Document:

Hughes Supply, Inc. amended and restated Supplemental Executive Retirement Plan

 Exhibit 10.1 
 HUGHES SUPPLY, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  

  
 THIS SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (the “Plan”), made effective as of February 5, 2004, by HUGHES SUPPLY, INC., a
corporation organized and existing under the laws of the State of Florida (hereinafter referred to as the “Company”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company has entered into various Supplemental Executive
Retirement Plan Agreements (the “Prior Agreements”) with certain of its executives to provide for certain supplemental retirement and disability retirement benefits for those executives; and 
  
 WHEREAS, the Company and each executive with whom the Company has a
Prior Agreement have agreed to cancel and terminate the Prior Agreements and replace the benefits thereunder with the benefits provided under this Plan, subject to the terms and conditions contained in this Plan. 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 1.1 “Accelerating Termination” shall have the meaning
specified in Section 2.4(b) hereof. 
  
 1.2
“Administrative Committee” shall mean the administrative committee appointed by the Compensation Committee pursuant to Section 3.1 to perform the administrative duties specified in Article 3 hereof. 
  
 1.3 “Affiliate” shall mean an entity that directly or
indirectly, through one or more intermediaries, controls, is controlled by or is under common control, with the Company. 
  
 1.4 “Average Compensation” shall mean the average of the Compensation paid by the Company and its Affiliates to the Participant for the
three full Plan Years of employment with the Company and its Affiliates (or, if the Participant has been employed with the Company and its Affiliates for less than three full Plan Years, the actual number of the Participant’s full Plan Years of
employment) that coincides with or immediately precedes the date on which the Participant’s employment with the Company and its Affiliates terminates (or for such other period as the Compensation Committee shall determine). 
  
 1.5 “Beneficiary” shall mean the person or persons
designated by a Participant, upon such forms as shall be provided by the Company, to receive payments of the Participant’s benefits hereunder, if any, in the event of the Participant’s death. If the Participant shall fail to 

 designate a Beneficiary, or if for any reason such designation shall be ineffective, or if such Beneficiary shall
predecease the Participant or die simultaneously with him, then the Participant’s Beneficiary shall be the Participant’s spouse, so long as such spouse shall live, and thereafter to such person or persons including such spouse’s
estate as may be appointed under such spouse’s last will and testament making specific reference hereto. If the Participant is not survived by a spouse, or if the Participant’s spouse shall fail to so appoint, then said payments shall be
made to the then living children of the Participant, if any, in equal shares, for their joint and survivor lives, and if none, or after their respective joint and survivor lives, any balance thereof to the Participant’s estate as a lump sum
payment. 
  
 1.6 “Benefit Percentage” shall mean
that benefit percentage designated on Exhibit A attached hereto that is applicable to the Participant, based upon the Participant’s status on the date on which the Participant’s employment with the Company and its Affiliates terminates (or
on such other date as the Compensation Committee shall determine). 
  
 1.7 “Board” shall mean the board of directors of the Company. 
  
 1.8 “Cause” shall have the meaning specified in Section 2.4(c)(ii) hereof. 
  
 1.9 “Change in Control” shall have the meaning specified in Section 2.4(c)(i) hereof. 
  
 1.10 “Change in Control Benefit” shall have the meaning
specified in Section 2.4(c)(iv) hereof. 
  
 1.11
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
  
 1.12 “Company” shall mean Hughes Supply Inc., a Florida corporation, and its successors and assigns. 
  
 1.13 “Compensation” shall mean the base salary, and any
annual cash incentive bonuses approved by the Compensation Committee, that are paid by the Company and its Affiliates to the Participant for a Plan Year. For these purposes, base salary and cash bonus amounts shall be calculated before reduction for
compensation deferred pursuant to all qualified, nonqualified and Code Section 125 plans maintained by the Company and its Affiliates. 
  
 1.14 “Compensation Committee” shall mean the Compensation Committee of the Board. 
  
 1.15 “Death Benefit” shall mean the benefits, if any,
payable under this Plan to the Participant’s Beneficiary pursuant to Section 2.3 hereof in the event of the Participant’s death. 
  
 1.16 “Disability” shall mean a permanent and total disability such that the Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months (including any disability resulting from any service
in the United States military forces). A Disability shall not be deemed to have been 
  

 2 

 incurred for purposes of this Plan, however, if it is the result of a willful and intentionally self-inflicted injury or
was incurred in connection with the willful and intential commission of a felony. All determinations relating to whether a Participant has suffered a Disability shall be made by the Administrative Committee. 
  
 1.17 “Disability Retirement Age” shall mean age 65, or such
younger age not earlier than age 55 as may be approved for the Participant by the Compensation Committee. 
  
 1.18 “Disability Retirement Benefit” shall mean a monthly benefit, commencing on the first day of the month coincident with or next
following the date on which a Disabled Participant attains his or her Disability Retirement Age and continuing for 15 years thereafter, equal to the amount, if any, by which (i) one twelfth of the product of the Participant’s Benefit Percentage
(determined as of the Participant’s Disability Retirement Age) multiplied by the Disabled Participant’s Average Compensation, exceeds (ii) the amount, if any, of any monthly benefit payable to the Participant for the month in which the
Disability Retirement Benefit is paid under any disability insurance paid for by the Company. 
  
 1.19 “Disabled Participant” shall mean a Participant whose employment with the Company and its Affiliates terminates by reason of the Participant’s Disability and who continues to suffer from a
Disability until his or her Disability Retirement Age. 
  
 1.20 “Effective Date” shall mean February 5, 2004. 
  
 1.21 “Employee” shall mean any employee of the Company or any of its Affiliates. 
  
 1.22 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 1.23 “Good Reason” shall have the meaning specified in
Section 2.4(c)(iii). 
  
 1.24 “Normal Retirement
Age” shall mean age 65, or such younger age requested by the Participant, that is not earlier than age 55 as may be approved by the Compensation Committee. 
  
 1.25 “Normal Retirement Date” shall mean the first day of the calendar month coinciding with or immediately
following the later of (i) the date on which the Participant’s employment with the Company and its Affiliates terminates (or such other date as the Compensation Committee shall determine) and (ii) the date on which the Participant attains his
or her Normal Retirement Age. 
  
 1.26 “Normal Retirement
Benefit” means a monthly benefit, commencing on the Participant’s Normal Retirement Date and continuing for 15 years thereafter, equal to one twelfth of the product of the Participant’s Benefit Percentage multiplied by the
Participant’s Average Compensation. 
  
 1.27
“Participant” shall mean the Chief Executive Officer, the Chairman of the Board, and the Chief Financial Officer of the Company and any other officer of the Company or any Affiliate designated by the Compensation Committee as being
eligible to participate in the Plan. 
  

 3 

 An employee of the Company or an Affiliate shall not be eligible to be a Participant unless he or she is deemed to be
among a select group of management or highly compensated employees of the Company or its Affiliates within the meaning of Section 201(2) of ERISA. 
  
 1.28 “Plan” shall mean this Hughes Supply, Inc. Supplemental Executive Retirement Plan as herein set forth and as it may be amended from
time to time. 
  
 1.29 “Plan Year” shall mean the
fiscal year of the Company. 
  
 1.30 “Trust”
shall mean, as to each Participant, the trust created under a separate trust agreement entered into between the Company and Suntrust Bank, as trustee, to fund the Participant’s benefits under this Plan, or such successor trust as the Company
may from time to time create for that purpose. 
  
 ARTICLE 2

  
 RETIREMENT BENEFITS 
  
 2.1 Normal Retirement Benefit. A Participant whose employment with the
Company and its Affiliates terminates for any reason, other than by the Company or any of its Affiliates for Cause after the Participant has attained his or her Normal Retirement Age, shall be entitled to receive the Participant’s Normal
Retirement Benefit commencing on the Participant’s Normal Retirement Date. 
  
 2.2 Disability Retirement Benefit. A Disabled Participant shall be entitled to receive the Participant’s Disability Retirement Benefit commencing on the first day of the calendar month coincident with or
next following the date on which the Participant attains his or her Disability Retirement Age. 
  
 2.3 Death Benefit. 
  
 (a) After Commencement of Payment of Normal Retirement Benefit or Disability Retirement Benefit. If a Participant dies after payment of his or her Normal Retirement Benefit or Disability Retirement Benefit has
commenced, but before payment of all Normal Retirement Benefits or Disability Retirement Benefits have been made to the Participant, the Company shall continue to pay the monthly benefits that the Participant would have received during the remainder
of the 15 year period if the Participant had survived to the Participant’s Beneficiary, at such times and in such manner as such benefits would have been paid to the Participant if the Participant had survived. 
  
 (b) Prior to Commencement of Payment of Normal Retirement
Benefit or Disability Retirement Benefit. If a Participant dies while in the employ of the Company or an Affiliate or during any period of continuing Disability that commenced while the Participant was in the employ of the Company or any
Affiliate, the Company shall pay to the Participant’s Beneficiary a monthly benefit, commencing on the first day of the second calendar month following the Participant’s death and continuing for 10 years thereafter, equal to one twelfth of
the product of the Participant’s Benefit Percentage, determined as if the Participant had died after 
  

 4 

 attaining the later of age 55 or the actual age of the Participant on the date of the Participant’s
death, multiplied by the Participant’s Average Compensation. 
  
 2.4 Change in Control. 
  
 (a) If
a Change in Control occurs after payment of a Participant’s Normal Retirement Benefit or Disability Retirement Benefit has commenced but before payment of all of the Participant’s Normal Retirement Benefits or Disability Retirement
Benefits have been made, the Company shall pay the Participant a single lump sum payment, within 30 days after the date on which the Change in Control occurs, equal to the present value, determined using a five percent (5%) discount factor per
annum, of the remaining benefits payable to the Participant (or his or her Beneficiary) pursuant to this Plan. 
  
 (b) If (i) a Change in Control occurs before payment of a Participant’s Normal Retirement Benefit or Disability Retirement Benefit
has commenced, and (ii) within two years after the Change in Control has occurred, the Participant either (x) has his or her employment with the Company and its Affiliates terminated by the Company and its Affiliates without Cause, or (y) terminates
his or her employment with the Company and its Affiliates for Good Reason (any such termination sometimes being referred to herein as an “Accelerating Termination”) then the Company shall pay the Participant a single lump sum payment,
within 30 days after the termination of the Participant’s employment with the Company and its Affiliates, equal to the present value, determined using a five percent (5%) discount factor per annum, of the Change in Control Benefit. 

 
 (c) For purposes of this Plan: 
  
 (i) A “Change in Control” shall mean an
event or series of events by which: 
  
 (1) any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except
that a person shall be deemed to have “beneficial ownership” of all shares that any such individual or entity has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or
indirectly (including through ownership of the voting capital stock of an entity owning, directly or indirectly, a majority of the voting capital stock of the Company), of securities representing 49% or more of the combined voting power of the
Company’s voting capital stock; 
  
 (2) any
one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, possesses more than fifty percent (50%) of the fair market value or total voting power of the
stock of the Company; provided, however, that an increase in the percentage of stock of the Company owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for
property will be treated as an acquisition of stock of the Company for purposes of this clause (2); 
  
 (3) during any period of 24 consecutive months, individuals who at the beginning of such period constituted the Board of Directors
(together with any new or 
  

 5 

 replacement directors whose election by the Board of Directors, or whose nomination for election by the
Company’s shareholders, was approved by a vote of at least a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease
for any reason to constitute a majority of the directors then in office; 
  
 (4) substantially all of the Company’s assets shall be sold in any transaction or series of transactions outside of the ordinary course of business unless after such transaction or transactions all or
substantially all of the Company’s assets are owned by one or more entities directly or indirectly controlled by, or under common control with, the Company; or 
  
 (5) the consolidation or merger of the Company with any other entity (other than a wholly-owned subsidiary
of the Company) unless after such transaction (A) the Company’s books, records, and accounting records are maintained as if the Company had remained a separate entity, and (B) there is no commingling of any other entity’s assets or
employees with those of the Company. 
  
 (ii) “Cause” shall mean: 
  
 (a) that the Participant has engaged in acts or omissions with respect to the Company or its Affiliates that constitute intentional misconduct or a knowing violation of law that materially and adversely affects the Company or its Affiliates
or the business of the Company or its Affiliates. 
  
 (b) that the Participant has personally received a benefit in money, property or services from the Company or its Affiliates or from another person dealing with the Company or its Affiliates in violation of applicable law; 
  
 (c) that the Participant has either intentionally or
through gross negligence breached his covenants to the Company or its Affiliates relating to confidential or proprietary information (including without limitation any covenants contained in any employment, non-competition, non-solicitation,
severance or similar agreement); 
  
 (d) that
subsequent to the date hereof the Participant has been convicted of a felony or some other crime involving moral turpitude; or 
  
 (e) that the Participant has been grossly negligent in the performance of his duties to the Company or its Affiliates. 
  
 (iii) “Good Reason” shall mean the
occurrence of any one or more of the following events subsequent to the occurrence of a Change in Control: 
  
 (a) any reduction by the Company of the Participant’s salary, bonus (which for this purpose shall be the Participant’s
potential annual bonus for any fiscal year, based upon reasonable goals) and other compensation or benefits; 
  

 6 

 (b) loss of the Participant’s title or position with the Company by action of the
Company or the Board; 
  
 (c) significant
diminution of the Participant’s duties and responsibilities with the Company by action of the Company or the Board; 
  
 (d) relocation of the principal place of the Company’s business at which the Participant is required to perform his duties hereunder
(other than a sporadic or intermittent basis) to a location which is more than 35 miles from the Company’s current address at One Hughes Way, Orlando, FL 32805; or 
  
 (e) any requirement that the Participant relocate to adequately perform his or her duties and
responsibilities for the Company to a location other than the geographic location where such Participant has historically performed such duties and responsibilities, or any requirement that the Participant perform more of his or her duties from a
geographic location which is different from the location where he or she performed most of his duties prior to the Change in Control. 
  
 (iv) “Change in Control Benefit” means (a) if at the time of the Accelerating Termination the Participant was age 65 or
older, then the Change in Control Benefit shall be equal to the Normal Retirement Benefit that the Participant would have been entitled to receive had he or she retired as of the date of the Accelerating Termination; (b) if at the time of the
Accelerating Termination the Participant was age 55 or older (but younger than 65), then the Change in Control Benefit shall be equal to the Normal Retirement Benefit that the Participant would have been entitled to receive had he or she retired as
of the date of the Accelerating Termination and such retirement was approved by the Compensation Committee, and (c) if at the time of the Accelerating Termination the Participant was younger than age 55, then the Change in Control Benefit shall be
equal to the Normal Retirement Benefit that the Participant would have been entitled to receive had he or she reached age 55 and retired as of the date of the Accelerating Termination and such retirement was approved by the Compensation Committee.
 
  
 2.5 Forfeiture. In the event that the
employment of a Participant is terminated for any reason other than the Participant’s Disability, death, retirement after attaining his Normal Retirement Age, or an Accelerating Termination, then no benefits shall be paid to the Participant or
his or her Beneficiary under this Plan. 
  
 ARTICLE 3

  
 ADMINISTRATION 
  
 3.1 Committee. The Compensation Committee shall appoint an
Administrative Committee consisting of at least three persons to administer this Plan. Any Administrative Committee member may, but need not, be an officer or employee of the Company or any Affiliate and each shall serve until his successor shall be
appointed in like manner. Any member of the Administrative Committee may resign by delivering his or her written resignation to the Compensation Committee. The Compensation Committee may remove any member of the Administrative Committee at any time
for any reason. 
  

 7 

 3.2 Powers and Duties. Except as otherwise determined from time to time by the Compensation
Committee, the Administrative Committee generally shall be responsible for the discretionary management, operation, interpretation and administration of the Plan and shall: 
  
 (a) Establish procedures for the allocation of responsibilities with respect to the Plan which are not
allocated herein; 
  
 (b) Determine the names of
those employees of the Company or its Affiliates who are eligible to become Participants, subject to the approval of the Compensation Committee, and such other matters as may be necessary to enable payment under the Plan; 
  
 (c) Construe and interpret all terms, provisions, conditions
and limitations of the Plan and the Trust; 
  
 (d) Correct any defect, supply any omission or reconcile any inconsistency that may appear in the Plan or the Trust; 
  
 (e) Determine the amount, manner and time of payment of benefits under the Plan and the procedures to be followed by Participants and
Beneficiaries to obtain benefits; 
  
 (f) Keep
adequate records of all meetings and actions taken by the Administrative Committee and report to the Compensation Committee at least annually or more frequently as requested by the Compensation Committee; and 
  
 (g) Perform such other functions and take such other actions
as may be required by the Plan or as may be necessary or advisable to accomplish the purposes of the Plan. 
  
 The Company shall furnish the Administrative Committee with all data and information available which the Administrative Committee may reasonably require in order to perform its functions hereunder. The Administrative
Committee may rely without question upon any such data or information furnished by the Company. Any interpretation or other decision made by the Administrative Committee (including without limitation any final determination made by the
Administrative Committee pursuant to Section 3.5 hereof) shall be final, binding and conclusive upon all persons in the absence of clear and convincing evidence that the Administrative Committee acted arbitrarily and capriciously. 
  
 3.3 Agents. The Administrative Committee may appoint a Secretary who
may, but need not, be a member of the Administrative Committee, and may employ such agents for clerical and other services, and such counsel, accountants and other professional advisors as may be required for the purpose of administering the Plan.
The Administrative Committee may rely on all tables, valuations, reports, certificates and opinions furnished by its agents. 
  
 3.4 Procedures. A majority of the Administrative Committee members shall constitute a quorum for the transaction of business. No action shall be
taken except upon a majority vote of the Administrative Committee. An individual shall not vote upon or decide any matter relating solely to himself or vote in any case in which his individual right or claim to any benefit under the Plan is
particularly involved. In any case in which a Administrative Committee member is so disqualified to act, and the remaining members cannot agree on an issue, the 
  

 8 

 Compensation Administrative Committee shall appoint a temporary substitute member to exercise all of the powers of the
disqualified member concerning the matter in which he is disqualified. 
  
 3.5 Claims Procedure. In the event that any Participant or Beneficiary claims to be entitled to benefits under the Plan and the Administrative Committee determines that such claim should be denied in whole or in part, the
Administrative Committee shall, in writing, notify such claimant within 90 days of receipt of such claim that his claim has been denied, setting forth the specific reasons for such denial. Such notification shall be written in a manner reasonably
expected to be understood by such Participant or Beneficiary and shall set forth the pertinent sections of the Plan relied on, and where appropriate, an explanation of how the claimant can obtain review of such denial. Within 60 days after the
mailing or delivery by the Administrative Committee of such notice, such claimant may request, by mailing or delivery of written notice to the Administrative Committee, a review and/or hearing by the Administrative Committee of the decision denying
the claim. If the claimant fails to request such a review and/or hearing within such 60 day period, it shall be conclusively determined for all purposes of this Plan that the denial of such claim by the Administrative Committee is correct. If such
claimant requests a hearing within such 60 day period, the Administrative Committee shall designate a time (which time shall not be less than 7 nor more than 60 days from the date of such claimant’s notice to the Administrative Committee) and a
place for such hearing, and shall promptly notify such claimant of such time and place. A claimant or his authorized representative shall be entitled to inspect all pertinent Plan documents and to submit issues and comments in writing. If only a
review is requested, the claimant shall have 60 days after filing a request for review to submit additional written material in support of the claim. After such review and/or hearing, the Administrative Committee shall promptly determine whether
such denial of the claim was correct and shall notify such claimant in writing of its determination with 60 days after such review and/or hearing or after receipt of any additional information submitted. 
  
 3.6 Indemnification. The Company shall indemnify each Administrative
Committee member, and each employee who assist the Administrative Committee in connection with his or her employment duties against any liability or loss sustained by reason of any act or failure to act made in good faith, including, but not limited
to, those in reliance on certificates, reports, tables, opinions or other communications from any company or agents chosen by the Administrative Committee in good faith. Such indemnification shall include attorneys’ fees and other costs and
expenses reasonably incurred in defense of any action brought by reason of any such act or failure to act. 
  
 ARTICLE 4 
  
 TRUST 
  
 4.1 Establishment of the
Trust In order to provide assets from which to fulfill the Company’s obligations to the Participants and their Beneficiaries under the Plan, the Company may establish a Trust by a trust agreement with a third party who shall serve as the
trustee of the Trust. The Company may, in its discretion, contribute cash or other property, including securities issued by the Company, to the Trust in order to provide for the benefits payments under the Plan. 
  

 9 

 4.2 Interrelationship of the Plan and the Trust The provisions of the Plan shall govern the rights
of the Participants and their Beneficiaries to receive distributions pursuant to the Plan. The provisions of the Trust, if any, shall govern the rights of the Company, the Participants and their Beneficiaries and the creditors of the Company to the
assets transferred to the Trust. The Company shall at all times remain liable to carry out its obligations under the Plan. 
  
 4.3 Distributions From the Trust The Company’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms
of the Trust, if any, and any such distribution shall reduce the Company’s obligations under this Plan. 
  
 ARTICLE 5 
  
 MISCELLANEOUS 
  
 5.1 Unfunded Plan.
The obligations of the Company under this Plan shall be paid from the general assets of the Company or from the assets of the Trust. Participants shall have the status of general unsecured creditors of the Company, and the Plan constitutes a mere
promise by the Company to make benefit payments in the future. It is intended that this Plan shall constitute an “unfunded” plan for a select group of management or highly compensated employees under the ERISA. Any assets acquired by the
Company relating to this Plan shall be subject to the claims of the Company’s creditors, and shall not be subject to any claims by any Participant or Beneficiary. The assets of the Trust also shall be subject to the Company’s creditors in
the event of the Company’s Insolvency, as defined in the Trust Agreement establishing the Trust. Nothing contained in this Plan shall be interpreted to grant to any Participant or Beneficiary, any right, title or interest in any assets of the
Company or the Trust. 
  
 5.2 Timing of Company
Contributions. For each Plan Year, the Company shall make contributions to the Trust in an amount that the Compensation Committee reasonably determines to be sufficient to fund the benefits that have accrued and have become vested under this
Plan during that Plan Year. Notwithstanding the foregoing, in the event of a Change in Control, or if the Compensation Committee determines, in the Compensation Committee’s view, and notifies the Company that a Change in Control is imminent,
the Company shall make a contribution to the Trust in an amount equal to the present value determined using a discount factor of five percent (5%) per annum, of all benefits that would be payable under the Plan by reason of the Change in Control.

  
 5.3 Restrictive Covenants. As a condition to a
Participant receiving benefits under this Plan, the Compensation Committee may require that the Participant enter into an agreement containing such restrictive covenants as the Compensation Committee may require, including without limitation,
covenants relating to the Participant’s non-competition with the business of the Company or its Affiliates, non-solicitation of customers or employees of the Company or its Affiliates, and maintenance of confidential information relating to the
Company and its Affiliates. In the event that the Compensation Committee so determines, payment of any benefits under this Plan to any Participant or Beneficiary shall be expressly conditioned upon the Participant’s entering into an agreement
that contains such restrictive covenants, and the Participant’s compliance with those restrictive covenants, and any determination by the 
  

 10 

 Compensation Committee that any of those restrictive covenants have been breached by the Participant, shall be binding
and conclusive on all parties. 
  
 5.4 Impact on Other
Participant Benefits. This Plan shall not be construed to impact or cause the denial of any benefits to which any Participant may be entitled under any other welfare or benefit plan of the Company or any Affiliate. This Plan is intended to, and
does in fact, supercede and replace in its entirety, any Supplemental Executive Retirement Plan Agreement between any Participant and the Company or any Affiliate. 
  
 5.5 Other Plans. Payments made to Participants under this Plan shall not be includable as salary or compensation for
purposes of determining the amount of employee benefits under any other retirement, pension, profit-sharing or welfare benefit plans of the Company. 
  
 5.6 Governing Law. To the extent not pre-empted by the laws of the United States, the construction, validity and administration of the Plan shall
be governed by the laws of the State of Florida without reference to the principles of conflicts of law therein. 
  
 5.7 No Assignment or Other Transfer. The right to receive payment of any benefits under the Plan shall not be subject in any manner to
anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s Beneficiary. 
  
 5.8 Taxes. The Company shall withhold from any payment due under the Plan any taxes it deems to be required to be
withheld under applicable Federal, state or local tax laws or regulations. 
  
 5.9 Severability. If any provision of this Plan is found, held or deemed to be void, unlawful or unenforceable under any applicable statute or other controlling law, the remainder of the Plan shall continue in
full force and effect. 
  
 5.10 Successors. The provisions
of this Plan shall bind and inure to the benefit of the Company and its successors and assigns, and the Participant and the Participant’s Beneficiary. 
  
 5.11 Headings and Subheadings. The headings and subheadings of the Plan are for reference only. In the event of a conflict between a heading or
subheading and the content of an article or paragraph, the content shall control. 
  
 5.12 Gender. The masculine, as used herein, shall be deemed to include the feminine and the singular to include plural, except where the context requires a different construction. 
  
 5.13 Amendment and Termination. This Plan may be amended or terminated
in any respect at any time by the Compensation Committee; provided, however, that no amendment or termination of the Plan shall be effective to reduce any benefit that accrues before the adoption of such amendment or termination without the prior
written consent of the Participants whose benefits would be reduced; and provided further, that after a Change in Control, the Plan may not be amended or terminated in any manner that would reduce the benefits payable to any Participant or
Beneficiary hereunder. 
  

 11 

 5.14 No Employment Contract. This Plan does not constitute a contract of employment or impose on
any Participant or the Company or any Affiliate any obligations to retain the Participant as an employee, to change the status of the Participant’s employment, or to change the policies of the Company or any Affiliate regarding termination of
employment. 
  
 IN WITNESS WHEREOF, the Company has caused
the Plan to be executed the day and year first above written. 
  

			
	HUGHES SUPPLY, INC.
		
	 By:
	 	 /s/    Jay Clark

	 Name:
	 	 Jay Clark

	 Title:
	 	 Treasurer and Assistant Secretary

  

 12 

 EXHIBIT A 
  

Benefit Percentage 
  

	1.	If the Participant is at the time his or her employment with the Company and its Affiliates terminates, the Chief Executive Officer, the Chairman of the Board or the Chief Financial
Officer of the Company, the Benefit Percentage with respect to that Participant shall be determined in accordance with the following chart: 

  

			
	 Normal Retirement Age*

	 	 Benefit Percentage

	 65
	 	60.0%
	 64
	 	57.6%
	 63
	 	55.2%
	 62
	 	52.8%
	 61
	 	50.4%
	 60
	 	48.0%
	 59
	 	45.6%
	 58
	 	43.2%
	 57
	 	40.8%
	 56
	 	38.4%
	 55
	 	36.0%

  

	2.	If the Participant is not the Chief Executive Officer, the Chairman of the Board or Chief Financial Officer of the Company at the time his or her employment with the Company
and its Affiliates terminates, the Benefit Percentage with respect to that Participant shall be determined in accordance with the following chart: 

  

			
	 Normal Retirement Age*

	 	 Benefit Percentage

	 65
	 	50.0%
	 64
	 	48.0%
	 63
	 	46.0%
	 62
	 	44.0%
	 61
	 	42.0%
	 60
	 	40.0%
	 59
	 	38.0%
	 58
	 	36.0%
	 57
	 	34.0%
	 56
	 	32.0%
	 55
	 	30.0%

	*	This column represents the age on the Participant’s Normal Retirement Date or the date on which a Disabled Participant attains his or her Disability Retirement Age. It should
be noted that retirement prior to age 65 requires approval of the Compensation Committee.Subscription Agreement dated as of June 8, 2004

 Exhibit 10.60 
  
 MOLECULAR IMAGING CORPORATION 
 Shares of Series C Convertible Preferred Stock and Common Stock Warrant 
  
 SUBSCRIPTION AGREEMENT 
  
 June 8, 2004 
  
 Dragon Nominees Limited

 10 Norwich Street 
 London EC4A, 1BD England 
  
 Gentlemen: 
  
 Molecular Imaging Corporation, a Delaware corporation (the “Company”), and Paul J. Crowe (solely with respect to
Section 8(b) hereof) hereby confirm their agreement with you (the “Purchaser”), as set forth below. 
  
 1. The Securities. Subject to the terms and conditions herein contained, the Company proposes to issue and sell to Purchaser (a) 1,100,000 shares
(the “Shares”) of its Series C Convertible Preferred Stock, par value $ 1.00 per share (the “Series C Stock”), which shall be convertible into shares (the “Conversion Shares”)
of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”), in accordance with the formula set forth in the Certificate of Designation further described below and (b) warrants, substantially in the
form attached hereto at Exhibit A (the “Warrant”), to acquire up to 1,000,000 shares of Common Stock (the “Warrant Shares”). The rights, preferences and privileges of the Series C Stock are as
set forth in the Certificate of Designation of Series C Preferred Stock as filed with the Secretary of State of the State of Delaware (the “Certificate of Designation”) in the form attached hereto as Exhibit B. The
number of Conversion Shares and the number of Warrant Shares are both subject to adjustment as set forth in the Certificate of Designation and in the Warrant. 
  

The Shares and the Warrant are sometimes herein collectively referred to as the “Securities.” This Agreement and the Warrant
are sometimes herein collectively referred to as the “Transaction Documents.” 
  
 The Securities will be offered and sold to the Purchaser subject to the terms of this Agreement without such offers and sales being registered under the
Securities Act of 1933, as amended (together with the rules and regulations of the Securities and Exchange Commission (the “Commission”) promulgated thereunder, the “Securities Act”), in reliance on
exemptions therefrom. 
  
 In connection with the sale of the
Securities, the Company has made available (including electronically via the Commission’s EDGAR system) to Purchaser its periodic and current reports, forms, schedules, proxy statements and other documents (including exhibits and all other
information incorporated by reference) filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) since 

 July 1, 2002. These reports, forms, schedules, statements, documents, filings and amendments, are collectively referred
to as the “Disclosure Documents.” All references in this Agreement to financial statements and schedules and other information which is “contained,” “included” or “stated” in the Disclosure
Documents (or other references of like import) shall be deemed to mean and include all such financial statements and schedules, documents, exhibits and other information which is incorporated by reference in the Disclosure Documents. 
  
 2. Representations and Warranties of the Company. Except as set forth
in a schedule delivered by the Company to Purchaser on the date hereof (the “Disclosure Schedule”), the Company represents and warrants to and agrees with Purchaser as follows: 
  
 (a) The Disclosure Documents as of their respective dates did not (after
giving effect to any updated disclosures therein), and as of the date hereof do not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The Disclosure Documents and the documents incorporated or deemed to be incorporated by reference therein, at the time they were filed (after giving effect to any updated disclosures therein) or hereafter are
filed with the Commission, complied and will comply in all material respects with the requirements of the Securities Act and/or the Exchange Act, as the case may be, as applicable. 
  
 (b) Each of the Company and each of its subsidiaries, all of which are set forth on Schedule A attached hereto (the
“Subsidiaries”) has been duly incorporated and each of the Company and the Subsidiaries is validly existing in good standing as a corporation under the laws of its jurisdiction of incorporation, with the requisite corporate
power and authority to own its properties and conduct its business as now conducted as described in the Disclosure Documents and is duly qualified to do business as a foreign corporation in good standing in all other jurisdictions where the
ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate, have a material adverse effect on the business, condition
(financial or other), properties, prospects or results of operations of the Company and the Subsidiaries, taken as a whole (any such event, a “Material Adverse Effect”); the capitalization of the Company, including all shares
of Common Stock issued or reserved for issuance, is as set forth on the Disclosure Schedule; except as set forth in the Disclosure Documents, the Company does not have any subsidiaries or own directly or indirectly any of the capital stock or other
equity or long-term debt securities of or have any equity interest in any other person; all of the outstanding shares of capital stock of the Company and the Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable
and were not issued in violation of any preemptive or similar rights and are owned free and clear of all liens, encumbrances, equities, and restrictions on transferability (other than those imposed by the Securities Act and the state securities or
“Blue Sky” laws) or voting; except as set forth in the Disclosure Documents, all of the outstanding shares of capital stock of the Subsidiaries are owned, directly or indirectly, by the Company; except as set forth in the Disclosure
Documents, no options, warrants or other rights to purchase from the Company or any Subsidiary, agreements or other obligations of the Company or any Subsidiary to issue or other rights to convert any obligation into, or exchange 
  

 -2- 

 any securities for, shares of capital stock of or ownership interests in the Company or any Subsidiary are outstanding;
and except as set forth in the Disclosure Documents, there is no agreement, understanding or arrangement among the Company or any Subsidiary and each of their respective stockholders or any other person relating to the ownership or disposition of
any capital stock of the Company or any Subsidiary or the election of directors of the Company or any Subsidiary or the governance of the Company’s or any Subsidiary’s affairs, and, if any, such agreements, understandings and arrangements
will not be breached or violated as a result of the execution and delivery of, or the consummation of the transactions contemplated by, the Transaction Documents. 
  
 (c) The Company has the requisite corporate power and authority to execute, deliver and perform its obligations under the
Transaction Documents. Each of the Transaction Documents has been duly and validly authorized by the Board of the Directors of the Company. No stockholder approval or other corporate proceedings on the part of the Company are necessary to authorize
the execution, delivery and performance of the Transaction Documents and the transactions contemplated thereby. Each of the Transaction Documents, when executed and delivered by the Company, will constitute a valid and legally binding agreement of
the Company, enforceable against the Company in accordance with its terms except as the enforcement thereof may be limited by (A) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in
effect relating to or affecting creditors’ rights generally or (B) general principles of equity and the discretion of the court before which any proceeding therefore may be brought (regardless of whether such enforcement is considered in a
proceeding at law or in equity) (collectively, the “Enforceability Exceptions”). 
  
 (d) The Shares and the Warrant have been duly authorized and, when issued upon payment thereof in accordance with this Agreement, will have been validly
issued, fully paid and nonassessable. The Conversion Shares have been duly authorized and validly reserved for issuance, and when issued upon conversion of the Shares in accordance with the terms of the Certificate of Designation, will have been
validly issued, fully paid and nonassessable. The Warrant Shares have been duly authorized and validly reserved for issuance, and when issued upon exercise of the Warrant in accordance with the terms thereof, will have been validly issued, fully
paid and nonassessable. The Common Stock of the Company conforms to the description thereof contained in the Disclosure Documents. The stockholders of the Company have no preemptive or similar rights with respect to the Common Stock, except for the
rights of Purchaser set forth in Sections 4.07 and 4.08 of the Securities Purchase Agreement, dated as of July 12, 2002, by and between the Company, Ivan Bradbury and Integrated Healthcare Management S.A. (the “Securities Purchase
Agreement”). 
  
 (e) No consent, approval,
authorization, license, qualification, exemption or order of any court or governmental agency or body or third party is required for the performance of the Transaction Documents by the Company or for the consummation by the Company of any of the
transactions contemplated thereby, or the application of the proceeds of the issuance of the Securities as described in this Agreement, except for such consents, approvals, authorizations, licenses, qualifications, exemptions or orders (i) as have
been obtained 
  

 -3- 

 on or prior to the Closing Date, (ii) as are not required to be obtained on or prior to the Closing Date that will be
obtained when required, or (iii) the failure to obtain which would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 (f) None of the Company or the Subsidiaries is (i) in material violation of its articles of incorporation or bylaws (or similar organizational document),
(ii) in breach or violation of any statute, judgment, decree, order, rule or regulation applicable to it or any of its properties or assets, which breach or violation would, individually or in the aggregate, have a Material Adverse Effect, or (iii)
except as described in the Disclosure Documents, in default (nor has any event occurred which with notice or passage of time, or both, would constitute a default) in the performance or observance of any obligation, agreement, covenant or condition
contained in any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate or agreement or instrument to which it is a party or to which it is subject, which default would,
individually or in the aggregate, have a Material Adverse Effect. 
  
 (g) The execution, delivery and performance by the Company of the Transaction Documents and the consummation by the Company of the transactions contemplated thereby and the fulfillment of the terms thereof will not (a) violate, conflict
with or constitute or result in a breach of or a default under (or an event that, with notice or lapse of time, or both, would constitute a breach of or a default under) any of (i) the terms or provisions of any contract, indenture, mortgage, deed
of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate or agreement or instrument to which any of the Company or the Subsidiaries is a party or to which any of their respective properties or assets are subject, (ii)
the articles of incorporation or bylaws of any of the Company or the Subsidiaries (or similar organizational document) or (iii) any statute, judgment, decree, order, rule or regulation of any court or governmental agency or other body applicable to
the Company or the Subsidiaries or any of their respective properties or assets or (b) result in the imposition of any lien upon or with respect to any of the properties or assets now owned or hereafter acquired by the Company or any of the
Subsidiaries, which violation, conflict, breach, default or lien would, individually or in the aggregate, have a Material Adverse Effect. 
  
 (h) The audited consolidated financial statements included in the Disclosure Documents present fairly the consolidated financial position, results of
operations, cash flows and changes in shareholders’ equity of the entities, at the dates and for the periods to which they relate and have been prepared in accordance with generally accepted accounting principles applied on a consistent basis;
the interim unaudited consolidated financial statements included in the Disclosure Documents present fairly the consolidated financial position, results of operations and cash flows of the entities, at the dates and for the periods to which they
relate subject to year-end audit adjustments and have been prepared in accordance with generally accepted accounting principles applied on a consistent basis with the audited consolidated financial statements included therein; the selected financial
and statistical data included in the Disclosure Documents present fairly the information shown therein and have been prepared and compiled on a basis consistent with the audited financial statements included therein, except as otherwise stated
therein; and Peterson & Co., which has examined certain of such financial statements as set forth in its report included in the Disclosure Documents, is an independent certified public accounting firm as required by the Securities Act for an
offering registered thereunder. 
  

 -4- 

 (i) Except as described in the Disclosure Documents, there is not pending or, to the knowledge of the
Company, threatened any action, suit, proceeding, inquiry or investigation, governmental or otherwise, to which any of the Company or the Subsidiaries is a party, or to which their respective properties or assets are subject, before or brought by
any court, arbitrator or governmental agency or body, that, if determined adversely to the Company or any such Subsidiary, would, individually or in the aggregate, have a Material Adverse Effect or that seeks to restrain, enjoin, prevent the
consummation of or otherwise challenge the issuance or sale of the Securities to be sold hereunder or the application of the proceeds therefrom or the other transactions described in the Disclosure Documents. 
  
 (j) The Company and the Subsidiaries own or possess adequate licenses or
other rights to use all patents, trademarks, service marks, trade names, copyrights and know-how that are necessary to conduct their businesses as described in the Disclosure Documents. None of the Company or the Subsidiaries has received any
written notice of infringement of (or knows of any such infringement of) asserted rights of others with respect to any patents, trademarks, service marks, trade names, copyrights or know-how that, if such assertion of infringement or conflict were
sustained, would, individually or in the aggregate, have a Material Adverse Effect. 
  
 (k) Each of the Company and the Subsidiaries possesses all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings with, all federal,
state, local and other governmental authorities, all self-regulatory organizations and all courts and other tribunals presently required or necessary to own or lease, as the case may be, and to operate its respective properties and to carry on its
respective businesses as now or proposed to be conducted as set forth in the Disclosure Documents (“Permits”), except where the failure to obtain such Permits would not, individually or in the aggregate, have a Material
Adverse Effect and none of the Company or the Subsidiaries has received any notice of any proceeding relating to revocation or modification of any such Permit, except as described in the Disclosure Documents and except where such revocation or
modification would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 (l) Subsequent to the respective dates as of which information is given in the Disclosure Documents and except as described therein, (i) the Company and the Subsidiaries have not incurred any material liabilities or
obligations, direct or contingent, or entered into any material transactions not in the ordinary course of business, (ii) the Company and the Subsidiaries have not purchased any of their respective outstanding capital stock, or declared, paid or
otherwise made any dividend or distribution of any kind on any of their respective capital stock or otherwise (other than, with respect to any of such Subsidiaries, the purchase of capital stock by the Company), (iii) there has not been any material
increase in the long-term indebtedness of the Company or any of the Subsidiaries, (iv) there has not occurred any event or condition, individually or in the aggregate, that has a Material Adverse Effect, and 
  

 -5- 

 (v) the Company and the Subsidiaries have not sustained any material loss or interference with respect to their
respective businesses or properties from fire, flood, hurricane, earthquake, accident or other calamity, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding. 
  
 (m) There are no material legal or governmental proceedings nor are there
any material contracts or other documents required by the Securities Act to be described in a prospectus that are not described in the Disclosure Documents. Except as described in the Disclosure Documents, none of the Company or the Subsidiaries is
in default under any of the contracts described in the Disclosure Documents, has received a notice or claim of any such default or has knowledge of any breach of such contracts by the other party or parties thereto, except for such defaults or
breaches as would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 (n) Each of the Company and the Subsidiaries has good and marketable title to all real property described in the Disclosure Documents as being owned by it and good and marketable title to the leasehold estate in the
real property described therein as being leased by it, free and clear of all liens, charges, encumbrances or restrictions, except, in each case, as described in the Disclosure Documents or such as would not, individually or in the aggregate, have a
Material Adverse Effect. All material leases, contracts and agreements to which the Company or any of the Subsidiaries is a party or by which any of them is bound are valid and enforceable against the Company or any such Subsidiary, are, to the
knowledge of the Company, valid and enforceable against the other party or parties thereto and are in full force and effect. 
  
 (o) Each of the Company and the Subsidiaries has filed all necessary federal, state and foreign income and franchise tax returns, except where the
failure to so file such returns would not, individually or in the aggregate, have a Material Adverse Effect, and has paid all taxes shown as due thereon; and other than tax deficiencies which the Company or any Subsidiary is contesting in good faith
and for which adequate reserves have been provided in accordance with generally accepted accounting principles, there is no tax deficiency that has been asserted against the Company or any Subsidiary that would, individually or in the aggregate,
have a Material Adverse Effect. 
  
 (p) None of the Company or
the Subsidiaries is, or immediately after the Closing Date will be, required to register as an “investment company” or a company “controlled by” an “investment company” within the meaning of the Investment Company Act
of 1940, as amended (the “Investment Company Act”). 
  
 (q) None of the Company or the Subsidiaries or, to the knowledge of any of such entities’ directors, officers, employees, agents or controlling persons, has taken, directly or indirectly, any action designed, or
that might reasonably be expected, to cause or result in the stabilization or manipulation of the price of the Common Stock. 
  
 (r) None of the Company, the Subsidiaries or any of their respective Affiliates (as defined in Rule 501(b) of Regulation D under the Securities Act)
directly, or 
  

 -6- 

 through any agent, engaged in any form of general solicitation or general advertising (as those terms are used in
Regulation D under the Securities Act) in connection with the offering of the Securities or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. Assuming the accuracy of the representations and
warranties of the Purchaser in Section 6 hereof, it is not necessary in connection with the offer, sale and delivery of the Securities to the Purchaser in the manner contemplated by this Agreement to register any of the Securities under the
Securities Act. 
  
 (s) There is no strike, labor dispute,
slowdown or work stoppage with the employees of the Company or any of the Subsidiaries, which is pending or, to the knowledge of the Company or any of the Subsidiaries, threatened. 
  
 (t) Each of the Company and the Subsidiaries carries general liability insurance coverage comparable to other companies of
its size and similar business. 
  
 (u) Each of the Company and
the Subsidiaries maintains internal accounting controls which provide reasonable assurance that (A) transactions are executed in accordance with management’s authorization, (B) transactions are recorded as necessary to permit preparation of its
financial statements and to maintain accountability for its assets, (C) access to its material assets is permitted only in accordance with management’s authorization and (D) the reported accountability for its material assets is compared with
existing assets at reasonable intervals. 
  
 (v) Except for due
diligence fees payable to Purchaser in the amount of $65,000 at Closing and the fees referred to in Section 15 below, the Company does not know of any claims for services, whether in the nature of a due diligence fee, a finder’s fee or
financial advisory fee, with respect to the offering of the Shares and the transactions contemplated by the Transaction Documents. 
  
 (w) The Common Stock is traded on the OTC BB Market. 
  
 (x) The Company is eligible to use Form SB-2 for the resale of the Conversion Shares and the Warrant Shares by Purchaser or its transferees. The Company
has no reason to believe that it is not capable of satisfying the registration or qualification requirements (or an exemption therefrom) necessary to permit the resale of the Conversion Shares and the Warrant Shares under the securities or
“blue sky” laws of any jurisdiction within the United States. 
  
 3. Purchase, Sale and Delivery of the Shares. On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and conditions herein set forth, the Company agrees to issue and sell
to the Purchaser, and Purchaser agrees to purchase from the Company, the 1,100,000 Shares of Series C Stock at $1.00 per Share (the “Purchase Price”). In connection with the purchase and sale of Shares hereunder, Purchaser will receive,
for no additional consideration, a Warrant to purchase up to 1,000,000 shares of Common Stock, subject to adjustment as set forth in the Warrant. 
  

 -7- 

 One or more certificates in definitive form for the Shares that the Purchaser has agreed to purchase
hereunder, as well as the Warrant, shall be delivered by or on behalf of the Company, against payment by or on behalf of the Purchaser, of the purchase price therefor by wire transfer of immediately available funds to the account of the Company
previously designated by it in writing. Such delivery of and payment for the Series C Stock and the Warrant shall be made at the offices of the Company, on the date hereof, or at such date as the Purchaser and the Company may agree upon, such time
and date of delivery against payment being herein referred to as the “Closing Date.” 
  
 4. Certain Covenants of the Company. The Company covenants and agrees with Purchaser as follows: 
  
 (a) None of the Company or any of its Affiliates will sell, offer for sale
or solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the Securities Act) which could be integrated with the sale of the Securities in a manner which would require the registration under the Securities
Act of the Securities. 
  
 (b) The Company will not become, at
any time prior to the expiration of three years after the Closing Date, an open-end investment company, unit investment trust, closed-end investment company or face-amount certificate company that is or is required to be registered under the
Investment Company Act. 
  
 (c) None of the proceeds of the
Series C Stock will be used to reduce or retire any insider note or convertible debt held by an officer or director of the Company. 
  
 (d) The Conversion Shares and the Warrant Shares will be listed on the OTC BB, or such market on which the Company’s shares are subsequently listed
or traded, immediately following their issuance. 
  
 (e) The
Company will use its commercially reasonable efforts to do and perform all things required to be done and performed by it under this Agreement and the other Transaction Documents prior to or after the Closing Date and to satisfy all conditions
precedent on its part to the obligations of the Purchaser to purchase and accept delivery of the Securities. 
  
 5. Conditions of the Purchaser’s Obligations. The obligation of Purchase to purchase and pay for the Securities is subject to the following
conditions unless waived in writing by the Purchaser: 
  
 (a)
The representations and warranties of the Company contained in this Agreement shall be true and correct in all material respects (other than representations and warranties with a Material Adverse Effect qualifier, which shall be true and correct as
written) on and as of the Closing Date; the Company shall have complied in all material respects with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date. 
  

 -8- 

 (b) None of the issuance and sale of the Securities pursuant to this Agreement or any of the
transactions contemplated by any of the other Transaction Documents shall be enjoined (temporarily or permanently) and no restraining order or other injunctive order shall have been issued in respect thereof; and there shall not have been any legal
action, order, decree or other administrative proceeding instituted or, to the Company’s knowledge, threatened against the Company or against any Purchaser relating to the issuance of the Securities or any Purchaser’s activities in
connection therewith or any other transactions contemplated by this Agreement, the other Transaction Documents or the Disclosure Documents. 
  
 (c) The Purchaser shall have received certificates, dated the Closing Date and signed by the Chief Executive Officer and the Chief Financial Officer of
the Company, to the effect of paragraphs 5(a) and (b). 
  
 (d)
The Purchaser shall have received an opinion of General Counsel for the Company, with respect to the authorization of the Shares, the Warrant and the Warrant Shares and other customary matters in the form attached hereto as Exhibit C.

  
 6. Representations and Warranties of the Purchaser.

  
 (a) Purchaser represents and warrants to the Company that
the Securities to be acquired by it hereunder (including the Conversion Shares and the Warrant Shares that it may acquire upon conversion or exercise thereof, as the case may be) are being acquired for its own account for investment and with no
intention of distributing or reselling such Securities (including the Conversion Shares and the Warrant Shares that it may acquire upon conversion or exercise thereof, as the case may be) or any part thereof or interest therein in any transaction
which would be in violation of the securities laws of the United States of America or any State. Nothing in this Agreement, however, shall prejudice or otherwise limit Purchaser’s right to sell or otherwise dispose of all or any part of such
Conversion Shares or Warrant Shares under an effective registration statement under the Securities Act and in compliance with applicable state securities laws or under an exemption from such registration. By executing this Agreement, Purchaser
further represents that Purchaser does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to any Person with respect to any of the Securities. 
  
 (b) Purchaser understands that the Securities (including the Conversion
Shares and the Warrant Shares that it may acquire upon conversion or exercise thereof, as the case may be) have not been registered under the Securities Act and may not be offered, resold, pledged or otherwise transferred except (a) pursuant to an
exemption from registration under the Securities Act (and, if requested by the Company, based upon an opinion of counsel acceptable to the Company) or pursuant to an effective registration statement under the Securities Act and (b) in accordance
with all applicable securities laws of the states of the United States and other jurisdictions. 
  

 -9- 

 Purchaser agrees to the imprinting, so long as appropriate, of the following legend on the Securities
(including the Conversion Shares and the Warrant Shares that it may acquire upon conversion or exercise thereof, as the case may be): 
  

	
	The shares of stock evidenced by this certificate have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold, pledged or otherwise transferred
(“transferred”) in the absence of such registration or an applicable exemption therefrom. In the absence of such registration, such shares may not be transferred unless, if the Company requests, the Company has received a written opinion
from counsel in form and substance satisfactory to the Company stating that such transfer is being made in compliance with all applicable federal and state securities laws.

  
 The legend set forth
above may be removed if and when the Conversion Shares or the Warrant Shares, as the case may be, are disposed of pursuant to an effective registration statement under the Securities Act or in the opinion of counsel to the Company experienced in the
area of United States Federal securities laws such legends are no longer required under applicable requirements of the Securities Act. The Shares, the Conversion Shares and the Warrant Shares shall also bear any other legends required by applicable
Federal or state securities laws, which legends may be removed when in the opinion of counsel to the Company experienced in the applicable securities laws, the same are no longer required under the applicable requirements of such securities laws.
The Company agrees that it will provide Purchaser, upon request, with a substitute certificate, not bearing such legend at such time as such legend is no longer applicable. Purchaser agrees that, in connection with any transfer of the Conversion
Shares or the Warrant Shares by it pursuant to an effective registration statement under the Securities Act, Purchaser will comply with all prospectus delivery requirements of the Securities Act. The Company makes no representation, warranty or
agreement as to the availability of any exemption from registration under the Securities Act with respect to any resale of the Shares, the Conversion Shares or the Warrant Shares. 
  
 (c) Purchaser is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities
Act. 
  
 (d) Purchaser represents and warrants to the Company
that it has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, having been represented by counsel, and has so
evaluated the merits and risks of such investment and is able to bear the economic risk of such investment and, at the present time, is able to afford a complete loss of such investment. 
  
 (e) Purchaser represents and warrants to the Company that (i) the purchase of the Securities to be purchased by it has been
duly and properly authorized and this Agreement has been duly executed and delivered by it or on its behalf and constitutes the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights generally and to general principals of equity; (ii) the purchase of the
Securities to be purchased by it does not conflict with or violate its charter, by-laws or any law, regulation or court order applicable to it; and (iii) the purchase of the Securities to be purchased by it does not impose any penalty or other
onerous condition on Purchaser under or pursuant to any applicable law or governmental regulation. 
  

 -10- 

 (f) Purchaser represents and warrants to the Company that neither it nor any of its directors, officers,
employees, agents, partners, members, or controlling persons has taken, directly or indirectly, any actions designed, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of the Common Stock.

  
 (g) Purchaser acknowledges it or its representatives have
reviewed the Disclosure Documents and further acknowledges that it or its representatives have been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company
concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and the Company’s financial condition, results of operations, business,
properties, management and prospects sufficient to enable it to evaluate its investment in the Securities; and (iii) the opportunity to obtain such additional information which the Company possesses or can acquire without unreasonable effort or
expense that is necessary to verify the accuracy and completeness of the information contained in the Disclosure Documents. 
  
 (h) Purchaser represents and warrants to the Company that it has based its investment decision solely upon the information contained in the Disclosure
Documents and such other information as may have been provided to it or its representatives by the Company in response to their inquiries, and has not based its investment decision on any research or other report regarding the Company prepared by
any third party (“Third Party Reports”). Purchaser understands and acknowledges that (i) the Company does not endorse any Third Party Reports and (ii) its actual results may differ materially from those projected in any Third
Party Report. 
  
 (i) Purchaser understands and acknowledges that
(i) any forward-looking information included in the Disclosure Documents supplied to Purchaser by the Company or its management is subject to risks and uncertainties, including those risks and uncertainties set forth in the Disclosure Documents; and
(ii) the Company’s actual results may differ materially from those projected by the Company or its management in such forward-looking information. 
  
 (j) Purchaser understands and acknowledges that (i) the Securities are offered and sold without registration under the Securities Act in a private
placement that is exempt from the registration provisions of the Securities Act and (ii) the availability of such exemption depends in part on, and that the Company and its counsel will rely upon, the accuracy and truthfulness of the foregoing
representations and Purchaser hereby consents to such reliance. 
  
 7. Covenant of Purchaser Not to Short Stock. Purchaser, on behalf of itself and its affiliates, hereby covenants and agrees not to, as long as shares of Series C Preferred Stock are outstanding, directly or indirectly, offer to
“short sell”, contract to “short sell” or otherwise “short sell” the securities of the Company, including, without limitation, shares of Common Stock that will be received as a result of the conversion of the Series C
Stock or the exercise of the Warrants. This restriction is expressly agreed to by Purchaser in order to 
  

 -11- 

 preclude Purchaser from engaging in any hedging or other transaction which is designed to or reasonably expected to lead
to or result in a disposition of the shares of Common Stock even if said shares of Common Stock would be disposed of by someone other than Purchaser. Such prohibited “short sell,” hedging or other transactions would include, without
limitation, any short sale (whether or not against the “box”) or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any shares of Common Stock or with respect to any security
(other than a broad based market basket or index) that includes, relates to or derives any significant part of its value from shares of Common Stock. A breach of this Section 7 shall be considered a breach of this Agreement for which the Company
shall be entitled to all available legal, contractual and equitable remedies. 
  
 8. Voting Agreement; Covenant of the Company to Hold Stockholders’ Meeting; Board Representation. 
  
 (a) The Purchaser shall vote (or cause to be voted) all shares of Common Stock beneficially owned by the Purchaser and entitled to vote thereon in favor
of the amendment of the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 90,000,000 to 140,000,000 as described in Proposal 2 of the Company’s Preliminary Proxy
Statement dated April 5, 2004 (the “Proxy Statement”). The Company shall take all necessary action to amend Proposal 1 of the Proxy Statement (“Amended Proposal 1”) to name Kenneth C. Frederick as the Purchaser’s
director nominee in place and stead of Albert F. Haussener. The Purchaser shall vote (or cause to be voted) all shares of Common Stock beneficially owned by the Purchaser and entitled to vote thereon in favor of the nominees for directors of the
Company as described in Amended Proposal 1. The Company agrees to use commercially reasonable efforts to hold a stockholders’ meeting at which Amended Proposal 1 and Proposal 2 will be submitted for the vote of the stockholders of the Company
no later than July 30, 2004. 
  
 (b) At the stockholders’
meeting described in Section 8(a), Paul J. Crowe shall vote (or cause to be voted) all shares of Common Stock beneficially owned by him and entitled to vote thereon in favor of (i) the amendment of the Company’s Amended and Restated Certificate
of Incorporation to increase the number of authorized shares of common stock from 90,000,000 to 140,000,000 as described in Proposal 2 of the Proxy Statement, and (ii)Kenneth C. Frederick, as the Purchaser’s designated representative to the
Board of Directors of the Company in the place and stead of Albert F. Haussener, as set forth in Amended Proposal 1. 
  
 (c) Section 4.06 of the Securities Purchase Agreement is hereby amended to add the following subsection 4.06(g): In the event that any Purchaser Designee
designated hereunder for any reason ceases to serve as a member of the Board of Directors during such Purchaser Designee’s term of office, the resulting vacancy on the Board of Directors shall be filled by a replacement designee of Purchaser,
and the Company shall, upon receipt of written notice from Purchaser specifying such replacement designee, use commercially reasonable efforts to take all necessary and desirable actions within its control (including, without limitation, calling a
special meeting of the Board of Directors ) to effectuate such replacement as soon as practicable. 
  

 -12- 

 9. Existing Warrant Dilution. In the event that the Purchaser exercises its warrant to purchase
shares of Common Stock of the Company issued to the Purchaser on July 31, 2002 (the “Existing Warrant”) and any of the shares of Series C Stock are then outstanding, the Conversion Price (as defined in the Certificate of
Designation) in effect on the date of exercise of the Existing Warrant shall be applied in determining the adjustment of the “Per Share Warrant Price” (as defined in the Existing Warrant) pursuant to Section 3(c) of such Existing Warrant
with respect to the Series C Stock outstanding. If any of the Series C Stock is converted into Common Stock prior to the exercise of the Existing Warrant, the Per Share Warrant Price shall be adjusted pursuant to said Section 3(c) of the Existing
Warrant based on the number of shares of Common Stock issued and the Conversion Price used to convert the Series C Stock.  
  
 10. Registration Rights. Within 30 days from the Closing Date, the Company shall prepare and file with the Securities and Exchange Commission (the
“SEC”) a Registration Statement covering the resale of the Conversion Shares and the Warrant Shares (collectively, the “Registrable Securities”) for an offering to be made on a continuous basis
pursuant to Rule 415 (the “Registration Statement”). If the Company shall have used diligent efforts but is unable to file the Registration Statement within such 30-day period, the Company shall be granted an additional
15-day period within which to file the Registration Statement without penalty. The Registration Statement required hereunder shall be on Form SB-2. The Company shall register 17,242,443 Conversion Shares and 1,000,000 Warrant Shares. The Company
shall use diligent efforts to cause such Registration Statement to become effective within 90 days after the initial filing with the SEC, but shall not be liable for any damages should such effectiveness be delayed by the SEC review process. The
Company shall use diligent efforts to keep such Registration Statement continuously effective under the Securities Act until the date which is two years after the date that such Registration Statement is declared effective by the SEC or such earlier
date when all Registrable Securities covered by such Registration Statement have been sold or may be sold without volume restrictions pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a written opinion to such effect
addressed and acceptable to the Company’s transfer agent. With respect to the Registration Statement, the Company shall comply, mutatis mutandis, with Sections 4(c), 4(d), 4(f), 4(g), 4(h), 4(j), 9 and 11 (provided, however, such rights shall
inure only to a successor assignee of Purchaser as permitted under Section 15 hereof) of the Registration Rights Agreement, dated July 31, 2002, by and between the Company and Purchaser. 
  
 11. Redemption Option. The Company shall have the right to redeem the outstanding Series C Stock within the two (2)
year period following the Closing Date upon and accordance with the terms of the Certificate of Designation. 
  

 -13- 

 12. Notices. All communications hereunder shall be in writing and shall be hand delivered, mailed
by first-class mail, couriered by next-day air courier or by facsimile and confirmed in writing as follows: 
  
 If to the Company: 
  
 9530 Towne Centre Drive, Suite 120 
 San Diego, California 92121 
 Attention: Chief Executive Officer 
 Fax number: 858-642-0052 
  
 If to the Purchaser: 
  
 Dragon Nominees Limited 
 For the attention of Alan Gibson 
 Beechwood Hall 
 Kingsmead Road 
 High Wycombe 
 Bucks HP11 1JL 
 Fax Number: 01494 560056 
  
 All such notices and communications shall be deemed to have been duly given: (i) when delivered by hand, if personally delivered; (ii) five business days
after being deposited in the mail, postage prepaid, if mailed certified mail, return receipt requested; (iii) one business day after being timely delivered to a next-day air courier guaranteeing overnight delivery; (iv) the date of transmission if
sent via facsimile to the facsimile number as set forth in this Section or the signature page hereof prior to 6:00 p.m. Pacific Standard Time on a business day, or (v) the business day following the date of transmission if sent via facsimile at a
facsimile number set forth in this Section or on the signature page hereof after 6:00 p.m. Pacific Standard Time or on a date that is not a business day. Change of a party’s address or facsimile number may be designated hereunder by giving
notice to all of the other parties hereto in accordance with this Section. 
  
 13. Survival Clause. The respective representations, warranties, agreements and covenants of the Company and the Purchaser set forth in this Agreement shall survive until the first anniversary of the Closing,
except insofar as a claim has been asserted by a party and has not been resolved prior to such anniversary date. 
  
 14. Fees and Expenses. The Company agrees to pay to Purchaser, or Purchaser’s designated agent, the amount of Purchaser’s out-of-pocket
expenses incurred in connection with the preparation and negotiation of the Transaction Documents up to $10,000, in addition to the due diligence fee of $65,000 referred to in Section 2(v). 
  
 15. Successors. This Agreement shall inure to the benefit of and be
binding upon Purchaser and the Company and their respective successors and legal representatives, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or
claim under or in respect of this Agreement, or any provisions herein contained; this Agreement and all conditions and provisions hereof 
  

 -14- 

 being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person.
Neither the Company nor Purchaser may assign this Agreement or any rights or obligation hereunder without the prior written consent of the other party; provided, however, that the Purchaser may assign this Agreement or any of its rights or
obligations hereunder, the Shares or any portion thereof or the Warrant or any portion thereof to an “affiliate” (as such term is defined under the Securities Act), subject to compliance with federal securities laws and after providing
evidence of such compliance reasonably satisfactory to the Company. 
  
 16. No Waiver; Modifications in Writing. No failure or delay on the part of the Company or any Purchaser in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to the
Company or Purchaser at law or in equity or otherwise. No waiver of or consent to any departure by the Company or Purchaser from any provision of this Agreement shall be effective unless signed in writing by the party entitled to the benefit
thereof, provided that notice of any such waiver shall be given to each party hereto as set forth below. Except as otherwise provided herein, no amendment, modification or termination of any provision of this Agreement shall be effective unless
signed in writing by or on behalf of each of the Company and the Purchaser. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the
Company or Purchaser from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice
to or demand on the Company in any case shall entitle the Company to any other or further notice or demand in similar or other circumstances. 
  
 17. Entire Agreement. This Agreement, together with the Warrant and the Certificate of Designation, constitutes the entire agreement among the
parties hereto and supersedes all prior agreements, understandings and arrangements, oral or written, among the parties hereto with respect to the subject matter hereof and thereof; provided, however, that nothing contained in this Agreement, the
Warrant or the Certificate of Designation shall be deemed to modify or supersede the provisions of the Securities Purchase Agreement or the Registration Rights Agreement in any respect (except for the provisions of Section 11 hereof which amend the
Registration Rights Agreement). 
  
 18. Severability. If
any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby. 
  
 19. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT,
AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO PROVISIONS RELATING TO CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 -15- 

 20. Counterparts. This Agreement may be executed in two or more counterparts and may be delivered
by facsimile transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 21. Waiver of Claims. The Company, on its own behalf and on behalf of its subsidiaries, and the Purchaser, on its own behalf and on behalf of its
affiliates (as defined in the Securities Act) and subsidiaries, hereby waives any claims or causes of action of any nature whatsoever, in law or in equity, known or unknown, fixed or contingent, which such party or any of its affiliates or
subsidiaries now have, ever had or hereafter may have against the other party or any of its subsidiaries or affiliates with respect to matters that occurred or failed to occur prior to the date hereof relating solely to the rights and obligations of
the parties set forth in Section 4.07 or 4.08 of the Securities Purchase Agreement. 
  
 If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this Agreement shall constitute a binding agreement among the
Company and the Purchaser. 
  

			
	 Very truly yours,

	
	 MOLECULAR IMAGING CORPORATION

		
	 By:
	 	 /s/    PAUL CROWE

	 Name:
	 	 Paul J. Crowe

	 Title:
	 	 Chief Executive Officer

	
	 Solely with respect to Section 8(b) hereof:

	
	 /s/    PAUL CROWE

	 Paul J. Crowe

  

 -16- 

			
	 ACCEPTED AND AGREED:

	
	 Dragon Nominees Limited

		
	 By:
	 	 /s/ Simon Martin

	 Name:
	 	 Simon Martin

	 Title:
	 	 Director

  

 -17-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]