SEC Contract Filing

Filing Date: 2022-11-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit1019302022.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i6ebcbd9afaa04b0494bed4e27e006905_1"></div><div style="min-height:126pt;width:100%"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 10.1</font></div><div style="text-align:center"><img alt="akuminheaderjpg1.jpg" src="akuminheaderjpg1.jpg" style="height:61px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div><div style="margin-bottom:12pt"><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">CONFIDENTIAL SEPARATION AGREEMENT</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">AND GENERAL RELEASE </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">This Separation Agreement and Release of (&#8220;Agreement&#8221;) is made by and between William Larkin (&#8220;Executive&#8221;), Alliance HealthCare Services, Inc., a Delaware corporation (&#8220;Alliance HealthCare Services&#8221;), and Akumin Inc., an Ontario corporation (&#8220;Akumin&#8221;) (collectively referred to herein as &#8220;the Parties&#8221;), with reference to the following facts&#58;</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">A. On or about June 3, 2019, Executive became an Executive of Alliance HealthCare Services.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">B. On or about June 3, 2019, Alliance HealthCare Services and Executive executed an Executive Severance Agreement (the &#8220;Severance Agreement&#8221;), which is incorporated herein by reference.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">C. In September 2021, Akumin acquired Alliance HealthCare Services and Alliance HealthCare Services became an indirect wholly-owned subsidiary of Akumin.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">D. Following its acquisition of Alliance HealthCare Services, Akumin named Executive the Chief Financial Officer (CFO) of Akumin.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">E. Effective August 12, 2022 (&#8220;the Separation Date&#8221;), Executive&#8217;s employment with Akumin, and all of its affiliated and related entities (collectively, &#8220;Company&#8221;) was terminated &#8220;Without Cause,&#8221; as that term is defined in the Severance Agreement. </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">F. As of the Separation Date, Executive no longer is an Officer of Company, such that all signing authorities held by Executive in connection with and in furtherance of Executive&#8217;s Officer duties ended on the Separation Date. </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">G. Under the terms of the Severance Agreement, Executive is entitled to certain severance pay and benefits if Executive signs (and does not revoke) a release of all claims that Executive may have against Company, and their past or current officers, directors, and&#47;or employees, relating to or arising out of Executive&#8217;s employment (or termination of employment) with Company in a form prescribed by Company. For purposes of the severance pay and benefits due under the Severance Agreement, the Parties agree that Executive&#8217;s most recent </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;1&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:126pt;width:100%"><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 10.1</font></div><div style="text-align:center"><img alt="akuminheaderjpg1.jpg" src="akuminheaderjpg1.jpg" style="height:61px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div><div style="margin-bottom:12pt"><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%">annual base salary was $400,000.00 and that Executive&#8217;s 2021 Target Bonus was $300,000.00 (75% of Executive&#8217;s annual base salary of $400,000.00).</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:200%