Document:

Exhibit 10.49

 

PERSONAL AND CONFIDENTIAL

 

December 31. 2012

 

SFX Holding Corporation

430 Park Avenue

New York, NY 10022

Attn: Robert F.K. Sillerman

Executive Chairman and Chief Executive Officer

 

Dear Mr. Sillerman:

 

We are pleased to confirm the arrangements under which Tangent Capital Partners LLC (“Tangent”) is, effective as of June 1, 2012, non-exclusively engaged by SFX Holding Corporation (the “Company”) as financial advisor in connection with certain possible debt and equity financing transactions (each, a “Transaction”, and, collectively, the “Transactions”).

 

During the term of our engagement, we will provide the Company with financial advice and assistance in connection with these potential Transactions, which may include performing financial analyses, searching for investors and underwriters acceptable to the Company, coordinating visits of potential investors and underwriters and assisting the Company in negotiating the financial aspects of any Transaction.

 

The fees for our engagement will depend on the outcome of this assignment. In connection with the Transactions, the Company agrees to pay us a cash fee of $1.5 million and additional fees, in the Company’s sole discretion (together the “Transaction Fees”). The $1.5 million of non-discretionary Transaction Fees shall be paid by the Company to us as follows:

 

·                                          $750,000 upon the funding through, one or more Transactions taking place after November 15th, 2012 of at least $50 million in aggregate consideration. Excluding amounts raised from shareholders of record as of November 15th, 2012; and

 

·                                          At least $750,000 upon the funding through one or more Transactions taking place after November 15th, 2012 of at least $150 million in aggregate (inclusive of the original $50 million), excluding amounts raised from shareholders of record as of November 15th, 2012.

 

 

Upon the funding through one or more Transactions taking place after November 15th, 2012 of less than $50 million or of greater than $50 million but less than $150 million, excluding amounts raised from shareholders of record as of November 15th, 2012, the percentage of the $1.5 million non-discretionary Transaction Fee to be paid for such Transactions shall be paid on a pro-rated basis relative to the waterfall above. Any incremental discretionary fees may be paid by the Company at such times as determined by the Company in its sole discretion.

 

The aggregate consideration for purposes of determining when to pay each portion of the Transaction Fee shall be the total consideration paid for any of the Company’s equity or debt securities, but shall exclude (a) any purchase money consideration paid to acquire assets or interests in a target business by the Company thru the issuance of notes or equity, or (b) any consideration paid by Robert FX Sillerman, Och Ziff Capital Management. Baron Funds, Gordon Crawford or any of their affiliates, or (c) unless the Company in its sole discretion decides otherwise, Adage Capital or any of its affiliates and any consideration raised by Andrew Stramberg

 

The Company also agrees to reimburse Tangent monthly and upon consummation of a Transaction or upon termination of our services pursuant to this letter, for our reasonable documented out-of-pocket expenses, including the reasonable fees and disbursements of attorneys, plus any goods and services, sales, value added, consumption, use or similar taxes (including additions to such taxes, if any) arising in connection with any matter referred to in this letter agreement; provided that Tangent will seek approval, which shall not be unreasonably withheld or delayed, before incurring expenses in excess of $25,000 hereunder (but such requirement for consent shall not apply to expenses relating to the indemnity obligations set forth on Annex A attached hereto). The Company instructs Tangent to send any invoice related to expenses to Tim Clyne at the address above or at tim@sfxii.com.

 

In order to coordinate most effectively our efforts together to effect Transactions satisfactory to the Company during the term of our engagement, the Company and its management promptly inform us of any discussions they may have or of any inquiry they may receive concerning the potential sale of any of the Company’s debt or equity securities.

 

Please note that any written or oral advice provided by Tangent in connection with our engagement is exclusively for the information of the Board of Directors and senior management of the Company (in each case solely in their capacities as directors and officers of the Company) in connection with their consideration of the potential Transactions, and such advice and the terms of this letter may not be disclosed to any third party or circulated or referred to publicly or used or relied on by any other party or for any other purpose without our prior written consent, which may not be unreasonably withheld or delayed.

 

In connection with engagements such as this, it is our firm policy to receive indemnification. The Company agrees to the provisions with respect to our indemnity and other matters set forth in Annex A, which is incorporated by reference into this letter.

 

As the Company knows, Tangent is a full service securities firm engaged, either directly or through its affiliates, in various activities; including securities trading, investment banking, commercial banking and financial advisory services, investment management, principal

 

2

 

investment, financial planning, benefits counseling, risk management, hedging, financing, brokerage activities and other financial and non-financial activities and services for various persons and entities. In the ordinary course of these activities and services, Tangent and its affiliates may at any time make or hold long or short positions and investments, as well as actively trade or effect transactions, in equity, debt and other securities (or related derivative securities) and financial instruments (including bank loans and other obligations) for their own account and for the accounts of their customers. Such, investment and securities activities may involve securities and instruments of the Company, as well as of other entities and persons and their affiliates which may (i) be involved in transactions arising from or relating to the engagement contemplated by this letter, (ii) be customers or competitors of the Company, or (iii) have other relationships with the Company. In addition, Tangent and its affiliates may provide investment banking, commercial banking, underwriting and financial advisory services to such other entities and persons. Tangent and its affiliates may also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of the Company or such other entities. The engagement contemplated by this letter may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph. Although Tangent in the course of such other activities and relationships may acquire information about the potential Transaction contemplated by this letter or other entities and persons which may be the subject of the engagement contemplated by this letter, Tangent shall have no obligation to disclose such information, or the fact that Tangent in possession of such information, to the Company or to use such information on the Company’s behalf.

 

Tangent represents and warrants to the Company that it will perform the services in good faith and in material compliance with all applicable laws and regulations. Tangent further represents and warrants that it, and the person executing this Agreement, has full power, authority and capacity to enter into and fully perform the services contemplated hereby and that be entering into this Agreement, it is not and will not be in conflict with any prior, present, or future obligation to any person or entity and that the consent of no other person or entity is necessary for Tangent to enter into and perform this Agreement in accordance with its terms. Subject to compliance with applicable securities laws and the terms and provisions of this letter agreement and after obtaining the consent of the Company, which may not be unreasonably withheld or delayed, upon consummating the sale of any Transaction, Tangent and its affiliate White Oak Securities, LLC may place customary “tombstone” advertisements or issue a press release announcement in publications and electronic channels of Tangent’s choice at its own expense.

 

During the term of this engagement, Tangent shall assign Timothy Crowhurst (“Crowhurst”) as Tangent’s representative responsible for providing and performing the services contemplated hereby. Tangent and the Company agree that should he cease to be a registered representative of Tangent and becomes a registered representative of another registered broker-dealer within 60 days of ceasing to be affiliated with Tangent, this letter agreement shall be automatically assigned to such other registered broker-dealer with which Crowhurst is then affiliated. In the event that Crowhurst ceases to be a registered representative of Tangent and does not become a registered representative of another registered broker-dealer within 60 days of ceasing to be affiliated with Tangent, the Company may terminate this letter agreement immediately.

 

3

 

Our services may be terminated by the Company or us at any time with or without cause effective upon receipt of written notice to that effect. Except in the event that this letter agreement and our engagement are terminated because Crowhurst ceases to be a registered representative of Tangent or is no longer able to provide his services, we will be entitled to the applicable Transaction Fee set forth above in the event that at any time prior to the expiration of 6 months after such termination (i) a binding and definitive agreement is entered into with respect to a Transaction which is eventually consummated or (ii) a binding and definitive agreement is entered into with respect to a Transaction and a payment is eventually made; provided that if this Agreement is terminated by the Company for cause then there shall be no such 6-month period. For purposes of this letter, the term “cause” shall mean: (i) Tangent is no longer legally authorized to provide the services for which it is responsible under this letter, (ii) Tangent or its registered representatives have participated in any act of fraud or malfeasance against the Company, or (iii) Tangent has engaged in conduct that constitutes willful gross misconduct which results in harm to the Company; provided, however, that for purposes of determining whether conduct constitutes willful gross misconduct, no act on Tangent’s part shall be considered willful unless it is done by Tangent or its registered representatives in bad faith and without reasonable belief that the relevant action was in the best interests of the Company. Notwithstanding the foregoing, the Company shall not terminate Tangent’s engagement for cause unless Tangent is given at least thirty (30) days written notice and is unable to adequately remedy such cause.

 

The Company recognizes that, in providing our services pursuant to this letter, we will rely upon and assume the accuracy and completeness of all of the financial, legal, regulatory, accounting, tax and other information provided to, discussed with or reviewed by us for such purposes, and we do not assume any liability therefor or responsibility for the accuracy, completeness or independent verification thereof. Tangent will have no obligation to conduct any independent evaluation or appraisal of the assets or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party or any of their respective affiliates or to advise or opine on any related solvency or viability issues. It is understood and agreed that Tangent will act under this letter as an independent contractor with duties solely to the Company and nothing in this letter or the nature of our services in connection with this engagement or otherwise shall be deemed to create a fiduciary duty or fiduciary or agency relationship between us and the Company or its stockholders, employees or creditors, and the Company agrees that it shall not make, and hereby waives, any claim based on an assertion of such a fiduciary duty or relationship. Except as set forth in Annex A hereto, nothing in this letter is intended to confer upon any other person (including stockholders, employees or creditors of the Company) any rights or remedies hereunder or by reason hereof.

 

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26. 2001)), Tangent is required to obtain, verify and record information that identifies its clients, including the Company, which information may include the name and address of its clients, as well as other information that will allow Tangent to properly identify its clients.

 

Tangent does not provide accounting, tax, legal or regulatory advice. Notwithstanding anything herein to the contrary, the Company is authorized to disclose to any person the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any

 

4

 

kind (including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure, without Tangent imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, “tax structure” is limited to any facts that may be relevant to that treatment.

 

This letter agreement shall not be modified or amended, and no provision hereof shall be waived, except in a writing signed by each of Tangent and the Company. No failure or delay by Tangent or the Company in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder, Except as otherwise provided herein, neither party may transfer its rights and obligations under this letter agreement to another person or entity without the prior written consent of the other party to this letter agreement (such consent not to be unreasonably withheld). In case any provision of this letter agreement shall be invalid, illegal or unenforceable, the legality, validity and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Please confirm that the foregoing is in accordance with the Company’s understanding by signing and returning to us the enclosed copy of this letter, which shall become a binding agreement upon our receipt. We are delighted to accept this engagement and look forward to working with the Company on this assignment.

 

	
Very   truly yours,
    	
 
    	
Confirmed
    
	
 
    	
 
    	
 
    
	
/s/   Robert E. Rice
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TANGENT   CAPITAL PARTNERS LLC
    	
 
    	
SFX   HOLDINGS CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Robert F.X. Sillerman
    
	
 
    	
 
    	
 
    	
Name:   Robert EX Sillerman
    
	
 
    	
 
    	
 
    	
Title:   Executive Chairman and Chief Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Date:
    	
 
    

 

5

 

Annex A

 

In the event that Tangent becomes involved in any capacity in any action, proceeding or investigation brought by or against any person (other than an action, proceeding or investigation initiated or brought by or on behalf of Tangent against the Company that is not initiated or brought in connection with an action, proceeding or investigation brought by a third party against Tangent in a matter otherwise covered by this Annex A), including stockholders of the Company, in connection with or as a result of either our engagement or any matter referred to in this letter, the Company periodically will reimburse Tangent for its reasonable outside legal and other expenses (including the reasonable cost of any reasonable investigation and preparation) incurred in connection therewith. The Company also will indemnify and hold Tangent harmless against any and all losses, claims, damages or liabilities to any such person in connection with or as a result of either our engagement or any matter referred to in this letter, except to the extent that any such loss, claim, damage or liability results from the gross negligence, willful misconduct or band faith of Tangent in performing the services that are the subject of this letter. If for any reason the foregoing indemnification is unavailable to Tangent or insufficient to hold it harmless, then the Company shall contribute to the amount paid or payable by Tangent as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of the Company and its stockholders on the one hand and Tangent on the other hand in the matters contemplated by this letter as well as the relative fault of the Company and Tangent with respect to such loss, claim, damage or liability and any other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Company under this paragraph shall be in addition to any liability which the Company may otherwise have, shall extend upon the same terms and conditions to any affiliate of Tangent and the partners, directors, agents, employees and controlling persons (if any), as the case may be, of Tangent and any such affiliate, and shall be binding upon and inure to the benefit of any successor, assigns, heirs and personal representatives of the Company, Tangent, any such affiliate and any such person. The Company also agrees that neither Tangent nor any of such affiliates, partners, directors, agents, employees or controlling persons shall have any liability to the Company or any person asserting claims on behalf of or in right of the Company in connection with or as a result of either our engagement or any matter referred to in this letter except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Company result from the gross negligence, willful misconduct or bad faith of Tangent in performing the services that are the subject of this letter. Prior to entering into any agreement or arrangement with respect to, or effecting, any proposed sale, exchange, dividend or other distribution or liquidation of all or a significant portion of its assets in one or a series of transactions or any significant recapitalization or reclassification of its outstanding securities that does not directly or indirectly provide for the assumption of the obligations of the Company set forth in this Annex A, the Company will notify Tangent in writing thereof (in not previously so notified) and, if requested by Tangent, shall arrange in connection therewith alternative means of providing for the obligations of the Company set forth in this paragraph, including the assumption of such obligations by another party, insurance, surety bonds or the creation of an escrow, in each case in an amount and upon terms and conditions satisfactory to Tangent. Any right to trial by jury with respect to any action or proceeding arising in connection with or as a result of either our engagement or any matter referred to in this letter is hereby waived by the parties hereto. The Company agrees that any suit or proceeding arising in respect to this letter or our engagement will be tried exclusively in the U.S. District Court for the Southern District

 

 

of New York or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York, and the Company agrees to submit to the jurisdiction of, and to venue in, such courts. The provisions of this Annex A shall survive any termination or completion of the engagement provided by this letter, and this letter and any matters related to this engagement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflict of law principles that would result in the application of any law other than the law of the State of New York.

 

7Exhibit 10.50

 

MASTER SERVICES AGREEMENT

 

This Master Services Agreement (this “Agreement”) is entered into as of November 1, 2012 (the “Effective Date”), by and between Sports & Entertainment Physicians, PC, a Connecticut professional corporation, with its principal place of business at 188 Northrop Street, Bridgewater, Connecticut 06751 (“Provider”), and SFX Entertainment, Inc., a Delaware corporation, with its principal place of business at 430 Park Avenue, 6th Floor, New York, New York 10022 (“Client”).

 

RECITALS

 

A.                                    WHEREAS, Provider has unique and specialized experience in the business of rendering comprehensive medical coverage for sports and entertainment events held in large-capacity venues and Client requires such services for the festivals produced by Client and its affiliates; and

 

B.                                    WHEREAS, Andrew N. Bazos, M.D. (“Bazos”) is a principal and founder of Provider as well as an independent director of Client’s Board of Directors (“Board”) since November 2012 and Chairman of the Client’s Medical Procedure & Safety Committee since March 2013;

 

C.                                    WHEREAS, the Board has and approved such arrangement between Client and Provider as an affiliate transaction and authorized Bazos to enter into a contract with Provider for these services on the Client’s behalf on the terms and conditions set forth in this Agreement, with the understanding that neither Bazos nor the Provider will take any action under this Agreement which would impair Bazos’ status as an Independent Director pursuant to the NASDAQ Stock Market Rules.

 

NOW, THEREFORE, in consideration of their mutual promises and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

1.                                      PROFESSIONAL SERVICES; FEES AND PAYMENTS.

 

1.1.                            Services.  Provider shall specify and describe the professional services offered by Provider (the “Services”) in Appendix I, attached hereto (“Description of Services”).  From time to time, the Client’s Chief Executive Officer or President shall request certain services from Provider.  Upon receipt of such request, the Provider shall provide an estimate of the charges for such services (the “Estimate”), which in no event shall exceed the amount charged for such services by Provider to its most favored clients. When Client approves such estimate, Provider shall immediately commence the provision of the requested services.  Provider may from time to time initiate services in furtherance of this Agreement.

 

 

1.1.                            Fees.  Provider will issue a monthly invoice (the “Invoice”) to Client setting forth the fees and expenses charged for the services and deliverables specified in the Estimate.   The Invoice shall also specify the amount owed after drawing upon the Retainer (as defined in Section 1.2).  Such fees and expenses shall be subject to Section 4.2 herein.

 

1.2.                            Currency, Invoicing and Payment Terms.  All prices, fees and expenses are in United States Dollars.  Client shall provide a Seven Thousand Five Hundred Dollar ($7,500.00) retainer (the “Retainer”) to Provider, which Client shall replenish on a monthly basis.  Client will pay any amounts owed after drawing upon the Retainer via check or wire transfer within thirty (30) days of receipt of the applicable Invoice.

 

1.3.                            Insurance.  Client shall be billed directly by Provider’s insurance company for any incremental cost in Provider’s medical malpractice insurance caused solely by Provider’s execution of this Agreement. Client shall pay such expenses directly to Provider’s insurance company.

 

2.                                      CONFIDENTIALITY

 

2.1.                            Protection of Confidential Information.  Provider agrees that upon execution of this Agreement, Provider will enter into a Non-Disclosure and Proprietary Information Agreement (“NDA”) with Client in a form acceptable to Client. Provider agrees to hold in confidence all Confidential Information and agrees that it will not use any information for any purpose other than set forth in this Agreement. Provider will take all reasonable steps to ensure its security. Provider may disclose Confidential Information to its own employees assisting in the services under this Agreement, provided that such employees shall have agreed to be bound by the terms of this Agreement or have entered into an agreement of similar scope and obligations to protect the Confidential Information. Provider shall not disclose the Confidential Information to any third party without prior written permission.

 

2.2.                            This obligation of confidentiality does not extend to Confidential Information which: (i) was known to the Provider as evidenced by written documentation; (ii) was or becomes a matter of public information or publicly available through no fault of the Provider as evidenced by written documentation; (iii) is acquired from a third party entitled to disclose information to the Provider as evidenced by written documentation; or (iv) is developed independently by Provider as evidenced by written documentation.

 

2.3.                            Except as required by law, regulation, court order, or with prior written permission: (i) Provider will not disclose Confidential Information for a period of five (5) years from the end of this Agreement; (ii) Provider shall comply with all applicable laws regarding the confidentiality of subjects medical records and protected health information; and (iii) Provider shall not use or disclose protected health information other than as permitted or required law and, if not in conflict with the law, as permitted or required by this Agreement.

 

 

2.4.                            Recordkeeping, Audit, and Inspection of Records. Provider shall maintain books, records and other compilations of data pertaining to the requirements of this Agreement to the extent and in such detail as shall properly substantiate claims for payment hereunder. All such records shall be kept for a period of six (6) years or for such longer period as is specified herein. All retention periods start on the first day after final payment owed by Client under this Agreement is made to Provider. If any litigation, claim, negotiation, audit or other action involving the records is commenced prior to the expiration of the applicable retention period, all records shall be retained until completion of the action and resolution of all issues, or until the end of the applicable retention period, whichever is later. Provider, or any of its duly authorized representatives or designees, shall have the right at reasonable times and upon reasonable notice, to examine and copy the books, records, and other compilations of data of Provider that pertain to the provisions and requirements of this Agreement wherever such data is located.

 

3.                                      TERM AND TERMINATION

 

3.1.                            Term.  The initial term of this Agreement will begin on the Effective Date and will continue for one (1) year (the “Initial Term”), unless terminated earlier as provided in Section 3.2 below.  Thereafter, Client and Provider may renew the Agreement on mutually agreeable terms and conditions each year for an additional one (1) year thereafter by providing thirty (30) days’ written notice of its intent to renew to Provider prior to the expiration of the term or the renewal term.

 

3.2.                            Termination.

 

(a)                                 Termination for Cause.  Either party may terminate this Agreement at any time upon written notice to the other party if the other party:  (i) breaches any material term hereof and fails to cure such breach within fifteen (15) days after receiving written notice of such breach from the non-breaching party; (ii) ceases to do business in the normal course, (iii) becomes or is declared insolvent or bankrupt; (iv) is the subject of any proceeding related to its bankruptcy, liquidation or insolvency (whether voluntary or involuntary) which is not dismissed within ninety (90) calendar days; or (v) makes an assignment of the benefit of creditors.

 

(b)                                 Termination for Convenience.  Either party may terminate this Agreement or an Estimate (without terminating the entire Agreement) at any time with or without cause upon sixty (60) days written notice.  In the event of a termination by Client under this Section 3.2(b), Client shall pay all fees and expenses due and incurred through the date such termination takes effect.  In the event of a termination by Provider or Client, under Section 3.2 (a) or (b), in addition to, and not in limitation of, any and all rights and remedies available to a party at law and equity, Provider will reimburse Client any pre-paid fees, including, without limitation, the deposit money, on a pro-rata basis, relating to Services not yet performed.

 

 

3.3.                            Survival Provisions of Agreement.  The termination or expiration of this Agreement will not relieve either party of any obligations under any of the surviving provisions specified in this Section 3.3. Except as stated otherwise in the Estimate, the termination of an Estimate will not relieve Client of its obligation to pay Provider for any time and materials actually used in performing the Services prior to the breach notice. The provisions of Sections 2, 3, 4, 5, and 6 of this Agreement will survive any expiration or termination of this Agreement.

 

3.4.                            Severability.  The provisions of this Agreement are severable, and if any one or more such provisions will be determined to be invalid, illegal or unenforceable, in whole or in part, the validity, legality and enforceability of any of the remaining provisions or portions thereof will not in any way be affected or impaired thereby and will nevertheless be binding between the parties hereto.

 

4.                                      INDEPENDENCE

 

4.1.                            Client represents to Provider that the Board has been fully informed as to Bazos’s relationship to Provider and approved such arrangement between Client and Provider as an affiliate transaction and authorized Bazos to enter into a contract with Provider for these services on the Client’s behalf on the terms and conditions set forth in this Agreement.

 

4.2.                            Provider and Bazos have read and understand, or engaged an independent attorney in order to understand, the NASDAQ Stock Market Rules (“NASDAQ,” attached hereto as Appendix II) bearing on the independence of a director.  As a material inducement to Client entering into this Agreement, Provider agrees that, in the event Provider becomes aware of a change in circumstances or change in NASDAQ that relate to the independence of Bazos, Provider will immediately:  notify Client of such change; cease performance of Services to Client until such time as acceptable to Client; and refund any payments made by Client to Provider that exceed the compensation limits set forth in NASDAQ Rule 5605(a)(2).  In addition, either party may immediately elect to terminate this agreement for cause under Section 3.2(a).

 

5.                                      REPRESENTATIONS AND WARRANTIES AND COVENANTS; INDEMNIFICATION

 

5.1.                            Representations and Warranties; Covenants.

 

(a)                                 Each party represents and warrants that:  (i) it has the full right, power and authority to enter into this Agreement and to discharge its obligations hereunder; (ii) the execution and delivery of this Agreement (and any Estimate or Invoice hereunder) and the performance of its obligations hereunder does not and will not violate any agreement to which it is a party or by which it is or will be otherwise bound; and (iii) it has and will maintain all applicable insurance in customary amounts naming the other party as an additional insured on a primary non-contributory basis.

 

 

(b)                                 Contractor certifies the following: (a) that it has the requisite authority, skill and experience to perform the services hereunder in accordance with applicable professional standards and has obtained all requisite licenses and permits to perform those services; (b) that it has complied with all applicable laws; (c) that neither it nor any of its directors, officers, agents or employees (i) are currently or have ever been excluded, suspended or debarred from, have been declared ineligible to participate in, or are currently a party to an action or proceeding seeking to exclude, suspend or debar them from or to declare them ineligible to participate in, the Medicare or Medicaid programs or any other federal or state program, or (ii) have been convicted under federal or state law of a criminal offense related to the neglect or abuse of a patient, or the delivery of an item or service, including the performance of management or administrative services related to the delivery of an item or service, under the Medicare or Medicaid Programs. If at any time during the term of this Agreement there is a change in circumstances such that Contractor is unable to make all of the certifications set forth in this Section 5.1., then Contractor will immediately notify Client in writing, whereupon Client may terminate this Agreement by providing Contractor with five (5) business days prior written notice.

 

5.2                               Indemnification by Provider.  Provider agrees to hold harmless, indemnify and  defend Client, its directors, officers, employees and agents thereof  and Client’s affiliates, its directors, officers, employees and agents thereof  (collectively, the “Indemnitees”), and Indemnitees’ successors and assigns against any and all losses, liability, claims, causes of action, damages and expenses (including reasonable attorneys’ fees and expenses) in actions involving third parties or between the Parties hereto that they or any of them may incur or be obligated to pay in any action, claim or proceeding against them or any of them, arising from any acts, whether of omission or commission, that may be committed or related to this Agreement by Provider, or any of Providers third party subcontractors, consultants, agents or employees as a result of any actions or failure on their part relating to this Agreement.  The provisions of this Section 5.2 and Provider’s obligations hereunder will survive any expiration termination or rescission of this Agreement.

 

5.3                               Indemnification by Client.   Client shall indemnify, defend and hold Provider harmless from and against any loss, damage, cost or expense, including reasonable attorney’s fees, incurred or suffered by or threatened against Provider in connection with or as a result of any claims for bodily injury or property damage brought by or on behalf of any third party person, firm or corporation as a result of Provider’s gross negligence or willful misconduct.

 

6.                                      MISCELLANEOUS

 

6.1.  Governing Law; Jurisdiction; Forum and Venue; Service of Process.  This Agreement shall be governed by and construed and enforced in accordance with the local laws of the State of New York, without regard to the conflicts of law rules thereof.  Contractor hereby agree to arbitrate in New York City any disputes with the Client,

 

 

including its officers, directors, or members, arising out of or relating to this Agreement or Provider’s employment with the Company under and in accordance with JAMS Streamlined Arbitration Rules. Notwithstanding the foregoing, either party may seek provisional injunctive relief to enforce the terms and conditions of this Agreement in any court of competent jurisdiction, including, without limitation, the Supreme Court of the State of New York, County of New York.  In the case of injunctive relief, Contractor hereby agree to consent to personal jurisdiction of the state and federal courts situated within the County of New York, State of New York for purposes of enforcing this Agreement, and waive any objection that Contractor might have to personal jurisdiction or venue in those courts.  Each party shall bear his or its own costs, expenses, and attorney fees incurred in connection with any such arbitration.

 

7.1.                            Waiver or Delay.  Any waiver of any kind by either party of a breach of this Agreement must be in writing, will be effective only to the extent set forth in such writing, and will not operate or be construed as a waiver of any subsequent breach by the other party.  No failure of either party to insist upon strict compliance with any obligation or provision hereunder, and no custom or practice of the parties at variance with the terms hereof, will constitute a waiver of any right to demand exact compliance with the terms of this Agreement.  Neither party’s delay nor omission in exercising any right, power or remedy upon a breach or default by the other party will impair any such right, power or remedy.

 

7.2.                            Severability.  The provisions of this Agreement are severable, and if any one or more such provisions will be determined to be invalid, illegal or unenforceable, in whole or in part, the validity, legality and enforceability of any of the remaining provisions or portions thereof will not in any way be affected or impaired thereby and will nevertheless be binding between the parties hereto.

 

7.3.                            Notices.  Except as expressly set forth herein to the contrary, any consents, requests, demands, communications, and other notices permitted or required to be given hereunder shall be in writing and be deemed validly given (a) upon delivery, if personally hand delivered with service fees prepaid, (b) upon delivery, if delivered, with fees prepaid, by reputable overnight courier that provides proof of delivery, (c) upon receipt after dispatch by registered or certified mail, postage prepaid, and return receipt requested; or (d) upon confirmation of receipt when transmitted by facsimile transmission or by electronic mail, only if followed by transmittal by reputable overnight courier or by personal hand delivery.  The foregoing shall be the only permitted mechanism for delivery of such communications, and the addresses set forth below shall be the proper addresses for notices provided hereunder.  Either party, by means of a notice properly given hereunder, may change its address for purposes of receiving future notices hereunder.  For purposes of clarity, any notice properly sent to a party’s address identified below (or such other address as a party may give notice of hereunder) shall be deemed validly given under this Agreement for all purposes until such time as notification of a different address for notice purposes hereunder has been given.  English

 

 

shall be the official language of this Agreement and all communications and notices must be in the English language.

 

	
To Client:
    	
SFX Entertainment, Inc:
    
	
 
    	
430 Park Avenue, 6th Floor
    
	
 
    	
New York, NY 10022
    
	
Attention:
    	
Board of Directors
    
	
 
    	
 
    
	
With a copy to:
    	
 
    
	
To Client:
    	
SFX Entertainment, Inc:
    
	
 
    	
430 Park Avenue, 6th Floor
    
	
 
    	
New York, NY 10022
    
	
Attention:
    	
General Counsel
    
	
Telephone:
    	
(646) 561-6385
    
	
Email:
    	
Howard@sfxii.com
    
	
 
    	
 
    
	
To Provider:
    	
 
    
	
 
    	
 
    
	
 
    	
Sports & Entertainment Physicians, PC
    
	
 
    	
188 Northrop Street
    
	
 
    	
Bridgewater, Connecticut 06751
    
	
Attention:
    	
Dr. Andrew N. Bazos
    

 

7.4.                            Relationship of the Parties; Basis of Compensation.   Nothing contained in this Agreement will be construed as creating any agency, partnership, joint enterprise or other similar relationship between the parties.  The relationship between the parties will at all times be that of independent contractors.  Contractor, its employees, agents, or subcontractors, are not employees or agents of Client, and shall not hold themselves out as, nor claim to be, officers or employees of Client and will not make any claim, demand, or application to or for any right or privilege applicable to an officer or employee of Client including, but not limited to, worker’s compensation coverage, stock option plans, unemployment insurance benefits, or social security benefits. Neither party will have authority to contract for or bind the other in any manner whatsoever.  This Agreement confers no rights upon either party except those expressly granted herein or to make any representation or commitment on behalf of the other.

 

7.5.                            Successors and Assigns.  This Agreement and the rights and obligations arising hereunder will be binding upon and inure to the benefit of the parties and to Client’s successors and assigns.  Any unauthorized assignment will be null and void.  Notwithstanding the foregoing, any merger, acquisition of all or substantially all of the assets or change of control relating to either party shall not be deemed an assignment of the Agreement to the acquiring entity, for which prior consent must be obtained.

 

 

7.6.                            Counterparts.  This Agreement may be executed in one or more counterparts, each of which when executed will be deemed to be an original, but all of which taken together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement or any Estimate or Invoice by facsimile transmission or by email in “portable document” or similar electronic format or by other electronic transmission via intranet posting shall be effective as physical delivery of a paper document bearing the original signature.

 

7.7.                            Headings.  The paragraph headings and captions of this Agreement are included merely for convenience of reference.  They are not to be considered part of, or to be used in interpreting, this Agreement and in no way limit or affect any of the contents of this Agreement or its provisions.  If there is any conflict between the paragraph headings, captions and numbers in this Agreement and the body text of this Agreement, the body text shall control.

 

7.8.                            Entire Agreement and Modifications.  This Agreement and the attached Exhibits (including any applicable Estimate and Invoice) constitute the entire agreement, including all understandings, representations, conditions, warranties and covenants, between the parties concerning the subject matter hereof.  This Agreement supersedes and merges, and the terms of this Agreement govern, any prior proposals or collateral agreements or understandings between the parties whether written or oral, with respect to the subject matter hereof, including without limitation, the terms of any Client request for proposal or the standard printed terms on any Client purchase order.

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives.

 

	
SPORTS & ENTERTAINMENT PHYSICIANS,   PC
    	
 
    	
SFX ENTERTAINMENT, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
Date:
    	
 
    

 

Signature Page to Master Service Agreement

 

 

APPENDIX I

 

DESCRIPTION OF SERVICES

 

·                  Advise Client, its subsidiaries, and affiliates on health, safety and medical training and staffing;

 

·                  Consult with Client, its subsidiaries, and affiliates on contracts related to medical services;

 

·                  Create plans, policies and programs to improve upon the provision of medical services and to ensure compliance with all laws, regulations and rules;

 

·                  Work with state and local regulatory authorities; and

 

·                  Perform any other tasks that would further Client’s goal of hosting safe festivals and events.

 

 

APPENDIX II

 

NASDAQ STOCK MARKET RULES

 

See attached.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]