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Form 8-K

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    Exhibit
      10.1

     

    

    PROVIDER
      AGREEMENT 

    BETWEEN
      

    STATE
      OF
      OHIO

    DEPARTMENT
      OF JOB AND FAMILY SERVICES 

    AND

    WELLCARE
      OF OHIO, INC. 

     

    Amendment
      No. 1

     

    Pursuant
      to Article IX.A. the Provider Agreement between the State of Ohio, Department
      of
      Job and Family Services, (hereinafter referred to as "ODJFS") and WELLCARE
      OF
      OHIO, INC. (hereinafter referred to as "MCP") for the Aged, Blind or Disabled
      (hereinafter referred to as "ABD") population dated December 1, 2006, is hereby
      amended as follows:

     

    1.
      Appendix J is modified as attached.

     

    2.
      All
      other terms of the provider agreement are hereby affirmed.

     

    The
      amendment contained herein shall be effective February 15, 2007.

     

    

    
      	
              WELLCARE
                OF OHIO, INC.

            	 	 	 
	
              BY:

            	
              /s/
                Todd Farha

            	 	
              DATE:

            	
              2/12/2007

            
	 	
              TODD
                S. FARHA, PRESIDENT & CEO

            	 	 	
               

               

               

            
	
              OHIO
                DEPARTMENT OF JOB AND FAMILY SERVICES

            	 	 	 
	
              BY:

            	
              /s/
                Helen E. Jones-Kelly, Director

            	 	
              DATE:

            	
              2/15/2007

            
	 	
              HELEN
                E. JONES-KELLEY, DIRECTOR

            	 	 	 

    

     

    

    

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

    

    APPENDIX
      J

    

    FINANCIAL
      PERFORMANCE

    ABD
      ELIGIBLE POPULATION

    

    MCP
      :
      WellCare of Ohio, Inc.

    

     1.
      SUBMISSION OF FINANCIAL STATEMENTS AND REPORTS

    

    MCPs
      must
      submit the following financial reports to ODJFS:

     

    a.
      The
      National Association of Insurance Commissioners (NAIC) quarterly and annual
      Health Statements (hereafter referred to as the "Financial Statements"), as
      outlined in Ohio Administrative Code (OAC) rule 5101:3-26-09(B). The Financial
      Statements must include all required Health Statement filings, schedules and
      exhibits as stated in the NAIC Annual Health Statement Instructions including,
      but not limited to, the following sections: Assets, Liabilities, Capital and
      Surplus Account, Cash Flow, Analysis of Operations by Lines of Business,
      Five-Year Historical Data, and the Exhibit of Premiums, Enrollment and
      Utilization. The Financial Statements must be submitted to BMHC even if the
      Ohio
      Department of Insurance (ODI) does not require the MCP to submit these
      statements to ODI. A signed hard copy and an electronic copy of the reports
      in
      the NAIC-approved format must both be provided to ODJFS;

     

    b.
      Hard
      copies of annual financial statements for those entities who have an ownership
      interest totaling five percent or more in the MCP or an indirect interest of
      five percent or more, or a combination of direct and indirect interest equal
      to
      five percent or more in the MCP;

     

    c.
      Annual
      audited Financial Statements prepared by a licensed independent external auditor
      as submitted to the ODI, as outlined in OAC rule 5101:3-26-09(B);

     

    d.
      Medicaid Managed Care Plan Annual Ohio Department of Job and Family Services
      (ODJFS) Cost Report and the auditor's certification of the cost report, as
      outlined in OAC rule 5101:3-26-09(B);

     

    e.
      Annual
      physician incentive plan disclosure statements and disclosure of and changes
      to
      the MCP's physician incentive plans, as outlined in OAC rule
      5101:3-26-09(B);

     

    f.
      Reinsurance agreements, as outlined in OAC rule 5101:3-26-09(C);

     

    g.
      Prompt
      Pay Reports, in accordance with OAC rule 5101:3-26-09(B). A hard copy and an
      electronic copy of the reports in the ODJFS-specified format must be provided
      to
      ODJFS;

     

     

    Appendix
      J 

    Page
      2

     

    h.
      Notification of requests for information and copies of information released
      pursuant to a tort action (i.e., third party recovery), as outlined in OAC
      rule
      5101:3-26-09.1;

     

    i.
      Financial, utilization, and statistical reports, when ODJFS requests such
      reports, based on a concern regarding the MCP's quality of care, delivery of
      services, fiscal operations or solvency, in accordance with OAC rule
      5101:3-26-06(D);

     

    j.
      In
      accordance with ORC Section 5111.76 and Appendix C, MCP Responsibilities, MCPs
      must submit ODJFS-specified franchise fee reports in hard copy and electronic
      formats pursuant to ODJFS specifications.

     

    2.
      FINANCIAL PERFORMANCE MEASURES AND STANDARDS

     

    This
      Appendix establishes specific expectations concerning the financial performance
      of MCPs. In the interest of administrative simplicity and nonduplication of
      areas of the ODI authority, ODJFS' emphasis is on the assurance of access to
      and
      quality of care. ODJFS will focus only on a limited number of indicators and
      related standards to monitor plan performance. The three indicators and
      standards for this contract period are identified below, along with the
      calculation methodologies. The source for each indicator will be the NAIC
      Quarterly and Annual Financial Statements.

     

    Report
      Period:
      Compliance will be determined based on the annual Financial
      Statement.

     

    a.
      Indicator:
      Net Worth as measured by Net Worth Per Member

     

    Definition:
      Net
      Worth = Total Admitted Assets minus Total Liabilities divided by Total Members
      across all lines of business

     

    Standard:
      For the
      financial report that covers calendar year 2006, a minimum net worth per member
      of $156.00, as determined from the annual Financial Statement submitted to
      ODI
      and the ODJFS.

     

    The
      Net
      Worth Per Member (NWPM) standard is the Medicaid Managed Care Capitation amount
      paid to the MCP during the preceding calendar year, excluding the at-risk
      amount, expressed as a per-member per-month figure, multiplied by the applicable
      proportion below:

     

    0.75
      if
      the MCP had a total membership of 100,000 or more during that calendar
      year

     

    0.90
      if
      the MCP had a total membership of less than 100,000 for that calendar
      year

     

    
      Appendix
        J 

      Page
        3

    

    

    If
      the
      MCP did not receive Medicaid Managed Care Capitation payments during the
      preceding calendar year, then the NWPM standard for the MCP is the average
      Medicaid Managed Care capitation amount paid to Medicaid-contracting MCPs during
      the preceding calendar year, excluding the at-risk amount, multiplied by the
      applicable proportion above.

     

    b.
       Indicator:
      Administrative Expense Ratio

     

    Definition:
      Administrative Expense Ratio = Administrative Expenses minus Franchise Fees
      divided by Total Revenue minus Franchise Fees

     

    Standard:
      Administrative Expense Ratio not to exceed 15%, as determined from the annual
      Financial Statement submitted to ODI and ODJFS.

     

    c. Indicator:
      Overall Expense Ratio

     

    Definition:
      Overall
      Expense Ratio = The sum of the Administrative Expense Ratio and the Medical
      Expense Ratio

     

    Administrative
      Expense Ratio =
      Administrative Expenses minus Franchise Fees divided by Total Revenue minus
      Franchise Fees

     

    Medical
      Expense Ratio = Medical Expenses divided by Total Revenue minus Franchise
      Fees

     

    Standard:
      Overall
      Expense Ratio not to exceed 100% as determined from the annual Financial
      Statement submitted to ODI and ODJFS.

     

    Penalty
      for noncompliance:
      Failure
      to meet any standard on 2.a., 2.b., or I.e.
      above
      will result in ODJFS requiring the MCP to complete a corrective action plan
      (CAP) and specifying the date by which compliance must be demonstrated. Failure
      to meet the standard or otherwise comply with the CAP by the specified date
      will
      result in a new membership freeze unless ODJFS determines that the deficiency
      does not potentially jeopardize access to or quality of care or affect the
      MCP's
      ability to meet administrative requirements (e.g., prompt pay requirements).
      Justifiable reasons for noncompliance may include one-time events (e.g., MCP
      investment in information system products).

     

    If
      the
      financial statement is not submitted to ODI by the due date, the MCP continues
      to be obligated to submit the report to ODJFS by ODI's originally specified
      due
      date unless the MCP requests and is granted an extension by ODJFS.

    

    Appendix
      J 

    Page
      4

    

    Failure
      to submit complete quarterly and annual Financial Statements on a timely basis
      will be deemed a failure to meet the standards and will be subject to the
      noncompliance penalties listed for indicators 2.a., 2.b., and I.e.,
      including the imposition of a new membership freeze. The new membership freeze
      will take effect at the first of the month following the month in which the
      determination was made that the MCP was non-compliant for failing to submit
      financial reports timely.

     

    In
      addition, ODJFS will review two liquidity indicators if a plan demonstrates
      potential problems in meeting related administrative requirements or the
      standards listed above. The two standards, 2.d and 2.e, reflect ODJFS' expected
      level of performance. At this time, ODJFS has not established penalties for
      noncompliance with these standards;

    however,
      ODJFS will consider the MCP's performance regarding the liquidity measures,
      in
      addition to indicators 2.a., 2.b., and 2.e., in determining whether to impose
      a
      new membership freeze, as outlined above, or to not issue or renew a contract
      with an MCP. The source for each indicator will be the NAIC Quarterly and annual
      Financial Statements.

     

    Long-term
      investments that can be liquidated without significant penalty within 24 hours,
      which a plan would like to include in Cash and Short-Term Investments in the
      next two measurements, must be disclosed in footnotes on the NAIC Reports.
      Descriptions and amounts should be disclosed. Please note that "significant
      penalty" for this purpose is any penalty greater than 20%. Also, enter the
      amortized cost of the investment, the market value of the investment, and the
      amount of the penalty.

     

    d.
      Indicator: Days Cash on Hand

     

    Definition:
      Days
      Cash on Hand =
      Cash and
      Short-Term Investments divided by (Total Hospital and Medical Expenses plus
      Total Administrative Expenses) divided by 365.

     

    Standard:
      Greater
      than 25 days as determined from the annual Financial Statement submitted to
      ODI
      and ODJFS.

     

    e.
      Indicator: Ratio of Cash to Claims Payable

     

    Definition:
      Ratio of
      Cash to Claims Payable = Cash and Short-Term Investments divided by claims
      Payable (reported and unreported).

     

    Standard:
      Greater
      than 0.83 as determined from the annual Financial Statement submitted to ODI
      and
      ODJFS.

     

    3.
      REINSURANCE REQUIREMENTS

     

    Pursuant
      to the provisions of OAC rule 5101:3-26-09 (C), each MCP must carry reinsurance
      coverage from a licensed commercial carrier to protect against inpatient-related
      medical expenses incurred by Medicaid members.

     

    
      Appendix
        J 

      Page
        5

    

     

    The
      annual deductible or retention amount for such insurance must be specified
      in
      the reinsurance agreement and must not exceed $75,000.00, except as provided
      below. Except for transplant services, and as provided below, this reinsurance
      must cover, at a minimum, 80% of inpatient costs incurred by one member in
      one
      year, in excess of $75,000.00.

     

    For
      transplant services, the reinsurance must cover, at a minimum, 50% of transplant
      related costs incurred by one member in one year, in excess of
      $75,000.00.

     

    An
      MCP
      may request a higher deductible amount and/or that the reinsurance cover less
      than 80% of inpatient costs in excess of the deductible amount. If the MCP
      does
      not have more than 75,000 members in Ohio, but does have more than 75,000
      members between Ohio and other states, ODJFS may consider alternate reinsurance
      arrangements. However, depending on the corporate structures of the Medicaid
      MCP, other forms of security may be required in addition to reinsurance. These
      other security tools may include parental guarantees, letters of credit, or
      performance bonds. In determining whether or not the request will be approved,
      the ODJFS may consider any or all of the following:

     

    a.
      whether the MCP has sufficient reserves available to pay unexpected
      claims;

     

    b.
      the
      MCP's history in complying with financial indicators 2.a., 2.b., and
I.e.,
      as
      specified in this Appendix;

     

    c.
      the
      number of members covered by the MCP;

     

    d.
      how
      long the MCP has been covering Medicaid or other members on a full risk
      basis;

     

    e.
      risk
      based capital ratio of 2.5 or higher calculated from the last annual ODI
      financial statement;

     

    f.
      graph/chart showing the claims history for reinsurance above the previously
      approved deductible from the last calendar year.

     

    The
      MCP
      has been approved to have a reinsurance policy with a deductible amount of
      $75,000 that covers 80% of inpatient costs in excess of the deductible amount
      for non-transplant services.

     

    Penalty
      for noncompliance:
      If it is
      determined that an MCP failed to have reinsurance coverage, that an MCP's
      deductible exceeds $75,000.00 without approval from ODJFS, or that the MCP's
      reinsurance for non-transplant services covers less than 80% of inpatient costs
      in excess of the deductible incurred by one member for one year without approval
      from ODJFS, then the MCP will be required to pay a monetary penalty to ODJFS.
      The amount of the penalty will be the difference between the estimated
      amount,

     

    Appendix
      J 

    Page
      6

     

    as
      determined by ODJFS, of what the MCP would have paid in premiums for the
      reinsurance policy if it had been in compliance and what the MCP did actually
      pay while it was out of compliance plus 5%. For example, if the MCP paid
      $3,000,000.00 in premiums during the period of non-compliance and would have
      paid $5,000,000.00 if the requirements had been met, then the penalty would
      be
      $2,100,000.00.

     

    If
      it is
      determined that an MCP's reinsurance for transplant services covers less than
      50% of inpatient costs incurred by one member for one year, the MCP will be
      required to develop a corrective action plan (CAP).

     

    4.
      PROMPT PAY REQUIREMENTS

     

    In
      accordance with 42 CFR 447.46, MCPs must pay 90% of all submitted clean claims
      within 30 days of the date of receipt and 99% of such claims within 90 days
      of
      the date of receipt, unless the MCP and its contracted provider(s) have
      established an alternative payment schedule that is mutually agreed upon and
      described in their contract. The prompt pay requirement applies to the
      processing of both electronic and paper claims for contracting and
      non-contracting providers by the MCP and delegated claims processing
      entities.

     

    The
      date
      of receipt is the date the MCP receives the claim, as indicated by its date
      stamp on the claim. The date of payment is the date of the check or date of
      electronic payment transmission. A claim means a bill from a provider for health
      care services that is assigned a unique identifier. A claim does not include
      an
      encounter form.

     

    A
      "claim"
      can include any of the following: (1) a bill for services; (2) a line item
      of
      services; or (3) all services for one recipient within a bill. A "clean claim"
      is a claim that can be processed without obtaining additional information from
      the provider of a service or from a third party.

     

    Clean
      claims do not include payments made to a provider of service or a third party
      where the timing of payment is not directly related to submission of a completed
      claim by the provider of service or third party (e.g., capitation). A clean
      claim also does not include a claim from a provider who is under investigation
      for fraud or abuse, or a claim under review for medical necessity.

     

    Penalty
      for noncompliance;
      Noncompliance with prompt pay requirements will result in progressive penalties
      to be assessed on a quarterly basis, as outlined in Appendix N of the Provider
      Agreement.

     

    5.
      PHYSICIAN INCENTIVE PLAN DISCLOSURE REQUIREMENTS

     

    MCPs
      must
      comply with the physician incentive plan requirements stipulated in 42 CFR
      438.6(h). If the MCP operates a physician incentive plan, no specific payment
      can be made directly or indirectly under this physician incentive plan to a
      physician or physician group
      as
      an inducement to reduce or limit medically necessary services furnished to
      an
      individual.

    
       

      Appendix
        J 

      Page
        7

    

     

    If
      the
      physician incentive plan places a physician or physician group at substantial
      financial risk [as determined under paragraph (d) of 42 CFR 422.208] for
      services that the physician or physician group does not furnish itself, the
      MCP
      must assure that all physicians and physician groups at substantial financial
      risk have either aggregate or per-patient stop-loss protection in accordance
      with paragraph (f) of 42 CFR 422.208, and conduct periodic surveys in accordance
      with paragraph (h) of 42 CFR 422.208.

     

    In
      accordance with 42 CFR 417.479 and 42 CFR 422.210, MCPs must maintain copies
      of
      the following required documentation and submit to ODJFS annually, no later
      than
      30 days after the close of the state fiscal year and upon any modification
      of
      the MCP's physician incentive plan:

     

    a.
      A
      description of the types of physician incentive arrangements the MCP has in
      place which indicates whether they involve a withhold, bonus, capitation, or
      other arrangement. If a physician incentive arrangement involves a withhold
      or
      bonus, the percent of the withhold or bonus must be specified.

     

    b.
      A
      description of information/data feedback to a physician/group on their: 1)
      adherence to evidence-based practice guidelines; and 2) positive and/or negative
      care variances from standard clinical pathways that may impact outcomes or
      costs. The feedback information may be used by the MCP for activities such
      as
      physician performance improvement projects that include incentive programs
      or
      the development of quality improvement initiatives.

     

    c.
      A
      description of the panel size for each physician incentive plan. If patients
      are
      pooled, then the pooling method used to determine if substantial financial
      risk
      exists must also be specified.

     

    d.
      If
      more than 25% of the total potential payment of a physician/group is at risk
      for
      referral services, the MCP must maintain a copy of the results of the required
      patient satisfaction survey and documentation verifying that the physician
      or
      physician group has adequate stop-loss protection, including the type of
      coverage (e.g., per member per year, aggregate), the threshold amounts, and
      any
      coinsurance required for amounts over the threshold.

     

    Upon
      request by a member or a potential member and no later than 14 calendar days
      after the request, the MCP must provide the following information to the member:
      (1) whether the MCP uses a physician incentive plan that affects the use of
      referral services; (2) the type of incentive arrangement; (3) whether stop-loss
      protection is provided; and

     

    

    Appendix
      J 

    Page
      8

     

    (4)
      a
      summary of the survey results if the MCP was required to conduct a survey.
      The
      information provided by the MCP must adequately address the member's
      request.

     

    6.
      NOTIFICATION OF REGULATORY ACTION

     

    Any
      MCP
      notified by the ODI of proposed or implemented regulatory action must report
      such notification and the nature of the action to ODJFS no later than one
      working day after receipt from ODI. The ODJFS may request, and the MCP must
      provide, any additional information as necessary to assure continued
      satisfaction of program requirements. MCPs may request that information related
      to such actions be considered proprietary in accordance with established ODJFS
      procedures. Failure to comply with this provision will result in an immediate
      membership freeze.Matthew Dwyer Employment Agreement

    

      EMPLOYMENT
        AGREEMENT

      

      AGREEMENT
        made as
        of the 1st day of January 2007 between 247MGI, Inc. ("Company"), a Florida
        corporation having an office located at 1007 N. Federal Hwy, D-6, Fort
        Lauderdale, FL 33304, and Matthew P. Dwyer ("Employee”), residing at 1010
        Seminole Dr, #1108, Fort Lauderdale, FL 33304.

      

      WHEREAS,
        Employee
        will be employed as Chief Executive Officer (“CEO”), President and
        COB;

      

      WHEREAS,
        Company
        and Employee, wish to enter into an Employment Agreement pursuant to which
        Employee will continue as Chief Executive Officer (CEO), President and Chairman
        of the Board (COB) of the Company; and

      

      WHEREAS,
        this
        Agreement is intended to constitute an “employee benefit plan” within the
        meaning of Rule 405 of Regulation C under the Securities Act of 1933, as
        amended.

      

      NOW,
        THEREFORE,
        in
        consideration of the respective agreements hereinafter set forth, the parties
        agree as follows:

      

      1.  Employment

      

      
        	
                1.01

              	
                Scope
                  of Agreement.
                  Company hereby employees Employee, and Employee hereby accepts
                  employment
                  with Company in the position and with the duties set forth below.
                  

              

      

      

      
        	
                1.02

              	
                Term.
                  The term of this Agreement shall commence as of January 1, 2007
                  and
                  terminate on December 31, 2012; subject, however, to earlier termination
                  in accordance with the provisions of this
                  Agreement.

              

      

      

      2.
         Duties

      

      
        	
                2.01
                  

              	
                General.
                  Employee shall serve as CEO, President and COB of Company and shall
                  perform such executive duties as may from time to time be assigned
                  to him
                  by Company’s Board of Directors; consistent with the duties associated
                  with the position. Employee shall be subject to the supervision
                  and
                  direction of the Board of Directors.

              

      

      

      
        	
                2.02
                  

              	
                Performance.
                  During the term of his employment, Employee shall devote 100% of
                  his
                  business time, best efforts and attention to the business, operations
                  and
                  affairs of Company.

              

      

      

      
        	
                2.03

              	
                Representations.
                  

              

      

      

      
        	 	
                (a)

              	
                Employee
                  represents and warrants to and agrees with Company
                  that:

              

      

      

      (i) Neither
        the execution nor performance by Employee of this Agreement is prohibited
        by or
        constitutes or will constitute, directly or indirectly, a breach or violation
        of, or will be adversely affected by, any written or other agreement to which
        Employee is a party or by which he is bound.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (ii) Neither
        Employee nor any business or entity in which he has any interest or from
        which
        he receives any payments has, directly or indirectly, any interest of any
        kind
        in or is entitled to receive, and neither Employee nor any such business
        or
        entity shall accept, from any person, firm, corporation or other entity which
        competes with Company, any payments of any kind on account of any services
        performed by Employee during the term of his employment.

      

      
        	 	
                (b)

              	
                Company
                  represents and warrants to Employee that this Agreement has been
                  authorized by all necessary action on the part of Company and constitutes
                  a valid and binding obligation of Employee enforceable against
                  Company in
                  accordance with the terms hereof.

              

      

      

      3.  Compensation
        and Related Matters

      

      
        	
                3.01
                  

              	
                Fixed
                  Salary.
                  As partial compensation for Employee's services, Company shall
                  pay
                  Employee a salary (the "Fixed Salary") at the following rates in
                  equal
                  monthly (or more frequent, consistent with Company’s payroll practices)
                  installments, less appropriate payroll deductions as required by
                  law:

              

      

       

      January
        1, 2007 - December 31, 2007 $200,000

      January
        1, 2008 - December 31, 2008 $250,000

      January
        1, 2009 - December 31, 2009 $300,000

      January
        1, 2010 - December 31, 2010 $350,000

      January
        1, 2011 - December 31, 2011 $400,000

      January
        1, 2012 - December 31, 2012 $450,000

      

      3.02 Additional
        Compensation.

      

      
        	 	
                (a)

              	
                Stock
                  Options.
                  As additional compensation for Employee's services, the Employee
                  is hereby
                  granted options to purchase an aggregate of 12 million shares over
                  the
                  term of this Agreement, which options shall vest at the rate of
                  500,000
                  options on the first day of each calendar quarter beginning January
                  1,
                  2007. The options shall have an exercise price of $.07, and may
                  be
                  exercised for a period of five years from the date the options
                  vest. The
                  number of shares subject to the options and the exercise price
                  of the
                  options shall be proportionately adjusted to give effect to any
                  forward or
                  reverse stock split, recapitalization or similar corporate event
                  completed
                  by the Company. In the event of the death of Employee, all unvested
                  options shall immediately vest and the estate of Employee shall
                  have the
                  right to exercise any unexercised options for a period of six months
                  from
                  the date of Employee’s death, at which time any unexercised options shall
                  terminate. In the event of the disability resulting in termination
                  of this
                  Agreement under Section 4.03, all unvested options shall immediately
                  vest
                  and Employee or his personal representative shall have the right
                  to
                  exercise any unexercised options for a period of six months from
                  the date
                  of Employee’s disability, at which time any unexercised options shall
                  terminate. In the event this Agreement is terminated for cause
                  under
                  Section 4.01, all unexercised and/or unvested options shall immediately
                  terminate and cease to be of any further force or
                  effect.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                (b)

              	
                Bonuses
                  and Other Incentive Compensation.
                  Company shall pay Employee such cash bonuses, stock bonuses and/or
                  incentives as may be determined from time-to-time by the Board
                  of
                  Directors.

              

      

       

      
        
          	
                  3.03

                	
                  Vacation.
                    Employee will be entitled to six weeks paid vacation during the
                    first
                    twelve months of this Agreement and one additional week per year
                    for the
                    remaining term of this Agreement.

                

        

        

        
          	
                  3.04

                	
                  Expenses.
                    Company will reimburse Employee for Employee’s reasonable out-of-pocket
                    expenses incurred in connection with Company’s business, including travel
                    expense, food and lodging while away from home, subject to such
                    policies
                    as Company may from time-to-time reasonably establish for its
                    employees.

                

        

        

        
          	
                  3.05

                	
                  Cellular
                    Telephone.
                    Company shall pay or reimburse Employee for his use of a cellular
                    telephone, and related expenses, to the extent such telephone
                    is used for
                    business purposes.

                

        

         

      

      
        	
                3.06

              	
                Vehicle.
                  Company shall pay the costs of, or reimburse Employee for, the
                  use of an
                  automobile in an amount not to exceed $1,500.00 per month for the
                  life of
                  this Agreement.

              

      

      

      
        	
                3.07

              	
                Benefits.
                  Employee shall be entitled to participate in all general pension,
                  profit-sharing, life, medical, dental, optical, disability and
                  other
                  insurance and employee benefit plans and programs at any time in
                  effect
                  for executive employees of company, provided, however, that nothing
                  herein
                  shall obligate Company to establish or maintain any employee benefit
                  plan
                  or program, whether of the type referred to in this clause or
                  otherwise.

              

      

      

      4. Termination
        for Cause; Disability; Death; Change in Control

       

      
        
          	
                  4.01

                	
                  For
                    Cause.
                    Company shall have the right to terminate the employment of Employee
                    hereunder at any time for Cause (as hereinafter defined). For
                    purposes of
                    this Agreement "Cause" shall mean the occurrence of any of the
                    following
                    acts or events by or relating to Employee: (a) any material
                    misrepresentation by Employee in this Agreement; (b) any material
                    breach
                    of any obligations of Employee under this Agreement which remains
                    uncured
                    for more than thirty (30) days after written notice thereof by
                    the Board
                    of Directors to Employee; (c) habitual insobriety or use of illegal
                    drugs
                    by Employee while performing his duties hereunder or which adversely
                    affects Employee’s performance of his duties hereunder, (d) any gross
                    negligence of intentional misconduct with respect to the performance
                    of
                    Employee’s duties under this Agreement, and/or (e) Employee’s theft or
                    embezzlement, from the Company, willful dishonesty towards, fraud
                    upon, or
                    deliberate injury or attempted injury to, the Company; provided,
                    however,
                    if during the term of this Agreement, there shall occur a Change
                    of
                    Control (as hereinafter defined), Company may not terminate the
                    employment
                    of employee for Cause if Employee's conduct subsequent to such
                    Change of
                    Control is consistent with his conduct prior to such Change of
                    Control, or
                    for any act or omission which was known to Company and which
                    occurred
                    prior to such Change of Control, and the term "cause" shall be
                    deemed
                    amended so as to delete therefrom the occurrence of the acts
                    or events by
                    or relation to Employee set forth above. In the event of termination
                    for
                    cause, Employee's Fixed Salary shall terminate as of the effective
                    date of
                    termination of
                    employment, and, except as otherwise set forth in this Agreement,
                    Employee
                    shall not be entitled to any other compensation hereunder for
                    any period
                    subsequent to the effective date of
                    termination.

                

        

         

      

      
        	
                4.02

              	
                Without
                  Cause.
                  Company may not terminate the employment of Employee except for
                  Cause.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                4.03
                  

              	
                Disability.
                  If
                  Employee, by reason of mental illness or physical incapacity or
                  other
                  disability, is unable to perform his regular duties hereunder (as
                  may be
                  determined by the Board of Directors), Company shall (a) continue
                  to pay
                  employee’s Fixed Salary at a rate equal to fifty percent of the Fixed
                  Salary in effect immediately prior to the date of disability for
                  the
                  balance of the term of this Agreement and (b) continue to pay Employee’s
                  other compensation pursuant to this Agreement, for the balance
                  of the term
                  of this Agreement, except that options granted to Employee under
                  this
                  Agreement shall be treated as set forth in Section 302(a), above;
                  provided, however, in the event Employee recovers from any such
                  illness,
                  mental or physical incapacity or other disability (as may be determined
                  an
                  independent physician to which Employee shall make himself available
                  for
                  examination at the reasonable request of the Board of Directors),
                  Employee
                  shall immediately resume his regular duties hereunder at full pay.
                  Any
                  payments to Employee under any disability insurance or plan maintained
                  by
                  Company shall be applied against and shall reduce the amount of
                  the salary
                  payable by Company under this Agreement. Any determination by the
                  Board
                  with respect to Employee’s disability must be based on a determination of
                  competent medical authority or authorities, a copy of which determination
                  must be delivered to the Employee at the time it is delivered to
                  the
                  Board. In the event the Employee disagrees with the determination
                  of the
                  Board described in this paragraph, Employee will have the right
                  to submit
                  to the Board a determination by a competent medical authority or
                  authorities of Employee’s own choosing to the effect that the aforesaid
                  determination is incorrect and that Employee is capable of performing
                  Employee’s duties under this Agreement. Any continuing dispute as to
                  Employee’s disability shall be resolved by binding arbitration before one
                  arbitrator in accordance with the Rules of Commercial Arbitration
                  of the
                  American Arbitration Association in Palm Beach County, Florida,
                  or as
                  closely in proximity thereto as the American Arbitration Association
                  can
                  accommodate. The decision of the arbitrator shall be final and
                  binding on
                  the parties. If upon receipt of such determination, the Board wishes
                  to
                  continue to seek arbitration of this issue, it may do so in accordance
                  with the provisions of the American Arbitration
                  Association.

              

      

      

      
        	
                4.05

              	
                Death.
                  In the event of Employee's death, Company shall (a) pay all compensation
                  accrued up to the date of death, and (b) continue to pay Employee's
                  Fixed
                  Salary for the balance of the term of this Agreement (Employee’s estate
                  shall not be entitled to any other compensation accruing after
                  Employee’s
                  date of death, except that, options granted to Employee under this
                  Agreement shall be treated as set forth in Section 302(a), above);
                  provided, however, that, if Company is the beneficiary of life
                  insurance
                  on Employee's life, it shall use the proceeds of such insurance
                  promptly
                  upon receipt thereof to prepay (in inverse order of maturity),
                  the Fixed
                  Salary remaining it be paid discounted to present value using an
                  assumed
                  interest rate of 8% per annum. Company shall have the right (but
                  not the
                  obligation) to obtain a life insurance policy on Employee's life.
                  The
                  proceeds of any such life insurance policy shall be payable to
                  Company.
                  Employee shall cooperate with Company and use his best efforts
                  in all
                  respects in regard to obtaining a life insurance policy, including,
                  without limitation, undergoing a physical examination upon reasonable
                  request.

              

      

      

      
        	
                4.06
                  

              	
                Change
                  of Control.
                  If
                  during the term of this Agreement, there shall occur a Change of
                  Control,
                  Employee may terminate his employment hereunder for Good Reason
                  (as
                  hereinafter defined), whereupon Employee shall be entitled to receive
                  a
                  payment equal to 2.99 times Employee's average annual compensation
                  paid by
                  Company (including bonuses, if any) during the three years preceding
                  the
                  date of termination; provided, however, that such payment shall
                  be reduced
                  if and only to the extent necessary to avoid the imposition of
                  an exercise
                  tax on such payment under Section 4999 of the Internal Revenue
                  Code of
                  1986, as amended.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	 	
                For
                  purposes of this Agreement, a ("Change of Control") shall be deemed
                  to
                  have occurred on the first day on which Employee, other than by
                  reason of
                  termination of Employee’s employment “for cause” (as defined above), or
                  employee’s death, disability or volitional act, ceases to serve as a
                  member of Company’s Board of Directors. For the purposes of this
                  Agreement, ("Good Reason") shall mean any of the following (without
                  Employee's express prior written
                  consent):

              

      

      

      (a)
         The
        assignment to Employee by Company of duties inconsistent with Employee's
        then
        positions, duties, responsibilities, titles, or offices of any reduction
        in his
        duties or responsibilities, or any removal of Employee from or any failure
        to
        re-elect Employee to any such positions, except in connection with the
        termination of Employee's employment for Cause, or disability (as described
        above) or as a result of Employee's death or by termination of employment
        by
        Employee other than for Good Reason;

      

      (b)
         A
        relocation of Company's principal executive offices to a location outside
        of
        South Florida or Company's requiring Employee to be based anywhere other
        than
        within 50 miles of the location at which Employee on the date hereof performs
        Employee's duties, except for required travel on Company's business to an
        extent
        substantially consistent with Employee's business travel obligations on the
        date
        hereof;

      

      (c)
         A
        failure
        by Company to continue in effect any benefit or compensation plan (including
        any
        pension, profit-sharing, bonus, life, medical, disability and other insurance
        and employee benefit plans and programs) in which Employee participates,
        or a
        failure to provide Employee with substantially similar benefits, or the taking
        of any actions by Company which would materially and adversely affect Employee's
        participation in or reduce Employee's benefits under any such
        plans;

      

      (d) The
        taking of any action by Company which would deprive Employee of any material
        fringe benefit enjoyed by Employee on the date hereof; or

      

      (e) The
        failure by Company to obtain the specific assumption of this Agreement by
        any
        successor or assignee of Company or any person acquiring substantially all
        of
        Company's assets.

      

      5.  Confidential
        Information: Non-Competition

      

      
        	
                5.01
                  

              	
                Confidential
                  Information.
                  Employee shall not, at any time during or following termination
                  or
                  expiration of the term of this Agreement, directly or indirectly,
                  disclose, publish or appropriate, use or cause permit or induce
                  any person
                  to appropriate or use, any proprietary secret or confidential information
                  of Company not in the public domain including, without limitation,
                  knowledge or information relating to its trade secrets, business
                  methods,
                  the names or requirements of its customers all of which Employee
                  agrees
                  are and will be of great value to Company and shall at all times
                  be kept
                  confidential. Upon termination or expiration of this Agreement,
                  Employee
                  shall promptly deliver or return to Company all materials of a
                  proprietary, secret or confidential nature relating to Company
                  together
                  with any other property of Company which may have theretofore been
                  delivered to or may then be in possession of
                  Employee.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          	
                  5.02

                	
                  Non-Competition
                    During the term of this Agreement, Employee shall not, within
                    North
                    America without the prior written consent of Company in each
                    instance,
                    directly or indirectly, in any manner or capacity, whether for
                    himself or
                    any other person and whether as proprietor, principal owner shareholder,
                    partner, investor, director, officer, employee representative,
                    distributor, consultant, independent contractor or otherwise
                    engage or
                    have any interest in any entity which competes in any business
                    or activity
                    then conducted or engaged in by Company, provided, however, that
                    the
                    foregoing shall not be deemed to prohibit Employee from engaging
                    in the
                    practice of financial consulting, or on any other business permitted
                    under
                    this Agreement. Notwithstanding the foregoing, however Employee
                    may at any
                    time own, in the aggregate, as a passive but not active investment,
                    less
                    than 10% of the stock or other equity interests of any publicly
                    traded
                    entity which engages in a business in direct competition with
                    the Company.
                    After the termination of the Employee’s employment, Employee will not,
                    directly or indirectly, use such Confidential Information to
                    compete with
                    the business of the Company, as the business of the Company may
                    then be
                    constituted, within any state or province. Such non-competition
                    shall
                    continue for two years from the date of termination. Further,
                    Employee
                    shall not induce or attempt to induce any employee of the Company
                    to
                    discontinue his or her employment with the Company for the purpose
                    of
                    becoming employed by any competitor of the Company, nor will
                    Employee
                    initiate discussions, negotiations or contacts with persons known
                    to be
                    clients or prospective clients of the Company at the time of
                    the
                    termination.

                

        

        

        
          	
                  5.03

                	
                  Assignment
                    of Intellectual Property.
                    All processes, concepts, data bases, software developments, hardware
                    developments, clients lists, brokers’ list, trade secrets, inventions,
                    patents, copyrights, trademarks, service marks, and other intangible
                    rights (collectively “Intellectual Property”) that may be conceived or
                    developed by Employee, either alone or with others, during the
                    term of
                    this Agreement, shall be the property of the Company.
                    

                

        

        

        
          	
                  5.04

                	
                  Reasonableness.
                    Employee agrees that each of the provisions of this Section 5
                    is
                    reasonable and necessary for the protection of Company; that
                    each such
                    provision is and is intended to be divisible; that if any such
                    provision
                    (including any sentence, clause or part) shall be contrary to
                    law or
                    invalid or unenforceable in any respect in any jurisdiction,
                    or as to any
                    one or more period of time, areas of business activities, or
                    any part
                    thereof, the remaining provisions shall not be affected but shall
                    remain
                    in full force and effect as to the other remaining parts; and
                    that any
                    invalid or unenforceable provision shall be deemed without further
                    action
                    on the part of the parties hereto, modified, amended and limited
                    to the
                    extent necessary to render the same valid and enforceable in
                    such
                    jurisdiction. Employee further recognizes and agrees that any
                    violation of
                    any of his agreements in this Section 5 would cause such damage
                    or injury
                    to company as would be irreparable and the exact amount of which
                    would be
                    impossible to ascertain and that, for such reason, among others,
                    Company
                    shall be entitled, as a matter of course, to injunctive relief
                    from any
                    court of competent jurisdiction restraining any further violation.
                    Such
                    right to injunctive relief shall be cumulative and in addition
                    to, and not
                    in limitation of, all other rights and remedies which Company
                    may
                    possess.

                

        

        

        
          	
                  5.05

                	
                  Survival.
                    The provisions if this Section 5 shall survive the expiration
                    or
                    termination of this Agreement for any
                    reason.

                

        

        

      

      6.
         Miscellaneous

      

      
        	
                6.01
                  

              	
                Notices.
                  All notices under this Agreement shall be in writing and shall
                  be deemed
                  to have been dully given if personally delivered against receipt
                  or if
                  mailed by first class registered or certified mail; return receipt
                  requested, addressed to Company and to Employee at their respective
                  addresses set forth in the first page of this Agreement, or to
                  such other
                  person or address as may be designated by like notice hereunder.
                  Any such
                  notice shall be deemed to have been given on the day delivered,
                  if
                  personally delivered, or on the third day after the date or mailing
                  if
                  mailed.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                6.02
                  

              	
                Parties
                  in Interest.
                  This Agreement shall be binding upon and insure to the benefit
                  of and be
                  enforceable by the parties hereto and their respective heirs, legal
                  representatives, successors and, in the case of Company, assigns,
                  but no
                  other person shall acquire or have any rights under or by virtue
                  of this
                  Agreement, and the obligations of Employee under this Agreement
                  may not be
                  assigned or delegated.

              

      

      

      
        	
                6.03
                  

              	
                Governing
                  Law; Jurisdiction. This
                  Agreement shall be governed by and construed and enforced in accordance
                  with the laws and decisions of the State of Florida applicable
                  to
                  contracts made and to be performed therein without giving effect
                  to the
                  principals of conflict of laws. 

              

      

      

      
        	
                6.04

              	
                Severability.
                  In the event any provision of this Agreement is determined by a
                  court or
                  other tribunal of competent jurisdiction to be invalid or unenforceable,
                  such provision shall be eliminated form this Agreement and the
                  balance of
                  this Agreement shall remain in full force and
                  effect.

              

      

      

      
        	
                6.05
                  

              	
                Entire
                  Agreements: Modification; Interpretation.
                  This Agreement contains the entire agreement and understanding
                  between the
                  parties with respect to the subject matter hereof and supersedes
                  all prior
                  negotiations and oral understandings, if any. Neither this Agreement
                  nor
                  any of its provisions may be modified, amended waived, discharged
                  or
                  terminated, in whole or in part, except in writing signed by the
                  party to
                  be charged. No waiver of any such provisions, or any breach of
                  or default
                  under this Agreement shall be deemed or shall constitute a waiver
                  of any
                  other provision breach or default. All pronouns and words used
                  in this
                  Agreement shall be read in the appropriate number and gender, the
                  masculine, feminine and neuter shall be interchangeably and the
                  singular
                  shall include the plural and vice versa, as the circumstances may
                  require.

              

      

      

      
        	
                6.06

              	
                Indemnification.
                  Employee shall indemnify and hold Company free and harmless from
                  and
                  against and shall reimburse it for any and all claims, liabilities,
                  damages, losses, judgments, costs and expenses (including reasonable
                  counsel fees and other reasonable out-of-pocket expenses) arising
                  out of
                  or resulting from any breach or default of any of his representations,
                  warranties and agreements in this Agreement. Company shall indemnify
                  and
                  hold Employee free and harmless from and against and shall reimburse
                  him
                  for any and all claims, liabilities, damages, losses, judgments,
                  costs and
                  expenses (including reasonable counsel fees and other reasonable
                  out-of-pocket expenses) arising out of or resulting from any breach
                  or
                  default of any of its representations, warranties and agreements
                  in this
                  Agreement.

              

      

       

      
        
          	
                  6.07

                	
                  Survival
                    of Obligations. The
                    parties shall be obligated to perform the terms of this Agreement
                    after
                    the Employee has terminated with the
                    Company.

                

        

        

        
          	
                  6.08

                	
                  Enforcement.
                    If
                    any portion of this Agreement is determined to be invalid or
                    unenforceable, that portion of this Agreement will be adjusted,
                    rather
                    than voided, to achieve the intent of the parties. In the event
                    that
                    either party requires the use of an attorney to enforce the terms
                    of this
                    Agreement then the prevailing party shall be entitled to recover
                    a
                    reasonable attorney’s fee and
                    costs.

                

        

        
          	
                      

                  6.09

                	
                   

                  Waiver.
                    The waiver of any breach of any provisions of this Agreement
                    will not
                    operate or be construed as a waiver of any subsequent breach
                    of the same
                    or other provision of this Agreement.

                

        

      

      
        
           

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF,
        the
        parties have duly executed this Agreement of February 14, 2007, to be effective
        as of the date first above written.

      

      

      

        
          	 	 	 	 	 	 	
                  /s/:
                    Matthew P. Dwyer

                
	 	 	 	 	 	 	
                  Matthew
                    P. Dwyer

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                  247MGI,
                    INC.

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	
                  By:
                    /s/: Matthew P. Dwyer

                
	 	 	 	 	 	 	
                  Matthew
                    P. Dwyer,
                    President

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