NEWQUEST, LLC NEWQUEST MANAGEMENT OF FLORIDA, LLC 44 VANTAGE WAY SUITE 300 NASHVILLE, TENNESSEE 37228
NEWQUEST, LLC
NEWQUEST MANAGEMENT OF FLORIDA, LLC
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NEWQUEST MANAGEMENT OF FLORIDA, LLC
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November 1, 2006
America’s Health Choice Medical Plans, Inc.
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Xxxx Xxxxx, Xxxxxxx 00000
Attention: Xx. Xxxxxx Xxxxx, Chief Executive Officer
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Xxxx Xxxxx, Xxxxxxx 00000
Attention: Xx. Xxxxxx Xxxxx, Chief Executive Officer
Xx. Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxxx Xxxx X.
Xxxx Xxxxx, Xxxxxxx 00000
0000 Xxxxxxxx Xxxxx Xxxx X.
Xxxx Xxxxx, Xxxxxxx 00000
Dear Xx. Xxxxx:
Reference is made to the Stock Purchase Agreement, dated May 30, 2006 (the “Purchase
Agreement”), by and among Xx. Xxxxxx Xxxxx and Xxxxxx Xxxxx, America’s Health Choice Medical Plans,
Inc., a Florida corporation (“AHC”), and NewQuest, LLC, a Texas limited liability company
(“NewQuest”). As you are aware, the parties have been unable to reach agreement concerning
resolution of certain issues arising from NewQuest’s due diligence investigation of the operations
of AHC and its medical clinic affiliates on a timetable acceptable to all of the parties. This
letter constitutes the mutual agreement of the parties to terminate the Purchase Agreement in
accordance with its terms, effective as of today, pursuant to Section 12.1(i) thereof.
Notwithstanding Section 6.2.5 of that certain Management Agreement, dated May 30, 2006 (the
“Management Agreement”), by and between AHC and NewQuest Management of Florida, LLC, a Florida
limited liability company (“NMF”), providing that each of AHC and NMF may terminate the Management
Agreement upon 30 days prior written notice to the other party in the event the Purchase Agreement
is terminated for any reason, this letter constitutes the agreement of the parties to continue the
Management Agreement until either AHC subsequently terminates on thirty (30) days’ prior written
notice to NMF or NMF terminates on sixty (60) days’ prior written notice to AHC; provided, that the
management fee will be equal to (i) 16% of monthly HMO Revenues (as defined in the Management
Agreement) less (ii) monthly HMO Expenses (as defined in the Management Agreement) during the
period of continuation.
America’s Health Choice Medical Plans, Inc.
Xx. Xxxxxx Xxxxx
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Xx. Xxxxxx Xxxxx
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Sincerely, NEWQUEST, LLC NEWQUEST MANAGEMENT OF FLORIDA, LLC |
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By: | /s/ Xxxxxxx X. Xxxxxxxxxxxx | |||
Xxxxxxx X. Xxxxxxxxxxxx, Vice President | ||||
AGREED AND ACCEPTED; EFFECTIVE AS OF THE DATE WRITTEN ABOVE
/s/ Xx. Xxxxxx Xxxxx | ||||
Xx. Xxxxxx Xxxxx | ||||
/s/ Xxxxxx Xxxxx | ||||
Xxxxxx Xxxxx | ||||
AMERICA’S HEALTH CHOICE MEDICAL PLANS, INC.
By: | /s/ Xx. Xxxxxx Xxxxx | |||
Title: | Chief Executive Officer | |||
cc: | Xxxxxxx Xxxxx, Esq. |
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Chief Operating Officer |
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Xxxxxxxxxx Xxxxxx, P.A. |
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Xxxx
Xxxxxxxxxx, Xxxxxxx 00000 Attn.: Xxxxxxx Xxxxxx, Esq. |
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Bass, Xxxxx & Xxxx PLC |
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Xxxxxxxxx, Xxxxxxxxx 00000 |
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Attn.: J. Xxxxx Xxxxxxx, Jr., Esq. |