Document:

Exhibit 10.34

    
      
        

      

    

    Exhibit
      10.34

    

    
      	
              Customer
                No. __________________ 

            
	
              Loan
                No. _____________________

            

    

    

    

     

    
      	
              RBC
                Centura 

               

            	
              UNCONDITIONAL

              GUARANTY
                AGREEMENT

              (Continuing)

            

    

    

     

    
      	
              XX

            	
                  
                Unlimited

            

    

     

    THIS
      UNCONDITIONAL GUARANTY AGREEMENT (“Guaranty
      Agreement”), entered into as of the 14th day of February, 2006, by ETRIALS
      WORLDWIDE, INC.,
      a
      Delaware corporation (formerly known as CEA Acquisition Corporation), with
      a
      mailing address of 4000 Aerial Center Parkway, Morrisville, North Carolina
      27560
      (“Guarantor”, whether one or more), to RBC
      CENTURA BANK
      (“Bank”), with a mailing address of 134 North Church Street, Rocky Mount, North
      Carolina 27804, Attention: Lending Service Center.

     

    A.    etrials,
      Inc., a Delaware corporation (formerly known as etrials Worldwide, Inc.)
      (“Customer”, whether one or more), desires to obtain extensions of credit or a
      continuation of credit extensions from Bank and to generally engage in various
      business transactions and contractual relationships with Bank.

     

    B.    Bank
      is
      unwilling to extend or continue to extend credit to, or to engage in business
      transactions and enter into various contractual relationships with, or otherwise
      to deal with Customer unless it receives an unconditional and continuing, joint
      and several guaranty from Guarantor covering all “Obligations of Customer”, as
      hereinafter defined.

     

    NOW,
      THEREFORE, in consideration of the premises and of other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged
      by
      Guarantor, and in order to induce Bank, from time to time and at any number
      of
      times, in its sole discretion, to extend or continue to extend secured and
      unsecured credit to Customer and to generally engage in various business
      transactions and other contractual relationships with Customer, including,
      without limitation, any one or more transactions or other contractual
      relationships (whether with recourse or without; oral, written/tangible or
      electronic) involving, related to or arising from (1) the lease or sale of
      real,
      personal or mixed property to Customer, whether under installment, conditional,
      land or other types of contracts or agreements, (2) the purchase or discount
      of
      acceptances, (3) accounts, (4) chattel paper, both tangible and electronic,
      (5)
      contracts, including contract rights, (6) drafts, (7) documents, (8) general
      intangibles, including payment intangibles, (9) investment property, (10)
      financial assets, (11) interest rate swap, cap, floor or collar transactions,
      and other similar transactions made pursuant to an International Swap Dealers
      Association, Inc. Master Agreement or similar agreement, (12) letters-of-credit,
      (13) letter-of-credit rights, (14) purchase money security agreements, (15)
      instruments, including promissory notes, (16) deposit accounts, (17) commercial
      or other types of tort claims, or (18) supporting obligations, including
      guarantees, Guarantor,
      jointly and severally, if more than one, hereby absolutely and unconditionally
      guarantees to Bank, its successors and assigns, the
      due
      and punctual payment of (x) all indebtedness, liabilities and other obligations
      which are presently owing by Customer to Bank, (y) all future indebtedness,
      liabilities and other obligations which may at any time or times arise and
      be
      owing by Customer to Bank and (z) all present and future claims of Bank against
      the Customer (including contract claims, tort claims and other types of claims),
      as and when each of the foregoing becomes due and payable (whether by
      acceleration or otherwise) in accordance with the respective terms of any
      instruments (to include promissory notes), chattel paper, documents, general
      intangibles (to include payment intangibles), accounts, letters of credit,
      supporting obligations (to include guarantees), loan agreements, credit
      agreements, security agreements, pledge agreements, deeds of trust, mortgages,
      security deeds, trust deeds, deeds to secure debts, assignments, control
      agreements, leases and other rental agreements (both real and personal), land
      contracts and other contracts relating to real or personal property or property
      rights and other undertakings which evidence each of Customer’s present and
      future indebtedness, liabilities and other obligations to Bank, and Bank’s
      present and future claims against Customer, which evidences 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    of
      indebtedness, liabilities, claims and other
      obligations may be oral, written or tangible, electronic or in some other medium
      and shall include all amendments, modifications, renewals, extensions,
      replacements and substitutions thereof and therefor (all indebtedness,
      liabilities and other obligations of the Customer to Bank and claims of Bank
      against Customer which are now existing and all indebtedness, liabilities and
      other obligations of the Customer to Bank and claims of Bank against Customer
      which may arise in the future, including all of those listed or referenced
      in
      this paragraph, shall be hereinafter collectively termed “Obligations of
      Customer” and the Obligations of Customer shall be all-inclusive and encompass
      primary and secondary indebtedness, liabilities and other obligations of
      Customer, as a maker, co-maker, accommodation party, indorser, acceptor,
      guarantor, surety, pledgor, assignor, grantor or otherwise, and claims against
      Customer, arising, resulting from or otherwise created directly with Bank or
      acquired by Bank through assignment, endorsement or otherwise, matured and
      unmatured, absolute and contingent, joint and several, secured and unsecured,
      monetary and nonmonetary, liquidated and unliquidated); provided,
      however,
      that
      the maximum liability, jointly and severally, of Guarantor under this Guaranty
      Agreement, at any one time outstanding, with respect to the aggregate principal
      amount of the Obligations of Customer shall not exceed the amount stated above
      under the heading of this Guaranty Agreement (if
      no amount is stated, the joint and several liability of Guarantor under this
      Guaranty Agreement is and the same shall be unlimited),
      plus
      all
      due
      and unpaid interest (to include default interest), finance charges, late payment
      fees and other fees and charges, prepayment premiums and all costs and expenses
      due and payable by Customer in connection with any and all of the foregoing
      Obligations of Customer, including, without limitation, reasonable attorneys’
fees of Bank and fees of legal assistants, reasonable fees of accountants,
      appraisers, adjusters, engineers, surveyors and other professionals employed
      or
      retained by or on behalf of Bank in connection with any and all of the
      Obligations of Customer and intangible personal property taxes, documentary
      stamp taxes, excise taxes and other similar taxes.

     

    In
      order
      to implement the foregoing and as additional inducements to Bank, Guarantor
      further covenants and agrees:

     

    Section
      1.   Guaranty
      of Payment. This guaranty is and shall remain an unconditional and
      continuing guaranty of payment and performance and not a guaranty of collection,
      shall remain in full force and effect irrespective of any interruption in the
      business and other dealings and relations of Customer with Bank and shall apply
      to and guarantee the due and punctual payment and performance of all Obligations
      of Customer due by Customer to Bank. To that end, Guarantor hereby expressly
      waives (1) any right to require Bank to bring any action against Customer,
      (2)
      any right to require Bank to bring any action against any other person, (3)
      any
      right to require Bank to recover from any collateral and other security and
      (4)
      any right to require Bank to recover from any balance of any deposit or other
      accounts on the books of Bank in favor of Customer or any other person through
      set-off, recoupment or otherwise; and, without limiting the generality of the
      foregoing, Guarantor herewith expressly waives any right Guarantor otherwise
      might have or might have had under the provisions of Section 26-7 of the North
      Carolina General Statutes, et seq. or other North Carolina laws to require
      Bank
      to attempt to recover against Customer and to realize upon any collateral and
      other security which Bank holds for the Obligations of Customer. Any Guarantor,
      by a written notice, delivered personally to or received by certified or
      registered United States Mail by an authorized officer of Bank in the Bank’s
      Loan Servicing Center (or successor thereto), at the address of Bank first
      above
      given, may terminate their guaranty hereunder with respect to only those
      Obligations of Customer which arise more than thirty (30) business days after
      the date on which such written notice is so delivered to or received by said
      Bank officer. Such written notice of termination shall be the sole and exclusive
      method for terminating this guaranty as to future Obligations of Customer and
      notwithstanding termination, this Guaranty Agreement and the guaranty created
      hereby and all security given for this guaranty or the Obligations of Customer
      shall remain in full force and effect as to all Obligations of Customer
      incurred, existing or arising in any manner pre-termination, including, without
      limitation, all Obligations of Customer arising under loan commitments which
      exist pre-termination, all Obligations of Customer under lines of credit and
      revolving lines of credit for advances both pre- and post-termination and all
      Obligations of Customer arising from renewals, extensions, replacements,
      substitutions, amendments and modifications of the Obligations of Customer,
      in
      whole or in part, whether any of the foregoing are made with or without notice
      to Guarantor before or after the effective date of such
      termination.

     

    Section
      2.   Guaranties Not Dependent. The obligation of any Guarantor
      executing this Guaranty Agreement is not and the same shall not be dependent
      upon the subsequent execution hereof by any other person. And, the termination
      of guaranty by one or more Guarantors, or the release, settlement or compromise
      by Bank from time to time and at any number of times with respect to any one
      or
      more Guarantors, shall not affect the obligations and liability of the remaining
      Guarantors hereunder, and as to the remaining Guarantors, this Guaranty
      Agreement shall continue in effect as if such Guarantors had been the only
      Guarantors executing this Guaranty Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Section
      3.   Guaranty Not Diminished by Bank’s Actions. 

     

    3.1  
      Failure
      to Perfect Liens. Guarantor agrees that Guarantor’s liability hereunder
      shall not be diminished by any failure on the part of Bank to perfect and
      continue perfection of (by filing, recording or otherwise) any lien and security
      interest it may now have or hereafter acquire in any property securing this
      Guaranty Agreement or the Obligations of Customer.

     

    3.2.  
      Release or Surrender of Rights. Guarantor covenants and agrees that Bank
      may at any time, and from time to time, in its sole discretion, do or cause
      to
      be done any one or more of the following: (1) renew, extend and otherwise change
      the time, manner, place and terms of payment of any and all of the Obligations
      of Customer, and otherwise modify the Obligations of Customer; (2) grant
      indulgences generally from time to time to Customer and any other person liable
      for the Obligations of Customer; (3) exchange, release and surrender any and
      all
      of the collateral and other security, or any part thereof or interest therein,
      by whomsoever deposited, given or made, which is or may hereafter be held by
      Bank or others on its behalf, or in which it has a lien and security interest
      in
      connection with any and all of the Obligations of Customer and any liabilities
      and obligations of Guarantor hereunder; (4) sell and otherwise dispose of,
      and
      purchase all or parts of, or interests in, such collateral and other security
      at
      public and private sale, or to or through any securities intermediary or other
      person, and after deducting all costs and expenses of every kind for collection,
      preparation for sale, sale and delivery, the net proceeds of any such sales
      and
      other dispositions may be applied by Bank toward payment and satisfaction of
      the
      Obligations of Customer, in such order as Bank in its discretion may elect,
      or
      in such order as Bank may be required to apply the proceeds under applicable
      law
      - if applicable law directs a specific manner of application of proceeds; or
      (5)
      settle and compromise with the Customer, any insurance carrier and any other
      person liable thereon, any and all of the Obligations of Customer, or
      subordinate the payment of all and any part of same to the payment of any other
      debts and claims which may at any time be due and owing to Bank or any other
      persons, all in such manner and upon such terms as Bank may deem proper or
      desirable, and without notice to or further assent from Guarantor, it being
      agreed that Guarantor shall be and remain bound by this Guaranty Agreement
      irrespective of the existence, value and condition of any collateral and other
      security, or the impairment of any collateral and other security (to include,
      without limitation, impairment due to any failure to perfect or continue
      perfection of a lien and a security interest and any other act or inaction
      by
      Bank or other persons relative to the administration of this Guaranty Agreement,
      the Obligations of Customer and any collateral and other security), or the
      unenforceability of any of the Obligations of Customer or the discharge and
      release of Customer from liability for any of the Obligations of Customer and
      notwithstanding any such change, exchange, settlement, compromise, surrender,
      release, failure to perfect or continue perfection and other act or inaction
      relative to administration, sale and other disposition, application, renewal
      or
      extension and notwithstanding also that the Obligations of Customer may at
      any
      time exceed the aggregate principal sum hereinabove prescribed (if any such
      limiting sum appears). If Bank should request Guarantor to consent to any of
      the
      foregoing, such request by Bank or consent by Guarantor shall not constitute
      a
      waiver by Bank of the provisions of this Section which permit such actions
      without Guarantor’s consent, nor of any other provision of this Guaranty
      Agreement relating to acts and inactions of Bank and such request or consent
      shall not create a course of dealing between Bank and Guarantor that would
      require the consent of Guarantor to any of the foregoing in the future.
      Furthermore, this Guaranty Agreement shall not be construed to impose any
      obligation on Bank to extend or continue to extend credit, to otherwise deal
      with Customer at any time, or to take or refrain from taking any acts relative
      to the administration of any of the Obligations of Customer and any collateral
      and other security for the Obligations of Customer or this Guaranty
      Agreement.

     

    3.3  
      Waiver of Default; Forbearance. No waiver by Bank of any default by
      Guarantor or Customer, or forbearance with respect to any default by either,
      shall operate as a waiver of any other default or of the same default on a
      future occasion - or require the forbearance with respect thereto - and no
      waiver or forbearance by Bank shall limit Guarantor’s liability under this
      Guaranty Agreement or negatively affect the validity and enforceability of
      this
      Guaranty Agreement in accordance with its stated terms. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Section
      4.   Set-off; Application of Payments; Security.

     

    4.1  
      Set-off on Service of Process. If any process is issued or ordered to be
      served upon Bank, seeking to seize Customer’s or Guarantor’s rights or interests
      in any deposit account, such deposit account shall be deemed to have been and
      shall be set-off against any and all Obligations of Customer or all obligations
      and liabilities of Guarantor hereunder, as applicable, as of the time of the
      issuance of any such writ or process, whether or not Customer, Guarantor or
      Bank
      shall then have been served with notice thereof.

     

    4.2  
      Application of Moneys and other Value. All moneys and other things of
      value available to and received by Bank for application toward payment of (or
      reduction of) the Obligations of Customer may be applied by Bank to such
      individual debts, liabilities, obligations and claims in such manner, and
      apportioned in such amounts and at such times, as Bank, in its sole discretion,
      may deem suitable or desirable, or in such order as Bank may be required to
      apply the money or other things of value under applicable law - if applicable
      law directs a specific manner of application.

     

    4.3  
      Security; Set-off. As security for any and all liabilities of Guarantor
      hereunder, now existing and hereafter arising, Guarantor hereby grants Bank
      a
      security interest in any and all moneys, furniture, fixtures, equipment,
      inventory, documents, investment property, financial assets, promissory notes
      and other instruments, chattel paper, accounts, payment intangibles and other
      general intangibles, deposit accounts, supporting obligations, including
      guarantees, letters-of-credit and letters-of-credit rights and any and all
      other
      forms of property and things of value (real, personal or mixed) and any right,
      title and interest of Guarantor therein and thereto and the proceeds thereof,
      which have been and may hereafter be deposited or left with Bank (or with any
      agent or other third person acting on Bank’s behalf) by or for the account or
      credit of Guarantor, including, without limitation, any property in which
      Guarantor may have an interest. Furthermore, where any obligation of Guarantor
      is due and unpaid Bank hereunder, Bank is herewith authorized to exercise its
      right of set-off or “bank lien” as to any demand, checking, time, savings, and
      other deposit accounts of any nature maintained in and with it by Guarantor,
      without advance notice. Such right of set-off shall also be applicable and
      exercised by Bank, in its sole discretion, where Bank is indebted to any
      Guarantor by reason of any certificate of deposit, bond, instrument or
      otherwise. Bank also is granted and shall otherwise have recoupment rights
      and
      may exercise such recoupment rights where any obligation of Guarantor is due
      and
      unpaid to Bank hereunder. If Guarantor or others have executed and delivered
      to
      Bank any separate deeds of trust, mortgages, security deeds, deeds to secure
      debts, trust deeds, security agreements, assignments or other security documents
      in connection with this Guaranty Agreement, the property and property rights
      therein described shall secure this Guaranty Agreement and Guarantor’s payment
      and performance obligations hereunder to the extent and all as provided herein
      and in said separate security documents. If Guarantor or others have so executed
      and delivered security documents as aforesaid, some or all of them may be listed
      or described on Exhibit A attached hereto, but, the failure of any or all of
      such security documents to be listed or described thereon shall not limit this
      Guaranty Agreement, the effectiveness and enforceability of any security
      documents not listed or described on Exhibit A and the liabilities of Guarantor
      and others hereunder or under such security documents. 

     

    Section
      5.   Financial Information on Guarantor; Bank’s Records
      Controlling. Guarantor shall provide Bank with such financial information as
      Bank may from time to time request. Any statement of account or records that
      bind the Customer shall be binding against the Guarantor and the records of
      Bank
      maintained in the ordinary course of its business with respect to the
      Obligations of Customer shall be binding on Guarantor in all respects,
      including, without limitation, the extent and nature of the Obligations of
      Customer and the liabilities of Guarantor under this Guaranty
      Agreement.

     

    Section
      6.   Customer’s Organization Status.

     

    6.1  
      Authority
      of Customer’s Officers and Employees. If Customer is not an individual but a
      registered organization or other form of organization, this Guaranty Agreement
      covers all Obligations of Customer purporting to be created or undertaken on
      behalf of such organization by any one or more shareholder, director, officer,
      executive, employee, partner, manager, member or agent of such organization,
      without regard to the actual authority of any such person, whether or not
      organization resolutions, proper or otherwise, are given by any Customer to
      Bank, and whether or not such purported organizations are legally chartered,
      registered or organized.

     

    6.2  
      Change in Legal Status. In the event of a change in, or amendment or
      modification of the legal status or existence of the Customer, this Guaranty
      Agreement shall continue and shall also cover the indebtedness of the Customer
      under the new or amended status, according to the terms hereof guaranteeing
      the
      obligations of the original Customer.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

     

    Section
      7.   Guarantor’s Waiver of Rights. 

     

    7.1  
      Subordination
      of Customer’s Debts to Guarantor. In the event that Guarantor shall pay any
      sums under this Guaranty Agreement, or in the event that Customer or any owner
      of property in which Bank has been granted a lien or security interest to secure
      the Obligations of Customer is now or shall hereafter become indebted to
      Guarantor, Guarantor agrees (1) that the amount of such indebtedness and all
      interest thereon shall at all times be subordinate as to lien, times of payment
      and in all other respects to all sums at any time owing to Bank with respect
      to
      the Obligations of Customer, (2) that Guarantor shall not be entitled to enforce
      or receive payment on account of such other indebtedness until all sums owing
      to
      the Bank have been paid in full and (3) that to the extent Guarantor does
      enforce or receive payment in contravention of Guarantor’s agreement hereunder,
      all moneys, property and other things of value received by Guarantor and others
      on Guarantor’s behalf shall be held by Guarantor and such other persons in trust
      for Bank and for the account of Bank and the same shall be paid or delivered
      to
      Bank immediately upon request therefor by Bank.

     

    7.2.  
      Reinstatement of Obligations of Customer. Guarantor agrees that in the
      event any judgment or any court order or any administrative order for turnover
      or recovery is entered against Bank (whether by consent, compromise, settlement
      or otherwise) for, or Bank is required or agrees to repay (1) the amount of
      any
      monetary payment or transfer of any property (whether real, personal or mixed,
      tangible or intangible, or the value thereof) made to Bank by or on behalf
      of
      the Customer or Guarantor for credit to the Obligations of Customer, or (2)
      the
      amount of any set-off or recoupment exercised by Bank and credited to
      Obligations of Customer, then in such event (and notwithstanding the prior
      discharge or satisfaction in whole or in part of any or all Obligations of
      Customer due Bank or the written or stamped notation of cancellation, release,
      or satisfaction affixed to this Guaranty Agreement or any instrument of
      indebtedness evidencing the Obligations of Customer, or any prior notice of
      the
      termination of this Guaranty Agreement as to future debts of Customer) the
      amount or value of any such payments, property, set-off and recoupment recovered
      from Bank shall be deemed to be Obligations of Customer and this Guaranty
      Agreement and the liabilities of Guarantor hereunder shall be automatically
      revived and reinstated and shall continue and remain in full force and effect
      as
      to the same, together with interest thereon from date of recovery at the rate
      applicable to the Obligations of Customer to which any such payments, transfers
      and set-off were credited, costs of court, and the reasonable attorneys’ fees
      incurred by Bank in connection therewith.

     

    7.3  
      Waiver of Subrogation. Guarantor expressly waives, for Bank’s benefit and
      the benefit of Customer and any other guarantor, maker, endorser, obligor and
      debtor on the Obligations of Customer, any and all rights of recourse against
      Customer, and any other guarantor, maker, endorser, obligor and debtor on the
      Obligations of Customer, and property and assets of the same, arising out of
      any
      payment made under or pursuant to this Guaranty Agreement, including any claim
      of subrogation, reimbursement, exoneration, contribution and indemnity that
      Guarantor may have against the Customer, any other guarantor, maker, endorser,
      obligor and debtor on the Obligations of Customer. Guarantor will not enter
      into
      any contract or agreement in violation of the provisions hereinabove, and any
      such purported contract or agreement shall be void ab initio.

     

    Section
      8.   Events of Default; Remedies. 

     

    8.1  
      Events
      of Default. Guarantor shall be in default under this Guaranty Agreement upon
      the happening of any of the following events, circumstances and conditions,
      or
      the occurrence of an event which, with the giving of notice or a lapse of time,
      or both, would become an event of default hereunder, to wit:

     

    (a)  
      default in the payment or performance of any of the obligations or of any
      covenant, warranty or liability contained or referred to herein, or contained
      in
      any other contract, agreement or record of Customer or Guarantor with Bank,
      whether now existing or hereafter arising; 

     

    (b)  
      any warranty, representation or statement made or furnished, or hereafter made
      or furnished, to Bank or others for the benefit of Bank, by or on behalf of
      Customer or Guarantor, in connection with this Guaranty Agreement, or to induce
      Bank to extend credit or deal with Customer or Guarantor or otherwise with
      respect to the Obligations of Customer proving to have been false or inaccurate
      in any material respect when made or furnished; 

     

    (c)  
      the death or mental incompetency of a Guarantor or Customer who is an individual
      and the dissolution, liquidation, termination of existence, merger or change
      in
      control of or in a Guarantor or Customer that is a registered organization
      or
      other organization;

     

    (d)  
      insolvency, business failure, appointment of a receiver for any part of the
      property of, assignment for the benefit of creditors by, or the commencement
      of
      any proceeding under any state or federal bankruptcy or insolvency laws by
      or
      against Guarantor or Customer; 

     

    (e)  
      failure of a Customer or Guarantor that is a registered organization to maintain
      its existence in good standing; 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (f)  
      the entry of any monetary judgment or the assessment or filing of any tax lien
      against either Customer or Guarantor or the issuance of any writ of garnishment
      or attachment against any property of, debts due or rights of Customer or
      Guarantor, to specifically include the commencement of any action or proceeding
      to seize moneys of Customer or Guarantor on deposit in any deposit account
      with
      Bank; 

     

    (g)  
      if Customer or Guarantor is a registered organization or other organization,
      the
      default in the payment or performance of any indebtedness or other obligation
      which is now owing to Bank or any indebtedness or other obligation which arises
      in the future and is owing to Bank by any subsidiary of Guarantor or the
      Customer; or 

     

    (h)  
      if Bank should otherwise deem itself, any security interests, its collateral
      or
      other security, or the Obligations of Customer guaranteed hereby and hereunder
      or the liability of Guarantor hereunder unsafe or insecure, or should Bank,
      in
      good faith, believe that the prospect of payment or other performance by
      Customer or Guarantor is impaired.

     

    8.2.  
      Remedies.
      Upon the occurrence of any of the foregoing events, circumstances or conditions
      of default set forth in Section
      8.1
      above,
      at Bank’s option, all of the obligations evidenced and created in this Guaranty
      Agreement and secured or guaranteed hereby shall immediately be due and payable
      without demand or notice. Furthermore, whether or not Bank accelerates the
      aforesaid obligations because of the occurrence of an event of default, Bank
      may
      exercise, and cause to be exercised by others on its behalf, all of the rights
      and remedies granted hereunder that may be exercisable by Bank upon the
      occurrence of an event of default, all of the rights or remedies of a secured
      party or holder-in-due course under the Uniform Commercial Code in the
      jurisdiction whose laws govern this Guaranty Agreement, as the same is in effect
      from time to time, and all rights and remedies otherwise afforded in law and
      in
      equity under other laws of the aforementioned jurisdiction.

     

    Section
      9.   Miscellaneous. 

     

    9.1  
      No
      Effect on Other Guaranties. This Guaranty Agreement does not terminate,
      cancel, supersede, renew or substitute for any existing guaranty or other
      supporting obligation to Bank by any Guarantor, unless expressly provided
      herein, and the execution and delivery hereafter to Bank by any Guarantor of
      a
      new guaranty and other supporting obligation shall not terminate, cancel,
      supersede, or be a renewal or substitution for this Guaranty Agreement, unless
      expressly provided therein, and all rights and remedies of Bank hereunder,
      under
      any other existing guaranty agreement and other supporting obligation, and
      under
      any guaranty agreement and other supporting obligation hereafter given to Bank
      by any Guarantor shall be cumulative and may be enforced singly, successively,
      alternately and concurrently.

     

    9.2  
      No Reliance by Guarantor on Bank. Guarantor warrants and covenants that
      Guarantor has made such inquiries as Guarantor deems necessary in order to
      ascertain the financial condition of Customer, and has, in fact, ascertained
      the
      financial condition of Customer and is satisfied with such financial condition,
      that Guarantor has adequate means to obtain from Customer, on a continuing
      basis, information concerning the financial condition of Customer, and that
      Guarantor has not relied, and will not rely, on Bank to provide such
      information, now or in the future. The relationship of Bank to Guarantor is
      that
      of a creditor to an obligor or debtor; and in furtherance thereof and in
      explanation thereof, Bank has no fiduciary, trust, guardian, representative,
      partnership, joint venturer or other similar relationship to or with Guarantor
      and no such relationship shall be drawn or implied from (1) this Guaranty
      Agreement and any security documents relative to this Guaranty Agreement, (2)
      the Obligations of Customer and any of the Loan Documents and (3) any of Bank’s
      actions or inactions hereunder or thereunder, or with respect hereto or thereto
      - and, Bank has no obligation to Guarantor and any other person relative to
      administration of the Obligations of Customer, the Loan Documents, this Guaranty
      Agreement and any collateral and other security for any of the foregoing, or
      any
      part or parts thereof or interests therein.

     

    
      9.3.  
        Credit Investigations; Sharing of Information. Bank is irrevocably
        authorized by Guarantor to make or have made such credit investigations as
        it
        deems appropriate to evaluate Guarantor’s credit, personal and financial
        standing and employment, and Guarantor authorizes Bank to share with consumer
        reporting agencies and creditors its experiences with Guarantor and other
        information in Bank’s possession relative to Guarantor. Bank shall not have any
        obligation or responsibility to do any one or more of the following: (1)
        protect
        or preserve any collateral and other security given or to be given in connection
        herewith against the rights of third persons having an interest therein;
        (2)
        provide information to third persons relative to the Obligations of Customer,
        Bank’s liens or security interests in any collateral and other security, this
        Guaranty Agreement or otherwise with respect to Guarantor; or (3) subordinate
        its security interests in any collateral and other security to the interests
        of
        any third persons or to enter into control agreements relative to such
        collateral and other security.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    9.4.  
      Maintenance of Records by Bank. Bank is authorized to maintain, store and
      otherwise retain this Guaranty Agreement, any separate security documents and
      other agreements executed and delivered or to be executed and delivered by
      Guarantor and others on Guarantor’s behalf to Bank in their original, inscribed
      tangible form or a record thereof in an electronic medium or other non-tangible
      medium which permits such record to be retrieved in a perceivable form; and
      a
      record of this Guaranty Agreement and such other documents and agreements in
      a
      non-tangible medium which is retrievable in a perceivable form shall be the
      agreement of Guarantor and others on Guarantor’s behalf, as applicable, to the
      same extent as if this Guaranty Agreement and such other documents and
      agreements were in their original, inscribed tangible medium and such a record
      shall be binding on and enforceable against Guarantor and such others
      notwithstanding the same are in a non-tangible form and notwithstanding the
      signatures of the signatories thereof are electronic, typed, printed, computer
      generated, facsimiles or other reproductions, representations or
      forms.

     

    9.5.  
      Financing Statements. Guarantor irrevocably authorizes Bank to file such
      financing statements as may be necessary to protect, in Bank’s opinion, Bank’s
      security interests and, to the extent Bank deems necessary or appropriate,
      to
      sign the name of Guarantor with the same force and effect as if signed by
      Guarantor and to make public in financing statements and other public filings
      such information regarding Guarantor as Bank deems necessary or appropriate,
      including, without limitation, federal tax identification numbers, social
      security numbers and other identifying information.

     

    9.6.  
      Documentary and Intangibles Taxes. To the extent not prohibited by law
      and notwithstanding who is liable for payment of the taxes and fees, Guarantor
      shall pay, on Bank’s demand, all intangible personal property taxes, documentary
      stamp taxes, excise taxes and other similar taxes assessed, charged or required
      to be paid in connection with this Guaranty Agreement.

     

    9.7.  
      Payment of Expenses. Without limiting any other provision of this
      Guaranty Agreement relating to Guarantor’s payment of costs and expenses
      incurred by and on behalf of Bank, but in addition thereto, Guarantor shall
      pay
      to Bank on demand any and all costs and expenses of collection, including
      reasonable attorneys’ fees in the amount of fifteen (15%) percent of the
      outstanding amount of the Obligations of Customer after default and, if
      applicable law prohibits payment of attorneys’ fees when collection is through
      an attorney who is a salaried employee of Bank, referral to an attorney not
      a
      salaried employee of Bank. Guarantor shall also pay all cost and expenses
      incurred or paid by and on behalf of Bank in protecting its interest in any
      collateral and other security securing this Guaranty Agreement and in enforcing
      and protecting its rights hereunder. All of the foregoing costs and expenses
      shall be paid with interest thereon at the contract rate at which interest
      accrues from time to time on the Obligations of Customer - or if interest
      accrues at different contract rates, any one of the contract rates at which
      interest accrues as selected by Bank, in its sole discretion, which rate may
      be
      fixed or variable - from the earlier of the date paid, incurred or on which
      they
      become due until such costs and expenses are paid by Guarantor. All sums so
      paid
      and expended by Bank, and the interest thereon, shall be added to the amounts
      payable under this Guaranty Agreement. 

     

    9.8.  
      Waiver of Notice and Presentment; Defenses. Guarantor hereby waives to
      the extent permitted by law: (1) notice of acceptance of this Guaranty
      Agreement; (2) notice of extensions of credit and continuations of credit
      extensions to Customer by Bank; (3) notice of entering into and engaging in
      business transactions and contractual relationships and any other dealings
      between Customer and Bank; (4) presentment and demand for payment of any of
      the
      Obligations of Customer; (5) protest and notice of dishonor or default to
      Guarantor and to any other person with respect to any of the Obligations of
      Customer and with respect to any security therefor; (6) all other notices to
      which Guarantor might otherwise be entitled; (7) any demand for payment under
      this Guaranty Agreement; (8) any defense of any kind which the Customer might
      have; and (9) application of any other defenses available to
      Guarantor.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    9.9.  
      Jury, Venue, Jurisdiction. This Guaranty Agreement shall be deemed to
      have been executed and delivered in the State of North Carolina, regardless
      of
      where the signatories may be located at the time of execution, and this Guaranty
      Agreement shall be governed by and construed in accordance with the substantive
      laws of such jurisdiction, excluding, however, the conflict of law and choice
      of
      law provisions thereof. Guarantor: (a) to the extent permitted by law, waives
      any right to a trial by jury in any action arising from or related to this
      Guaranty Agreement or any of the Obligations of Customer; (b) irrevocably
      submits to the jurisdiction of either (1) the state courts of the jurisdiction
      identified above in this Section or (2) a United States District Court for
      any
      federal district in such jurisdiction over any action or proceeding arising
      from
      or related to this Guaranty Agreement or any of the Obligations of Customer;
      and
      (c) irrevocably waives, to the fullest extent Guarantor may effectively do
      so,
      the defense of improper venue or an inconvenient forum to the maintenance of
      any
      such action or proceeding. Nothing in this Section shall affect or impair Bank’s
      right to serve legal process in any manner permitted by law or Bank’s right to
      bring any action or proceeding against Guarantor or Guarantor’s property in the
      courts of any other jurisdiction.

     

    9.10.  
      No Usury; No Illegal Provisions. Anything contained herein to the
      contrary notwithstanding, if for any reason the effective rate of interest
      on
      any of the Obligations of Customer should exceed the maximum lawful contract
      rate, the effective rate of such obligations shall be deemed reduced to and
      shall be such maximum lawful contract rate. Any sums of interest which have
      been
      collected in excess of such maximum lawful contract rate shall be applied,
      at
      Bank’s election - if permitted by applicable law, as a credit against the unpaid
      principal balance due on the Obligations of Customer, or hereunder, or returned
      to the person who paid the interest that exceeded the maximum lawful contract
      rate. Wherever possible each provision of this Guaranty Agreement shall be
      interpreted in such manner as to be effective and valid under applicable law,
      but if any provision of this Guaranty Agreement shall be prohibited or invalid
      under such law, such provision shall be ineffective to the extent of such
      prohibition or invalidity without invalidating the remainder of such provision
      or the remaining provisions of this Guaranty Agreement

     

    9.11.  
      Joint and Several Liability; Use of Terms. If more than one person has
      signed this Guaranty Agreement, such parties are jointly and severally obligated
      hereunder. Further, (1) words in the masculine gender mean and include
      correlative words of the feminine and neuter genders and words importing the
      singular numbered meaning include the plural number, and vice versa; (2) words
      importing persons include firms, companies, associations, general partnerships,
      limited partnerships, limited liability partnerships, limited liability limited
      partnerships, limited liability companies, trusts, business trusts, corporations
      and other organizations, including public and quasi-public bodies, as well
      as
      individuals; (3) as the context requires, the word “and” may have a joint
      meaning or a several meaning and the word “or” may have an inclusive meaning or
      an exclusive meaning; (4) the term “Guarantor”, as used herein, shall (if signed
      by more than one person) mean the “Guarantors and each of them”; (5) the term
“subsidiary” means any registered organization or other organization (i) the
      majority (by number of votes) of the outstanding voting interests of which
      is at
      the time owned or controlled by Guarantor or Customer, or by one or more
      subsidiaries of Guarantor or Customer, or Guarantor or Customer and one or
      more
      subsidiaries of Guarantor or Customer, or (ii) otherwise controlled by or within
      the control of Guarantor, Customer or any subsidiary of either; (6) terms used
      in this Guaranty Agreement which are not defined herein shall have the meaning
      ascribed thereto in the Uniform Commercial Code in effect from time to time
      in
      the jurisdiction whose laws govern this Guaranty Agreement; (7) all references
      to “Guaranty Agreement” mean this Guaranty Agreement and all amendments,
      modifications, renewals, extensions, replacements and substitutions thereof
      and
      therefor; and (8) this Guaranty Agreement shall not be applied, interpreted
      and
      construed more strictly against a person because that person or that person’s
      attorney drafted this Guaranty Agreement.

     

    9.12.  
      Successors and Assigns. This Guaranty Agreement shall be binding upon
      Guarantor, and the heirs, executors, administrators, successors and assigns
      of
      Guarantor; it shall inure to the benefit of, and be enforceable by Bank, and
      its
      successors, transferees and assigns; and Guarantor waives and will not assert
      against any transferee or assignee any claims, defenses, set-offs and rights
      of
      recoupment which Guarantor could assert against Bank, except defenses which
      Guarantor cannot waive. The death of Guarantor shall not terminate any liability
      hereunder. This Guaranty Agreement shall remain in force after Guarantor’s death
      until written notice of termination, sent by a legal representative of
      Guarantor, is received by Bank as set forth in Section 1 above and such
      termination shall be limited as provided in Section 1 above.

     

    
      9.13.  
        Entire Agreement. This Guaranty Agreement constitutes the entire
        agreement between the Guarantor and Bank with respect to this guaranty, and
        no
        waivers and modifications shall be valid unless they are in writing and duly
        executed by the party to be charged thereby, and further expressly approved
        in
        writing by an authorized officer of Bank in the Bank’s Loan Servicing Center (or
        successor thereto). Notwithstanding the foregoing, in the event any provision
        of
        this Guaranty Agreement should be left blank or incomplete, Guarantor hereby
        authorizes and empowers Bank to supply and complete the necessary information
        to
        complete or fill in the blank provision and Bank, or any other holder hereof,
        may correct patent errors in this Guaranty Agreement.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    9.14.  
      Time of Essence; Notices. Time is of the essence under this Guaranty
      Agreement. All notices, certificates and other communications hereunder shall
      be
      deemed given when mailed by registered or certified mail, postage prepaid,
      return receipt requested, addressed to the addresses set forth herein. Guarantor
      and Bank may, by written notice given hereunder, designate a different address
      where communications should be sent. Bank may direct, by notice to Guarantor,
      that notices, requests and other communications shall be sent electronically
      or
      in some other non-tangible medium.

     

    9.15.  
      Guarantor’s Acknowledgment. Guarantor acknowledges that Guarantor has
      read this Guaranty and fully understands the rights granted to Bank herein,
      and
      the waiver of rights of Guarantor. Guarantor further acknowledges that each
      of
      the terms contained herein is a material inducement to Bank to extend credit
      to
      the Customer and is necessary in order for the Bank to fully realize the
      benefits of Bank’s bargained for agreement with the Customer and Guarantor.
      Guarantor: (1) represents to Bank the information contained in this Guaranty
      Agreement is true, accurate and correct; (2) agrees to promptly notify Bank
      in
      writing of any changes therein and any inaccuracies thereto, such notification
      to be addressed to Bank at Bank’s address set forth herein; and (3) acknowledges
      that Bank is relying upon the information being complete, accurate and correct
      and that Bank is under no obligation to make an independent investigation with
      respect to the accuracy and correctness thereof and has not made an independent
      investigation regarding same.

     

    

    (Signatures
      On Following Pages)

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    The
      undersigned has executed this Guaranty Agreement as of the day and year first
      above stated.

     

    
      	
              GUARANTOR:

               

              ETRIALS
                WORLDWIDE, INC.

              (formerly
                known as CEA Acquisition Corporation)

               

               

              By:/s/
                James W. Clark, Jr. 

              Print
                Name:James
                W. Clark, Jr. 

              Title:
                Chief
                Financial Officer 

            	
              WITNESS:

               

               

               

               

               

              /s/
                Stacey Greenstreet

              Print
                Name: Stacey
                Greenstreet

            
	 	 

    

     

     

    ACKNOWLEDGMENT

     

    STATE
      OF
      NORTH CAROLINA

     

    COUNTY
      OF
      WAKE

     

    I,
      a
      Notary Public for the County and State aforesaid, do hereby certify that James
      W. Clark, Jr. personally came before me this day and acknowledged that he is
      the
      Chief Financial Officer of ETRIALS WORLDWIDE, Inc., a Delaware corporation
      (formerly known as CEA Acquisition Corporation), and that he, as Chief Financial
      Officer, being authorized to do so, executed the foregoing on behalf of the
      corporation. Witness my hand and official seal, this the 14th
      day of
      February, 2006.

     

    
      	
              My
                Commission Expires:     August
                9, 2009

            	
              /s/
                Heather M. Wheeler

            
	 	
                     
                Notary Public

            
	 	
              Print
                Name: Heather
                M. Wheeler

            
	
              (Affix
                Notary Seal)

            	 

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    Attached

    to

    Unconditional
      Guaranty Agreement

    (Continuing)

    

    Description
      of Security Documents (List or describe agreements and documents that secure
      this Guaranty Agreement): NONE.

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    11Long-Term Incentive Plan

 Exhibit 10.1 
  
 MAGELLAN MIDSTREAM HOLDINGS 
 LONG-TERM INCENTIVE PLAN 
  
 SECTION 1. Purpose of the Plan. 
  
 The Magellan
Midstream Holdings Long-Term Incentive Plan (the “Plan”) is intended to promote the interests of Magellan Midstream Holdings, L.P., a Delaware limited partnership (the “Partnership”), by providing to employees and directors of
Magellan Midstream Holdings GP, LLC, a Delaware limited liability company (the “Company”), the general partner of the Partnership, and its Affiliates who perform services for the Company or the Partnership incentive compensation awards for
superior performance that are based on Units. The Plan is also contemplated to enhance the ability of the Company and its Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Company
and the Partnership and to encourage them to devote their best efforts to the business of the Company and the Partnership. 
  
 SECTION 2. Definitions. 
  
 As used in the Plan, the following terms shall have the meanings set forth below: 
  
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
  
 “Award” means an Option, Restricted Unit, Phantom Unit, Performance Award, or Unit Award granted under the Plan, and shall include any tandem
DERs granted with respect to a Phantom Unit. 
  
 “Award
Agreement” means the written or electronic agreement by which an Award shall be evidenced. 
  
 “Board” means the Board of Directors of the Company. 
  
 “Committee” means the Board or, if appointed, the Compensation Committee of the Board or such other committee of the Board appointed by the
Board to administer the Plan. 
  
 “DER” means a
contingent right, granted in tandem with a specific Phantom Unit, to receive an amount in cash equal to the cash distributions made by the Partnership with respect to a Unit during the period such Phantom Unit is outstanding. 
  
 “Director” means a member of the Board who is not an Employee.

  
 “Disability” shall have the meaning ascribed to such
term in the Company’s governing long-term disability plan, or if no such plan is applicable to the Participant, at the discretion of the Board; provided, however, with respect to an Award that is subject to Section 409A of the Code,
“Disability” shall mean a disability as defined in Section 409A. 

 “Employee” means any employee of the Company or an Affiliate who performs services for the
Company or the Partnership, as determined by the Committee. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Fair Market Value” means the closing sales price of a Unit on the applicable date (or if there is no trading in the Units on such date, on the next preceding date on which there was trading) as reported in
The Wall Street Journal (or other reporting service approved by the Committee). In the event Units are not publicly traded at the time a determination of fair market value is required to be made hereunder, the determination of fair market
value shall be made in good faith by the Committee. 
  
 “Option” means an option to purchase Units granted under the Plan. 
  
 “Participant” means any Employee or Director granted an Award under the Plan. 
  
 “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Magellan Midstream Holdings, L.P, as it may be
amended or amended and restated from time to time. 
  
 “Performance Award” means a right, granted under Section 6(c) hereof, to receive Awards based upon performance criteria specified by the Committee. 
  
 “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust,
unincorporated organization, association, government agency or political subdivision thereof or other entity. 
  
 “Phantom Unit” means a phantom (notional) Unit granted under the Plan which upon vesting entitles the Participant to receive a Unit or an amount
of cash equal to the Fair Market Value of a Unit, whichever is determined by the Committee. 
  
 “Restricted Period” means the period established by the Committee with respect to an Award during which the Award remains subject to forfeiture and is not exercisable by or payable to the Participant.

  
 “Restricted Unit” means a Unit granted under the
Plan that remains subject to a Restricted Period. 
  
 “Retirement” shall have the meaning ascribed to such term in the Company’s governing tax-qualified defined benefit retirement plan applicable to the Participant, or if no such plan is applicable to the Participant, at the
discretion of the Committee. 
  
 “Rule 16b-3” means Rule
16b-3 promulgated by the SEC under the Exchange Act, or any successor rule or regulation thereto as in effect from time to time. 
  

 -2- 

 “SEC” means the Securities and Exchange Commission, or any successor thereto. 
  
 “Unit” means a Common Unit of the Partnership. 
  
 “Unit Award” means a Unit granted under the Plan, which is not
subject to a Restricted Period. 
  
 SECTION 3.
Administration. 
  
 The Plan shall be administered by the
Committee. A majority of the Committee shall constitute a quorum, and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in
writing, shall be the acts of the Committee. Subject to the following and any applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan, including the power to grant Awards under the Plan,
to the Chief Executive Officer of the Company, subject to such limitations on such delegated powers and duties as the Committee may impose, if any. Upon any such delegation all references in the Plan to the “Committee”, other than in
Section 8, shall be deemed to include the Chief Executive Officer; provided, however, that such delegation shall not limit the Chief Executive Officer’s right to receive Awards under the Plan. Notwithstanding the foregoing, the Chief
Executive Officer may not grant Awards to, or take any action with respect to any Award previously granted to, a person who is an officer subject to Rule 16b-3 or a member of the Board. Subject to the terms of the Plan and applicable law, and in
addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a
Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled, exercised,
canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it
shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly
provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive,
and binding upon all Persons, including the Company, the Partnership, any Affiliate, any Participant, and any beneficiary of any Award. 
  
 SECTION 4. Units. 
  
 (a) Units Available. Subject to adjustment as provided in Section 4(c), the number of Units that may be delivered with respect to Awards
granted under the Plan is 150,000. If any Award with respect to which Units may be delivered is forfeited or otherwise terminates or is canceled, exercised or paid without the delivery of Units, then the Units covered by such Award, to the extent of
such forfeiture, termination, cancellation exercise or payment, shall again be Units that may be delivered with respect to Awards granted under the Plan. 
  

 -3- 

 (b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall
consist, in whole or in part, of Units acquired in the open market, from any Affiliate, the Partnership or any other Person, or any combination of the foregoing. 
  
 (c) Adjustments. In the event that the Committee determines that any distribution (whether in the form of cash,
Units, other securities, or other property), recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Units or other securities of the Partnership, issuance of
warrants or other rights to purchase Units or other securities of the Partnership, or other similar transaction or event affects the Units such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Units (or other securities or
property) with respect to which Awards may be granted, (ii) the number and type of Units (or other securities or property) subject to outstanding Awards, and (iii) the grant or exercise price with respect to any Award or, if deemed
appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, that the number of Units subject to any Award shall always be a whole number. 
  
 SECTION 5. Eligibility. 
  
 Any Employee or Director shall be eligible to be designated a Participant and receive an Award under the Plan. 
  
 SECTION 6. Awards. 
  
 (a) Options. The Committee shall have the authority to determine the
Employees and Directors to whom Options shall be granted, the number of Units to be covered by each Option, the purchase price therefor and the conditions and limitations applicable to the exercise of the Option, including the following terms and
conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
  
 (i) Exercise Price. The purchase price per Unit purchasable under an Option shall be determined by the Committee at the time the
Option is granted and may be more or less than its Fair Market Value as of the date of grant. 
  
 (ii) Time and Method of Exercise. The Committee shall determine the Restricted Period, i.e., the time or times at which an Option
may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified performance goals, and the method or methods by which payment of the exercise price with respect thereto may be made
or deemed to have been made, which may include, without limitation, cash, check acceptable to the Company, a “cashless-broker” exercise through procedures approved by the Company, other securities or other property, or any combination
thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price or by the Company withholding Units from the Option on exercise of the Award having a Fair Market Value equal to the relevant exercise price. 

 

 -4- 

 (iii) Forfeiture. Except as otherwise provided in the terms of the Option grant,
upon termination of a Participant’s employment with the Company and its Affiliates or membership on the Board, whichever is applicable, for any reason during the applicable Restricted Period, all Options shall be forfeited by the Participant.
However, the Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Options. 
  
 (b) Restricted Units and Phantom Units. The Committee shall have the authority to determine the Employees and Directors to whom Restricted Units
and/or Phantom Units shall be granted, the number of Restricted Units and/or Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which the Restricted Units and/or Phantom Units may become vested or
forfeited, which may include, without limitation, the acceleration of vesting upon the achievement of specified performance goals, and such other terms and conditions as the Committee may establish with respect to such Awards. 
  
 (i) DERs. To the extent provided by the Committee, in
its discretion, a grant of Phantom Units may include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the discretion of the Committee)
subject to the same vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. 
  
 (ii) Unit Distributions. Distributions paid on Restricted Units may be paid directly to the
Participant, may be subject to risk of forfeiture and/or transfer restrictions during any period established by the Committee or sequestered and held in a bookkeeping cash account (with or without interest) or reinvested on an immediate or deferred
basis in additional Units, which credit or Units may be subject to the same restrictions as the underlying Award or such other restrictions, all as determined by the Committee in its discretion, as provided in the Award Agreement. 
  
 (iii) Registration. Any Restricted Unit may be
evidenced in such manner as the Committee shall deem appropriate, including, without limitation, book-entry registration or issuance of a Unit certificate or certificates. In the event any Unit certificate is issued in respect of Restricted Units
granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Unit. 
  
 (iv) Forfeiture. Except as otherwise provided in the
terms of the Restricted Units or Phantom Units grant, upon termination of a Participant’s employment with the Company and its Affiliates or membership on the Board, whichever is applicable, for any reason during the applicable Restricted
Period, all Restricted Units and/or Phantom Units, as the case may be, shall be forfeited by the Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Restricted Units
and/or Phantom Units. 
  
 (v) Lapse of
Restrictions. Upon or as soon as reasonably practical following the vesting of each Phantom Unit, subject to the provisions of Section 8(b), the 
  

 -5- 

 Participant shall be entitled to receive from the Company one Unit or cash equal to the Fair Market Value
of a Unit, as determined by the Committee in its discretion. Upon vesting of a Restricted Unit, the Participant shall be entitled to receive from the Company one unrestricted Unit. 
  
 (c) Performance Awards. The Committee is authorized to grant Performance Awards to Participants on the following
terms and conditions: 
  
 (i) Right to
Payment. A Performance Award shall be denominated as a dollar amount and shall confer on the Participant the right to receive all or part of such Award upon the achievement of such performance goals during such performance periods as the
Committee may establish with respect to the Award. The performance criteria and all other terms and conditions of the Performance Award shall be determined by the Committee, in its discretion, upon the grant of each Performance Award or thereafter.

  
 (ii) Payment of Performance Awards.
Performance Awards shall be paid (in cash and/or in Units, in the sole discretion of the Committee) in a lump sum. 
  
 (iii) Forfeiture and Restrictions Lapse. Except as otherwise determined by the Committee or the terms of the Award Agreement that
granted the Performance Award, upon a Participant’s termination of employment or service, as applicable (as determined under criteria established by the Committee) for any reason during the applicable Restricted Period, all Performance Awards
shall be forfeited by the Participant and re-acquired by the Company. The Committee may waive in whole or in part any or all remaining restrictions with respect to such Participant’s Performance Award. Unrestricted Units, evidenced in such
manner as the Committee shall deem appropriate, shall be issued to the holder of Performance Awards promptly after the applicable restrictions have lapsed or otherwise been satisfied. 
  
 (d) Unit Awards. The Committee may grant Unit Awards to such Employees and Directors, and in such amounts, as it may
determine. Such grants may be based on the Participant’s performance or such other considerations as the Committee deems appropriate. 
  
 (e) General. 
  
 (i) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or awards granted
under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 
  
 (ii) Limits on Transfer of Awards. 
  
 (A) Except as provided in (C) below, each Award shall be exercisable only by the Participant during the
Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 
  

 -6- 

 (B) Except as provided in (C) below, no Award and no right under any such Award may
be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or any Affiliate. 
  
 (C) To the extent
specifically provided by the Committee with respect to an Option grant, an Option may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such
terms and conditions as the Committee may from time to time establish. In addition, Awards may be transferred by will and the laws of descent and distribution. 
  

(iii) Term of Awards. The term of each Award shall be for such period as may be determined by the Committee. 
  
 (iv) Unit Certificates. All certificates for Units or
other securities of the Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules,
regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such
certificates to make appropriate reference to such restrictions. 
  
 (v) Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee determines. 
  
 (vi) Delivery of Units or other Securities and Payment by Participant of Consideration.
Notwithstanding anything in the Plan or any grant agreement to the contrary, delivery of Units pursuant to the exercise or vesting of an Award may be deferred for any period during which, in the good faith determination of the Committee, the Company
is not reasonably able to obtain Units to deliver pursuant to such Award without violating the rules or regulations of any applicable law or securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment in
full of any amount required to be paid pursuant to the Plan or the applicable Award grant agreement (including, without limitation, any exercise price or tax withholding) is received by the Company. Such payment may be made by such method or methods
and in such form or forms as the Committee shall determine, including, without limitation, cash, cashless-broker exercises with simultaneous sale, or any combination thereof; provided that the combined value, as determined by the Committee, of all
cash and cash equivalents and the Fair Market Value of any such Units or other property so tendered to the Company, as of the date of such tender, is at least equal to the full amount required to be paid to the Company pursuant to the Plan or the
applicable Award Agreement. 
  

 -7- 

 SECTION 7. Change in Control. 
  
 (a) Awards Granted Prior to a Change in Control. If, within two (2) years following a Change in Control, a
Participant has a Termination of Affiliation (excluding any transfer to an Affiliate of the Company) voluntarily for Good Reason or involuntarily (other than due to Cause), Awards granted prior to a Change in Control, shall automatically vest and,
subject to the Section 409A limitation in paragraph (c) below, become payable or exercisable, as the case may be, in full, and all Restricted Periods shall terminate and all performance criteria, if any, shall be deemed to have been
achieved at the maximum level with respect to such Awards. To the extent an Option granted prior to a Change in Control is not exercised upon a Change in Control, the Committee may, in its discretion, cancel such Award without payment or provide for
a replacement grant with respect to such property and on such terms as it deems appropriate. 
  
 (b) Definitions. For purposes of this Section 7 only, the following terms shall have the meanings set forth below: 
  

(i) “Cause” means, unless otherwise defined in an Award Agreement, the occurrence of any one or more of the following,
as determined in the good faith and reasonable judgment of the Committee: (i) willful failure by a Participant to substantially perform his or her duties (as they existed immediately prior to a Change in Control), other than any such failure
resulting from a Disability, or (ii) gross negligence or willful misconduct of the Participant which results in a significantly adverse effect upon the Company, the Partnership, or an Affiliate thereof, or (iii) willful violation or
disregard of the code of business conduct or other published policy of the Company, the Partnership, or an Affiliate thereof by the Participant, or (iv) Participant’s conviction of a crime involving an act of fraud, embezzlement, theft, or
any other act constituting a felony or causing material harm, financial or otherwise, to the Company, the Partnership, or an Affiliate thereof. 
  
 (ii) “Change in Control” shall be deemed to have occurred upon the occurrence of one or more of the following events:
(i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Partnership, the Company or Magellan Midstream Partners L.P., a Delaware limited
partnership, to any Person or its controlling Affiliates, other than to MGG Midstream Holdings GP, LLC, a Delaware limited liability company (“MGG Holdings GP) and/or its Affiliates; (ii) the consolidation, reorganization, merger or other
transaction pursuant to which more than 50% of the combined voting power of the outstanding equity interests in the Company cease to be owned by MGG Midstream Holdings, L.P., a Delaware limited partnership (“MGG Holdings”), and/or its
controlling Affiliates; (iii) the general partner (whether the Company or any other Person) of the Partnership ceases to be an Affiliate of MGG Holdings GP; or (iv) the sale, consolidation, reorganization, merger or other transaction
pursuant to which more than 50% of the combined voting power of the outstanding equity interests in MGG Holdings GP is owned by Persons not having an ownership position in MGG Holdings GP on January 1, 2006. 
  

 -8- 

 Notwithstanding the foregoing, however, with respect to an Award that is subject to
Section 409A of the Code, Change in Control shall mean the occurrence of any event constituting a “change of control” for purposes of Section 409A, as set forth in the regulations and guidance issued thereunder. 
  
 (iii) “Termination of Affiliation” occurs
on the first day on which an individual is for any reason no longer providing services to the Company, the Partnership, or an Affiliate thereof. However, with respect to an Award that is subject to Section 409A, a Termination of Affiliation
shall mean a termination of employment as provided in the regulations and guidance issued under Section 409A. 
  
 (iv) “Good Reason” means, unless otherwise defined in an Award Agreement, the occurrence, within two years following a
Change in Control and without a Participant’s prior written consent, of any one or more of the following: 
  
 (1) a material change in the Participant’s duties from those assigned to the Participant immediately prior to a Change in Control,
unless associated with a bona fide promotion of the Participant and a commensurate increase in the Participant’s compensation, in which case the Participant shall be deemed to have given his written consent; 
  
 (2) a significant reduction in the authority and
responsibility assigned to the Participant; 
  
 (3) the removal of the Participant from, or failure to reelect the Participant to, any limited liability company, partnership or similar office of the Company, the Partnership, or a controlled Affiliate thereof to which the Participant may
have been elected and was occupying immediately prior to a Change in Control, unless associated with a bona fide promotion of the Participant and a commensurate increase in the Participant’s compensation or in connection with the election or
appointment of the Participant to a corresponding or higher office of the Company or any Affiliate, in each which case the Participant shall be deemed to have given his written consent; 
  
 (4) reduction of a Participant’s base salary; 
  
 (5) termination of any of the incentive compensation plans
of the Partnership or the Company in which the Participant shall be participating at the time of a Change in Control, unless such plan is replaced by a successor plan providing incentive opportunities and awards at least as favorable to the
Participant as those provided in the plan being terminated; 
  
 (6) amendment of any of the incentive compensation plans of the Partnership or the Company in which the Participant shall be participating at the time of a Change in Control so as to provide for incentive
opportunities and awards less favorable to the Participant than those provided in the plan being amended; 
  

 -9- 

 (7) failure by the Company, the Partnership, or a controlled Affiliate thereof to
continue the Participant as a participant in any of the Company’s or Partnership’s incentive compensation plans in which the Participant is participating immediately prior to a Change in Control on a basis comparable to the basis on which
other similarly situated employees participate in such plan; 
  
 (8) except in relation to a wage freeze applicable to all employees of the Company, the Partnership, or a controlled Affiliate thereof, modification of the administration of any of the incentive compensation plans in
which the Participant is participating so as to adversely affect the level of incentive opportunities or awards actually received by the Participant; or 
  
 (9) a requirement by the Company, the Partnership, or a controlled Affiliate thereof that the Participant’s principal duties be
performed at a location more than fifty (50) miles from the location where the Participant was employed immediately preceding the Change in Control, except for travel reasonably required in the performance of the Participant’s duties.

  
 (c) Section 409A Limitation. With respect to
Awards that are subject to Section 409A of the Code, the Board may terminate the Plan within the 30 days preceding or the 12 months following a Change in Control event if all substantially similar arrangements sponsored by the Company and its
Affiliates (for Section 409A purposes) are terminated so that the Participant and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12
months of the date of termination of the arrangements. 
  
 SECTION
8. Amendment and Termination. 
  
 Except to the extent
prohibited by applicable law: 
  
 (a)
Amendments to the Plan. Except as required by the rules of the principal securities exchange on which the Units are traded and subject to Section 8(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate
the Plan in any manner, including increasing or decreasing the number of Units available for Awards under the Plan, without the consent of any partner, Participant, other holder or beneficiary of an Award, or other Person unless required otherwise
by the requirements of the principal securities exchange on which the Units are traded. 
  
 (b) Amendments to Awards. Subject to Section 8(a), the Committee may waive any conditions or rights under, amend any terms of,
or alter any Award theretofore granted, provided no change, other than pursuant to Section 8(c), in any Award shall materially reduce the benefit to Participant without the consent of such Participant. 
  
 (c) Adjustment of Awards Upon the Occurrence of Certain
Unusual or Nonrecurring Events. The Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the
events described in Section 4(c) of the Plan) affecting the Partnership or the financial statements of the Partnership, or of 
  

 -10- 

 changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that
such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 
  

SECTION 9. General Provisions. 
  
 (a) No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of
treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 
  
 (b) Tax Withholding. The Company or any Affiliate is authorized to withhold from any Award, from any payment due or transfer made under any Award
or from any compensation or other amount owing to a Participant the amount (in cash, Units, other securities, Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant of
an Award, its exercise, the lapse of restrictions thereon, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy its withholding obligations for the
payment of such taxes. In no event shall the withholding for taxes exceed that which is necessary to satisfy the employer’s minimum withholding requirements. 
  
 (c) No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ of the Company or any Affiliate or to remain a member of the Board, as applicable. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability or any claim under the
Plan, unless otherwise expressly provided in the Plan or in any Award agreement. 
  
 (d) Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware without regard
to its conflict of laws principles. 
  
 (e) Severability.
If any provision of the Plan or any award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award,
such provision shall be stricken as to such jurisdiction, person or award and the remainder of the Plan and any such Award shall remain in full force and effect. 
  
 (f) Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in
its sole discretion, it determines that the issuance or transfer or such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle
the Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly
refunded to the relevant Participant, holder or beneficiary. 
  

 -11- 

 (g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to
create a trust or separate fund of any kind or a fiduciary relationship between the Company or any participating Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company or
any participating Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company or any participating Affiliate. 
  
 (h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the
Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated.

  
 (i) Headings. Headings are given to the Sections and
subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
  
 (j) Facility Payment. Any amounts payable hereunder to any person
under legal disability or who, in the judgment of the Committee, is unable to properly manage his financial affairs, may be paid to the legal representative of such person, or may be applied for the benefit of such person in any manner which the
Committee may select, and the Company shall be relieved of any further liability for payment of such amounts. 
  
 (k) Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the singular
shall include the plural. 
  
 SECTION 10. Term of the Plan.

  
 The Plan shall be effective on the date of its approval by
the members of the Company and shall continue until the date it is terminated by the Board or Units are no longer available for the payment of Awards under the Plan, whichever occurs first. However, unless otherwise expressly provided in the Plan or
in an applicable Award Agreement, any Award granted prior to such termination, and the authority of the Board or the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such
Award, shall extend beyond such termination date. 
  

 -12-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]