AGREEMENT BETWEEN U.S. ONCURE TECHNOLOGIES CORP.
AND CRC PARTNERS LTD.
THIS AGREEMENT made this 28th day of June, 2001 by and between CRC
Partners Ltd., a Florida Limited Partnership (hereinafter referred to as CRC)
and OnCure Technologies Corp., formerly U.S. CancerCare, Inc., a Florida
corporation with its principal place of business at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇,
▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (hereinafter OnCure) (both hereinafter
collectively referred to as the Parties).
WHEREAS, CRC previously was the holder of a Promissory Note in the
original principal amount of $300,000.00, the Maker of which was OnCure (the
Note), and the holder of 60,000 warrants to buy common stock at 2.00 per share.
WHEREAS, OnCure and CRC entered into an Agreement dated August 9, 2000,
which in part granted to CRC the irrevocable right to convert the Note to
150,000 shares of Common Stock ($.01 par value) of OnCure (Common Stock) at any
time prior to May 1, 2001 upon delivery to OnCure of the Note, and
WHEREAS, the Agreement further provided that in the event the 150,000
shares of Common Stock of OnCure were not registered with the Securities
Exchange Commission (Commission) and freely tradable without restriction on or
before May 1, 2001, OnCure (or its Successors and/or Assigns) would purchase the
Common Stock from CRC at a purchase price of $2.00 per share plus Ten (10%)
percent interest on the initial principal amount of the Note of $3,000,000.00
from date of conversion, and
WHEREAS, CRC has delivered the Note to OnCure and has converted the
Note to Common Stock effective December 30, 2000 (Conversion Date), and
WHEREAS, As part of the original promissory note agreement, OnCure
granted to CRC a warrant to acquire 60,000.00 shares of Common Stock at $2.00
per share, and
WHEREAS, OnCure is agreeable to reducing the warrant exercise price to
$.01 per share for extension of the Put Right as more specifically set forth
herein; and
WHEREAS, CRC is agreeable to exercising its warrant to acquire 60,000
shares at $.01 per share using accrued interest owed on the Note as
consideration for this exercise.
NOW, THEREFORE, in consideration of the mutual promises contained
herein as well as other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the Parties, intending to be legally
bound, hereby agree as follows:
1. RECITALS. The Parties hereby agree the above referenced recitals are
true and correct and are incorporated herein.
2. RIGHT TO PUT. Commencing December 1, 2001 and continuing to June 1
2002, CRC shall have the right to demand OnCure (or its Successors and/or
Assigns) to purchase 150,000 shares of Common Stock (which such shares were
converted into Common Stock when
CRC converted its Note) from it at a purchase price equal to $2.00 per share
plus interest at 10% percent per annum as set forth herein. The interest shall
accrue from December 30, 2000.
2.1 CRC shall retain the right for a period of six (6) months from
December 1, 2001 through and including June 1, 2002 to sell the Common Stock to
OnCure (its Successors, representatives and/or Assigns) for a purchase price of
$2.00 per share plus 10% percent, interest on the sum of $300,000.00 from
December 30, 2000 (the "Put Right"). The Put Right shall expire on mid-night of
June 1, 2002.
2.2 OnCure agrees that the Put Right of CRC is absolute and that OnCure
has no claim, defense, or off-set that or will in any way impede, restrict, or
prohibit CRC from exercising the Put Right in accordance with this Agreement.
2.3 In the event that CRC desires to exercise its Put Right as set
forth in Section 2, it shall provide OnCure with written notice of its intent.
2.4 OnCure shall remit payment by certified funds, bank check or wire
transfer and payment shall be received by CRC no later than five (5) days from
CRC's written notice to exercise its Put Right.
2.5 In the event that CRC transfers, sells, assigns, hypothecates,
pledges or otherwise disposes the aforesaid Common Stock, the Put right shall
terminate. Notwithstanding this provision, in the event said stock is, however,
transferred, conveyed, sold, or distributed to any partner, whether general or
limited of CRC, then said Put Right shall inure to said transferred partner, who
shall have the same Put Right as CRC.
2.6 CRC agrees that in the event it exercises its right to put the
Common Stock to OnCure all certificate(s) surrendered herein will be properly
endorsed and otherwise in proper form for transfer.
2.7 In the event that any of the Common Stock Certificates are lost,
stolen or destroyed, OnCure's transfer agent or share registrar will, issue in
exchange for such loss, stolen or destroyed certificates, upon the making of an
Affidavit of that fact by CRC replacement certificate(s).
2.8 The Parties hereto agree that the exercise price of the warrant to
acquire 60,000 shares that is the subject of this Agreement and which is being
exercised pursuant to this Agreement shall be reduced from $2.00 per share to
$.01 per share.
2.9 OnCure agrees that the 150,000 shares of Common Stock have been
included in SB-2 Registration Statement that has been filed, but not declared
effective by the Commission. OnCure agrees that it will not take any action or
omit to act when required to do so that would cause these shares to be removed
from the registration statement.
3. EXERCISE OF WARRANT. CRC hereby exercises its warrant to acquire
60,000 shares of Common Stock of OnCure at $.01 per share and hereby pays to
OnCure the sum of $600.00 as and in for consideration for the exercise of said
warrant, said sums to be deducted
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from the interest accrued and owing to CRC in the amount of $14,301.36 through
June 22, 2001. CRC acknowledges that it will be receiving "restricted
securities" as defined by Rule 144 of the Securities Act of 1933, as amended.
3.1 The Parties hereby stipulate and agree that the interest owed to
CRC at the rate of 10% percent per annum through June 22, 2001 is $13,701.30,
after deduction for payment of the consideration for the exercise of 60,000
warrants, which consideration is accepted by OnCure.
3.2 The Parties further recognize and agree that interest will continue
to accrue from June 22, 2001 pursuant to this Agreement on the principal balance
of $300,000.00 at 10% percent per annum.
3.3 OnCure agrees that the 60,000 shares of Common Stock have been
included in an SB-2 Registration Statement that has been field, but not declared
effective by the Commission. OnCure agrees that it will not take any action or
omit to act when required to do so that would cause these shares to be removed
from the registration statement.
4. DEFAULT. In the event that OnCure fails to pay to CRC upon proper
exercise by CRC its right to Put the Common Stock, it shall pay interest at the
highest legal rate permitted by law, said interest to be in addition to any
other sums due and owing to CRC herein.
5. COUNTERPARTS AND FACSIMILE EXECUTION. This Agreement may be executed
in any number of counterparts. All executed counterparts will constitute one
Agreement notwithstanding that all signators are not signatories to the original
or the same counterpart. Execution by exchange of facsimile transmissions will
be deemed legally sufficient and bind the signatory; however, the Parties will,
for aesthetic purposes prepare a fully executed original version of this
Agreement.
6. REMEDIES. No delay or omission on the part of any Party in
exercising any right or remedy, will operate as a waiver of said right or
remedy.
7. SURVIVAL OF CONDITIONS. Representations and Warranties. The several
representations, warranties and covenants of the Parties contained herein will
survive execution hereof.
8. SEVERABILITY. Whenever legally possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision, but this Agreement will be interpreted, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein.
9. ENTIRE AGREEMENT. This Agreement contains the entire understanding
of the Parties with respect to the subject matter of this Agreement. There are
no restrictions, agreements, promises, warranties, covenants or undertakings
other than those expressly set forth
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herein. This Agreement supercedes all prior agreements and understandings
between the Parties with respect to the subject matter.
10. AMENDMENTS AND EXTENSIONS. This Agreement may not be amended,
extended or terminated orally, and no attempt to change, terminate or waive any
of the provisions hereof will be binding unless in writing and signed by the
Party against whom the amendment, change, termination or waiver is sought to be
enforced.
11. NEGOTIATED TRANSACTION. The provisions of this Agreement were
negotiated by the Parties hereto and this Agreement will be deemed to have been
drafted by all of the Parties, and this Agreement will not be interpreted more
or less favorably in favor of or against a Party based on its authorship.
12. GOVERNING LAWS AND VENUE. The Parties hereby submit that in the
event that it is necessary to enforce, construe or interpret this Agreement or
any provision contained in this Agreement, that said action shall be brought by
either Party in the appropriate court having jurisdiction in Palm Beach County,
Florida. Each party hereby waives any claim that venue is inconvenient and,
specifically stipulates that the appropriate court in Palm Beach County having
jurisdiction over the enforcement, construction or interpretation of this
Agreement, shall be in the appropriate court and appropriate venue for such
purpose.
The Parties hereby agree not to institute any action or legal
proceeding arising out or relating to this Agreement in any other court or
tribunal except the appropriate court having jurisdiction in Palm Beach County,
Florida.
13. CONSTRUCTION OF AGREEMENT. The Parties hereby agree with this
Agreement, however, will be construed, interpreted and enforced in accordance
with, and governed by the laws of the State of Florida.
14. ATTORNEYS FEES AND COSTS. In the event that it is necessary for
either Party to enforce this Agreement, said Party, in the event that it
prevails, shall be entitled to receive from the non-prevailing party, all fees
and costs incurred, which shall be deemed to include but not limited to, filing
fees, service of process, mediator fees, attorney's fees, expert fees, court
expenses or any other necessary and/or reasonable costs incurred in pursuing
enforcement of this Agreement.
15. NOTICES. Any notice to be given under this Agreement may be given
either personally or by mail, facsimile or overnight courier. If mailed, notice
shall be deemed to be effective three (3) days after deposited in registered or
certified mail with postage thereon prepaid addressed when mailed to:
As to OnCure: Attention: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
OnCure Technologies Corp.
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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As to CRC: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇ ▇.▇. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇ (fax)
▇▇▇▇▇▇▇@▇▇▇.▇▇▇ (email)
If given in any other manner, such notice shall be deemed to be
effective (i) when given personally, (ii) when given by facsimile (if followed
by a copy delivered by registered or certified mail or (iii) one (1) day after
given to a recognized national overnight courier to be delivered.
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be
executed effective as of the last date set forth below.
CRC Partners Ltd.,
A Florida Limited Partnership
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
---------------------
▇▇▇▇▇ HOLDING, INC.
a Delaware corporation
and general partner through
its President ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
Title: President
Date: June 28, 2001
OnCure Technologies Corp.
a Florida corporation, formerly
U.S. CancerCare, Inc.
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
-------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: CEO
Date: 6/28/01
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