Document:

5805
State Bridge Road, Suite G328

Duluth,
Ga. 30097

 

April
18, 2016

 

BBV
International Consulting, LLC.

420
Technology Parkway, Suite 200

Norcross,
GA 30092

Attention:
Mr. Lawrence Sands, COB

Re:
Proposal to Purchase the Assets of the Business of BBVI Consulting and its wholly owned subsidiaries.

 

Dear
Mr. Sands:

 

This
letter is intended to summarize the principal terms of a proposal being considered by Medical Innovation Holdings, Inc. (“Buyer”)
regarding its possible acquisition of substantially all of the assets, specifically customer/client relationships along with revenue
opportunities and business transactions, of BBVI Consulting, that is in the business of providing strategic investment support
and revenue growth opportunities in international markets. BBVI (“Seller”) specializes in revenue generation,
technology consulting, and financial consulting services. The possible acquisition of the Business is referred to as the “Transaction”
and Buyer and Seller are referred to collectively as the “Parties.” The companies have a consulting engagement
currently in place working on joint opportunities in several international and domestic locations.

 

 1. Acquisition of Certain Business Transaction and Relationships and Purchase Price.

 

(a) Subject
to the satisfaction of the conditions described in this Letter, at the closing of the Transaction, Buyer would acquire substantially
all of the business transactions, client contacts and relationships, of the Business (the “Assets”), free and
clear of all encumbrances, at the purchase price set forth in Section 1(b).

 

(b) The
purchase price for the Assets will be determined upon examination of financial records, and client relationships. The purchase
price (the “Purchase Price”) is expected to be in the form of restricted stock.

 

(c) Buyer
will confirm the Purchase Price based on a completed review of the business financials and pending revenue transactions for the
period April 1, 2016 to April 30, 2017.

 

2. Proposed
Definitive Agreement. As soon as reasonably practicable after the execution of this Letter, the Parties shall commence to
negotiate a definitive purchase agreement (the “Definitive Agreement”) relating to Buyer’s acquisition
of the Assets, to be drafted by Buyer’s counsel. The Definitive Agreement would include the terms summarized in this Letter
and such other representations, warranties, conditions, covenants, indemnities and other terms that are customary for transactions
of this kind and are not inconsistent with this Letter. The Parties shall also commence to negotiate ancillary agreements to be
drafted by Buyer’s counsel, including (i) an escrow agreement, (ii) a bill of sale, and (iii) an assignment and assumption
agreement. If necessary, upon the execution of the Definitive Agreement, the Seller will retain an Auditor with PCAOB qualifications
to complete a full financial Audit.

 

    	 	 	 

    	 	 	 

    

 

3. Conditions.
Buyer’s obligation to close the proposed Transaction will be subject to customary conditions, including:

 

 (a) Buyer’s satisfactory completion of due diligence;

 

 (b) the Board of Directors of Buyer and Seller approving the Transaction;

 

 (c) the Parties’ execution of the Definitive Agreement and the ancillary agreements;

 

 (d) the receipt of any regulatory approvals and third party consents, on terms satisfactory to Buyer;

 

(e) Seller
and its affiliates entering into restrictive covenants, in a form acceptable to Buyer, agreeing not to: (i) compete with the Business
for five years following the closing, and (ii) hire or solicit any employee of the Business or encourage any such employee to
leave such employment for a period of three years following the closing; and

 

(f) there
being no material adverse change in the business, results of operations, prospects, condition (financial or otherwise) or assets
of the Business.

 

4. Due
Diligence. From and after the date of this Letter, Seller will authorize its management to allow Buyer and its advisors full
access to the facilities, records, key employees and advisors of the Business for the purpose of completing Buyer’s due
diligence review. The due diligence investigation will include, but is not limited to, a complete review of the financial, legal,
tax, environmental, intellectual property and labor records and agreements of the Business, and any other matters as Buyer’s
accountants, tax and legal counsel, and other advisors deem relevant.

 

5. Employment
Arrangements. Buyer at its discretion, offer employment to substantially all of the employees of the Business and would expect
the Seller’s management to use its reasonable best effort to assist Buyer to employ those individuals, under similar terms
and conditions that those employees are currently employed.

 

6. Covenants
of Seller. During the period from the signing of this Letter through the execution of the Definitive Agreement, Seller will:
(i) conduct the Business in the ordinary course in a manner consistent with past practice, (ii) maintain its properties and other
assets in good working condition (normal wear and tear excepted), and (iii) use its best efforts to maintain the Business and
employees, customers, assets and operations as an ongoing concern in accordance with past practice.

 

 7. Exclusivity.

 

(a) In
consideration of the expenses that Buyer has incurred and will incur in connection with the proposed Transaction, Seller agrees
that until such time as this Letter has terminated in accordance with the provisions of paragraph 8 (such period, the “Exclusivity
Period”), neither it nor any of its representatives, officers, employees, directors, agents, stockholders, subsidiaries
or affiliates (the “Seller Group”) shall initiate, solicit, entertain, negotiate, accept or discuss, directly
or indirectly, any proposal or offer from any person or group of persons other than Buyer and its affiliates (an “Acquisition
Proposal”) to acquire all or any portion of the Business or the Assets, whether by merger, purchase of stock, purchase
of assets, tender offer or otherwise, or provide any non-public information to any third party in connection with an Acquisition
Proposal or enter into any agreement, arrangement or understanding requiring it to abandon, terminate or fail to consummate the
Transaction with Buyer. Seller agrees to immediately notify Buyer if any member of the Seller Group receives any indications of
interest, requests for information or offers in respect of an Acquisition Proposal, and will communicate to Buyer in reasonable
detail the terms of any such indication, request or offer, and will provide Buyer with copies of all written communications relating
to any such indication, request or offer. Immediately upon execution of this Letter, Seller shall, and shall cause the Seller
Group to, terminate any and all existing discussions or negotiations with any person or group of persons other than Buyer and
its affiliates regarding an Acquisition Proposal. Seller represents that no member of the Seller Group is party to or bound by
any agreement with respect to an Acquisition Proposal other than under this Letter.

 

    	 	 2	 

    	 	 	 

    

 

(b) If
within the Exclusivity Period, Seller does not execute definitive documentation for the Transaction reflecting the material terms
and conditions for the Transaction set forth in this Letter or material terms and conditions substantially similar thereto (other
than as a result of either the mutual agreement by Buyer and Seller to terminate this Letter or to change such material terms
and conditions in any material respects or the unilateral refusal of Buyer to execute such definitive documentation), then Seller
shall pay to Buyer an amount equal to the reasonable out-of-pocket expenses (including the reasonable fees and expenses of legal
counsel, accountants and other advisors and whether incurred prior to or after the date hereof) incurred by Buyer in connection
with the proposed Transaction, which amount shall be payable in same day funds on the day that is the first business day after
the Exclusivity Period.

 

8. Termination.
This letter will automatically terminate and be of no further force and effect upon the earlier of (i) execution of the
Definitive Agreement by Buyer and Seller, (ii) mutual agreement of Buyer and Seller, and (iii) 12 PM on April 24,
2017. Notwithstanding anything in the previous sentence, paragraphs 7(b),10, 11 and 13 shall survive the termination of this
Letter and the termination of this Letter shall not affect any rights any Party has with respect to the breach of this Letter
by another Party prior to such termination.

 

9. Bid
Expiration. This offer will remain in effect until 12 PM, EST time, on April 24, 2017 unless accepted or rejected by Seller,
or withdrawn by Buyer prior to that time.

 

10. GOVERNING
LAW. THIS LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH INTERNAL LAWS OF THE STATE OF GEORGIA, WITHOUT
GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF GEORGIA OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY JURISDICTION OTHER THAN THOSE OF THE STATE OF
GEORGIA.

 

11. Confidentiality.
This Letter is confidential to the Parties and their representatives and is subject to the confidentiality agreement entered into
between Buyer and Seller on which continues in full force and effect.

 

12. No
Third Party Beneficiaries. Except as specifically set forth or referred to herein, nothing herein is intended or shall be
construed to confer upon any person or entity other than the Parties and their successors or assigns, any rights or remedies under
or by reason of this Letter.

 

13. Expenses.
Except as set forth in Section 7(b),the Parties will each pay their own transaction expenses, including the fees and expenses
of investment bankers and other advisors, incurred in connection with the proposed Transaction.

 

14. No
Binding Agreement. This Letter reflects the intention of the Parties, but for the avoidance of doubt neither this Letter nor
its acceptance shall give rise to any legally binding or enforceable obligation on any Party, except with regard to paragraphs
7 through 13 hereof. No contract or agreement providing for any transaction involving the Business shall be deemed to exist between
Seller and Buyer and any of its affiliates unless and until a final definitive agreement has been executed and delivered.

 

15. Miscellaneous.
This Letter may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one agreement. The headings of the various sections of this Letter have been inserted for reference only and shall
not be deemed to be a part of this Letter.

 

SIGNATURE
PAGE FOLLOWS

 

    	 	 3	 

    	 	 	 

    

 

If
you are in agreement with the terms set forth above and desire to proceed with the proposed Transaction on that basis, please
sign this Letter in the space provided below and return an executed copy to the attention of Arturo Sanchez.

 

	 	Very
    truly yours,
	 	 
	 	Medical
    Innovation Holdings, Inc.
	 	 	 
	 	By:	
	 	Name:	Arturo
    Sanchez
	 	Title:	CEO

 

Agreed to and accepted:

 

BBVI Consulting

 

	By: 		 
	Name: 	Lawrence Sands	 
	Title:	COB	 

 

    	 	 4Exhibit

Exhibit 10(a) 

FORM OF
2010 LONG TERM INCENTIVE PLAN
DIRECTOR RESTRICTED STOCK UNIT AGREEMENT
Awardee:  ___________ (the “Awardee”)
Grant Date:  __________ (the “Grant Date”)
Restricted Stock Units: _________ (the “Restricted Stock Units”)

This DIRECTOR RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made as of the Grant Date by and between UNITED RENTALS, INC., a Delaware corporation having an office at 100 First Stamford Place, Suite 700, Stamford, CT  06902 (the “Company”), and Awardee.  Capitalized terms not defined herein shall have the meanings ascribed to them in the Company’s Second Amended and Restated 2010 Long Term Incentive Plan (the “Plan”).
In consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Grant of Restricted Stock Units.  The Company hereby grants to Awardee the Restricted Stock Units (the “Units”) identified above. The grant of Units is pursuant to the Plan and subject to the terms and conditions of this Agreement and the Plan.
2.Vesting.  The Units are fully vested as of the Grant Date.
3.Payment.  Units shall be settled in shares of the Company’s common stock (“Stock”) on a one-for-one basis.  On the earlier of (i) the third anniversary of  the Grant Date (the “Specified Date”), (ii) the fifth business day following Awardee’s “separation from service” (within the meaning of Treasury Regulation section 1.409A-3(a)(1)) for any reason, and (iii) the date of a “change in control” (within the meaning of Treasury Regulation section 1.409A-3(a)(5)), the Company shall deliver to Awardee (or Awardee’s estate in the event of the death of Awardee) a certificate, free and clear of any restrictive legend, representing a number of shares of Stock equal to the number of Units.
4.Deferral Elections.  Notwithstanding the foregoing, subject to any conditions deemed appropriate from time to time by the Committee (including suspension of the right to elect deferrals or to make changes to any existing deferral election), the Awardee may elect to defer the delivery of the Stock to be delivered in settlement of the Units using such deferral election form as approved by the Committee from time to time.
5.No Rights as a Stockholder; Dividends and Dividend Equivalents.  Neither the Units nor this Agreement shall entitle Awardee to any voting rights or other rights as a stockholder of the Company unless and until Stock has been issued in settlement thereof.   Without limiting the generality of the foregoing, no dividends or dividend equivalents shall accrue or be paid with respect to any Units.  
6.Transferability.  Units are not transferable by Awardee, whether by sale, assignment, exchange, pledge, or hypothecation, or by operation of law or otherwise.
7.Transferability of Shares of Stock.  The Company shall, to the extent it has not already done so, file a Registration Statement on Form S-8 (or otherwise) with the Securities and Exchange Commission relating to the shares of Stock to be delivered hereunder and comply with all applicable state securities laws prior to the distribution of shares of Stock hereunder.

8.Conformity with Plan.  Except as specifically set forth herein, this Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan, which is incorporated herein by reference.  Any inconsistencies between this Agreement and the Plan with respect to any mandatory provisions of the Plan shall be resolved in accordance with the terms of the Plan.  By executing and returning the enclosed copy of this Agreement, Awardee acknowledges its receipt of the Plan and its agreement to be bound by all the terms of the Plan.  
9.Awardee Advised To Obtain Personal Counsel and Tax Representation.  Unless you make a deferral election in accordance with Section 4 of this Agreement, the grant of Units under this Agreement will be eligible for the Company’s Director Awards Tax Policy.  IMPORTANT: The Company and its employees do not provide any guidance or advice to individuals who may be granted an Award under the Plan regarding the federal, state or local income tax consequences or employment tax consequences of participating in the Plan.  Each person who may be entitled to any benefit under the Plan is responsible for determining their own personal tax consequences of participating in the Plan, and for satisfying all tax liabilities associated with such participation.  Accordingly, you may wish to retain the services of a professional tax advisor in connection with any Awards under the Plan.
10.Adjustments for Changes in Capital Structure.  In the event of any change in capital structure or business of the Company by reason of a transaction or event described in Section 1.6.4 of the Plan, the Committee shall make appropriate adjustments described in said Section 1.6.4 as are equitable and reasonably necessary or desirable to preserve the intended benefits under this Agreement.
11.Section 409A.  This Agreement constitutes “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code and the regulations and other guidance promulgated thereunder (“Section 409A”).  This Agreement, any deferral election made in accordance with Section 4 above and the Plan provisions that apply to this Award are intended to comply with Section 409A and shall be interpreted, administered and construed in a manner consistent with such intent.  To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan (including, without limitation, Sections 1.3.1 and 2.1 thereof) and this Agreement, the provisions of this Agreement shall govern, and in the case of any conflict or potential inconsistency between this Section 11 and the other provisions of this Agreement, this Section 11 shall govern.  The Company shall have no liability to the Awardee if the Award is subject to the additional tax and penalties under Section 409A.
12.Miscellaneous.
		
	(a)
	This Agreement may not be changed or terminated except by written agreement signed by the Company and Awardee.  It shall be binding on the parties and on their personal representatives and permitted assigns.

		
	(b)
	This Agreement sets forth all agreements of the parties.  It supersedes and cancels all prior agreements with respect to the subject matter hereof.  It shall be enforceable by decrees of specific performance (without posting bond or other security) as well as by other available remedies.

		
	(c)
	Awardee understands and agrees, in accordance with Section 3.3 of the Plan, by accepting this Award, Awardee has expressly consented to all of the items listed in Section 3.3.2(d) of the Plan, which are incorporated herein by reference.

		
	(d)
	This Agreement shall be governed by, and construed in accordance with, the laws of Connecticut, without regard to principles of conflict of laws.  

		
	(e)
	BY ACCEPTING THIS AWARD, AWARDEE UNDERSTANDS AND AGREES THAT THE CHOICE OF FORUM AND DISPUTE RESOLUTION PROVISIONS SET FORTH 

2

IN SECTIONS 3.15 AND 3.16 OF THE PLAN, WHICH ARE EXPRESSLY INCORPORATED HEREIN BY REFERENCE AND WHICH, AMONG OTHER THINGS, PROVIDE THAT ANY DISPUTE, CONTROVERSY OR CLAIM BETWEEN THE COMPANY AND AWARDEE ARISING OUT OF OR RELATING TO OR CONCERNING THE PLAN OR THIS AGREEMENT SHALL BE FINALLY SETTLED BY ARBITRATION IN NEW YORK, NEW YORK, PURSUANT TO THE TERMS MORE FULLY SET FORTH IN SECTIONS 3.15 AND 3.16 OF THE PLAN, SHALL APPLY. 
		
	(f)
	This Agreement may be signed in one or more counterparts, each of which shall be an original, with the same effect as if the signature thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
UNITED RENTALS, INC.

		
	By:
	__________________________        

Name:             
Title:     
AWARDEE:

		
	By:
	__________________________    

Name:

3

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