Document:

EX-10.1

Exhibit 10.1

AMENDMENT TO CONTRACT P01309

BETWEEN

THE SECRETARY OF THE DEPARTMENT OF HEALTH AND HUMAN SERVICES

AND

WellCare of Louisiana, Inc.

Pursuant to the provisions of Sections 1851 through 1859 of the Social Security Act, the contract
between the Secretary of the U.S. Department of Health and Human Services and WellCare of
Louisiana, Inc., is hereby amended as follows:

Article II: Coordinated Care Plan (CCP)

The service area for H1903 is expanded to include West Baton Rouge, West Feliciana, East Feliciana,
Point Coupee, Orleans and Jefferson Parishes in the State of Louisiana.

This amendment will be in force effective August, 2005.

	 	 	 
	06/16/05

	 	/s/ Randolph Farris
	 

	 	 
	DATE

	 	James Randolph Farris, MD

Regional Administrator

Centers for Medicare & Medicaid Services
	 
	 	 
	06/15/05

	 	/s/ Todd S. Farha
	 

	 	 
	
 
	 	Todd Farha

President & CEO

WellCare of Louisiana, Inc.Exhibit 10.1

 

AMENDMENT NUMBER ONE TO

SYNOVUS FINANCIAL CORP./TOTAL SYSTEM SERVICES, INC.

DEFERRED COMPENSATION PLAN

 

THIS Amendment to the Synovus Financial Corp./Total System Services, Inc. Deferred Compensation Plan (“Plan”) is adopted by Synovus Financial Corp., effective as of July 8, 2005.

 

1.

 

	
            A new paragraph “G” is added to Section V of the Plan, as follows:
 

 

 “G.         Plan Mergers.  From time to time, other non-qualified deferred compensation plans may be merged into the Plan.  All Accounts resulting from such merged plans will be 100% vested as of the date of merger.  A list of merged plans, together with any special terms and conditions adopted in connection with the merger, is attached to the Plan as Exhibit “A.”

 

2.

 

	
            A new Exhibit “A” is added to the end of the Plan, as follows:
 

 

Exhibit “A”

 

Merged Plans

 

	
            Plan’s Name            
 	
             
 	
            Date of Merger
 	
             
 	
            Terms and Conditions
 
	
            Vital Processing Services, LLC 
 Deferred Retention Compensation Plan
 	
             
 	
            July 8, 2005
 	
             
 	
            New distribution elections permit-
 ted until 7/31/05 for participants
 who have not separated from service (separated participants Stephen Swope will be paid in a lump sum in August of 2005 and Glen Hunter will be paid in May of 2006).  New distribution elections may be made for 1-15 years and on annual or monthly basis; other distribution provisions governed by Synovus Plan.  Contribution elections grandfathered (including elections for percentages and specific dollar amounts) so long as compliant with Internal Revenue Code Section 409A.                                               

 
 
	
             
 	
             
 	
             
 	
             
 	
             
 

 

 

 

 

 

3.

 

	
            Except as amended herein, the Plan shall continue in full force and effect.
 

 

IN WITNESS WHEREOF, this amendment is hereby adopted as of the date indicated above.

 

 

	
            Synovus Financial Corp.
 

 

 

	
            By:
 	
            /s/Steven C. Evans
 

 

	
            Name:
 	
            Steven C. Evans
 

 

	
            Title: Senior Vice President
 

 

	
            Date: July 8, 2005Form of Subscription Agreement for 2004 Private Placement

     

     

    SUBSCRIPTION
      AGREEMENT 

    TO
      BE DELIVERED BY ACCREDITED INVESTORS

    

    

    The
      Phoenix Group Corporation

    2100
      McKinney Avenue

    Suite
      1555

    Dallas,
      TX 75201

    

    
      	 	
              RE:

            	
              Purchase
                of Shares of The Phoenix Group
                Corporation

            

    

    

    Gentlemen:

    

    I
      am
      delivering this letter in connection with an offer of shares of common stock,
      $0.001 par value per share (the “Shares”),
      of
      The Phoenix Group Corporation (the “Company”).

    

    Subject
      to the terms and conditions hereof, I hereby irrevocably subscribe for and
      agree
      to purchase __________ Shares for the purchase price of $________
      per
      Share
      (which purchase price was approved via the attached Board Resolution). At the
      Company’s election, I hereby either (i) tender herewith a certified bank check
      payable to the order of the Company in such amount or (ii) agree to make such
      funds immediately available by wire transfer to such account as the Company
      may
      specify in writing to me. Upon receipt of payment therefor, the Company shall
      deliver one or more share certificates representing the Shares in such
      denominations and in such names as I may instruct.

    

    I
      agree
      that the Shares I may purchase pursuant to the terms of this Subscription
      Agreement will be subject to a registration rights agreement in the form
      attached hereto as Exhibit
      A,
      as
      amended, supplemented, restated or otherwise modified from time to time (the
      “Registration
      Rights Agreement”).
      

    

    I
      hereby
      represent, warrant and confirm that I am an “accredited investor” as defined in
      Regulation D under the Securities Act of 1933 (the “Securities
      Act”),
      and I
      have such knowledge and experience in financial and business matters that I
      am
      capable of evaluating the merits and risks of purchasing the Shares.

    

    I
      have
      concluded that I am an accredited investor because: 

    

    (initial
      all that apply)

    

    _________ I
      am a
      natural person who has a net worth or joint net worth with my spouse exceeding
      $1,000,000 at the time of purchase. 

    _________ I
      am a
      natural person who individually had income in excess of $200,000 in each of
      the
      two most recent years or joint income with my spouse in excess of $300,000
      in
      each of those years and who reasonably expects income in excess of those levels
      in the current year.

    

    _________ I
      am a
      director or executive officer of the Company (Note:
      the
      term “executive officer” means the president, any vice president in charge of a
      principal business unit, division or function (such as sales, administration
      or
      finance), any other officer who performs a policy making function, or any other
      person who performs similar policy making functions for the
      Company).

    

    _________ The
      subscriber is either (a) a bank as defined in Section 3(a)(2) of the Securities
      Act or any savings and loan association or other institution as defined in
      Section 3(a)(5)(A) of the Securities Act, whether acting in its individual
      or
      fiduciary capacity, (b) any broker or dealer registered pursuant to Section
      15
      of the Securities Exchange Act of 1934, as amended, (c) an insurance company
      as
      defined in Section 2(13) of the Securities Act, (d) an investment company
      registered under the Investment Company Act of 1940 or a business development
      company as defined in Section 2(a)(48) of such Act, (e) a Small Business
      Investment Company licensed by the United States Small Business Administration
      under Section 301(c) or (d) of the Small Business Investment Act of 1958, (f)
      any plan established and maintained by a state, its political subdivisions,
      or
      any agency or instrumentality of a state or its political subdivisions, for
      the
      benefit of its employees, if such plan has total assets in excess of $5,000,000,
      or (g) an employee benefit plan within the meaning of Title 1 of the Employee
      Retirement Income Security Act of 1974, as amended, if the investment decision
      is made by a plan fiduciary which is either a bank, a savings and loan
      association, insurance company, or registered investment advisor, or if the
      plan
      has assets in excess of $5,000,000 or, if a self-directed plan, with investment
      decisions made solely by persons that are accredited investors.

    

    _________ The
      subscriber is a private business development company as defined in Section
      202(a)(22) of the Investment Advisers Act of 1940.

    

    _________ The
      subscriber is any organization described in section 501(c)(3) of the Internal
      Revenue Code, corporation, Massachusetts or similar business trust, or
      partnership, not formed for the specific purpose of acquiring the securities
      offered, with total assets in excess of $5,000,000.

    

    _________ The
      subscriber is any trust, with total assets in excess of $5,000,000, not formed
      for the specific purpose of acquiring the securities offered, whose purchase
      is
      directed by a sophisticated person as defined in section 230.506(b)(2)(ii)
      of
      Regulation D promulgated under the Securities Act.

    

    ________ The
      subscriber is any entity in which all of the equity owners are accredited
      investors.

    

    In
      the
      case of a husband and wife subscribing jointly, satisfaction of the net worth
      standards must be determined by aggregating their net worth and satisfaction
      of
      the income standards must be determined by joint or individual tax returns,
      as
      the case may be. Any other persons subscribing for Shares jointly, including
      members of partnerships formed for the purpose of purchasing Shares, must each
      satisfy the applicable net worth and income standards without regard to the
      other joint purchasers. In the case of a subscriber that is itself a partnership
      (other than a partnership formed for the purpose of purchasing Shares) or a
      trust, the applicable net worth and income standards must be satisfied by the
      entity. In the case of a subscriber purchasing as custodian for a minor, the
      applicable net worth and income standards must be satisfied by the
      custodian.

    

    I
      further
      represent, warrant, and confirm that:

    

    
      	·  	
              any
                purchase of Shares by me will be for my own account, for investment
                only
                and not with a view toward the resale or distribution
                thereof.

            

    

    

    
      	·  	
              I
                do not presently have any reason to anticipate any change in my present
                financial circumstances or other particular occasion or event which
                would
                cause me to sell such Shares. 

            

    

    

    
      	·  	
              I
                have such knowledge and experience in financial and business matters
                that
                I am capable of evaluating the merits and risks of purchasing the
                Shares;
                I am experienced in buying instruments similar to the Shares; I am
                able to
                bear the economic risk of an investment in the Shares; and I acknowledge
                that an investment in the Shares involves a high degree of risk,
                including
                the possible loss of my entire investment, and there is no assurance
                of
                any income from such investment.

            

    

    

    
      	·  	
              I
                have adequate means of providing for current needs and possible personal
                contingencies and have no need for liquidity in the investment in
                the
                Company.

            

    

     

    
      	·  	
              I
                understand that the Shares have not been and will not be registered
                under
                the Securities Act, as amended, or any state law. I agree to notify
                the
                Company prior to any proposed sale, transfer, distribution or other
                disposition of any Shares or any beneficial interest therein, and
                will not
                sell, transfer, distribute or otherwise dispose of any Shares without
                the
                consent of the Company, which may be granted or withheld in the Company’s
                sole discretion, and unless the Shares are registered or such sale,
                transfer, distribution or other disposition is exempt from registration.
                I
                understand that, except as set forth in the Registration Rights Agreement,
                the Company has no intention to register the Shares with the United
                States
                Securities and Exchange Commission or any State of the United States
                and
                is under no obligation to assist me in obtaining or complying with
                any
                exemption from registration. The Company may require that a proposed
                transferee meet appropriate financial suitability standards and that
                the
                transferor furnish a legal opinion satisfactory to the Company and
                its
                counsel that the proposed transfer complies with applicable federal,
                state
                and any other applicable securities laws. An appropriate legend evidencing
                such restrictions may be placed on any certificates issued representing
                the Shares and appropriate stop transfer instructions may be placed
                with
                respect to the Shares.

            

    

    

    
      	·  	
              I
                must bear the economic risk of investment in the Company for an indefinite
                period of time, since the Shares have not been registered under the
                Securities Act nor any state securities laws and cannot be sold unless
                the
                Shares are either subsequently registered under the Securities Act
                and
                applicable state laws (and the Company has no obligation to register
                the
                Shares except pursuant to the Registration Rights Agreement) or an
                exemption from such registration is available.

            

    

    

    
      	·  	
              I
                am not purchasing Shares based upon representations, oral or written,
                by
                any person with respect to the future value of, or income from, the
                Shares, or the length of time that I will be required to remain as
                the
                owner of the Shares but rather upon an independent examination and
                judgment as to the prospects of the
                Company.

            

    

    

    
      	·  	
              The
                Shares were not offered to me by means of general solicitations,
                publicly
                disseminated advertisements or sales
                literature.

            

    

    

    
      	·  	
              I
                have not authorized any broker, dealer, agent, finder or similar
                person to
                act on my behalf nor do I have any knowledge of any broker, dealer,
                agent,
                finder or similar person purporting to act on my behalf with respect
                to
                this transaction.

            

    

    

    
      	·  	
              I
                acknowledge that there is a very limited market for the Shares and
                that it
                is not anticipated that any significant public market for the Shares
                will
                develop.

            

    

    

    
      	·  	
              I
                acknowledge that I was provided copies of the Company's filings with
                the
                SEC since May 24,2004 including: the Company's Annual Report on Form
                10-KSB, filed May 24, 2004 and Form 10-Q SB, filed May 24, 2004.
                I have
                been afforded the opportunity to review these documents and to ask
                questions of representatives of the Company and receive satisfactory
                answers thereto, as I deem necessary in connection with my decision
                to
                purchase the Shares.

            

    

    

    
      	·  	
              I
                have been afforded the opportunity to ask questions of representatives
                of
                the Company and receive satisfactory answers thereto, as I deem necessary
                in connection with my decision to purchase the
                Shares.

            

    

    

    
      	·  	
              I
                am not entitled to cancel, terminate or revoke this Subscription
                Agreement
                or any agreements of the undersigned hereunder and understand that
                this
                Subscription Agreement shall survive my death or
                disability.

            

    

    

    
      	·  	
              I
                acknowledge that the offering of Shares is not subject to any minimum
                number of Shares being purchased and that the proceeds from the offering
                may be insufficient to achieve the results contemplated in the Company’s
                business plan.

            

    

    

    
      	·  	
              I
                acknowledge that the price for the Shares and the number of Shares
                being
                offered in the offering were determined by the Company and there
                has been
                no independent appraisal of the
                Shares.

            

    

    

    
      	·  	
              I
                acknowledge that the Company has limited operating history on which
                to
                base a decision to invest in the
                Shares.

            

    

    

    
      	·  	
              I
                acknowledge that any financial projections provided to me by the
                Company
                are subject to numerous risks and uncertainties and that the actual
                results of the Company will vary from those contained in the financial
                projections and such variations may be material and
                adverse.

            

    

    

    The
      representations, warranties and acknowledgments of this letter are true and
      accurate as of the date hereof, shall be true and correct as of the date of
      delivery of this letter to the Company, and shall survive such delivery to
      the
      Company. If in any respect any such representation, warranty or acknowledgment
      shall not be true and accurate prior to such delivery, I shall give immediate
      written notice of such fact to the Company, specifying which representations,
      warranties and acknowledgments are not true and accurate and the reasons
      therefor.

    

    I
      acknowledge that I understand the meaning and legal consequences of the
      representations, warranties and acknowledgments contained in this letter, and
      I
      agree to indemnify and hold harmless the Company, its directors, officers and
      any of its affiliates, associates, agents and employees from and against any
      and
      all loss, damage or liability (including costs and reasonable attorney’s fees
      and disbursements) due to or arising out of a breach of any representation,
      warranty or acknowledgment by me.

    

    I
      further
      acknowledge that the Company intends to use the net proceeds from my purchase
      of
      the Shares for working capital and general corporate purposes. I understand
      that
      the amounts actually expended by the Company for such purposes will vary
      significantly depending on a number of factors and that the Company’s management
      will have broad discretion with respect to the use of such proceeds.

    

    I
      further
      acknowledge that in the event the Company issues additional securities in the
      future, including in connection with future acquisitions, employment
      arrangements or the issuance or exercise of warrants and stock options, I may
      experience dilution in net tangible book value per Share. 

    

    If
      an
      investment in the Company is being made by a corporation, partnership, trust
      or
      estate, I, the person signing on behalf of the undersigned entity, represent
      that I have all right and authority, in my capacity as an officer, general
      partner, trustee, executor or other representative of such corporation,
      partnership, trust or estate, as the case may be, to make such decision to
      invest in the Company and to execute and deliver this Subscription Agreement
      on
      behalf of such corporation, partnership, trust or estate as the case may be,
      enforceable in accordance with its terms. In addition, the undersigned entity
      will, upon request of the Company, deliver any documents evidencing the
      existence of such corporation, partnership, trust or estate, the legality of
      an
      investment in the Shares and the authority of the person executing this
      Subscription Agreement on behalf of the undersigned entity. I also represent
      on
      behalf of the undersigned entity that any such corporation, partnership or
      trust
      was not formed for the purpose of buying the Shares hereby
      subscribed.

    

    Subject
      only to the acceptance of this Subscription Agreement by the Company, I make,
      constitute and appoint the Company, acting through any of its authorized
      members, directors, managers, partners and officers and with power of
      substitution, my true and lawful agent and attorney, with full power and
      authority in my name, place and stead, to make, execute, acknowledge, record
      and/or file (i) any certificate or other document required to effect the
      formation, continuation or qualification of the Company that legal counsel
      to
      the Company deems necessary or desirable to comply with any federal, state
      or
      other law applicable to the Company, and (ii) any amendments to any of the
      foregoing. The power of attorney granted hereby is a special power of attorney
      coupled with an interest and shall be irrevocable to the fullest extent
      permitted by law.

    

    This
      Subscription Agreement constitutes the entire agreement between the parties
      with
      respect to the subject matter hereof and may be amended or superseded only
      by a
      writing executed by the parties.

    
      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        
    THIS
        LETTER
        SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
        OF
        TEXAS. 

    

    

    

    

    

    

    Dated:
                 

    

    Address: 

    

    

    

    

    

    

    SSN/EIN:
      ____________________

    

    

    ACCEPTED:

    

    THE
      PHOENIX GROUP CORPORATION 

    

    

    By:      

    

    Name: Ron
      Lusk    

    

    Title: Chairman    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    Exhibit
      A

    

    Form
      of
      Registration Rights Agreement

    

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    

    

    REGISTRATION
      RIGHTS AGREEMENT (the “Agreement”),
      dated
      as of ____________________ by and among The Phoenix Group Corporation, a
      Delaware corporation (the “Company”),
      and
      the purchasers named on the signature pages hereto (the “Purchasers”).

     

    PRELIMINARY
      STATEMENT

     

    Pursuant
      to the Subscription Agreement (as defined below), each Purchaser has agreed
      to
      purchase shares of the Company’s Common Stock (the “Shares”)
      relying, in part, on the Company granting the registration rights set forth
      in
      this Agreement.

     

    ACCORDINGLY,
      to induce the Purchasers to enter into the Subscription Agreement and to
      purchase the Shares and in consideration of the mutual representations and
      agreements set forth in this Agreement, the Company and the Purchasers,
      intending to be legally bound, now agree as follows:

     

    STATEMENT
      OF AGREEMENT

     

    SECTION
      1. DEFINITIONS.

     

    1.1 Certain
      Definitions.
      As used
      in this Agreement, the following terms shall have the following
      meanings:

     

    “Affiliate”
      means
      any entity controlling, controlled by or under common control with a designated
      Person. For the purposes of this definition, “control” shall have the meaning
      specified as of the date of this Agreement for that word in Rule 405 promulgated
      by the SEC under the Securities Act of 1933.

     

    “Common
      Stock”
      means
      the common stock, par value $0.001 per share, of the Company. 

     

    “Equity
      Security”
      shall
      mean any stock or similar security, including without limitation securities
      containing equity features and securities containing profit participation
      features, or any security convertible or exchangeable, with or without
      consideration, into or for any stock or similar security, or any security
      carrying any warrant or right to subscribe to or purchase any stock or similar
      security, or any such warrant or right.

     

    “Exchange
      Act”
      means
      the Securities Exchange Act of 1934, as amended, or any similar federal statute,
      and the rules and regulations of the SEC thereunder, all as the same shall
      be in
      effect from time to time.

     

    “Person”
      means
      any individual, corporation, partnership, joint venture, association, limited
      liability company, joint-stock company, trust, unincorporated organization
      or
      government or any agency or political subdivision thereof. 

     

    “Registrable
      Securities”
      shall
      mean the Shares and any Common Stock issued with respect to the Shares by way
      of
      a stock dividend or stock split or in connection with a combination of shares,
      recapitalization, merger, consolidation or other reorganization, until the
      earliest to occur of (a) the date on which such security has been
      effectively registered under the Securities Act and disposed of in accordance
      with a registration statement and (b) the date on which such security may be
      sold pursuant to Rule 144 (without any volume limitations thereunder) or may
      be
      sold without compliance with such rule. 

     

    “Rule
      144”
      means
      Rule 144 promulgated by the SEC under the Exchange Act, as such rule may be
      amended from time to time, or any successor rule thereto.

     

    “SEC”
      means
      the Securities and Exchange Commission of the United States of America or any
      successor to the rights and duties thereof. 

     

    “Shares”
      means
      the shares
      of
      Common Stock of the Company purchased by the Purchasers under the terms of
      the
      Subscription Agreements.

     

    “Subscription
      Agreement(s)”
      means
      the Subscription Agreements dated as of ____________________, 2004 by and
      between the Company and each of the Purchasers.

     

    1.2 Incorporated
      Definitions.
      Capitalized terms used in this Agreement and not otherwise defined herein shall
      have the meanings set forth in the Subscription Agreements. 

     

    SECTION
      2. REGISTRATION.

     

    2.1 Piggyback
      Registration.
      

     

        (a) Except
      as
      set forth in Section 2.1(b), as, if and when the Company proposes to register
      any Common Stock under the Securities Act for sale to the public, on a form
      that
      would also permit the registration of the Registrable Securities (other than
      registrations on Form S-8, or any successor form, or Form S-4, or any successor
      form) (an “Eligible
      Registration”),
      each
      such time it will give written notice to the holders of Registrable Securities
      (the “Holders”)
      of its
      intention so to do. Upon the written request of a Holder received by the Company
      within 20 days after the giving of any such notice by the Company, to register
      such number of shares of Registrable Securities held by such Holder specified
      in
      such written request, the Company will cause the Registrable Securities as
      to
      which registration shall have been so requested to be included in the securities
      to be covered by the registration statement proposed to be filed by the Company
      with respect to such Eligible Registration, all to the extent requisite to
      permit the sale or other disposition by such Holder (in accordance with its
      written request) of such Registrable Securities so registered. In the event
      that
      any Eligible Registration pursuant to this Section 2.1 shall be, in whole or
      in
      part an underwritten offering of Common Stock (an “Underwritten
      Offering”),
      the
      number of shares of Registrable Securities to be included in such an
      underwriting may be reduced if and to the extent that the managing underwriter
      shall be of the opinion that such inclusion would materially adversely affect
      the marketing of the securities to be sold by the Company therein. In the event
      such a reduction is necessary, the reduction shall be borne first by the Holders
      proposing to sell Registrable Securities in the Underwritten Offering, on a
      pro-rata
      basis,
      based on the aggregate number of shares of Registrable Securities that each
      Holder proposed to offer for sale in the Underwritten Offering. Notwithstanding
      the foregoing provisions, the Company may for any reason and without the consent
      of the Holders in good faith withdraw any registration statement referred to
      in
      this Section 2.1 without thereby incurring any liability to the
      Holders.

     

    (b) Notwithstanding
      the foregoing, an Eligible Registration may occur only during the one year
      period following the issuance of the Shares to the Purchasers. No Eligible
      Registration shall occur except at the times allowed pursuant to this Section
      2.1(b).

     

    2.2 Registration
      Statement Form.
      Registrations pursuant to Section 2.1 shall be on such appropriate registration
      form of the SEC as shall be selected by the Company.

     

    2.3 Expenses.
      Except
      as otherwise provided in this Section 2.3, all expenses incurred in connection
      with each registration pursuant to Section 2.1 hereof (excluding in each case
      underwriting discounts and commissions applicable to Registrable Securities),
      including, without limitation, in each case, all registration, filing and other
      fees of the securities exchange; all fees and expenses of complying with
      securities or blue sky laws; all word processing, duplicating and printing
      expenses, messenger, delivery and shipping expenses; fees and disbursements
      of
      the accountants and counsel for the Company including the expenses of any
      special audits or “cold comfort” letters or opinions required by or incident to
      such registrations; and any fees and disbursements of underwriters customarily
      paid by issuers or sellers of securities, but excluding underwriting discounts
      and commissions, if any, shall be borne by the Company. In all cases, the
      Holders shall pay the underwriting discounts and commissions applicable to
      the
      securities sold by the Holders.

     

    2.4 Effective
      Registration Statement.
      Registrations pursuant to this Section 2 shall not be deemed to have been
      effected (i) unless a registration statement with respect thereto has become
      effective (unless a substantial cause of the failure of such registration
      statement to become effective shall be attributable to the Holders), (ii) if
      after it has become effective, such registration is interfered with by any
      stop
      order, injunction or other order or requirement of the SEC or other governmental
      agency or court for any reason, resulting in a failure to consummate the
      offering of Registrable Securities offered thereby, (iii) if after a
      registration statement with respect thereto has become effective, the offering
      of Registrable Securities offered thereby is not consummated due to factors
      beyond the control of the Purchasers, other than the fact that the underwriters
      have advised the Holders that the Registrable Securities cannot be sold at
      a net
      price equal to or above the net price anticipated at the time of filing of
      the
      preliminary prospectus, or (iv) if the conditions to closing specified in the
      underwriting agreement entered into in connection with such registration are
      not
      satisfied (unless a substantial cause of such conditions to closing not being
      satisfied shall be attributable to the Holders).

     

    2.5 Selection
      of Underwriters.
      If a
      registration pursuant to Section 2.1 hereof involves an underwritten offering,
      the underwriter or underwriters thereof shall be selected by the Company in
      its
      sole discretion.

     

    SECTION
      3. REGISTRATION
      PROCEDURES.

     

    3.1 Procedures.
      The
      Company will, subject to the limitations provided herein, as expeditiously
      as
      possible:

     

    (a) prepare
      and file with the SEC the requisite registration statement to effect such
      registration, and thereafter, use reasonable efforts to cause such registration
      statement to become effective; provided that before filing a registration
      statement or prospectus or any amendments or supplements thereto, including
      documents incorporated by reference, the Company will furnish to counsel to
      the
      Holders of the Registrable Securities covered by such registration statement
      and
      the managing underwriter or underwriters, if any, draft copies of all such
      documents proposed to be filed (other than exhibits, unless so requested) a
      reasonable time prior thereto, which documents will be subject to the reasonable
      review of such counsel and such Holders and underwriters, and will notify each
      Holder of the Registrable Securities of any stop order issued by the SEC in
      connection therewith and take all reasonable actions required to remove such
      stop order;

     

    (b) prepare
      and file with the SEC 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 and to comply with the provisions
      of
      the Securities Act with respect to the disposition of all securities covered
      by
      such registration statement until such time as all of such securities have
      been
      disposed of in accordance with the intended methods of disposition by the seller
      or sellers thereof set forth in such registration statement; provided,
      however,
      that
      the Company shall not in any event be required to keep a registration statement
      filed pursuant to Section 2.1 effective for a period of more than nine months
      after such registration statement becomes effective; and provided further that
      the Company may, at any time, delay the filing or suspend the effectiveness
      of
      any registration under this Agreement, or without suspending such effectiveness,
      instruct the Purchasers not to sell any Registrable Securities included in
      any
      such registration, (i) if the Company shall have determined upon the advice
      of
      counsel that the Company would be required to disclose any actions taken or
      proposed to be taken by the Company in good faith and for valid business
      reasons, including without limitation, the acquisition or divestiture of assets,
      which disclosure would have a material adverse effect on the Company or on
      such
      actions, or (ii) if required by law, to update the prospectus relating to any
      such registration to include updated financial statements (a “Suspension
      Period”)
      by
      providing the Purchasers with written notice of such Suspension Period and
      the
      reasons therefore; provided,
      however,
      that
      the Company will not be required to disclose such reasons with particularity
      if
      an authorized executive officer of the Company certifies that the Company
      believes it is required by law to delay the filing or suspend the effectiveness
      of any such registration. In addition, the Company shall not be required to
      keep
      any registration effective, or may without suspending such effectiveness,
      instruct the Purchasers if it has Registrable Securities included in such
      registration not to sell such securities, during any period which the Company
      is
      instructed, directed, ordered or otherwise requested by any governmental agency
      or self-regulatory organization to stop or suspend such trading or sales
      (“Supplemental
      Extension Period”).
      In
      the event of a Suspension Period or Supplemental Extension Period, the period
      during which any registration under this Agreement is to remain effective
      pursuant to this Section 3.1(b) shall be tolled until the end of any such
      Suspension Period or Supplemental Extension Period. The Company will use
      reasonable efforts to restrict any Suspension Period or Supplemental Extension
      Period to less than 60 days;

     

    (c) furnish
      to the Purchasers such number of conformed copies of such registration statement
      and of each such amendment and supplement thereto (in each case including all
      exhibits), such number of copies of the prospectus contained in such
      registration statement (including each preliminary prospectus and any summary
      prospectus) and any other prospectus filed under Rule 424 under the Securities
      Act, and such other documents, as the Purchasers may reasonably
      request;

     

    (d) use
      its
      reasonable efforts to register or qualify all Registrable Securities and other
      securities covered by such registration statement under such other securities
      or
      blue sky laws of such jurisdictions as each seller thereof shall reasonably
      request and to keep such registration or qualification in effect for so long
      as
      such registration statement remains in effect, and take any other action which
      may be reasonably necessary or advisable to enable such seller to consummate
      the
      disposition in such jurisdictions of the securities owned by such seller, except
      that the Company shall not for any such purpose be required to qualify generally
      to do business as a foreign corporation in any jurisdiction wherein it would
      not
      but for the requirements of this Section 3.1(d) be obligated to be so qualified
      or to consent to general service of process in any such
      jurisdiction.

     

    (e) use
      its
      reasonable efforts to cause all Registrable Securities covered by such
      registration statement to be registered with or approved by such other United
      States Federal or state governmental agencies or authorities as may be necessary
      to enable the Purchasers to consummate the disposition of such Registrable
      Securities;

     

    (f) notify
      in
      writing the Purchasers, if Registrable Securities are covered by such
      registration statement, at any time when a prospectus relating thereto is
      required to be delivered under the Securities Act, upon discovery that, or
      upon
      the happening of any event as a result of which the prospectus included in
      such
      registration statement, as then in effect, includes an untrue statement of
      a
      material fact or omits to state any material fact required to be stated therein
      or necessary to make the statements therein not misleading in the light of
      the
      circumstances under which they were made, and at the request of the Purchasers
      prepare and furnish to the Purchasers 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 purchasers of such securities, 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 the light of the circumstances under which they were
      made.

     

    (g) otherwise
      use reasonable efforts to comply with all applicable rules and regulations
      of
      the SEC and make available to its security holders, as soon as reasonably
      practicable, an earnings statement covering the period of at least twelve months
      beginning with the first full calendar month after the effective date of such
      registration statement, which earnings statement shall satisfy the provisions
      of
      Section 11(a) of the Securities Act;

     

    (h) provide
      and cause to be maintained a transfer agent for all Registrable Securities
      covered by such registration statement from and after a date not later than
      the
      effective date of such registration statement; and

     

    (i) use
      its
      reasonable efforts to list all Registrable Securities covered by such
      registration statement on any securities exchange on which any of the Company’s
      Common Stock is then listed.

     

    3.2 Information
      Requirements.
      It
      shall be a condition precedent to the obligations of the Company to take any
      action with respect to registering the Purchasers’ Registrable Securities
      pursuant to this Section 3 that the Purchasers furnish the Company in writing
      such information regarding the Purchasers, the Registrable Securities and other
      securities of the Company held by the Purchasers, and the distribution of such
      securities as the Company may from time to time reasonably request in writing.
      If a Purchaser refuses to provide the Company with any of such information
      on
      the grounds that it is not necessary to include such information in the
      registration statement, the Company may exclude the Purchaser’s Registrable
      Securities from the registration statement unless such Purchaser provides the
      Company with an opinion of counsel, which opinion and counsel shall be
      reasonably satisfactory to the Company and its counsel, to the effect that
      such
      information need not be included in the registration statement.

     

    The
      Purchasers agree by acquisition of such Registrable Securities that upon receipt
      of any notice from the Company of the happening of any event of the kind
      described in Section 3.1(f), the Purchasers will forthwith discontinue the
      Purchasers’ disposition of Registrable Securities pursuant to the registration
      statement relating to such Registrable Securities until the Purchasers’ receipt
      of the copies of the supplemented or amended prospectus contemplated by Section
      3.1(f) and, if so directed by the Company, will deliver to the Company copies,
      other than permanent file copies then in the Purchasers’ possession, of the
      current prospectus relating to such Registrable Securities at the time of
      receipt of such notice.

     

    SECTION
      4. UNDERWRITTEN
      OFFERINGS.

     

    If
      requested by the underwriters for any underwritten offering of Registrable
      Securities pursuant to a registration under Section 2 hereof, the Company will
      enter into an underwriting agreement with such underwriters for such offering,
      such agreement to be satisfactory in substance and form to the Company and
      the
      underwriters and to contain such representations and warranties by the Company
      and such other terms as are generally prevailing in agreements of this type,
      including, without limitation, indemnities to the effect and to the extent
      provided in Section 6 hereof. If requested by the underwriters of any
      underwritten offering pursuant to a registration under Section 2 hereof, the
      Purchasers agree to enter into an agreement with such underwriters not to sell
      their shares of stock in the Company for a period of time (not to exceed 180
      days) after the effectiveness of a registration statement equal to the period
      of
      time which the sellers of securities in such registration have agreed not to
      sell their shares after the effectiveness of such registration statement. The
      Purchasers shall be a party to such underwriting agreement and must cooperate
      with the Company in the negotiation of the underwriting agreement. The
      Purchasers shall not be required to make any representations, warranties or
      agreements with the Company other than representations, warranties or agreements
      regarding the Purchasers, Purchasers’ Registrable Securities and other
      securities of the Company, the Purchasers’ intended method of distribution, and
      any representations, warranties or agreements required by law.

     

    SECTION
      5. PREPARATION;
      REASONABLE INVESTIGATION.

     

    In
      connection with the preparation and filing of each registration statement under
      the Securities Act in connection with an Eligible Registration, the Company
      will
      give the Purchasers and their respective agents and advisors and the
      underwriters, if any, the reasonable opportunity to participate in the
      preparation of such registration statement, each prospectus included therein
      or
      filed with the SEC, and each amendment thereof or supplement thereto, and will
      give each of them such access to its books and records and such opportunities
      to
      discuss the business of the Company with its officers and the independent public
      accountants who have certified its financial statements as shall be necessary,
      in the option of the Purchasers’ counsel, to conduct a reasonable investigation
      within the meaning of the Securities Act. Subject to the rights and obligations
      of the Company under the Securities Act and other applicable laws, the
      Purchasers shall have the right to review and approve those portions of such
      registration statement that directly pertain to the Purchasers.

     

    SECTION
      6. INDEMNIFICATION

     

    6.1 Indemnification
      by the Company.
      In the
      event any Registrable Securities are included in a registration statement under
      this Agreement, to the extent permitted by law, the Company will, and hereby
      does, indemnify and hold harmless each Purchaser, its directors and officers,
      each other Person who participates as an underwriter in the offering or sale
      of
      such securities and each other Person, if any, who controls each Purchaser
      or
      any such underwriter within the meaning of the Securities Act, against any
      losses, claims, damages or liabilities, joint or several, to which each
      Purchaser or any such director or officer or underwriter or controlling person
      may become subject under the Securities Act or otherwise, insofar as such
      losses, claims, damages or liabilities (or actions or proceedings, whether
      commenced or threatened, in respect thereof) arise out of or are based upon
      any
      untrue statement or alleged untrue statement of any material fact contained
      in
      any registration statement under which such securities were registered under
      the
      Securities Act, any preliminary prospectus, final prospectus or summary
      prospectus contained therein, or any amendment or supplement thereto, or any
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein not misleading,
      and
      the Company will reimburse the Purchasers and each such director, officer,
      underwriter and controlling person for any legal or any other expenses
      reasonably incurred by them in connection with investigating or defending any
      such loss, claim, liability, action or proceeding; provided
      that the
      Company shall not be liable in any such case to the extent that any such loss,
      claim, damage, liability (or action or proceeding in respect thereof) or expense
      arises out of or is based upon an untrue statement or alleged untrue statement
      or omission or alleged omission made in such registration statement, any such
      preliminary prospectus, final prospectus, summary prospectus, amendment or
      supplement in reliance upon and in conformity with written information furnished
      to the Company by the Purchasers, and provided further
      that the
      Company shall not be liable to any Person who participates as an underwriter
      in
      the offering or sale of Registrable Securities or any other Person, if any,
      who
      controls such underwriter within the meaning of the Securities Act, in any
      such
      case to the extent that any such loss, claim, damage, liability (or action
      or
      proceeding in respect thereof) or expense arises out of such Person’s failure to
      send or give a copy of the final prospectus, as the same may be then
      supplemented or amended to the Person asserting an untrue statement or alleged
      untrue statement or omission or alleged omission at or prior to the written
      confirmation of the sale of Registrable Securities to such Person if such
      statement or omission was corrected in such final prospectus and such delivery
      would have mitigated liability. Such indemnity shall remain in full force and
      effect regardless of any investigation made by or on behalf of the Purchasers
      or
      any such director, officer, underwriter or controlling person and shall survive
      the transfer of such securities by such seller.

     

    6.2 Indemnification
      by the Purchasers.
      In the
      event any Registrable Securities are included in a registration statement under
      this Agreement, to the extent permitted by law, each Purchaser whose Registrable
      Securities are registered pursuant to such registration statement will, and
      hereby does indemnify and hold harmless (in the same manner and to the same
      extent as set forth in Section 6.1) each underwriter, each Person who controls
      such underwriter within the meaning of the Securities Act, the Company, each
      director of the Company, each officer of the Company and each other Person,
      if
      any, who controls the Company within the meaning of the Securities Act, with
      respect to any statement or alleged statement in or omission or alleged omission
      from such registration statement, any preliminary prospectus, final prospectus
      or summary prospectus contained therein, or any amendment or supplement thereto,
      if such statement or alleged statement or omission or alleged omission was
      made
      in reliance upon and in strict conformity with written information furnished
      to
      the Company by the Purchasers expressly for use in the preparation of such
      registration statement, preliminary prospectus, final prospectus, summary
      prospectus, amendment or supplement; provided
      that the
      Purchasers shall not be liable to any Person who participates as an underwriter
      in the offering or sale of Registrable Securities or any other Person, if any,
      who controls such underwriter within the meaning of the Securities Act, in
      any
      such case to the extent that any such loss, claim, damage, liability (or action
      or proceeding in respect thereof) or expense arises out of such Person’s failure
      to send or give a copy of the final prospectus, as the same may be then
      supplemented or amended, to the Person asserting an untrue statement or alleged
      untrue statement or omission or alleged omission at or prior to the written
      confirmation of the sale of Registrable Securities to such Person if such
      statement or omission was corrected in such final prospectus. Such indemnity
      shall remain in full force and effect regardless of any investigation made
      by or
      on behalf of any underwriter, the Company or any such director, officer or
      controlling Person and shall survive the transfer of such securities by such
      seller.

     

    6.3 Notices
      of Claims, etc.
      Promptly
      after receipt by an indemnified party of notice of the commencement of any
      action or proceeding involving a claim referred to in Sections 6.1 and 6.2,
      such
      indemnified party will, if a claim in respect thereof is to be made against
      an
      indemnifying party, give written notice to the latter of the commencement of
      such action; provided
      that the
      failure of any indemnified party to give notice as provided herein shall not
      relieve the indemnifying party of its obligations under the preceding
      subdivisions of this Section 6, except to the extent that the indemnifying
      party
      is actually prejudiced by such failure to give notice. In case any such action
      is brought against an indemnified party, unless in such indemnified party’s
      reasonable judgment a conflict of interest between such indemnified and
      indemnifying parties may exist in respect of such claim, the indemnifying party
      shall be entitled to participate in and to assume the defense thereof, jointly
      with any other indemnifying party similarly notified to the extent that it
      may
      wish, with counsel reasonably satisfactory to such indemnified party, and after
      notice from the indemnifying party to such indemnified party of its election
      so
      to assume the defense thereof, the indemnifying party shall not be liable to
      such indemnified party for any legal or other expenses subsequently incurred
      by
      the latter in connection with the defense thereof other than reasonable costs
      of
      investigation. No indemnifying party shall, without the consent of the
      indemnified party, consent to entry of any judgment or enter into any
      settlement, which does not include as an unconditional term thereof the giving
      by the claimant or plaintiff to such indemnified party of a release from all
      liability in respect to such claim or litigation. No indemnified party shall
      consent to entry of any judgment or enter into any settlement without the
      consent of the indemnifying party.

     

    6.4 Other
      Indemnification.
      Indemnification similar to that specified in the preceding subdivisions of
      this
      Section 6 (with appropriate modifications) shall be given by the Company and
      the
      Purchasers with respect to any required registration or other qualification
      of
      securities under any Federal or state law or regulation of any governmental
      authority other than the Securities Act.

     

    6.5 Indemnification
      Payments.
      The
      indemnification required by this Section 6 shall be made by periodic payments
      of
      the amount thereof during the course of the investigation or defense, as and
      when bills are received or expense, loss, damage or liability is
      incurred.

     

    6.6 Contribution.
      If the
      indemnification provided for in this Section 6 from the indemnifying party
      is
      unavailable to an indemnified party hereunder in respect of any losses, claims,
      damages, liabilities or expenses referred to therein, then the indemnifying
      party, in lieu of indemnifying such indemnified party, shall contribute to
      the
      amount paid or payable by such indemnified party as a result of such loss,
      claims, damages, liabilities or expenses in such proportion as is appropriate
      to
      reflect the relative fault of the indemnifying party and indemnified parties
      in
      connection with the actions which resulted in such losses, claims, damages,
      liabilities or expenses, as well as any other relevant equitable considerations.
      The relative fault of such indemnifying party and indemnified parties shall
      be
      determined by reference to, among other things, whether any action in question,
      including any untrue statement of material fact or omission or alleged omission
      to state a material fact, has been made by, or relates to information supplied
      by, such indemnifying party or indemnified parties, and the parties’ relative
      intent, knowledge, access to information and opportunity to correct or prevent
      such action. The amount paid or payable by a party as a result of the losses,
      claims, damages, liabilities and expenses referred to above shall be deemed
      to
      include, subject to the limitations set forth in Section 6.3 hereof, any legal
      or other fees or expenses reasonably incurred by such party in connection with
      any investigation or proceeding.

     

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 6.6 were determined by pro rata
      allocation or by any other method of allocation which does not take account
      of
      the equitable considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 6.6 no underwriter shall be
      required to contribute any amount in excess of the amount by which the total
      price at which the Registrable 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. 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.

     

    If
      indemnification is available under this Section 6, the indemnifying parties
      shall indemnify each indemnified party to the full extent provided in Section
      6.1 through Section 6.5 hereof without regard to the relative fault of said
      indemnifying party or indemnified party or any other equitable consideration
      provided for in this Section 6.6.

     

    SECTION
      7. REPORTING
      REQUIREMENTS UNDER EXCHANGE ACT.

     

    If
      and
      when the Company registers the Common Stock under the Exchange Act, thereafter
      the Company shall use its reasonable efforts to keep effective the registration
      of its Common Stock under Section 12 of the Exchange Act and shall timely file
      such information, documents and reports as the SEC may require or prescribe
      under Section 13 of the Exchange Act. The Company shall timely file such
      information, documents and reports which a corporation, partnership or other
      entity subject to Section 13 or 15(d) (whichever is applicable) of the Exchange
      Act is required to file.

     

    If
      the
      Company is subject to the reporting requirements of either Section 13 or 15(d)
      of the Exchange Act, the Company shall forthwith upon request furnish the
      Purchasers (i) a written statement by the Company that it has complied with
      such
      reporting requirements, (ii) a copy of the most recent annual or quarterly
      report of the Company, and (iii) such other reports and documents filed by
      the
      Company with the SEC as the Purchasers may reasonably request in availing itself
      of an exemption for the sale of Registrable Securities without registration
      under the Securities Act. The Company acknowledges and agrees that the purpose
      of the requirements contained in this Section 7 are to enable the Purchasers
      to
      comply with the current public information requirement contained in Paragraph
      (c) of Rule 144 under the Securities Act should the Purchasers ever wish to
      dispose of any of the Securities of the Company acquired by it without
      registration under the Securities Act in reliance upon Rule 144 (or any other
      similar exemptive provision). In addition, the Company shall take such other
      measures and file such other information, documents and reports, as shall
      hereafter be required by the SEC as a condition to the availability of Rule
      144
      under the Securities Act (or any similar exemptive provision hereafter in
      effect).

     

    SECTION
      8. STOCKHOLDER
      INFORMATION.

     

    The
      Company may require the Purchasers to furnish the Company such information
      in
      writing with respect to the Purchasers and the distribution of its Registrable
      Securities as the Company may from time to time reasonably request in writing
      and as shall be required by law or by the SEC in connection
      therewith.

     

    SECTION
      9. FORMS.

     

    All
      references in this Agreement to particular forms of registration statements
      are
      intended to include, and shall be deemed to include, references to all successor
      forms which are intended to replace, or to apply to similar transactions as,
      the
      forms herein referenced.

     

    SECTION
      10. TRANSFER
      OF REGISTRATION RIGHTS.

     

    The
      registration rights granted to the Purchasers under this Agreement may not
      be
      transferred without the prior written consent of the Company, which may be
      withheld or granted in the Company’s sole discretion.

     

    SECTION
      11. AMENDMENT.

     

    This
      Agreement may be amended only by a written agreement signed by the Company
      and
      the Purchasers.

     

    SECTION
      12. NOTICES.

     

    All
      notices, requests, consents and other communications required or permitted
      hereunder shall be in writing and shall be delivered, or mailed first-class
      postage prepaid, registered or certified mail,

     

    (a) If
      to a
      Purchaser at its respective address as shown on the books of the Company, or
      at
      such other address as such Purchaser may specify by written notice to the
      Company, or

     

    (b) If
      to the
      Company at 2100 McKinney Avenue, Suite 1555, Dallas, Texas 75201, Attention:
      Chief Executive Officer; or at such other address as the Company may specify
      by
      written notice to the Purchaser,

     

    and
      such
      notices and other communications shall for all purposes of this Agreement be
      treated as being effective or having been given if delivered personally, or,
      if
      sent by mail, when received.

     

    SECTION
      13. COUNTERPARTS.

     

    This
      Agreement may be executed concurrently in two or more counterparts, each of
      which shall be deemed an original, but all of which together shall constitute
      one and the same instrument.

     

    SECTION
      14. CHOICE
      OF LAW.

     

    THIS
      AGREEMENT AND THE VALIDITY AND ENFORCEABILITY HEREOF SHALL BE GOVERNED BY AND
      CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS
      WITHOUT GIVING EFFECT TO CONFLICT OF LAWS RULES OR CHOICE OF LAWS RULES THEREOF.
      

     

    SECTION
      15. SEVERABILITY.

     

    Should
      any one or more of the provisions of this Agreement or any agreement entered
      into pursuant to this Agreement be determined to be illegal or unenforceable,
      all other provisions of this Agreement and of each other agreement entered
      into
      pursuant to this Agreement, shall be given effect separately from the provision
      or provisions determined to be illegal or unenforceable and shall not be
      affected thereby.

     

    SECTION
      16. WHOLE
      AGREEMENT.

     

    This
      Agreement constitutes the complete agreement and understanding by and among
      the
      parties hereto and shall supersede any prior understanding, agreement or
      representation by or among the parties, whether written or oral, related to
      the
      subject matter hereof.

     

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    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      by
      their duly authorized representatives effective the day and year first above
      written.

    

    THE
      PHOENIX GROUP CORPORATION

    

    By:   

    

    Name: Ron
      Lusk  

    

    Title: Chairman
      and CEO ______

    

    

    PURCHASERS:

    

    ____________________________________

    Name:
      

    Address:

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