Document:

EXHIBIT 10.2

 

WAIVER AND MUTUAL RELEASE

 

This Waiver and Mutual Release (this “Agreement”), is made and entered into on October 23, 2014 (the “Effective Date”), between Platinum Technologies Ventures, LLC, a Nevada limited liability company (“Payor”) and SearchCore, Inc., a Nevada corporation (“Holder”). Payor and Holder may be referred to herein as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, Payor is obligated to pay Holder, pursuant to that certain Operating Expesnes Non-Recourse Secured Promissory Note (the “Note”), the sum of up to Ninety Thousand Dollars ($90,000), which amount was to be advanced to Payor by Holder for operating expenses at the rate of Fifteen Thousand Dollars ($15,000) per month (the “Operating Expense Advances”);

 

WHEREAS, as of the date hereof, Holder has advanced a total of Forty Five Thousand Dollars ($45,000) to Payor as Operating Expense Advances pursuant to the Note;

 

WHEREAS, the Parties wish to discharge one another from any further obligations arising under the Note and forever resolve any disputes among them related thereto.

 

NOW, THEREFORE, in consideration of the conditions, covenants and agreements set forth below, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, Payor and Holder agree as follows:

 

AGREEMENT

 

 1. Incorporation. The above-mentioned recitals are hereby incorporated into, and made a part of, this Agreement.   

 

 2. Consideration. As consideration for the release, promises, and restrictive covenants set forth in this Agreement, (i) Payor agrees that Holder has no obligation to pay any additional Operating Expense Advances and (ii) Holder agrees that Payor is not obligated to repay Holder any outstanding principal amount or any accrued interest arising under the Note.   

 

 3. Release. As a material inducement for the Parties to enter into this Agreement, the Parties hereby release and forever discharge one another and each of their respective past and present predecessors, successors, affiliates, subsidiaries, parents, insurers, officers, directors, employees, managers, members, shareholders, heirs, agents, and attorneys from any and all known and unknown claims, disputes, demands, debts, liabilities, obligations, contracts, agreements, causes of action, suits, attorneys’ fees and/or costs, of whatever nature, character or description, which the Parties had, now have, or may have related to the Note. For purposes of this Agreement, “affiliate” shall include, but not be limited to, any officers or directors of the Parties as of the date of this Agreement. 

 

	 
	
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4.  Scope of Release. This release does not preclude an action to enforce the specific terms of this Agreement.

 

5.  Waiver of Claims. It is understood and agreed by the Parites that all rights under Section 1542 of the Civil Code of California, which provides as follows:

 

“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his settlement with the debtor,”

 

are hereby expressly waived. The Parties acknowledge, agree and understand the consequences of a waiver of Section 1542 of the California Civil Code and assume full responsibility for any and all injuries, damages, losses or liabilities that may hereinafter arise out of or be related to matters released hereunder. The Parties understand and acknowledge that the significance and consequence of this waiver of Section 1542 of the Civil Code is that even if the Parties should eventually suffer additional damages arising out of the subject matter hereof, they will not be permitted to make any claim for those damages. Furthermore, the Parties acknowledge that they intend these consequences even as to claims for damages that may exist as of the date of this Agreement but which they do not know exist, and which, if known, would materially affect their decision to execute this Agreement, regardless of whether the Parties’ lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause.

 

6.  Further Action. The Parties shall execute and deliver all documents, provide all information and take or forebear from taking all such action(s) as may be necessary or appropriate to achieve the purpose of this Agreement.

 

7.  Legal Counsel. Each Party acknowledges and represents that, in executing this Agreement, such Party has had the opportunity to consult legal counsel, and has not relied on any inducements, promises, or representations made by any Party or any party representing or serving such Party, unless expressly set forth herein.

 

8.  No Admission of Liability. This Agreement does not constitute an admission of liability by any Party for any purpose, except as otherwise provided herein.

 

9.  Amendment; Cancellation. This Agreement may not be amended, canceled, revoked or otherwise modified except by written agreement subscribed by all of the Parties to be charged with such modification.

 

	 
	
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10. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective partners, employees, agents, servants, heirs, administrators, executors, successors, representatives and assigns.

 

11. Choice of Law and Venue. This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of California including all matters of construction, validity, performance, and enforcement and without giving effect to the principles of conflict of laws. Venue for any action brought under this Agreement shall be in the appropriate court in Orange County, California.

 

12. Entire Agreement. This Agreement and the attached exhibit sets forth the entire agreement and understanding of the Parties hereto and supersedes any and all prior agreements, arrangements and understandings related to the subject matter hereof.

 

13. Attorneys’ Fees. The Parties hereto agree that in the event of any breach of this Agreement, the Party determined to be responsible for the breach will pay all costs and fees incurred by the Party enforcing this Agreement, including attorney fees, whether incurred with or without suit or before or after judgment.

 

14. Authority to Sign. Each person executing this Agreement hereby warrants and represents that he or she has the power and authority to execute this Agreement on behalf of such Party and on behalf of any other person and/or entity that such signing Party purports to bind.

 

15. Interpretation of Agreement. This Agreement shall be construed as though all Parties equally drafted it.

 

16. Counterparts. The Parties agree that this Agreement may be executed in multiple counterparts and, upon such execution, all the counterparts taken together shall constitute one and the same agreement. Counterparts and signatures transmitted by facsimile or email (pdf) shall be valid and effective as originals.

 

[remainder of page intentionally left blank; signature page to follow]

 

	 
	
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PLEASE READ CAREFULLY, THIS SETTLEMENT AGREEMENT, WAIVER AND MUTUAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the date first above written.

 

 

	
“Payor”

		
“Holder”

	
 

		 			 	
	
Platinum Technology Ventures, LLC,

		
SearchCore, Inc.,

	
 

	
a Nevada limited liability company

		
a Nevada corporation

	
 

		 			 	
	
 

	
/s/ Brent Inzer 

		
 

	
/s/ James Pakulis

	
 

	
By:

	
Brent Inzer

	
 

	
By:

	
 James Pakulis

	
 

	
Its:

	
Member/Manager

	
 

	
Its:

	
 Chief Executive Officer

	
 

 

 

4NSP 09.30.2014 - Ex 10.1

*** indicates material has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission.  A complete copy of this agreement has been filed separately with the Securities and Exchange Commission.

Exhibit 10.1

September 2, 2014

Mr. Richard Rawson
President, Insperity
19001 Crescent Springs Drive
Kingwood, Texas 77339-3802

Re: Insperity and UnitedHealthcare Agreement Extension

Dear Richard:

I am providing this revised Letter of Agreement to propose the relevant terms and conditions of the modifications to the existing contracts between United HealthCare Insurance Company (“UnitedHealthcare”) and Insperity Holdings, Inc. (“Insperity”) that we trust you will find agreeable.  Upon execution, this letter and the attached Terms of Agreement (Exhibit A) will constitute a legally binding agreement as to the principal terms of amendments to the Minimum Premium Financial Agreement and the Minimum Premium Administrative Services Agreement, each by and between Insperity and UnitedHealthcare, as amended and restated from time to time (collectively, the “Medical Definitive Agreements”), and the Agreement Regarding Dental Insurance by and between Insperity and UnitedHealthcare, as entered into effective January 1, 2004 (the “Dental Definitive Agreement”), to be prepared and executed by the parties.  The parties anticipate that such amendments shall be completed as soon as possible.  Except as otherwise set forth herein, the terms and conditions of any eventual modifications to the Medical Definitive Agreements and the Dental Definitive Agreement will be only as set forth in any subsequent amendment(s) signed by the parties.  The parties also anticipate that additional review of the impact of PPACA and recent state issues may require further negotiations concerning the items addressed herein and the corresponding modifications required to the Medical Definitive Agreements.  

Insperity and UnitedHealthcare acknowledge and agree that the terms and conditions of this letter and the attached Exhibit A relating to the Medical Definitive Agreements, including the existence hereof, are subject to the provisions of Section 5(e) of the Minimum Premium Administrative Services Agreement (relating to publicity of the arrangement).  The parties also agree that the terms and conditions of this letter and the attached Exhibit A relating to the Dental Definitive Agreement, including the existence hereof, are subject to the same confidentiality terms described herein.  As such, Insperity and UnitedHealthcare each agree not to make any unauthorized disclosure or public announcement concerning the subject matter hereof without the written consent of the other.

Thank you again for supporting the extension of our existing relationship through 2017 and the truly outstanding relationship that has been formed over the last 13 years.  We look forward to continued mutual success and the expansion of our relationship.

If this letter and the terms set forth in Exhibit A are in accordance with your understanding of the proposed modifications to our existing contracts, please sign below and return an executed copy to me via email to anthony_r_carr@uhc.com or facsimile at (954) 378-0771.  Should you have any questions, please call me at (954) 378-0596.

Best Regards,

/s/ Anthony R. Carr

Anthony R. Carr
National Vice President, PEO, Private Equity & Trust Division
UnitedHealthcare

AGREED TO AND ACCEPTED BY:

Insperity Holdings, Inc.

/s/ Richard G. Rawson

By:    Richard G. Rawson    

Its:    President        

Date: _September 5, 2014    

cc:   Kim Bacon, Managing Director, Health and Welfare Services
       

Exhibit A
UnitedHealthcare/Insperity
Terms of Agreement
September 2, 2014

For consistency, clarity and ease of communication, this Terms of Agreement uses defined terms from both of the Medical Definitive Agreements between Insperity and UnitedHealthcare

UnitedHealthcare (UHC) is pleased to continue our exceptional partnership for an additional two years including annual *** on both the *** and *** and dental insurance premium, while also implementing the following provisions to extend the existing agreement by two years (2016 and 2017):

		
	1)
	In keeping with previous agreements, UHC’s suggested language is as follows: "Competitive" means that either (i) the Company and the Employer agree or (ii) an independent consultant chosen by mutual agreement of the parties has determined, that such product ranks either *** or *** as compared to competing products of other vendors in the designated market.  In making any determination of the rank of a product in a market, such consultant shall apply such criteria relating to ***, *** and *** as it shall determine appropriate.  All fees and expenses of any such consultant shall be paid by the Employer.

		
	a.
	The exclusivity provisions shall not apply to any Client of Insperity where a state or municipality requires issuance of small business policies directly to Clients and/or Employees, nor shall it apply to Clients and/or Employees who elect coverage under a federal, state or private exchange.  Insperity and UnitedHealthcare will work together to find mutually agreeable parameters for any Insperity ***.

		
	b.
	Barring *** or ***, existing UHC membership is grandfathered for the remainder of the contractual period from the time a competing carrier is introduced into a market.

		
	c.
	When a new carrier is added to a UHC market, the *** is made at the *** and not the ***.

		
	d.
	If there is a *** to the Company *** network in a Market, if no group health insurance or similar product is offered by the Company in the Market, or if no group health insurance or similar product offered by the Company is Competitive in that Market, the Employer may offer, subject to the existing terms of our agreement, the health insurance or similar products of a Competing Vendor in such market.  Only *** will be introduced into a limited number of Markets, not to exceed *** Markets, through December 31, 2017.  The *** market cap does not apply if changes are *** by *** or ***. 

		
	e.
	*** and *** will remain exclusive markets.  If agreed to by both parties, the exclusivity requirement will be modified if changes are *** by *** or *** (to the extent not previously addressed in subparagraph a to this section 1). 

		
	f.
	UnitedHealthcare will be the exclusive Vendor for *** coverage offered in the *** markets.  If agreed to by both parties, the exclusivity requirement will be modified if changes are mandated by *** or *** (to the extent not previously addressed in subparagraph a to this section 1).  

		
	g.
	UHC will be notified at least 90 days prior to the introduction of a competing carrier into a market.  

		
	2)
	In the event that either party reasonably believes that any state or other jurisdiction may impose a *** on it for proceeding with its performance under the Agreement, or that a state or jurisdiction will enforce a regulation, statute or exchange provision that will result in either a material reduction in Insperity's ability to market its full suite of services to its existing and potential clients or UnitedHealthcare's ability to market its insurance products in the state or jurisdiction, such party will promptly advise the other party of such belief and the basis therefore.  In such event, the parties agree to cooperate in good faith to resolve such matter to the satisfaction of both parties.  After a good faith effort by the parties to eliminate the risk of *** or the material reduction of Insperity's ability to market its full suite of services to its existing and potential clients or UnitedHealthcare's ability to market its insurance products in the state or jurisdiction, if the matter is not resolved to the satisfaction of both parties, (a) the party upon which such *** may be imposed may immediately discontinue the Agreement's application in such state or jurisdiction by providing notice to that effect to the other party, except that the effective date of the termination may be extended to the latest date the Agreement can remain in effect before triggering the ***, or later if adequate indemnification is provided by the other party, or, (b) in the case of a material reduction of Insperity's ability to market its full suite of services to its existing and potential clients, or UnitedHealthcare's ability to market its insurance products in the state or jurisdiction, the Agreement's application in such state or jurisdiction will be effective *** following notice to the other party.  In the event of termination, the Agreement will continue to apply in all other states or jurisdictions, except that if it is a Federal law at issue the Agreement will discontinue in its entirety.  Furthermore, in the event of termination of this Agreement, Insperity agrees that it will deliver written notice to UnitedHealthcare of termination of the Policy issued to Insperity as of the effective date of the termination of this Agreement. 

		
	3)
	In the event of *** in the use of *** by businesses within Insperity’s target customer base, which threatens Insperity’s ability to *** or ***, the parties agree to: 

		
	a.
	Cooperate in good faith to ease the exclusivity provisions of the Agreement to accommodate a *** competitive with the ***, however, such easing shall be to the extent *** to achieve a competitive offering;

		
	b.
	Restrict any *** to presentation at the ***;

		
	c.
	Maintain the existing Agreement for the remainder of the term of the Agreement;

		
	4)
	Renew UHC Dental coverage with *** renewal *** in 2016 and *** in 2017.

		
	5)
	Renew OptumHealth (OH) Care24 w/ Worklife Solutions at *** through 2017. 

		
	6)
	If *** exceeds *** on ***, *** previously agreed to will be *** and *** will apply to 2015.

		
	7)
	***, as measured on *** each contract year, will set the level of combined *** and the *** for the current year.  *** includes all *** for coverage in *** or *** as per current agreement.  

		
	a.
	2016 CY *** – based on *** by *** if *** exceeds ***, *** by *** if *** exceeds *** or *** by *** if *** is less than ***. 

		
	b.
	2017 CY *** – based on *** by *** if *** exceeds ***, *** by *** if *** exceeds *** or *** by *** if *** is less than ***. 

		
	8)
	*** and *** will continue to be a pass through of actual expenses.  

		
	9)
	If *** below the following thresholds, the *** by the percentage in the table.  *** includes *** for *** in *** or *** as per current agreement.  The total *** measurements process remains the same as current agreement.

		
	i.
	*** below         ***    ***      ***        ***

***                ***       ***         ***     ***
   Cumulative ***                       ***        ***      ***

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