Document:

Ex-10.2 Registration Rights Agreement

 

EXHIBIT 10.2

          REGISTRATION RIGHTS AGREEMENT, dated as of June 14, 2005 (this “Agreement”), between
COMPREHENSIVE CARE CORPORATION, a Delaware corporation (the “Corporation”), and WOODCLIFF
HEALTHCARE INVESTMENT PARTNERS LLC, a Delaware limited liability company (the “Investor”).

          Pursuant to that certain Securities Purchase Agreement, dated as of the date hereof, between
the Corporation and the Investor (the “Securities Purchase Agreement”), the Investor owns or has
the right or obligation to purchase or otherwise acquire shares of the Common Stock (as hereinafter
defined), or securities convertible into shares of Common Stock, of the Corporation. The
Corporation and the Investor deem it to be in their respective best interests to set forth their
rights in connection with public offerings and sales of the Common Stock and are entering into this
Agreement as a condition to and in connection with the Investors entering into the Securities
Purchase Agreement. All defined terms used in this Agreement, but not defined herein, shall have
the meanings assigned to such terms in the Securities Purchase Agreement.

          NOW, THEREFORE, in consideration of the premises and mutual covenants and obligations
hereinafter set forth, the Corporation and the Investors hereby agree as follows:

     Section 1. Definitions.

          As used in this Agreement, the following terms shall have the following meanings:

          “Affiliate” means, with respect to any Person, any (a) director, officer, limited or
general partner, member or stockholder holding 5% or more of the outstanding capital stock or other
equity interests of such Person, (b) any spouse, parent, sibling or descendant of such Person (or a
spouse, parent, sibling or descendant of a Person specified in clause (a) above relating to such
Person) and (c) other Person that, directly or indirectly, through one or more intermediaries,
controls, or is controlled by, or is under common control with, such Person. The term “control”
includes, without limitation, the possession, directly or indirectly, of the power to direct the
management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise.

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

          “Commission” means the U.S. Securities and Exchange Commission.

          “Common Stock” means the common stock, $0.01 par value per share, of the Corporation.

          “Demand Registration” shall have the meaning set forth in Section 2(a).

          “Exchange Act” means the Securities Exchange Act of 1934 (or any successor statute),
and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in
effect from time to time.

 

 

          “Investor” means Woodcliff Healthcare Investment Partners LLC, and includes any
permitted transferee of, the Investor who or which agrees in writing to be treated as an Investor
hereunder and to be bound by the terms and comply with all applicable provisions hereof.

          “Investor Registrable Shares” means shares of Common Stock issued or issuable to any
Investor which constitute Restricted Shares.

          “Person” shall be construed in the broadest sense and means and includes a natural
person, a partnership, a corporation, an association, a joint stock company, a limited liability
company, a trust, a joint venture, an unincorporated organization and any other entity and any
federal, state, municipal, foreign or other government, governmental department, commission, board,
bureau, agency or instrumentality, or any private or public court or tribunal.

          “Primary Shares” means at any time authorized but unissued shares of Common Stock or
shares of Common Stock held by the Corporation in its treasury.

          “Registration Date” means the date upon which the registration statement shall have
been declared effective.

          “Restricted Shares” means shares of Common Stock issued or issuable at any time to the
Investor, or issuable upon conversion, adjustment, exercise or exchange of and any other securities
which by their terms are exercisable or exchangeable for or convertible into Common Stock which are
held by the Investor (including, without limitation, the Series A Preferred Shares). As to any
particular Restricted Shares, once issued, such Restricted Shares shall cease to be Restricted
Shares when (i) they have been registered under the Securities Act, the registration statement in
connection therewith has been declared effective by the Commission and they have been disposed of
pursuant to such effective registration statement, (ii) they have been sold under circumstances in
which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under
the Securities Act have been satisfied or are eligible for sale pursuant to Rule 144(k), (iii) they
have been otherwise transferred, the Corporation has delivered a new certificate or other evidence
of ownership for it not bearing the legend required pursuant to the Securities Purchase Agreement
and they may be resold without subsequent registration under the Securities Act, or (iv) they shall
have ceased to be outstanding.

          “Rule 144” means Rule 144 promulgated under the Securities Act or any successor rule
thereto.

          “Securities Act” means the Securities Act of 1933, as amended (or any successor
statute), and the rules and regulations of the Commission thereunder, all as the same shall be in
effect from time to time.

          “Securities Purchase Agreement” means the Securities Purchase Agreement, dated the
date hereof, between the Corporation and the Investor, as the same may be modified, supplemented or
amended from time to time.

          “Selling Holder” means a holder of Investor Registrable Securities who is selling
Investor Registrable Securities pursuant to a registration statement under the Securities Act.

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          “Underwriter” means a securities dealer who purchases any Investor Registrable
Securities as principal and not part of such dealer’s market-making activities.

     Section 2. Required Registration.

          (a) At any time after the date which is the earlier to occur of: the ninetieth
(90th) day after the Closing Date, if by such date, individuals designated by the
Investor to be elected to the Board of Directors of the Corporation (in accordance with the
Certificate of Designation (as defined in the Securities Purchase Agreement)) do not constitute a
majority of the Board of Directors of the Corporation, or (ii) the first (1st)
anniversary of the Closing Date, the holders of at least a majority of the Investor Registrable
Shares then outstanding (determined on an as converted basis) may request in writing that the
Corporation effect the registration under the Securities Act of all or part of their or its
Investor Registrable Shares (a “Demand Registration”). Such request will specify the number of
shares of Investor Registrable Shares proposed to be sold and will also specify the intended method
of disposition thereof. Unless the holder or holders of a majority of the Investor Registrable
Shares to be registered in such Demand Registration shall consent in writing, no other party, other
than the Corporation shall be permitted to offer securities under any such Demand Registration. The
Corporation shall promptly use its best efforts to effect the registration under the Securities Act
of the Investor Registrable Shares as are specified in such request by preparing and filing a
registration statement in compliance with the Securities Act.

          (b) Notwithstanding anything contained in this Section 2 to the contrary, the Corporation
shall not be obligated to effect any registration under the Securities Act except in accordance
with the following provisions:

     (i) The Corporation shall not be obligated to file and cause to become
effective more than two registration statements initiated pursuant to Section 2(a)
above; provided that, subject to Section 2(b)(v) below, a registration will not
count as a Demand Registration pursuant to Section 2(a) until it has become
effective.

     (ii) The Corporation may delay the filing or effectiveness of any registration
statement for a period of up to 75 days after the date of a request for registration
pursuant to Section 2(a) if at the time of such request: (X) the Corporation is
engaged, or has fixed plans to engage within 45 days of the time of such request, in
a firm commitment underwritten public offering of Primary Shares in which the
holders of Investor Registrable Shares have been or will be permitted to include
Investor Registrable Shares so requested to be registered pursuant to Section 3, or
(Y) the Board in good faith reasonably determines that such registration and
offering would either (A) require the disclosure of material information that the
Corporation has a bona fide business purpose for preserving as confidential or (B)
interfere with any material transaction involving the Corporation; provided, however, that the Corporation shall only
be entitled to invoke its rights under this Section 2(b)(ii) one time during any
consecutive 12-month period.

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     (iii) With respect to any registration pursuant to this Section 2, the
Corporation may include in such registration any Primary Shares; provided,
however, that if the managing Underwriter advises the Corporation that the
inclusion of all Investor Registrable Shares and Primary Shares proposed to be
included in such registration would interfere with the successful marketing
(including pricing) of the Investor Registrable Shares proposed to be included in
such registration, then the number of Investor Registrable Shares and Primary Shares
proposed to be included in such registration shall be included in the following
order:

     (A) first, the Investor Registrable Shares (or, if necessary, such
Investor Registrable Shares pro rata among the holders thereof based upon
the number of Investor Registrable Shares requested to be registered by each
such holder); and

     (B) second, the Primary Shares.

To the extent 10% or more of the Investor Registrable Shares so requested to be
registered are excluded from the offering in accordance with this Section 2(b)(iii),
the holders of such Investor Registrable Shares as a group shall have the right to
one additional Demand Registration under this Section 2 with respect to such
Investor Registrable Shares.

     (iv) If the registration requested pursuant to Section 2(a) above by holders of
the Investor Registrable Shares is in the form of an underwritten offering, then the
Corporation shall select the book-running managing Underwriter in connection with
such offering and any additional investment bankers and managers to be used in
connection with the offering; provided that such managing Underwriter and additional
investment bankers and managers must be reasonably satisfactory to a majority of the
Investors making such Demand Registration.

     (v) At any time before the registration statement covering a Demand
Registration becomes effective, the holders of the Investor Registrable Shares
initiating such request pursuant to Section 2(a) above may request the Corporation
to withdraw or not to file the registration statement; provided,
however, that the requested registration which has been rescinded shall
count as a Demand Registration for purposes of Section 2(b)(i) unless (A) such
request of withdrawal was caused by, or made in response to, a material adverse
change or a similar event related to the business, properties, assets, condition, or
operations of the Corporation not known (without imputing the knowledge of any other
Person to such holders) by the holders initiating such request at the time their
request was made, or (B) such Investors reimburse the Corporation for all expenses
incurred in connection with such withdrawn request.

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     Section 3. Piggyback Registration.

          (a) If the Corporation at any time proposes for any reason to register Primary Shares under
the Securities Act (other than on Form S-4 or Form S-8 promulgated under the Securities Act (or any
successor forms thereto)), it shall give written notice to the holders of Investor Registrable
Shares of its intention to so register such Primary Shares as soon as practicable and in any event
at least 30 days before the initial filing of the registration statement related thereto and, upon
the request, delivered to the Corporation within 15 days after delivery of any such notice by the
Corporation, of the holders of Investor Registrable Shares to include in such registration Investor
Registrable Shares (which request shall specify the number of Investor Registrable Shares proposed
to be included in such registration), the Corporation shall use its best efforts to cause all such
Investor Registrable Shares to be included in such registration on the same terms and conditions as
the securities otherwise being sold in such registration; provided, however, that
if the managing Underwriter advises the Corporation that the inclusion of all Investor Registrable
Shares requested to be included in such registration would interfere with the successful marketing
(including pricing) of the Primary Shares proposed to be registered by the Corporation, then the
number of Primary Shares and Registrable Shares proposed to be included in such registration shall
be included in the following order:

     (A) first, the Primary Shares; and

     (B) second, the Investor Registrable Shares (or if necessary, such
Investor Registrable Shares pro rata among the holders thereof based upon
the number of Investor Registrable Shares requested to be registered by each
such holder).

          (b) If at any time after giving written notice of its intention to register any Primary Shares
and prior to the effective date of such registration, the Corporation shall determine for any
reason not to register or to delay registration of such securities, the Corporation may, at its
election, give written notice of such determination to the holders of Investor Registrable Shares
who or which have requested that their Investor Registrable Shares be included in the registration
effected pursuant to Section 3(a) and, thereupon, (i) in the case of a determination not to
register, the Corporation shall be relieved of its obligations to register any Investor Registrable
Shares in connection with such registration and (ii) in the case of a determination to delay such
registration, the Corporation shall be permitted to delay registration of any Investor Registrable
Shares requested to be included in such registration for the same period as the delay in
registering such other securities.

     Section 4. Registrations on Form S-3.

          Anything contained in Section 2 to the contrary notwithstanding, at such time as the
Corporation shall have qualified for the use of Form S-3 promulgated under the Securities Act or
any successor form thereto, the holders of Investor Registrable Shares shall have the right to request an unlimited number of registrations of Investor Registrable Shares on Form S-3
(which may, at such holders’ request, be shelf registrations pursuant to Rule 415 promulgated under
the Securities Act) or its successor form, which request or requests shall (i) specify the number
of

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Investor Registrable Shares intended to be sold or disposed of and the holders thereof, (ii)
state whether the intended method of disposition of such Investor Registrable Shares is an
underwritten offering or a shelf registration and (iii) relate to Investor Registrable Shares
having an estimated aggregate offering price of at least $500,000. A requested registration on
Form S-3 (or its successor form) in compliance with this Section 4 shall not count as a
registration statement initiated pursuant to Section 2(a) but shall otherwise be treated as a
registration initiated pursuant to Section 2(b) (including Section 2(b)(iii)).

     Section 5. Preparation and Filing.

          If and whenever the Corporation is under an obligation pursuant to the provisions of this
Agreement to effect the registration of any Investor Registrable Shares, the Corporation shall, as
expeditiously as practicable:

          (a) use its best efforts to prepare and file with the Commission a registration statement on
any form for which the Corporation then qualifies or which counsel for the Corporation shall deem
appropriate and which form shall be available for the sale of the Investor Registrable Shares to be
registered thereunder in accordance with the intended method of distribution thereof, and use its
best efforts to cause such filed registration statement to become and remain effective until all of
such Investor Registrable Shares have been disposed of;

          (b) furnish, at least five business days before filing a registration statement that registers
such Investor Registrable Shares, to each Selling Holder, to each Underwriter, if any, of the
Investor Registrable Securities covered by such registration statement and to one counsel selected
by a majority of the holders of Investor Registrable Shares included in such registration (the
“Investor Counsel”) copies of such registration statement as proposed to be filed, and thereafter
furnish to such Selling Holder, Underwriter, if any, and Investor Counsel such number of copies of
such registration statement, each amendment and supplement thereto (in each case including all
exhibits thereto and documents incorporated by-reference therein), the prospectus included in such
registration statement (including each preliminary prospectus), any amendment or supplement thereto
and such other documents as such Selling Holder, Underwriter or Investor Counsel may reasonably
request in order to facilitate the disposition of the Investor Registrable Shares owned by such
Selling Holder (it being understood that such five-business day period need not apply to successive
drafts of the same document proposed to be filed so long as such successive drafts are supplied to
the Investors’ Counsel in advance of the proposed filing by a period of time that is customary and
reasonable under the circumstances);

          (c) prepare and file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such
registration statement effective until all of such Investor Registrable Shares have been disposed
of and to comply with the provisions of the Securities Act with respect to the sale or other
disposition of such Investor Registrable Shares;

          (d) notify in writing the Investor Counsel (i) of the receipt by the Corporation of any
notification with respect to any comments by the Commission with respect to such registration
statement or prospectus or any amendment or supplement thereto or any request by

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the Commission for
the amending or supplementing thereof or for additional information with respect thereto, (ii) of
the receipt by the Corporation of any notification with respect to the issuance by the Commission
of any stop order suspending the effectiveness of such registration statement or prospectus or any
amendment or supplement thereto or the initiation or threatening of any proceeding for that purpose
and (iii) of the receipt by the Corporation of any notification with respect to the suspension of
the qualification of such Investor Registrable Shares for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purposes;

          (e) use its best efforts to register or qualify such Investor Registrable Shares under such
other securities or blue sky laws of such domestic and foreign jurisdictions as the Selling Holders
reasonably request and do any and all other acts and things which may be reasonably necessary or
advisable to enable the Selling Holders to consummate the disposition in such jurisdictions of the
Investor Registrable Shares owned by the Selling Holders; provided, however, that
the Corporation will not be required to qualify generally to do business, subject itself to general
taxation or consent to general service of process in any jurisdiction where it would not otherwise
be required to do so but for this paragraph (e);

          (f) furnish to the Selling Holders and the Underwriters, if any, such number of copies of a
summary prospectus, if any, or other prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as such Selling Holders may
reasonably request in order to facilitate the public sale or other disposition of such Registrable
Shares;

          (g) without limiting subsection (e) above, use its best efforts to cause such Investors
Registrable Shares to be registered with or approved by such other governmental agencies or
authorities as may be necessary by virtue of the business and operations of the Corporation to
enable the Selling Holders to consummate the disposition of such Investor Registrable Shares;

          (h) notify the Selling Holders, the Underwriters, if any, and the Investor Counsel on a timely
basis at any time when a prospectus relating to such Investor Registrable Shares or any document
related thereto includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing and, at the request of the Selling Holders prepare and furnish
to such Selling Holders a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, as thereafter delivered to the offerees of such shares,
such prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing;

          (i) make available upon reasonable notice and during normal business hours, for inspection by
any Selling Holders of Investor Registrable Shares, any Underwriter participating in any
disposition pursuant to such registration statement and any attorney,
accountant or other agent retained by such Selling Holder or Underwriter (collectively, the
“Inspectors”), all pertinent financial and other records, pertinent documents and properties of the
Corporation (collectively, the “Records”), as shall be reasonably necessary to enable them to

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exercise their due diligence responsibility, and cause the Corporation’s officers, directors and
employees to supply all information (together with the Records, the “Information”) reasonably
requested by any such Inspector in connection with such registration statement. Any of the
Information which the Corporation determines in good faith to be confidential, and of which
determination the Inspectors are so notified, shall not be disclosed by the Inspectors unless (i)
the disclosure of such Information is necessary to avoid or correct a material misstatement or
omission in the registration statement, (ii) the release of such Information is ordered pursuant to
a subpoena or other order from a court or governmental agency or authority of competent
jurisdiction, (iii) such Information has been made generally available to the public through no
breach of the nondisclosure obligations of the Inspectors or their Affiliates or (iv) such
disclosure is required to be made under applicable law. Each Selling Holder of such Investor
Registrable Shares agrees that information obtained by it as a result of such inspections shall be
deemed confidential and shall not be used by it as the basis for any market transactions in the
securities of the Corporation or its Affiliates unless and until such is made generally available
to the public. Each Selling Holder of such Investor Registrable Shares further agrees that it will,
upon learning that disclosure of such Information is sought in a court of competent jurisdiction,
give notice to the Corporation and allow the Corporation, at its expense, to undertake appropriate
action to prevent disclosure of the Information deemed confidential;

          (j) use its best efforts to obtain from its independent certified public accountants “cold
comfort” letters, addressed to each Selling Holder and to each Underwriter, in customary form and
at customary times and covering matters of the type customarily covered by cold comfort letters;

          (k) use its best efforts to obtain from its counsel an opinion or opinions, addressed to each
Selling Holder and to each Underwriter, in customary form and covering matters of the type
customarily covered by opinions in registered public offerings;

          (l) provide a transfer agent and registrar (which may be the same entity and which may be the
Corporation) for such Investor Registrable Shares;

          (m) promptly issue to any Underwriter to which the Selling Holders holding such Investor
Registrable Shares may sell shares in such offering certificates evidencing such Investor
Registrable Shares;

          (n) list such Investor Registrable Shares on any national securities exchange on which any
shares of the Common Stock are then listed or, if the Common Stock is not listed on a national
securities exchange, use its best efforts to qualify such Investor Registrable Shares for inclusion
on NASDAQ or the American Stock Exchange;

          (o) otherwise use its best efforts to comply with all applicable rules and regulations of the
Commission and make available to its securityholders, as soon as reasonably practicable, earnings
statements covering a period of 12 months beginning within three months
after the effective date of the subject registration statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act; and

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          (p) otherwise use its best efforts to take all other steps necessary to effect the
registration of such Investor Registrable Shares contemplated hereby.

          The Corporation may require each Selling Holder of Investor Registrable Shares to promptly
furnish in writing to the Corporation such information regarding the distribution of the Investor
Registrable Shares as the Corporation may from time to time reasonably request and such other
information as may be legally required in connection with such registration.

          Each holder of the Investor Registrable Shares, upon receipt of any notice from the
Corporation of any event of the kind described in Section 7(a) hereof, shall forthwith discontinue
disposition of the Investor Registrable Shares pursuant to the registration statement covering such
Investor Registrable Shares until such holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 7(a) hereof, and, if so directed by the Corporation,
such holder shall deliver to the Corporation all copies, other than permanent file copies then in
such holder’s possession, of the prospectus covering such Investor Registrable Shares at the time
of receipt of such notice.

     Section 6. Expenses.

          All expenses incurred by the Corporation and the Investor in complying with their obligations
pursuant to this Agreement and in connection with the registration and disposition of Investor
Registrable Shares, including, without limitation, all registration and filing fees (including all
expenses incident to filing with the NASD), fees and expenses of complying with securities and blue
sky laws, fees and expenses incurred in connection with the listing of the Investor Registrable
Shares, printing expenses, fees and expenses of the Corporation’s counsel and accountants
(including the expenses of any comfort letters or costs associated with the delivery by independent
certified public accountants of a comfort letter or comfort letters requested pursuant to Section
5(j) hereof), fees and expenses of any special experts retained by the Corporation in connection
with such registration and fees and expenses of the Investors’ Counsel shall be paid by the
Corporation; provided, however, that all underwriting fees, discounts and selling
commissions applicable to the Investor Registrable Shares shall be borne by the holders selling
such Investor Registrable Shares, in proportion to the number of Investor Registrable Shares sold
by each such holder.

     Section 7. Indemnification and Contribution.

          (a) In connection with any registration of any Investor Registrable Shares under the
Securities Act pursuant to this Agreement, the Corporation shall indemnify and hold harmless each
Selling Holder of Investor Registrable Shares, each of such holder’s officers, directors,
employees, members, partners, advisors and agents and their respective Affiliates, and each other
Person, if any, who controls any of the foregoing Persons within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims,
damages, liabilities, or actions joint or several (or actions in respect thereof), to
which any of the foregoing persons may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon an untrue statement or allegedly untrue statement of a material fact contained in

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the registration statement under which such Investor Registrable Shares were registered under the
Securities Act, any preliminary prospectus or final prospectus contained therein or otherwise filed
with the Commission, any amendment or supplement thereto or any document incident to registration
or qualification of any Investor Registrable Shares, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading or, with respect to any prospectus, necessary to make
the statements therein in light of the circumstances under which they were made not misleading, or
any violation by the Corporation of the Securities Act or state securities or blue sky laws
applicable to the Corporation or relating to action or inaction required of the Corporation in
connection with such registration or qualification under such state securities or blue sky laws;
and shall reimburse such Persons for any legal or other expenses reasonably incurred by any of them
in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Corporation shall not be liable in any such case to the
extent that any such losses, claims, damages, liabilities or actions (including any legal or other
expenses incurred) arises out of or is based upon an untrue statement or allegedly untrue statement
or omission or alleged omission made in said registration statement, preliminary prospectus, final
prospectus, amendment, supplement or document incident to registration or qualification of any
Registrable Shares in reliance upon and in conformity with written information furnished to the
Corporation by such Selling Holder of Investor Registrable Shares specifically for use in the
preparation thereof; provided further, however, that the foregoing
indemnity agreement is subject to the condition that, insofar as it relates to any untrue
statement, allegedly untrue statement, omission or alleged omission made in any preliminary
prospectus but eliminated or remedied in the final prospectus, such indemnity agreement shall not
inure to the benefit of any of such Persons if a copy of such final prospectus had been made
available to such Persons and such final prospectus was not delivered to the purchaser of the
Investor Registrable Shares with or prior to the written confirmation of the sale of such
Registrable Shares. The Corporation also agrees to indemnify any underwriters of the Investor
Registrable Shares, their officers and directors and each person who controls such underwriters.

          (b) In connection with any registration of Investor Registrable Shares under the Securities
Act pursuant to this Agreement, each Selling Holder of Investor Registrable Shares shall severally
and not jointly indemnify and hold harmless (in the same manner and to the same extent as set forth
in Section 7(a)) the Corporation, each director of the Corporation, each officer of the Corporation
who shall sign such registration statement, and each Person who controls any of the foregoing
persons within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
with respect to any statement or omission from such registration statement, any preliminary
prospectus or final prospectus contained therein or otherwise filed with the Commission, any
amendment or supplement thereto or any document incident to registration or qualification of any
Investor Registrable Shares, if such statement or omission was made in reliance upon and in
conformity with written information furnished to the Corporation by such Selling Holder of Investor
Registrable Shares specifically for use in connection with the preparation of such registration
statement, preliminary prospectus, final prospectus, amendment,
supplement or document; provided, however, that the maximum amount of
liability in respect of such indemnification shall be limited, in the case of each Selling Holder
of Investor Registrable Shares, to an amount equal to the net proceeds actually received by such
holder from the sale of

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Investor Registrable Shares effected pursuant to such registration. In
case any action or proceeding shall be brought against the Corporation or its officers, directors
or agents or any such controlling person, in respect of which indemnity may be sought against such
Selling Holder, such Selling Holder shall have the rights and duties given to the Corporation, and
the Corporation or its officers, directors or agents or such controlling person shall have the
rights and duties given to such Selling Holder, by the preceding paragraph. Each Selling Holder
also agrees to indemnify and hold harmless Underwriters of the Investor Registrable Securities,
their officers and directors and each person who controls such Underwriters on substantially the
same basis as that of the indemnification of the Corporation provided in this Section 7(b).

          (c) In case any action or proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to Section
7(a) or 7(b), such person (an “Indemnified Party”) shall promptly notify the person against whom
such indemnity may be sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall
assume the defense thereof, including the employment of counsel reasonably satisfactory to such
Indemnified Party, and shall assume the payment of all fees and expenses, provided that the
failure of any Indemnified Party to so notify an Indemnifying Party of any such action or
proceeding shall not relieve the Indemnifying Party from any liability in respect of such action or
proceeding that it may have to an Indemnified Party hereunder. In any such action or proceeding,
any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party
and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include both the Indemnified
Party and the Indemnifying Party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them or (iii) the Indemnified
Party shall have reasonably concluded that there may be one or more legal or equitable defenses
available to such Indemnified Party which are additional to or conflict with those available to the
Indemnifying Party, or that such claim or litigation involves or could have an effect upon matters
beyond the scope of the indemnity agreement provided hereunder. It is understood that the
Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that
all such fees and expenses shall be reimbursed as they are incurred. In the case of any such
separate firm for the Indemnified Parties, such firm shall be designated in writing by the
Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without consent, but if settled with such consent, or if there be a final
judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such
Indemnified Parties from and against any loss or liability (to the extent stated above) by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
Indemnified party shall have requested an Indemnifying Party to reimburse the Indemnified Party for
fees and expenses of counsel as contemplated by the third sentence of this paragraph, the
Indemnifying Party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i)
such settlement is entered into more than 30 business days after receipt by such Indemnifying Party
of the aforesaid request and (ii) such Indemnifying Party shall not have reimbursed the Indemnified
Party in accordance with such request prior to the date of

11

 

such settlement. No Indemnifying Party
shall, without the prior written consent of the Indemnified Party, effect any settlement of any
pending or threatened action or proceeding in respect of with any indemnified party is or could
have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless
such settlement includes an unconditional release of such Indemnified Party from all liability
arising out of such action or proceeding.

          (d) If the indemnification provided for in this Section 7 is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party or insufficient with respect to any loss,
claim, damage, liability or action referred to herein, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party hereunder, shall contribute to the amounts paid or payable by
such Indemnified Party as a result of such loss, claim, damage, liability or action (i) as between
the Corporation and the Selling Holders on the one hand and the Underwriters on the other, in such
proportion as is appropriate to reflect the relative benefits received by the Corporation and the
Selling Holders on the one hand and the Underwriters on the other from the offering of the
securities, or if such allocation is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits but also the relative fault of the
Corporation and the Selling Holders on the one hand and of the Underwriters on the other in
connection with the statements or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations, and (ii) as between the
Corporation on the one hand and each Selling Holder on the other, in such proportion as is
appropriate to reflect the relative fault of the Corporation and of each Selling Holder in
connection with such statements or omissions, as well as any other relevant equitable
considerations. The relative benefits received by the Corporation and the Selling Holders on the
one hand and the Underwriters on the other shall be deemed to be in the same proportion as the
total proceeds from the offering (net of underwriting discounts and commissions but before
deducting expenses) received by the Corporation and the Selling Holders bear to the total
underwriting discounts and commissions received by the Underwriters, in each case as set forth in
the table on the cover page of the prospectus. The relative fault of the Corporation and the
Selling Holders on the one hand and of the Underwriters on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the
Corporation and the Selling Holders or by the Underwriters. The relative fault of the Corporation
on the one hand and of each Selling Holder on the other shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by such party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

          The Corporation and the Selling Holders agree that it would not be just and equitable if
contribution pursuant to this Section 7(d) were determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a
result of the losses, claims, damages or liabilities referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such Indemnified Party in connection with investigating or
defending any

12

 

such action or claim. Notwithstanding the provisions of this Section 7(d), no
Underwriter shall be required to contribute any amount in excess of the amount by which the total
price at which the securities underwritten by it and distributed to the public were offered to the
public exceeds the amount of any damages which such Underwriter has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission, and no
Selling Holder shall be required to contribute any amount in excess of the amount by which the
total price at which the Registrable Shares of such Selling Holder were offered to the public
exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Selling Holder’s obligations to contribute pursuant to this Section 7(d)
are several in proportion to the proceeds of the offering received by such Selling Holder bears to
the total proceeds of the offering received by all the Selling Holders and not joint.

     Section 8. Participation; Information by Holder.

          (a) No Person may participate in any underwritten registration hereunder unless such Person
(a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangements and these
registration rights.

          (b) The Stockholders shall furnish to the Corporation such written information regarding the
Investors and the distribution proposed by any Investors as the Corporation may reasonably request
in writing and as shall be reasonably required in connection with any registration referred to in
this Agreement.

     Section 9. Exchange Act Compliance.

          From the Registration Date or such earlier date as a registration statement filed by the
Corporation pursuant to the Exchange Act relating to any class of the Corporation’s securities
shall have become effective, the Corporation shall comply with all of the reporting requirements of
the Exchange Act applicable to it and shall comply with all other public information reporting
requirements of the Commission which are conditions to the availability of Rule 144. The
Corporation shall cooperate with the Selling Holders in supplying such information as may be
necessary for the Selling Holders to complete and file any information reporting forms presently or
hereafter required by the Commission as a condition to the availability of Rule 144.

     Section 10. No Conflict of Rights; Future Rights.

          The Corporation represents and warrants that the registration rights granted hereby do not
conflict with any other registration rights granted by the Corporation. The Corporation shall not,
after the date hereof, grant any registration rights which conflict with or impair the rights
granted under this Agreement.

13

 

     Section 11. Termination.

          This Agreement shall terminate and be of no further force or effect when there shall no longer
be any Investor Registrable Shares outstanding.

     Section 12. Benefits of Agreement.

          Except as provided herein, this Agreement shall bind and inure to the benefit of the
Corporation and Investors and, subject to Section 13, the respective successors and assigns of the
Corporation and the Investor.

     Section 13. Assignment.

          The Investor may assign its rights hereunder to any Person to whom it transfers Common Stock
or Series A Preferred Shares pursuant to and in accordance with the Securities Purchase Agreement;
provided, however, that such transferee shall, as a condition to the effectiveness
of such assignment, be required to execute a counterpart to this Agreement agreeing to be treated
as a Stockholder whereupon such transferee shall have the benefits of, and shall be subject to the
restrictions contained in, this Agreement as if such transferee was originally included in the
definition of an Investor herein and had originally been a party hereto. The Corporation may not
assign any rights hereunder without the consent of the Investor.

     Section 14. Entire Agreement.

          This Agreement, and the other writings referred to herein or delivered pursuant hereto,
contain the entire agreement among the parties hereto with respect to the subject matter hereof and
supersede all prior and contemporaneous arrangements or understandings with respect thereto.

     Section 15. Notices.

          All notices, requests, consents and other communications hereunder to any party shall be
deemed to be sufficient if contained in a written instrument delivered in person or sent by
telecopy, nationally-recognized overnight courier or first class registered or certified mail,
return receipt requested, postage prepaid, addressed to such party at the address set forth below
or such other address as may hereafter be designated in writing by such party to the other parties:

	 	(i)	 	if to the Corporation, to:

Comprehensive Care Corporation

Suite 200

204 South Hoover Boulevard

Tampa, Florida 33609

Fax: (813) 288-4850

Attention: Chief Financial Officer

14

 

	 	(ii)	 	if to the Investor, to:

Woodcliff Healthcare Investment Partners LLC

535 Madison Avenue, 35th Floor

New York, New York 10022

Attention: Nicholas Lewin

Fax: 212-898-1161

or to such other address as the party to whom notice is to be given may have furnished to the other
parties in writing in accordance herewith. All such notices, requests, consents and other
communications shall be deemed to have been delivered (a) in the case of personal delivery or
delivery by telecopy, on the date of such delivery, (b) in the case of dispatch by
nationally-recognized overnight courier, on the next business day following such dispatch and (c)
in the case of mailing, on the third business day after the posting thereof.

     Section 16. Modifications; Amendments; Waivers.

          The terms and provisions of this Agreement may not be modified or amended except pursuant to a
writing signed by the Corporation and Investor or holders holding at least a majority of all
Investor Registrable Shares. Any waiver of any provision of this Agreement requested by any party
hereto must be granted in advance, in writing by the party granting such waiver; provided,
however, that the holders of a majority of all then outstanding Investor Registrable Shares
may grant a waiver on behalf of all holders holding as transferees of the Investor.

     Section 17. Delays or Omissions; Remedies.

          (a) No delay or omission to exercise any right, power or remedy accruing to the Investor,
upon any breach or default of the Corporation under this Agreement shall impair any such right,
power or remedy of the Investor nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of
any kind or character on the part of the Investor of any breach or default under this Agreement or
any waiver on the part of the Investor of any provisions or conditions of this Agreement must be
made in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement or by law or otherwise afforded to the Investor, shall be
cumulative and not alternative.

          (b) In addition to any other remedies provided by law, it is acknowledged that it will be
impossible to measure in money the damages that would be suffered if the parties hereto fail to
comply with any of the obligations herein imposed on them and that in the event of any such
failure, an aggrieved person will be irreparably damaged and will not have an adequate remedy at
law. Any such aggrieved person shall, therefore, be entitled to injunctive relief, including
specific performance, to enforce such obligations, and if any action should be brought in equity to
enforce any of the provisions of this Agreement, none of the parties hereto shall, to the

15

 

fullest
extent permitted by applicable law, raise the defense that there is an adequate remedy at law.

     Section 18. Counterparts; Facsimile Signatures.

          This Agreement may be executed in any number of original or facsimile counterparts, and each
such counterpart hereof shall be deemed to be an original instrument, but all such counterparts
together shall constitute but one agreement.

     Section 19. Headings.

          The headings of the various sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed to be a part of this Agreement.

     Section 20. Governing Law; Consent to Jurisdiction and Venue; Waiver of Jury Trial.

          This Agreement shall be governed by and construed in accordance with the laws of the State of
New York, without giving effect to any law or rule that would cause the laws of any jurisdiction
other than the State of New York to be applied.

          ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE
BROUGHT AND ENFORCED IN THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK, TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR, AND
THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING. EACH OF THE PARTIES IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH ACTION OR
PROCEEDING IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY OR THE SOUTHERN
DISTRICT OF NEW YORK AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN ANY INCONVENIENT FORUM. ANY JUDGMENT MAY BE ENTERED IN ANY COURT HAVING
JURISDICTION THEREOF.

          EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

     Section 21. Severability.

          It is the desire and intent of the parties that the provisions of this Agreement be enforced
to the fullest extent permissible under the law and public policies applied in each jurisdiction in
which enforcement is sought. Accordingly, in the event that any provision of this Agreement would
be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating the

16

 

remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any
other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn
so as not be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other jurisdiction.

* * * *

17

 

          IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement on the
date first written above.

	 	 	 	 	 
	 	 	COMPREHENSIVE CARE CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert J. Landis
	 

	 	 	 	 

	 

	 	 	 	Name: Robert J. Landis
	 

	 	 	 	Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	INVESTOR:
	 
	 	 	 	 
	 	 	WOODCLIFF HEALTHCARE INVESTMENT
	 	 	PARTNERS LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Nicholas Lewin
	 

	 	 	 	 

	 

	 	 	 	Name: Nicholas Lewin
	 

	 	 	 	Title: Managing MemberEx-10.3 Employment Agreement Waiver

 

EXHIBIT 10.3

WAIVER OF CERTAIN EMPLOYMENT AGREEMENT ENTITLEMENTS

     THIS WAIVER OF CERTAIN EMPLOYMENT AGREEMENT ENTITLEMENTS (this “Agreement”) is dated as of
June 14, 2005 (the “Effective Date”) by and between MARY JANE JOHNSON (hereinafter referred to as
the “Executive”), and COMPREHENSIVE CARE CORPORATION, a Delaware corporation (hereinafter referred
to as the “Corporation”).

RECITALS

     WHEREAS, the parties entered into that certain Employment Agreement dated effective February
7, 2003, as amended by that certain First Amendment dated as of the Effective Date (collectively,
the “Employment Agreement”);

     WHEREAS, the Corporation has entered into a Securities Purchase Agreement, dated as of the
Effective Date (the “Purchase Agreement”), pursuant to which the Corporation will issue to
Woodcliff Healthcare Investment Partners, LLC (the “Investor”), 14,400 shares of the Corporation’s
Series A Convertible Preferred Stock, $50.00 par value per share (“Series A Preferred Stock”) in
exchange for $3,600,000.00 in cash, which represents a purchase price of $250.00 per share, as well
as shares of the Corporation’s common stock, par value $0.01 per share, upon any exercise of the
put options by the Corporation on the terms and conditions set forth in the Purchase Agreement
(collectively, the “Private Offering”);

     WHEREAS, in conjunction with the Private Offering, the Corporation desires that Executive
waive any entitlements the Executive may receive in the Event of a Change of Control from the
Corporation and any entitlements the Executive may have to a Special Transaction Bonus as described
hereinbelow; and

     WHEREAS, this waiver of certain of the Executive’s rights pursuant to her Employment Agreement
is being delivered as a condition to the closing of the transactions contemplated by the Purchase
Agreement in favor of the Investor and as partial consideration for the Investor’s purchase of the
Series A Preferred Stock; and

     WHEREAS, Executive agrees to waive said entitlements.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter specified, and other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each
party, it is agreed as follows:

     1. Recitals; Defined Terms. The recital clauses set forth hereinabove are true and
correct and are incorporated herein by this reference. Except as expressly provided herein to the
contrary, all capitalized terms utilized in this Agreement that are not defined in this Agreement
shall have the meanings ascribed to such terms in the Employment Agreement.

     2. Waiver of Change of Control Entitlements. The parties acknowledge that Article VI
of the Employment Agreement states that, in the event of a Change of Control as described therein,
(i) the Executive, in her sole discretion, may elect to terminate her employment at any time within
one (1) year following the Change in Control and upon her election to terminate her employment, the
Corporation is obligated to pay to Executive a Severance Benefit or (ii) in the event that
Executive does not elect to terminate her employment within one year following a Change in Control
and during such one year period or at any time thereafter during the unexpired term of this
Agreement and (i) her employment is terminated by the Company for reasons other than cause, as
defined herein, or (ii) though not terminated by the Company, Executive’s duties and
responsibilities are materially curtailed or diminished from those prevailing immediately preceding
the time of the Change in Control, and following such material

 

 

curtailment or diminution, Executive elects to terminate her employment irrespective of
whether or not the term of this Agreement shall have expired, then the Company shall pay to the
Executive a severance benefit equal to the greater of the Executive’s Base Salary for the unexpired
portion of the term or an amount equal to two times the amount of Executive’s Base Salary [all of
the remuneration and benefits described in clauses (i) and (ii) of this sentence hereinafter
referred to as the (“Change of Control Entitlements”)]. In consideration of the Corporation’s
amending Executive’s Employment Agreement in connection with the Private Offering, and other good
and valuable consideration the receipt and sufficiency of which is hereby acknowledged by the
Executive, the Executive hereby waives, releases, forfeits and relinquishes any and all right,
claim, title and interest in and to the Change of Control Entitlements that may be triggered by the
closing of the Private Offering, and agrees that the Corporation and its officers, directors,
employees, stockholders, agents, successors and assigns shall have no obligation to make payment of
or provision for the Change of Control Entitlements in such case.

     3. Waiver of Special Transaction Bonus. The parties acknowledge that Article VIII of
the Employment Agreement states that, upon the consummation of a Special Transaction, as described
therein, the Corporation is obligated to pay to the Executive a Special Transaction Bonus equal to
1% of the Special Transaction Value in excess of $5 million [all of the remuneration and benefits
described in this sentence hereinafter referred to as the (“Bonus Entitlements”)]. In
consideration of the Corporation’s amending Executive’s Employment Agreement in connection with the
Private Offering, and other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged by the Executive, the Executive hereby waives, releases, forfeits and
relinquishes any and all right, claim, title and interest in and to the Bonus Entitlements that may
be triggered by the Private Offering, and agrees that the Corporation and its officers, directors,
employees, stockholders, agents, successors and assigns shall have no obligation to make payment of
or provision for the Bonus Entitlements in such case.

     4. Binding; Specific Performance. This Agreement shall be binding upon, and inure to
the benefit of, the parties hereto and the respective legal and personal representatives, heirs,
successors and assigns of the parties hereto. The parties hereby declare that it is impossible to
measure in money the damages that will accrue to a party hereto by reason of failure of the other
party to perform any of their obligations under this Agreement. Therefore, if any party shall
institute any action or proceeding to enforce the provisions hereof, the defendant or defendants
against whom the action or proceeding is brought hereby waive the claim or defense therein that
such a party has an adequate remedy at law, and such party shall not urge in any action or
proceeding the claim or defense that a remedy at law exists.

     5. Governing Laws. This Agreement shall be subject to, governed by, and construed in
accordance with the laws of the State of Florida.

     6. Waiver of Right to Trial by Jury. THE CORPORATION AND EXECUTIVE WAIVE THE RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS
AGREEMENT. THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY EACH PARTY AND EACH
PARTY EXPRESSLY ACKNOWLEDGES THAT NEITHER THE OTHER PARTY NOR ANY PERSON ACTING ON BEHALF OF THE
OTHER PARTY HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY
WAY TO MODIFY OR NULLIFY ITS EFFECT. EACH PARTY ACKNOWLEDGES TO THE OTHER THAT IT HAS READ AND
UNDERSTANDS THE MEANING AND EFFECT OF THIS WAIVER PROVISION.

     7. Severability. If for any reason any provision of this Agreement is held invalid,
such invalidity shall not affect any other provision of this Agreement not held invalid, and all
such other provisions shall continue in full force and effect. If any provision of this Agreement
shall be held invalid in part, such invalidities shall in no way affect the rest of such provision
not held so invalid, and the rest of such provision, together with all other provisions of this
Agreement, shall to the full extent consistent with law, continue in full force and effect.

2

 

     8. Notices. Any notice or communication given pursuant hereto by any party shall be
in writing and hand delivered or mailed by registered or certified mail, postage prepaid, to the
party at the address set forth below or to such other address as a party may designate by written
notice given to the other party in accordance with this provision.

     9. Headings. The headings of the paragraphs of this Agreement are inserted for
convenience of reference only and shall not constitute a part hereof.

     10. Entire Agreement. This Agreement, including the other documents referred to
herein which form a part hereof, contains the entire understanding of the parties hereto with
respect to the subject matter contained herein and supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

     11. Amendment. This Agreement may not be amended or modified except by instrument in
writing signed by all of the parties.

     12. Counterparts. This Agreement may be executed in any number of counterparts, by
facsimile signature or otherwise, each of which shall be an original but all of which together
shall constitute one and the same instrument.

[Signature Page to Follow]

3

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective the date first
set forth above.

	 	 	 	 	 
	 	 	EXECUTIVE:
	 
	 	 	 	 
	 	 	MARY JANE JOHNSON
	 
	 	 	 	 
	 	 	/s/ Mary Jane Johnson
	 	 	 

	 	 	Mary Jane Johnson
	 
	 	 	 	 
	 	 	Address: 204 South Hoover Blvd., Suite 200
	 	 	               Tampa, FL 33609
	 
	 	 	 	 
	 	 	CORPORATION:
	 
	 	 	 	 
	 	 	COMPREHENSIVE CARE CORPORATION, a
	 	 	Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert J. Landis
	 

	 	 	 	 

	 

	 	 	 	Robert J. Landis, Chief Financial Officer
	 
	 	 	 	 
	 	 	Address: 204 South Hoover Blvd., Suite 200
	 	 	               Tampa, FL 33609

Acknowledged and Agreed

WOODCLIFF HEALTHCARE INVESTMENT PARTNERS, LLC

	 	 	 	 	 
	By:

	 	/s/ Nicholas Lewin	 	 
	 

	 	 

	 	 
	 

	 	Nicholas Lewin, Managing Member	 	 

4

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