Document:

FOURTH AMENDMENT

FOURTH AMENDMENT 

TO

LETTER OF CREDIT AGREEMENT

This Fourth Amendment to Letter of Credit Agreement (the "Amendment") is entered into as of December 15, 2006, by and between COMERICA BANK ("Bank") and INTERNET CAPITAL GROUP, INC. ("ICG"), ICG HOLDINGS, INC. ("ICG Holdings"), and INTERNET CAPITAL GROUP OPERATIONS, INC. ("ICG Operations")(ICG, ICG Holdings, and ICG Operations are sometimes referred to, individually, as a "Borrower" and collectively, as the "Borrowers").

RECITALS

Borrowers and Bank are parties to that certain Letter of Credit Agreement dated as of September 30, 2002 (as amended from time to time, including without limitation that certain First Amendment to Letter of Credit Agreement dated October 20, 2003, that certain Second Amendment to Letter of Credit Agreement dated as of December 15, 2004, and that certain Third Amendment to Letter of Credit Agreement dated as of November 30, 2005, together with any related agreements, the "Agreement").  Hereinafter, all indebtedness owing by Borrowers to Bank shall be referred to as the "Indebtedness."  The parties desire to amend the Agreement in accordance with the terms of this Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

AGREEMENT
I.Incorporation by Reference. The Recitals and the documents referred to therein are incorporated herein by this reference.  Except as otherwise noted, the terms not defined herein shall have the meaning set forth in the Agreement.

II.Amendment to the Agreement.  Subject to the satisfaction of the conditions precedent as set forth in Article IV hereof, the Agreement is hereby amended as set forth below.

A.The definition of "Revolving Maturity Date" in Section 1.1 of the Agreement is hereby amended and restated in its entirety to read as follows:

"Revolving Maturity Date" means December 15, 2007.

B.Bank's secondary address for notices set forth in Section 10 of the Agreement is hereby amended in its entirety to read as follows:

	

"With a copy to:
	

Comerica Bank

	 	

100 Federal St., 28th Floor

	 	

Boston, MA 02110

	 	

Attn:  Jonathan Gray

	 	

FAX:  (617) 757-6310"

C.Section 14 of the Agreement is hereby amended and restated in its entirety to read as follows:

 

"14.REFERENCE PROVISION.

14.1In the event the Jury Trial Waiver set forth above is not enforceable, the parties elect to proceed under this Judicial Reference Provision.

14.2With the exception of the items specified in Section 14.3, below, any controversy, dispute or claim (each, a "Claim") between the parties arising out of or relating to this Agreement or any other document, instrument or agreement between the undersigned parties (collectively in this Section, the "Loan Documents"), will be resolved by a reference proceeding in California in accordance with the provisions of Section 638 et seq. of the California Code of Civil Procedure ("CCP"), or their successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue for the reference proceeding will be in the Superior Court in the County where the real property involved in the action, if any, is located or in a County where venue is otherwise appropriate under applicable law (the "Court").

14.3The matters that shall not be subject to a reference are the following: (i) nonjudicial foreclosure of any security interests in real or personal property, (ii) exercise of selfhelp remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions). This Agreement does not limit the right of any party to exercise or oppose any of the rights and remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive the right of any party to a reference pursuant to this Agreement.

14.4The referee shall be a retired Judge or Justice selected by mutual written agreement of the parties. If the parties do not agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted.

14.5The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be requested, subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen (15) days after the date of selection of the referee, (ii) if practicable, try all issues of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter has been submitted for decision.  

14.6The referee will have power to expand or limit the amount and duration of discovery.  The referee may set or extend discovery deadlines or cutoffs for good cause, including a party's failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall be entitled to "priority" in conducting discovery, depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision shall be final and binding.

14.7Except as expressly set forth in this Agreement, the referee shall determine the manner in which the reference proceeding is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee's power to award costs to the prevailing party, the parties will equally share the cost of the referee and the court reporter at trial.

14.8The referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding. The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference.  Pursuant to CCP Section 644, such decision shall be entered by the Court as a judgment or an order in the same manner as if the action had been tried by the Court and any such decision will be final, binding and conclusive.  The parties reserve the right to appeal from the final judgment or order or from any appealable decision or order entered by the referee.  The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to be a reference proceeding under this provision.

14.9If the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration.   The arbitration will be conducted by a retired judge or Justice, in accordance with the California Arbitration Act Section 1280 through Section 1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding.

14.10THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS."

III.Legal Effect.
A.The Agreement is hereby amended wherever necessary to reflect the changes described above. Borrowers agree that each Borrower has no defenses against the obligations to pay any amounts under the Indebtedness.

B.Each Borrower understands and agrees that in modifying the existing Indebtedness, Bank is relying upon each Borrower's representations, warranties, and agreements, as set forth in the Agreement.  Except as expressly modified pursuant to this Amendment, the terms of the Agreement remain unchanged, and in full force and effect.   Bank's agreement to modifications to the existing Indebtedness pursuant to this Amendment in no way shall obligate Bank to make any future modifications to the Indebtedness.  Nothing in this Amendment shall constitute a satisfaction of the Indebtedness.  It is the intention of Bank and each Borrower to retain as liable parties, all makers and endorsers of Agreement, unless the party is expressly released by Bank in writing.  No maker, endorser, or guarantor will be released by virtue of this Amendment.  The terms of this paragraph apply not only to this Amendment, but also to all subsequent loan modification requests.

C.This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.  This is an integrated Amendment and supersedes all prior negotiations and agreements regarding the subject matter hereof.  All modifications hereto must be in writing and signed by the parties.

IV.Conditions Precedent.Except as specifically set forth in this Amendment, all of the terms and conditions of the Agreement remain in full force and effect.  The effectiveness of this Agreement is conditioned upon receipt by Bank of this Amendment, and any other documents which Bank may require to carry out the terms hereof, including but not limited to the following:

A. This Amendment, duly executed by Borrowers;

B.Corporation Resolutions and Incumbency Certification, duly executed by each Borrower;

C.A legal fee from the Borrowers in the amount of $250; and

D.Such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

	

INTERNET CAPITAL GROUP, INC. 
	 	

INTERNET CAPITAL GROUP OPERATIONS, INC. 

	 	 	 
	 	 	 
	

By: /s/ Suzanne Niemeyer___________________
	 	

By: /s/ Suzanne Niemeyer___________________

	 	 	 
	

Title: Managing Director____________________
	 	

Title: Managing Director____________________

	 	 	 
	 	 	 
	

ICG HOLDINGS, INC. 
	 	

COMERICA BANK 

	 	 	 
	 	 	 
	

By: /s/ Suzanne Niemeyer___________________
	 	

By: /s/ Jonathan Gray______________________

	 	 	 
	

Title: Vice President_______________________
	 	

Title: Senior Vice President - Technology & Life SciencesExhibit 10.1

    
      

    

    Exhibit
      10.1

    
      

      OPTION
        CERTIFICATE

      
 

      This
        Option Certificate evidences an Option ("Option") to purchase shares ("Option
        Shares") of Common Stock, par value $.0025, of PacificHealth Laboratories,
        Inc.
        (the "Company") granted to ROBERT
        PORTMAN (the
        "Optionee"). The Option and Option Shares are not part of or issued under
        any
        stock option plan of the Company, but all terms and conditions of the Company’s
        2000 Incentive Stock Option Plan (“Plan”) which are not inconsistent with the
        following terms, or the relevant provisions of the Employment Agreement,
        are
        incorporated herein by reference and shall apply to the Option. The Option
        and
        Option Shares are subject to the terms, conditions, limitations and restrictions
        set forth in the Plan and the following terms and conditions:

      

      a.    The
        effective date of the grant of the Option is December 13, 2006, and the number
        of Option Shares that may be purchased upon exercise of the Option is
TWO
        HUNDRED SEVENTY FIVE THOUSAND (275,000) shares
        (the Option Shares").

      

      b.    The
        Option Price shall be $1.13
        per
        Option Share.

      

      c.    The
        Option shall vest, subject to the provisions for early termination set forth
        herein and in the Plan, as to 91,667 shares on December 13, 2007; as to 91,667
        shares on December 13, 2008; and as to 91,666 shares on December 13,
        2009.

       

      d.    The
        Option shall be exercisable to purchase Option Shares beginning on the date
        the
        Option vests as to such Shares, and shall terminate as to vested Option Shares
        on December 13, 2011, unless sooner terminated pursuant to the
        Plan.

      

      e.    The
        Option may not be exercised as to any Option Share prior to the time that
        the
        Option becomes vested as to such Share. 

      

      f.     The
        Option Price is payable at the time of exercise and shall be paid at the
        election of the Optionee (i) in cash; or (ii) in such other manner as may
        be
        approved by the Board of Directors or Committee of the Board then administering
        the Plan. 

      

       

      IN
        WITNESS WHEREOF,
        this Option Certificate has been executed on behalf of the Company by a duly
        authorized officer effective as of the 13th day of December 2006.

      

              PACIFICHEALTH
        LABORATORIES, INC.

      

      

      

              By:      /s/
        Stephen P.
        Kuchen                              

                   Stephen
        P. Kuchen, CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]