Document:

exv10w1

 

Exhibit 10.1

FORM
OF DIRECTOR INDEMNIFICATION AGREEMENT

          This AGREEMENT (the “Agreement”) effective as of July __, 2006 (the “Effective Date”), between
PolyMedica Corporation, a Massachusetts corporation (the “Company”), and _______________. (the
“Indemnitee”).

          WHEREAS, it is essential to the Company to retain and attract as directors and officers the
most capable persons available; and

          WHEREAS, the Indemnitee is a director or officer of the Company; and

          WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation and
other claims being asserted against directors and officers of public companies in today’s
environment; and

          WHEREAS, as of the Effective Date the Company is subject to the provisions of the new
Massachusetts Business Corporation Act (the “Act”); and

          WHEREAS, in recognition of the Indemnitee’s need for substantial protection against personal
liability in order to enhance the Indemnitee’s continued service to the Company in an effective
manner, and in part to provide the Indemnitee with specific contractual assurance that all
protections permitted by the Act will be available to the Indemnitee, the Company wishes to provide
in this Agreement for the indemnification of and the advancing of expenses to the Indemnitee to the
fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement;
and

          WHEREAS, the Board of Directors of the Company wishes to provide the Indemnitee with rights to
indemnification to the fullest extent permitted by the Act and as set forth in this Agreement and
has approved this Agreement for the purposes of the Act, including for the purpose of obligating
the Company in advance of any act or omission giving rise to a proceeding to provide
indemnification;

          NOW, THEREFORE, in consideration of the premises and of the Indemnitee continuing to serve the
Company directly or, at its request, another enterprise, and intending to be legally bound hereby,
the parties hereto agree as follows:

     1.      Basic Indemnification Arrangement.

     (a)      The Company shall indemnify the Indemnitee against all Expenses (as defined below)
and liabilities, including amounts paid in satisfaction of judgments, in compromise or
settlement, or as fines and penalties (“Liabilities”), paid or incurred by the Indemnitee in
connection with any threatened, pending or completed action, suit or other proceeding,
whether civil, criminal, administrative, arbitrative or investigative and whether formal or
informal (a “Proceeding”), in which the Indemnitee may be involved as, or with which the
Indemnitee was, is or is threatened to be made, while in office or thereafter, a defendant
or respondent, by reason of the Indemnitee’s (i) being or having been a director of the
Company or (ii) while a director of the Company, serving or having

 

 

served, at the request of the Company, as a director, officer, partner, trustee,
employee or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other entity, provided Indemnitee (A)(x) conducted himself in good faith,
(y) reasonably believed that his conduct was in the best interests of the Company or was at
least not opposed to the best interest of the Company, and (z) in the case of a criminal
proceeding, had no reasonable cause to believe his conduct was unlawful, or (B) engaged in
conduct for which he shall not be liable under the Company’s Articles of Organization, as
amended from time to time, as authorized by Section 2.02(b)(4) of the Act or any successor
provision to such Section. As used herein, “Expenses” shall mean and include attorneys’
fees, retainers, court costs, transcript costs, fees of experts, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery services
fees and any other disbursements or expenses in each case reasonably incurred in connection
with investigating, defending, being a witness in or participating in (including on appeal),
or preparing to defend, be a witness in or participate in any Proceeding.

     (b)      If so requested by the Indemnitee, the Company shall advance (within five business
days of such request) any and all Expenses to the Indemnitee (an “Expense Advance”) upon
receipt by the Company of (i) a written affirmation of the Indemnitee’s good faith belief
that he has met the standard of conduct described in Section 1(a) hereof or in the Act or
any successor provision of Massachusetts law or that the proceeding involves conduct for
which liability has been eliminated under a provision of the Company’s Articles of
Organization, as amended from time to time, as authorized by the Act or any successor
provision of Massachusetts law, and (ii) a written undertaking by the Indemnitee to repay
the Expense Advance if it is ultimately determined that the Indemnitee is not entitled to
indemnification in accordance with the provisions of this Agreement, or the Act or any
successor thereto (which undertaking shall constitute a general obligation of the
Indemnitee, but shall not be secured and shall be accepted without referral to the
Indemnitee’s financial ability to make repayment).

          2.      Enforcement. Indemnitee’s right to indemnification shall be enforceable by
Indemnitee in any court of competent jurisdiction and shall be enforceable notwithstanding any
adverse determination by the Company or on its behalf with respect to the Indemnitee’s right to
indemnification with respect to any Proceeding absent a final order by a court of competent
jurisdiction from which there is no further right of appeal setting forth an express finding that
the Indemnitee is not entitled to indemnification. The termination of any Proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not of
itself create a presumption that Indemnitee did not meet the standard of conduct described in
Section 1(a) hereof or was otherwise not entitled to indemnification hereunder. In any action in
which Indemnitee seeks indemnification, the Company shall have the burden of proving that
indemnification is not required under the Agreement.

          3.      Other Expenses. The Company shall be liable to and shall pay the Indemnitee for
any and all expenses (including attorneys’ fees) which are incurred by the Indemnitee in connection
with any action brought by the Indemnitee (i) for indemnification of liabilities or advancement or
payment of Expenses by the Company under this Agreement or any other agreement, Company’s By-Law or
provision of the Company’s Articles of Organization now or hereafter in effect relating to
indemnification, (ii) for recovery under any directors’ and officers’ liability insurance

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policies maintained by the Company, regardless of whether the Indemnitee ultimately is
determined to be entitled to such indemnification, advance expense payment or insurance recovery,
as the case may be, and/or (iii) otherwise in connection with any Proceeding, provided that any
such action with respect to which Indemnitee is seeking indemnification pursuant to this clause
(iii) shall have been approved by the Board of Directors of the Company prior to the initiation
thereof. If requested by the Indemnitee, the Company shall promptly advance (but in no event more
than five business days after receiving such request) any such expenses to the Indemnitee.

          4.      Partial Indemnity, Etc. Without limiting any of the rights of the Indemnitee to
indemnification hereunder, if the Indemnitee is entitled under any provision of this Agreement to
indemnification or payment by the Company for some or a portion of the Expenses, judgments, fines,
penalties and amounts paid in settlement of any threatened, pending or completed action, suit or
proceeding but not, however, for all of the total amount thereof, the Company shall nevertheless
indemnify or pay the Indemnitee for the portion thereof to which the Indemnitee is entitled.

          5.      Nonexclusivity, Etc. Notwithstanding any other provision of this Agreement, the
Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by applicable law and
the Company’s Articles of Organization or By-Laws, each as amended from time to time, and the
rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have
under the Company’s Articles of Organization or By-Laws, each as amended from time to time, the Act
or otherwise. To the extent that a change in the Company’s Articles of Organization, its By-Laws,
the Act (whether by statute or judicial decision) or any other law (common or statutory) permits
greater indemnification by agreement than would be afforded currently under the Company’s By-Laws
or this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this
Agreement the greater benefits so afforded by such change. In the event of any change in any
applicable law, statute or rule which narrows the right of a Massachusetts corporation to indemnify
a member of its board of directors, such changes, to the extent not otherwise required by such law,
statute or rule to be applied to this Agreement or the Company’s Articles of Organization or
By-Laws shall have no effect on this Agreement or the parties’ rights and obligations hereunder.

          6.      Liability Insurance. The Company hereby represents and warrants that it maintains
an insurance policy or policies providing directors’ and officers’ liability insurance identified
in Exhibit A, that such policy or policies have coverage amounts set forth in Exhibit
A hereto, and that such policy or policies are in full force and effect as of the date hereof.
The Company covenants that for so long as the Indemnitee shall serve as a director of the Company
and thereafter for a period of six years, the Company shall maintain in full force and effect such
policy or policies or a substitute policy or policies issued by one or more reputable insurers
providing in all material respects coverage at least comparable to the policy or policies
identified and described in Exhibit A. Notwithstanding the foregoing, the Company shall
have no obligation to obtain or maintain such insurance if the Board of Directors of the Company
reasonably determines in good faith that (i) such insurance is not reasonably available, (ii) the
premium costs for such insurance are too high in light of the benefits provided by such coverage,
(iii) the coverage provided by such insurance is limited by exclusions so as to provide an

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insufficient benefit, or (iv) the Indemnitee is covered by similar insurance maintained by a
subsidiary or parent of the Company.

          7.      Amendments, Etc. No supplement, modification or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

          8.      Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who
shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively to
bring suit to enforce such rights.

          9.      No Duplication of Payments. The Company shall not be liable under this Agreement
to make any payment in connection with any claim made against the Indemnitee in connection with any
threatened, pending or completed action, suit or proceeding to the extent the Indemnitee has
otherwise actually received payment (under any insurance policy, By-Law or otherwise) of the
amounts otherwise indemnifiable hereunder.

          10.     Notice. All notices, requests, consents or other communications under this
Agreement shall be delivered by hand or sent by registered or certified mail, return receipt
requested, or by overnight prepaid courier, or by facsimile (receipt confirmed) to:

	 	 	 
	if to the Company:

	 	PolyMedica Corporation

701 Edgewater Drive, Suite 360

Wakefield, MA 01880

Attention: General Counsel

Facsimile: (781) 486-8111
	 
	 	 
	if to the

	 	[Indemnitee Name]
	Indemnitee:

	 	[Indemnitee Address]

All such notices, requests, consents and other communications shall be deemed to have been duly
delivered and received three (3) days following the date on which mailed, or one (1) day following
the date mailed if sent by overnight courier, or on the date on which delivery by hand or by
facsimile transmission.

          11.     Binding Effect, Etc. This Agreement shall be effective as of the Effective Date
and shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and
their respective successors, assigns, including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business and/or assets of the
Company, spouses, heirs, executors and personal and legal representatives. This Agreement shall
continue in effect regardless of whether the Indemnitee continues to serve as an officer or
director of the Company or of any other enterprise at the Company’s request.

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          12.     Severability. The provisions of this Agreement shall be severable in the event
that any of the provisions hereof (including any provision within a single section, paragraph or
sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise
unenforceable in any respect, and the validity and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way impaired and shall
remain enforceable to the fullest extent permitted by law.

          13.     Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the Commonwealth of Massachusetts applicable to contracts made and to
be performed in such Commonwealth without giving effect to the principles of conflicts of laws.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written.

	 	 	 	 	 
	 	POLYMEDICA CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	 	 
	 	[Indemnitee]Exhibit
10.25

March  17,
2006

First Greenwich Kahala Limited
Sussex
House – Farningham Road
Crowborough
Sussex TN6
2JP
England

Attention:    Mike Garland

Re:    Purchase of One Used Boeing Model
737-400 Aircraft

Dear
Sirs:

Aircastle Advisor LLC
(‘‘Aircastle’’) is pleased to present this
offer (‘‘Offer’’) to purchase the Aircraft
described below.

This Offer is strictly confidential and
is provided to you on the understanding that the terms and conditions
contained herein shall not be revealed to any person other than senior
officers at Drawbridge Special Opportunities Fund LP and your
directors, officers, employees and professional advisers who are
responsible for analyzing, negotiating and approving the sale of the
Aircraft and who are made aware of the confidential nature of this
Offer.

This Offer shall supersede any prior communications
with respect to the matters set forth below and, when accepted by you,
shall evidence our mutual agreement with respect to such
matters.

The terms and conditions of this Offer are as
follows:

			
	Buyer:		Wells Fargo Bank
Northwest, National Association, as owner trustee for an affiliate of
Aircastle.
			

			
	Seller:		Greenwich Kahala Airlease 7
Ltd. Seller’s representations, warranties and covenants in the
transaction documentation to be guaranteed by Drawbridge Special
Opportunities Fund LP or such other entity reasonably satisfactory to
Buyer.
			

			
	Aircraft:		One used Boeing Model 737-400
aircraft bearing manufacturer's serial number 24644 together with
two installed CFM56-3C1 engines bearing manufacturer’s serial
numbers 724756 and 725726, respectively, all as more particularly
described in the Information Memorandum in respect of the Aircraft
dated December  2005.
			

			
	Current
Operator:		Braathens A.S.
			

			
	Lease
Agreement:		The lease agreement for the Aircraft between
Seller and Current Operator, having a quarterly rental equal to
US$450,000 payable in arrears (the ‘‘Existing
Rent’’ and an expiry date of October  26,
2006. Seller has or will have prior to the Purchase Date executed a
binding agreement with the Current Operator to extend the 
			

			
			
term of the Lease Agreement for 48 months at a
US$165,000 per month renewal rate, payable in
advance.
			

			
	Delivery
Conditions:		‘‘As-is,
where-is,’’ subject to Buyer’s inspection of the
Aircraft as described below and subject to no total loss, or damage
which would exceed US$500,000 to repair, having occurred prior to the
Purchase Date.
			

			
	Purchase Deposit:		US$250,000,
payable to Seller promptly following acceptance of this Offer as
provided below. The Purchase Deposit will be promptly refunded to Buyer
at its request if any of the Conditions to Closing is not satisfied on
or prior to the Outside Purchase Date but the Purchase Deposit is
otherwise non-refundable.
			

			
	Purchase
Price:		US$11,450,000.
			

			
			The parties acknowledge
that the Existing Rent is paid quarterly in arrears, the next payment
of rent being due on April  24,  2006 (‘‘the
April  2006 Rent Date’’) and that the daily rental
rate is US$4,931.51 per day (US$450,000 X 4/365).
			

			
			The
Purchase Price assumes an economic closing date of February
28,  2006 (‘‘Assumed Purchase
Date’’). All rents attributable to the period commencing
February  28,  2006 will be for the account of Buyer. The
rentals attributable to the period starting with the day after the last
rental payment date of January  24,  2006 and up to (but
excluding) the Assumed Purchase Date (but not yet paid) will be for the
account of Seller and this amount equals US$167,671.34. On the actual
Purchase Date, Seller will receive US$11,367,671.34 (being the Purchase
Price plus such rental amount, less the Purchase Deposit); plus
interest at one month Libor plus 1% (on the unadjusted Purchase
Price less the Purchase Deposit only) for the period from and including
the Assumed Purchase Date to and excluding the actual Purchase Date.
For the avoidance of doubt, Buyer will be entitled to receive and to
keep for its own account all rentals paid by the Lessee in respect of
the period falling after January  24,
2006.
			

			
	Purchase Date:		April  14,
2006, or as soon thereafter as all of the Conditions to Closing are met
but in any case not later than May  19,  2006 (the
‘‘Outside Purchase
Date’’).
			

			
	Purchase of Aircraft:		On
the Purchase Date, Seller shall transfer good and marketable title to
the Aircraft to Buyer free and clear of liens, claims and encumbrances
of whatever nature (other than the rights of Current Operator under the
Lease Agreement, and liens permitted thereunder), against payment by
Buyer of the Purchase Price (as adjusted in accordance with this letter
of intent).
			

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Seller shall not be obliged to indemnify Buyer
from and against any liabilities in relation to the operation of
Aircraft in respect of the period prior to the Purchase Date, nor with
respect to any transfer tax, sales tax, value-added tax or similar
taxes or duties. Equally, Buyer will not indemnify Seller for any
transfer tax, sales tax, value-added tax or similar taxes or duties, or
for any post-Purchase Date liabilities of any kind or nature, it being
understood that Seller will rely on the continuing indemnities of
Current Operator under the Lease Agreement in respect of such
liabilities.
			

			
	Delivery Location:		A location
mutually agreed by Seller and Buyer to minimize the risk of any
transfer tax, sales tax, value-added tax or similar taxes or duties
being imposed.
			

			
	Conditions to Closing:		Customary
for a transaction of this type,
including:
			

				
			(a)	advisory board or investment
committee approvals for each of Buyer and Seller and Drawbridge Special
Opportunities Fund LP;
			

				
			(b)	completion by Buyer of a
satisfactory inspection of the Aircraft (including records) to be
completed within three weeks of signing this Offer subject to the
co-operation of the Lessee;
			

				
			(c)	Buyer’s due
diligence review of the Lease Agreement and related documents
(including all amendments and side letters thereto, and the lease
extension documentation) and of the financial condition of the Current
Operator;
			

				
			(d)	completion of mutually satisfactory
sale documentation; and
			

				
			(e)	completion of a
satisfactory novation or assignment of the Lease Agreement as extended
as contemplated by this Letter of Intent and including the assignment
(or reissue) of the SAS Guarantee (as defined in the Lease Agreement)
in favour of the Buyer.
			

			
	Financing:		The
obligations of Buyer shall not be conditioned upon financing; however,
Buyer will require as additional Conditions to Closing that its lenders
are named as ‘‘contract parties’’ in the
Current Operator’s insurance documents and that the Current
Operator execute a consent to a security assignment in favor of such
lenders.
			

			
	Transaction Costs:		Each of Buyer and
Seller shall bear its own costs and expenses associated with the
inspection of the Aircraft, the preparation and signing of the
transaction documents and the closing of the transactions 
			

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contemplated hereby. Any costs, expenses or
fees payable to Current Operator for the transactions contemplated
hereby shall be borne by Seller.
			

			
	Governing
Law:		New York.
			

			
	Confirmation
Date:		March  24,
2006.
			

			
	Confirmation:		The obligations of each of
Seller and Buyer hereunder are subject to its written confirmation to
the other on or before the Confirmation Date (collectively, the
‘‘Confirmations’’), which shall, inter
alia, allow each of them to seek all necessary corporate approvals
and to allow Buyer to inspect the Aircraft (including its records). If
both such Confirmations are not issued on or prior to the Confirmation
Date, this Offer shall automatically terminate and be of no further
force or effect, and Seller shall return or procure the return of the
Purchase Deposit. If both such Confirmations are issued on or prior to
the Confirmation Date, this Offer shall become an agreement binding on
both Seller and Buyer, subject only to the Conditions to
Closing.
			

			
			Seller shall remove the Aircraft from the market,
and shall not solicit or accept any other bids in relation to the
Aircraft, from and after acceptance of this Offer by
Seller.
			

If the foregoing terms and
conditions of this Offer are acceptable to you, you may accept this
Offer by signing and returning a copy of this letter to us at the above
address before 5:00 p.m. (local time, for us) on March
22,  2005 the time and date at which this Offer will expire if
not so accepted by you.

Very truly yours,

AIRCASTLE
ADVISOR
LLC

				
	By:			/s/ Ron
Wainshal
	 			Name: Ron Wainshal
	 			Title:
CEO
	

Accepted and
Agreed:

							
	Date:			March
20,  2006			 
	

FIRST
GREENWICH KAHALA LIMITED (FOR AND ON BEHALF OF
SELLER)

				
	By:			/s/
Mike Garland
	 			Name: Michael
Garland
	 			Title:
Principal
	

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