Document:

c48788_ex10-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.1 

AMENDMENT NO. 5 TO THIRD AMENDED AND RESTATED CREDIT AND 

SECURITY AGREEMENT

                    THIS AMENDMENT NO. 5 TO THIRD AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this “Amendment”) is entered into as of May 25, 2007, by and among: 

	          	          (1)      QUEST
          DIAGNOSTICS RECEIVABLES INC., a Delaware corporation (the “Borrower”), 

                 (2)      QUEST
          DIAGNOSTICS INCORPORATED, a Delaware corporation as initial servicer
          (together with the Borrower, the “Loan
          Parties”), 

                 (3)      VARIABLE
          FUNDING CAPITAL COMPANY LLC, a Delaware limited liability company as
          assignee of Blue Ridge Asset Funding Corporation (“VFCC”),
          and WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as a Liquidity
          Bank to VFCC (together with VFCC, the VFCC
          Group”), 

                 (4)      ATLANTIC
          ASSET SECURITIZATION LLC, a Delaware limited liability company formerly
          known as Atlantic Asset Securitization Corp. (together with its successors, “Atlantic” and
          together with VFCC, the “Conduits”),
          and CALYON NEW YORK BRANCH, in its capacity as a Liquidity Bank to
          Atlantic (together with Atlantic, the “Atlantic
          Group”), 

                 (5)      WACHOVIA
          BANK, NATIONAL ASSOCIATION, in its capacity as agent for the VFCC Group,
          and CALYON NEW YORK BRANCH, in its capacity as agent for the Atlantic
          Group (in such latter capacity, together with its successors in such
          latter capacity, the “Atlantic
          Agent” or a “Co-Agent”),
          and

                 (6)      WACHOVIA
          BANK, NATIONAL ASSOCIATION, as administrative agent for the VFCC Group,
          the Atlantic Group and the Co-Agents (in such capacity, together with
          any successors thereto in such capacity, the “Administrative
          Agent” and together with each
          of the Co-Agents, the “Agents”), 

     

  with respect to that certain Third Amended and Restated Credit and Security Agreement dated as of April 20, 2004, by and among the parties hereto (as heretofore amended, the “Existing
Agreement” which, as amended hereby, is hereinafter referred to as the “Agreement”). 

                    Unless otherwise indicated, capitalized terms used in this Amendment are used with the meanings attributed thereto in the Existing Agreement. 

 

W I T N E S S E
T H : 

                    WHEREAS, the parties hereto desire to extend the Scheduled Termination Date; and

                    WHEREAS, the parties hereto desire to amend the Existing Agreement as hereinafter set forth. 

                    NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto hereby agree as follows: 

                    1.      Amendments to Existing Agreement. Subject to the terms and conditions hereinafter set
forth, the parties hereby agree to amend the Existing Agreement as follows:

                    1.1      Section 1.7 of the Existing Agreement is hereby amended and restated in its entirety to read as follows: 

	          	         Section
        1.7. Requests for Increases in Aggregate
        Commitment. The Borrower may from time
        to time request increases in the VFCC Liquidity Banks’ Commitments
        in a minimum amount of $10,000,000 (or a larger integral multiple
        of $1,000,000) and a maximum aggregate amount of $25,000,000,
        upon at least 10 Business Days’ prior written notice to the Administrative
        Agent, which notice shall specify the aggregate amount of and proposed
        effective date for any such requested increase (each, a “Commitment
        Increase Request”). Within 10
        Business Days of receipt of a Commitment Increase Request, the full amount
        of such increase shall be made to the Commitments of the VFCC Liquidity
        Banks and no such increase shall be made to the Commitments of the Atlantic
        Liquidity Banks, whereupon their respective Commitment Percentages shall
        be adjusted as of the effective date specified in the Commitment Increase
        Request. Upon any increase in the Commitments of the VFCC Liquidity Banks
        pursuant to this Section, the Borrower shall pay the Commitment Increase
    Fee under and as defined in the VFCC Fee Letter. 

                     1.2
     The initial Commitments of Wachovia Bank, National Association, and of Calyon
New York Branch under the Existing Agreement are hereby changed to “$225,000,000” and
“$150,000,000,” respectively. 

                    1.3      The definition of “Dilution” in the Existing Agreement is hereby amended and restated in its entirety to read as
follows: 

                    “Dilution” means, total Net Revenues multiplied by the three month average calculated quarterly of (i)(a) for Originators on the QBS an amount equal
to the dollar amount of adjustments measured by QBS adjustment codes 66, 70, 71, 72, 74, 75, 76, 83, 85 for client and patient Receivables, plus (b) an amount equal to 0.30 times the dollar amount of adjustments measured by the QBS adjustment codes
66, 70, 71, 72, 74, 75, 76, 83, 85 for third party Receivables, plus (c) 0.70 multiplied by the dollar amount of adjustments measured by QBS 

 

adjustment code 68 for client and patient Receivables, excluding transfers between client and patient billing categories, divided by (ii) the Net Revenues generated by Originators on QBS. 

                    1.4      The definition of “Eligible Receivable” in the Existing Agreement is hereby amended to delete the following sentence at
the end thereof: 

	          	Notwithstanding the foregoing, in no event will a
        LabOne Receivable be an Eligible Receivable (i) on or before November
        30, 2006, to the extent the aggregate Outstanding Balance of the LabOne
        Receivables that are Eligible Receivables exceeds $30,000,000; or
        (ii) after November 30, 2006, if there is not a fully executed Collection
        Account Agreement in place with respect to each Lockbox and Collection
        Account into which the proceeds of any LabOne Receivable are deposited;
        or (iii) on or after December 8, 2006, if the Loan Parties have not provided
    an updated Schedule 6.1(o) to the Administrative Agent.

 

                    1.5      The definition of “Scheduled Termination Date” in the Existing Agreement is hereby amended and restated in its entirety
to read as follows: 

	          	          “Scheduled
            Termination Date” means, as
            to each Liquidity Bank, the earlier to occur of May 23, 2008 and
            the date on which its Liquidity Commitment(s) terminate(s) in accordance
            with the Liquidity Agreement to which it is a party, in either of
            the foregoing cases, unless extended by agreement of such Liquidity
    Bank in accordance with Section 1.8.

                    1.6      The
    definition of “Specified Government
    Ineligibles” in the Existing Agreement is hereby amended and restated in its
entirety to read as follows: 

	          	          “Specified
            Government Ineligibles” means,
            on any date of determination, 5% times Client-Billed Receivables
            for the Reserve Computation as of the last day of the calendar month
    then most recently ended. 

                    1.7      Schedule 6.1(o) of the Existing Agreement is hereby amended and restated in its entirety to read as set forth in Annex A hereto. 

                    2.      Representations. 

                    2.1.      Each of the Loan Parties represents and warrants to the Lenders and the Agents that it has duly authorized, executed and delivered this Amendment and that the Agreement constitutes, a legal,
valid and binding obligation of such Loan Party, enforceable in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or
by equitable principles relating to enforceability). 

                    2.2.      Each of the Loan Parties further represents and warrants to the Lenders and the Agents that each of its representations and warranties set forth in Section 6.1 of the Agreement is true and
correct as of the date hereof and that no Event of Default or Unmatured Default exists as of the date hereof and is continuing. 

 

                    3.      Conditions Precedent. This Amendment shall become effective as of the date first above
written upon (a) receipt by the Administrative Agent of a counterpart hereof duly executed by each of the parties hereto, (b) receipt by the VFCC Agent of a counterpart of an amended and restated VFCC Fee Letter, duly executed by each of the parties
thereto, together with payment of the Amendment Fee and Extension Fee (each, under and as defined therein), and (c) receipt by the Atlantic Agent of a counterpart of a second amended and restated Atlantic Fee letter, duly executed by each of the
parties thereto, together with payment of the Amendment Fee and Extension Fee (each, under and as defined therein). 

                    4.      Miscellaneous. 

                    4.1.      Except as expressly amended hereby, the Existing Agreement shall remain unaltered and in full force and effect, and each of the parties hereby ratifies and confirms the Agreement and each of the
other Transaction Documents to which it is a party. 

                    4.2.      THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW. 

                    4.3.      EACH LOAN PARTY HEREBY ACKNOWLEDGES AND AGREES THAT: 

                    4.3.1. IT IRREVOCABLY (i) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL JURISDICTION IS NOT AVAILABLE, OF ANY NEW YORK STATE COURT, IN
EITHER CASE SITTING IN NEW YORK COUNTY, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, AND (ii) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF AN
ACTION OR PROCEEDING IN SUCH COURTS. 

                    4.3.2. TO THE EXTENT THAT IT HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM THE JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID TO EXECUTION, EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER OR IN CONNECTION WITH THE AGREEMENT. 

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

<Signature pages follow> 

 

                    IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written. 

	
QUEST DIAGNOSTICS RECEIVABLES INC.
	
	 

	
	 

	
	
By: /s/ Joseph P. Manory__________________
	
	
          Name: Joseph P. Manory
	
	
          Title:   
 Vice President and Treasurer
	
	 

	
	 

	
	 

	
	 

	
	
QUEST DIAGNOSTICS INCORPORATED
	
	 

	
	 

	
	
By: _/s/ Joseph P. Manory_______________
	
	
          Name: Joseph P. Manory
	
	
          Title:
    Vice President and Treasurer
	

	
WACHOVIA BANK, NATIONAL ASSOCIATION,
	
	
INDIVIDUALLY, AS ADMINISTRATIVE AGENT AND AS
VFCC AGENT
	
	 

	
	 

	
	
By: /s/ Elizabeth R. Wagner___________
	
	
          Name: Elizabeth R. Wagner
	
	
          Title:    Managing Director
	

	
VARIABLE FUNDING CAPITAL COMPANY LLC
	
	 

	
	
BY: WACHOVIA CAPITAL MARKETS, LLC, ITS ATTORNEY-IN-FACT
	
	 

	
	 

	
	
By: /s/ Douglas R. Wilson, Sr.
	
	
            Name: Douglas R. Wilson, Sr.
	
	
            Title:    Vice President
	

	
ATLANTIC ASSET SECURITIZATION LLC
	
	 

	
	
By: CALYON NEW YORK BRANCH
	
	
       AS ATTORNEY-IN-FACT
	
	 

	
	 

	
	
By: /s/ Anthony Brown________________
	
	
           Name: Anthony Brown
	
	
           Title: Vice President
	
	 

	
	 

	
	
By: /s/ Tina Kourmpetis________________
	
	
            Name: Tina Kourmpetis
	
	
            Title: Managing Director
	
	 

	
	 

	
	
CALYON NEW YORK BRANCH, INDIVIDUALLY AND AS ATLANTIC
	
	
AGENT
	
	 

	
	 

	
	
By: _/s/ Anthony Brown_________________
	
	
              Name: Anthony Brown
	
	
              Title: Vice President
	
	 

	
	 

	
	 

	
	
By: _/s/ Tina Kourmpetis_________________
	
	
              Name: Tina Kourmpetis
	
	
              Title: Managing DirectorUntitled Document

Exhibit 10.1

EMPLOYMENT AGREEMENT

      This AGREEMENT (the “Agreement”) is made as of the date signed (the “Effective Date”), by and between Incentra Solutions, Inc., a Nevada corporation with its headquarters located in Boulder, Colorado (the
“Employer”), and Matthew Richman (the “Executive”). In consideration of the mutual covenants contained in this Agreement, the Employer and the Executive agree as follows: 

     1. Employment. The Employer agrees to employ the Executive and the Executive agrees to be employed by the Employer on the terms and
conditions set forth in this Agreement. 

     2. Capacity; Location. The Executive shall serve the Employer as Chief Corporate Development Officer. In his capacity as Chief Corporate
Development Officer, Executive will report to the Chief Executive Officer, and shall be responsible for strategic and operational matters relating to the Employer’s merger and acquisitions efforts subject to the direction of the Chief Executive
Officer. In such capacity, the Executive shall perform such services and duties in connection with the business, affairs and operations of the Employer as may be assigned or delegated to the Executive from time to time by or under the authority of
the Chief Executive Officer. Executive’s employment with Employer will be based in Employer’s Boulder, Colorado offices; provided, that Employee may be required from time to time
to travel in connection with Employer’s business needs. 

     3. Term. Executive shall be considered an at-will employee of Employer and, subject to the provisions of Section 6, the employment
relationship described herein may be terminated by either Executive or Employer at any time. 

     4. Compensation and Benefits. The regular compensation and benefits payable to the Executive under this Agreement shall be as follows:

     (a) Salary. For all services rendered by the Executive under this Agreement, the Employer shall pay the
Executive a salary (the “Salary”) at the annual rate of Two Hundred and Thirty Thousand Dollars ($230,000.00), subject to increase from time to time in the discretion of the Compensation Committee of the Board of Directors (the
“Compensation Committee”). The Salary shall be payable in periodic installments in accordance with the Employer’s usual practice for its senior executives.

     (b) Bonus. For the fiscal year ending December 31, 2007 Executive shall be eligible for a bonus of
Seventy-Five Thousand Dollars ($75,000.00) based upon performance at 100% of plan for such fiscal year. Thereafter, Executive shall be eligible

to participate in such additional incentive programs as may be established by the Compensation Committee, with such terms as may be established in the sole discretion of the Compensation Committee. 

     (c) Regular Benefits. The Executive shall be entitled to health insurance benefits from Employer, and shall also be entitled to participate
in any employee benefit plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and other benefit plans which the Employer may from time to time have in effect for all or most of its executive management
employees. Such participation shall be subject to the terms of the applicable plan documents, generally applicable policies of the Employer, applicable law and the discretion of the Board of Directors, the Compensation Committee or any
administrative or other committee provided for in or contemplated by any such plan. Except with respect to the aforementioned health insurance benefits, nothing contained in this Agreement shall be construed to create any obligation on the part of
the Employer to establish any such plan or to maintain the effectiveness of any such plan which may be in effect from time to time. 

     (d) Vacation. The Executive shall be entitled to three (3) weeks of vacation, such vacation time to accrue on a per-pay-period basis.

     (e) Additional Life Insurance. The Employer will provide term life insurance in the amount of three times the Executive’s base salary.

     (f) Taxation of Payments and Benefits. The Employer shall undertake to make deductions, withholdings and tax reports with respect to payments
and benefits under this Agreement to the extent that it reasonably and in good faith believes that it is required to make such deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or
withholdings. Nothing in this Agreement shall be construed to require the Employer to make any payments to compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any
payment or benefit. 

     (g) Expenses. The Employer shall reimburse the Executive for all reasonable and necessary business related
travel expenses incurred or paid by the Executive in performing his duties under this Agreement and which are consistent with applicable policies of the Employer. All payments for reimbursement of such expenses shall be made upon presentation by the
Executive of expense statements or vouchers and such other supporting information as the Employer may from time to time reasonably request. 

     (h) Stock Options. Executive shall also be eligible for participation in Employer’s Stock Option Plan, and Executive shall be entitled
to receive stock options pursuant to the terms of option agreements. 

      (i) Exclusivity of Salary and Benefits. The Executive shall not be entitled to any payments or benefits other than those provided under this
Agreement.

     5. Extent of Service. During the Executive’s employment under this Agreement, the Executive shall devote the Executive’s full
business time, best efforts and business judgment, skill and knowledge to the advancement of the Employer’s interests and to the discharge of the Executive’s duties and responsibilities under this Agreement. The Executive shall not engage
in any other business activity, except as may be approved by the Board of Directors; provided, that nothing in this Agreement shall be construed as preventing the Executive from: 

     (a) investing the Executive’s assets in any company or
other entity in a manner not prohibited by Section 7(d)
and in such form or manner as shall not require any material activities on the
Executive’s part in connection with the operations or affairs of the companies
or other entities in which  such investments are made; and 

     (b) engaging in religious, charitable or other community or
non-profit activities that do not impair the Executive’s
ability to fulfill the Executive’s duties and responsibilities
under this Agreement.

     6. Termination and Termination Benefits. Notwithstanding the provisions of Section 3, the Executive’s employment under this Agreement
shall terminate under the following circumstances set forth in this Section 6. 

     (a) Termination by the Employer for Cause. The Executive’s employment under this Agreement may be terminated for “Cause”
without further liability on the part of the Employer, effective immediately upon a vote of the Board of Directors and written notice to the Executive. Only the following shall constitute “Cause” for
such termniation: 

     (i) dishonest or fraudulent statements or acts of the Executive with respect to the Employer or any affiliate of the Employer;

     (ii) the Executive’s conviction of, or entry of a plea of guilty or nolo contendere for, (A) a felony or (B) any misdemeanor (excluding minor traffic violations) involving moral turpitude,
deceit, dishonesty or fraud; 

     (iii) gross negligence, willful misconduct or insubordination of the Executive with respect to the Employer or any affiliate of the Employer; or 

     (iv) material breach by the Executive of any of the Executive’s obligations under this Agreement, or any other agreement to which Executive and Employer are now or hereafter a party to. 

      (b) Termination by the Executive. The Executive’s employment under this Agreement may be terminated by the Executive by written notice
to Employer at least thirty (30) days prior to such termination. 

     (c) Termination by the Employer Without Cause. Subject to the payment of Termination Benefits pursuant to Section 6(d), the Executive’s
employment under this Agreement may be terminated by the Employer without Cause upon written notice to the Executive (a termination “Without Cause”). 

      (d) Certain Termination Benefits. Unless otherwise specifically provided in this Agreement or otherwise required by law, all compensation
and benefits payable to the Executive under this Agreement shall terminate on the date of termination of the Executive’s employment under this Agreement. Notwithstanding the foregoing, in the event of termination of the Executive’s
employment with the Employer Without Cause pursuant to Section 6(c) above, the Employer shall provide to the Executive the following termination benefits (“Termination Benefits”): 

     (i) payment of the Executive’s Salary at the rate then in effect pursuant to Section 4(a) for the period from the date of termination until the date that is twelve (12) months after the date of
termination; and 

     (ii) payment of the Executive’s Bonus at the rate then in effect pursuant to Section 4(b) prorated based the time from January 1 of the year in which termination occurs until the date of
termination, subject to final approval of the Board of Directors; and

     (ii) continuation of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known
as “COBRA”), with the cost of the regular premium for such benefits shared in the same relative proportion by the Employer and the Executive as in effect on the date of termination for twelve (12) months and at a cost of 102% of premium
provided under COBRA, for up to an additional six (6) months. 

     Notwithstanding the foregoing, nothing in this Section 6(d) shall be construed to affect the Executive’s right to receive COBRA continuation entirely at the Executive’s own cost to the
extent that the Executive may continue to be entitled to COBRA continuation after the Executive’s right to cost sharing under Section 6(d)(ii) ceases.

     (e) Disability. If the Executive shall be disabled so as to be unable to perform the essential functions of the Executive’s then
existing position or positions under this Agreement with reasonable accommodation, the CEO may remove the Executive from any responsibilities and/or reassign the Executive to another position with the Employer during the period of such disability.
Notwithstanding any such removal or reassignment, the Executive shall continue to receive the Executive’s full Salary (less any disability pay or sick pay benefits to which the Executive may be entitled under the Employer’s policies) and
benefits under Section 4 of this Agreement (except to the extent that the 

Executive may be ineligible for one or more such benefits under applicable plan terms) for a period of time equal to nine (9) months. If any question shall arise as to whether during any period the Executive is disabled so as to
be unable to perform the essential functions of the Executive’s then existing position or positions with reasonable accommodation, the Executive may, and at the request of the Employer shall, submit to the Employer a certification in reasonable
detail by a physician selected by the Employer to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification
shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to
submit such certification, the Employer’s determination of such issue shall be binding on the Executive. Nothing in this Section 6(e) shall be construed to waive the Executive’s rights, if any, under existing law including, without
limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et
seq. 

       7. Confidential
      Information, Noncompetition and Cooperation. 

      (a) Confidential
Information. As used in this Agreement, “Confidential Information” means information belonging to the Employer which is of value to the Employer in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the
Employer. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or
sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Employer.
Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Employer, as well as other information to which the Executive may have access in connection with the Executive’s
employment. Confidential Information also includes the confidential information of others with which the Employer has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain,
unless due to breach of the Executive’s duties under Section 7(b). 

     (b) Confidentiality. The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust
between the Executive and the Employer with respect to all Confidential Information. At all times, both during the Executive’s employment with the Employer and after its termination, the Executive will keep in confidence and trust all such
Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Employer, except as may be necessary in the ordinary course of performing the Executive’s duties to the Employer.

     (c) Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to
Confidential Information, which are furnished to the Executive by the Employer or are produced by the Executive in connection with the Executive’s employment will be and remain the sole property of the Employer. The Executive will return to the
Employer all such materials and property as and when requested by the Employer. In any event, the Executive will return all such materials and property immediately upon termination of the Executive’s employment for any reason. The Executive
will not retain with the Executive any such material or property or any copies thereof after such termination. 

     (d) Noncompetition and Nonsolicitation. Without the prior written consent of the CEO, during the period that Executive is employed by
Employer and for one (1) year thereafter, the Executive (i) will not, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing
Business (as hereinafter defined); (ii) for a period of two (2) years thereafter will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment
with the Employer; and (iii) for a period of two (2) years thereafter will refrain from soliciting or encouraging any customer or supplier to terminate or otherwise modify adversely its business relationship with the Employer. The Executive
understands that the restrictions set forth in this Section 7(d) are intended to protect the Employer’s interest in its Confidential Information and established employee, customer and supplier relationships and goodwill, and agrees that such
restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean any business that provides or intends to provide the same or similar types of services or products as
those provided or targeted by Employer or any of its subsidiaries in any geographic area then served or targeted by Employer or any of its subsidiaries. Notwithstanding the foregoing, the Executive may own up to two percent (2%) of the outstanding
stock of a publicly held corporation. 

     (e) Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any
previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive represents to the Employer that the Executive’s execution of
this Agreement, the Executive’s employment with the Employer and the performance of the Executive’s proposed duties for the Employer will not violate any obligations the Executive may have to any such previous employer or other party. In
the Executive’s work for the Employer, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises
of the Employer any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 

     (f) Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully with the
Employer in the defense or prosecution of any claims or actions now in existence or which may be brought in the 

future against or on behalf of the Employer which relate to events or occurrences that transpired while the Executive was employed by the Employer. The Executive’s full cooperation in connection with such claims or actions
shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Employer at mutually convenient times. During and after the Executive’s employment, the
Executive also shall cooperate fully with the Employer in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the
Executive was employed by the Employer. The Employer shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 7(f) and shall pay the
Executive for his time at his annual salary rate in effect at the time of the termination of his employment. 

     (g) Developments. Executive will make full and prompt disclosure to the Employer of all inventions, discoveries, designs, developments,
methods, modifications, improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics or images, audio or visual works, and other works of authorship (collectively “Developments”), whether
or not patentable or copyrightable, that are created, made, conceived or reduced to practice by Executive (alone or jointly with others) or under Executive’s direction during the period of his employment. Executive acknowledges that all work
performed by Executive for Employer hereunder is on a “work for hire” basis, and Executive hereby assigns and transfers, and will assign and transfer, to the Employer and its successors and assigns all of Executive’s right, title and
interest, including but not limited to all patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual property rights in all countries and territories worldwide and under any
international conventions, in and to all Developments that (a) relate to the business of the Employer or any of the products or services of the Employer; (b) result from tasks assigned to Executive by the Employer; or (c) result from the use of
personal property (whether tangible or intangible) owned, leased or contracted for by the Employer. 

     (h) Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Employer which might result from any
breach by the Executive of the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, subject to Section 8 of this Agreement, the Executive agrees that if the
Executive breaches, or proposes to breach, any portion of this Agreement, the Employer shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without
showing or proving any actual damage to the Employer. 

     8. Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising
out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent 

permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Denver, Colorado
in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the
Employer may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a
temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided, that any other relief shall be pursued through an arbitration
proceeding pursuant to this Section 8. 

     9. Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 8 of this Agreement, the
parties hereby consent to the jurisdiction of the courts of the State of Colorado. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c)
waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 

     10. Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes
all prior agreements between the parties with respect to any related subject matter. 

     11. Assignment; Successors and Assigns, etc. Neither the Employer nor the Executive may make any assignment of this Agreement or any interest
herein, by operation of law or otherwise, without the prior written consent of the other party; provided, that the Employer may assign its rights under this Agreement without the consent of
the Executive in the event that the Employer shall effect a reorganization, consolidate with or merge into any other corporation, partnership, organization or other entity, or transfer all or substantially all of its properties or assets to any
other corporation, partnership, organization or other entity. This Agreement shall inure to the benefit of and be binding upon the Employer and the Executive, their respective successors, executors, administrators, heirs and permitted assigns.

     12. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of
this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is
so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

     13. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this 

Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

     14. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and
delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Employer
or, in the case of the Employer, at 1140 Pearl Street, Boulder, CO 80302, ATTN: Chief Executive Officer, and shall be effective on the date of delivery in person or by courier or three (3) days after the date mailed. 

     15. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Employer. 

     16. Governing Law. This is a Colorado contract and shall be construed under and be governed in all respects by the laws of the State of
Colorado, without giving effect to the conflict of laws principles of such State. 

     17. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken
to be an original; but such counterparts shall together constitute one and the same document. 

      IN WITNESS WHEREOF, this Agreement has been executed by the Employer and by the Executive as of the Effective Date. 

 

	 	INCENTRA SOLUTIONS, INC.:	 
	 	 	 
	 	 	 
	 	 	 
	 	By:_/s/ Thomas P. Sweeney,
          III_______________

Name: Thomas P. Sweeney, III 

Title: President & CEO 	 
	 	 	 
	 	 	 
	 	 	 
	 	EXECUTIVE:	 
	 	 	 
	 	 	 
	 	 	 
	 	__/s/
            Matthew Richman_____________________

  Matthew Richman 

       ____May
            29, 2007______________________________________

  Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]