Document:

f8k041910ex10m_dialcorp.htm

     

    
      Exhibit 10 (L)

       

      EXECUTION
COPY

       

      FIRST
AMENDMENT TO

      EMPLOYMENT
AGREEMENT

       

      This
First Amendment to Employment Agreement (this "Amendment")
is entered into by and between Thomas K. Langbein (the "Executive")
and Dialysis Corporation of America, a Florida corporation (individually,
the "Company"
and collectively with the Executive, the "Parties"),
dated as of April 13, 2010, and effective as of the Effective Time (as
defined below), and hereby amends the Employment Agreement between the Parties
dated January 1, 2010, a copy of which is attached hereto as Exhibit A (the "Employment
Agreement").

       

      WHEREAS, substantially
concurrently with the execution and delivery of this Agreement, the Company,
U.S. Renal Care, Inc., a Delaware corporation ("Parent"),
and Urchin Merger Sub, Inc., a Florida corporation ("Merger Sub"),
are entering into an Agreement and Plan of Merger, dated as of the date
hereof (as it may be amended or supplemented from time to time, the "Merger
Agreement"), which provides, among other things, for Merger Sub to
commence a tender offer, subject to the terms and conditions set forth therein,
for all of the issued and outstanding shares of common stock of the Company and
that, upon the terms and subject to the conditions therein, Merger Sub will
merge with and into the Company (the "Merger");
and

       

      WHEREAS,
Executive is an executive officer of the Company and Parent and Merger Sub
desire to enter into this Amendment to, among other things, ensure that
Executive will be available to assist Parent with transitional matters following
the closing of the Merger; and

       

      WHEREAS,
as a condition and inducement to the willingness of Parent and Merger Sub to
enter into the Merger Agreement, Parent and Merger Sub have requested that
Executive agree, and Executive has agreed, to enter into this Amendment to be
effective upon the closing of the Merger (the "Effective
Time");
and

       

      WHEREAS,
the Parties desire to amend the Employment Agreement as set forth herein;
and

       

      WHEREAS,
pursuant to Section 16 of the Employment Agreement, any provision of the
Employment Agreement may be amended or waived in a writing signed by the
Parties; and

       

      NOW, THEREFORE, in
consideration of the foregoing and the representations, warranties, covenants
and agreements set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and subject to the
terms and conditions set forth herein, the Parties hereby agree as
follows:

       

      AGREEMENT

       

      1.            Effective
as of the Effective Time:

       

      (a)            Section
1.23 of the Employment Agreement is hereby deleted in its entirety and replaced
with the
following:

       

      "Restricted
Period" shall mean the Term and for a period of two (2) years from the Date of
Termination for whatever reason or occurrence, provided in the event of any
violation of Section 8, the Restricted Period shall be extended by a period of
time equal to that period beginning when the violation commenced and ending when
the violation terminated."

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) The
reference in Section 8.1 of the Employment Agreement to the phrase "the Company
within a twenty-five (25) mile radius of the Company's then facilities" in the
defmition of "Restricted Activity" in Section 8.1 of the Employment Agreement is
hereby deleted and replaced with "the Company within a fifty (50) mile radius of
the Company's and its affiliates' current or future dialysis
facilities".

       

      2. Except as
set forth herein, the Parties' rights under the Employment Agreement shall
remain unaffected and shall continue in full force and effect. This Amendment is
limited precisely as written and shall not be deemed to be an amendment to any
other term or condition of the Employment Agreement or waiver of any of the
Parties' rights under the Employment Agreement.

       

      3. This
Amendment shall form a part of the Employment Agreement for all purposes, and
the Parties shall be bound hereby. From and after the execution of this
Amendment by the Parties, any reference to the Employment Agreement shall be
deemed a reference to the Employment Agreement as amended hereby (unless the
context specifically requires otherwise).

       

      4. This
Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. This Amendment shall become effective when each Party shall
have received a counterpart hereof signed the other Party. Signatures to this
Amendment transmitted by facsimile transmission, by electronic mail in pdf form,
or by any other electronic means designed to preserve the original graphic and
pictorial appearance of a document, will be deemed to have the same effect as
physical delivery of the paper document bearing the original
signatures.

       

      [Remainder
of Page Intentionally Left Blank]

      

       

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

       

       

       

      IN
WITNESS WBEREOF, the Executive has signed this Amendment personally and the
Company has caused this Amendment to be executed by its duly authorized
representative.

       

      
         

        
          
            
              	 	COMPANY:	 
	 	 	 
	 	
                      DIALYSIS CORPORATION OF
      AMERICA

                      a Florida corporation

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/ Stephen
      W. Everett	 
	 	Name: 	Stephen
      W. Everett	 
	 	Title: 	President
      and Chief Executive Officer	 

            

            
              
 

              
                
                  
                    	 	EXECUTIVE	 
	 	 	 
	
                             

                          	/s/ Thomas
      K. Langbein	 
	 	Thomas
      K. Langbein	 

                  

                   

                

              

            

          

        

      

      
         

         

      

       

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      [Signature
Page to Amendment to Employment Agreement — Langbein]ex10_26.htm

Exhibit 10.26

 

	

 

	
PROMISSORY NOTE 

Loan tied to the Euribor (6 mth)

	
       1(3)

	
Borrower

 

Encorium Oy

 

	
Loan number

374044

	
Date of Financing offer

16 Dec. 2009

	
Amount of loan in writing

 

Seven hundred thousand Euro

	
In figures, euro

	
Interest %

 

EB6 + 2.35%

	
Interests rate

revision dates

16 June, 16 Dec.

	
€ 700,000

	
Amount of installment, 

euro

€ 116,766

	
Date of first

Installment

16 June 2010

	
Interval between 

installments

6 months

	
Interest payment dates

16 June, 16 Dec.

	
Date of first interest

Payment

16 June 2010

	
The terms and conditions of the loan are as follows:

 

1  Preconditions for granting the loan and suspension of loan disbursement

 

The loan is based on information provided by the borrower and known to the lender when the financing   offer is made concerning the borrower company’s   financial standing, profitability, operating plans, ownership, executives and the intended use of the loan. These matters decisively influenced the lender’s decision to grant the financing.

 

Finnvera plc is entitled to suspend disbursement of the loan if the project or its financing has changed  substantially after the offer was given, if Finnvera plc  was given misleading information when the loan was granted, if the borrower’s prerequisites or financial status have essentially weakened, or if the circum-stances have otherwise changed considerably in a way that increases Finnvera plc’s risk.

 

2  Interest period and interest days

 

2.1 The interest on the loan is fixed in interest-rate   periods (period), the first of which begins on the date the next interest rate revision date. The following periods are all six months.

 

2.2 Interest is calculated based on the actual number of interest days, using 360 days as the divider.

 

3  Interest rate

 

3.1 The interest rate on the loan is made up of the six-month Euribor (reference rate) and a margin.

 

The interest rate is payable retroactively on the interest payment dates.

 

The interest rate is fixed through each period. Each part of the loan withdrawn is subject to the same interest rate and period.

 

3.2 The reference rate used for the first period is that quoted two banking days before the first instalment of the loan is withdrawn, and otherwise the rate two banking days before the interest revision date.

 

The reference rate quotation date is the date on which its value is specified according to currently valid international practice.

 

3.3 If the loan is subject to an interest rate subsidy mentioned in the financing offer, the interest will be reduced by the amount of the subsidy during the period mentioned in the offer.

 

If the conditions for reserving an interest rate subsidy cease, the borrower is not longer entitled to the interest

	

rate subsidy. In this case the borrower must repay the interest rate subsidy received.

 

3.4 Should the original loan repayment schedule be changed or the loan period extended, Finnvera plc has a right to charge higher interest.

 

4  Repayment

 

The loan is repaid to Finnvera plc

in equal instalments.

 

 

The borrower is entitled to repay the loan or part of it prematurately on the ending date of the interest determination period. Notice must be given of the termination of the loan or part of it in writing fourteen (14) days before the period ends. The borrower must pay a handling fee according to Finnvera plc’s service price list.

 

If the interest on the loan is reduced by the interest rate subsidy mentioned in the financing offer during a period mentioned in the proposal, the loan or part of it may be repaid at the earliest within a year of the end of the interest rate subsidy period.

 

5 Cessation of reference interest rate quotation

 

If the reference rate quotation ceases or is suspended, the reference rate applicable to the loan will be determined in accordance with the law or official decision or instruction issued concerning a new reference rate.

 

If no law or official decision or instruction is issued concerning a new reference rate, Finnvera plc and the borrower will agree on a new reference rate to be applied to the loan. If Finnvera plc and the borrower fail to reach agreement on a new reference rate before the end of the current interest period, the reference rate applicable to the loan will remain that used for the loan before the end of the interest period.

 

If Finnvera plc and the borrower fail to reach agreement on a new reference rate within six months of the end of the interest period, Finnvera plc will fix the new   reference rate after consulting the authorities supervising its operations.

 

6 Penalt interest

 

If the borrower fails to pay off the loan, a loan instalment, interest or charges and fees related to repayment and other management of the loan so that   these reach the Finnvera plc account on the due date at the latest, said borrower shall be required to pay an annual penal interest on the overdue amount from the due date to the date of payment. The penal interest rate is 6 percentage points above the reference rate charged on the loan, though not less than 16 per cent.

 

	
FINNVERA PLC

	
Head Office

	
Head Office

	
Telephone

	
Reg. Domicile

	
Business ID

	  	
P.O.Box 1010 (Eteläesplanadi 8)

	
P.O.Box 1127 (Haapaniemenkatu 40)

	
0204 6011

	
Kuopio

	
1484332-4

	  	
FI-00101 HELSINKI

	
FI-70111 KUOPIO

	  	
Finland

	  
	  	
FINLAND

	
FINLAND

	  	  	  

 

  

  

  

	

 

	
PROMISSORY NOTE 

Loan tied to the Euribor (6 mth)

	
       2(3)

	
7 Special grounds for the loan falling due for immediate repayment

 

If Finnvera plc so demands, the loan falls due for immediate repayment without further notice if

 

7.1 the borrower has failed to pay a due instalment, interest or other remittance in accordance with the terms and conditions of the promissory note:

 

7.2 the borrower has, on applying for the loan, provided materially incorrect information or has concealed matters that would have substantially influenced the granting of the loan;

 

7.3 the borrower has used the funds  granted as a loan for a purpose other than was granted;

 

7.4 the borrower has prevented Finnvera plc from carrying out the inspections referred to in clause 8 or has refused to provide the information referred to in that clause;

 

7.5 assets acquired with the loan or assets subject to corporate mortgage given to Finnvera plc as collateral are assigned in a manner other than that referred to in section 9 paragraph 1, on the Company Mortgage Act, or are leased out;

 

7.6 the borrower’s business operations have materially decreased or ceased at the location financed by the loan, or circumstances have otherwise changed to such a degree that the loan no longer fulfils the purpose for which it was granted;

 

7.7 the borrower, guarantor or pledger has died or been declared bankrupt, or debt restructuring concerning them has begun, or assets put up as collateral have had to be sold in distraint proceedings;

 

7.8 A shareholder is selling his shares in a company, a partner is selling his shares in a partnership, or a sole proprietorship is closed down.

 

7.9 Finnvera plc considers with justifiable cause that repayment in accordance with the loan agreement is at risk.

 

8 Right to obtain information

 

Finnvera plc is entitled to have the borrower’s business operations inspected on whatever scale is necessary to oversee use of the funds granted as a loan, to establish the value of assets put up as collateral or to monitor the borrower’s financial position. The borrower is required to provide Finnvera plc with all the

	
Information needed for the purpose. Finnvera plc is entitled to obtain the above-mentioned information on the borrower from the latter’s auditor.

 

9 Right to inspect and disclose information

 

9.1 If Finnvera plc uses funding from the European   Investment Bank or another foreign lender for funding the loan granted by it, the financier in question in entitled to inspect the borrower company’s operations to the extent to be determined at its discretion. Finnvera plc is entitled to disclose information on the borrower to the financier.

 

9.2 The confidentiality requirements governing such information notwithstanding, Finnvera plc, the State authorities and other corresponding organizations can give each other information about us for the purpose of coordinating public financing and enterprise services and for the supervision of business subsides.

 

10 Expenses and fees

 

Finnvera plc is entitled to charge the borrower a handling dee in accordance with the financing offer, charges for managing the collateral put up by the borrower or a third party and for debt collection, and other charges in accordance with Finnvera plc’s current service price list.

 

11 Insuring assets

 

The borrower undertakes to ensure that assets put up as collateral are insured against fire and damage at their replacement value with an insurance company approved by Finnvera plc until the borrower has fulfilled all the obligations to the lender laid down in this promissory note.

 

12 Claim-for-recovery condition

 

If an EU supervisory authority considers that the  Finnvera plc financing includes more subsidy than the EU rules on corporate subsidy allow, Finnvera plc is entitled to recover any excessive subsidy.

 

13 Court of jurisdiction

 

Any claims and disputes arising from this promissory note will be processed by Helsinki or Kuopio City Court.

 

Payments and penal interest under this promissory note can be recovered by enforcement order without separate judgement or decision.

	
The undersigned borrower engages to repay the sum of money received as a loan to Finnvera plc or such party as it appoints according to the terms and conditions of this promissory note, and otherwise to observe the terms and conditions of the loan.

	
Place and date

 

Helsinki 16 Dec. 2009

	
Bank account no. into which the loan will be paid

Sampopankki 800016-70759381

	
Signature

Encorium Oy

 

 

 

 

 

 

	
Borrower’s Business ID

1033494-4

	
Clarification of signature

 

Kai Lindevall

	
Signature certified correct by

 

 

 

 

 

 

Page 3 is a personal data checklist

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