Document:

exv10w1

 

Exhibit 10.1

FIRST AMENDMENT TO THE

ODYSSEY HEALTHCARE, INC.

2001 EQUITY-BASED COMPENSATION PLAN

      THIS FIRST AMENDMENT is made effective as of May 5, 2005 (the “Effective Date”) by Odyssey
Healthcare, Inc., a Delaware corporation (the “Company”).

WITNESSETH:

      WHEREAS, the Company sponsors the Odyssey Healthcare, Inc. 2001 Equity-Based Compensation Plan
(the “Plan”) for the benefit of its eligible employees and their beneficiaries;

      WHEREAS, pursuant to Section 10(c) of the Plan the Board of Directors of the Company (the
“Board”) may amend or alter the Plan without the consent of stockholders or participants, provided
that, any such amendment or alteration, including any increase in any share limitation, shall be
subject to the approval of the Company’s stockholders not later than the annual meeting next
following such Board action if such stockholder approval is required by any federal or state law or
regulation or the rules of The NASDAQ Stock Market, and the Board may otherwise, in its discretion,
determine to submit other such changes to the Plan to stockholders for approval; provided further
that, without the consent of an affected participant, no such Board action may materially and
adversely affect the rights of any participant under any previously granted and outstanding award;

      WHEREAS, pursuant to Section 2(g)(ii) of the Plan, a change in control of the Company may
result from a transition in the members of the Board;

      WHEREAS, the Board believes it is in the best interest of the Company to revise the criteria
for determining when a transition in the members of the Board constitutes a change in control of
the Company;

      WHEREAS, pursuant to Section 4(a) of the Plan, the total number of shares of the Company’s
Common Stock (“Stock”) reserved and available for delivery in connection with awards under the Plan
shall not exceed the lesser of 225,000,000 shares of Stock (as adjusted for previous Stock
dividends) or ten percent (10%) of the total number of shares of Stock outstanding, assuming the
exercise of all outstanding options, warrants or other rights to purchase Stock and assuming the
conversion or exchange or exercise of all other securities convertible into Stock;

      WHEREAS, the Board believes it is in the best interest of the Company to increase the total
number of shares of Stock reserved and available for issuance under the Plan, from inception, to a
total of 6,149,778;

      WHEREAS, Section 5 of the Plan provides that in each fiscal year during any part of which the
Plan is in effect, individuals who may subject the Company to the deduction limitations provided in
section 162(m) of the Internal Revenue Code of 1986, as amended (the

 

 

“Code”) may not be granted awards relating to more than 225,000,000 shares of Stock (as
adjusted for previous Stock dividends);

      WHEREAS, the Board believes it is in the best interest of the Company to provide that in each
fiscal year of the Company, during any part of which the Plan is in effect, individuals who may
subject the Company to the deduction limitations provided in section 162(m) of the Code may not be
granted awards relating to more than 1,300,000 shares of Stock or, in the case of awards the value
of which is not directly related to the value of the Stock, awards the value of which at the time
of payment exceeds $3,000,000;

      WHEREAS, the Plan provides several business criteria on which the grant and/or settlement of
awards may be based if (1) the Company’s Compensation Committee (the “Committee”) determines that
an award to any participant should be so conditioned or (2) the Committee determines that an award
granted to an officer of the Company, who may subject the Company to the deduction limitations of
section 162(m) of the Code, should qualify as “performance-based compensation” for purposes of
section 162(m) of the Code;

      WHEREAS, the Board believes it is in the best interest of the Company to allow the
stockholders of the Company to reapprove the business criteria on which the grant and/or settlement
of awards may be based;

      WHEREAS, Sections 9(c), 9(e) and 10(c) of the Plan provide collectively that upon a change in
control of the Company, the Committee shall have certain powers to modify awards which include the
power to (1) accelerate the vesting schedule associated with any awards, (2) require the mandatory
surrender of options for cash consideration, and (3) make any other such revisions to awards as the
Committee deems appropriate; and

      WHEREAS, the Board believes it is in the best interest of the Company to provide that upon a
change in control of the Company, the Committee shall fully accelerate the vesting schedule
associated with all awards and either require the mandatory surrender of options for cash
consideration or provide that the fully vested options shall be exercisable for a given period and
shall thereafter expire.

      NOW, THEREFORE, the Plan is hereby amended as follows:

      1. Section 2(g)(ii) is hereby amended in its entirety, effective on the Effective Date, to
read as follows:

            (iii) A majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of
the members constituting the Board prior to the date of the appointment or election;

      2. Section 4(a) is hereby amended in its entirety, effective on the Effective Date, to read as
follows:

            (a) Overall Number of Shares Available for Delivery. Subject to
adjustment in a manner consistent with any adjustment made pursuant to
Section 9, the total number of shares of Stock reserved and available for
delivery in connection with Awards under this Plan, from inception, is 6,149,778.

 

 

      3. Section 5 is hereby amended in its entirety, effective on the Effective Date, to read as
follows:

            5. Eligibility; Per Person Award Limitations. Awards may be granted under this
Plan only to Eligible Persons. In each fiscal year during any part of which this
Plan is in effect, a Covered Employee may not be granted Awards relating to more
than 1,300,000 shares of Stock, subject to adjustment in a manner consistent with
any adjustment made pursuant to Section 9, and in the case of Awards the value of
which is not directly related to the value of the Stock, Awards the value of which
at the time of payment exceeds $3,000,000.

      4. Section 8(b) of the Plan shall continue to read in its current state.

      5. Section 9(c) is hereby amended in its entirety, effective on the Effective Date, to read as
follows:

            (c) Corporate Restructuring. If the Company recapitalizes,
reclassifies its capital stock, or otherwise changes its capital structure (a
“recapitalization”), the number and class of shares of Stock covered by an Option
theretofore granted shall be adjusted so that such Option shall thereafter cover the
number and class of shares of stock and securities to which the holder would have
been entitled pursuant to the terms of the recapitalization if, immediately prior to
the recapitalization, the holder had been the holder of record of the number of
shares of Stock then covered by such Option and the share limitations provided in
Sections 4 and 5 shall be adjusted in a manner consistent with the recapitalization.
Upon a Change in Control the Committee, shall fully accelerate the forfeiture
provisions associated with all outstanding Awards and, acting in its sole discretion
without the consent or approval of any holder, effect one of the following
alternatives with respect to Options: (1) accelerate the time at which all Options
then outstanding may be exercised so that such Options may be exercised in full for
a limited period of time on or before a specified date (before or after such Change
in Control) fixed by the Committee, after which specified date all unexercised
Options and all rights of holders thereunder shall terminate, or (2) require the
mandatory surrender to the Company of all of the outstanding Options held by such
holders (irrespective of whether such Options are then exercisable under the
provisions of this Plan) as of a date, before such Change in Control, specified by
the Committee, in which event the Committee shall thereupon cancel such Options and
pay to each holder an amount of cash per share equal to the excess, if any, of the
amount calculated in Section 9(d) (the “Change in Control Price”) of the shares
subject to such Option over the exercise price(s) under such Options for such
shares.

      NOW, THEREFORE, be it further provided that, except as provided above, the Plan shall continue
to read in its current state.

 

 

      IN WITNESS WHEREOF, this First Amendment has been executed by a duly authorized officer of the
Company as of the date set forth in the introductory paragraph and effective as set forth herein.

	 	 	 	 	 
	 	ODYSSEY HEALTHCARE, INC.
a Delaware corporation

 	 
	 	By:  	/s/ Richard R. Burnham
 	 
	 	 	Name:  	Richard R. Burnham 	 
	 	 	Title:  	Chief Executive Officer and Presidentexv10w15

 

EXHIBIT 10.15

EMPLOYMENT AGREEMENT

          This EMPLOYMENT AGREEMENT (“Agreement”), dated as of November 25, 2004 by and between AMS
Health Sciences, Inc., an Oklahoma corporation (the “Company”), and David D’Arcangelo (“Executive”)
is set forth below.

          IN CONSIDERATION of the premises and the mutual covenants set forth below, the parties hereby
agree as follows:

          1. Employment. The Company hereby agrees to employ Executive as its President and
Executive hereby accepts such employment, on the terms and conditions set forth in this Agreement.

          2. Term. The period of employment of Executive by the Company under this Agreement
(the “Initial Term”) shall commence on November 25, 2004 (the “Commencement Date”) and shall
continue through November 24, 2005; provided that this Agreement shall be reviewed annually unless
either party elects not to renew this Agreement by delivering written notice of its election to the
other party no later than thirty (30) days prior to the end of the current term. The Term shall
constitute the “Employment Period.” The Employment Period may be terminated in accordance with
Section 6 of this Agreement.

          3. Position and Duties. During the Employment Period, Executive shall report directly
to the Chairman of the Company’s board of directors (the ”Chairman”). Executive shall have those
powers and duties normally associated with the position of a President . Executive shall devote
substantially all of his working time, attention and energies (other than absences due to illness
or vacation) to the performance of his duties for the Company. Notwithstanding the above,
Executive shall be permitted, to the extent such activities do not interfere with the performance
by Executive of his duties and responsibilities under this Agreement or violate Sections 9(a), (b)
or (c) of this Agreement, to (i) serve on civic or charitable boards or committees and (ii) serve
on the board of directors or other similar governing body of any other corporation or other
business entity or trade organization.

          4. Place of Performance. The principal place of employment and performance of duties
by Executive shall be at the Company’s principal executive offices in Oklahoma City, Oklahoma. The
Executive shall be permitted to commute between San Diego, California and Oklahoma City, Oklahoma.

          5. Compensation and Related Matters.

               (a) Base Salary. The Company shall pay Executive a base salary at the rate of
$230,000.00 per year (“Base Salary”). Executive’s Base Salary shall be subject to increase, but
not decrease, pursuant to annual review by and in the discretion of the Board or on about the end
of anniversaries of the Commencement Date. Such increased Base Salary shall then constitute the
Base Salary for all purposes of this Agreement.

 

 

               (b) Expenses. The Company shall promptly reimburse Executive for all reasonable
business expenses upon the presentation of reasonably itemized statements of such expenses in
accordance with the Company’s policies and procedures now in force or as such policies and
procedures may be modified with respect to executive officers of the Company or, alternatively, as
approved by the Chairman.

               (c) Vacation And Sick Leave. Executive shall be entitled to four (4) weeks vacation
per every twelve (12) month period of employment hereunder. Executive shall also be entitled to
leaves for illness or other incapacitation as is consistent with Executive’s title and Employer’s
needs for Executive’s services, except as otherwise provided for in Section 8(a).

               (d) Welfare, Pension and Incentive Benefit Plans; Related Benefits. During the
Employment Period, Executive (and his spouse and/or dependents to the extent provided the
applicable plans and programs) shall be entitled to participate in and be covered under any welfare
benefit plans or programs maintained by the Company from time to time for the benefit of its
similarly situated employees pursuant to the terms of such plans and programs, including, without
limitation, any medical, life, hospitalization, dental, disability, accidental death and
dismemberment and other insurance plans and programs. During the Employment Period, Executive
shall also be eligible to participate in any pension, retirement, savings and other employee
benefit plans and programs maintained from time to time by the Company for the benefit of similarly
situated employees. .

               (e) Company Vehicle The Company shall reimburse the executive for the continuing
monthly expenses of his company vehicle currently in his possession.

          6. Termination. Executive’s employment under this Agreement may be terminated during
the Employment Period under the following circumstances:

               (a) Death. Executive’s employment under this Agreement shall terminate upon his
death.

               (b) Disability. If, as a result of Executive’s incapacity due to physical or mental
illness, Executive shall have been substantially unable to perform his duties under this Agreement
(with or without reasonable accommodation, as defined under the Americans With Disabilities Act),
for a period of three (3) consecutive months, and the Company shall have the right to terminate
Executive’s employment under this Agreement for “Disability”, by providing a thirty (30) day Notice
of Termination to Executive pursuant to Section 7(a) and such termination in and of itself shall
not be, nor shall it be deemed to be, a breach of this Agreement by the Company.

               (c) Cause. The Company shall have the right to terminate Executive’s employment at
any time for Cause, and such termination in and of itself shall not be, nor shall it be deemed to
be, a breach of this Agreement by the Company. For purposes of this Agreement, the Company shall
have “Cause” to terminate Executive’s employment upon:

     (i) an act of felony dishonesty taken by Executive which results or is
intended to result in improper personal enrichment of Executive and/or
expense to the Company; or

 

 

     (ii) Executive’s failure to follow a direct, reasonable and lawful
written order from the Board and/or the Chairman, within the reasonable
scope of Executive’s duties.

Cause shall not exist under paragraphs (i) or (ii) above unless and until the Company has delivered
to Executive a copy of a resolution duly adopted by not less than three-fourths (3/4ths) of the
Board (excluding Executive) at a meeting of the Board called and held for such purpose
finding that in the good faith opinion of the Board, Executive was guilty of the conduct set forth
in paragraphs (i) or (ii) and specifying the particulars thereof in detail. Upon receipt of the
board resolution, the Executive shall have 15 days to cure, if curable, the “Cause” of the board
resolution and avoid termination..

               (d) Voluntarily. Executive shall have the right to voluntarily terminate his
employment under this Agreement.

          7. Termination Procedure.

               (a) Notice of Termination. Any termination of Executive’s employment by the Company
or by Executive during the Employment Period (other than termination due to death pursuant to
Section 6(a)) shall be communicated by written Notice of Termination to the other party in
accordance with Section 12. For purposes of this Agreement, a “Notice of Termination” shall mean a
written notice which shall indicate the specific termination provision in this Agreement relied
upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Executive’s employment under the provision so indicated.

               (b) Date of Termination. “Date of Termination” shall mean (i) if Executive’s
employment is terminated by his death, the date of his death, (ii) if Executive’s employment is
terminated for Disability pursuant to Section 6(b), thirty (30) days after Notice of Termination
(provided that Executive shall not have returned to the substantial performance of his duties on a
full-time basis during such thirty (30) day period), (iii) if Executive’s employment is terminated
for Cause pursuant to Section 6(c), the date the Notice of Termination is sent to Executive, which
in the case of Cause under Section 6(c)(ii) shall be no less than 15 days after Executive’s receipt
of the board resolution and shall be subject to an opportunity to cure as set forth in Section
6(c)(ii), or (iv) if Executive’s employment is terminated by Executive pursuant to Section 6(d),
the date that the Company receives Executive’s Notice of Termination or such later termination date
as is set forth in such Notice of Termination.

          8. Compensation Upon Termination or During Disability. In the event of Executive’s
Disability or termination of his employment under this Agreement during the Employment Period, the
Company shall provide Executive with the payments and benefits set forth below. Executive
acknowledges and agrees that the payments set forth in this Section 8, and the other agreements and
plans referenced in this Agreement, constitute the sole compensation and damages for termination of
his employment during the Employment Period.

               (a) Disability. During any period that Executive fails to perform his duties under
this Agreement as a result of incapacity due to physical or mental illness (“Disability Period”),
Executive shall continue to receive his full Base Salary set forth in Section

 

 

5(a) until his
employment is terminated pursuant to Section 6(b). In the event Executive’s employment is
terminated for Disability pursuant to Section 6(b):

     (i) the Company shall pay to Executive (A) his Base Salary and accrued
vacation pay through the Date of Termination, as soon as practicable
following the Date of Termination, and (B) provide Executive with disability
benefits pursuant to the terms of any Company disability programs;

     (ii) the Company shall reimburse Executive pursuant to Section 5(d) for
reasonable business expenses incurred, but not paid, prior to such
termination of employment; and

     (iii) Executive shall be entitled to any other rights, compensation
and/or benefits as may be due to Executive following such termination to
which he is otherwise entitled in accordance with the terms and provisions
of any plans or programs of the Company.

               (b) Termination By Company without Cause. If Executive’s employment is terminated by
the Company without Cause:

     (i) the Company shall pay to Executive (A) his Base Salary and accrued
vacation pay through the Date of Termination, as soon as practicable
following the Date of Termination, and (B) Severance Pay, in equal monthly
installments or a lump sum at the Company’s discretion, according to the
following schedule:

	 	 	 	 	 	 
	 
	 	Length of Employment	 	 	Months of Base Salary	 
	 	1 – 6 months

	 	 	1 month	 
	 	7 – 12 months

	 	 	5 months	 
	 	13 – 24 months

	 	 	6 months	 
	 	25 – 36 months

	 	 	12 months	 
	 

     (ii) the Company shall reimburse Executive pursuant to Section 5(d) for
reasonable business expenses incurred, but not paid, prior to such
termination of employment; and

     (iii) Executive shall be entitled to any other rights, compensation
and/or benefits as may be due to Executive following such termination to
which he is otherwise entitled in accordance with the terms and provisions
of any plans or programs of the Company.

               (c) Cause, Death or Voluntarily By Executive. If Executive’s employment is terminated
by the Company for Cause, due to Executive’s death or voluntarily by Executive:

 

 

     (i) the Company shall pay Executive (or his legal representative or
estate) his Base Salary and his accrued vacation pay (to the extent required
by law or the Company’s vacation policy) through the Date of Termination, as
soon as practicable following the Date of Termination;

     (ii) the Company shall reimburse Executive (or his legal representative
or estate) pursuant to Section 5(d) for reasonable business expenses
incurred, but not paid, prior to such termination of employment, unless such
termination resulted from a misappropriation of Company funds; and

     (iii) Executive (or his legal representative or estate) shall be
entitled to any other rights, compensation and/or benefits as may be due to
Executive following such termination to which he is otherwise entitled in
accordance with the terms and provisions of any plans or programs of the
Company.

          9. Confidential Information, Ownership of Documents and Other Items; Non-Solicitation of
Employees and Business.

               (a) Confidential Information. During the Employment Period and thereafter, Executive
shall hold in a fiduciary capacity for the benefit of the Company all trade secrets and
confidential information, knowledge or data relating to the Company and its businesses and
investments and its affiliates, which shall have been obtained by Executive during Executive’s
employment by the Company and which is not generally available public knowledge (other than by acts
by Executive in violation of this Agreement). Except as may be required or appropriate in
connection with his carrying out his duties under this Agreement, Executive shall not, without the
prior written consent of the Company or as may otherwise be required by law or any legal process,
or as is necessary in connection with any adversarial proceeding against the Company (in which case
Executive shall use his reasonable best efforts in cooperating with the Company in obtaining a
protective order against disclosure by a court of competent jurisdiction), communicate or divulge
any such trade secrets, information, knowledge or data to anyone other than the Company and those
designated by the Company or on behalf of the Company in the furtherance of its business or to
perform duties under this Agreement.

               (b) Removal of Documents; Rights to Products; Other Property. All records, files,
drawings, documents, models, equipment, and the like relating to the Company’s business and its
affiliates, which Executive has control over shall not be removed from the Company’s premises
without its written consent, unless such removal is in the furtherance of the Company’s business or
is in connection with Executive’s carrying out his duties under this Agreement and, if so removed,
shall be returned to the Company promptly after termination of Executive’s employment under this
Agreement, or otherwise promptly after removal if such removal occurs following termination of
employment. Executive shall assign to the Company all rights to trade secrets and other products
relating to the Company’s business developed by him alone or in conjunction with others at any time
while employed by the Company. Executive shall also return to the Company all Company-provided
vehicles in his possession or control.

 

 

               (c) Protection of Business. During the Employment Period and until the
first anniversary of Executive’s Date of Termination (regardless of the reason for termination of
employment), the Executive will not, directly or indirectly, on his own behalf or behalf of any
third party, solicit or attempt to induce any existing customers or accounts of the Company or its
affiliates to cease doing business with the Company or its affiliates. During the same time
period, Executive will not, directly or indirectly, on his own behalf or on behalf of any third
party, solicit or attempt to induce any employee of the Company to terminate his or her
employment with the Company to be employed by Executive or a third party.

               (d) Injunctive Relief. In the event of a breach or threatened breach of
this Section 9, Executive agrees that the Company shall be entitled to injunctive relief in a court
of appropriate jurisdiction to remedy any such breach or threatened breach, Executive acknowledging
that damages would be inadequate and insufficient.

               (e) Continuing Operation. Except as specifically provided in this Section
9, the termination of Executive’s employment or of this Agreement shall have no effect on the
continuing operation of this Section 9.

               (f) Additional Related Agreements. Executive agrees to sign and to abide by the
provisions of any additional agreements, policies or requirements of the Company related to the
subject of this Section 9.

          10. Arbitration. The parties agree that Executive’s employment and this
Agreement relate to interstate commerce, and that any disputes, claims or controversies between
Executive and the Company which may arise out of or relate to the Executive’s employment
relationship or this Agreement shall be settled by arbitration. This agreement to arbitrate shall
survive the termination of this Agreement. Any arbitration shall be in accordance with the Rules
of the American Arbitration Association or another national arbitration service that is mutually
agreeable to the parties. The arbitration shall be undertaken pursuant to the Federal Arbitration
Act. Arbitration will be held in Oklahoma City, Oklahoma unless the parties mutually agree on
another location. The decision of the arbitrator(s) will be enforceable in any court of competent
jurisdiction. The parties agree that the arbitrator(s) may allocate administrative and arbitrator
fees, the parties’ other costs and expenses of arbitration and the parties’ attorneys’ fees and
require that such items be paid in any manner in which such item would have been allocated and
ordered to be paid by a court of competent jurisdiction. The parties agree that punitive,
liquidated or indirect damages shall not be awarded by the arbitrator(s) unless such damages would
have been awarded by a court of competent jurisdiction. Nothing in this agreement to arbitrate,
however, shall preclude the Company from obtaining injunctive relief from a court of competent
jurisdiction prohibiting any on-going breaches by Executive of this Agreement including, without
limitation, violations of Section 9.

          11. Successors Binding Agreement.

               (a) Company’s Successors. No rights or obligations of the Company under
this Agreement may be assigned or transferred except that the Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place.

 

 

               (b) Executive’s Successors. No rights or obligations of Executive under
this Agreement may be assigned or transferred by Executive other than his rights to payments or
benefits under this Agreement, which may be transferred only by will or the laws of descent and
distribution. Upon Executive’s death, this Agreement and all rights of Executive under this
Agreement shall inure to the benefit of and be enforceable by Executive’s beneficiary or
beneficiaries, personal or legal representatives, or estate, to the extent any such person succeeds
to Executive’s interests under this Agreement. Executive shall be entitled to select and change a
beneficiary or beneficiaries to receive any benefit or compensation payable under this Agreement
following Executive’s death by giving the Company written notice thereof. In the event of
Executive’s death or a judicial determination of his incompetence, reference in this Agreement to
Executive shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or other
legal representative(s). If Executive should die following his Date of Termination while any
amounts would still be payable to him under this Agreement if he had continued to live, all such
amounts unless otherwise provided shall be paid in accordance with the terms of
this Agreement to such person or persons so appointed in writing by Executive, or otherwise to
his legal representatives or estate.

          12. Notice. For the purposes of this Agreement, notices,
demands and all other communications provided for in this Agreement shall be in writing and shall
be deemed to have been duly given when delivered either personally or by United States certified or
registered mail, return receipt requested, postage prepaid, addressed as follows:

          If to Executive:

          13715 Nogales Drive

          Del Mar, CA 92014

          If to the Company:

          711 Northeast 39th Street

          Oklahoma City, OK 73105

or to such other address as any party may have furnished to the others in writing in accordance
with this Agreement, except that notices of change of address shall be effective only upon
receipt.

          13. Taxes and Withholding. All payments hereunder shall be subject to tax
in accordance with the federal Internal Revenue Code, as amended from time to time, and any
applicable rules or regulations promulgated thereunder and in accordance with applicable state
statutes, rules and regulations. All payments shall be subject to any required withholding of
Federal, state and local taxes pursuant to any applicable law, rule or regulation.

          14. Miscellaneous. No provisions of this Agreement may be amended,
modified, or waived unless such amendment or modification is agreed to in writing signed by
Executive and by a duly authorized officer of the Company, and such waiver is set forth in writing
and signed by the party to be charged. No waiver by either party hereto at any time of any breach
by the other party hereto of any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or

 

 

conditions at the same
or at any prior or subsequent time. The respective rights and obligations of the parties under
this Agreement shall survive Executive’s termination of employment and the termination of this
Agreement to the extent necessary for the intended preservation of such rights and obligations.
The validity, interpretation, construction and performance of this Agreement shall be governed by
the laws of the State of Oklahoma without regard to its conflicts of law principles.

          15. Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

          16. Entire Agreement. Except as provided elsewhere herein, this Agreement
sets forth the entire agreement of the parties with respect to its subject matter and supersedes
all prior agreements, promises, covenants, arrangements, communications, representations or
warranties, whether oral or written, by any officer, employee or representative of any party
to this Agreement with respect of such subject matter.

          IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

	 	 	 
	

	 	John W Hail
	 
	 	 
	

	 	By /S/ John W. Hail

Chairman of the Board
	 
	 	 
	

	 	/S/ David D’Arcangelo

David D’Arcangelo

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