Document:

Exhibit 10.3

 

EXECUTIVE OFFICER SEVERANCE PAY POLICY

(Replacing Policy of January 1, 2005)

 

Eligibility

 

This
Policy applies to any officer holding the title of vice president or above as
of his/her date of termination of employment. Any such officer who is
terminated involuntarily for any reason other than a Disciplinary Reason (“Eligible
Officer”) shall be eligible for benefits under this Policy.

 

The
Company will have no obligation to provide any benefits under this Policy
unless and until the Eligible Officer executes and delivers to the Company a
General Waiver and Release of Claims in a form satisfactory to the Company. Nothing
in this Policy alters the at-will employment relationship between any Eligible
Officer and the Company.

 

The
Company shall have the authority and discretion to interpret and construe these
eligibility provisions, and the Company’s determinations as to eligibility
shall be made in its sole and absolute discretion.

 

This
Policy shall constitute an “employee welfare benefit plan” within the meaning
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This
Policy shall constitute a “top hat” plan that only covers a select group of
management or highly compensated employees.

 

Severance Pay

 

Subject
to the eligibility requirements of this Policy, an Eligible Officer will be
entitled to receive severance pay equal to one year’s base salary at their
current base salary in effect as of their date of termination.

 

The
Company, at its sole discretion, may elect to make the severance payment in
equal payments over a 12-month period or in a lump sum. The Company may also,
at its sole discretion, continue health/vision/dental group insurance coverages
at the associate rate during the COBRA period on behalf of the terminated
executive officer for up to 12 months following his/her date of termination.

 

Any
payments required to meet the Worker Adjustment Retraining and Notification Act
(WARN) and/or any state legal notification requirements may be subtracted from
the severance pay which would otherwise be due under this Policy.

 

Exclusions

 

Notwithstanding
anything in this policy to the contrary, an officer is not eligible for
benefits under this Policy under the following circumstances:

 

•                                          If the officer resigns for any reason.

 

•                                          If the officer’s employment is terminated for
a Disciplinary Reason.

 

 

•                                          If the officer’s employment is not terminated
involuntarily by the Company. A transfer or other relocation of an officer’s
place of work is not a termination under this Policy if the officer continues
employment with OfficeMax or, if not, the transfer or relocation offered is to
a site within a reasonable distance of the officer’s immediately prior work
site.

 

•                                          Mandatory retirement pursuant to the Company’s
Executive Officer Mandatory Retirement Policy will not be deemed an involuntary
termination of employment for purposes of benefits under this Policy.

 

By
their acceptance of severance benefits under this Policy, an Eligible Officer
thereby waives his/her right to receive any other severance pay or salary
continuation severance benefits under any other Company plan or program or
arrangement with the Company.

 

Any
obligation of the Company to provide severance pay and/or other benefits
pursuant to this Policy shall immediately terminate if it is determined by the
Company that the Eligible Officer has breached any obligation under their
General Waiver and Release of claims and/or any obligation to the Company,
including but not limited to obligations under a Nondisclosure and Non-Competition
Agreement or Sign-on Award Agreement, or if the Eligible Officer is offered
another position with OfficeMax that is reasonably consistent with his/her
education, training, prior compensation and previous experience and is located
within a reasonable distance from his/her prior worksite.

 

Definition of Disciplinary Reason

 

For
the purpose of this Policy, “Disciplinary Reason” includes misconduct,
including but not limited to refusal to obey instructions which are issued by a
superior in the normal course of business; gross negligence; willful failure to
perform the job in a satisfactory manner; reckless disregard for or knowing
violation of any Company policy, work rules, or procedures causing injury to
the Company; theft of Company or another associate’s property; an act of
embezzlement, fraud, or like violation of law; wrongful engagement in any
activity that would breach the duty of loyalty to the Company; wrongful
disclosure of confidential information of the Company; or a violation of the
Company’s Code of Ethics.

 

Plan Administration and Interpretation

 

The
senior-most Human Resources Executive Officer of the Company is the Plan
Administrator for purposes of Section 3(16) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”). The Plan Administrator shall have
the sole authority in the exercise of his/her discretion to interpret, apply,
and administer the terms of the Plan and to determine eligibility for benefits
of the Plan and the amount of any benefits under the Plan, and his/her
determination of any such matters shall be final and binding. Benefits under
the Plan will be paid only if the Plan Administrator determines in his/her
discretion that a participant or beneficiary is entitled to them. The Plan
Administrator may designate one or more individuals to carry out his/her
functions as Plan Administrator.

 

 

Claims Procedure

 

Severance
benefits will be provided to each participant as provided in the Plan. If a
participant believes that he or she has not been provided with the severance
benefits to which he or she is entitled under the Plan, then the participant
may file a request for review within 90 days after the date he or she should
have received such benefits under the Plan. The request for review must be
submitted to the Plan Administrator. The Plan Administrator will respond to the
request for review within 90 days after it is received setting forth, in
writing, the reasons for its determination. If the participant’s request for
review is denied, the participant may, within 60 days after receiving written
notice of such denial, file an appeal to the General Counsel of the Company,
setting forth the reason why the participant disagrees with the initial
determination. The General Counsel shall respond to this request for
reconsideration within 60 days after it is received setting forth, in writing,
the reasons for its determination. If the participant subsequently wishes to
file a claim against the Plan, any legal action must be filed within 90 days
after the General Counsel’s final decision. No action at law or in equity shall
be brought to recover benefits under this Plan until the claims procedure
rights herein provided have been exercised and the Plan benefits requested in
such claims process have been finally denied in whole or in part.

 

Plan Termination and Amendment

 

The Company reserves the right to amend, modify,
or terminate the Plan at any time, in its sole discretion, without prior notice
to participants. Any such amendment or termination shall be made by the Board
of Directors of the Company or by action of a person or persons duly authorized
by such Board. All participants shall receive any benefits to which they have
become entitled under the Plan on or before the date the Plan terminates.Exhibit 10.01

 

ASSET PURCHASE AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT (“Agreement”)
is made effective as of February 9, 2006, and is entered into by and
between VANTAGEMED CORPORATION, a
Delaware corporation, whose address is 11060 White Rock Road, Suite 210, Rancho
Cordova, California 95670 (“VMDC”) and PRAXIS,
L.P., a Hawaii limited partnership, whose address is Ala Moana
Pacific Center, Suite 1800, 1585 Kapiolani Boulevard, Honolulu, Hawaii
96814-4500 (“Praxis”).

 

R E C
I  T  A  L  S:

 

WHEREAS, VMDC
has decided to sell certain assets pertaining to its physician practice
management business in the State of Hawaii (the “Business”) and to cease
doing business in the State of Hawaii to the extent and subject to the terms
and conditions of this Agreement;

 

WHEREAS, Praxis
desires to purchase those assets and to assume certain contracts and other
liabilities of VMDC pertaining to the Business subject to the terms and
conditions of this Agreement;

 

NOW, THEREFORE,
in consideration of the covenants and mutual promises herein contained, and
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, VMDC and Praxis, intending to be legally bound, hereby
agree as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.1                                   Definitions.  The
following terms shall have the following definitions in this Agreement:

 

“Agreement”: 
This Asset Purchase Agreement, including all exhibits and schedules
attached hereto, by and between VMDC and Praxis.

 

“Assets”:  The
assets to be transferred to Praxis pursuant to the terms of this
Agreement.  The Assets shall be comprised
of: (a) all furniture, fixtures and equipment used in the Business, as
more particularly described in Exhibit “A”; (b) one data extract from
VMDC’s Customer First CRM database relating to the Business; (c) all of the
in-stock inventory of the Business, including computer hardware parts as more
particularly described in Exhibit “A”; (d) all VMDC Accounts
Receivable; (e) all Customer Contracts, all customer and vendor lists and
records used in the Business, all billing records for current customers of VMDC
who are located in the State of Hawaii, and all procedure and operations
manuals pertinent to and exclusively used in connection with the Customer
Contracts; (f) all files and related documentation and correspondence with
respect to current customers of VMDC located in the State of Hawaii, including
(without limitation) all customer technical support files for VMDC Medical ABC
software and related HIPAA software solution; (g) a fully-paid perpetual
license, with the right to sublicense, under all copyright, trade secret and
other rights (exclusive in the State of Hawaii and nonexclusive outside of
Hawaii) to make and distribute copies and derivative works, publicly perform,
display and otherwise use all versions of the VMDC Medical ABC software,
related HIPAA software solution, and all workarounds, updates, drivers,
interfaces, patches and fixes therefor, together with copies thereof in source
code and object code forms, together with all documentation for all the
foregoing, and all 

 

 

embedded, run-time and other licenses necessary to use, support,
maintain and upgrade such VMDC Medical ABC and related HIPAA software in the
State of Hawaii; (h) the Software Licenses; (i) copies of all
databases and other information technology owned by VMDC and pertaining
exclusively to the Business, including any vendor and customer databases
pertaining exclusively to the Business; (j) a non-exclusive license of VMDC’s claims and statements module with the
Great Plains software and (k) the “Pacific Software”
trade name and the web address www.pacificsoftware.net.  The Assets shall not include the Excluded
Assets.

 

“Assumed Liabilities”:  Assumed
Liabilities means VMDC’s obligations under the Customer Contracts (including
Deferred Revenues) and Software Licenses assigned to Praxis as part of the
Assets arising from and after the Closing Date.

 

“Billing
Service Contracts”:  The VMDC Billing
Services Agreements with approximately forty six (46) customers of VMDC included
in the Customer Contracts.

 

“Closing”  or “Closing
Date”:  The date of closing of the transaction
contemplated by this Agreement, which Closing shall occur on or before
February 9, 2006.

 

“Customer Contracts”:  The
customers and customer contracts of VMDC listed in Exhibit “B-1;” which
customers and customer contracts are being assigned to Praxis pursuant to the
terms of this Agreement.  Notwithstanding
any other provision in this Agreement, Praxis shall not accept the assignment
and/or assume liability with respect to any Billing Service Contract set forth
in Exhibit “B-1”: (a) unless the customer selects Option 2 in the
Customer Letter in the form attached hereto as Exhibit B-2, thereby
waiving any claims against Praxis for pre-Closing services rendered by VMDC, or
(b) if the customer selects Option 1 in the Customer Letter, and executes a new
agreement for billing services with Praxis.

 

“Customer
Letter”:  The form of a letter that will be sent to
VMDC customers attached hereto as Exhibit B-2, providing three options:
(1) enter into a new billing services contract with Praxis, (2) consent to the
assignment of the Billing Services Contract to Praxis and waive claims against
Praxis for pre-Closing services rendered by VMDC, or (3) terminate the Billing
Service Contract.

 

“Deferred Revenues”: 
Deferred Revenues means amounts billed and collected by VMDC prior to
the Closing Date under Customer Contracts and Billing Service Contracts for
services to be performed by Praxis after the Closing Date.

 

“Effective Date”:  The date of execution of
this Agreement as indicated in the recitals.

 

“Excluded Assets”:  All of
the assets of VMDC not included in the Assets, including but not limited to
(a) cash and cash equivalents existing as of the Closing Date;
(b) other current assets as of the Closing Date; (c) the Leased
Premises; (d) the Helper Software customers, which are primarily
behavioral health oriented accounts, or the Helper Software operations based in
Boston; (e) VMDC’s Customer First CRM database (except for one data
extract that will be provided as part of the Assets); (f) the Billing Service
Contracts not assumed by Praxis pursuant to Option 1 or Option 3 in the
Customer Letters executed by VMDC customers; and (g) any rights to any
other software owned or licensed by VMDC including RidgeMark, ChartKeeper,
Openings and SecureConnect (it being understood that Praxis will be provided
with a license as specified in Exhibit “C” and some Hawaii-based clients
use and are expected to continue to use these VMDC products).

 

“Leased Premises”:  VMDC’s
leased premises at 537 Pensacola Street, Honolulu, Hawaii 96814.

 

2

 

“Noncompetition Agreement”: The agreement described in Section 3.4 pursuant
to which VMDC shall agree not to compete in Hawaii for a three (3) year period
after the Closing Date.

 

 “Purchase Price”:  The
purchase price for the Assets as set forth in Section 3.1.

 

“Software
and Service Agreement”:  The Software License Support and Services
Agreement attached as Exhibit “D” by and between VMDC and Praxis
pursuant to which VMDC will (a) provide the Software Licenses to Praxis,  (b) provide Transition Management
Services to Praxis; and (c) provide technical support, transaction
processing and update releases for the licensed RidgeMark software described
under Software Licenses below.

 

“Services Fees”:  The fees payable by Praxis to VMDC pursuant
to the Software and Service Agreement as set forth in Section 3.1.

 

“Software Licenses”:  The
software licenses listed in the Software and Service Agreement attached as Exhibit
“D,” with respect to which VMDC is a party and which are being assigned to
Praxis pursuant to the terms of this Agreement. 
Praxis acknowledges and agrees that the software licenses for RidgeMark
and RidgeMark’s HIPAA software are limited to use in Hawaii and that technical
support for such RidgeMark software will be provided to Praxis pursuant to the
Software and Service Agreement attached as Exhibit “D.”

 

“Transition Management Services”:  The services to be
performed post-Closing, as more fully described in the Software and Service
Agreement attached hereto as Exhibit “D,” including those
services provided by VMDC employees Liesel Loesch, Philip Ranger and Mark
Cameron.

 

“VMDC
Accounts Receivable”:  All of VMDC’s accounts receivable associated
with Customer Contracts as of February 7, 2006.

 

ARTICLE 2

PURCHASE OF
THE ASSETS

 

Section 2.1                                   Sale and Purchase of the
Assets. 
Subject to the terms and conditions of this Agreement, VMDC hereby
agrees to sell and convey to Buyer, and Praxis hereby agrees to purchase and
acquire from VMDC, the Assets.

 

Section 2.2                                   Assumed Liabilities; Use of
Leased Premises.  In connection with Praxis’ purchase of the
Assets, Praxis shall not assume or have any liability for, or in any manner be
responsible for, any liabilities or obligations of VMDC of any nature or kind,
except the Assumed Liabilities, from and against which VMDC agrees to indemnify
and hold Praxis harmless.  Praxis shall
not assume the lease for the Leased Premises, but Praxis shall have complete
access to and use of the Leased Premises through March 31, 2006; provided,
however, that Praxis reimburse VMDC for the lease rent at the monthly
rate of $15,317.53 plus janitorial services, parking, utilities and incidental
expenses pertaining to the Leased Premises (excluding subleased areas) for that
period (“Rent Reimbursement”).  The
monthly rental amount has been adjusted to reflect $1,650.00 in monthly
sublease rental income due to VMDC from third parties. Praxis shall pay VMDC
the Rent Reimbursement within 10 days after being invoiced by VMDC.    Praxis shall at all times act in a manner
consistent with the occupation of the leased premises, with due care for the
condition of the premises, and shall indemnify and hold VMDC 

 

3

 

harmless from and against any damage, loss or expense caused directly
or indirectly by the negligence of Praxis. 
In no event shall such indemnity provided in this Section 2.2 by Praxis
exceed in the aggregate the Purchase Price paid by Praxis.  This indemnification provision shall be the
sole remedy of VMDC in the event of such negligence of Praxis.

 

ARTICLE 3

PURCHASE PRICE; SERVICE FEE

 

Section 3.1                                   Purchase Price; Service Fee.  The purchase price payable for the Assets shall be equal to Five
Hundred Eighty Thousand Dollars ($580,000.00) with no deduction or adjustment
for any Deferred Revenues as of the Closing Date (“Purchase Price”).  In addition, Praxis shall pay VMDC the
Service Fees plus related travel expenses set forth in the Service Agreement.

 

Section 3.2                                   Payment of Purchase Price.  The Purchase Price plus the initial Twenty-Five Thousand Dollars
($25,000) as described in the Software and Services Agreement shall be payable
on the Closing Date via wire transfer of immediately available funds to an
account provided to Praxis by VMDC..

 

Section 3.3                                   Purchase Price Allocation.  The
allocation of the Purchase Price to the various types of the Assets shall be as
set forth on Schedule 3.3 hereto. 
The parties shall file all federal and state tax returns (including
amended returns and claims for refund) and information reports in a manner
consistent with such allocation, and shall each use their commercially
reasonable efforts to sustain such allocation in any subsequent tax audit or
tax dispute.  VMDC and Praxis each agrees
to file IRS Form 8594, and all federal, state, and local tax returns, in
accordance with such allocation.  Praxis
shall pay when due any excise taxes payable with respect to the sale of Assets
hereunder and shall make all required filings in the State of Hawaii in
connection with sale of Assets hereunder. 
The obligations set forth in this Section 3.3 shall survive the
Closing.

 

Section 3.4                                   Noncompetition Agreement.  In connection
with and as a condition to Praxis’ purchase of the Assets, VMDC shall enter
into a Noncompetition Agreement, in the form attached hereto as Exhibit “E,”
pursuant to which VMDC shall agree to refrain, during the three-year
period after the Closing Date, from owning, operating, financing, participating
in any manner in, or supporting any business competitive with the Business in
the State of Hawaii.  Notwithstanding the foregoing,
the Noncompetition Agreement will permit VMDC to sell its Helper software on
the internet to customers in Hawaii; provided, however, that VMDC does not
employ or otherwise provide local support for the software in Hawaii.  Further, the foregoing provision shall not
prohibit VMDC from providing wind-down services for up to a 90 day period after
Closing, through an arrangement with Praxis as described in Section 9.5,
to existing billing service customers who elect not to consent to transfer of
their agreement to Praxis prior to termination of such agreements.

 

ARTICLE 4

THE CLOSING

 

Section 4.1                                   Actions at Closing.  At the
Closing on the Closing Date:

 

(a)                                  Documents to Be Executed and
Delivered by VMDC.  VMDC shall execute and/or deliver to
Buyer:  (i) the Software and
Services Agreement; (ii) the Noncompetition Agreement; (iii) the Interim
Billing Services Agreement in the form attached hereto as Exhibit “C” 

 

4

 

(iv) the Assignment, Bill of Sale and Assumption Agreement for the
Assets and Assumed Liabilities in the form attached hereto as Exhibit “F”;
(v) the Assignment of Trade Name and Unregistered Trademarks for the trade
name “Pacific Software” and any unregistered trademarks that are part of the
Assets in the form attached hereto as Exhibit “G”; , (vi) a Tax
Clearance, in the form attached hereto as Exhibit “H”, as approved by
the State of Hawaii Department of Taxation, confirming that VMDC owes no taxes
that might constitute a claim against the Assets; (vii) a Certificate of
Good Standing for VMDC issued by the State of Hawaii Department of Commerce and
Consumer Affairs not more than thirty (30) days prior to the Closing Date; and
(viii) a Certificate of Resolutions by the board of directors of VMDC
evidencing the intention and the authority of VMDC to enter into this Agreement
and consummate the transactions contemplated hereunder.

 

(b)                                  Documents to Be Executed and
Delivered by Buyer.  Praxis shall deliver to VMDC: (i) the
Purchase Price and Service Fees payable on the Closing Date by wire transfer;
(ii) the Software and Services Agreement; (iii) the Interim Billing
Services Agreement, (iv) the Assignment, Bill of Sale and Assumption
Agreement for the Assets and Assumed Liabilities; and (v) a Certificate
evidencing approval of this Agreement by the board of directors of Praxis’ general
partner in conformity with Praxis’ partnership agreement and the intention and
evidencing the authority of Praxis to enter into this Agreement and consummate
the transactions contemplated hereunder.

 

(c)                                  Closing Procedures.  Upon
the performance by both of the parties hereto of all of the parties’ respective
closing obligations on or prior to the Closing on the Closing Date, and parties’
receipt of the documents and funds required herein, (i) VMDC or its legal
counsel shall deliver to Praxis the Software and Services Agreement, the
Noncompetition Agreement, the Interim Billing Services Agreement, the
Assignment, Bill of Sale and Assumption Agreement for the Assets and Assumed
Liabilities, the Assignment of Trade Name and Unregistered Trademarks, the Tax
Clearance, the Certificate of Good Standing, and the Certificate of Resolutions
described in Section 4.1(a)(i) through 4.1(a)(ix); and (ii) Praxis or
its legal counsel shall deliver to VMDC the Purchase Price and Service Fee, the
Software and Services Agreement, the Interim Billing Services Agreement, the
Bill of Sale and Assumption Agreement for the Assets and Assumed Liabilities,
and the Certificate described in Section 4.1(b)(i) through 4.1(b)(v).

 

(d)                                  Execution and Delivery of
Incidental Closing Documents.  Each of the
parties shall execute and deliver to the other party such additional
instruments and documents as set forth in this Agreement or as may be
reasonably requested in order to carry out and consummate the transactions
contemplated hereunder.

 

Section 4.2                                   Conditions
of Closing; Execution and Delivery of Certain Related Documents and
Instruments.  VMDC’s obligation to close the sale
of the Assets as contemplated by this Agreement and Praxis’ obligation to close
Praxis’ purchase of the Assets shall be contingent upon and subject to
satisfaction of the following respective conditions:

 

(a)                                  Conditions
to VMDC’s Obligation to Close.  VMDC’s obligation to
close the sale of the Assets shall be contingent upon and subject to the
following conditions (i) all of Praxis’ representations and warranties
shall continue to be true and accurate in all material respects as of the
Closing Date, (ii) Praxis shall have performed and complied in all
material respects with all of Praxis’ covenants under this Agreement through
the Closing, and (iii) Praxis shall have executed and delivered all of the
documents, instruments, and certificates required to be delivered by Praxis at
Closing pursuant to Section 4.1(b).

 

5

 

(b)                                  Conditions
to Praxis’ Obligation to Close.  Praxis’
obligation to close the purchase of the Assets shall be contingent upon and
subject to satisfaction of the following conditions: (i) all of VMDC’s
representations and warranties shall continue to be true and accurate in all
material respects as of the Closing Date, (ii) VMDC shall have performed and complied
in all material respects with all of VMDC’s covenants under this Agreement
through the Closing, and (iii) VMDC shall have executed and delivered all of
the documents and instruments, and certificates required to be delivered by Praxis
at Closing pursuant to Section 4.1(a).

 

ARTICLE 5

CONDITION OF ASSETS

 

Praxis agrees that,
except as provided in Section 6.1 below, neither VMDC nor any agent, broker, director,
officer, employee, servant, adviser, attorney, or representative of VMDC has
made any warranties, representations, or guarantees, express, implied or
statutory, written or oral, respecting any part or all of the Business or the
Assets, or any matters pertaining thereto, and that, upon closing, Praxis shall
purchase the Assets “AS IS, WHERE IS.” 
PRAXIS FURTHER ACKNOWLEDGES THAT, EXCEPT AS SPECIFIED IN Section 6.1
BELOW OR ELSEWHERE IN THE AGREEMENT, VMDC MAKES NO EXPRESS WARRANTY, NO
WARRANTY OF MERCHANTABILITY, NO WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE
AND NO WARRANTY OF NON-INFRINGEMENT, NOR ANY IMPLIED OR STATUTORY WARRANTY
WHATSOEVER WITH RESPECT TO ANY PERSONAL PROPERTY OR ANY FIXTURES.

 

ARTICLE 6

REPRESENTATIONS AND WARRANTIES OF THE PARTIES

 

Section 6.1                                   Representations
and Warranties of VMDC.  VMDC hereby
represents and warrants that:

 

(a)                                  Corporate
Existence.  VMDC is a corporation duly
organized, validly existing, and in good standing under the laws of the State
of Delaware with full corporate power to carry on the Business as now being
conducted and to own and operate the property and assets now owned and
operated, including specifically the Assets.

 

(b)                                  Corporate
Power and Authority.  VMDC has full
corporate power and authority to enter into, perform, and carry out this
Agreement.  All corporate action
necessary to authorize the execution, delivery, and performance of this
Agreement by VMDC has been duly taken. 
This Agreement has been duly executed and delivered by VMDC, and all other
documents or agreements that are to be executed and delivered by VMDC as
described in Section 4.1(a) shall, upon Closing, have been duly executed by
VMDC and shall constitute legal, valid, and binding obligations of VMDC
enforceable in accordance with their respective terms.

 

(c)                                  Absence of
Breach.  Neither the execution and delivery of this
Agreement by VMDC and the compliance by VMDC with the terms and conditions
hereof nor the consummation by VMDC of the transactions contemplated hereby
will (i) result in or constitute a default, breach, or violation of any of
the terms, conditions or provisions of the Articles of Incorporation or Bylaws
of VMDC, (ii) violate any provision of, or require any consent,
authorization or approval under, any law or administrative regulation or any
judicial, administrative or arbitration order, award, judgment, writ,
injunction or decree applicable to, or any material governmental permit or
license issued to, VMDC, or (iii) conflict with, result in a breach of,
constitute a default or event of default under (whether by 

 

6

 

notice or the
lapse of time or both), or require any consent, authorization, or approval in
connection with any material indenture, mortgage, lien, lease, agreement or
instrument to which VMDC is a party or by which VMDC may be bound.

 

(d)                                  Financial
Statements.  The financial statements provided
by VMDC to Praxis regarding the Business fairly and accurately present the
results of operations, cash flow and expenses of the Business for the periods
referred to in such statements.

 

(e)                                  Ownership
of Assets.  VMDC has good and
marketable title to the Assets, and the Assets are subject to no liens,
mortgages, pledges, encumbrances or similar charges of any kind.  Prior to the Closing, VMDC will deliver a
UCC-1 report from the Bureau of Conveyances to Praxis showing that the Assets
are free and clear of liens and encumbrances reported to the Bureau of
Conveyances.  The VMDC Medical ABC
software being transferred under this Agreement does not infringe on the
intellectual property rights of others and to the knowledge of VMDC, none of
the software being licensed to Praxis hereunder or under the Software and
Services Agreement infringes on the intellectual property rights of
others.  On Closing, VMDC shall assign
and transfer good and marketable title in and to the Assets to Buyer, subject
to no liens, mortgages, pledges, encumbrances or similar charges of any kind.

 

(f)                                    Customer
Contracts.  Exhibit “B-1” contains a complete and
accurate list of all the Customer Contracts with a status field for each
contract indicating whether the contract is formally terminated or active.  Full, complete and correct copies of all of
the Customer Contracts have been provided to Praxis.  VMDC has not breached any material term of
any Customer Contracts.  VMDC has not
received any notice, nor does VMDC have any knowledge, that any party is in
breach of a Customer Contract listed as active or that any party to a Customer
Contract is considering a termination or modification of such Customer
Contract.

 

(g)                                 Software
Licenses. Exhibit “D” contains a
complete and accurate list of all the Software Licenses (to the extent not
included on Exhibit “B-1”).  Full,
complete and correct copies of all of the Software Licenses have been provided
to Praxis.  VMDC has not breached any
material term of any Software License. 
VMDC has not received any notice, nor does VMDC have any knowledge, that
any party is in breach of a Software License or that any party to a Software
License is considering a termination or modification of such Software License.  All necessary licenses for Praxis to use,
support, maintain and upgrade VMDC Medical ABC Software and related HIPAA
software solution will be assigned to Praxis on the Closing Date.  The source code to be delivered by VMDC is
for the current versions of the software being transferred to Praxis.  Praxis will be licensed to use all the
compilers that are being delivered, without any fee, approval, notice or other
requirements.  The source code that is
being delivered, when compiled using the compilers that are being delivered,
will result in object code for all of such software that performs substantially
in accordance with any documentation for such software.

 

(h)                                 Compliance with Laws.  To the knowledge of VMDC management, VMDC is
currently in compliance, in all material respects, with all applicable laws
relating to the Business.

 

(i)                                    No
Litigation.  No litigation, proceeding or
controversy that materially and adversely affects the Business or the Assets
(including, without limitation, material unsettled claims) is pending or, to
the knowledge of VMDC management, threatened by or against VMDC before any
court, government agency or any other administrative body.

 

7

 

(j)                                    Third
Party Consents.  Except
for the consents required under the Billing Services Contracts, VMDC will deliver to Praxis
at Closing written consents of all customers, software licensors, other third parties
required in connection with the assignment of the Customer Contracts and
Software Licenses to Praxis.  No consent,
approval, permit, order or authorization from any federal, state or local
governmental authority is required in connection with the consummation of the
transaction contemplated by this Agreement other than such consents and
approvals as shall have been obtained.

 

(k)                                Employees.
 VMDC currently has twenty-seven (27) employees
associated directly with the Business. 
VMDC is not a party to any collective bargaining agreements and does not
have any contracts, other than for “employment at-will,” with its employees in
Hawaii.  All compensation and other
payments (including, without limitation, salaries, wages, expense
reimbursements, health and welfare payments, payments for accrued vacation,
insurance payments, bonuses and commissions) due to the employees of VMDC in
Hawaii have been paid in full and/or will be paid in full up to and including
the Closing Date.  VMDC acknowledges and agrees that Praxis contemporaneously
with the Closing is free to make arrangements to employ any or all of VMDC’s
employees, and nothing contained in this Agreement is intended to impose any
restriction or obligation on Praxis in this regard.

 

(l)                                    Accounts Receivable.  The VMDC Accounts
Receivable as February 7, 2006 will be at least $185,000 (with the impact of
approximately $19,000 in customer deposits removed).  All VMDC Accounts Receivable represent or
will represent valid obligations arising from sales actually made or services
actually performed by VMDC.  On the
Closing Date, VMDC will deliver true, correct and complete copies of the VMDC
Accounts Receivable ledger and back-up invoices.

 

(m)                              Deferred Revenues.  The Deferred Revenues as of
the Closing Date will not exceed $216,000 with respect to the services to be
performed by Praxis after the Closing Date.  
Full details regarding
the Deferred Revenues (e.g., name of customer, amounts billed and prepaid,
etc.) shall be delivered in writing by VMDC to Praxis on or before the Closing
Date.

 

(n)                                 Accounts Payable. VMDC has delivered or will deliver at the
Closing a true, correct and complete report of its past due accounts payable
recorded as of February 8th, 2006 pertaining exclusively to the
Business (“Accounts Payable”). VMDC is not delinquent in connection with any
payments due on the Accounts Payable except as set forth in above-referenced
report delivered to Praxis. VMDC shall pay in a timely manner any amounts of
the Accounts Payable to vendors or suppliers directly associated with the
delivery of service or of products to the Business or to the Customer Contracts
acquired by Praxis except for those amounts as to which VMDC is disputing and
negotiating in good faith.  In the event there is a disruption or
threatened disruption of service or delivery of products by VMDC’s vendors or
suppliers solely due to VMDC’s failure to pay its Accounts Payable in a timely
manner, Praxis may at its option pay the amounts due and claim an offset
against any amounts due by Praxis to VMDC after the Closing.

 

(o)                                  Operation
in Normal Course.  From the Effective Date through the
Closing Date, VMDC shall operate the Business only in the normal course and
shall not dispose of any of the Assets or incur any liabilities that might
interfere with the closing of the transaction contemplated by this Agreement.

 

8

 

(p)                                  Disclosure.  No representation or warranty contained herein, and
no statement made in any certificate, exhibit or
schedule furnished in connection with or attached to this Agreement, contains
any untrue statement of a material fact.

 

Section 6.2                                   Representations
and Warranties of Buyer.  Praxis hereby
represents and warrants that:

 

(a)                                  Limited
Partnership Existence.  Praxis is a limited
partnership duly organized, validly existing, and in good standing under the
laws of the State of Hawaii.

 

(b)                                  Power and
Authority.  Praxis has full power and
authority to execute and perform this Agreement, subject to the terms and
conditions hereof, including without limitation the absolute right and power to
acquire and purchase the Assets in the manner specified herein.  All company action necessary to authorize the
execution, delivery, and performance of this Agreement by Praxis has been duly
taken.  This Agreement has been duly
executed and delivered by Buyer, and all other documents or agreements that are
to be executed and delivered by Praxis as described in Section 4.2(b) shall,
upon Closing, have been duly executed by Praxis and shall constitute legal, valid,
and binding obligations of Praxis enforceable in accordance with their
respective terms.

 

(c)                                  Absence of
Breach.  Neither the execution and delivery of this
Agreement by Praxis and the compliance by Praxis with the terms and conditions
hereof nor the consummation by Praxis of the transactions contemplated hereby
will (1) result in or constitute a default, breach, or violation of any of
the terms, conditions or provisions of the Articles of Organization or any
operating agreement of Buyer, (2) violate any provision of, or require any
consent, authorization or approval under, any law or administrative regulation
or any judicial, administrative or arbitration order, award, judgment, writ,
injunction or decree applicable to, or any material governmental permit or
license issued to, Buyer, or (3) conflict with, result in a breach of,
constitute a default or event of default under (whether by notice or the lapse
of time or both), or require any consent, authorization, or approval in
connection with any material indenture, mortgage, lien, lease, agreement or
instrument to which Praxis is a party or by which Praxis may be bound.

 

Section 6.3                                   Survival
of Representations and Warranties.  All
representations and warranties of VMDC and Praxis under this Agreement shall
survive the Closing Date for a period of one (1) year.  Upon the expiration of said one (1) year
period, all said representations and warranties shall terminate, except for
those which have been actually breached or violated prior to the expiration of
such period and as to which the party claiming the breach or violation has
given the other party written notice describing the breach or violation in
reasonable detail prior to the expiration of such period.

 

ARTICLE 7

INDEMNIFICATION

 

Section 7.1                                   VMDC’s
Indemnification.  VMDC shall indemnify and
hold Praxis harmless from and against any claims, costs, losses, damages, or
expenses, including reasonable attorneys’ fees, arising out of or related to
any material breach of any representations or warranties of VMDC under Section
6.1(a) above.  In no event shall the
indemnity provided hereunder exceed in the aggregate the Purchase Price paid by
Praxis.  This indemnification provision shall
be the sole remedy of Praxis in the event of a material breach of any such
representations or warranties.

 

9

 

Section 7.2                                   Praxis’
Indemnification.  Praxis shall indemnify and hold VMDC
harmless from and against any claims, costs, losses, damages, or expenses,
including reasonable attorneys’ fees, arising out of or related to any material
breach of any representations or warranties of Praxis under Section 6.1(b)
above.  In no event shall the indemnity
provided hereunder exceed in the aggregate the Purchase Price paid by
Praxis.  This indemnification provision
shall be the sole remedy of VMDCs in the event of a material breach of any such
representations or warranties.

 

ARTICLE 8

DEFAULT

 

Section 8.1                                   Default;
Time Is of the Essence.  Time is of the
essence of this Agreement.  Any failure
on the part of VMDC or Praxis to: (a) consummate the transactions contemplated
by this Agreement on the Closing Date; (b) undertake those necessary actions
required to be performed by the parties to permit closing on the Closing Date;
or (c) observe or perform those conditions required to permit closing on the
Closing Date, shall constitute a material breach and default on the part of
such defaulting party hereunder.

 

Section 8.2                                   Remedies
Upon Default.  It is expressly agreed by and
between VMDC and Praxis that:

 

(a)                                  VMDC’s
Remedies in the Event of Pre-Closing Default by Buyer.   In the event Praxis fails to complete the
transaction described herein or is otherwise in default as defined herein, and
VMDC not being in default, VMDC may either (i) cancel and terminate this
Agreement upon written notice to Praxis in the manner provided in this
Agreement and pursue an action against Praxis for the attorney’s fees and costs
incurred in connection with the negotiation and preparation of this Agreement
and VMDC’s preparations for Closing, or (ii) pursue a suit for specific
performance of this Agreement.  VMDC
agrees that the remedies provided in this Section 8.2(a) are VMDC’s exclusive
remedies in the event of a pre-closing default by Praxis, and that VMDC hereby
waives any other claim for damages or other relief against Praxis for breach of
contract in the event of a pre-closing default by Praxis.

 

(b)                                  Praxis’
Remedies in the Event of Pre-Closing Default by VMDC.  In the event VMDC fails to complete the
transaction described herein or is otherwise in default as defined herein, and
Praxis not being in default, Praxis may either (i) cancel and terminate this
Agreement upon written notice to VMDC in the manner provided in this Agreement
and pursue an action against VMDC for the attorney’s fees and costs incurred by
Praxis in connection with the negotiation and preparation of this Agreement and
Praxis’ preparations for Closing, or (ii) pursue a suit for specific
performance of this Agreement.  Praxis
agrees that the remedies provided in this Section 8.2(b) are Praxis’ exclusive
remedies in the event of a pre-closing default by VMDC, and that Praxis hereby
waives any other claim for damages or other relief against VMDC for breach of
contract in the event of a pre-closing default by VMDC.

 

(c)                                  No
Impairment of Post-Closing Rights and Remedies.  Nothing contained in Section 8.2(a) or Section
8.2(b) is intended to, or shall be deemed, to impair, limit, or qualify any
rights or remedies that either VMDC or Praxis has under any documents or
instruments delivered at or in connection with the Closing.

 

10

 

ARTICLE 9

MISCELLANEOUS

 

Section 9.1                                   Treatment
of Accounts Receivable and Accounts Payable.  The Assets
include any VMDC Accounts Receivable as of February 7, 2006.  Praxis shall not assume any of VMDC’s accounts
payable.  On or before the Closing
Date, VMDC shall send a letter, which shall be
subject to Praxis’ prior written approval, and which shall be addressed to each
of VMDC’s customers and vendors, advising VMDC’s customers and vendors of the
sale of the Assets to Buyer, and instructing such customers and vendors
(a) to send all vendor bills and statements for all goods, services, and
materials sold and delivered to VMDC before the Closing Date to VMDC, at the
address for VMDC set forth in Section 9.2 below, (b) to remit all customer
payments for all goods, services, and materials to Praxis at the address set
forth in Section 9.2 below, (c) to remit all payments and to send all
bills and statements for all goods, services, and materials from or received
from vendors after the Closing Date to Praxis at the address set forth in
Section 9.2 below, and (d) in the case of a customer, that the customer
contract has been assigned by VMDC to Praxis. 
This letter shall also state that VMDC believes this transaction is in
the best interests of VMDC’s customers. 
To the extent Praxis receives any payments with respect to VMDC Accounts
Receivable, Praxis shall retain these payments in exchange for assuming the
customer obligations associated with the Deferred Revenues.  VMDC shall report to Praxis on a daily basis
any payments it receives pertaining to the VMDC Accounts Receivable, including
any payments received on the Closing Date, and promptly remit those payments to
Praxis: (1) on a daily basis to the extent the payments total at least $2,500,
and (2) on a weekly basis by the following Monday of each week.

 

Section 9.2                                   Notices.  All notices, requests, demands, and other
communications required or permitted hereunder shall be in writing and shall be
deemed duly given if (a) delivered personally, (b) sent by
telefacsimile during normal business hours to the telefacsimile number set
forth below, or (c) sent by registered or certified mail (with adequate
postage prepaid) to the address set forth below in respect of each party, or at
such other address as such party may designate in writing to the other party:

 

	
  To VMDC:

  	
   

  	
  VantageMed Corporation

  11060 White Rock Road, Suite 210
Rancho Cordova, CA 95670
Attn: Philip Ranger/Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
  To Praxis:

  	
   

  	
  Praxis, L.P.

  1585 Kapiolani Boulevard, Suite 1800
Honolulu, HI 96814
Attn: Creighton Arita

  

 

Section 9.3                                   No
Waiver.  No failure by VMDC or
Praxis to insist upon strict performance by the other party of any of the terms
and provisions of this Agreement shall constitute or be deemed to be a waiver
of any such term or provision, or constitute an amendment or waiver of any such
term or provision by course of performance.

 

Section 9.4                                   Bulk Sales
Requirements.  Within five (5) business days after
the Closing Date, VMDC will file a Report of Bulk Sale or Transfer with the
Hawaii Department of Taxation and will deliver such Report to Praxis upon
approval by the Hawaii Department of Taxation.

 

11

 

Section 9.5                                   Billing Service Contracts.  VMDC
will inform its Billing Service Contract customers that VMDC will be exiting
the Hawaii market and winding down its operations.  Praxis shall deliver to such customers a
Customer Letter in the form attached hereto as Exhibit B-2.

 

(a)                                  Option 1.  In the event a customer selects Option 1,
Praxis shall contact the customer to discuss the terms of a new billing
services contract with Praxis (“Praxis Contract”) and VMDC shall terminate the
Billing Services Contract upon notice of the parties execution of the Praxis
Contract.  

 

(b)                                  Option 2.  In the event a customer selects Option 2 in a
timely manner, Praxis shall assume the respective Billing Service Contract.

 

(c)                                  Option 3.  In the event a customer selects Option 3 or
does not respond to the Customer Letter in timely manner (15 days from the
Closing Date), VMDC will promptly send to such customer a confirmation of
termination and Praxis will not assume such customer’s Billing Service
Contract.  VMDC shall be solely responsible for its performance obligations
under such Billing Service Contracts until such Contracts terminate.  During the 90 day period after the Closing
Date, VMDC shall engage Praxis to provide the required services under such
Billing Service Contract pursuant to an Interim Billing Services Agreement in the form attached hereto as Exhibit “C.”. 

 

Section 9.6                                   Publicity.  Prior to and following the Closing, neither VMDC nor
Praxis, nor any of their respective representatives or agents, shall make or
issue, or cause to be made or issued, any announcement or written statement
concerning this Agreement or the transaction contemplated hereby for
dissemination to the public without the prior consent of the other party,
provided, however, that VMDC may make such public announcements and disclosures
as may be required under applicable law, including under the rules and
regulations promulgated by the Securities and Exchange Commission and
applicable securities laws.

 

Section 9.7                                   No-Shop.
 Between the Effective Date and the earlier of
the Closing Date or the Termination Date, neither VMDC nor any of its
representatives or agents shall, directly or indirectly: (a) solicit or
engage in discussions or negotiations with or provide any information to, or
otherwise cooperate with any person or entity who or which seeks to acquire, or
expresses an interest in acquiring, the Business, or any or all of the Assets;
(b) solicit or engage in discussions or negotiations with or provide any
information to, or otherwise cooperate with any person or entity for the
purpose of otherwise affecting a transaction inconsistent with the transactions
contemplated by this Agreement; or (c) enter into any agreement with or
grant any option to any third person or entity to sell to such third person
VMDC’s Business or the Assets.

 

Section 9.8                                   Entire
Agreement; Amendment.  The parties hereto
represent, acknowledge, and agree that in entering into this Agreement they
have not relied upon any promises, representations, warranties, or statements
of any kind or nature whatsoever made by any party hereto, or by any officer,
director, or agent of said party, or by any other person on behalf of said
party, that is not expressly as set forth in this Agreement.  This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes and cancels any and all prior or oral or written
representations, correspondence, letters of intent, agreements, and undertakings
between the parties hereto with respect to the subject matters hereof except
that the terms and conditions of the Non-Disclosure Agreement dated December 27th,
2005 between VMDC and Praxis shall remain in full force and effect.  This Agreement may not be amended or modified
in any respect except by an instrument in writing executed by the parties
sought to be charged by the effect of such amendments or modifications.

 

12

 

Section 9.9                                   Interpretation
of Agreement.  VMDC and Praxis each acknowledge
that it has been represented and advised by legal counsel in the negotiation
and legal effects of this Agreement, and that such party has participated in
the drafting of this Agreement.  No
negotiations concerning or modifications made to prior drafts of this Agreement
shall be construed in any manner to limit, reduce, or impair the rights,
remedies, duties, and obligations of the parties under this Agreement or to
restrict or expand the meaning of any of the provisions of this Agreement or to
construe any of the provisions of this Agreement in either Praxis’ or VMDC’s
favor.

 

Section 9.10                            Partial
Invalidity.  If any provision hereof is
held invalid or not enforceable to its fullest extent, such provision shall be
enforced to the extent permitted by law, and the validity of the remaining
provisions hereof shall not be affected thereby.

 

Section 9.11                            Fees and
Costs.  Except as otherwise provided herein, VMDC and
Praxis shall each pay for its own respective attorneys’ fees and accountants’
fees incurred in connection with the transaction and closing of the transaction
contemplated hereunder.

 

Section 9.12                            Parties in
Interest.  The rights and obligations of VMDC
and Praxis as herein undertaken pursuant to this Agreement shall inure to the
benefit of and be binding upon their respective estates, heirs, devisees,
personal representatives, successors, successors-in-trust, and
assigns.

 

Section 9.13                            Assignment.
 Praxis shall have the right, without the prior
written consent of VMDC, to assign, delegate, or transfer its rights under this
Agreement, but no such assignment, delegation, or transfer shall release Praxis
from Praxis’ obligations hereunder, unless VMDC shall so agree in writing.

 

Section 9.14                            Captions,
Gender, and Number.  The headings of
paragraphs herein are for convenience and reference only and shall in no way
define, limit, or describe the scope or intent of any provision in this
Agreement.  The use of any gender herein
shall be deemed to include other genders and the use of the singular herein
shall be deemed to include plural (and vice versa) whenever appropriate.

 

Section 9.15                            Governing
Law; Etc.  This Agreement and the respective
rights and obligations of the parties shall be construed and interpreted in
accordance with the laws of the State of Hawaii, and, in any case involving
diversity of citizenship, shall be litigated in and subject to the jurisdiction
of the courts of the State of Hawaii. 
VMDC and Praxis hereby expressly agree that any legal action or proceeding
with respect to this Agreement may be brought in the courts of the State of
Hawaii.  By execution and delivery of
this Agreement, VMDC and Praxis each hereby irrevocably accepts, generally and
unconditionally, the jurisdiction of the aforesaid courts, and hereby
irrevocably waives any claim, and agrees not to plead or claim, that any such
courts lack personal jurisdiction over such party.

 

Section 9.16                            Confidentiality
and Non-Disclosure.  VMDC and Praxis
hereby agree that the terms and conditions of this Agreement shall be deemed to
be confidential, and shall not be voluntarily disclosed by any party hereto
without the prior written consent of the other parties hereto, except to such
party’s employees, representatives, legal or financial advisors, lenders,
brokers, consultants, appraisers, and potential investors, provided, however,
that VMDC may make such public announcements and disclosures as may be required
under applicable law, including under the rules and regulations promulgated by
the Securities and Exchange Commission and applicable securities laws.

 

Section 9.17                            Facsimile or
Fax Signature.  The execution and delivery by facsimile of the signature of a party to
this Agreement or of an officer, general partner or other authorized signatory
of a 

 

13

 

party to this Agreement shall
constitute execution and delivery by that party and shall bind that party to
the terms and conditions contained in this Agreement.

 

Section 9.18                            Counterparts.
 This Agreement may be executed in two (2) or
more counterparts, and said counterparts shall together constitute one and the
same instrument, binding all parties hereto, notwithstanding that all of the
parties hereto are not signatories to the same counterparts.  For all purposes, including, without
limitation, delivery of this instrument, the original signature pages and
acknowledgments of each of the counterparts may be assembled, together with a
copy of all remaining pages of this instrument, to constitute an original or
duplicate original hereof.

 

Section 9.19                            Further Assurances.  Each
party to this Agreement agrees (i) to execute and deliver to the other party
such other documents and (ii) to do such other acts and things as the other
party reasonably requests for the purpose of carrying out the intent of this
Agreement and the documents and instruments referred to herein.

 

(REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK)

 

14

 

IN WITNESS WHEREOF, this Agreement has been executed
by the parties effective as of the date first written above.

 

	
   

  	
  VANTAGEMED CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Philip D. Ranger

  	
   

  
	
   

  	
  Its Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  
	
   

  	
   

  
	
   

  	
  “VMDC”

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRAXIS, L.P.

  
	
   

  	
   

  
	
   

  	
  By Praxis Corporation, Its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Creighton D. Arita

  	
   

  
	
   

  	
  Its President

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  
	
   

  	
  “Praxis”

  
						

 

15

 

EXHIBIT “A”

Schedule of Furniture, Fixtures and Equipment

 

EXHIBIT “B-1”

List of Customer Contracts

 

EXHIBIT “B-2”

Customer Letter

 

EXHIBIT “C”

Interim Billing Services Agreement

 

EXHIBIT “D”

Software and Services Agreement

 

EXHIBIT “E”

Noncompetition Agreement

 

EXHIBIT “F”

Assignment, Bill of Sale, and Assumption Agreement

 

EXHIBIT “G”

Assignment of Trade Name and Unregistered Trademarks

 

EXHIBIT “H”

Tax Clearance

 

 

SCHEDULE 3.3

Purchase Price Allocation

 

16

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