Document:

Corporate Directors 2005 Bonus Plan

 Exhibit 10.21 
  
 

 
  
 MEMORANDUM

  

			
	To:	  	Corporate Directors
		
	From:	  	Tom Erickson
		
	Re:	  	2005 Bonus Plan

  
 The parameters of the
bonus plan, for which you are eligible, for the year ended December 31, 2005 are summarized herein. Any bonuses owed will be paid solely at the discretion of LifeCare’s Board, including the decision as to whether or not to pay a bonus, the
amount of any bonus to be paid, and the date a bonus is paid. 
  
 Eighty percent of the bonus will be based on the achievement of consolidated 2005 budgeted EBITDA (“EBITDA Component”) with the balance (20%) based upon the achievement of individual MBOs (“MBO Component”). The
EBITDA and MBO Components of the bonus will be earned and evaluated as of the end of the year or as of the date you are terminated for a reason other than cause. A summary of your individual MBOs will be provided to you. 
  
 To earn any bonus you must meet all of the parameters for payment that are
discussed below: 
  

	 	1.	You must be an active fulltime employee as of the date the bonuses are paid. If you are terminated other than for cause during 2005 you will receive a pro-rated bonus for the amount
earned for the portion of the year in which you were employed as discussed below. 

  

	 	2.	You must not have been disqualified from receiving a bonus based upon a disciplinary action during the applicable bonus year or at the time the bonus is paid.

  

	 	3.	In the event that your employment is less than twelve (12) months your bonus will be pro-rated for the portion of the year in which you were employed in an eligible position.

  
 There is an opportunity to earn a bonus in
excess of your base bonus percentage to the extent that EBITDA exceeds budgeted EBITDA. A portion of a bonus can be earned to the extent actual EBITDA is at least 95% of budgeted EBITDA. A schedule summarizing the bonus earned at various actual to
budget variance percentages is attached. 

 2005 Bonus – Corporate Directors 
 Page 2 
  

	 	1.	The amount of your 2005 bonus would max out at 60% of your salary. 

  

	 	2.	The EBITDA actual balance for computation of bonuses must include an accrual for the estimated bonus earned as of the measurement date by all participants under this plan and all
other bonus plans approved by the Compensation Committee. 

  
 The salary used to compute the EBITDA Component of your bonus will be your salary at December 31, 2005 (or date of termination other than for cause). The MBO Component of your bonus will be computed based upon your salary at
December 31, 2005 (or date of termination other than for cause). 
  
 In the event you are terminated, other than for cause, you will receive a pro-rata portion of your bonus. The pro-rata amount will be based on: 
  

	 	1.	EBITDA Component – Will be based on actual year to date operating results through the month in which you were terminated. 

  

	 	2.	MBOs will also be earned based upon an evaluation of the achievement of each MBO as of the date of termination. To the extent it is not possible to measure the achievement of your
MBOs as of the date of termination (other than for cause), the MBO component will be deemed to be not earned. 

  
 You will not be eligible for a 2005 bonus if you resign or are terminated for cause prior to the date the 2005 bonuses are paid. 
  
 The amount of bonus earned will be determined and paid on the earlier of two
weeks following the completion of the 2005 audit or two weeks following the financial close of the financial statements for the month in which you are terminated for a reason other than cause. Based upon results for the first quarter, we are off to
a good start in 2005. The Board and Compensation Committee hope that the bonus plan will reward each of you for your contribution toward another successful year.Corporate Vice Presidents 2005 Bonus Plan

 Exhibit 10.22 
  
 

 
  
 MEMORANDUM

  

			
	To:	  	Corporate Vice Presidents
		
	From:	  	Tom Erickson
		
	Re:	  	2005 Bonus Plan

  
 The parameters of the
bonus plan, for which you are eligible, for the year ended December 31, 2005 are summarized herein. Any bonuses owed will be paid solely at the discretion of LifeCare’s Board, including the decision as to whether or not to pay a bonus, the
amount of any bonus to be paid, and the date a bonus is paid. 
  
 Eighty percent of the bonus will be based on the achievement of consolidated 2005 budgeted EBITDA (“EBITDA Component”) with the balance (20%) based upon the achievement of individual MBOs (“MBO Component”). The
EBITDA and MBO Components of the bonus will be earned and evaluated as of the end of the year or as of the date you are terminated for a reason other than cause. A summary of your individual MBOs will be provided to you. 
  
 To earn any bonus you must meet all of the parameters for payment that are
discussed below: 
  

	 	1.	You must be an active fulltime employee as of the date the bonuses are paid. If you are terminated other than for cause during 2005 you will receive a pro-rated bonus for the amount
earned for the portion of the year in which you were employed as discussed below. 

  

	 	2.	You must not have been disqualified from receiving a bonus based upon a disciplinary action during the applicable bonus year or at the time the bonus is paid.

  

	 	3.	In the event that your employment is less than twelve (12) months your bonus will be pro-rated for the portion of the year in which you were employed in an eligible position.

  
 There is an opportunity to earn a bonus in
excess of your base bonus percentage to the extent that EBITDA exceeds budgeted EBITDA. A portion of a bonus can be earned to the extent actual EBITDA is at least 95% of budgeted EBITDA. A schedule summarizing the bonus earned at various actual to
budget variance percentages is attached. 

 2005 Bonus – Corporate Vice Presidents 
 Page 2 
  

	 	1.	The amount of your 2005 bonus would max out at 60% of your salary. 

  

	 	2.	The EBITDA actual balance for computation of bonuses must include an accrual for the estimated bonus earned as of the measurement date by all participants under this plan and all
other bonus plans approved by the Compensation Committee. 

  
 The salary used to compute the EBITDA Component of your bonus will be your salary at December 31, 2005 (or date of termination other than for cause). The MBO Component of your bonus will be computed based upon your salary at
December 31, 2005 (or date of termination other than for cause). 
  
 In the event you are terminated, other than for cause, you will receive a pro-rata portion of your bonus. The pro-rata amount will be based on: 
  

	 	1.	EBITDA Component – Will be based on actual year to date operating results through the month in which you were terminated. 

  

	 	2.	MBOs will also be earned based upon an evaluation of the achievement of each MBO as of the date of termination. To the extent it is not possible to measure the achievement of your
MBOs as of the date of termination (other than for cause), the MBO component will be deemed to be not earned. 

  
 You will not be eligible for a 2005 bonus if you resign or are terminated for cause prior to the date the 2005 bonuses are paid. 
  
 The amount of bonus earned will be determined and paid on the earlier of two
weeks following the completion of the 2005 audit or two weeks following the financial close of the financial statements for the month in which you are terminated for a reason other than cause. Based upon results for the first quarter, we are off to
a good start in 2005. The Board and Compensation Committee hope that the bonus plan will reward each of you for your contribution toward another successful year.EXCHANGE AGREEMENT

 EXHIBIT 10.8 
 EXCHANGE AGREEMENT 
 This EXCHANGE AGREEMENT, dated as of April 13, 2006 (this
“Agreement”), is by and among China Media Networks International, Inc., a Nevada corporation (the “Company”), and Vicis Capital Master Fund, Midtown Partners & Co., LLC and Nite Capital, L.P. (collectively,
the “Exchange Holders”). 
 WHEREAS, the Exchange Holders desire to assign, exchange and convert any and all right, title
and interest, if any, in and to their shares (the “Series A Shares”) of the Company’s Series A Convertible Participating Preferred Stock, par value $0.001 per share, to the Company in exchange for shares (the “Common
Shares”) of the Company’s common stock, par value $0.0001 per share, and the Company desires to issue the Common Shares to the Exchange Holders in exchange therefor, subject to, and in accordance with, the terms and conditions set
forth herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as
follows: 
 1. Exchange and Conversion of Series A Shares for Common Shares. Subject to the terms and conditions hereof, (a) each
Exchange Holder hereby severally assigns, exchanges and converts any and all right, title and interest, if any, such Exchange Holder may have in and to the number of Series A Shares set forth opposite such Exchange Holder’s name on Schedule
1 attached hereto, and (b) in exchange therefor and upon such conversion, the Company hereby issues to such Exchange Holder the number of Common Shares set forth opposite such Exchange Holder’s name on Schedule 1 attached
hereto. In connection herewith, each Exchange Holder shall deliver to the Company or the Company’s transfer agent, Action Stock Transfer Corp. (the “Transfer Agent”), a stock certificate representing such Exchange Holder’s
Series A Shares, and, as soon as commercially practicable after such delivery, the Company shall cause the Transfer Agent to deliver a stock certificate to such Exchange Holder representing such Exchange Holder’s Common Shares. 
 2. Representations and Warranties of the Company. The Company hereby represents and warrants to each Exchange Holder: 
 2.1. Corporate Status. The Company is a duly organized and validly existing corporation in good standing under the laws of the
State of Nevada. 
 2.2. Corporate Power and Authority. The Company has the corporate power and authority to execute
and deliver this Agreement and perform its obligations hereunder and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement. 
 2.3. No Violation. Neither the execution, delivery and performance by the Company of this Agreement nor compliance with the terms
and provisions hereof (a) will contravene any provision of any law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality applicable to the Company, or (b) will violate any 

 
provision of the articles of incorporation, by-laws or other organizational document of the Company. 
 2.4. Authorization of Exchange Shares. The Exchange Shares have been duly authorized and, when issued in accordance with this
Agreement, will be validly issued, fully paid and non-assessable, with no personal liability attaching to the ownership thereof, and will be free and clear of all liens, charges, restrictions, claims and encumbrances imposed by or through the
Company, and will be issued in compliance with all applicable federal and state securities laws. 
 3. Exchange Holder
Representations. Each Exchange Holder, severally but not jointly, hereby represents and warrants to the Company only as to itself as follows: 
 3.1. Corporate Status. Such Exchange Holder is a duly organized and validly existing limited liability company or partnership, as the case may be, in good standing under the laws of the jurisdiction of its
organization and has the company or partnership, as the case may be power and authority to own its property and assets and to transact the business in which it is engaged and presently proposes to engage. 
 3.2. Corporate Power and Authority. Such Exchange Holder has the company or partnership, as the case may be power and authority to
execute and deliver this Agreement and perform its obligations hereunder and has taken all necessary company or partnership, as the case may be action to authorize the execution, delivery and performance of this Agreement. 
 3.3. No Violation. Neither the execution, delivery and performance by such Exchange Holder of this Agreement nor compliance with
the terms and provisions hereof (a) will contravene any provision of any law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality applicable to such Exchange Holder, or (b) will violate
any provision of the certificate of incorporation, by-laws or other organizational document of such Exchange Holder. 
 3.4.
Purchase for Own Account. The Common Shares to be acquired by such Exchange Holder hereunder are being acquired for its own account and with no intention of distributing or reselling such securities or any part thereof in any transaction that
would violate the securities laws of the United States of America, or any state thereof, without prejudice, however, to its right at all times to sell or otherwise dispose of all or any part of its Common Shares, under an effective registration
statement under the Securities Act of 1933, as amended (the “Act”), or under an exemption from such registration available under the Act, and subject, nevertheless, to the disposition of its property being at all times within its
control. 
 3.5. Accredited Investor. Such Exchange Holder is an “accredited investor” as that term is
defined in Rule 501 of Regulation D promulgated under the Act, and was not formed for the specific purpose of acquiring the Common Shares to be acquired by it hereunder. 
 3.6. Restricted Securities. Such Exchange Holder understands that the Common Shares to be acquired by it hereunder may not be sold,
transferred or otherwise disposed of without registration under the Securities Act or an exemption therefrom, and that 

  

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in the absence of an effective registration statement covering such Common Shares or an available exemption from registration under the Securities Act, such
Common Shares must be held indefinitely, and that such Common Shares will bear a legend substantially to such effect. In the absence of a registration statement covering such Common Shares, such Exchange Holder will sell, transfer or otherwise
dispose of such Common Shares only in a manner consistent with its representations and agreements set forth herein. 
 3.7.
Financial Condition. Such Exchange Holder’s financial condition is such that it is able to bear the risk of holding the Common Shares to be acquired by it hereunder for an indefinite period of time and can bear the loss of its entire
investment in such Common Shares. 
 3.8. Experience. Such Exchange Holder has such knowledge and experience in
financial and business matters and in making high-risk investments of the type such as the Common Shares to be acquired by it hereunder that it is capable of evaluating the merits and risks of the acquisition of such Common Shares. 
 3.9. Broker’s, Finder’s or Similar Fees. No brokerage commissions, finder’s fees or similar fees or commissions are
payable in connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with it or any action taken by it. Such Exchange Holder hereby indemnifies the Company and agrees that it will hold the Company
harmless from any claim, demand or liability for any such brokerage commissions, finder’s fees or similar fees or commissions alleged to have been incurred by such Exchange Holder with respect to the transactions contemplated hereby.

 3.10. No Encumbrances. Such Exchange Holder has not encumbered any of its right, title or interest in or to its
Series A Shares, and such right, title and interest in or to such shares is free and clear of all liens, charges, restrictions, claims and encumbrances imposed by or through such Exchange Holder. 
 4. General. 
 4.1.
Notices. Except as otherwise expressly provided herein, all notices, requests, consents, and other communications under this Agreement shall be in writing and shall be deemed delivered (a) two business days after being sent by registered
or certified mail, return receipt requested, postage prepaid or (b) one business day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set
forth below: 
 If to the Company, at 237 Cedar Hill Street, Marlboro, MA 01752, Attention: President, or at such other address or addresses
as may have been furnished in writing by the Company to the Exchange Holders, with a copy to Andrew B. White, Esq., Bingham McCutchen LLP, 150 Federal Street, Boston, MA 02110; and 
 If to any Exchange Holder, at such address or addresses as may have been furnished to the Company in writing by such Exchange Holder. 
 Any party may give any notice, request, consent or other communication under this Agreement using any other means (including personal delivery, messenger
service, facsimile, 

  

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first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it
is actually received by the party for whom it is intended. Any party hereto may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties hereto notice in the manner set
forth in this Section 4.1. 
 4.2. Assignments; Participations. This Agreement shall be binding upon and inure to
the benefit of, and be enforceable by, the respective successors and assigns of the parties hereto. 
 4.3. Amendment or
Waiver. Neither this Agreement ,nor any terms hereof, may be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the Company and the Exchange Holders holding a majority of the
Common Shares. 
 4.4. Interpretation; Governing Law; etc. 
 4.4.1. Time is (and shall be) of the essence in this Agreement. All covenants, agreements, representations and warranties made in this
Agreement shall be deemed to have been relied on by each Exchange Holder, notwithstanding any investigation made by any such party on its behalf, and shall survive the execution and delivery to each such party hereto. The invalidity or
unenforceability of any provision hereof shall not affect the validity or enforceability of any other provision hereof, and any invalid or unenforceable provision shall be modified so as to be enforced to the maximum extent of its validity or
enforceability. 
 4.4.2. This Agreement, and any issue, claim or proceeding arising out of, or relating to, this Agreement or
the conduct of the parties hereto, whether now existing or hereafter arising and whether in contract, tort or otherwise, shall be governed by, and shall be construed and enforced in accordance with, the laws of the Commonwealth of Massachusetts,
without regard to the principles of conflicts of laws. Any legal action or proceeding with respect to this Agreement may be brought in any state or federal court sitting in the Commonwealth of Massachusetts, and, by execution and delivery of this
Agreement, each parties hereto irrevocably accepts for itself and in respect of its property, generally and unconditionally, the nonexclusive jurisdiction of the aforesaid courts for such action or proceeding. Each party hereto irrevocably consents
to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party at its address for notices pursuant to
Section 4.1 hereof, such service to become effective 15 days after such mailing. Nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law or to commence legal proceedings or otherwise
proceed against any other party hereto in any other jurisdiction. 
 4.4.3. Each party hereto irrevocably waives any objection
which it may now or hereafter have to the venue of any of the aforesaid actions or proceedings arising out of, or in connection with, this Agreement brought in the courts referred to in Section 4.4.2 hereof and further irrevocably waives and
agrees not to plead or claim in any such court that 

  

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any such action or proceeding brought in any such court has been brought in an inconvenient forum. 
 4.4.4. Each of the parties hereto waives, to the extent not prohibited by applicable law, any right it may have to claim or recover in any
legal action or proceeding any special, exemplary, punitive or consequential damages. 
 4.5. Waiver of Jury Trial. TO
THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR
PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR ANY OBLIGATION OR IN ANY WAY CONNECTED WITH THE DEALINGS OF THE EXCHANGE HOLDERS OR THE COMPANY IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. Any party hereto may file an original counterpart or a copy of this Agreement with any court as written evidence of the consent of each of the parties hereto to the waiver of their rights
to trial by jury. 
 4.6. Entire Agreement. The Agreement contains the entire understanding of the parties hereto with
respect to the subject matter hereof and supersedes all prior and contemporaneous understandings and agreements, whether written or oral. 
 4.7. Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. 
 [Signature page follows] 
  

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 Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered
as of the date first above written. 
  

			
	 COMPANY:

	
	CHINA MEDIA INTERNATIONAL, INC.
		
	 By:
	 	/s/ Brian Lesperance
		 	 Name: Brian Lesperance

		 	 Title: President and Treasurer

	
	 EXCHANGE HOLDERS:

	
	VICIS CAPITAL MASTER FUND
		
	 By:
	 	/s/ Shad Stastney
		 	 Name: Shad Stastney

		 	 Title: Member

	
	MIDTOWN PARTNERS & CO., LLC
		
	 By:
	 	/s/ Bruce Jordan
		 	 Name: Bruce Jordan

		 	 Title: President

	
	NITE CAPITAL, L.P.
		
	 By:
	 	/s/ Keith Goodman
		 	 Name: Keith Goodman

		 	 Title: Manager of the General Partner

 Schedule 1 
 Exchange Holders 
  

					
	 Exchange Holder
	  	Number of Series A Shares	  	Number of Common Shares
	 Vicis Capital Master Fund
	  	1,500,000	  	2,000,000
	 Midtown Partners & Co., LLC
	  	90,000	  	120,000
	 Nite Capital, L.P.
	  	110,000	  	220,000
		  	 	  	 
	 TOTAL:
	  	1,700,000	  	2,340,000

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