Document:

exv4w50

 

Exhibit 4.50

November 2, 2006

Douglas Atterbury

1629 Sundew Place

Coquitlam, BC

V3E 2Y4

Dear Douglas;

Re: Your appointment to Vice President Engineering

Congratulations to your appointment. I am very much looking forward to continue to work with you
and welcome you as member of the executive team.

In line with your appointment, your terms of employments are being adjusted:

Pay

	 	 	 	 	 
	Your pay rate will be
	 	$	150,000 p.a.	 
	The effective date will be
	 	November 2, 2006
	Your pay period will be
	 	Semi-monthly

Annual Bonus

In addition to your salary, you are eligible to earn a discretionary annual performance incentive
of up to $50,000 in cash, restricted shares or alternative instruments. The senior management
incentive plan is developed annually together with the Board’s compensation committee. The annual
performance objectives will be established between you and the President and CEO in January of each
year.

Stock Options

Spectrum offers its senior employees stock options in the form of an initial grant plus an annual
performance-based option allotment at their annual performance review date. Your initial grant in
connection with your executive appointment amounts to 30,000 options, which will be granted
effective November 2, 2006. The stock options will be for a five (5) year term. You will receive
your stock option agreement shortly after your options are granted. The Board’s compensation
committee will consider additional option awards at mid-year 2007. Future annual option grants will
be determined at the time of your annual performance evaluation and compensation review. The
exercise price of all options will be set at the closing market price the day prior to the granting
by the Board of Directors, in accordance with the regulations of the Toronto Stock Exchange. Your
stock options will be governed by the terms of Spectrum’s Stock Option Plan.

 

 

RRSP, Group Benefits and Vacation

RRSP, Group Benefits and Vacation Entitlement continue as in your previous position based on your
employment continuance with Spectrum and will not change except for being adjusted to your
increased compensation where applicable.

Other Important Information

Documentation

Changes in condition of employment, which alter the terms of this Agreement, will be documented in
writing. Unless specifically changed in writing by Spectrum, each individual term of this
Agreement is binding for the full term of your tenure at Spectrum.

Non-Solicitation of Employees

The employee agrees that while employed by Spectrum and for a period of 12 months thereafter, the
Employee shall not, without the prior written consent of Spectrum, induce or attempt to influence,
directly or indirectly, an employee of Spectrum to leave the employ of Spectrum and shall not
recruit, employ, or carry on business with, directly or indirectly, an employee of Spectrum that
has left the employ of Spectrum within the past 12 months. Any litigation relating to this clause
will be adjudicated in the province of British Columbia or the state of the home office in which
the employee in question is employed.

Non-Solicitation of Customers

The Employee agrees that while employed by Spectrum and for a period of 12 months thereafter, the
Employee shall not, without the prior written consent of Spectrum, whether individually or in
partnership or jointly or in conjunction with or for the benefit of any person, solicit, canvass or
otherwise deal with any Customer (defined below) of Spectrum for the purpose of selling or
supplying any products or services which are directly competitive with the products or services
sold or supplied by Spectrum or with those products or services which, during the Employee’s
employment with Spectrum, the Company contemplated producing, marketing, licensing, selling or
otherwise dealing in. For the purposes of this paragraph, Customer shall mean any person that has
done business with Spectrum within the 12 months preceding the last day of the Employee’s
employment with Spectrum and any person whose business Spectrum has actively solicited in the 12
months preceding the Employee’s last day of employment. Any litigation relating to this clause will
be adjudicated in the province of British Columbia or in the state of the home office in which the
employee in question is employed.

Non-Competition

The Employee agrees that while employed by Spectrum and for a period of 12 months hereafter, the
Employee shall not, without the prior written consent of Spectrum, either individually or in
partnership or jointly or in conjunction with any person as principal, agent, consultant, employee,
shareholder or in any other manner whatsoever carry on or be engaged in or be concerned with or
interested in or advise or provide any consulting services for any person or entity that produces,
markets, sells or otherwise deals in products or services directly competitive with the products or
services produced, marketed, sold, licensed or otherwise dealt in by Spectrum, or with those
products or

2

 

services Spectrum contemplated producing, marketing, licensing or selling while the Employee was in
its employ. Any litigation relating to this clause will be adjudicated in the province of British
Columbia or in the state of the home office in which the employee in question is employed.

Termination

By signing this Agreement, you agree that any one of the following actions on your part constitute
just cause for dismissal, enabling Spectrum to terminate your employment immediately without
further notice to you:

	 	•	 	Repeated failure to show up for work without informing your direct supervisor or
without justification;
	 
	 	•	 	Theft from Spectrum or any of its employees;
	 
	 	•	 	Breach of the Assignment of Rights & Non-Disclosure Agreement;
	 
	 	•	 	Breach of the Code of Business Conduct and Ethics;
	 
	 	•	 	Breach of Spectrum’s security regulations;
	 
	 	•	 	Misrepresentation of your credentials in any manner; or
	 
	 	•	 	Breach of Spectrum’s Insider Trading Policy

It is acknowledged that this term of the Agreement is not intended to limit Spectrum with regard to
any other reasons, which may be available to it for just cause dismissal, including any action that
would be considered cause under the common law of British Columbia. Any dismissal for cause will be
without notice or any payment in lieu of notice.

Notice-Spectrum

Spectrum may terminate your employment without cause upon 6 months notice. With every completed
year of employment as an executive, the notice period will be increased by an additional month up
to a total of 9 months notice.

Notwithstanding existing stock option agreements, all of your stock options, which have vested at
the date of termination will expire on the earlier of their expiry date and 90 days after the date
that notice is given to you. Where Spectrum chooses payment in lieu of working notice, your salary
plus your average annual non-discretionary bonus in the previous three years of Spectrum employment
will be paid on a month-to-month basis. This salary continuance is subject to the following
mitigation clause: Should you earn Cdn$ 2,000 or more in any given month (including equity
compensation, bonuses, and options) in connection with an employment or self employment activity
then you must advise Spectrum’s Manager, Human Resources of the total alternate income amount
earned. In such case your Spectrum salary continuance payments will be reduced by the total amount
of alternate income earned for the following salary continuance pay period. At the end of the
salary continuance period, Spectrum will pay you a lump sum amount equal to 50% of the total
alternate income amount you earned.

3

 

Notice-Employee

Should you choose to leave Spectrum, you will provide a minimum of three months notice.

I hope that you will find the terms acceptable to you. Once you have read through the documentation
and if you are in agreement, please sign and date below and initial each page of the attachment
returning it to me at your earliest convenience.

Congratulations and all the best for your new position.

Yours sincerely

SPECTRUM SIGNAL PROCESSING INC.

	 	 	 	 	 
	/s/ Brent Flichel
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Brent A. Flichel
	 	 	 	 
	President & CEO
	 	 	 	 
	 
	 	 	 	 
	I acknowledge and accept the Offer and Terms of Employment.	 	 
	 
	 	 	 	 
	/s/ Douglas Atterbury

	 	November 2, 2006	 	 
	 
	 	 	 	 
	 

Douglas Atterbury

	 	 

Date
	 	 

4

 

THIS AGREEMENT made the 2nd day of November 2006.

BETWEEN:

SPECTRUM SIGNAL PROCESSING INC., a corporation incorporated pursuant
to the laws of the Province of British Columbia and having an
address at #300 – 2700 Production Way, Burnaby, British Columbia

(herein
called the “Company”)

OF THE FIRST PART

AND:

DOUGLAS GEORGE ATTERBURY

(herein
called the “Employee”)

OF THE SECOND PART

WHEREAS:

A. The Employee is employed by the Company under a letter of employment (hereafter the “Employment
Contract”);

B. The Company and the Employee are desirous of having certain rights and benefits in the event
that the Employee’s employment with the Company is terminated in a manner set forth hereinafter;

C. The Company wishes to retain the benefit of the Employee’s services and to ensure that the
Employee is able to carry out his responsibilities with the Company free from any distractions
associated with any potential change in the ownership or control of the Company or its assets;

D. In consideration of the rights and benefits conferred on the Employee by this Agreement, the
Employee has agreed to provide certain restrictive covenants in favour of the Company;

 

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NOW THEREFORE in consideration of the premises and the mutual covenants and agreements hereinafter
contained, and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by each of the Employee and the Company, it is agreed by and between the
Employee and the Company as follows:

1. DEFINITIONS AND INTERPRETATION

1.1 Definitions

          In this Agreement, the following words and terms with the initial letter or letters thereof
capitalized shall have the meanings set forth below:

	 	(a)	 	“Accrued Compensation” means an amount equal to amounts earned or accrued up to
and including the date on which the Employee’s employment is terminated but not paid as
of that date, including (i) base salary, (ii) vacation pay, and (iii) non-discretionary
bonuses and incentive compensation;
	 
	 	(b)	 	“Agreement” means this agreement as amended from time to time;
	 
	 	(c)	 	“Average Bonus” means the average of the annual non-discretionary bonuses paid
to the Employee during the three full fiscal years ended prior to the termination of
the employment of the Employee as provided hereunder;
	 
	 	(d)	 	“Change in Control” means a transaction or series of transactions whereby
directly or indirectly:

	 	(i)	 	any person or combination of persons acting in concert acquires
a sufficient number of securities of the Company to affect the control of the
Company, whether by way of acquisition of previously issued securities or as a
result of issuances from treasury, or a combination thereof, and for the
purposes of this Agreement, a person or combination of persons acting in
concert holding shares or other securities in excess of the number which,

 

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	 	 	 	directly or following the conversion or exercise thereof, would entitle the
holders thereof to cast more than 40% of the votes attached to all shares of
the Company which may be cast to elect directors of the Company, shall be
deemed to be in a position to affect the control of the Company;
	 
	 	(ii)	 	the Company shall consolidate or merge with or into, amalgamate
with, or enter into a statutory arrangement with any other person, or any other
person shall consolidate or merge with or into, or amalgamate with or enter
into a statutory arrangement with the Company, and, in connection therewith,
all or part of the outstanding shares of the Company which have voting rights
attached thereto shall be changed in any way, reclassified or converted into,
exchanged or otherwise acquired for shares or other securities of the Company
or any other person or for cash or any other property (other than a transaction
which has been approved by the directors of the Company, a majority of whom are
directors of the Company holding office at the date of this Agreement); or
	 
	 	(iii)	 	the Company shall sell or otherwise transfer, including by way
of the grant of a leasehold interest (or one or more subsidiaries of the
Company shall sell or otherwise transfer, including by way of the grant of a
leasehold interest) property or assets (A) aggregating more than 50% of the
consolidated assets (measured by either book value or fair market value) of the
Company and its subsidiaries as at the end of the most recently completed
financial year of the Company or (B) which during the most recently completed
financial year of the Company generated, or during the then current financial
year of the Company are expected to generate, more than 50% of the consolidated
revenue or cash flow of the Company and its subsidiaries, to any other person
or persons (other than the Company or one or more subsidiaries of the Company);
other than a transaction or series of transactions which
involves a sale of securities or assets of the Company with which the Employee
is involved as a purchaser in any

 

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	 	 	 	manner, whether directly or indirectly, and
whether by way of participation in a corporation or partnership that is a
purchaser or by provision of debt, equity or purchase-leaseback financing;

	 	(e)	 	“Company’s Business” means the development and commercialization of signal
processing boards, sub-systems, systems and related products and services;
	 
	 	(f)	 	“Expiry Date” means the date which is 12 months after a Change in Control
occurs;
	 
	 	(g)	 	“Restricted Period” means the period of 18 months commencing upon the date of
termination of the Employee’s employment pursuant to Section 2.1 or Section 2.2;
	 
	 	(h)	 	“Triggering Event” means any one of the following events which occurs following
a Change of Control without the express agreement in writing of the Employee:

	 	(i)	 	an adverse change in any of the duties, powers, rights,
discretion, working conditions or compensation of the Employee as they exist
immediately prior to the Change of Control which would constitute constructive
dismissal at law; or
	 
	 	(ii)	 	a change in the location of the Employee’s place of employment
by more than 80 kilometres.

 

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1.2 Plural and Gender

          Whenever used in this Agreement, words importing the singular number only shall include the
plural and vice versa and words importing the masculine gender shall include the feminine gender.

1.3 Binding Effect

          This Agreement shall be binding on the successors and assigns of the Company and shall enure
to the benefit of the heirs, executors, personal representatives and permitted assigns of the
Employee.

2. RIGHTS OF EMPLOYEE

2.1 Right Upon Occurrence of Triggering Event

	 	(a)	 	Right: If a Change in Control occurs and if, in respect of the
Employee, a Triggering Event occurs on or before the Expiry Date, the Employee shall be
entitled, on at least 30 days written notice to the Company given within six months
after the Triggering Event, to elect to terminate his employment with the Company and
to receive from the Company in lieu of any amount he would have been entitled to
receive on the termination of his employment pursuant to the provisions of the
Employment Contract:

	 	(i)	 	all Accrued Compensation;
	 
	 	(ii)	 	a sum equivalent to one and one-half (1.5) times the base
salary of the Employee for the period specified in the Employment Contract upon
Spectrum terminating the Employees employment without cause;
	 
	 	(iii)	 	a sum equivalent to the Average Bonus multiplied by one and
one-half (1.5); and

 

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	 	(iv)	 	all stock options provided for in the Employment Contract or
otherwise allotted to the Employee, save and except that such options, if not
already vested, shall vest forthwith, and all options shall expire upon the
earlier of their expiry date and 120 days after the election to terminate by
the Employee.

	 	(b)	 	Assistance: Should the Employee elect to terminate his employment with
the Company as provided in Section 2.1(a), the Employee shall, at the request of the
Company, provide the Company with all information and assistance relating to his or her
employment with the Company as may be reasonably requested by the Company in order to
transfer the Employee’s duties and responsibilities to another employee.

2.2 Right Upon Termination

          The Employee shall be entitled to a payment from the Company in the amount calculated in
accordance with Section 2.1(a) hereof if the Company terminates his employment with the Company
within 12 months after a Change of Control other than for cause.

2.3 Benefits

          If the Employee is entitled to a payment pursuant to Section 2.1 or 2.2 hereof, then
regardless of the Employee’s country of residence, the Company shall also continue to pay the
Employee’s health insurance premiums and other benefits as outlined in the Employment Contract and
as permitted by the relevant insurers for a period which is the lesser of eighteen months from
termination or until the Employee has otherwise secured comparable benefits.

 

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3. PAYMENTS AND REVIEW

3.1 Payments under this Agreement

          Subject to any arrangements made pursuant to Section 5.3 hereof, any payment to be made by the
Company pursuant to the terms of this Agreement shall be paid by the Company, less all statutory
deductions, as follows:

	 	(a)	 	the amounts payable under Sections 2.1(a)(i) (excluding bonuses), 2.1(a)(ii)
and 2.1(a)(iii) within five business days of the last day of the Employee’s employment
by the Company;
	 
	 	(b)	 	the bonus component of the Accrued Compensation payable under Section 2.1(a)(i)
within sixty business days of the end of the current fiscal year of the Company.

Any such payment shall be calculated, in the case of Section 2.1, at the date of giving notice
pursuant to Section 2.1, and in the case of Section 2.2 hereof, at the date of termination of the
Employee’s employment.

The Company covenants and agrees to assist the Employee to receive all payments made under this
Agreement in a tax effective manner so long as such assistance is not adverse to the interests of
the Company.

4. RESTRICTIVE COVENANTS

4.1 Non-Competition

          During the term of employment, the Employee shall not directly or indirectly carry on or be
engaged in or be concerned with or interested in or advise, lend money to, guarantee the debts or
obligations of or permit his name to be used by any person engaged in or
concerned with or interested in any business similar to or competitive with the Company’s Business.

 

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4.2 Post-employment Non-Competition

          During the period of 12 months commencing upon the date of termination of the Employee’s
employment, whether the termination is pursuant to Section 2.1 or Section 2.2 of this Agreement or
termination is voluntary by Employee of for cause by the Company, the Employee shall not directly
or indirectly carry on or be engaged in or be concerned with or interested in or advise, lend money
to, guarantee the debts or obligations of or permit his name to be used by any person engaged in or
concerned with or interested in any business similar to and competitive with the Company’s
Business.

4.3 Non-Solicitation of Customers

          During the Restricted Period, the Employee shall not directly or indirectly solicit or aid in
the solicitation of any customers of the Company or any prospective customers of the Company with
whom the Employee had contact during his employment.

4.4 Non-Solicitation of Employees

          During the Restricted Period, the Employee shall not directly or indirectly solicit or aid in
the solicitation for employment any person who is, at the time of such solicitation, employed by
the Company and the Employee shall not directly or indirectly induce any person to leave his or her
employment with the Company.

4.5 Remedies

          The Employee acknowledges and agrees that any breach of this Agreement could cause irreparable
damage to the Company and that in the event of a breach by the Employee, the Company shall have in
addition to any and all other remedies at law or in equity, the right to an injunction, specific
performance or other equitable relief to prevent any violation by the
Employee of any of the provisions of this Agreement including without limitation, the provisions of
Sections 4.1, 4.2, 4.3 and 4.4. In the event of any dispute under any of Sections 4.1 to 4.4, the
Employee agrees that the Company shall be entitled, without showing actual damages, to a

 

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temporary
or permanent injunction restraining the conduct of the Employee pending a determination of such
dispute and that no bond or other security shall be required from the Company in connection
therewith.

5. MISCELLANEOUS

5.1 Agreement Supplemental

          This Agreement shall be supplemental to the Employment Contract except insofar as the
Employment Contract relates to the termination of the Employee’s employment after a Change in
Control, in which case this Agreement shall supersede the termination provisions of the Employee
Contract. To the extent that the terms of the Employment Contract are not inconsistent with this
Agreement, such terms shall continue to apply, and the Employment Agreement is hereby ratified and
confirmed.

5.2 Assignment and Assumption

          This Agreement shall be assigned by the Company to any successor corporation of the Company
and shall be binding upon such successor corporation. For the purposes of this Section 5.2,
“successor corporation” shall include any person referred to in paragraphs 1.1(d)(ii) or (iii)
hereof. The Company shall use its best efforts to ensure that the successor corporation shall
continue the provisions of this Agreement as if it were the original party in place of the Company;
provided however that the Company shall not thereby be relieved of any obligation to the Employee
pursuant to this Agreement.

5.3 Further Assurances

          Each of the Company and the Employee agrees to make, do and execute or cause to be made, done
and executed, all such further and other things, acts, deeds, documents,
assignments and assurances as may be necessary or reasonably required to carry out the intent and
purpose of this Agreement fully and effectually. Without limiting the generality of the foregoing,
the Company shall take all reasonable steps in order to structure the payment or

 

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payments provided
for in this Agreement in the manner most advantageous to the Employee with respect to the
provisions of the Income Tax Act (Canada).

5.4 Notice

	 	(a)	 	Any notice required or permitted to be given under this Agreement will be in
writing and may be given by delivering, sending by telecopier, or sending by prepaid
registered mail the notice to the following address or telecopier number:

If to the Company:

Spectrum Signal Processing Inc.

#300 – 2700 Production Way

Burnaby, British Columbia V5A 4X1

Attention: Chief Executive Officer and Chair of the Board of Directors

Telecopier No.: (604) 421-1764

If to the Employee:

as set out in the Employment Contract.

(or to such other address or telecopier number as any party may specify by notice in writing to another party).

	 	(b)	 	Any notice delivered or sent by telecopier on a business day will be deemed
conclusively to have been effectively given on the day the notice was delivered, or the
telecopy transmission was sent successfully to the telecopier number set out above, as
the case may be.
	 
	 	(c)	 	Any notice sent by prepaid registered mail will be deemed conclusively to have
been effectively given on the third business day after posting; but if at the time of
posting or between the time of posting and the third business day thereafter there

 

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	 	 	 	is a
strike, lockout, or other labour disturbance affecting postal service, then the notice
will not be effectively given until actually delivered.

5.5 Independent Legal Advice

          The Employee acknowledges having been advised to obtain independent legal advice with respect
to this Agreement.

5.6 Governing Law

          This Agreement shall be governed by and be construed in accordance with the laws of British
Columbia.

5.7 Severability

          Any provision of this Agreement which contravenes any applicable law or which is found to be
unenforceable shall, to the extent of such contravention or unenforceability, be deemed severable
and shall not cause this Agreement to be held invalid or unenforceable or affect any other
provision or provisions of this Agreement.

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the date
first above written.

	 	 	 
	SPECTRUM SIGNAL PROCESSING INC.
	 	 
	 
	 	 
	By: /s/ Brent A. Flichel
	 	 
	 
	 	 
	 

BRENT ALLAN FLICHEL

	 	 
	 
	 	 
	By: /s/ Douglas G. Atterbury
	 	 
	 
	 	 
	 

DOUGLAS GEORGE ATTERBURYOmnibus Amendment

    Exhibit
      10.1

    
 

    OMNIBUS
      AMENDMENT

    AMENDMENT
      NO. 7 TO RECEIVABLES PURCHASE AGREEMENT AND AMENDMENT NO. 2 TO RECEIVABLES
      SALE
      AGREEMENT

    

    THIS
      OMNIBUS AMENDMENT (this
      “Amendment”), dated
      as
      of March 22, 2007, is entered into by and among  SCP
      Distributors LLC (“Distributors”),
      Superior Pool Products LLC, Horizon Distributors, Inc., a Delaware corporation
      (each of the foregoing, an “Originator”
      and
      collectively, the “Originators”),
      Superior Commerce LLC (“SPE”),
      JPMorgan Chase Bank, N.A. f/k/a Bank One, NA (Main Office Chicago), individually
      (“JPMorgan
      Chase”),
      Jupiter Securitization Company LLC f/k/a Jupiter Securitization Corporation
      (“Conduit”
      and,
      together with JPMorgan Chase, the “Purchasers”)
      and
      JPMorgan Chase Bank, N.A. f/k/a Bank One, NA (Main Office Chicago), as agent
      for
      the Purchasers (the“Agent”),
      and
      pertains to (a) that certain RECEIVABLES SALE AGREEMENT dated as of March 27,
      2003 by and among the
      Existing Originators and the SPE (as has been amended prior to the date hereof,
      the“RSA”),
      and
      (b)
      that certain RECEIVABLES
      PURCHASE AGREEMENT
      dated as
      of March 27, 2003 by and among the SPE, Distributors, the Purchasers and the
      Agent (as has been amended prior to the date hereof, the“RPA”
      and,
      together with the RSA, the “Agreements”).
      Unless
      defined elsewhere herein, capitalized terms used in this Amendment shall have
      the meanings assigned to such terms in the Agreements.

     

    PRELIMINARY
      STATEMENTS

     

    Seller
      has requested that the Agent and the Purchasers amend certain provisions of
      the
      Agreements; and

     

    The
      Agent
      and the Purchasers are willing to amend the requested provisions on the terms
      hereinafter set forth.

     

    NOW,
      THEREFORE, in
      consideration of the premises and the mutual covenants herein contained, and
      for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties hereto agree as follows:

     

    Section
      1. Amendments.
      

     

    (a)  The
      definition of “Facility
      Termination Date”
set
      forth in Exhibit I to the RPA is hereby amended and restated in its entirety
      to
      read as follows:

     

    “Facility
      Termination Date”
means
      the earliest of (i) March 21, 2008, (ii) the Liquidity Termination Date and
      (iii) the Amortization Date.”

    

    (b)  All
      references in the Agreements to “Jupiter Securitization Corporation” are hereby
      replaced with “Jupiter Securitization Company LLC.”

     

    (c)  The
      text
      of Exhibit III to the RSA and of Exhibit IV to the RPA is hereby amended and
      restated in its entirety to read as set forth in Annex A hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        
              
        Section 2. Representations
        and Warranties.
        In
        order to induce the Agent and the Purchasers to enter into this Amendment,
        each
        of the Originators and the SPE hereby represents and warrants to the Agent
        and
        the Purchasers that (a) after giving affect to this Amendment each of such
        Person’s representations and warranties contained in Article II of the RSA or
        Article V of the RPA, as applicable, is true and correct as of the date hereof,
        (b) the execution and delivery by such Person of this Amendment, and the
        performance of its obligations hereunder, are within its corporate or limited
        partnership, as applicable, powers and authority and have been duly authorized
        by all necessary corporate or limited partnership, as applicable, action
        on its
        part, and (c) this Amendment has been duly executed and delivered by such
        Person
        and constitutes the legal, valid and binding obligation of such Person
        enforceable against such Person in accordance with its terms, except as such
        enforcement may be limited by applicable bankruptcy, insolvency, reorganization
        or other similar laws relating to or limiting creditors’ rights generally and by
        general principles of equity (regardless of whether enforcement is sought
        in a
        proceeding in equity or at law).

    

     

    Section
      3. Conditions
      Precedent.
      This
      Amendment shall become effective as of the date first above written
      upon:

     

    (a)  Receipt
      by the Agent of this Amendment duly executed by each of the parties
      thereto.

     

    (b)  Payment
      by the Seller to the Agent of a fully-earned and non-refundable renewal fee
      of
      $25,000 in immediately available funds.

     

    Section
      4. Miscellaneous.

     

    (a)     
       Except
      as
      expressly modified hereby, each of the Agreements remains unaltered and in
      full
      force and effect. This Amendment shall be binding upon and inure to the benefit
      of the parties hereto and their respective successors and permitted assigns
      (including any trustee in bankruptcy). 

     

    (b)     
       This
      Amendment may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which when taken together shall constitute one
      and
      the same agreement. 

     

    <signature
      pages follow>

     

    
      
        
          

           

        

        
        

      

      
        2

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Amendment to be executed and delivered by their
      duly authorized officers as of the date hereof.

     

    SUPERIOR
      COMMERCE LLC

     

    By:    
      /s/
      Shaleen Lee   

    Name:     
      Shaleen Lee

    Title:      
       President 

    

    

    SUPERIOR
      POOL PRODUCTS LLC, 

    SCP
      DISTRIBUTORS LLC and

    HORIZON
      DISTRIBUTORS, INC.

     

    By:    
      /s/
      Jennifer Neil     

    Name:     
      Jennifer Neil

    Title:      
       Secretary

    

    

    

    

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    JUPITER
      SECURITIZATION COMPANY LLC

    

    BY:
      JPMORGAN CHASE BANK, N.A., ITS ATTORNEY-IN-FACT

     

    By:    
      /s/Maureen
      E. Marcon   

    Its:        
       Vice
      President    

    

    

    JPMORGAN
      CHASE BANK, N.A.,

    AS
      A
      FINANCIAL INSTITUTION AND AS AGENT

     

    By:   
       /s/Maureen
      E. Marcon   

    Its:       
        Vice
      President    

    

    

    

    
      
        
        

      

      
        4

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