Document:

Exhibit
      10.5

     

    TWO-YEAR

    CHANGE
      IN CONTROL AGREEMENT

    (BANKLIBERTY)

    

    

    This
      AGREEMENT
      (“Agreement”) is hereby entered into as of July
      21,
      2006, by
      and
      between BankLiberty
      (the
“Bank”), a federally chartered financial institution, with its principal offices
      at 16 West Franklin Street, Liberty, Missouri 64068, Mark
      E. Hecker (“Executive”)
      and
      Liberty Bancorp, Inc. (the
      “Company”), a Missouri-chartered corporation and the holding company of the
      Bank, as guarantor.

    

    WHEREAS,
      the Bank recognizes the importance of Executive to the Bank’s operations and
      wishes to protect his position with the Bank in the event of a change in control
      of the Bank or the Company for the period provided for in this Agreement;
      and

    

    WHEREAS,
      Executive and the Board of Directors of the Bank desire to enter into an
      agreement setting forth the terms and conditions of payments due to Executive
      in
      the event of a change in control and the related rights and obligations of
      each
      of the parties.

    

    NOW,
      THEREFORE, in consideration of the promises and mutual covenants herein
      contained, it is hereby agreed as follows:

    

    
      	1.	
              Term
                of Agreement.

            

    

    

    (a) The
      term
      of this Agreement shall be (i) the initial term, consisting of the period
      commencing on the date of this Agreement (the “Effective Date”) and ending on
      the second anniversary of the Effective Date, plus (ii) any and all extensions
      of the initial term made pursuant to this Section 1.

    

    (b)  Commencing
      on the first anniversary of the Effective Date and continuing each anniversary
      date thereafter, the Board of Directors of the Bank (the “Board of Directors”)
      may extend the term of this Agreement for an additional one (1) year period
      beyond the then effective expiration date, provided that Executive shall not
      have given at least sixty (60) days’ written notice of his desire that the term
      not be extended.

    

    (c) Notwithstanding
      anything in this Section to the contrary, this Agreement shall terminate if
      Executive or the Bank terminates Executive’s employment prior to a Change in
      Control.

    

    
      	2.	
              Change
                in Control.

            

    

    

    (a) Upon
      the
      occurrence of a Change in Control of the Company followed at any time during
      the
      term of this Agreement by the termination of Executive’s employment in
      accordance with the terms of this Agreement, other than for Cause, as defined
      in
      Section 2(c) of this Agreement, the provisions of Section 3 of this Agreement
      shall apply. Upon the occurrence of a Change in Control, Executive shall have
      the right to elect to voluntarily terminate his employment at any time during
      the term of this Agreement following an event constituting “Good Reason.”

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    For
      purposes of this Section 2, “Good Reason” means, unless Executive has consented
      in writing thereto, the occurrence following a Change in Control, of any of
      the
      following: 

    

    (i)  the
      assignment to Executive of any duties materially inconsistent with Executive’s
      position, including any material change in status, title, authority, duties
      or
      responsibilities or any other action that results in a material diminution
      in
      such status, title, authority, duties or responsibilities, excluding for this
      purpose an isolated, insubstantial and inadvertent action not taken in bad
      faith
      and that is remedied by the Bank or Executive’s employer reasonably promptly
      after receipt of notice thereof given by the Executive;

    

    
      	
            	(ii)	
              a
                reduction by the Bank or Executive’s employer of the Executive’s base
                salary in effect immediately prior to the Change in
                Control;

            

    

    

    
      	
            	(iii)	
              the
                relocation of the Executive’s office to a location more than fifty (50)
                miles from its location as of the date of this
                Agreement;

            

    

    

    
      	
            	(iv)	
              the
                taking of any action by the Bank or any of its affiliates or successors
                that would materially adversely affect the Executive’s overall
                compensation and benefits package, unless such changes to the compensation
                and benefits package are made on a non-discriminatory basis to all
                employees; or

            

    

    

    
      	 	
              (v)

            	
              the
                failure of the Bank or the affiliate of the Bank by which Executive
                is
                employed, or any affiliate that directly or indirectly owns or controls
                any affiliate by which Executive is employed, to obtain the assumption
                in
                writing of the Bank’s obligation to perform this Agreement by any
                successor to all or substantially all of the assets of the Bank or
                such
                affiliate within thirty (30) days after a reorganization, merger,
                consolidation, sale or other disposition of assets of the Bank or
                such
                affiliate.

            

    

     

    (b) For
      purposes of this Agreement, a “Change in Control” shall be deemed to occur on
      the earliest of: 

    

    
      	 	
              (i)

            	
              Merger:
                The Company or the Bank merges into or consolidates with another
                corporation, or merges another corporation into the Company or the
                Bank,
                and as a result less than a majority of the combined voting power
                of the
                resulting corporation immediately after the merger or consolidation
                is
                held by persons who were stockholders of the Company immediately
                before
                the merger or consolidation.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
            	(ii)	
              Acquisition
                of Significant Share Ownership:
                There is filed or required to be filed a report on Schedule 13D or
                another
                form or schedule (other than Schedule 13G) required under Sections
                13(d)
                or 14(d) of the Securities Exchange Act of 1934, if the schedule
                discloses
                that the filing person or persons acting in concert has or have become
                the
                beneficial owner of 25% or more of a class of the Company’s voting
                securities, but this clause (ii) shall not apply to beneficial ownership
                of Company voting shares held in a fiduciary capacity by an entity
                of
                which the Company directly or indirectly beneficially owns 50% or
                more of
                its outstanding voting securities.

            

    

    

    
      	
            	(iii)	
              Change
                in Board Composition:
                During any period of two consecutive years, individuals who constitute
                the
                Bank’s or the Company’s Board of Directors at the beginning of the
                two-year period cease for any reason to constitute at least a majority
                of
                the Company’s or the Bank’s Board of Directors; provided, however, that
                for purposes of this clause (iii), each director who is first elected
                by
                the board (or first nominated by the board for election by the
                stockholders) by a vote of at least two-thirds (2/3) of the directors
                who
                were directors at the beginning of the two-year period shall be deemed
                to
                have also been a director at the beginning of such period;
                or

            

    

    

    
      	
            	(iv)	
              Sale
                of Assets:
                The Company or the Bank sells to a third party all or substantially
                all of
                its assets. 

            

    

    

    (c) Executive
      shall not have the right to receive termination benefits pursuant to Section
      3
      hereof upon termination for Cause. The term “Cause” shall mean termination
      because of Executive’s personal dishonesty, incompetence, willful misconduct,
      any breach of fiduciary duty involving personal profit, intentional failure
      to
      perform stated duties, willful violation of any law, rule, regulation (other
      than traffic violations or similar offenses), final cease and desist order,
      or
      any material breach of any provision of this Agreement. Executive shall not
      have
      the right to receive compensation or other benefits for any period after
      termination for Cause. During the period beginning on the date of the Notice
      of
      Termination for Cause pursuant to Section 4 hereof through the Date of
      Termination, stock options granted to Executive under any stock option plan
      shall not be exercisable nor shall any unvested stock awards
      granted to Executive under any stock benefit plan of the Bank, the Company
      or
      any subsidiary or affiliate thereof, vest. At the Date of Termination, such
      stock options and any such unvested stock awards shall become null and void
      and
      shall not be exercisable by or delivered to Executive at any time subsequent
      to
      such termination for Cause.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	3.	
              Termination
                Benefits.

            

    

    

    (a) If
      Executive’s employment is voluntarily (in accordance with Section 2(a) of
      this Agreement) or involuntarily terminated within two (2) years of a Change
      in
      Control, Executive shall receive:

    

    
      	 	
              (i)

            	
              a
                lump sum cash payment equal to two (2) times the Executive’s “base
                amount,” within the meaning of Section 280G(b)(3) of the Internal Revenue
                Code of 1986, as amended (the “Code”). Such payment shall be made not
                later than five (5) days following Executive’s termination of employment
                and shall be reduced, if necessary, to avoid an excess parachute
                payment
                as noted in paragraph (b) under this
                Section 3.

            

    

    

    
      	
            	(ii)	
              Continued
                benefit coverage under all Association health and welfare plans which
                Executive participated in as of the date of the Change in Control
                (collectively, the “Employee Benefit Plans”) for a period of 24 months
                following Executive’s termination of employment. Said coverage shall be
                provided under the same terms and conditions in effect on the date
                of
                Executive’s termination of employment. Solely for purposes of benefits
                continuation under the Employee Benefit Plans, Executive shall be
                deemed
                to be an active employee. To the extent that benefits required under
                this
                Section 3(a) cannot be provided under the terms of any Employee Benefit
                Plan, the Bank shall enter into alternative arrangements that will
                provide
                Executive with comparable benefits.

            

    

    

    (b) Notwithstanding
      the preceding provisions of this Section 3, in no event shall the aggregate
      payments or benefits to be made or afforded to Executive under said paragraphs
      or otherwise (the “Termination Benefits”) constitute an “excess parachute
      payment” under Section 280G of the Code or any successor thereto, and to avoid
      such a result, Termination Benefits will be reduced, if necessary, to an amount
      (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less
      than an amount equal to three (3) times Executive’s “base amount,” as determined
      in accordance with said Section 280G. The allocation of the reduction required
      hereby among the Termination Benefits provided by this Section 3 shall be
      determined by Executive.

     

    
      	4.	
              Notice
                of Termination.

            

    

    

    (a) Any
      purported termination by the Bank or by Executive shall be communicated by
      Notice of Termination to the other party hereto. For purposes of this Agreement,
      a “Notice of Termination” shall mean a written notice which shall indicate the
      specific termination provision in this Agreement relied upon and shall set
      forth
      in detail the facts and circumstances claimed to provide a basis for termination
      of Executive’s employment under the provision so indicated.

    

    (b)  “Date
      of
      Termination” shall mean the date specified in the Notice of Termination (which,
      in the case of a termination for Cause, shall not be less than thirty (30)
      days
      from the date such Notice of Termination is given).

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	5.	
              Source
                of Payments.

            

    

    

    All
      payments provided in this Agreement shall be timely paid in cash or check from
      the general funds of the Bank. The Company, however, unconditionally guarantees
      payment and provision of all amounts and benefits due hereunder to Executive
      and, if such amounts and benefits due from the Bank are not timely paid or
      provided by the Bank, such amounts and benefits shall be paid or provided by
      the
      Company. 

    

    
      	6.	
              Effect
                on Prior Agreements and Existing Benefit
                Plans.

            

    

    

    This
      Agreement contains the entire understanding between the parties hereto and
      supersedes any prior agreement between the Bank and Executive, except that
      this
      Agreement shall not affect or operate to reduce any benefit or compensation
      inuring to Executive of a kind elsewhere provided. No provision of this
      Agreement shall be interpreted to mean that Executive is subject to receiving
      fewer benefits than those available to him without reference to this Agreement.
      Nothing in this Agreement shall confer upon Executive the right to continue
      in
      the employ of the Bank or shall impose on the Bank any obligation to employ
      or
      retain Executive in its employ for any period.

    

    
      	7.	
              No
                Attachment.

            

    

    

    (a) Except
      as
      required by law, no right to receive payments under this Agreement shall be
      subject to anticipation, commutation, alienation, sale, assignment, encumbrance,
      charge, pledge, or hypothecation or to execution, attachment, levy or similar
      process or assignment by operation of law, and any attempt, voluntary or
      involuntary, to affect any such action shall be null, void and of no
      effect.

    

    (b) This
      Agreement shall be binding upon, and inure to the benefit of, Executive, the
      Bank and their respective successors and assigns.

    

    
      	8.	
              Modification
                and Waiver.

            

    

    

    (a) This
      Agreement may not be modified or amended except by an instrument in writing
      signed by the parties hereto.

    

    (b) No
      term
      or condition of this Agreement shall be deemed to have been waived, nor shall
      there be any estoppel against the enforcement of any provision of this
      Agreement, except by written instrument of the party charged with such waiver
      or
      estoppel. No such written waiver shall be deemed a continuing waiver unless
      specifically stated therein, and each such waiver shall operate only as to
      the
      specific term or condition waived and shall not constitute a waiver of such
      term
      or condition for the future or as to any act other than that specifically
      waived.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	9.	
              Severability.

            

    

    

    If,
      for
      any reason, any provision of this Agreement, or any part of any provision,
      is
      held invalid, such invalidity shall not affect any other provision of this
      Agreement or any part of such provision not held so invalid, and each such
      other
      provision and part thereof shall to the full extent consistent with law continue
      in full force and effect.

    

    
      	10.	
              Headings
                for Reference Only.

            

    

    

    The
      headings of sections and paragraphs herein are included solely for convenience
      of reference and shall not control the meaning or interpretation of any of
      the
      provisions of this Agreement. In addition, references herein to the masculine
      shall apply to both the masculine and the feminine.

    

    
      	11.	
              Governing
                Law.

            

    

    

    Except
      to
      the extent preempted by federal law, the validity, interpretation, performance,
      and enforcement of this Agreement shall be governed by the laws of the State
      of
      Missouri, without regard to principles of conflicts of law of that State.

    

    
      	12.	
              Arbitration.

            

    

    

    Any
      dispute or controversy arising under or in connection with this Agreement shall
      be settled exclusively by arbitration, conducted before a panel of three
      arbitrators sitting in a location selected by Executive within fifty (50) miles
      from the location of the Bank, in accordance with the rules of the American
      Arbitration Association then in effect. Judgment may be entered on the
      arbitrator’s award in any court having jurisdiction; provided, however, that
      Executive shall be entitled to seek specific performance of his right to be
      paid
      until the Date of Termination during the pendency of any dispute or controversy
      arising under or in connection with this Agreement.

    

    
      	13.	
              Payment
                of Legal Fees.

            

    

    

    All
      reasonable legal fees paid or incurred by Executive pursuant to any dispute
      or
      question of interpretation relating to this Agreement shall be paid or
      reimbursed by the Bank, only if Executive is successful pursuant to a legal
      judgment, arbitration or settlement.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

       

    

    
      	
              14.

            	
              Indemnification.

            

    

    

    The
      Company or the Bank shall provide Executive (including his heirs, executors
      and
      administrators) with coverage under a standard directors’ and officers’
liability insurance policy at its expense and shall indemnify Executive (and
      his
      heirs, executors and administrators) to the fullest extent permitted under
      applicable law against all expenses and liabilities reasonably incurred by
      him
      in connection with or arising out of any action, suit or proceeding in which
      he
      may be involved by reason of his having been a director or officer of the
      Company or the Bank (whether or not he continues to be a director or officer
      at
      the time of incurring such expenses or liabilities), such expenses and
      liabilities to include, but not be limited to, judgments, court costs,
      attorneys’ fees and the cost of reasonable settlements.

    

    
      	15.	
              Successors
                to the Bank and the
                Company.

            

    

    

    The
      Bank
      and the Company shall require any successor or assignee, whether direct or
      indirect, by purchase, merger, consolidation or otherwise, to all or
      substantially all of the business or assets of the Bank or the Company,
      expressly and unconditionally to assume and agree to perform the Bank’s and the
      Company’s obligations under this Agreement, in the same manner and to the same
      extent that the Bank and the Company would be required to perform if no such
      succession or assignment had taken place.

    

    16. Required
      Provisions.
      In the
      event any of the foregoing provisions of this Section 16 are in conflict with
      the terms of this Agreement, this Section 16 shall prevail.

    

    (a)  The
      Bank’s board of directors may terminate Executive’s employment at any time, but
      any termination by the Bank, other than Termination for Cause, shall not
      prejudice Executive’s right to compensation or other benefits under this
      Agreement. Executive shall not have the right to receive compensation or other
      benefits for any period after termination for Cause as defined in Section 2(c)
      hereinabove.

    

    (b)  If
      Executive is suspended from office and/or temporarily prohibited from
      participating in the conduct of the Bank’s affairs by a notice served under
      Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
      §1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be
      suspended as of the date of service, unless stayed by appropriate proceedings.
      If the charges in the notice are dismissed, the Bank may in its discretion:
      (i)
      pay Executive all or part of the compensation withheld while their contract
      obligations were suspended; and (ii) reinstate (in whole or in part) any of
      the
      obligations which were suspended.

    

    (c)  If
      Executive is removed and/or permanently prohibited from participating in the
      conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or
      8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1),
      all obligations of the Bank under this contract shall terminate as of the
      effective date of the order, but vested rights of the contracting parties shall
      not be affected.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (d)  If
      the
      Bank is in default as defined in Section 3(x)(1) of the Federal Deposit
      Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Bank under this
      contract shall terminate as of the date of default, but this paragraph shall
      not
      affect any vested rights of the contracting parties.

    

    (e)  All
      obligations under this contract shall be terminated, except to the extent
      determined that continuation of the contract is necessary for the continued
      operation of the Bank: (i) by the Director of the OTS (or his designee), at
      the
      time the FDIC enters into an agreement to provide assistance to or on behalf
      of
      the Bank under the authority contained in Section 13(c) of the Federal Deposit
      Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his
      designee) at the time the Director (or his designee) approves a supervisory
      merger to resolve problems related to the operations of the Bank or when the
      Bank is determined by the Director to be in an unsafe or unsound condition.
      Any
      rights of the parties that have already vested, however, shall not be affected
      by such action.

    

    (f)  Any
      payments made to employees pursuant to this Agreement, or otherwise, are subject
      to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC
      regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.
      

    

    (g)  Notwithstanding
      anything in this Agreement to the contrary, if the Company or the Bank in good
      faith determines that amounts that, as of the effective date of the Executive’s
      termination of employment are or may become payable to the Executive upon
      termination of his employment hereunder are required to be suspended or delayed
      for six (6) months in order to satisfy the requirements of Section 409A of
      the
      Internal Revenue Code, then the Company or the Bank will so advise the
      Executive, and any such payments shall be suspended and accrued for six months,
      whereupon they shall be paid to the Executive in a lump sum (together with
      interest thereon at the then-prevailing prime rate).

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    SIGNATURES

    

    IN
      WITNESS WHEREOF, BankLiberty and Liberty Bancorp, Inc. have caused this
      Agreement to be executed and their seals to be affixed hereunto by their duly
      authorized officers, and Executive has signed this Agreement, on the 16 day
      of
      August, 2006.

    

    

    
      	
              ATTEST:

            	 	
              BANKLIBERTY

            
	 	 	 	 
	 	 	 	 
	
              /s/
                Steven K. Havens

            	 	
              By:

            	
              /s/
                Daniel G. O’Dell

            
	
              Corporate
                Secretary

            	 	
               

            	
              For
                the Entire Board of Directors

            
	 	 	 	 
	 	 	 	 
	
              ATTEST:

            	 	
              LIBERTY
                BANCORP, INC.

            
	 	 	
            	
               (Guarantor)

            
	 	 	 	 
	 	 	 	 
	
              /s/
                Steven K. Havens

            	 	
              By:

            	
              /s/
                Daniel G. O’Dell

            
	
              Corporate
                Secretary

            	 	
               

            	
              For
                the Entire Board of Directors

            
	 	 	 	 
	 	 	 	 
	
              [SEAL]

            	 	
               

            	 
	 	 	 	 
	 	 	 	 
	
              WITNESS:

            	 	
              EXECUTIVE

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              /s/
                Steven K. Havens

            	 	
              /s/
                Mark E. Heckler

            
	
              Corporate
                Secretary

            	 	
              Mark
                E. Heckler

            

    

     

    
      
         

      

      
        9Unassociated Document

    MEDPANEL,
      INC.

    

    EMPLOYMENT
      AGREEMENT

    

    

    THIS
      EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of November __, 2006,
      between MEDPANEL, INC., a Delaware corporation (the “Company”), and WILLIAM
      FEBBO (the “Executive”).

    

    WHEREAS,
      the parties desire to enter into this Agreement setting forth the terms and
      conditions for the employment relationship of the Executive with the
      Company.

    

    NOW,
      THEREFORE, it is AGREED as follows:

    

    1. Employment.
      The
      Executive is hereby employed as Chief Executive Officer of the Company for
      a
      period commencing on the date hereof and ending two years after the date hereof.
      As Chief Executive Officer of the Company, the Executive shall handle all day
      to
      day activities of the Company as customarily performed by persons serving in
      such capacities. The Executive agrees to serve the Company faithfully and to
      the
      best of his ability and to devote his full time, attention, and efforts to
      the
      business and affairs of the Company during the term of his employment. The
      Executive hereby confirms that he is under no contractual commitments
      inconsistent with his obligations set forth in this Agreement. The Executive
      shall be entitled without prior written consent to hold positions on the Board
      of Directors of entities that do not compete with the Company and do not
      otherwise restrict the trading and business activities of the Company and its
      parent or sister subsidiaries. The Executive has, as of the date of this
      Agreement, disclosed to the Board of Directors of the Company the positions
      the
      Executive currently holds on other Boards of Directors, and the Company has
      consented to such positions.

    

    2. Location
      of Services.
      During
      the term of this Agreement, the Executive shall be principally located at the
      offices of the Company located in Boston metropolitan area of the Commonwealth
      of Massachusetts.

    

    3. Salary.
      The
      Company shall pay the Executive an annual base salary equal to Two Hundred
      Thousand Dollars ($200,000) as compensation for services in calendar year 2007
      and an annual base salary equal to Two Hundred Ten Thousand Dollars ($210,000)
      as compensation of services in calendar year 2008 (“Base Salary”). The Base
      Salary of the Executive shall not be decreased at any time during the term
      of
      this Agreement from the amount then in effect, unless the Executive otherwise
      agrees in writing. Participation in deferred compensation, discretionary bonus,
      retirement, and other employee benefit plans and in fringe benefits shall not
      reduce the Base Salary. The Base Salary shall be payable to the Executive not
      less frequently than monthly.

    

    4. Executive’s
      Bonus.
      The
      Executive shall be entitled to an annual bonus conditioned upon Company
      performance as more particularly described below:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a) For
      calendar year 2007, the Executive’s bonus compensation shall be calculated by
      application of a weighted percentage against Pre-Bonus EBITDA, Gross Revenue
      and
      Incremental Revenue Growth above the Benchmark.

    

    (i) Pre-Bonus
      EBITDA is defined as the earnings determined in accordance with GAAP before
      interest, taxes, depreciation and amortization of the Company during calendar
      year 2007;

    

    (ii) Revenue
      is defined consistent with the financial statements;

    

    (iii) Revenue
      Growth is defined as the increased Revenue above the Benchmark; and

    

    (iv) Benchmark
      is defined as Company Revenue of $5,369,400.

    

    The
      Executive bonus compensation for calendar year 2007 will be equal to the sum
      of
      (I) the product of the Pre-Bonus EBITDA figure for such year multiplied by
      11.31%; plus (II) the product of the Revenue figure for such year multiplied
      by
      0.64%, plus (III) the product of the Revenue Growth above the Benchmark
      multiplied by 2.05%.

    

    This
      calculation reflects the application of weighted multiples of 25% based upon
      Pre-Bonus EBITDA; 35% based upon Revenue; and 40% based upon Revenue Growth
      above the Benchmark.

    

    (b) For
      calendar year 2008, the Executive’s bonus compensation shall be calculated by
      application of a weighted percentage against Pre-Bonus EBITDA, Revenue and
      Revenue Growth above the actual Revenue generated by Company for calendar year
      2007.

    

    The
      Executive bonus compensation for calendar year 2008 will be equal to the sum
      of
      (I) the product of the Pre-Bonus EBITDA figure multiplied by 8.45%; plus (II)
      the product of the Revenue figure multiplied by 0.38%; plus (III) the product
      of
      the Revenue Growth above the actual Revenue generated by Company for calendar
      year 2007 multiplied by 1.50%. 

     

    This
      calculation reflects the application of weighted multiples of 50% based upon
      Pre-Bonus EBITDA; 20% based upon Revenue; and 30% based upon Revenue Growth
      for
      calendar year 2007.

    

    (c) To
      the
      extent earned, the Pre-Bonus EBITDA and Revenue Growth portions of the
      Executive’s bonus will be payable at the end of each calendar year. To the
      extent earned, the Revenue portion of the Executive’s bonus will be payable at
      the end of each calendar quarter.

    

    (d) For
      the
      purpose of calculating the Executive’s bonus, the Pre-Bonus EBITDA and Revenue
      Growth portions of the calculation shall be either zero or a positive
      number.

    

    5. Participation
      in the Executive Benefit Plans.
      The
      Executive is immediately eligible to participate in all of the Company's benefit
      plans. Upon the consummation of that certain Agreement and Plan of Merger dated
      November 7, 2006 by and among the Company, MCF Corporation, Panel Intelligence,
      LLC, MedPanel Acquisition I Corp., and William J. Febbo (the “Merger
      Agreement”), the benefit plans will be provided by MCF Corporation. The benefits
      include health insurance, employee stock purchase plan, cafeteria plan and
      401k
      retirement plan.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    6. [Intentionally
      left blank.]

    

    7.  Parachute
      Payments.
      Notwithstanding any other provision of this Agreement or of any other agreement,
      contract, or understanding heretofore or hereafter entered into by the Executive
      with the Company, except an agreement, contract, or understanding hereafter
      entered into that expressly modifies or excludes application of this paragraph
      (an “Other Agreement”), and notwithstanding any formal or informal employment
      agreement or other arrangement for the direct or indirect provision of
      compensation to the Executive (including groups or classes of participants
      or
      beneficiaries of which the Executive is a member), whether or not such
      compensation is deferred, is in cash, or is in the form of a benefit to or
      for
      the Executive (a “Benefit Arrangement”), if the Executive is a “disqualified
      individual,” as defined in Section 280G(c) of the Internal Revenue Code (the
“Code”), any right to receive any payment or other benefit under this Agreement
      shall not become exercisable or vested or shall be forfeited to the extent
      that
      such right to exercise, vesting, payment, or benefit, taking into account all
      other rights, payments, or benefits to or for the Executive under this
      Agreement, all Other Agreements, and all Benefit Arrangements, would cause
      any
      payment or benefit to the Executive under this Agreement to be considered a
      “parachute payment” within the meaning of Section 280G(b)(2) of the Code as then
      in effect (a “Parachute Payment”). In the event that the receipt of any such
      right to exercise, vesting, payment, or benefit under this Agreement, in
      conjunction with all other rights, payments, or benefits to or for the Executive
      under any Other Agreement or any Benefit Arrangement would cause the Executive
      to be considered to have received a Parachute Payment under this Agreement,
      then
      the Executive shall have the right, in the Executive’s sole discretion, to
      designate those rights, payments, or benefits under this Agreement, any Other
      Agreements, and any Benefit Arrangements that should be reduced or eliminated
      so
      as to avoid having the payment or benefit to the Executive under this Agreement
      be deemed to be a Parachute Payment.

    

    8. Standards.
      The
      Executive shall perform the Executive’s duties and responsibilities under this
      Agreement in accordance with such reasonable standards as may be established
      from time to time by the Board of Directors of the Company. The reasonableness
      of such standards shall be measured against standards for executive performance
      generally prevailing in the Company’s industry.

    

    9. Voluntary
      Absences; Vacations.
      As a
      revenue-generating employee the Executive is not subject to the Company's
      vacation policy.

    

    10. Termination
      of Employment.

    

    (a) The
      Executive may terminate his employment at any time after the 60-day notice
      period in Section 11 has elapsed. The Board of Directors of the Company may
      terminate the Executive’s employment at any time, subject to payment of the
      compensation described below.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (b) In
      the
      case of (i) any termination other than “termination for cause” as defined below
      (“Termination Without Cause”), or (ii) any termination by the Executive for
“Good Reason” as defined below (“Termination for Good Reason”), the Executive
      shall continue to receive his full Base Salary for the remaining term of the
      contract, commencing on the date of such termination (the “Severance Period”),
      and any bonus that has been earned but not paid before termination of
      employment, including the Executive’s Bonus earned through the end of the year
      during which the termination occurs, and all other benefits and compensation
      that the Executive would have been entitled to under this Agreement in the
      absence of termination of employment (collectively, the “Severance Amount”). In
      the event of a Termination Without Cause or a Termination for Good Reason,
      the
      Company and Executive will attempt in good faith to agree on terms of a
      reference letter or statement for the Executive.

    

    (c) The
      Executive shall have no right to receive compensation or other benefits from
      the
      Company or MCF for any period after termination for cause by the Company or
      termination by the Executive other than Termination for Good Reason, except
      for
      any vested retirement benefits to which the Executive may be entitled under
      any
      qualified employee pension plan maintained by the Company or MCF and any
      deferred compensation to which the Executive may be entitled.

    

    (d) The
      term
“Termination for Cause” shall mean termination by the Company because of the
      Executive’s: (i) fraud or material misappropriation with respect to the business
      or assets of the Company; (ii) any violation of the Standards of Conduct
      described in Chapter 2, Dismissal for Misconduct section of the MCF Corporation
      and Subsidiaries Employee Handbook, revised and republished on May 1, 2006;
      (iii) conduct that constitutes disloyalty to the Company and which materially
      harms the Company or conduct that constitutes breach of fiduciary duty involving
      personal profit; (iv) conviction, or the entry of a plea of guilty or nolo
      contendere by the Executive, of a felony or crime, or willful violation of
      any
      law, rule, or regulation, involving moral turpitude; (v) the use of drugs or
      alcohol which interferes materially with the Executive’s performance of his
      duties; or (vi) material breach of any provision of this Agreement.

    

    (e) The
      term
“Termination for Good Reason” shall mean that Executive’s resignation occurs
      within three months of one of the following events: (i) an involuntary reduction
      of Executive’s job duties or responsibilities; (ii) the Board resolves that
      Executive report to someone other than the Board or the Chairman of the Board
      of
      the Company; (iii) any involuntary reduction of Executive’s Base Compensation;
      or (iv) the issuance of a directive requiring Executive to relocate to a new
      office located anywhere other than the Boston Metropolitan area of the
      Commonwealth of Massachusetts.

    

    (f) The
      Executive’s employment pursuant to this Agreement shall terminate automatically
      prior to the expiration of the term of this Agreement in the event of the
      Executive’s death or disability that prevents the Executive from performing his
      duties and responsibilities without a reasonable accommodation. In the event
      the
      Executive’s employment terminates prior to the expiration of the term of this
      Agreement due to his death or disability, the Executive, or his Estate, shall
      not be entitled to any further compensation under the provisions of this
      Agreement, except for his Base Salary earned through the date of termination
      and
      the portion of any bonus which previously had been approved by the Company
      but
      was unpaid as of the Executive’s death or disability. 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    11. Termination
      by the Executive.
      The
      Executive may terminate his employment at any time during the term of this
      Agreement by giving sixty (60) days’ prior written notice thereof to the Board
      of Directors of the Company. In the event of termination by the Executive under
      this Section 11, the Company may at its option elect to have the Executive
      cease to provide services immediately, provided that during such 60-day notice
      period the Executive shall be entitled to continue to receive his Base
      Salary.

    

    12. Return
      of Proprietary Property.
      The
      Executive agrees that all property in the Executive’s possession that he obtains
      or is assigned in the course of his employment with the Company, including,
      without limitation, all documents, reports, manuals, memoranda, customer lists,
      credit cards, keys, access cards, and all other property relating in any way
      to
      the business of the Company, is the exclusive property of the Company, even
      if
      the Executive authored, created, or assisted in authoring or creating such
      property. The Executive shall return to the Company all such property
      immediately upon termination of employment or at such earlier time as the
      Company may request.

    

    13. Confidential
      Information.
      Except
      as permitted or directed by the Board of Directors of the Company, during the
      time the Executive is employed by the Company or at any time thereafter, the
      Executive shall not divulge, furnish, or make accessible to anyone or use in
      any
      way (other than in the ordinary course of the business of the Company) any
      confidential or secret information or knowledge of the Company, whether
      developed by himself or by others. Such confidential and/or secret information
      encompassed by this Section 13 includes, but is not limited to, the Company’s
      customer and supplier lists, business plans, and financial, marketing, and
      personnel information. The Executive agrees to refrain from any acts or
      omissions that would reduce the value of any confidential or secret knowledge
      or
      information to the Company, both during his employment hereunder and at any
      time
      after the termination of his employment. The Executive’s obligations of
      confidentiality under this Section 13 shall not apply to any knowledge or
      information that is now published publicly or that subsequently becomes
      generally publicly known, other than as a direct or indirect result of a breach
      of this Agreement by the Executive.

    

    14. Patent
      and Related Matters.

    

    (a) The
      Executive agrees to promptly disclose in writing to the Company complete
      information concerning each and every invention, discovery, improvement, device,
      design, process, or product made, developed, perfected, devised, conceived,
      or
      first reduced to practice by the Executive, either solely or in collaboration
      with others, during the Executive’s term of employment by the Company, or within
      six months thereafter, relating to the business, products, practices, or
      techniques of the Company (hereinafter referred to as “Developments”). The
      Executive, to the extent that the Executive has the legal right to do so, hereby
      acknowledges that any and all of said Developments are the property of the
      Company and hereby assigns and agrees to assign to the Company any and all
      of
      the Executive’s right, title, and interest in and to any and all of such
      Developments.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    (b) The
      provisions of this Section 14 shall not apply to any Development meeting the
      following conditions:

    

    (i) such
      Development was developed entirely on the Executive’s own time; and

    

    (ii) such
      Development was made without the use of any Company equipment, supplies,
      facilities, or trade secret information; and such Development does not relate
      at
      the time of conception or reduction to practice to (i) to the business of the
      Company, or (ii) to the Company’s actual or demonstrably anticipated research or
      development; and

    

    (iii) such
      Development does not result from any work performed by the Executive for the
      Company.

    

    (c) Upon
      request and without further compensation therefor, but at no expense to the
      Executive, and whether during the term of the Executive’s employment by the
      Company or thereafter, the Executive will do all lawful acts, including, but
      not
      limited to, the execution of papers and the giving of testimony, that in the
      opinion of the Company, its successors, or assigns, may be necessary or
      desirable in obtaining, sustaining, reissuing, extending, or enforcing Letters
      Patent, and for perfecting, affirming, and recording the Company’s complete
      ownership and title thereto, and to cooperate otherwise in all proceedings
      and
      matters relating thereto.

    

    15. Restrictive
      Covenants.

    

    (a) During
      the employment of the Executive under this Agreement and for a period of one
      year after termination of such employment, the Executive shall not at any time
      (i) compete on his own behalf, or on behalf of any other person or entity,
      with
      the Company within all territories in which the Company does business with
      respect to the business of the Company as such business shall have been
      conducted on the date hereof or during the term of employment of the Executive
      under this Agreement; (ii) solicit or induce, on his own behalf or on behalf
      of
      any other person or entity, any employee of the Company or any of its affiliates
      to leave the employ of the Company; or (iii) solicit or induce, on his own
      behalf or on behalf of any other person or entity, any customer of the Company
      to reduce its business with the Company.

    

    (b) The
      Executive shall not at any time during or subsequent to his employment by the
      Company, on his own behalf or on behalf of any other person or entity, disclose
      any proprietary information of the Company or any of its affiliates to any
      other
      person or entity other than on behalf of the Company or in conducting its
      business, and the Executive shall not use any such proprietary information
      for
      his own personal advantage or make such proprietary information available to
      others for use, unless such information shall have come into the public domain
      other than through unauthorized disclosure.

    

    (c) The
      ownership by the Executive of not more than five percent (5%) of a corporation,
      partnership or other enterprise, other than MCF Corporation, shall not
      constitute a violation hereof.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    (d) The
      restrictions set forth in this Section 15 shall terminate without further action
      required on the part of either party upon the occurrence of any of the following
      events: (i) Termination Without Cause or Termination for Good Reason; or (ii)
      the breach by the Company or MCF Corporation of any material representation,
      warranty or covenant contained in this Agreement or the Merger
      Agreement.

    

    (e) If
      any
      portion of this Section 15 is found by a court of competent jurisdiction to
      be
      invalid or unenforceable, but would be valid and enforceable if modified, this
      Section 15 shall apply with such modifications necessary to make this Section
      15
      valid and enforceable. Any portion of this Section 15 not required to be so
      modified shall remain in full force and effect and not be affected thereby.
      The
      Executive agrees that the Company shall have the right of specific performance
      in the event of a breach by the Executive of this Section 15.

    

    16. Assignment.
      The
      rights and obligations of the Company and MCF Corporation under this Agreement
      shall inure to the benefit of and shall be binding upon the successors and
      assigns of the Company and MCF Corporation. Neither party may assign this
      Agreement or any rights hereunder; provided, however, that the Company may
      assign this Agreement to MCF Corporation or to any entity which is a successor
      to the Company as a result of the Merger Agreement. Any purported or attempted
      assignment or transfer by the Executive of this Agreement or any of the
      Executive’s duties, responsibilities, or obligations hereunder shall be
      void.

    

    17. Company
      Remedies.
      The
      Executive acknowledges that the remedy at law for any breach of any of the
      provisions of Sections 12, 13, 14 or 15 will be inadequate, and that the Company
      shall be entitled, in addition to any remedy at law or in equity, to preliminary
      and permanent injunctive relief and specific performance.

    

    18. Other
      Contracts.
      The
      Executive shall not, during the term of this Agreement, have any other paid
      employment, except (a) service on other boards of directors contemplated by
      Section 1 hereof, and (b) with the prior approval of the Board of
      Directors.

    

    19. Notices.
      All
      notices, requests, demands, consents, or other communications required or
      permitted under this Agreement shall be in writing and shall be deemed to have
      been duly given if delivered by overnight courier or express mail service or
      by
      postage prepaid registered or certified mail, return receipt requested (the
      return receipt constituting prima facie evidence the giving of such notice
      request, demand or other communication), by personal delivery, or by fax with
      confirmation of receipt and a copy mailed with postage prepaid, to the following
      address or such other address of which a party may subsequently give notice
      to
      the other party in accord with the provisions of this Section. Notice is
      effective immediately if by personal delivery or by fax with confirmation
      received and a copy mailed the same day. Notice sent by overnight courier or
      by
      registered or certified mail is effective the earlier of actual receipt or
      the
      fifth date after the date mailed as evidenced by the sender’s certified or
      registered receipt.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    
      	To
              the Company:	MedPanel,
              Inc.
	 	44
              Brattle Street
	 	Cambridge,
              MA 02138
	 	 
	 	 
	To
              Executive:	William
              Febbo
	 	_____________________
	 	
            
	 	_____________________
	 	 

    

     

    20. Arbitration.
      Any
      dispute between the parties concerning the interpretation, validity or
      performance of this Agreement or any of its terms and provisions shall be
      submitted to binding arbitration in the State of California, City and County
      of
      San Francisco, before an arbitrator selected by the parties hereto, and the
      prevailing party in such arbitration shall have the right to have any award
      made
      by the arbitrator confirmed by a court of competent jurisdiction and shall
      be
      entitled to reimbursement for all costs and expenses incurred, thereby,
      including reasonable attorney’s fees.

    

    21. Amendments
      or Additions.
      No
      amendments or additions to this Agreement shall be binding unless in writing
      and
      signed by all parties hereto.

    

    22. Section
      Headings.
      The
      section headings used in this Agreement are included solely for convenience
      and
      shall not affect, or be used in connection with, the interpretation of this
      Agreement.

    

    23. Severability.
      The
      provisions of this Agreement shall be deemed severable and the invalidity or
      unenforceability of any provision shall not affect the validity or
      enforceability of the other provisions hereof.

    

    24. Governing
      Law.
      This
      Agreement shall be governed by the laws of the State of California (other than
      the choice of law rules thereof).

    

    

    
      	
              COMPANY:

               

              MEDPANEL,
                INC., 

              a
                Delaware corporation

               

              By:
                _____________________________     

              Name:
                

              Title:
                

               

              MCF
                CORPORATION:

               

              By:
                ____________________________     

              Name:
                Gregory S. Curhan

              Title:
                Executive Vice President

            	
              EXECUTIVE:

               

               

               

               

              __________________________

              William
                Febbo

            

    

    

    
      
        
        

      

      
        -8-

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