Document:

Exhibit 10.15

 

OPENERA
TECHNOLOGIES, INC.

 

2005 EQUITY INCENTIVE PLAN

 

1.                                      Purpose
and Duration

 

1.1                                 Purpose. The purpose of the Openera Technologies, Inc.
2005 Equity Incentive Plan is to encourage employees and other persons or
entities who, in the opinion of the Board, are in a position to contribute
significantly to the success of the Company and its Affiliates (including,
without limitation, Non-Employee Directors, consultants, advisers, independent
contractors and other service providers) to enter into and to maintain
continuing and long-term relationships with the Company. It is not a purpose of the Plan to reward Participants for the
completion of specific projects or discrete periods of Service which may fall
between consecutive vesting periods of any Award granted under the Plan.

 

1.2                                 Effective Date. The Plan is effective as of the date of its
adoption by the Board.

 

1.3                                 Expiration Date. The Plan shall expire ten years from the
date of the adoption of the Plan by the Board. In no event shall any Awards be
made under the Plan after such expiration date, but Awards previously granted may extend
beyond such date.

 

2.                                      Definitions

 

As used in the Plan, the
following capitalized words shall have the meanings indicated:

 

“Affiliate” means a “parent
corporation” or “subsidiary corporation” of the Company within the meaning of Section 424(e) or
Section 424(f), as the case may be, of the Code, and any other
business venture (including without limitation any joint venture or limited
liability company) in which the Company has a significant interest, as
determined by the Board.

 

“Award” means,
individually or collectively, a grant under the Plan of Options or Restricted
Stock, or any other equity-based Award made pursuant to Section 8, below.

 

“Award Agreement” means
the written agreement setting forth the terms and provisions applicable to an
Award granted under the Plan.

 

“Board” means the Board
of Directors of the Company.

 

“Cause” has the meaning assigned to it in Section 9.6.2, below.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Committee” means, if
established by the Board to administer the Plan, a Compensation

 

 

Committee of the Board.
If and when the Common Stock is registered under the Exchange Act, the Board
shall appoint a Compensation Committee of not fewer than two members, each of
whom shall be a Non-Employee Director and an “outside director” within the
meaning of Section 162(m) of the Code, or any successor provision.

 

“Common Stock” means the
Company’s common stock, $0.0001 par value per share.

 

“Company” means Openera
Technologies, Inc., a Delaware corporation, or any successor thereto.

 

“Director” means any
individual who is a member of the Board.

 

“Disability” means “disability,” such term is defined in Section 22(e)(3) of
the Code.

 

“Disqualifying
Disposition” means any disposition (within the meaning of Section 424(c) of
the Code) of Shares acquired upon the exercise of an ISO before the later of (a) two
years after the Participant was granted the ISO or (b) one year after the
Participant acquired the Shares by exercising the ISO.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“Fair Market Value”
means, with respect to a Share as of any date of determination, in the
discretion of the Board, (i) the closing price per Share on such date, as
reported in the Wall Street Journal, on the
principal exchange for the Shares or the Nasdaq National Market (or successor
trading system), (ii) the average closing price per Share, as reported in
the Wall Street Journal, during the 20-day
period that ends on such date on the principal exchange for the Shares or the
Nasdaq National Market (or such successor trading system) or (iii) if
Shares are not publicly traded, the fair market value of such Share as
determined by the Board in accordance with a valuation method approved by the
Board in good faith.

 

“Grant Date” means the
effective date of an Award as specified by the Board and set forth in the
applicable Award Agreement.

 

“Incentive Stock Option”
or “ISO” means an option to purchase Shares awarded to a Participant under Section 6
of the Plan that is intended to meet the requirements of Section 422 of
the Code.

 

“Non-Employee Director”
means a “non-employee director” as that term is defined in Rule 16b-3
promulgated under the Exchange Act, or any successor provision.

 

“Nonqualified Stock
Option” or “NQO” means an option to purchase Shares awarded to a Participant
under Section 6 of the Plan that is not intended to be an ISO.

 

“Option” means an ISO or
an NQO.

 

“Participant” means an
individual or entity selected by the Board to receive an Award under the Plan.

 

2

 

“Plan” means the Openera
Technologies, Inc. 2005 Equity Incentive Plan set forth in this document
and as hereafter amended from time to time in accordance with Section 10.2.

 

“Restricted Period” means
the period of time selected by the Board during which Shares of Restricted
Stock are subject to forfeiture and/or restrictions on transferability.

 

“Restricted Stock” means
Shares awarded to a Participant under Section 7 of the Plan pursuant to an
Award that entitles the Participant to acquire Shares for a purchase price
(which may be zero if permissible under applicable law), subject to such
conditions as the Board may determine to be appropriate, including a
Company right during a specified period or periods to repurchase the Shares at
their original purchase price (or to require forfeiture of the Shares if the
purchase price was zero and if permissible under applicable law) upon
conditions specified in connection with the Award.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Service” means the
service of a Participant to the Company or an Affiliate as a common law
employee, a Director, consultant, adviser, independent contractor or other
service provider, and includes the continuing relationship of the Participant
to the Company or an Affiliate as a Director, consultant, adviser, independent
contractor or other service provider following termination of the Participant’s
employment.

 

“Shares” means shares of
the Company’s Common Stock.

 

“Voting Securities” means
with respect to any corporation or other entity, securities having the right to
vote in an election of the board of directors, or the equivalent of a board of
directors, of such corporation or other entity.

 

3.                                      Administration
of the Plan

 

3.1                                 Administration by the Board. The Plan shall be administered
by the Board, which shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the operation of the
Plan as it shall consider advisable from time to time, to interpret the
provisions of the Plan and any Award and to decide all disputes arising in
connection with the Plan. The Board’s decisions and interpretations shall be
final and binding on all parties. Neither the Company nor any member of the
Board shall be liable for any action or determination relating to the Plan. In
the event that the Board establishes a Committee, the Plan shall be administered
by the Committee, in which case references in the Plan to the Board shall be
references to the Committee to the extent the context may so require.

 

3.2                                 Appointment of a  Committee. To the extent permitted by applicable law,
the Board may delegate any or all of its powers under the Plan to a
Committee. In the event that the Board establishes a Committee,
references in the Plan to the “Board” shall be references to the Committee to
the extent of such delegation.

 

3

 

4.                                      Eligibility
of Participants

 

The persons eligible to
receive Awards under the Plan shall be the directors, executive officers,
employees, consultants, advisers, independent contractors and other service
providers of the Company and its Affiliates who, in the opinion of the Board,
are in a position to make a significant contribution to the success of the
Company (or an Affiliate). Participants need not be individuals or employees of
the Company (or an Affiliate).

 

5.                                      Stock
Available for Awards

 

5.1                                 Aggregate Number of Shares Available for Awards. Subject to Section 9.13,
Awards may be granted under the Plan in respect of up to 1,033,434 Shares.
Shares issued under the Plan may consist in whole or in part of
authorized but unissued Shares or treasury Shares.

 

5.2                                 Lapsed, Forfeited or Expired Awards. If any Award expires or
is terminated before exercise or is forfeited for any reason, the Shares
subject to such Award, to the extent of such expiration, termination or
forfeiture, shall again be available for award under the Plan.

 

5.3                                 Maximum  Number of Shares Subject
to any Award. Subject to Section 9.13, the number of Shares in
respect of which a Participant may receive Awards under the Plan in any
year shall not exceed 800,000.

 

6.                                      Stock
Options

 

6.1                                 Grant of Options. Subject to the terms and provisions of the
Plan, the Board may award Options and determine the number of Shares
subject to each Option, the exercise price therefor, the term of the Option,
and any other conditions and limitations applicable to the exercise of the
Option and the holding of any Shares acquired upon exercise of the Option. The
Board may grant ISOs, NQOs or a combination thereof; provided,
however, that Participants who are not employees of the Company may not
be granted ISOs. The Company shall have no liability to any Participant, or to
any other party, if an Option (or any portion thereof) that is intended to be
an ISO is determined not to be an ISO (including, without limitation, due to a
determination that the exercise price per Share of the Option was less than the
Fair Market Value per Share of the Shares subject to the Option as of the Grant
Date).

 

6.2                                 Exercise Price. Subject to the provisions of this Section 6,
the exercise price for each Option, and the manner of payment thereof, shall be
determined by the Board in its sole discretion.

 

6.3                                 Restrictions on Option Transferability and Exercisability. Except
as set forth in the applicable Award Agreement, no Option shall be transferable
by the Participant other than by will or the laws of descent and distribution,
and all Options shall be exercisable, during the Participant’s lifetime, only
by the Participant. In no event shall ISOs be transferable by the Participant
other than by will or the laws of descent and distribution.

 

6.4                                 Certain Additional Provisions for Incentive Stock Options

 

6.4.1                        Exercise Price. In the case of an ISO, the exercise price
shall be not less

 

4

 

than 100% of the Fair
Market Value on the Grant Date of the Shares subject to the Option; provided, however, that if on the Grant Date the Participant
(together with persons whose stock ownership is attributed to the Participant
pursuant to Section 424(d) of the Code) owns stock possessing more
than 10% of the total combined voting power of all classes of stock of the
Company or any Affiliate, the exercise price shall be not less than 110% of the
Fair Market Value on the Grant Date of the Shares subject to the Option.

 

6.4.2                        Exercisability. Subject to Sections 9.3 and 9.4, the
aggregate Fair Market Value (determined on the Grant Date(s)) of the
Shares with respect to which ISOs are exercisable for the first time by
any Participant during any calendar year (under all plans of the
Company and its Affiliates) shall not exceed $100,000.

 

6.4.3                        Eligibility. ISOs may be granted only to persons who
are employees of the Company or an Affiliate on the Grant Date.

 

6.4.4                        Expiration. No ISO may be exercised after the
expiration of ten years from the Grant Date; provided, however,
that if the Option is granted to a Participant who, together with persons whose
stock ownership is attributed to the Participant pursuant to Section 424(d) of
the Code, owns stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company or any Affiliate, the ISO may not
be exercised after the expiration of five years from the Grant Date.

 

6.4.5                        Compliance with Section 422 of the Code. The terms and
conditions of ISOs shall be subject to and comply with Section 422 of the
Code or any successor provision.

 

6.4.6                        Notice to Company of Disqualifying Disposition. Each
Participant who receives an ISO agrees to notify the Company in writing within
ten days after the Participant makes a Disqualifying Disposition of any Shares
received pursuant to the exercise of the ISO.

 

6.4.7                        Substitute Options. Notwithstanding the provisions of Section 6.4.1,
in the event that the Company or any Affiliate consummates a transaction
described in Section 424(a) of the Code (relating to the acquisition
of property or stock from an unrelated corporation), individuals who become
employees or consultants of the Company or any Affiliate on account of such
transaction may be granted ISOs in substitution for options granted by
their former employer. The Board, in its sole discretion and consistent with Section 424(a) of
the Code, shall determine the exercise price of such substitute Options.

 

6.5                                 NQO Presumption. An Option granted pursuant to the Plan
shall be presumed to be a NQO unless expressly designated an ISO in the
applicable Award Agreement.

 

7.                                      Restricted
Stock

 

7.1                                 Grant of Restricted Stock. The Board may award Shares
of Restricted Stock and determine the purchase price, if any, therefor, the
duration of the Restricted Period, if any, the conditions, if any, under which
the Shares may be forfeited to or repurchased by the Company and any other
terms and conditions of the Awards. The Board may modify or waive any
restrictions, terms and conditions with respect to any Restricted Stock. Shares
of Restricted Stock may be issued

 

5

 

for such consideration,
if any, as is determined by the Board, subject to applicable law.

 

7.2                                 Transferability. Except as set forth in the applicable Award
Agreement, Shares of Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered.

 

7.3                                 Evidence of Award. Shares of Restricted Stock shall be
evidenced in such manner as the Board may determine. Any certificates
issued in respect of Shares of Restricted Stock shall be registered in the name
of the Participant and, unless otherwise determined by the Board, deposited by
the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). At the expiration of the Restricted Period(s), the
Company (or such designee) shall deliver the certificates no longer subject to
such restrictions to the Participant.

 

7.4                                 Shareholder Rights. A Participant shall have all the rights
of a shareholder with respect to Restricted Stock awarded, including voting and
dividend rights, unless otherwise provided in the Award Agreement.

 

8.                                      Other Stock-Based Awards

 

The Board shall have the
right to grant other Awards based upon the Common Stock having such terms and
conditions as the Board may determine, including, without limitation, the
grant of Shares based upon certain conditions, the grant of securities
convertible into Common Stock and the grant of warrants to purchase Common
Stock, stock appreciation rights, phantom stock awards or stock units.

 

9.                                      General
Provisions Applicable to Awards

 

9.1                                 Legal and Regulatory Matters. The delivery of Shares shall
be subject to compliance with (i) applicable federal and state laws and
regulations, (ii) if the outstanding Shares are listed at the time on any
stock exchange, the listing requirements of such exchange and (iii) the
Company’s counsel’s approval of all other legal matters in connection with the
issuance and delivery of the Shares. If the sale of the Shares has not been
registered under the Securities Act, the Company may require, as a
condition to delivery of the Shares, such representations or agreements as
counsel for the Company may consider appropriate to avoid violation of
such Act and may require that the certificates evidencing the Shares bear
an appropriate legend restricting transfer.

 

9.2                                 Written Award Agreement. The terms and provisions of an
Award shall be set forth in an Award Agreement approved by the Board and
delivered or made available to the Participant as soon as practicable following
the Grant Date. If the Award is an Option Award, the Award Agreement shall
specify whether the Option is intended to be an ISO or a NQO.

 

9.3                                 Determination of Restrictions on the Award. The vesting,
exercisability, payment and other restrictions applicable to an Award (which may include,
without limitation, restrictions on transferability or provision for mandatory
resale to the Company) shall be determined by the Board and set forth in the
applicable Award Agreement. Notwithstanding the foregoing, the Board may accelerate
(i) the vesting or payment of any Award (including an ISO), (ii) the
lapse of restrictions on any Award (including an Award of Restricted Stock) and
(iii) the date on which any Option first becomes exercisable.

 

6

 

9.4                                 Change in Control. Notwithstanding any other provision of
the Plan, but subject to the provisions of any particular Award Agreement, in
the event of any Change in Control (as defined below) of the Company, and in
anticipation thereof if required by the circumstances, the Board, in its sole
discretion (and in addition to or in lieu of any actions permitted to be taken
by the Company under the terms of any particular Award Agreement), may, on
either an overall or a Participant by Participant basis, (i) accelerate
the exercisability, prior to the effective date of such Change in Control, of
any outstanding Options (and terminate the restrictions applicable to any
Shares of Restricted Stock), (ii) upon written notice, provide that any
outstanding Options must be exercised, to the extent then exercisable, within a
specified number of days after the date of such notice, at the end of which
period such Options shall terminate, (iii) if there is a surviving or
acquiring entity, and subject to the consummation of such Change in Control,
cause that entity or an affiliate of that entity to grant replacement awards
having such terms and conditions as the Board determines to be appropriate in
its sole discretion, upon which replacement the replaced Options or Restricted
Stock shall be terminated or cancelled, as the case may be, (iv) terminate
any outstanding Options and make such payments, if any, therefor (or cause the
surviving or acquiring entity to make such payments, if any, therefor) as the
Board determines to be appropriate in its sole discretion (including, without
limitation, with respect to only the then exercisable portion of such Options
based on the Fair Market Value of the underlying Shares as determined by the Board
in good faith), upon which termination such Options shall immediately cease to
have any further force or effect, (v) repurchase (or cause the surviving
or acquiring entity to purchase) any Shares of Restricted Stock for such
amounts, if any, as the Board determines to be appropriate in its sole
discretion (including, without limitation, an amount with respect to only the
vested portion of such Shares (i.e., the portion that is not then subject to
forfeiture or repurchase at a price less than their value), based on the Fair
Market Value of such vested portion as determined by the Board in good faith),
upon which purchase the holder of such Shares shall surrender such Shares to
the purchaser, or (vi) take any combination (or none) of the foregoing
actions. For purposes of this Plan, a “Change in Control” shall mean and
include any of the following:

 

9.4.1                        a merger
or consolidation of the Company with or into any other corporation or other
entity in which holders of the Company’s Voting Securities immediately prior to
such merger or consolidation will not continue to hold at least a majority of
the outstanding Voting Securities of the Company;

 

9.4.2                        a sale,
lease, exchange or other transfer (in one transaction or a related series of
transactions, but excluding any merger or consolidation not having an effect
described in Section 9.4.1) of all or substantially all of the Company’s
assets;

 

9.4.3                        the
acquisition by any person or any group of persons, acting together in any
transaction or related series of transactions, of such quantity of the
Company’s Voting Securities as causes such person, or group of persons, to own
beneficially, directly or indirectly, as of the time immediately after such
transaction or series of transactions, 50% or more of the combined voting
power of the Voting Securities of the Company other than as a result of (i) an
acquisition of securities directly from the Company or (ii) an acquisition
of securities by the Company which by reducing the Voting Securities
outstanding increases the proportionate voting power represented by the Voting
Securities owned by any such person or group of persons to

 

7

 

50% or more of the
combined voting power of such Voting Securities; or

 

9.4.4                        the
liquidation or dissolution of the Company.

 

9.5                                 Assumption of Options Upon Certain Events. In connection
with a merger or consolidation of an entity with the Company or the acquisition
by the Company of property or stock of an entity, the Board may grant
Awards under the Plan in substitution for stock and stock-based awards issued
by such entity or an affiliate thereof. The substitute Awards shall be granted
on such terms and conditions as the Board considers appropriate in the
circumstances. The Awards so granted shall not reduce the number of Shares that
would otherwise be available for Awards under the Plan.

 

9.6                                 Termination of Service.

 

9.6.1                        Termination of Service in General. Except as set forth in
the applicable Award Agreement or as otherwise determined by the Board, upon
the termination of the Service of a Participant, the Participant’s Options
shall expire on the earliest of the following occasions:

 

(i)            in
the case of an ISO, the expiration date determined pursuant to Section 6.4.4;

 

(ii)           subject
to Section 9.6.2, below, the date that is three months after the voluntary
termination of the Participant’s Service or the termination of the Participant’s
Service by the Company (or by an Affiliate) other than for Cause;

 

(iii)          the
date of the termination of the Participant’s Service by the Company (or by an
Affiliate) for Cause;

 

(iv)          the
date one year after the termination of the Participant’s Service by reason of
Disability; or

 

(v)           the
date one year after the termination of the Participant’s Service by reason of
the Participant’s death.

 

The Participant may exercise
all or any part of the Participant’s Options at any time before the
expiration of such Options under this Section 9.6.1, but only to the
extent that such Options had become exercisable before the Participant’s
Service terminated (or became exercisable as a result of the termination) and
the underlying Shares had vested before the Participant’s Service terminated
(or vested as a result of the termination). The balance of such Options shall
lapse when the Participant’s Service terminates. In the event that the
Participant dies during the Participant’s Service, or after the termination of
the Participant’s Service but before the expiration of the Participant’s
Options, all or part of such Options may be exercised (prior to
expiration) by the executors or administrators of the Participant’s estate or
by any person who has acquired such Options directly from the Participant by
beneficiary designation, bequest or inheritance, but only to the extent that
such Options had become exercisable before the Participant’s Service terminated
(or became exercisable as a result of the termination) and the

 

8

 

underlying Shares had
vested before the Participant’s Service terminated (or vested as a result of
the termination).

 

9.6.2                        Definition of Cause. “Cause” means and includes dishonesty,
theft, insubordination, substantial malfeasance or non-feasance of duty,
unauthorized disclosure of confidential information, breach of a contract with
the Company by an employee or consultant, failure or refusal of an employee or
consultant to perform duties that have been properly assigned to such
employee or consultant, any violation by an employee or consultant of any
company policies and conduct substantially prejudicial to the Company or any
Affiliate, as determined by the Board, whose determination shall be final and
binding on the Company and the Participant. Notwithstanding anything to the
contrary in the Plan, if the Board determines after the termination of the
Participant’s Service that the Participant has engaged in conduct constituting
Cause (whether before or after the termination of the Participant’s Service),
the Participant’s Options shall terminate immediately to the extent not exercised
in accordance with the terms of this Agreement.

 

9.6.3                        Date of Termination of Service. The date of the termination
of a Participant’s Service for any reason shall be determined by the Board in
its sole discretion. For purposes of the Plan, however, the following events
shall not be deemed a termination of Service of a Participant: (i) a
transfer of Service from the Company to an Affiliate, from an Affiliate to the
Company, or from one Affiliate to another Affiliate; or (ii) a leave of
absence for military service or sickness, or for any other purpose approved by
the Company, if the Participant’s right to employment is guaranteed either by a
statute or by contract or under the policy pursuant to which the leave of
absence was granted or if the Board otherwise so provides in writing; provided, however, that if the Participant fails to resume
his or her active Service to the Company upon the completion of such leave of
absence, then the Board may, to the extent permitted by applicable law, deem
such Participant’s Service to have terminated as of the commencement of such
leave of absence. For purposes of the Plan, employees of an Affiliate shall be
deemed to have terminated their Service on the date on which such Affiliate
ceases to be an Affiliate.

 

9.7                                 Effect of Termination of Service. The Board shall have full
authority to determine and specify in the applicable Award Agreement the
effect, if any, that a Participant’s termination of Service for any reason will
have on the vesting, exercisability, payment or lapse of restrictions
applicable to an outstanding Award.

 

9.8                                 Grant of Awards. Each Award may be made alone, in
addition to or in relation to any other Award. The terms of each Award need not
be identical, and the Board need not treat Participants uniformly.

 

9.9                                 Settlement of Awards.

 

9.9.1                     General. No
Shares shall be delivered in connection with any Award unless and until (i) the
requirements of Section 9.1 of this Plan and of the relevant Award
Agreement have been satisfied and (ii) payment in full of the price
therefor, if any, is received by the Company. Such payment may be made in
whole or in part in cash or by check or, to the extent permitted by the
Board at or after the Grant Date, by delivery of (i) a promissory note
that (x) bears interest at a rate determined by the Board to be a fair market
rate for the individual Participant at the time the

 

9

 

Shares are issued, (y) is
full recourse (including with respect to the payment of interest) to the Participant,
and (z) contains such other terms as may be determined by the Board (and,
if required by applicable law, delivery by the Participant of cash or check in
an amount equal to the aggregate par value of the Shares purchased), (ii) Shares,
including Restricted Stock, valued at their Fair Market Value on the date of
exercise, or (iii) such other lawful consideration as the Board shall
determine.

 

9.9.2                     Certain Indebtedness to the
Company. No Option or other Award may be exercised at any time
after the Board has determined, in good faith, that the Participant is indebted
to the Company or any Affiliate for advances of salary, advances of expenses,
recoverable draws or other amounts unless and until either (a) such
indebtedness is satisfied in full or (b) such condition is waived by the
Board. The period during which any Option or other Award may by its terms
be exercised shall not be extended during any period in which the Participant
is prohibited from such exercise by the preceding sentence, and the Company
shall have no liability to any Participant, or to any other party, if any
Option or other Award expires unexercised in whole or in part during such
period or if any Option that is intended to be an ISO is deemed to be a NQO
because such Option is not exercised within three months after the termination
of the Participant’s employment with the Company or an Affiliate.

 

9.10                           Withholding Requirements and Arrangements.

 

9.10.1                  NQOs. In the case of any NQO, the Board may require the
Participant to remit to the Company an amount sufficient to satisfy the minimum
statutory federal, state and local withholding tax obligations of the Company
with respect to the exercise of such NQO (or make other arrangements
satisfactory to the Board with regard to such taxes, including withholding from
regular cash compensation, providing other security to the Company, or
remitting or foregoing the receipt of Shares having a Fair Market Value on the
date of delivery sufficient to satisfy such minimum statutory obligations) prior
to the delivery of any Shares in respect of such NQO.

 

9.10.2                  ISOs. In the case of an ISO, if at the time the ISO is
exercised the Board determines that under applicable law and regulations the
Company could be liable for the withholding of any federal, state or local tax
with respect to a disposition of the Shares received upon exercise, the Board may require
the Participant to agree to give such security as the Board deems adequate to
meet the potential liability of the Company for the withholding of tax, and to
augment such security from time to time in any amount reasonably deemed
necessary by the Board to preserve the adequacy of such security.

 

9.10.3                  Restricted Stock. In the case of any Shares of Restricted
Stock that are “substantially vested” (within the meaning of Treasury
Regulations Section 1.83-3(b)) upon issuance, the Board may require
the Participant to remit to the Company an amount sufficient to satisfy the
minimum statutory federal, state or local withholding tax requirements (or make
other arrangements satisfactory to the Company with regard to such taxes,
including withholding from regular cash compensation, providing other security
to the Company, or remitting or foregoing the receipt of Shares having a Fair
Market Value on the date of delivery sufficient to satisfy such obligations)
prior to the issuance of any such Shares. In the case of any Shares of
Restricted Stock that are not “substantially vested” upon issuance, if the
Board determines that under

 

10

 

applicable law and
regulations the Company could be liable for the withholding of any federal or
state tax with respect to such Shares, the Board may require the
Participant to remit to the Company an amount sufficient to satisfy any such
potential liability (or make other arrangements satisfactory to the Company
with respect to such taxes, including withholding from regular cash
compensation, providing other security to the Company, or remitting or
foregoing the receipt of Shares having a Fair Market Value on the date of
delivery sufficient to satisfy such obligations) at the time such Shares of
Restricted Stock are delivered to the Participant, at the time the Participant
makes an election under 83(b) of the Code with respect to such Shares
and/or at the time such Shares become “substantially vested,” and to agree to
augment such security from time to time in any amount reasonably deemed
necessary by the Board to preserve the adequacy of such security.

 

9.10.4                  Retention of Shares. With respect to any Participant subject
to Section 16(a) of the Exchange Act, any retention of Shares by the
Company to satisfy a tax obligation with respect to such Participant shall be
made in compliance with any applicable requirements of Rule 16b-3(e) or
any successor rule under the Exchange Act.

 

9.10.5                  Offset Against Payments. The Company may, to the extent
permitted by law, deduct any tax obligations of a Participant from any payment
of any kind otherwise due to the Participant.

 

9.11                           No Effect on Employment. The Plan shall not give rise to any
right on the part of any Participant to continue in the employ of the
Company or any Affiliate. The loss of existing or potential profit in Awards
granted under the Plan shall not constitute an element of damages in the event
of termination of the relationship of a Participant even if the termination is
in violation of an obligation of the Company to the Participant by contract or
otherwise.

 

9.12                           No Rights as Shareholder. Subject to the provisions of the
Plan and the applicable Award Agreement, no Participant shall have any rights
as a shareholder with respect to any Shares to be distributed under the Plan
until he or she becomes the holder thereof.

 

9.13                           Adjustments. Upon the happening of any of the following
described events, a Participant’s rights with respect to Awards granted
hereunder shall be adjusted as hereinafter provided, unless otherwise
specifically provided in the Award Agreement.

 

9.13.1                  Stock Splits and Recapitalizations. In the event the Company
issues any of its Shares as a stock dividend upon or with respect to the
Shares, or in the event Shares shall be subdivided or combined into a greater
or smaller number of Shares, or if, upon a merger or consolidation (except
those described in Section 9.4), reorganization, split-up, liquidation,
combination, recapitalization or the like of the Company, Shares shall be
exchanged for other securities of the Company, securities of another entity,
cash or other property, each Participant upon exercising an Option (for the
purchase price to be paid under the Option) shall be entitled to purchase such
number of Shares, other securities of the Company, securities of such other
entity, cash or other property as the Participant would have received if the
Participant had been the holder of the Shares with respect to which the Award
is exercised at all times between the Grant Date of the Award and the date of
its exercise, and appropriate adjustments shall be made in the purchase price
per Share. In determining whether any Award granted hereunder has vested,
appropriate

 

11

 

adjustments will be made
for distributions and transactions described in this Section 9.13.1.

 

9.13.2                  Restricted Stock. If any person owning Restricted Stock
receives new or additional or different shares or securities (“New Securities”)
in connection with a corporate transaction or stock dividend described in Section 9.13.1
as a result of owning such Restricted Stock, the New Securities shall be
subject to all of the conditions and restrictions applicable to the Restricted
Stock with respect to which such New Securities were issued.

 

9.13.3                  Fractional Shares. No fractional Shares shall be issued
under the Plan. Any fractional Shares which, but for this Section, would have
been issued shall be deemed to have been issued and immediately sold to the
Company for their Fair Market Value, and the Participant shall receive from the
Company cash in lieu of such fractional Shares.

 

9.13.4                  Recapitalization. The Board may adjust the number of
Shares subject to outstanding Awards and the exercise price and the terms of
outstanding Awards to take into consideration material changes in accounting
practices or principles, extraordinary dividends, acquisitions or dispositions of
stock or property, or any other event if it is determined by the Board that
such adjustment is appropriate to avoid distortion in the operation of the
Plan.

 

9.13.5                  Further Adjustment. Upon the happening of any of the
events described in Sections 9.13.1 or 9.13.4, the class and
aggregate number of Shares set forth in Section 5.1 hereof that are
subject to Awards which previously have been or subsequently may be
granted under the Plan, and the number of Shares set forth in Section 5.3
hereof that may be granted to a Participant in any year shall be
appropriately adjusted to reflect the events described in such Sections. The
Board shall determine the specific adjustments to be made under this Section 9.13.5.

 

9.14                           Other Transfer Restrictions. Notwithstanding any other
provision of the Plan, in order to qualify for the exemption provided by Rule 16b-3
under the Exchange Act, and any successor provision, (i) any Restricted
Stock offered under the Plan to a Participant subject to Section 16 of the
Exchange Act (a “Section 16 Participant”) may not be sold for six
months after acquisition; (ii) any Shares or other equity security
acquired by a Section 16 Participant upon exercise of an Option may not
be sold for six months after the date of grant of the Option; and (iii) any
Option or other similar right related to an equity security issued under the
Plan shall not be transferable except in accordance with the rules under Section 16
of the Exchange Act, subject to any other applicable transfer restrictions
under the Plan or the Award Agreement. The Board shall have no authority to
take any action if the authority to take such action, or the taking of such
action, would disqualify a transaction under the Plan from the exemption
provided by Rule 16b-3 under the Act, or any successor provision.

 

10.                               Amendment
and Termination

 

10.1                           Amendment, Suspension, Termination of the Plan. The Board may amend,
suspend or terminate the Plan in whole or in part at any time and for any
reason; provided, however, that any amendment of
the Plan which is necessary to comply with any applicable tax or regulatory
requirement, including any requirements for exemptive relief under Section 16(b) of
the Exchange Act or any successor provision, shall be subject to the approval
of the Company’s stockholders. Stockholder approval shall not be required for
any other amendment of the Plan. No amendment,

 

12

 

suspension or termination
of the Plan shall materially adversely affect the rights of a Participant,
without such Participant’s consent, with respect to any Award previously made.

 

10.2                           Amendment, Suspension, Termination of an Award. The Board may modify,
amend or terminate any outstanding Award, including, without limitation,
substituting therefor another Award of the same or a different type, changing
the date of exercise or realization and converting an ISO to a NQO; provided, however, that the Participant’s consent to such
action shall be required unless the Board determines that the action, taking
into account any related action, would not materially adversely affect the
Participant.

 

11.                               Authorization
of Sub-Plans

 

The Board may from time to time establish one or
more sub-plans under the Plan for purposes of satisfying applicable blue sky,
securities or tax laws of various jurisdictions. The Board shall establish such
sub-plans by adopting supplements to this Plan containing (i) such
limitations on the Board’s discretion under the Plan as the Board deems
necessary or desirable or (ii) such additional terms and conditions not
otherwise inconsistent with the Plan as the Board shall deem necessary or
desirable. All supplements adopted by the Board shall be deemed to be part of
the Plan, but each supplement shall apply only to Participants within the affected
jurisdiction and the Company shall not be required to provide copies of any
supplement to Participants in any jurisdiction which is not the subject of such
supplement.

 

12.                               Legal
Construction

 

12.1                           Captions. The captions provided herein are included solely
for convenience of reference and shall not affect the meaning of any of the
provisions of the Plan or serve as a basis for interpretation or construction
of the Plan.

 

12.2                           Severability. In the event any provision of the Plan is held
invalid or illegal for any reason, the illegality or invalidity shall not
affect the remaining provisions of the Plan, and the Plan shall be construed
and enforced as if the illegal or invalid provision had not been included.

 

12.3                           Governing Law. The Plan and all rights under the Plan shall
be construed in accordance with and governed by the internal laws of
Delaware, without giving effect to the principles of the conflicts of laws
thereof.

 

12.4                           Variation of Pronouns. When used herein, pronouns and
variations thereof shall be deemed to refer to the masculine, feminine or
neuter or to the singular or plural as the identity of the person or persons
referenced or the context may require.

 

13

 

OPENERA TECHNOLOGIES, INC.

 

2005 EQUITY INCENTIVE PLAN

 

INDIA SUPPLEMENT

 

Pursuant
to Section 11 of the Openera Technologies, Inc. 2005 Equity Incentive
Plan (the “Plan”), the Board hereby adopts the following India Supplement in
respect of eligible Participants of its Indian Affiliate, Openera
Communications Pvt. Ltd. All other provisions of the Plan, other than as
amended/substituted/deleted in this India Supplement, shall continue to be
applicable to the India Supplement. Terms not otherwise defined herein shall
have the meaning ascribed to each such term in the Plan. Notwithstanding
anything to the contrary contained herein, terms used in this India Supplement which have
not been defined in the Plan shall have the same meaning as defined in
Notification 323-2001, dated October 11, 2001, issued by the Central
Board of Direct Taxes of India.

 

Section 1
of the Plan is hereby deleted in its entirety and replaced with the following:

 

1.                                      Purpose and Duration

 

1.1                                 Purpose. The purpose of the Openera Technologies, Inc.
2005 Equity Incentive Plan is to encourage employees who, in the opinion of the
Board, are in a position to contribute significantly to the success of the
Company and its Affiliates (including, without limitation, Non-Employee
Directors,) to enter into and to maintain continuing and long-term
relationships with the Company. A Director of Openera Communications Pvt. Ltd.,
who either by himself or through his relatives or through any body corporate,
directly or indirectly holds more than 10% of the outstanding common stock of
the Company shall not be eligible to participate in the Plan. Also, an employee
of Openera Communications Pvt. Ltd. who is a Promoter or who belongs to the
Promoter Group shall not be eligible to participate in the Plan. It is not a purpose of the Plan to reward Participants for the
completion of specific projects or discrete periods of Service which may fall
between consecutive vesting periods of any Award granted under the Plan.

 

1.2                                 Effective Date. The
Plan is effective as of the date of its adoption by the Board..

 

1.3                                 Shareholders’ approval:  The approval of the shareholders of the
Company and of Openera Communications Pvt. Ltd., to which this Plan shall be
applicable, shall be obtained in a General Meeting of the Shareholders within
six months of the Effective Date

 

1.4                                 Expiration Date. The Plan shall expire ten years from the
date of the adoption of the Plan by the Board. In no event shall any Awards be
made under the Plan after such expiration date, but Awards previously granted may extend
beyond such date.

 

The
definitions of “Fair Market Value”, “Participant”, and “Service” in Section 2
of the Plan are hereby deleted and replaced with the following:

 

 

“Fair
Market Value” means, with respect to a Share as of any date of determination,
in the discretion of the Board, (i) the closing price per Share on such
date, as reported in the Wall Street Journal,
on the principal exchange for the Shares or the Nasdaq National Market (or
successor trading system), (ii) the average closing price per Share, as
reported in the Wall Street Journal, during the
20-day period that ends on such date on the principal exchange for the Shares
or the Nasdaq National Market (or such successor trading system) or (iii) if
Shares are not publicly traded, the fair market value of such Share as
determined by the Board in accordance with a valuation method approved by the
Board in good faith. The valuation method adopted shall, however, be based on
the Company’s financial statements for the three financial years immediately
preceding the date of determination, wherever possible.

 

“Participant”
means an individual selected by the Board to receive an Award under the Plan.

 

“Service”
means the service of a Participant to the Company or to Openera Communications
Pvt. Ltd. as a common law employee or a Director,

 

Section 4
of the Plan is deleted in its entirety and replaced with the following:

 

4.                                      Eligibility of Participants

 

The
persons eligible to receive Awards under the Plan shall be the directors,
executive officers, employees, of the Company and Openera Communications Pvt.
Ltd. who, in the opinion of the Board, are in a position to make a
significant contribution to the success of the Company (or Openera
Communications Pvt. Ltd..

 

Section 6.1
of the Plan is deleted in its entirety and replaced with the following:

 

6.1                                 Grant of Options. Subject to the terms and provisions of the
Plan, the Board may award Options and determine the number of Shares
subject to each Option, the exercise price therefor, the term of the Option,
and any other conditions and limitations applicable to the exercise of the
Option and the holding of any Shares acquired upon exercise of the Option. The
Board may grant ISOs, NQOs or a combination thereof. The Company shall
have no liability to any Participant, or to any other party, if an Option (or
any portion thereof) that is intended to be an ISO is determined not to be an
ISO (including, without limitation, due to a determination that the exercise
price per Share of the Option was less than the Fair Market Value per Share of the
Shares subject to the Option as of the Grant Date).

 

Section 6.4.1
of the Plan is deleted in its entirety and replaced with the following:

 

6.4.1                        Exercise Price. In the case of an ISO, the exercise price
shall be not less than 100% of the Fair Market Value on the Grant Date of the
Shares subject to the Option. In the case of a NQO, the exercise price shall be
not less than 100% of the Fair Market Value on the Grant Date of the Shares
subject to the Option.

 

Section 6.4.4
of the Plan is deleted in its entirety and replaced with the following:

 

15

 

6.4.4                        Expiration. No ISO may be exercised after the
expiration of ten years from the Grant Date;

 

Section 6.4.7
of the Plan is deleted in its entirety and replaced with the following:

 

6.4.7                        Substitute Options. Notwithstanding the provisions of Section 6.4.1,
in the event that the Company or any Affiliate consummates a transaction
described in Section 424(a) of the Code (relating to the acquisition
of property or stock from an unrelated corporation), individuals who become
employees of the Company or any Affiliate on account of such transaction may be
granted ISOs in substitution for options granted by their former employer. The
Board, in its sole discretion and consistent with Section 424(a) of
the Code, shall determine the exercise price of such substitute Options.

 

Section 7.1
of the Plan is deleted in its entirety and replaced with the following:

 

7.1                                 Grant of Restricted Stock. The Board may award Shares
of Restricted Stock and determine the purchase price, if any, therefor, the
duration of the Restricted Period, if any, the conditions, if any, under which
the Shares may be forfeited to or repurchased by the Company and any other
terms and conditions of the Awards. In
the case of Shares of Restricted Stock, the exercise price shall be not less
than 100% of the Fair Market Value on the Grant Date of the Shares of
Restricted Stock subject to the Award. The Board may modify or
waive any restrictions, terms and conditions with respect to any Restricted
Stock. Shares of Restricted Stock may be issued for such consideration, if
any, as is determined by the Board, subject to applicable law.

 

Section 10.1.1
of the Plan is deleted in its entirety:

 

16Exhibit 10.12

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT

 

THIS
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is
entered into as of June 2, 2005, among UNIVERSAL
AMERICAN FINANCIAL CORP., a New York corporation (the “Borrower”), the Banks party to the
Credit Agreement (hereinafter defined) and BANK OF AMERICA, N.A.,
as the Administrative Agent for the Banks.

 

The
Borrower, the Banks and the Administrative Agent are party to the Credit
Agreement dated as of May 28, 2004 (the “Credit Agreement”), and have agreed, upon
the following terms and conditions, to amend the Credit Agreement in certain
respects.  Accordingly, for valuable and
acknowledged consideration, the Borrower, the Banks and the Administrative Agent
agree as follows:

 

1.             Terms and
References.  Unless
otherwise stated in this Amendment, (a) terms defined in the Credit
Agreement have the same meanings when used in this Amendment and (b) references
to “Sections” are to the Credit
Agreement’s sections.

 

2.             Amendment.  Clause (iv) of Section 3.03(i)(e) is
amended to read in its entirety as follows:

 

“(iv)        the
first $60,000,000 of net cash proceeds from the issuance of up to 3,500,000
shares of common stock by the Borrower, provided that such net cash proceeds are
used in a manner and for purposes consistent with those set forth in that
certain letter dated May 26, 2005, from the Borrower to the Banks), shall be applied as a mandatory prepayment
of the Outstanding Amount of the Term Loans.”

 

3.             Conditions
Precedent to Effectiveness of Amendment.  This Amendment shall not be effective until
the Administrative Agent receives: (a) counterparts of this Amendment
executed by the Borrower, the Subsidiary Guarantors, the requisite Banks and
the Administrative Agent; (b) an amendment fee for the account of each
Bank that has executed and delivered (which may be by facsimile transmission)
this Amendment at or before 5:00 p.m., New York time, on June 2,
2005, in the amount of .03% times the sum of (i) such Bank’s Revolving Loan
Commitment plus (ii) the Outstanding Amount of the Term Loans owing to
such Bank; (c) payment
of all expenses, including legal fees and expenses of counsel to the
Administrative Agent, incurred by the Administrative Agent in connection with
this Amendment, to the extent invoiced to the Borrower on or prior to the date
hereof; and (d) such other agreements, documents, instruments and items as
the Administrative Agent may reasonably request, including, without limitation,
documents evidencing the due authorization of the execution, delivery and
performance by the Borrower and each of the Subsidiary Guarantors of this
Amendment, the incumbency of the officer of the Borrower and each of the
Subsidiary Guarantors executing this Amendment, and any other matters relevant
thereto.

 

4.             Representations.  The Borrower represents and warrants to the Administrative Agent
and the Banks as follows:  (a) the
execution, delivery and performance by the Borrower of this Amendment and the
Credit Agreement, as amended hereby, have been duly authorized by all necessary
corporate action; (b) all representations and warranties made or deemed
made by the Borrower in the Credit Documents are true and correct as of the
date hereof, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations
and warranties were true and accurate on and as of such earlier date) and
except for changes in factual circumstances not prohibited by the Credit
Agreement; and (c) no Default or Event of Default has occurred and is
continuing as of the date hereof.

 

 

5.             Effect of
Amendment.  This Amendment
is a Credit Document.  Except as
expressly modified and amended by this Amendment, all of the terms, provisions
and conditions of the Credit Documents shall remain unchanged and in full force
and effect.  If any part of this
Amendment is for any reason found to be unenforceable, all other portions of it
shall nevertheless remain enforceable. 
The Credit Documents and any and all other documents heretofore, now or
hereafter executed and delivered pursuant to the terms of the Credit Agreement
are hereby amended so that any reference to the Credit Agreement shall mean a
reference to the Credit Agreement as amended hereby.

 

6.             Expenses.  The Borrower shall pay all reasonable fees
and expenses paid or incurred by the Administrative Agent incident to this
Amendment, including, without limitation, the reasonable fees and expenses of
the Administrative Agent’s counsel in connection with the negotiation,
preparation, delivery and execution of this Amendment and any related
documents.

 

7.             Governing Law.  This
Amendment shall be governed by and construed in accordance with and be governed
by the laws of the State of New York, without regard to conflict of laws
principles.

 

8.             Counterparts.  This Amendment may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original and all
of which taken together shall constitute one and the same instrument.

 

9.             ENTIRETY. 
THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER CREDIT DOCUMENTS
EMBODY THE ENTIRE AGREEMENT BETWEEN THE PARTIES AND SUPERCEDE ALL PRIOR
AGREEMENTS AND UNDERSTANDINGS, IF ANY, RELATING TO THE SUBJECT MATTER
HEREOF.  THESE CREDIT DOCUMENTS REPRESENT
THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.

 

10.           Parties.  This Amendment binds and inures to the
benefit of the Borrower, the Subsidiary Guarantors, the Administrative Agent,
the Banks and their respective permitted successors and assigns.

 

[REMAINDER OF PAGE INTENTIONALLY
BLANK.

SIGNATURE PAGES FOLLOW.]

 

 

Signature Page to that
certain First Amendment to Amended and Restated Credit Agreement dated as of
the date first set forth above, among Universal American Financial Corp., as
the Borrower, Bank of America, N.A., as the Administrative Agent, and certain
Banks party thereto.

 

	
  UNIVERSAL AMERICAN FINANCIAL

  	
  HAMILTON
  FLOATING RATE FUND, LLC,

  
	
  CORP., as the Borrower

  	
  as a Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert Waegelein

  	
   

  	
  By:

  	
  /s/
  Dean Stephan

  	
   

  
	
   

  	
  Robert Waegelein, Executive Vice

  	
   

  	
  Dean Stephan,
  Managing Director

  
	
   

  	
  President and Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ING
  CAPITAL LLC, as a Bank

  
	
  BANK OF AMERICA, N.A., as a Bank and as

  	
   

  	
   

  
	
  the Administrative Agent

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Mark R. Newsome

  	
   

  
	
   

  	
   

  	
   

  	
  Mark R. Newsome,
  Director

  
	
  By:

  	
  /s/
  Mark Short

  	
   

  	
   

  	
   

  
	
   

  	
  Mark Short, Vice
  President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SUNTRUST
  BANK, as a Bank

  
	
   

  	
   

  	
   

  	
   

  
	
  THE
  CIT GROUP/EQUIPMENT

  	
   

  	
   

  
	
  FINANCING,
  INC., as a Bank

  	
  By:

  	
  /s/
  Stephen L. Leister

  	
   

  
	
   

  	
   

  	
   

  	
  Stephen L.
  Leister, First Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Steven J. Kobriger

  	
   

  	
   

  	
   

  
	
   

  	
  Steven J.
  Kobriger, Assistant Vice

  	
   

  	
   

  
	
   

  	
  President

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as a

  
	
   

  	
   

  	
  Bank

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  LASALLE
  BANK, N.A., as a Bank

  	
  By:

  	
  /s/
  Ziad W. Amra

  	
   

  
	
   

  	
   

  	
   

  	
  Ziad W. Amra,
  Corporate Banking Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Andrew C.
  Haak

  	
   

  	
   

  	
   

  
	
   

  	
  Andrew C. Haak,
  Senior Vice President

  	
   

  	
   

  
	
   

  	
   

  	
  RAYMOND
  JAMES BANK, FSB, as a Bank

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE
  BANK OF NEW YORK, as a Bank

  	
  By

  	
  /s/
  Andrew Hahn

  	
   

  
	
   

  	
   

  	
   

  	
  Andrew Hahn,Vice
  President

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Thomas McGinley

  	
   

  	
   

  	
   

  
	
   

  	
  Thomas McGinley,
  Vice President

  	
   

  	
   

  
							

 

Signature Page to First Amendment to Amended and Restated
Credit Agreement

 

 

Signature Page to that
certain First Amendment to Amended and Restated Credit Agreement dated as of
the date first set forth above, among Universal American Financial Corp., as
the Borrower, Bank of America, N.A., as the Administrative Agent, and certain
Banks party thereto.

 

	
  DENALI
  CAPITAL, LLC, managing member of

  	
  MAGNETITE
  IV CLO LIMITED, as a Bank

  
	
  DC Funding
  Partners, portfolio manager for

  	
   

  	
   

  
	
  DENALI
  CAPITAL CLO III, LTD, or an

  	
   

  	
   

  
	
  affiliate

  	
  By:

  	
  /s/
  Tom Coldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Tom Coldwell,
  Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  John F. Thacker

  	
   

  	
   

  	
   

  
	
   

  	
  John F. Thacker,
  Chief Credit Officer

  	
   

  	
   

  
	
   

  	
   

  	
  MAGNETITE
  V CLO LIMITED, as a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DENALI
  CAPITAL, LLC, managing member of

  	
  By:

  	
  /s/
  Tom Coldwell

  	
   

  
	
  DC Funding
  Partners, portfolio manager for

  	
   

  	
  Tom Coldwell,
  Authorized Signatory

  
	
  DENALI
  CAPITAL CLO IV, LTD, or an

  	
   

  	
   

  
	
  affiliate

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SENIOR
  LOAN PORTFOLIO, as a Bank

  
	
  By:

  	
  /s/
  John F. Thacker

  	
   

  	
   

  	
   

  
	
   

  	
  John F. Thacker,
  Chief Credit Officer

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Tom Coldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Tom Coldwell,
  Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
  GULF
  STREAM - COMPASS CLO 2002-1

  	
   

  	
   

  
	
  LTD,
  as a Bank GULF STREAM-COMPASS

  	
   

  	
   

  
	
  CLO
  2002-1 LTD By: Gulf Stream Asset

  	
  VAN
  KAMPEN SENIOR INCOME TRUST, as 

  
	
  Management LLC,
  As Collateral Manager

  	
  a Bank

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Brad Langs

  	
   

  
	
  By:

  	
  /s/
  Barry K. Love

  	
   

  	
   

  	
  Brad Langs,
  Executive Director

  
	
   

  	
  Barry K. Love,
  Chief Credit Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BLACKROCK
  LIMITED DURATION 

  
	
  GULF
  STREAM - COMPASS CLO 2004-1

  	
  INCOME
  TRUST, as a Bank

  
	
  LTD,
  as a Bank GULF STREAM-COMPASS

  	
   

  	
   

  
	
  CLO
  2004-1 LTD By: Gulf Stream Asset

  	
   

  	
   

  
	
  Management LLC,
  As Collateral Manager

  	
  By:

  	
  /s/
  Tom Coldwell

  	
   

  
	
   

  	
   

  	
   

  	
  Tom Coldwell,
  Authorized Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Barry K. Love

  	
   

  	
   

  	
   

  
	
   

  	
  Barry K. Love,
  Chief Credit Officer

  	
   

  	
   

  
							

 

Signature Page to First Amendment to Amended and Restated
Credit Agreement

 

 

Signature Page to that
certain First Amendment to Amended and Restated Credit Agreement dated as of
the date first set forth above, among Universal American Financial Corp., as
the Borrower, Bank of America, N.A., as the Administrative Agent, and certain
Banks party thereto.

 

	
  BLACKROCK
  SENIOR INCOME SERIES, as

  
	
  a Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Tom Coldwell

  	
   

  
	
   

  	
  Tom Coldwell,
  Authorized Signatory

  

 

Signature Page to First Amendment to Amended and Restated
Credit Agreement

 

 

To induce the
Administrative Agent and the Banks to enter into this Amendment, the
undersigned consent and agree (a) to its execution and delivery and terms
and conditions thereof, (b) that this document in no way releases,
diminishes, impairs, reduces, or otherwise adversely affects any Liens,
Subsidiary Guaranties, assurances, or other obligations or undertakings of any
of the undersigned under any Credit Documents, and (c) that this Amendment
binds each of the undersigned and its successors and permitted assigns and
inures to the benefit of the Administrative Agent, the Banks, and their
respective successors and permitted assigns.

 

 

	
  WORLDNET
  SERVICES CORP., as 

  	
  HERITAGE
  HEALTH SYSTEMS OF TEXAS, 

  
	
  a Guarantor

  	
  INC.,
  as a Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert Waegelein

  	
   

  	
  By:

  	
  /s/ Theodore M. Carpenter, Jr.

  	
   

  
	
   

  	
  Robert Waegelein, Chief Financial Officer

  	
   

  	
  Theodore M. Carpenter, Jr., President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  UNIVERSAL
  AMERICAN FINANCIAL

  	
  HHS
  TEXAS MANAGEMENT, INC., as a

  
	
  SERVICES,
  INC., as a Guarantor

  	
  Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert Waegelein

  	
   

  	
  By:

  	
  /s/
  Steven C. Holman

  	
   

  
	
   

  	
  Robert Waegelein, President

  	
   

  	
  Steven C.
  Holman, Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  QUINCY
  COVERAGE CORPORATION, as a

  	
  CHCS
  SERVICES INC., as a Guarantor

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Waegelein

  	
   

  
	
  By:

  	
  /s/ Robert Waegelein

  	
   

  	
   

  	
  Robert Waegelein, Executive Vice 

  
	
   

  	
  Robert Waegelein, President

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  HERITAGE
  HEALTH SYSTEMS, INC., as a

  	
  CHCS
  INC., as a Guarantor

  
	
  Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Waegelein

  	
   

  
	
  By:

  	
  /s/ Robert Waegelein

  	
   

  	
   

  	
  Robert Waegelein, Executive Vice

  
	
   

  	
  Robert Waegelein, Executive Vice 

  	
   

  	
  President

  
	
   

  	
  President

  	
   

  	
   

  

 

Signature Page to First Amendment to Amended and Restated
Credit Agreement

 

 

	
  PSO
  MANAGEMENT OF TEXAS, LLC, as a 

  	
  HHS-HPN
  NETWORK, INC., as a Guarantor

  
	
  Guarantor

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven C. Holman

  	
   

  
	
  By:

  	
  /s/
  Steven C. Holman

  	
   

  	
   

  	
  Steven C.
  Holman, Secretary

  
	
   

  	
  Steven C.
  Holman, Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HHS
  TEXAS MANAGEMENT, L.P., as a 

  
	
   

  	
   

  	
  Guarantor

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  HHS
  Texas Management, Inc., its 

  
	
   

  	
   

  	
   

  	
  general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Steven C. Holman

  	
   

  
	
   

  	
   

  	
   

  	
  Steven C.
  Holman, Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]