the extent that such fringe
benefits are not otherwise provided to the Eligible Employee as a Benefit
pursuant to Section 4

 

d.             “Benefit” means the severance benefits
described in Section 3.

 

e.             “Change in Control” means the occurrence at any
time during the employment term of an Eligible Employee of any of the following
events:

 

(1)                                  An acquisition (other than directly from
the Company) of any voting securities of the Company (the “Voting Securities”)
by any “Person” (as that term is used for purposes of Section 13(d) or
14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), immediately after which such Person has “Beneficial Ownership”
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
more than 50% of the combined voting power of the company’s then outstanding
voting Securities; provided, however, in determining whether a Change in
Control has occurred, Voting Securities which are acquired in a Non-Control
Acquisition shall not constitute an acquisition which would cause a Change in
Control. A “Non-Control Acquisition” shall 

 

 

mean an acquisition by (1) an employee benefit plan (or a trust
forming a part thereof) maintained by (A) the Company, or (B) any
corporation or other Person of which a majority of its voting power or its
voting equity securities or equity interest is owned, directly or indirectly,
by the Company (for purposes of this definition, a “Subsidiary”), (2) the
Company or its Subsidiaries, or (3) any person in connection with a
Non-Control Transaction (as hereinafter defined);

 

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

 

(3)                                  Approval by stockholders of the Company
of:

 

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

 

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

 

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

 

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

 

 

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

 

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

 

f.              “Eligible Employee” means an
Employee who satisfies the eligibility requirements of Section 4 and is
identified on Exhibit A to this Plan as an Eligible Employee.

 

g.           “Employee”
means an employee of Symbion or an Affiliate.

 

h.           “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

i.              “Plan” means the Symbion, Inc.
Executive Change in Control Severance Plan.

 

j.              “Successor Employer” means a
person or entity that acquires all or any part of Symbion through purchase of
assets, purchase of stock, trade of assets or stock, spin-off, merger or
acquisition in a transaction that is a Change in Control, or a person or entity
that acquires control of Symbion in any similar type of transaction.

 

k.             “Symbion” means Symbion, Inc.,
and its successors and assigns.

 

SECTION 3.   What Benefits Are Provided
Under the Plan?

 

Amount of Benefits:

 

Only Eligible
Employees who satisfy the conditions of Section 4 will be entitled to
Benefits. The amount of Benefits shall be:

 

a.                                       Cash compensation equal to the amount of
the Eligible Employee’s Annual Pay that would be paid over the period set forth
on Exhibit A.

 

 

b.                                      Participation in medical, life,
disability and similar benefit plans that are offered to active employees of
Symbion, or its successor, for the period of set forth on Exhibit A,
following termination of employment at no cost to the Eligible Employee.

 

Schedule of
Payments:

 

Symbion will pay
cash Benefits in a single lump sum within 30 days following termination of
employment of an Eligible Employee. All other amounts will be promptly paid
upon submission of receipts or other evidence of expenses eligible for
reimbursement as Benefits to the chief financial officer of Symbion or his
designee.

 

SECTION 4.   How Do I Become Eligible to
Receive Benefits?

 

You will become
entitled to Benefits under the Plan if you are an Eligible Employee and satisfy
the following conditions:

 

a.                                       Your employment is terminated in
connection with a Change in Control.

 

b.                                      You are not offered employment by Symbion
or a Successor Employer that is substantially equivalent to or better than the
position you held with Symbion immediately prior to the Change in Control, or
within 12 months following a Change in Control your position is no longer
substantially equivalent or better. The determination of “substantially
equivalent” shall be made by the Plan Administrator on the basis of all
relevant facts and circumstances, including compensation, retirement and
welfare benefits, fringe benefits, level of responsibility, the similarity of
duties and responsibilities as compared to the Eligible Employee’s work training
and experience, and the amount of time reasonably required to perform the
duties of the position. A position is not substantially equivalent unless: (i) the
cash compensation offered is the same or higher than you earned immediately
prior to the Change in Control, as adjusted for annual cost of living
increases; (ii) deferred compensation, incentive and equity compensation,
and health and welfare benefits are not, in the aggregate similar, to those
provided immediately prior to the Change in Control; or (iii) the
workplace to be provided is more than 50 miles from the workplace inhabited by
the Eligible Employee immediately prior to the Change in Control.

 

Determinations of
eligibility for Benefits are made by the Administrator. Any decisions as to eligibility,
the availability of Benefits under the Plan or the interpretation of the Plan’s
provisions shall be made by the Administrator in its sole and absolute
discretion. Such decisions shall be final, binding and conclusive.

 

SECTION 5.   How Do I Make a Claim for
Benefits?

 

If your Benefits
are not automatically paid to you, you may file a request for Benefits in
writing with the Plan Administrator and a copy to the chief executive officer.

 

 

SECTION 6.   Can I Lose My Plan
Benefits?

 

Generally, you will
not be entitled to Plan Benefits if you do not satisfy the eligibility
requirements and conditions stated in Section 4. Failure to timely submit
an application for benefits in writing, as specified in Section 5, will
result in a loss of Plan Benefits.

 

You cannot lose
your Benefits if following termination of employment you become employed by
Symbion or an Affiliate after Benefits are paid.

 

SECTION 7.   What Are My Rights if My
Claim for Benefits Is Denied?

 

If an Employee’s claim for Benefits is denied, the Administrator will
furnish written notice of denial to the Employee making the claim (the “Claimant”)
within 90 days of the date the claim is received, unless special circumstances
require an extension of time for processing the claim. This extension will not
exceed 90 days, and the Claimant must receive written notice stating the
grounds for the extension and the length of the extension within the initial
90-day review period. If the Administrator does not provide written notice, the
Claimant may deem the claim denied and seek review according to the appeals
procedures set forth below.

 

The notice of denial to the Claimant shall state:

 

a.                                       the specific reasons for the denial,

 

b.                                      specific references to pertinent
provisions of the Plan on which the denial was based,

 

c.                                       a description of any additional material
or information needed for the Claimant to perfect his or her claim and an
explanation of why the material or information is needed, and

 

d.                                      a statement that the Claimant may request
a review upon written application to the Administrator, review pertinent Plan
documents, and submit issues and comments in writing and that any appeal that
the Claimant wishes to make of the adverse determination must be in writing to
the Administrator within 60 days after the Claimant receives notice of denial
of Benefits.

 

The
notice of denial of Benefits shall identify the name and address of the
Administrator to which the Claimant may forward an appeal. The notice may state
that failure to appeal the action to the Administrator in writing within the
60-day period will render the determination final, binding and conclusive.

 

If the Claimant appeals to the Administrator, the Claimant or his or
her authorized representative may submit in writing whatever issues and comments
he or she believes to be pertinent. The Claimant will be provided reasonable
access to, and copies of, all documents relevant to the Claimant’s claim for
benefits.  The Administrator shall
reexamine all facts related to the appeal, including all information submitted
by the Claimant, and make a final determination of whether the denial of
Benefits is justified under the circumstances. The Administrator shall advise
the Claimant in writing of:

 

 

(1)                                  the Administrator’s decision on appeal,

 

(2)                                  the specific reasons for the decision,

 

(3)                                  a statement that the Claimant is entitled
to receive, upon request and free of charge, reasonable access to, and copies
of, all documents relevant to the Claimant’s claim for benefits, and

 

(4)                                  the specific provisions of the Plan on
which the decision is based.

 

Notice of the
Administrator’s decision shall be given within 60 days of the Claimant’s
written request for review, unless additional time is required due to special
circumstances. In no event shall the Administrator render a decision on an
appeal later than 120 days after receiving a request for a review.

 

SECTION 8.   May I Assign My Rights
Under This Plan?

 

No. Any
attempt to assign rights under the Plan is invalid and void.

 

SECTION 9.   What Events Can Cause the
Plan To Be Changed or Terminated?

 

Symbion may
terminate or amend the Plan at any time prior to a Change in Control in its
sole discretion. However, once a Change in Control occurs, no amendment or
termination will be effective with respect to an Eligible Employee unless he or
she consents to such amendment in writing after consultation with legal
counsel.

 

In compliance with
Section 402(b)(3) of ERISA, Symbion must comply with the following
procedure before any termination or amendment to the Plan is effective:

 

a.                                       The Plan may only be modified or
terminated by a written amendment that is authorized by Symbion.

 

b.                                      Symbion’s authorization of the amendment
must be evidenced by one of the following: (1) a resolution of the board
of directors; (2) execution of the amendment by the chief executive
officer, president or secretary; or (3) ratification of the amendment by
either a resolution of the board of directors or written confirmation of
ratification by the chief executive officer, president or secretary.

 

c.                                       Notice of the amendment must be provided
to the Administrator.

 

d.                                      Notice of the amendment must be provided
to all Eligible Employees at least 30 days prior to the effective date of the
amendment.

 

Oral amendments
and modifications of this Plan are not effective. All amendments and
modifications must be in writing and signed as provided above to be effective.

 

 

SECTION 10.   Additional Information

 

These Benefits are
paid out of the general assets of Symbion. No particular fund or trust has been
established to pay these Benefits, and this Plan does not give you any rights
to any particular assets of Symbion.

 

Cash amounts paid
under a severance plan is generally considered taxable income to the recipient.

 

SECTION 11.   What Are My Rights Under
ERISA?

 

As a
Participant in the Plan, you are entitled to certain rights and protections
under ERISA. ERISA provides that all Plan Participants shall be entitled to:

 

(a)                                  Examine, without charge, at
the office of the Plan Administrator and at other specified locations, all Plan
documents, including insurance contracts, and copies of all documents filed by
the Plan with the U.S. Department of Labor, such as detailed annual reports and
plan descriptions, and available at the Public Disclosure Room of the
Employee Benefits Security Administration.

 

(b)                                 Obtain copies of all Plan
documents and other Plan information upon written request to the Plan
Administrator. The Plan Administrator may make a reasonable charge for the
copies.

 

(c)                              Receive a summary of the
Plan’s annual financial report. The Plan Administrator is required by law to
furnish each Participant with a copy of this summary annual report.

 

In
addition to creating rights for Plan Participants, ERISA imposes duties upon
the people who are responsible for the operation of the Plan. The people who
operate your Plan, called “fiduciaries” of the Plan, have a duty to do so
prudently and in the interest of you and other Plan Participants and
Beneficiaries. No one, including your Employer or any other person, may fire
you or otherwise discriminate against you in any way to prevent you from
obtaining a Benefit under this Plan or from exercising your rights under ERISA.

 

If
your claim for a Benefit is denied in whole or in part, you must receive a
written explanation of the reason for the denial. You have the right to obtain
copies of documents relating to the decision without charge and the right to
have the Plan Administrator review and reconsider your claim.

 

Under
ERISA, there are steps you can take to enforce the above rights. For instance,
if you request a copy of Plan documents or the latest annual report from the
Plan and do not receive them within 30 days, you may file suit in a federal
court. In such a case, the court may require the Plan Administrator to provide
the materials and pay you up to $110 a day until you receive the materials,
unless the materials were not sent because of reasons beyond the control of the
Plan Administrator. If you have a claim for benefits which is denied or
ignored, in whole or in part, you may file suit in a state or federal court. If
it should happen that Plan fiduciaries misuse the Plan’s money, or if you 

 

 

are
discriminated against for asserting your rights, you may seek assistance from
the U.S. Department of Labor, or you may file suit in a federal court. The
court will decide who should pay court costs and legal fees. If you are
successful, the court may order the person you have sued to pay these costs and
fees. If you lose, the court may order you to pay these costs and fees, for
example, if it finds that your claim is frivolous.

 

If
you have any questions about your Plan, you should contact the Plan
Administrator. If you have any questions about this statement or about your
rights under ERISA, or if you need assistance in obtaining documents from the
Plan Administrator, you should contact the nearest office of the Employee
Benefits Security Administration, U.S. Department of Labor, listed in your
telephone directory or the Division of Technical Assistance and Inquiries, Employee
Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications
about your rights and responsibilities under ERISA by calling the publications
hotline of the Employee Benefits Security Administration.

 

SECTION 12.   Summary of Plan
Information

 

Name of
Plan:  Symbion, Inc. Executive Change in Control Severance Plan

 

Name and Address
of Company:

 

Symbion, Inc.

40 Burton Hills Boulevard

Suite 500

Nashville, Tennessee 37212

 

	
  Who Pays for the
  Plan:

  	
   

  	
  The cost of the
  Plan is paid entirely by Symbion.

  
	
   

  	
   

  	
   

  
	
  Company’s
  Employer Identification No.:

  	
   

  	
  62-1625480

  
	
   

  	
   

  	
   

  
	
  Plan Year:

  	
   

  	
  January 1
  to December 31

  

 

Plan
Administrator, Name, Address and Telephone No.:

 

Richard Francis, Chief Executive Officer

Symbion, Inc.

40 Burton Hills Boulevard, Suite 500

Nashville, Tennessee 37212

 

(615) 234-5900

 

	
  Agent for
  Service of Legal Process: 

  	
   

  	
  Chief executive
  officer or the Plan Administrator.

  

 

 

IN WITNESS WHEREOF, Symbion, Inc., acting through the
undersigned authorized representative, has executed this Plan as of the day and
year written above.

 

 

	
   

  	
   

  	
  SYMBION,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard E.
  Francis, Jr.

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Chairman and
  Chief Executive OfficerExhibit 10.8

 

SYMBION HOLDINGS CORPORATION

 

COMPENSATORY EQUITY

PARTICIPATION PLAN

 

(As
Adopted Effective August 23, 2007)

 

 

SYMBION HOLDINGS CORPORATION

COMPENSATORY EQUITY PARTICIPATION PLAN

 

Section 1.01.  Purpose of the Plan.  The purpose of this Symbion Holdings
Corporation Compensatory Equity Participation Plan (the “Plan”)
is to provide eligible employees, officers, directors and consultants of
Symbion Holdings Corporation (the “Company”) and
certain of its affiliates with an opportunity to acquire a proprietary interest
in the success of the Company through offers (“Offers”)
allowing those individuals to acquire shares of common stock in the Company (“Shares”).  The Offers
under the Plan shall be compensatory in nature, with a view toward creating long-term
incentives for the Participants to remain at the Company or its affiliates in
order to exert the maximum of effort in the performance of their services for
the Company and its affiliates.  All
Offers of Shares under the Plan are intended to comply with the exemption from
registration under the Securities Act of 1933 pursuant to Rule 701 under
that Act.

 

Section 1.02                                Administration
of the Plan.   The Plan shall be
administered by the board of directors of the Company or a committee thereof
(the “Administrator”).  Subject to the express terms and conditions
set forth herein, the Administrator shall have the power from time to time to:

 

(i)                                     determine
the Participants to whom Shares shall be offered under the Plan and the amount
of the capital contribution to be offered to be made by each such Participant
and to prescribe the terms and conditions (which need not be identical) of each
such Offer as set forth in the Offer Documents (as defined below), including
the purchase price for each Share;

 

(ii)                                  to
construe and interpret the Plan and the Offer Documents and to establish, amend
and revoke rules and regulations for the administration of the Plan and
the Offer Documents, including, but not limited to, correcting any defect or
supplying any omission, or reconciling any inconsistency in the Plan or in any
Offer Documents; and

 

(iii)                               generally,
to exercise such powers and to perform such acts as are deemed necessary or
advisable to promote the best interests of the Company with respect to the
Plan.

 

Section 1.03                                Shares.  The Administrator shall determine from time
to time the type, amount and terms of the Shares to be made available for
Offers under the Plan.

 

1

 

Section 1.04                                Participants.  The class of individuals eligible to receive
Offers under the Plan shall consist of all employees, officers, directors,
consultants and advisers of the Company, its parent entities, its subsidiaries
and all affiliates.  From this class, the
Administrator shall from time to time choose the individuals who shall receive
Offers under the Plan (the “Participants”)
and shall determine the terms of such Offers.

 

Section 1.05                                Offers
and Offer Documents.  In connection
with each Offer made under the Plan, the Administrator shall determine the
documentation that will be used to convey such Offer and the documentation that
will be used to establish the terms and conditions of such Offer, including any
applicable Employee Contribution Agreement or Substitute Option Award Document,
as well as the terms and conditions of the Shares being offered (collectively,
the “Offer Documents”).  The Offer Documents relating to each Offer
shall control with respect to the matters covered by that documentation.  In the case of any inconsistency between the
provisions in this Plan and those contained in any Offer Documents, the
provisions of such Offer Documents will control in all respects.

 

Section 1.06                                No
Rights as an Employee or Service Provider. 
Nothing in the Plan or in any right granted under the Plan shall confer
upon any Participant any right to continue in the employment or service of the
Company or any of its affiliates for any period of specific duration or
interfere with or otherwise restrict in any way the rights of the Company or
any of its affiliates, which rights are hereby expressly reserved by each, to
terminate his or her employment at any time and for any reason, with or without
cause.

 

Section 1.07                                Securities
Law Requirements.  All Offers of
Shares under the Plan are intended to comply with the exemption from
registration under the Securities Act of 1933 pursuant to Rule 701 under
that Act.  Shares shall not be issued
under the Plan unless the issuance and delivery of such Shares comply with (or
are exempt from) all applicable requirements of law, including (without
limitation) the Securities Act of 1933, as amended, the rules and
regulations promulgated thereunder, state securities laws and regulations.

 

Section 1.08                                Amendment
or Discontinuance.  The Administrator
shall have the right to amend, suspend or terminate the Plan at any time and
without notice.

 

Section 1.09                                Governing
Law.  Except as to matters of federal
law, this Plan and the rights of all persons claiming hereunder shall be
construed and determined in accordance with the laws of the State of Delaware
without giving effect to conflicts of law principles.

 

Section 1.10                                Effectiveness.  The Plan is effective as of August     ,
2007 and shall remain in effect unless and until terminated by action of the 

 

2

 

Administrator.  To record the adoption of the Plan by the
Company on August     , 2007, the Company has caused
this Plan document to be executed as of such date.

 

	
   

  	
  ADOPTED AND APPROVED:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SYMBION
  HOLDINGS

  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Richard E. Francis, Jr.

  
	
   

  	
   

  	
  Name:

  	
  Richard E. Francis, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  
							

 

3

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