Document:

phyhealth_ex1021.htm

EXHIBIT 10.21

 

Related Party Transactions Policy

 

The Board of Directors (the “Board”) of Physicians Healthcare Management Group, Inc. (the “Company”) has adopted the following policy with regard to Related Party Transactions, as defined below.

 

Policy

 

Related Party Transactions, which are limited to those described in this policy, shall be subject to the approval or ratification by the Board in accordance with this Policy.

 

Background

 

Our Code of Ethics, which applies to all employees and directors, provides that all conflicts of interest should be avoided. Pursuant to Item 404 of Regulation S-K of the Securities and Exchange Commission (“SEC”), certain transactions between the issuer and certain related persons need to be disclosed in our filings with the SEC. In addition, under Nevada Corporation Law, certain transactions between the Company and our directors and officers may need to be approved by our Board of Directors or a duly authorized Committee of the Board. This Policy is intended to provide guidance and direction on Related Party Transactions.

 

Definition

 

A “Related Party Transaction” is any transaction directly or indirectly involving any Related Party that would need to be disclosed under Item 404(a) of Regulation S-K. Under Item 404(a), the Company is required to disclose any transaction occurring since the beginning of the registrant's last fiscal year, or any currently proposed transaction, involving the Company where the amount involved exceeds $1,000, and in which any related person had or will have a direct or indirect material interest. “Related Party Transaction” also includes any material amendment or modification to an existing Related Party Transaction.

 

“Related Party” means any of the following:

 

	
·      

	
a director (which term when used herein includes any director nominee),

	
·      

	
an executive officer,

	
·      

	
a person known by the Company to be the beneficial owner of more than 5% of the Company's common stock (a “5% stockholder”),

	
·      

	
or a person known by the Company to be an immediate family member of any of the foregoing.

 

“Immediate family member” means a child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of such director, executive officer, nominee for director or beneficial owner, and any person (other than a tenant or employee) sharing the household of such director, executive officer, nominee for director or beneficial owner.

 

  

1

  

 

Identification of Potential Related Party Transactions

Related Party Transactions will be brought to management's and the Board's attention in a number of ways. Each of our directors and executive officers is instructed and periodically reminded to inform the Secretary of any potential Related Party Transactions. In addition, each director and executive officer shall complete a questionnaire on an annual basis designed to elicit information about any potential Related Party Transactions.

Any potential Related Party Transactions that are brought to our attention are analyzed by our legal counsel, in consultation with management, as appropriate, to determine whether the transaction or relationship does, in fact, constitute a Related Party Transaction requiring compliance with this Policy.

 

 Review and Approval of Related Party Transactions

 

At each of its meetings, the Board will be provided with the details of each new, existing or proposed Related Party Transaction, including the terms of the transaction, the business purpose of the transaction, and the benefits to the Company and to the relevant Related Party. In determining whether to approve a Related Party Transaction, the Board will consider, among other factors, the following factors to the extent relevant to the Related Party Transaction:

 

	
·      

	
whether the terms of the Related Party Transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a Related Party;

	
·      

	
whether there are business reasons for the Company to enter into the Related Party Transaction;

	
·      

	
whether the Related Party Transaction would impair the independence of an outside director, if applicable; and

	
·      

	
whether the Related Party Transaction would present an improper conflict of interests for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or Related Party, the direct or indirect nature of the director's, executive officer's or Related Party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the Board deems relevant.

Any member of the Board who has an interest in the transaction under discussion will abstain from voting on the approval of the Related Party Transaction, but may, if so requested by the Chairperson of the Board, participate in some or all of the Board's discussions of the Related Party Transaction. Upon completion of its review of the transaction, the Board may determine to permit or to prohibit the Related Party Transaction.

 

A Related Party Transaction entered into without pre-approval of the Board shall not be deemed to violate this Policy, or be invalid or unenforceable, so long as the transaction is brought to the Board as promptly as reasonably practical after it is entered into or after it becomes reasonably apparent that the transaction is covered by this policy.

 

Amendment

 

The Board of Directors may amend or otherwise modify this Policy from time to time with the approval of a majority of the Directors.

 

Approved by Board of Directors, May 12, 2010, and effective when the Phyhealth Registration is declared effective.

 

______________________

Robert Trinka, Director

 

______________________

Fidel Rodriguez, Director

 

______________________

Richard Goulding, Director

  

2FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT

Exhibit 10.45

 

FOURTH AMENDMENT TO 
PURCHASE AND SALE
CONTRACT

 

           
THIS FOURTH AMENDMENT TO PURCHASE AND SALE CONTRACT (this "Fourth
Amendment") is made and entered into this 14th day of May,
2010 (the "Fourth Amendment Date"), by and between ANGELES
INCOME PROPERTIES, LTD. 6, a California limited partnership, having an
address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237
("Seller") and HOMESTEAD ON LAKE LANSING, LLC, a Michigan
limited liability company, having a principal address at 1575 Watertower Place,
East Lansing, Michigan 48823 ("Purchaser").  

 

RECITALS:

 

           
WHEREAS, Seller and Purchaser entered into that certain Purchase and Sale
Contract dated October 26, 2009, as amended by that certain First Amendment to
Purchase and Sale Contract dated February 3, 2010, as further amended by that
certain Second Amendment to Purchase and Sale Contract dated March 29, 2010, as
further amended by that certain Third Amendment to Purchase and Sale Contract
dated April 20, 2010 (as amended, the "Contract"), for certain
real property situated in the County of Ingham, State of Michigan, commonly
known as Homestead Apartments, and more specifically described in the Contract
(the "Property"); and

 

           
WHEREAS, that certain Third Amendment to Purchase and Sale Contract dated April
20, 2010 ("Third Amendment") set the Closing Date for May 21,
2010; and       

 

           
WHEREAS, Purchaser requests that the Closing Date be changed to May 20, 2010,
and Seller is willing to accommodate this request on the condition that it is
able to obtain an amended Loan Payoff; and

 

           
WHEREAS, Seller and Purchaser desire to amend the Contract on the terms and
conditions set forth below.

 

AGREEMENT:

 

           
NOW, THEREFORE, in consideration of the mutual covenants set forth in the
Contract and herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Seller and Purchaser agree to
amend the Contract as follows:

 

1.                 
Amendment to Closing Date.  Seller hereby agrees to
revise the Closing Date, as such term is defined in Section 5.1 of the
Contract, from Friday, May 21, 2010 to Thursday, May 20, 2010; provided,
however, that if Seller is unable to obtain a Loan Payoff statement from Lender
for a Closing on such May 20, 2010 date, then the Closing Date shall
automatically revert to May 21, 2010, as was provided for in the Third
Amendment.  If Seller is able to obtain a Loan Payoff statement from Lender
for a May 20, 2010 Closing Date, then Purchaser shall unconditionally be
committed to proceed to Closing on May 20, 2010. 
    

2.                 
General Provisions.  The following provisions shall apply
with respect to this Fourth Amendment:

(a)               
Except as modified herein, the Contract is in full force and effect and
is hereby ratified by Purchaser and Seller.  

(b)              
Capitalized terms used, but not otherwise defined, herein shall have the
same meaning as ascribed to such terms in the Contract.

(c)               
In the event of any conflict between the Contract and this Fourth
Amendment, the terms and conditions of this Fourth Amendment shall control.

(d)              
This Fourth Amendment may be executed in counterparts, each of which (or
any combination of which) when signed by all of the parties shall be deemed an
original, but all of which when taken together shall constitute one
agreement.  Executed copies hereof may be delivered by telecopier or
electronic mail and upon receipt shall be deemed originals and binding upon the
parties hereto, and actual originals shall be promptly delivered
thereafter.

           
NOW, THEREFORE, the parties hereto have executed this Fourth Amendment as
of the Fourth Amendment Date.

 

 

SELLER:

 

ANGELES
INCOME PROPERTIES, LTD. 6,

a
California limited partnership

 

By:      
ANGELES REALTY CORPORATION II,

           
a California corporation,

           
its general partner

 

           
By:  /s/John Spiegleman

           
Name:  John Spiegleman

           
Title:  Senior Vice President

 

 

 

 

PURCHASER:

 

 

HOMESTEAD
ON LAKE LANSING, LLC,

a
Michigan limited liability company

By: Maplegrove Property Management,
LLC

a
Michigan limited liability company, Manager

 

By:
 /s/James F. Anderton, IV

Name:
 James F. Anderton, IV

Title:
 Manager

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