Document:

ex10-1.htm

Exhibit 10.1

 

May 5, 2010

To:  Mr. Chris Eales

President Premier Healthcare Professionals, Inc.  (“PHP”)

From:  Bryan Crutchfield

Dear Chris:

I am excited about MCGI moving forward with PHP in a form of strategic alliance to pursue growth and opportunities for both companies.  This agreement shall set forth the terms and conditions pursuant to which MedCAREERS Group, Inc. (“MCGI”) and PHP form a strategic alliance.  As you will see, we need to avoid conflicts of interest issues for both of us and I believe we can achieve that to our mutual best interests.

1.           Acquisition Targets:  PHP directs all acquisition targets it identifies to MCGI.  PHP assists MCGI in preparing a letter of intent to purchase the target.  In certain cases PHP will prepare the LOI so long as it is assignable to MCGI.  MCGI and PHP perform the due diligence together at MCGI’s cost.  Provided MCGI approves the deal based upon due diligence and terms, upon closing of the transaction, PHP will manage the target for MCGI’s benefit.  MCGI will pay PHP (or its nominee) an agreed to fee for management services which fee may be payable in MCGI stock.

2.           Accounting:  PHP shall keep complete and proper separate accounting for each target acquired by MCGI.  MCGI shall have the right to ensure that the records are in auditable form as all revenue from the acquisitions shall belong to MCGI.  The management fee shall be an expense to MCGI.  MCGI has the right to have its auditors perform audit work as reasonably necessary so that MCGI can make its regular required SEC filings.

3.           Stock Package:  PHP or its designee will be granted 1.2 million shares of MCGI stock that shall be restricted.  The restrictions shall be lifted in increments of 25% as and when MCGI Staffing division revenues achieve: (a) $10 million in any one year; and (b) $15 million in any one year; and 50% when EBITDA from the staffing division is $2 million in any twelve month period.  All restrictions are also subject to restrictions imposed by applicable securities laws.  Additionally, 200,000 shares shall vest upon closing of the first acquisition in the staffing space.  MCGI agrees to structure the stock portion of the benefit package in the manner that is most advantageous from a tax perspective so long as vesting is not accelerated without MCGI’s consent.  In the event no acquisitions are closed within 12 months of the date hereof, this Agreement may be terminated by either party and all restricted stock granted hereunder shall be cancelled and the right of first refusal and option to purchase described in 4 below shall terminate.

4.           Contingencies:  You shall cause PHP to enter into a management agreement with MCGI pursuant to which MCGI supervises the accounting and billing and collecting for MCGI’s staffing acquisitions.  The term shall be twelve months renewable at the option of MCGI and PHP.  The management agreement shall also grant MCGI an option to buy PHP for an amount equal to PHP’s debt.  In the event that PHP receives a bona fide offer from a third party to purchase PHP or substantially all of its assets for an amount less than or greater than the debt that PHP desires to accept, MCGI shall have a first right of refusal to match the bona fide offer.  MCGI shall have 15 business days to decide whether to exercise its right of first refusal.  The option to purchase and right of first refusal shall be in effect for the term of the management agreement; however, the option and right of first refusal shall expire if MCGI terminates the management agreement or if MCGI defaults under the management agreement.  Upon the exercise of the option or right of first refusal, MCGI agrees to retain Chris Eales as President of the MCGI staffing division or provide a closing fee equal to $450,000 paid monthly over 24 months if an employment arrangement is not mutually agreed to.  The new employment agreement with Mr. Eales as President will contain a base salary equal to or in excess of $225,000 and provide for 24 months severance if there is a termination for other than cause.  Mr. Eales shall not be bound until a final employment agreement is mutually executed.  The MCGI stock granted to PHP or its designee shall not be acquired by MCGI if the option is exercised.

  

  

  

5.           Responsibilities:  PHP shall refer all acquisition targets to MCGI and may not compete for targets unless MCGI passes on the acquisition.

6.           The parties agree to keep this letter of intent confidential.  If disclosure is required, MCGI may issue a press release.  From this date forward, because of the nature of this letter of intent, you agree to abide by all securities laws and not trade in the stock of MCGI or facilitate trading in MCGI stock except as permitted by securities laws.

7.           Upon execution of this letter of intent, we will begin drafting definitive agreements to consummate the transactions described herein.

8.           The persons signing this letter of intent represent to the other party that they have full power and authority to execute this letter of intent on behalf of their respective entity.

9.           This Agreement shall be governed by Georgia law with proper venue for all disputes to be Fulton County.  This Agreement is also intended to be a framework of the general terms of the referenced management agreement.  In all cases, the parties agree to act in good faith..

10.          Either party may evidence execution of this Agreement by email confirmation, pdf, or fax.

Accepted and agreed to by:

	
Premier Healthcare Professionals, Inc.

	
MedCAREERS GROUP, Inc.

	  	  
	
 

	  
	  	  
	
/s/ Chries Eales

	
By: /s/ Robert Bryan Crutchfield

	
Chris Eales

	
Chief Executive Officerexhibit10_1.htm

Exhibit 10.1

Execution Version

____________________________________________________________________________________________

Fifth Amendment

to

Credit Agreement

Dated as of April 6, 2010

among

McMoRan Exploration Co.,

As Parent,

McMoRan Oil & Gas LLC,

as Borrower,

The Guarantors,

JPMorgan Chase Bank, N.A.

as Administrative Agent,

GE Business Financial Services Inc.,

fka Merrill Lynch Business Financial Services Inc.

as Syndication Agent,

Toronto Dominion (Texas) LLC, BNP Paribas,

and ING Capital LLC,

as Documentation Agents,

and

The Lenders Party Hereto

____________________________________________________________________________________________

 

  

  

  

Fifth Amendment To Amended and Restated Credit Agreement

 

THIS Fifth Amendment to Amended and Restated Credit Agreement (this “Fifth Amendment”) dated as of April 6, 2010, is among McMoRan Exploration Co., a Delaware corporation (the “Parent”), McMoRan Oil & Gas LLC, a Delaware limited liability company (the “Borrower”), the undersigned guarantors (the “Guarantors”, and together with the Parent and the Borrower, the “Obligors”), each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”), GE Business Financial Services Inc., fka Merrill Lynch Business Financial Services Inc., as syndication agent for the Lenders (in such capacity, together with its successors in such capacity, the “Syndication Agent”), and The Toronto Dominion (Texas) LLC, BNP Paribas, and ING Capital LLC, as co-documentation agents for the Lenders (in such capacity, together with its successors in such capacity, each a “Documentation Agent”).

 

R E C I T A L S

 

A.           The Borrower, the Agents and the Lenders are parties to that certain Amended and Restated Credit Agreement dated as of August 6, 2007 (as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of June 20, 2008, that certain Second Amendment to Amended and Restated Credit Agreement dated as of September 10, 2008, that certain Third Amendment to Amended and Restated Credit Agreement dated as of April 17, 2009, that certain Fourth Amendment to Amended and Restated Credit Agreement dated as of February 2, 2010, and as further amended from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.

 

B.           The Borrower has requested and the Administrative Agent and the Majority Lenders have agreed to amend certain provisions of the Credit Agreement.

 

C.           NOW, THEREFORE, to induce the Administrative Agent and the Majority Lenders to enter into this Fifth Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1. Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Fifth Amendment.  Unless otherwise indicated, all section references in this Fifth Amendment refer to sections of the Credit Agreement.

 

Section 2. Amendments to Credit Agreement.

 

2.1 Amendments to Section 1.02.

 

  

Page 1

  

(a) The following definitions are hereby amended to read as follows:

 

“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, and as further amended by the Fifth Amendment, including the Schedules and Exhibits hereto, as the same may be amended or supplemented from time to time.

 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such Equity Interest (provided that Debt securities which are or by their terms may be convertible into Equity Interests shall not be Equity Interests).

 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other Property) with respect to any Equity Interests in any Person, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, conversion, cancellation or termination of any such Equity Interests.

 

(b) The following definition is hereby added where alphabetically appropriate to read as follows:

 

“Fifth Amendment” means that certain Fifth Amendment to Credit Agreement, dated as of April 6, 2010, among the Parent, the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto.

 

2.2 Amendments to Section 9.04(a).  Section 9.04(a) is hereby amended to revise clause (i) to read:

 

“(i) the Parent may make Restricted Payments with respect to its Equity Interests with or by issuing additional shares of its Equity Interests (other than Disqualified Capital Stock),”

 

to delete the “and” prior to clause (v) and to add the following new clause (vi) which reads:

 

“and (vi) the Parent may make customary payments in cash in an aggregate amount not to exceed $10,000,000 in lieu of fractional shares in connection with the conversion to or exchange for Equity Interests.”

 

Section 3. Conditions Precedent.  This Fifth Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement):

 

  

Page 2

  

3.1 The Administrative Agent shall have received from the Majority Lenders, the Parent, the Borrower and the Guarantors, counterparts (in such number as may be requested by the Administrative Agent) of this Fifth Amendment signed on behalf of such Person.

 

3.2 No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Fifth Amendment.

 

The Administrative Agent is hereby authorized and directed to declare this Fifth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.  Notwithstanding the foregoing, this Fifth Amendment shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 12.02 of the Credit Agreement) at or prior to 2:00 p.m., Houston time, on April 31, 2010.

 

Section 4. Miscellaneous.

 

4.1 Confirmation.  The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the effectiveness of this Fifth Amendment.  The parties agree that this Fifth Amendment is a Loan Document.

 

4.2 Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby (a) acknowledges the terms of this Fifth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fifth Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

4.3 Counterparts.  This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Fifth Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 

4.4 No Oral Agreement.  This Fifth Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or 

 

  

Page 3

  

unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.

 

4.5 GOVERNING LAW.  THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.6 Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Fifth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

4.7 Severability.  Any provision of this Fifth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.8 Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

 

  

Page 4

  

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be duly executed as of the date first written above.

 

BORROWER:                                                                           MCMORAN OIL & GAS LLC

 

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

PARENT:                                                                           MCMORAN EXPLORATION CO.

 

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Senior Vice

President & Treasurer

GUARANTORS:                                                                           K-MC VENTURE I LLC

By:           MCMORAN OIL & GAS LLC,

its sole member

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

FREEPORT CANADIAN

EXPLORATION COMPANY

By:           MCMORAN OIL & GAS LLC,

its sole member

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

MCMORAN INTERNATIONAL INC.

By:           MCMORAN OIL & GAS LLC,

its sole member

By:           /s/ Kathleen L. Quirk 

Kathleen L. Quirk, Vice President

Signature Page 1

Fifth Amendment

  

  

  

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and as a Lender

By:           /s/ Jo Linda Papadakis                                                      

Name:         Jo Linda Papadakis

Title:           Vice President

GE BUSINESS FINANCIAL SERVICES INC., fka Merrill Lynch Business Financial Services Inc., as Syndication Agent and as

a Lender

By:        /s/ Carl Peterson                                                      

Name:        Carl Peterson

Title:           Authorized Signatory

 

 

BNP PARIBAS, as a Documentation Agent and as a Lender

By:                                                                  

Name:

Title:

By:                                                                  

Name:

Title:

TORONTO DOMNION (TEXAS) LLC, as a Documentation Agent and as a Lender

By:      /s/ Debbi L. Brito                                                                

Name:       Debbi L. Brito

Title:         Authorized Signatory

  

Signature Page 2

Fifth Amendment

  

ING CAPITAL LLC, as a Documentation Agent and as a Lender

By:      /s/ Charles E. Hall                                                      

Name:      Charles E. Hall

Title:       Managing Director

	
  

	
U.S. BANK NATIONAL ASSOCIATION

By:    /s/ Heather Han                                                      

Name:  Heather Han

	
  

	
Title:    Vice President

CAPITAL ONE, N.A., as a

Lender

By:      /s/ Matthew L. Molero                                                                

Name:       Matthew L. Molero

Title:         Vice President

Signature Page 3

Fifth Amendment

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