Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is entered into effective as of the 18th day of March, 2009, by and
between Maneesh Arora (“Employee”) and EXACT Sciences Corporation, a Delaware
corporation (the “Company”).

 

WHEREAS, the
Company desires to employ Employee as its Senior Vice President and Chief
Financial Officer and Employee desires to accept such employment pursuant to
the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and conditions hereinafter set forth,
and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties agree as follows:

 

1.             Employment. 
The Company hereby agrees to employ Employee as (i) a Vice
President between the date of this Agreement and April 1, 2009, and (ii) as
the Company’s Senior Vice President and Chief Financial Officer thereafter,
effective April 2, 2009, and Employee hereby agrees to serve the Company
in such positions, all subject to the terms and provisions of this Agreement
subject to the authority and direction of the Board of Directors of the
Company.  Employee agrees (a) to
devote his full-time professional efforts, attention and energies to the
business of the Company, and (b) shall faithfully and to the best of his
ability perform his duties hereunder. 
Employee may serve as a director or committee member of other
corporations, charitable organizations and trade associations (provided that
the Company is notified in advance of all such positions) and may otherwise
engage in charitable and community activities, deliver lectures and fulfill
speaking engagements, and manage personal investments, but only if such
services and activities do not interfere with the performance of his duties and
responsibilities under this Agreement.

 

2.             Term of Employment.  Employee’s employment (the “Employment Term”)
will continue until terminated as provided in Section 6 below.

 

3.             Compensation. During the Employment Term,
Employee shall receive the following compensation.

 

3.1           Base
Salary. Employee’s annual base salary on the date of this Agreement is
$240,000, payable in accordance with the normal payroll practices of the
Company (“Base Salary”). Employee’s Base Salary will be subject to annual
review by the Compensation Committee and the Board of Directors of the Company.
During the Employment Term, on each anniversary date of this Agreement, the
Company shall review the Base Salary amount to determine any increases. In no
event shall the Base Salary be less than the Base Salary amount for the
immediately preceding twelve (12) month period other than as permitted in Section 6.1(c) hereunder.

 

3.2           Annual
Bonus Compensation. Employee shall be eligible to receive an annual cash
bonus as determined by the Company’s Compensation Committee each calendar year.
Employee’s target annual bonus percentage that he is eligible to earn for each
calendar year shall be forty percent (40%) of his Base Salary as of January 1
of the applicable new calendar year. Any such bonus shall be based upon the
achievement of goals determined by the Compensation Committee after
consultation with the CEO, shall be paid no later than March 15 following
the end of each calendar year, and except as set forth in Section 7
hereof, Employee shall not be entitled to receive an annual bonus for any
calendar year (including the bonus referenced above) unless he remains employed
with the Company through December 31 of the applicable calendar

 

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year; provided, however, that if Employee is terminated with Cause or
resigns without Good Reason, no bonus will be due.

 

3.3           Long
Term Incentive Plan. The Company shall implement a Long Term Incentive Plan
(“LTIP”) as soon as reasonably practicable. 
Employee’s benefits under the LTIP shall be determined pursuant to the
terms of the LTIP, and such benefits may not be terminated or diminished
without the written consent of the Employee. 
Without limiting the foregoing, the LTIP shall provide for a cash payout
to Employee upon a Change of Control (as defined in Section 7.2(a)) as
follows:  (a) One-half percent
(0.5%) of the equity value of any Change of Control transaction having an
equity value between One Hundred Million Dollars ($100,000,000) and Five
Hundred Million Dollars ($500,000,000); (b) for Change of Control
transactions having an equity value between Five Hundred Million Dollars
($500,000,000) and One Billion Dollars ($1,000,000,000), the cash payout to
Employee would be equal to the amount calculated in (a) above plus
one-quarter percent (0.25%) for each incremental Fifty Million Dollars
($50,000,000) in equity value over Five Hundred Million Dollars ($500,000,000);
(c) for Change of Control transactions having an equity value between One
Billion Dollars ($1,000,000,000) and Two Billion Dollars ($2,000,000,000), the
cash payout to Employee would be equal to the amounts calculated in (a) and
(b) above plus one-eighth percent (0.125%) for each incremental Fifty
Million Dollars ($50,000,000) in equity value over One Billion Dollars
($1,000,000,000); and (d) for Change of Control transactions having an
equity value greater than Two Billion Dollars ($2,000,000,000), there would be
no further increase in the cash payout to Employee beyond that calculated under
subsections (a), (b) and (c).  For
example, in connection with a Change of Control transaction having an equity
value of (i) $600,000,000, Employee would receive a cash payout of $2,750,000
($2,500,000 + $125,000 + $125,000) and (ii) $1,100,000,000, Employee would
receive a cash payout of $3,875,000 ($3,750,000 + $62,500 + $62,500).

 

3.4           Equity
Incentives and Other Long Term Compensation.  The Board of Directors, upon the
recommendation of the Compensation Committee, or the Compensation Committee,
may grant Employee from time to time options to purchase shares of the
Company’s common stock, and/or other equity awards including without limitation
restricted stock, both as a reward for past individual and corporate
performance, and as an incentive for future performance.  Such options and/or other awards, if awarded,
will be pursuant to the Company’s then current stock option plan.  Employee will receive an initial stock option
grant of One Million Two Hundred Fifty Thousand (1,250,000) shares of the
Company’s common stock pursuant to the Company’s stock option plan upon
commencement of employment.  Such stock
option shall qualify as an incentive stock option to the maximum amount
permissible by law.  The price of the
stock option grant will be not greater than the fair market value per share on
the date of grant and will have a term of ten years.  Twenty five percent (25%) of the shares
underlying such options shall vest on the first anniversary of the date of
grant and the balance shall vest in equal quarterly installments over the
remaining three-year period, subject to the acceleration of vesting (i) as
described in Section 6.3 hereof, (ii) as described in Section 7.1(d) and
7.2(b) hereof, and (iii) as may be set forth in the grant agreements
issued by the Company, as amended, provided, that in the event of a conflict
between any grant agreement and this Agreement, this Agreement shall control.

 

4.             Benefits.

 

4.1           Benefits.
Employee will be entitled to participate in the sick leave, insurance
(including medical, life and long-term disability), profit-sharing, retirement,
and other benefit programs that are generally provided to employees of the
Company similarly situated, all in accordance with the rules and policies
of the Company as to such matters and the plans established therefore.

 

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4.2           Vacation
and Personal Time. The Company will provide Employee with four (4) weeks
of paid vacation each calendar year Employee is employed by the Company, in
accordance with Company policy. The foregoing vacation days shall be in
addition to standard paid holiday days for employees of the Company.

 

4.3           Indemnification.
To the fullest extent permitted by applicable law and as provided for in the
Company’s articles of incorporation and bylaws the Company will, during and
after termination of employment, indemnify Employee (including providing
advancement of expenses) for any judgments, fines, amounts paid in settlement
and reasonable expenses, including attorneys’ fees, incurred by Employee in
connection with the defense of any lawsuit or other claim or investigation to
which Employee is made, or threatened to be made, a party or witness by reason
of being or having been an officer, director or employee of the Company or any
of its subsidiaries or affiliates as deemed under the Securities Exchange Act
of 1934 (“Affiliates”) or a fiduciary of any of their benefit plans.

 

4.4           Liability
Insurance. Both during and after termination (for any reason) of Employee’s
employment, the Company shall cause Employee to be covered under a directors
and officers’ liability insurance policy for his acts (or non-acts) as an
officer of the Company or any of its Affiliates. Such policy shall be
maintained by the Company, at its expense in an amount and on terms (including
the time period of coverage after the Employee’s employment terminates) at
least as favorable to the Employee as policies covering the Company’s other
members of its Board of Directors.

 

5.             Business Expenses. Upon submission of a
satisfactory accounting by Employee, consistent with the policies of the
Company, the Company will reimburse Employee for any reasonable and necessary
out-of-pocket expenses incurred by Employee in the furtherance of the business
of the Company.

 

6.             Termination.

 

6.1           By
Employee.

 

(a)                                  Without Good Reason. Employee may terminate
his employment pursuant to this Agreement at any time without Good Reason (as
defined below) with at least thirty (30) business days’ written notice (the
“Employee Notice Period”) to the Company. Upon termination by Employee under
this section, the Company may, in its sole discretion and at any time during
the Employee Notice Period, suspend Employee’s duties for the remainder of the
Employee Notice Period, as long as the Company continues to pay compensation to
Employee, including benefits, throughout the Employee Notice Period.

 

(b)                                 With Good Reason. Employee may terminate his
employment pursuant to this Agreement with Good Reason (as defined below) at
any time within ninety (90) days after the occurrence of an event constituting
Good Reason.

 

(c)                                  Good Reason. “Good Reason” shall mean any of
the following: (i) Employee’s Base Salary is reduced (x) in a manner
that is not applied proportionately to other senior executive officers of the
Company or (y) by more than thirty percent (30%) of Employee’s then
current Base Salary; (ii) Employee’s duties, authority or responsibilities
are materially reduced or are materially inconsistent with the scope of
authority, duties and responsibilities of Employee’s position; (iii) the

 

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occurrence of a material breach by the Company of any of its
obligations to Employee under this Agreement or (iv) the Company
materially violates or continues to materially violate any law or regulation
contrary to the written advice of Employee and the Company’s outside counsel to
the Board of Directors and the Company fails to rectify such violation within
thirty (30) days of the written advice that such violations are taking place.

 

6.2           By the Company.

 

(a)                                  With Cause. The Company may terminate
Employee’s employment pursuant to this Agreement for Cause, as defined below,
immediately upon written notice to Employee.

 

(b)                                 “Cause” shall mean any of the following:

 

(i)                                     any willful failure or refusal to perform the
Employee’s duties which continues for more than ten (10) days after
written notice from the Company, specifically identifying the manner in which
the Company believed the Employee had failed or refused to perform his duties;

 

(ii)                                  the commission of any fraud or embezzlement
by the Employee in connection with the Employee’s duties or committed in the
course of Employee’s employment;

 

(iii)                               any gross negligence or willful misconduct of the Employee with regard
to the Company or any of its subsidiaries resulting in a material economic loss
to the Company;

 

(iv)                              a conviction of, or plea of guilty or nolo contendere to, a
felony or other crime involving moral turpitude,

 

(v)                                 the Employee is convicted of a misdemeanor
the circumstances of which involve fraud, dishonesty or moral turpitude and
which is substantially related to the circumstances of Employee’s job with the
Company;

 

(vi)                              any willful and material violation by the Employee of any statutory or
common law duty of loyalty to the Company or any of its subsidiaries resulting
in a material economic loss; or

 

(vii)                           any material breach by the Employee of this Agreement or any of the
agreements referenced in Section 8 of this Agreement.

 

(c)                                  Without Cause. 
Subject to Section 7.1, the Company may terminate Employee’s
employment pursuant to this Agreement without Cause upon at least thirty days’
written notice (“Company Notice Period”) to Employee.  Upon any termination by the Company under
this Section 6.2(c), the Company may, in its sole discretion and at any
time during the Company Notice Period, suspend Employee’s duties for the
remainder of the Company Notice Period, as long as the Company continues to pay
compensation to Employee, including benefits, throughout the Company Notice Period.

 

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6.3           Death
or Disability. Notwithstanding
Section 2, in the event of the death or disability of Employee during the
Employment Term, (i) Employee’s employment and this Agreement shall
immediately and automatically terminate, (ii) the Company shall pay
Employee (or in the case of death, employee’s designated beneficiary) Base
Salary and accrued but unpaid bonuses, in each case up to the date of
termination, and (iii) all equity awards granted to Employee, whether
stock options or stock purchase rights under the Company’s equity compensation
plan, or other equity awards, that are unvested at the time of termination
shall immediately become fully vested and exercisable upon such termination. Neither Employee, his beneficiary nor estate
shall be entitled to any severance benefits set forth in Section 7 if
terminated pursuant to this section. In the event of the disability of
Employee, the parties agree to comply with applicable federal and state law.

 

6.4           Survival.
The Confidential Information Agreement described in Section 8 hereof and
attached hereto as Schedule A shall survive the termination of this Agreement.

 

7.             Severance and Other Rights Relating to Termination
and Change of Control.

 

7.1           Termination
of Agreement Pursuant to Section 6.l(b) or 6.2(c). If the
Employee terminates his employment for Good Reason pursuant to Section 6.1(b),
or the Company terminates Employee’s employment without Cause pursuant to Section 6.2(c),
subject to the conditions described in Section 7.3 below, the Company will
provide Employee the following payments and other benefits:

 

(a)                                  (i) salary continuation for a period of
fifteen (15) months at Employee’s then current Base Salary, which shall
commence on the first payroll date which is on or immediately follows the 30th day following the termination of
Employee’s employment, (ii) any accrued but unpaid Base Salary as of the
termination date; and (iii) any accrued but unpaid bonus, including
without limitation any performance-based bonus, as of the termination date, all
on the same terms and at the same times as would have applied had Employee’s
employment not terminated; provided, that if at the end of the applicable
period within which Employee’s employment was terminated a target bonus, or any
other performance-based bonus, is paid to other senior executives, a pro-rata
target or other performance-based bonus shall also be paid to Employee at the
same time but no later than March 15 of the following year.

 

(b)                                 If Employee elects COBRA coverage for health
and/or dental insurance in a timely manner, the Company shall pay the monthly
premium payments for such timely elected coverage (consistent with what was in
place at the date of termination) when each premium is due until the earlier
of: (i) (12) twelve months from the date of termination; (ii) the
date Employee obtains new employment which offers health and/or dental
insurance that is reasonably comparable to that offered by the Company; or (iii) the
date COBRA continuation coverage would otherwise terminate in accordance with
the provisions of COBRA. Thereafter, health and dental insurance coverage shall
be continued only to the extent required by COBRA and only to the extent
Employee timely pays the premium payments himself.

 

(c)                                  Within thirty (30) days of the effective date
of termination, the Company shall pay Employee Ten Thousand Dollars ($10,000)
towards the cost of an outplacement consulting package for Employee.

 

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(d)                                 The vesting of the then unvested equity
awards granted to Employee, whether stock options, restricted stock or stock
purchase rights under the Company’s equity compensation plan, or other equity
awards, shall immediately accelerate by a period of 12 months upon such
termination or resignation. Employee will be entitled to exercise such equity
awards in accordance with Section 7.6.

 

7.2           Change
of Control. The Board of Directors of the Company has determined that it is
in the best interests of the Company and its stockholders to assure that the
Company will have the continued dedication of the Employee, notwithstanding the
possibility, threat or occurrence of a Change of Control (defined in Section 7.2(a) below).
The Board believes it is imperative to diminish the inevitable distraction of
the Employee by virtue of the personal uncertainties and risks created by a
pending or threatened Change of Control and to encourage the Employee’s full
attention and dedication to the Company currently and in the event of any threatened
or pending Change of Control, and to provide the Employee with compensation and
benefits arrangements upon a Change of Control which ensure that the
compensation and benefits expectations of the Employee will be satisfied and
which are competitive with those of other similarly-situated companies.
Therefore, in order to accomplish these objectives, the Board has caused the
Company to include the provisions set forth in this Section 7.2.

 

(a)                                  Change of Control. “Change of Control” shall
mean, and shall be deemed to have occurred if, on or after the date of this
Agreement, (i) any “person” (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) or group acting
in concert, other than a trustee or other fiduciary holding securities under an
employee benefit plan of the Company acting in such capacity or a corporation
owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company,
becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of the Company representing more than 50%
of the total voting power represented by the Company’s then outstanding Voting
Securities, (ii) during any 12-month period, individuals who at the
beginning of such period constitute the Board of Directors of the Company and
any new director whose election by the Board of Directors or nomination for
election by the Company’s stockholders was approved by a vote of at least two
thirds (2/3) of the directors then still in office who either were directors at
the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof, (iii) the
consummation of a merger or consolidation of the Company with any other
corporation other than a merger or consolidation which would result in the
Voting Securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into Voting Securities of the surviving entity) at least fifty percent (50%) of
the total voting power represented by the Voting Securities of the Company or
such surviving entity outstanding immediately after such merger or
consolidation, or (iv) the sale or disposition by the Company of (in one
transaction or a series of related transactions) all or substantially all of
the Company’s assets.

 

(b)                                 Acceleration of Vesting of Equity Awards.
Subject to Employee’s agreement to remain employed by the Company (or any
successor), if requested, for a period

 

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of at least six (6) months following such Change of Control at his
then current base salary, one hundred percent (100%) of the then
unvested equity awards granted to Employee, whether stock options, restricted
stock or stock purchase rights under the Company’s equity compensation plan, or
other equity awards, shall immediately become fully vested and exercisable upon
a Change of Control.  Employee will be entitled to exercise such
vested equity awards in accordance with the applicable grant agreements.

 

(c)                                  LTIP Awards. Any awards granted to Employee
under the LTIP as of the effective date of the Change of Control shall be
treated as described in the LTIP. 
Without limiting the foregoing, the LTIP shall provide that if, in
anticipation or contemplation of a pending or potential Change of Control or
while a potential Change of Control is under consideration or being negotiated
by the Company’s board of directors, the Employee terminates his employment for
Good Reason pursuant to Section 6.1(b) or the Company terminates
Employee’s employment without Cause pursuant to Section 6.2(c), Employee
shall be deemed to remain an employee for purposes of the LTIP as of the
effective date of such Change of Control and shall receive a full payout under
the LTIP as described in Section 3.3 of this Agreement as though he
remained an employee of the Company as of the effective date of such Change of
Control.

 

(d)                                 If, within twelve (12) months before the
effective date of a Change of Control, the Employee terminates his employment
for Good Reason pursuant to Section 6.1(b) or the Company terminates
Employee’s employment without Cause pursuant to Section 6.2(c), or, if
Employee remains employed with the Company on the effective date of a Change of
Control, subject to the conditions described in Section 7.3 below, the
Employee shall receive a single lump-sum payment on the effective date of such
Change of Control equal to eighteen (18) months (or, in the event of a Change
of Control transaction occurring on or prior to April 18, 2010, which has
an equity value of less than $100 million, fifteen (15) months) at Employee’s
then current Base Salary and pro-rata target bonus through the effective date
of the Change of Control; provided, however, that any payments previously made
by the Company to Employee in connection with a termination occurring within
twelve (12) months before the effective date of such Change of Control pursuant
to Section 7.1(a) of this Agreement shall be credited against the
lump-sum payment due Employee pursuant to this Section 7.2(d).

 

7.3           Conditions
Precedent to Payment of Severance. The Company’s obligations to Employee
described in Sections 7.1 and 7.2 are contingent on Employee’s delivery to the
Company of a signed waiver and release in a form reasonably satisfactory to the
Company of all claims he may have against the Company, and his not revoking
such release within 21 days after his date of termination. Moreover, the Employee’s rights to receive
ongoing payments and benefits pursuant to Sections 7.1 and 7.2 (including,
without limitation, the right to ongoing payments under the Company’s equity
plans and LTIPs) are conditioned on the Employee’s ongoing compliance with his
obligations as described in Section 8 hereof.  Any cessation by the Company of any such payments and
benefits shall be in addition to, and not in lieu of, any and all other
remedies available to the Company for Employee’s breach of his obligations
described in Section 8 hereof.

 

7.4           No
Severance Benefits. Employee is not entitled to any severance benefits if
this Agreement is terminated pursuant to Sections 6.1(a) or 6.2(a) of
this Agreement; provided

 

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however, Employee shall be entitled to (i) Base Salary prorated
through the effective date of such termination; (ii) Bonuses which have
been earned and for which the payment date occurs prior to the effective date
of such termination; and (iii) medical coverage and other benefits
required by law and plans (as provided in Section 7.5, below).

 

7.5           Benefits
Required by Law and Plans: Vacation Time Pay. In the event of the
termination of Employee’s employment, Employee will be entitled to medical and
other insurance coverage, if any, as is required by law and, to the extent not
inconsistent with this Agreement, to receive such additional benefits as
Employee may be entitled under the express terms of applicable benefit plans
(other than bonus or severance plans) of the Company, its subsidiaries and
Affiliates.

 

7.6           Exercise
Period of Equity Awards after Termination. Unless it would subject the
Employee to adverse tax consequences under Section 885 of the American
Jobs Creation Act of 2004, Pub. Law No. 108-357, 118 Stat. 1418 (the Act),
which added § 409A to the Internal Revenue Code, notwithstanding anything
contained herein or in the equity grant agreements to the contrary, in the
event of the termination of Employee’s employment with the Company, Employee’s
vested equity awards shall be open for exercise until the earlier of (i) two
(2) years from the date of termination or (ii) the latest date on
which those equity awards expire or are eligible to be exercised under the
grant agreements, determined without regard to such termination or resignation;
provided further that such extended exercise period shall not apply in the
event the Employee resigns without Good Reason or is terminated by the Company
for Cause, in which case, the exercise periods shall continue to be governed by
the terms of the grant agreements.

 

7.7           409A Compliance.  Notwithstanding anything in this Section 7
to the contrary, to the extent that any payments under this Section 7 are
considered deferred compensation subject to Section 409A of the Internal
Revenue Code, such payments shall not be paid for six months following the
Employee’s separation from service (if, and only to the extent, applicable and
required for compliance with Section 409A).  To the extent that any payment is delayed
pursuant to this subsection, it shall be paid on the first day after the end of
such required period.

 

8.             Restrictions.

 

8.1           The
Confidential Information Agreement. Employee will enter into and comply with
the terms of the Employee Confidentiality and Assignment Agreement in
substantially the form attached hereto as Schedule A (the “Confidential
Information Agreement”).

 

8.2           Agreement
Not to Compete. In consideration for all of the payments and benefits that
may become due to Employee under this Agreement, Employee agrees that for a
period of eighteen (18) months after termination of his employment for any
reason, he will not, directly or indirectly, without the Company’s prior
written consent, (a) perform for a Competing Entity in any Restricted Area
any of the same services or substantially the same services that he performed
for the Company; (b) in any Restricted Area, advise, assist, participate
in, perform services for, or consult with a Competing Entity regarding the
management, operations, business or financial strategy, marketing or sales
functions or products of the Competing Entity (the activities in clauses (a) and
(b) collectively are, the “Restricted Activities”); or (c) solicit or
divert the business of any Restricted Customer by offering competitive products
or services to such Restricted Customer to the detriment of the Company.
Employee acknowledges that in his position with the Company he has had and will
have access to knowledge of confidential information about all aspects of the
Company that would be of significant value to the Company’s competitors.

 

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8.3           Additional
Definitions.

 

(a)                                  “Customer” means any individual or entity for
whom the Company has provided services or products or made a proposal to
perform services or provide products.

 

(b)                                 “Restricted Customer” means any Customer with
whom/which Employee had contact on behalf of the Company during the 12 months
preceding the end, for whatever reason, of his employment.

 

(c)                                  “Competing Entity” means any business entity
engaged in the development, design, manufacture, marketing, distribution or
sale of molecular diagnostic products.

 

(d)                                 “Restricted Area” means any geographic
location where if Employee were to perform any Restricted Activities for a
Competing Entity in such a location, the effect of such performance would be
competitive to the Company.

 

8.4           Reasonable
Restrictions On Competition Are Necessary. 
Employee acknowledges that reasonable restrictions on competition are
necessary to protect the interests of the Company. Employee also acknowledges
that he has certain skills necessary to the success of the Company, and that
the Company has provided and will provide to him certain confidential
information that it would not otherwise provide because he has agreed not to
compete with the business of the Company as set forth in this Agreement.

 

8.5           Restrictions
Against Solicitations. Employee further covenants and agrees that during
Employee’s employment by the Company and for a period of eighteen (18) months
following the termination of his employment with the Company for any reason, he
will not, except with the prior consent of the Company’s Chief Executive
Officer, directly or indirectly, solicit or hire, or encourage the solicitation
or hiring of, any person who is an employee of the Company for any position as
an employee, independent contractor, consultant or otherwise, provided that the
foregoing shall not prevent Employee from serving as a reference.

 

8.6           Affiliates.
For purposes of this Section 8, the term “Company” will be deemed to
include the Company and its Affiliates.

 

8.7           Ability
to Obtain Other Employment. Employee hereby represents that his experience
and capabilities are such that in the event his employment with the Company is
terminated, he will be able to obtain employment if he so chooses during the
period of noncompetition following the termination of employment described
above without violating the terms of this Agreement, and that the enforcement
of this Agreement by injunction, as described below, will not prevent him from
becoming so employed.  To assist Employee
in obtaining subsequent employment, the Company agrees to respond within 3
business days to any request of Employee as to whether a new position would be
viewed by the Company as violation of the restrictions in this Agreement.

 

8.8           Injunctive
Relief. Employee understands and agrees that if he violates any provision
of this Section 8, then in any suit that the Company may bring for that
violation, an order may be made enjoining him from such violation, and an order
to that effect may be made pending litigation or as a final determination of
the litigation. Employee further agrees that the Company’s application for an
injunction will be without prejudice to any other right of action that may
accrue to the Company by reason of the breach of this Section 8.

 

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8.9           Severability.
In case any provisions (or portions thereof) contained in this Agreement shall,
for any reason, be held invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect the other
provisions of this Agreement, and this Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been contained
herein.  If, moreover, any one or more of
the provisions contained in this Section 8 shall for any reason be held to
be excessively broad as to duration, geographical scope, activity or subject,
it shall be construed by limiting and reducing it, so as to be enforceable to
the extent compatible with the applicable law as it shall then appear.

 

8.10         Section 8 Survives Termination. The provisions of this Section 8 will
survive termination of this
Agreement and the termination of the Employee’s employment. Employee
understands that his obligations under this Section 8 will continue in
accordance with its express terms regardless of any changes in title, position,
duties, salary, compensation or benefits or other terms and conditions of
employment.  The Company will have the
right to assign Employee’s obligations under this Section 8 to its
affiliates, successors and assigns. 
Employee expressly consents to be bound by the provisions of this Section 8
for the benefit of the Company or any parent, subsidiary or affiliate to whose
employ Employee may be transferred without the necessity that this Agreement be
re-executed at the time of such transfer.

 

9.             Arbitration. Unless other arrangements are agreed
to by Employee and the Company, any disputes arising under or in connection
with this Agreement, other than a dispute in which the primary relief sought is
an equitable remedy such as an injunction, will be resolved by binding arbitration
to be conducted pursuant to the Agreement for Arbitration Procedure of Certain
Employment Disputes attached as Exhibit B hereof.

 

10.           Assignments: Transfers: Effect of Merger. No rights
or obligations of the Company under this Agreement may be assigned or
transferred by the Company except that such rights or obligations may be
assigned or transferred pursuant to a merger or consolidation, or pursuant to
the sale or transfer of all or substantially all of the assets of the Company,
provided that the assignee or transferee is the successor to all or
substantially all of the assets of the Company. This Agreement will not be
terminated by any merger, consolidation or transfer of assets of the Company
referred to above. In the event of any such merger, consolidation or transfer
of assets, the provisions of this Agreement will be binding upon the surviving
or resulting corporation or the person or entity to which such assets are
transferred. The Company agrees that concurrently with any merger,
consolidation or transfer of assets referred to above, it will cause any
successor or transferee unconditionally to assume, either contractually or as a
matter of law, all of the obligations of the Company hereunder in a writing
promptly delivered to the Employee. This Agreement will inure to the benefit
of, and be enforceable by or against, Employee or Employee’s personal or legal
representatives, executors, administrators, successors, heirs, distributees,
designees and legatees. None of Employee’s rights or obligations under this
Agreement may be assigned or transferred by Employee other than Employee’s
rights to compensation and benefits, which may be transferred only by will or
operation of law. If Employee should die while any amounts or benefits have
been accrued by Employee but not yet paid as of the date of Employee’s death
and which would be payable to Employee hereunder had Employee continued to
live, all such amounts and benefits unless otherwise provided herein will be
paid or provided in accordance with the terms of this Agreement to such person
or persons appointed in writing by Employee to receive such amounts or, if no
such person is so appointed, to Employee’s estate.

 

11.           No Set-off. No Mitigation Required. Except as
expressly provided otherwise in this Agreement, the obligation of the Company
to make any payments provided for hereunder and otherwise to perform its
obligations hereunder will not be affected by any set-off, counterclaim,
recoupment, defense or other claim, right or action which the Company may have
against Employee or others. In no

 

10

 

event will Employee be
obligated to seek other employment or take other action by way of mitigation of
the amounts payable to Employee under any of the provisions of this Agreement,
and such amounts will not be reduced (except as otherwise specifically provided
herein) whether or not Employee obtains other employment.

 

12.           Taxes. The Company shall have the right to deduct
from any payments made pursuant to this Agreement any and all federal, state,
and local taxes or other amounts required by law to be withheld.

 

13.           409A Compliance.  The intent of Employee and the Company is
that the severance and other benefits payable to Employee under this Agreement
not be deemed “deferred compensation” under, or otherwise fail to comply with, Section 409A
of the Internal Revenue Code.  Employee
and the Company agree to use reasonable best efforts to amend the terms of this
Agreement from time to time as may be necessary to avoid the imposition of
penalties or additional taxes under Section 409A of the Internal Revenue Code;
provided, however, any such amendment will provide Employee substantially
equivalent economic payments and benefits as set forth herein and will not in
the aggregate, materially increase the cost to, or liability of, the Company
hereunder.

 

14.           Miscellaneous. No amendment, modification or waiver
of any provisions of this Agreement or consent to any departure thereof shall
be effective unless in writing signed by the party against whom it is sought to
be enforced. This Agreement contains the entire Agreement that exists between
Employee and the Company with respect to the subjects herein contained and
replaces and supersedes all prior agreements, oral or written, between the
Company and Employee with respect to the subjects herein contained. Nothing herein
shall affect any terms in the Confidential Information Agreement, the Agreement
for Arbitration Procedure of Certain Employment Disputes, the LTIP, and any stock plans or agreements
between Employee and the Company now and hereafter in effect from time to time
(except as and to the extent expressly provided herein). If any provision of
this Agreement is held for any reason to be unenforceable, the remainder of
this Agreement shall remain in full force and effect. Each section is intended
to be a severable and independent section within this Agreement. The headings
in this Agreement are intended solely for convenience of reference and shall be
given no effect in the construction or interpretation of this Agreement. This
Agreement is made in the State of Wisconsin and shall be governed by and
construed in accordance with the laws of said State.

 

This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument. All notices and all other communications provided for in this
Agreement shall be in writing and shall be considered duly given upon personal
delivery, delivery by nationally reputable overnight courier, or on the third
business day after mailing from within the United States by first class
certified or registered mail, return receipt requested, postage prepaid, all
addressed to the address set forth below each party’s signature. Any party may
change its address by furnishing notice of its new address to the other party
in writing in accordance herewith, except that any notice of change of address
shall be effective only upon receipt.

 

11

 

The
parties hereto have executed this Employment Agreement as of the date first
written above.

 

 

	
   

  	
   

  	
  /s/
  Maneesh Arora

  
	
   

  	
   

  	
  Maneesh
  Arora (“Employee”)

  
	
   

  	
   

  	
   

  
	
  Notice
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EXACT
  Sciences Corporation (“Company”)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
   Patrick J. Zenner

  
	
   

  	
   

  	
   

  	
  Patrick
  J. Zenner

  
	
   

  	
   

  	
   

  	
  Chairman
  of the Board of Directors

  
	
   

  	
   

  	
   

  
	
  Notice
  Address:

  	
   

  	
   

  
	
  100
  Campus Drive

  	
   

  	
   

  
	
  Marlborough,
  MA 01752

  	
   

  	
   

  
					

 

12Exhibit 10.1

 

FIRST AMENDMENT

 

This First
Amendment (this “Amendment”), dated as of March 11, 2009 (the “First
Amendment Effective Date”), is by and among MxEnergy Inc., a Delaware
corporation (“MXenergy”), and MxEnergy Electric Inc., a Delaware
corporation (“MxEnergy Electric”; MXenergy and MxEnergy Electric each a “Borrower”
and collectively, the “Borrowers”), MxEnergy Holdings Inc. and certain
Subsidiaries thereof (collectively, the “Guarantors”), and the financial
institutions and other Persons whose signature appears below as Lenders.

 

PRELIMINARY STATEMENTS

 

A.            Reference is made to the Third
Amended and Restated Credit Agreement dated as of November 17, 2008 (the “Credit
Agreement”) among the Borrowers, the Guarantors, the lenders party thereto
and the Administrative Agent. Unless otherwise expressly provided herein,
capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement.

 

B.            The Borrowers have requested that the Majority Lenders amend the
Credit Agreement as hereinafter provided; and

 

C.            The Lenders party hereto, constituting the Majority Lenders
under the Credit Agreement, are willing to amend the Credit Agreement on the
terms and conditions set forth herein.

 

NOW THEREFORE,
in consideration of the premises and the covenants and agreements contained
herein, the parties hereto agree as follows:

 

AGREEMENT

 

Section 1.                                          Amendments
to Credit Agreement.

 

(a)           Amendment to Section 1.01.

 

(i)            The
definition of “Borrowing Base” in Section 1.01 of the Credit Agreement is
hereby amended by (A) deleting the semi-colon and the word “plus” after
the word “Liens” in clause (l) and inserting a period immediately after
such word and (B) deleting clause (m).

 

(ii)           A
new definition of “First Amendment Effective Date” is hereby added in the
appropriate alphabetical order to read as follows:

 

“First Amendment Effective Date” means March 11, 2009.

 

(iii)          The
definition of “Revolving Commitment” is hereby amended in its entirety to read
as follows:

 

 

                “Revolving
Commitment” means, as to each Revolving Lender, its obligation to (a) make
Revolving Advances to the Borrowers pursuant to Section 2.01 and (b) purchase
participation in Letter of Credit Obligations pursuant to Section 2.14(b),
in an aggregate principal amount at any one time outstanding not to exceed the
amount set forth opposite such Revolving Lender’s name on Schedule 2.01
or in the Assignment and Assumption pursuant to which such Revolving Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time
to time in accordance with this Agreement. 
The initial aggregate amount of the Revolving Commitments on the Closing
Date is $244,600,000.00 and reduces to $230,000,000.00 on the First Amendment
Effective Date, $210,000,000.00 on March 31, 2009, $185,000,000.00 on April 30,
2009, $165,000,000.00 on May 31, 2009, and $115,000,000.00 on June 30,
2009.

 

(iv)          The
definition of “Trigger Event” in Section 1.01 of the Credit Agreement is
hereby amended by changing the date March 31, 2009 in clause (d) to May 15,
2009.

 

(b)           Amendment to Section 2.01.  Section 2.01(a) of the Credit
Agreement is hereby amended by inserting the following clause at the end of
such Section:

 

Notwithstanding the foregoing,
the Borrowers agree that no Revolving Advances will be available on and after March 11,
2009.

 

(c)           Amendment to Exhibit B.  Exhibit B to the Credit Agreement is
hereby amended as attached hereto as Annex I.

 

(d)           Amendment to
Schedule 2.01.  Schedule 2.01 to the
Credit Agreement is hereby amended as attached hereto as Annex II.

 

Section 2.               Conditions
to Effectiveness.  This Amendment
shall be effective as of the First Amendment Effective Date when the
Administrative Agent shall have received confirmation of each of the following
in form and substance satisfactory to the Administrative Agent:

 

(a)           counterparts of this
Amendment, duly executed by each Loan Party and the Majority Lenders;

 

(b)           evidence that the
Borrowers have paid (i) the Administrative Agent for the pro rata benefit
of each Lender that has executed this Amendment on or before 5 P.M. New
York time on March 11, 2009 an amendment fee equal to 0.10% of the
aggregate Revolving Commitments of such Lenders and (ii) all other costs,
accrued and unpaid fees and expenses to the extent due and payable to the
Lenders and the Administrative Agent as of the date hereof pursuant to the
Credit Agreement; and

 

(c)           a duly executed
amendment to the Master Transaction Agreement, which amends the Master
Transaction Agreement to amend the definition of “Milestone”

 

2

 

therein to conform
in all material respects to the definition of “Trigger Event” in this
Amendment.

 

Section 3.               Representations
and Warranties.  Each Loan Party
jointly and severally hereby represents and warrants that, as of the First
Amendment Effective Date:

 

(a)           all representations
and warranties of such Loan Party contained in the Credit Agreement and any
other Loan Document are true and correct in all material respects with the same
effect as if such representations and warranties had been made on the First
Amendment Effective Date (it being understood and agreed that any
representation which by its terms is made as of a specified date shall be
required to be true and correct only as of such specified date); and

 

(b)           no Default has
occurred and is continuing.

 

Section 4.               Consent
of Guarantors; Confirmation of Guarantees. 
Each Guarantor hereby consents to this Amendment and hereby confirms and
agrees that notwithstanding the effectiveness of this Amendment, the Guarantee
contained in Article VIII of the Credit Agreement is, and shall continue
to be, in full force and effect and is hereby ratified and confirmed in all
respects.

 

Section 5.               Governing
Law.  This Amendment shall be
governed by, and construed and enforced in accordance with, the internal laws
of the State of New York without regard to conflict of laws principles.

 

Section 6.               Entire
Agreement.  This Amendment, the
Credit Agreement and the other Loan Documents constitute the entire agreement
and understanding among the parties and supersede all prior agreements and
understandings, whether written or oral, among the parties hereto concerning
the transactions provided herein and therein.

 

Section 7.               Execution
in Counterparts.  This Amendment may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement.  Delivery of an executed
counterpart of a signature page to this Amendment by facsimile shall be as
effective as delivery of a manually executed counterpart of this Amendment.

 

Section 8.               Headings.  The headings set forth in this Amendment are
and shall be without substantive meaning or content of any kind whatsoever and
are not a part of the agreement between the parties hereto.

 

Section 9.               Severability.  In case any provision in or obligation under
this Amendment shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

 

[Signature pages follow]

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective duly authorized officers as of
the First Amendment Effective Date.

 

	
   

  	
   

  	
  BORROWERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MXENERGY INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Chaitu Parikh

  
	
   

  	
   

  	
  Name:  Chaitu Parikh

  
	
   

  	
   

  	
  Title:  Vice President and CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MXENERGY ELECTRIC INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Chaitu Parikh

  
	
   

  	
   

  	
  Name:  Chaitu Parikh

  
	
   

  	
   

  	
  Title:  Vice President and CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GUARANTORS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MXENERGY HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Chaitu Parikh

  
	
   

  	
   

  	
  Name:  Chaitu Parikh

  
	
   

  	
   

  	
  Title:  Vice President and CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ONLINE CHOICE INC.

  
	
   

  	
   

  	
  MXENERGY GAS CAPITAL HOLDINGS CORP.

  
	
   

  	
   

  	
  MXENERGY ELECTRIC CAPITAL HOLDINGS CORP.

  
	
   

  	
   

  	
  MXENERGY GAS CAPITAL CORP.

  
	
   

  	
   

  	
  MXENERGY ELECTRIC CAPITAL CORP.

  
	
   

  	
   

  	
  TOTAL GAS & ELECTRIC INC.

  
	
   

  	
   

  	
  TOTAL GAS & ELECTRICITY (PA) INC.

  
	
   

  	
   

  	
  MXENERGY CAPITAL HOLDINGS CORP.

  
	
   

  	
   

  	
  MXENERGY CAPITAL CORP.

  
	
   

  	
   

  	
  MXENERGY SERVICES INC.

  
	
   

  	
   

  	
  INFOMETER.COM INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Chaitu Parikh

  
	
   

  	
   

  	
  Name:  Chaitu Parikh

  
	
   

  	
   

  	
  Title:  Vice President and CFO

  

 

[First Amendment to Credit Agreement]

 

 

	
   

  	
   

  	
  LENDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOCIÉTÉ
  GÉNÉRALE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Barbara
  Paulsen

  
	
   

  	
   

  	
  Name:  Barbara Paulsen

  
	
   

  	
   

  	
  Title:  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/    Chung-Taek Oh

  
	
   

  	
   

  	
  Name:  Chung-Taek Oh

  
	
   

  	
   

  	
  Title:  Vice President

  

 

[First Amendment to Credit Agreement]

 

 

	
   

  	
   

  	
  WACHOVIA
  BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ John
  Puckhaber

  
	
   

  	
   

  	
  Name:  John Puckhaber

  
	
   

  	
   

  	
  Title:  Senior Vice President

  

 

[First Amendment to Credit Agreement]

 

 

	
   

  	
   

  	
  CoBANK, ACB

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
        Dale Keyes

  
	
   

  	
   

  	
  Name:  Dale Keyes

  
	
   

  	
   

  	
  Title:  Vice Presiden

  

 

[First Amendment to Credit Agreement]

 

 

	
   

  	
   

  	
  MORGAN
  STANLEY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/   Melissa James

  
	
   

  	
   

  	
  Name:  Melissa James

  
	
   

  	
   

  	
  Title:  Authorized Signatory

  

 

[First Amendment to Credit Agreement]

 

 

	
   

  	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/   David Maiorella

  
	
   

  	
   

  	
  Name:  Daniel Twenge

  
	
   

  	
   

  	
  Title:  Senior Vice President

  

 

[First Amendment to Credit Agreement]

 

 

	
   

  	
   

  	
  ALLIED IRISH
  BANKS p.l.c.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
      Aidan Lanigan

  
	
   

  	
   

  	
  Name:  Aidan Lanigan

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jim
  Dennehy

  
	
   

  	
   

  	
  Name:  Jim Dennehy

  
	
   

  	
   

  	
  Title:  Executive Vice President

  

 

[First Amendment to Credit Agreement]

 

 

	
   

  	
   

  	
  RZB FINANCE
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Astrid
  Wilke

  
	
   

  	
   

  	
  Name:  Astrid Wilke

  
	
   

  	
   

  	
  Title:  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/   Pearl Geffers

  
	
   

  	
   

  	
  Name:  Pearl Geffers

  
	
   

  	
   

  	
  Title: First
  Vice President

  

 

[First Amendment to Credit Agreement]

 

 

ANNEX I

 

FORM OF BORROWING BASE REPORT

 

This Borrowing Base Report is dated as of
                  ,
         (this “Report”), and is
delivered in accordance with the terms of the Third Amended and Restated Credit
Agreement, dated as of November 17, 2008, among MxEnergy Inc., a Delaware
corporation, and MxEnergy Electric Inc., a Delaware corporation (each
individually, a “Borrower” and collectively, the “Borrowers”),
MxEnergy Holdings Inc. and certain subsidiaries thereof, the lenders from time
to time party thereto (the “Lenders”), and Société Générale, as
Administrative Agent for the Lenders (as it may be amended, restated or other
modified from time to time, the “Credit Agreement”, the capitalized
terms of which are used herein unless otherwise defined herein).

 

As of the        of
        , 20    
(the “Determination Date”), each Borrower hereby certifies the following
calculations of the Borrowing Base and Borrowing Base Availability:

 

(Note: 
Eligible Accounts, Eligible Exchange Accounts, Eligible Inventory, and
Eligible LDC Residual Contract Rights must comply in all respects with the
requirements of the Credit Agreement notwithstanding the fact that all such
requirements are not contained in this Report.)

 

	
   

  	
   

  	
   

  	
   

  	
  Total

  Value

  	
   

  	
  Advance

  Rate

  	
   

  	
  Adjusted

  Value

  	
   

  
	
  1.

  	
   

  	
  BORROWING BASE COMPONENTS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  cash and
  Cash Equivalents of the Borrowers and their Subsidiaries in Dollars that are
  subject to an Acceptable Security Interest

  	
   

  	
  $

  	
   

  	
   

  	
  100

  	
  %

  	
  $

  	
   

  	
   

  
	
  (b)

  	
   

  	
  Tier I
  Eligible Accounts

  	
   

  	
  $

  	
   

  	
   

  	
  90

  	
  %

  	
  $

  	
   

  	
   

  
	
  (c)

  	
   

  	
  Tier II Eligible
  Accounts

  	
   

  	
  $

  	
   

  	
   

  	
  80

  	
  %

  	
  $

  	
   

  	
   

  
	
  (d)

  	
   

  	
  Tier I
  Unbilled Eligible Accounts

  	
   

  	
  $

  	
   

  	
   

  	
  85

  	
  %

  	
  $

  	
   

  	
   

  
	
  (e)

  	
   

  	
  Tier II
  Unbilled Eligible Accounts

  	
   

  	
  $

  	
   

  	
   

  	
  80

  	
  %

  	
  $

  	
   

  	
   

  
	
  (f)

  	
   

  	
  positive
  value of Eligible Exchange Accounts

  	
   

  	
  $

  	
   

  	
   

  	
  80

  	
  %

  	
  $

  	
   

  	
   

  
	
  (g)

  	
   

  	
  positive
  value of Imbalances

  	
   

  	
  $

  	
   

  	
   

  	
  80

  	
  %

  	
  $

  	
   

  	
   

  
	
  (h)

  	
   

  	
  Eligible
  Inventory

  	
   

  	
  $

  	
   

  	
   

  	
  85

  	
  %

  	
  $

  	
   

  	
   

  
	
  (i)

  	
   

  	
  Eligible LDC
  Residual Contract Rights

  	
   

  	
  $

  	
   

  	
   

  	
  85

  	
  %

  	
  $

  	
   

  	
   

  
	
  (j)

  	
   

  	
  Undelivered
  Product Value

  	
   

  	
  $

  	
   

  	
   

  	
  80

  	
  %

  	
  $

  	
   

  	
   

  
	
  (k)

  	
   

  	
  Swap
  Termination Value owed by a Borrower or any of its Subsidiaries for any

  	
   

  	
  $

  	
   

  	
   

  	
  120

  	
  %

  	
  $

  	
   

  	
   

  

 

 

	
   

  	
   

  	
  Swap
  Contract between a Borrower or any of its Subsidiaries and a Swap
  Counterparty

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (l)

  	
   

  	
  First
  Purchaser Liens

  	
   

  	
  $

  	
   

  	
   

  	
  100

  	
  %

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BORROWING
  BASE = (a) + (b) + (c) + (d) + (e) + (f) +
  (g) + (h) + (i) + (j) — (k) — (l)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  BORROWING
  BASE AVAILABILITY

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Borrowing Base

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Less

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Revolving Advances

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  plus Letter of Credit Exposure

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Equals

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Equals

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  

 

 

The undersigned represents and warrants that the foregoing information
is true, complete and correct as of the Determination Date, and that the
Collateral reflected herein complies with the conditions, terms, warranties,
representations and covenants set forth in the Credit Agreement.

	
   

  	
  MXENERGY HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

ANNEX II

 

Schedule 2.01 - Commitments and Pro Rata
Shares of the Lenders

 

REVOLVING COMMITMENTS AND PRO RATA SHARES OF
THE REVOLVING LENDERS

 

	
   

  	
   

  	
  Revolving Commitment

  	
   

  	
   

  	
   

  
	
  Lender

  	
   

  	
  On the Closing

  Date

  	
   

  	
  On the First

  Amendment

  Effective Date

  	
   

  	
  March 31, 2009

  	
   

  	
  April 30, 2009

  	
   

  	
  May 31, 2009

  	
   

  	
  June 30, 2009

  	
   

  	
  Pro Rata

  Share

  	
   

  
	
  Société Générale

  	
   

  	
  $

  	
  65,517,857.14

  	
   

  	
  $

  	
  61,607,142.86

  	
   

  	
  $

  	
  56,250,000.00

  	
   

  	
  $

  	
  49,553,571.43

  	
   

  	
  $

  	
  44,196,428.57

  	
   

  	
  $

  	
  30,803,571.43

  	
   

  	
  26.78571

  	
  %

  
	
  Wachovia Bank,
  N.A.

  	
   

  	
  $

  	
  65,517,857.14

  	
   

  	
  $

  	
  61,607,142.86

  	
   

  	
  $

  	
  56,250,000.00

  	
   

  	
  $

  	
  49,553,571.43

  	
   

  	
  $

  	
  44,196,428.57

  	
   

  	
  $

  	
  30,803,571.43

  	
   

  	
  26.78571

  	
  %

  
	
  CoBank, ACB

  	
   

  	
  $

  	
  43,678,571.43

  	
   

  	
  $

  	
  41,071,428.57

  	
   

  	
  $

  	
  37,500,000.00

  	
   

  	
  $

  	
  33,035,714.29

  	
   

  	
  $

  	
  29,464,285.71

  	
   

  	
  $

  	
  20,535,714.29

  	
   

  	
  17.85714

  	
  %

  
	
  Allied Irish
  Banks p.l.c.

  	
   

  	
  $

  	
  21,839,285.71

  	
   

  	
  $

  	
  20,535,714.29

  	
   

  	
  $

  	
  18,750,000.00

  	
   

  	
  $

  	
  16,517,857.14

  	
   

  	
  $

  	
  14,732,142.86

  	
   

  	
  $

  	
  10,267,857.14

  	
   

  	
  8.92857

  	
  %

  
	
  Bank of America,
  N.A.

  	
   

  	
  $

  	
  21,839,285.71

  	
   

  	
  $

  	
  20,535,714.29

  	
   

  	
  $

  	
  18,750,000.00

  	
   

  	
  $

  	
  16,517,857.14

  	
   

  	
  $

  	
  14,732,142.86

  	
   

  	
  $

  	
  10,267,857.14

  	
   

  	
  8.92857

  	
  %

  
	
  Morgan Stanley
  Bank

  	
   

  	
  $

  	
  17,471,428.57

  	
   

  	
  $

  	
  16,428,571.43

  	
   

  	
  $

  	
  15,000,000.00

  	
   

  	
  $

  	
  13,214,285.71

  	
   

  	
  $

  	
  11,785,714.29

  	
   

  	
  $

  	
  8,214,285.71

  	
   

  	
  7.14286

  	
  %

  
	
  RZB Finance LLC

  	
   

  	
  $

  	
  8,735,714.29

  	
   

  	
  $

  	
  8,214,285.71

  	
   

  	
  $

  	
  7,500,000.00

  	
   

  	
  $

  	
  6,607,142.86

  	
   

  	
  $

  	
  5,892,857.14

  	
   

  	
  $

  	
  4,107,142.86

  	
   

  	
  3.57143

  	
  %

  
	
  TOTAL:

  	
   

  	
  $

  	
  244,600,000.00

  	
   

  	
  $

  	
  230,000,000.00

  	
   

  	
  $

  	
  210,000,000.00

  	
   

  	
  $

  	
  185,000,000.00

  	
   

  	
  $

  	
  165,000,000.00

  	
   

  	
  $

  	
  115,000,000.00

  	
   

  	
  100.00000

  	
  %

  

 

 

BRIDGE LOANS AND PRO RATA SHARE OF THE BRIDGE LENDERS

 

	
  Lender

  	
   

  	
  Bridge Loans

  	
   

  	
  Bridge Pro Rata

  Share

  	
   

  
	
  Charter Mx
  LLC

  	
   

  	
  $

  	
  5,000,000.00

  	
   

  	
  48.07692

  	
  %

  
	
  Denham
  Commodity Partners Fund LP

  	
   

  	
  $

  	
  5,000,000.00

  	
   

  	
  48.076923

  	
  %

  
	
  Jeffrey
  Mayer

  	
   

  	
  $

  	
  100,000.00

  	
   

  	
  0.961538

  	
  %

  
	
  Chaitu
  Parikh

  	
   

  	
  $

  	
  100,000.00

  	
   

  	
  0.961538

  	
  %

  
	
  Steven
  Murray

  	
   

  	
  $

  	
  100,000.00

  	
   

  	
  0.961538

  	
  %

  
	
  Carole R.
  Artman-Hodge

  	
   

  	
  $

  	
  100,000.00

  	
   

  	
  0.961538

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL:

  	
   

  	
  $

  	
  10,400,000.00

  	
   

  	
  100.00000

  	
  %

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}]]