Document:

EX-10.2

CHANGE IN TERMS AGREEMENT

	 	 	BORROWER:

PET DRx VETERINARY GROUP, INC.

215 Centerview Drive, Ste. 360

Brentwood, TN 37027

LENDER:

HUNTINGTON CAPITAL, L.P.

4660 La Jolla Village Drive, Ste. 660

San Diego, CA 92122

DATE OF AGREEMENT: March 30, 2009

THIS CHANGE IN TERMS AGREEMENT (this “Agreement”) is entered into as of March 30, 2009, by and
between PET DRx VETERINARY GROUP, INC, a Delaware corporation (“Borrower”) as successor in interest
to XLNT VETERINARY CARE, INC., a Delaware corporation and HUNTINGTON CAPITAL, L.P., a California
limited partnership (“Huntington”)

Description of Existing Indebtedness. Borrower is indebted to Huntington pursuant to the terms of
a Business Loan Agreement dated November 2, 2005, (“Loan Agreement”) evidenced in part by a
Promissory Note dated November 2, 2005 in the principal amount of $1,400,000 (the “Note”). The
Loan Agreement is being amended and restated as of the date hereof.

Description of Change in Terms in Note Payments. The second paragraph of the Note titled “Payment”
is amended effectively immediately to read as follows: Borrower will pay the remaining balance of
the Note in twenty-one payments. Borrower shall make one payment on April 1, 2009, which shall be
for all accrued and unpaid interest plus $300,000 of principal. Commencing May 1, 2009, and again
on June 1, 2009, Borrower shall make a payment for all accrued and unpaid interest. Commencing
July 1, 2009, and continuing on the first of each month thereafter, Borrower shall pay seventeen
(17) monthly payments consisting of $61,111.11 of principal plus all accrued and unpaid interest.
Borrower’s final payment is due December 1, 2010, and shall be for all unpaid principal, in the
estimated amount of $61,111.11, and all accrued and unpaid interest, fees and costs then owing
under the Note. Interest shall accrue on the Note at the rate of 12 percent (12%) per annum.
All other terms and conditions of the Note shall remain the same.

Change of Default Section. The section of the Note titled Default is deleted in the entirety and
replaced as follows:

Default. An Event of Default, as defined in the Amended and Restated Business Loan
Agreement of even date herewith, shall constitute an Event of Default under this Note.

Lender’s Waiver of Breach. Lender hereby waives any of Borrower’s breach of any covenants or
conditions of the Loan Documents that occurred during 2008 on and through March 31, 2009. This
waiver shall not be deemed to waive any future breach by Borrower of any term of condition of the
Loan Documents or Related Documents.

Collateral. Borrower acknowledges this Agreement and all conditions of the Note are secured by a
Commercial of TARVIN & LENEHAN, INC., a California corporation and a Commercial Security Agreement
of XLNT VETERINARY CARE, INC., both dated November 2, 2005.

Notices. All notices will be sent to the address as shown in this Agreement. Notices will be
mailed to a different address if written notice is provided of a different address.

Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not
to be used to interpret or define the provisions of this Agreement.

Continuing Validity. Except as expressly changed by this Agreement and the Amended and Restated
Business Loan Agreement, the terms of the original obligation or obligations, including the Loan
Documents and all agreements evidenced or securing the obligation(s), remain unchanged and in full
force and effect. Consent by Huntington to this Agreement does not waive any right to strict
performance of the obligation(s) as changed, nor obligate them to make any future change in terms.
Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention
of Huntington to retain as liable parties all makers and endorsers of the original obligation(s),
including accommodation parties, unless a party is expressly released by us in writing. Any maker
or endorser, including accommodation makers, will not be released by virtue of this Agreement. If
any person who signed the original obligation does not sign this Agreement below, then all persons
signing below acknowledge that this Agreement is given conditionally, based on the representation
to us that the non-signing party consents to the changes and provisions of this Agreement or
otherwise will not be released by it. This waiver applies not only to any initial extension,
modification, or release, but also to all such subsequent actions.

Acknowledgment. Borrower acknowledges that it understands and agrees to the terms and conditions
in this Agreement. By signing this Agreement, you acknowledge that you have read this Agreement.

(signature page follows)

1

IN WITNESS WHEREOF, the parties have executed this Change in Terms Agreement to be effective
as of the date first above written.

BORROWER:

PET DRX VETERINARY GROUP, INC.

By:

Name: Harry L. Zimmerman

Authorized Signatory

HUNTINGTON:

HUNTINGTON CAPITAL, L.P.,

a California limited partnership

BY: HFMC, INC.,

a California corporation, its General Partner

BY:

Name: Morgan L. Miller, Jr., President

2ex4_1.htm

    
Exhibit 4.1

     

    
 

    

     

    SUPPLEMENTAL
INDENTURE

     

    PHARMANET
DEVELOPMENT GROUP, INC.

     

    AND

     

    U.S.
BANK NATIONAL ASSOCIATION,

    AS
TRUSTEE

    _______________

     

    Supplemental
Indenture

    Dated
as of March 30, 2009

     

    Supplementing
the Indenture

    Dated
as of August 11, 2004

    _______________

     

    2.25%
Convertible Senior Notes due 2024

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
March 30, 2009, by and between PharmaNet Development Group, Inc., a
Delaware corporation (the “Company”) and U.S. Bank National Association, as
trustee (the “Trustee”), under the Indenture, dated as of August 11, 2004
(as amended and supplemented, the “Indenture”). Terms used herein but not
otherwise herein defined have the meanings assigned to them in the
Indenture.

     

    WITNESSETH:

     

    WHEREAS,
the Company and the Trustee have heretofore executed and delivered the Indenture
providing for the issuance by the Company of 2.25% Convertible Senior Notes due
2024 (the “Notes”);

     

    WHEREAS,
the Company is a party to an Agreement and Plan of Merger, dated as of
February 3, 2009 (the “Merger Agreement”), by and among JLL Pharmanet
Holdings, LLC, a Delaware limited liability company (“Parent”), PDGI Acquisition
Corp., a Delaware corporation and wholly-owned indirect subsidiary of Parent
(the “Purchaser”), and the Company, pursuant to which the Purchaser merged with
and into the Company (the “Merger”), with the Company surviving the Merger and
becoming a wholly-owned indirect subsidiary of Parent;

     

    WHEREAS,
the Merger became effective at [·] p.m., Eastern time,
on March 30, 2009 (the “Effective Time”) and, from and after the Effective
Time, each share of Common Stock issued and outstanding immediately prior to the
Effective Time (other than Common Stock owned by the Company, Parent, the
Purchaser (prior to the Merger) or any of their respective subsidiaries and
Common Stock held by dissenting holders of Common Stock who properly exercise
appraisal rights under Delaware law), by virtue of the Merger and without any
action on the part of the holders of the Common Stock, was cancelled in exchange
for the right to receive $5.00 per share, net to the seller in cash, without
interest and subject to any withholding taxes;

     

    WHEREAS,
Section 10.12 of the Indenture provides that, in connection with the
Merger, the Company shall execute with the Trustee a supplemental indenture
providing that each Note shall be convertible into the kind and amount of
consideration receivable by a holder of a number of shares of Common Stock
issuable upon conversion of such Notes immediately prior to the Merger assuming
such holder of Common Stock did not exercise his rights of election, if any, as
to the kind or amount of consideration receivable upon the Merger, which
supplemental indenture shall provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in Article 10
of the Indenture;

     

    WHEREAS,
Section 9.01(i) of the Indenture provides that the Company may, from time
to time, and at any time enter into a supplemental indenture without the consent
of the holders of the Notes to make provisions with respect to Section 10.12 of
the Indenture;

     

    WHEREAS,
the Company has heretofore delivered or is delivering contemporaneously herewith
to the Trustee (i) copies of resolutions of the Board of Directors of the
Company authorizing the execution of this Supplemental Indenture, (ii) the
Officers’ Certificate and (iii) the Opinion of Counsel, as described in Sections
10.12 and 11.04 of the Indenture; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
all other acts and proceedings required by law and the Indenture necessary to
authorize the execution and delivery of this Supplemental Indenture and to make
this Supplemental Indenture a valid and binding agreement for the purposes
expressed herein, in accordance with its terms, have been complied with or have
been duly done or performed;

     

    NOW,
THEREFORE, in consideration of the foregoing and notwithstanding any provision
of the Indenture which, absent this Supplemental Indenture, might operate to
limit such action, the parties hereto, intending to be legally bound hereby,
agree as follows:

     

    ARTICLE
ONE

    AMENDMENTS

     

    SECTION
1.01.     Conversion Obligation of the
Company. Subject to and upon compliance with the provisions of the
Indenture, the conversion obligation of the Company with respect to each $1,000
principal amount of Notes tendered for conversion from and after the Effective
Time shall be fixed at an amount in cash equal to $121.71 per $1,000 principal
amount, without interest.

     

    SECTION
1.02.     Settlement Upon Conversion.
Upon conversion of any Note, subject to and upon compliance with the provisions
of the Indenture, as supplemented hereby, the Company shall satisfy the
conversion obligation by payment and delivery of cash in an amount equal to the
aggregate Conversion Value of the Note(s) so converted.

     

    SECTION
1.03.     Effectiveness. This
Supplemental Indenture will become effective and operative and binding upon each
of the Company, the Trustee and the holders of the Notes as of the day and year
first above written.

     

    ARTICLE
TWO

    MISCELLANEOUS

     

    SECTION
2.01.     Reference to and Effect on the
Indenture. On and after the date of this Supplemental Indenture, each
reference in the Indenture to “this Indenture,” “hereunder,” “hereof,” or
“herein” shall mean and be a reference to the Indenture as supplemented by this
Supplemental Indenture unless the context otherwise requires. The Indenture, as
supplemented by this Supplemental Indenture, shall be read, taken and construed
as one and the same instrument. Except as specifically amended above, the
Indenture shall remain in full force and effect and is hereby ratified and
confirmed.

     

    SECTION
2.02.     Governing Law. This
Supplemental Indenture shall be governed by, and construed in accordance with,
the laws of the State of New York.

     

    SECTION
2.03.     Trust Indenture Act Controls.
No modification of any provisions of the Indenture effected by this Supplemental
Indenture is intended to eliminate or limit any provision of the Indenture that
is required to be included therein by the Trust Indenture Act of 1939, as
amended, as in force as of the effectiveness of this Supplemental
Indenture.

     

    SECTION
2.04.     Trustee Disclaimer; Trust.
The recitals contained in this Supplemental Indenture shall be taken as the
statements of the Issuers, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Supplemental Indenture. The Trustee accepts the trust
created by the Indenture, as supplemented by this Supplemental Indenture, and
agrees to perform the same upon the terms and conditions of the Indenture, as
supplemented hereby.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
2.05.     Counterparts. This
Supplemental Indenture may be executed in any number of counterparts, each of
which shall be an original; but such counterparts shall constitute but one and
the same instrument.

     

    SECTION
2.06.     Effect of Headings. The
Article and Section headings herein are for convenience only and shall not
affect the construction hereof.

     

    SECTION
2.07.     Severability. In case any
provision of this Supplemental Indenture shall be invalid, illegal or
unenforceable, including any amendment or waiver that, pursuant to
Section 9.02 of the Indenture, requires the consent of each holder
affected, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

     

    [Signature
page follows]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed all as of the date hereof.

     

    

     

    
      
        
          	 
      	
                  PHARMANET
      DEVELOPMENT GROUP, INC.

                
	 
      	 
      
	 
      	
                  By:

                	/s/
      John P. Hamill
	 
      	
                  Name:

                	
                  John
      P. Hamill

                
	 
      	
                  Title:

                	
                  Executive
      Vice President and Chief

                
	 
      	 
      	
                  Financial
      Officer

                
	 
      	 
      	 
      
	 
      	
                  U.S.
      BANK NATIONAL ASSOCIATION, as Trustee

                
	 
      	
                  By:

                	/s/
      Michael C. Daly
	 
      	
                  Name:

                	Michael
      C. Daly
	 
      	
                  Title:

                	Vice
      President

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