Document:

Exhibit 10.60

 

September 28,
2005

 

 

Thomas
Gillespie

Lockhart
Chemical

 

Dear
Tom,

 

The
Board approved the settlement we discussed on Monday for the $68,380.11 for
manufacturing invoices owed to Lockhart by Polar.

 

1.
The $68,380.11 is to be reduced by $5,000, Poles approximate cost for the
PowerRight shipment to China. (The shipment was ultimately rejected by
PowerRight.)

 

2.
The balance of $63,380.11 is to be paid in full with Polar 144 common stock at
$.05 per share, for a total of 1,307,603 shares.

 

3.
Lockhart agrees that the shares will be voted by Mark Nelson pursuant to the
Voting Agreement that Lockhart previously entered into.

 

4.
Lockhart will return the check it is holding for $20,384.10 and will process
the Harley Davidson order.

 

Polar’s
account with Lockhart is fully paid as of this date.

 

Tom,
if you agree with this understanding, please sign the acknowledgement below,
and we will forward the Polar shares to you immediately.

 

	
  Sincerely,

  
	
   

  
	
  /s/
  Mark L. Nelson

  	
   

  
	
  Mark
  L. Nelson

  
	
   

  
	
  AGREED &
  ACCEPTED:

  
	
   

  
	
  /s/
  Thomas Gillespie

  	
   

  
	
  Thomas
  Gillespie

  
	
  Lockhart
  ChemicalEXHIBIT 10.61

 

SETTLEMENT AGREEMENT AND RELEASE

 

THIS
SETTLEMENT AGREEMENT AND RELEASE (this “Agreement”) is dated as of November 30,
2005, between Polar Molecular Holding Corporation, a Delaware corporation (“Polar”),
and Holme Roberts & Owen LLP, a Colorado limited liability partnership.
Holme Roberts & Owen LLP, its predecessors, current and former
partners, members, and employees shall be referred to herein as “HRO.”  Polar and HRO shall be collectively referred
to herein as the “parties” and individually as a “party.”

 

Recitals

 

A.                                   HRO represented Polar in various matters,
including, but not limited to, general corporate, securities and business
matters and its merger with Murdock Communications Corp. (collectively, the “Matters”).  Polar engaged new legal counsel and HRO
ceased representing Polar in March 2004.

 

B.                                     Polar owes HRO with respect to services
previously performed by HRO.

 

C.                                     To settle the amount owed to HRO, Polar executed
with HRO a Settlement Agreement dated as of May 7, 2004 (the “Initial
Settlement Agreement”), pursuant to which Polar agreed to pay amounts owed to
HRO on an agreed schedule.  No payments
have been made under the Initial Settlement Agreement, and pursuant to the
Initial Settlement Agreement Polar is indebted to HRO in the amount of
$543,000, which amount is currently due and payable.

 

D.                                    Polar’s obligations to HRO are secured by a
second priority security interest over all of Polar’s assets (the “Lien”),
pursuant to the Security Agreement dated as of January 30, 2002, as amended.

 

E.                                      The parties have now agreed that Polar will
pay to HRO the sum of $108,600 in one lump sum and issue a warrant to purchase
common stock of Polar to resolve this outstanding indebtedness and in full
settlement of any and all claims they may have against the other, and the
parties will provide mutual releases on the terms specified below.

 

Agreement

 

1.                                       Payment to HRO.  No
later than the Payment Date (as defined below), Polar will (a) pay to HRO
$108,600 in cash, and (b) issue to HRO a warrant (the “Warrant”) to
purchase at the price of $0.10 per share (the “Warrant Price”) a total of 2,710,000
shares of Polar common stock (which is $271,000 divided by the Warrant Price).  The Warrant shall be exerciseable at any time
from the date of its issuance through the five year anniversary of such issuance
date, shall provide that the exercise price may be payable in cash or by a
cashless exercise (surrender of warrants with an aggregate value (which shall
be calculated by multiplying (x) the number of warrants surrendered for
cancellation by (y) the per share market price of the Polar common stock on the
date of surrender less the Warrant Price) equal to the aggregate Warrant Price
for

 

 

the number of shares being
acquired) and other customary terms that are acceptable to HRO and Polar.  The “Payment Date” shall be the date that
Polar has earned net profits and raised capital cumulative from the date hereof
equal to (x) an amount sufficient to retire Polar’s current obligation to
Affiliated Investments, L.L.C., in full, plus (y) $300,000.

 

2.                                       Release of Lien.  Upon
receipt of the cash payment and Warrant pursuant to paragraph 1, HRO will
release the Lien and will deliver to Polar a “UCC-3 Termination of Financing
Statement.”

 

3.                                       Registration Rights. 
Polar shall use its best efforts to include in any registration
statement that it may subsequently file the shares of Polar common stock
issuable upon exercise of the Warrant.

 

4.                                       Mutual Release.  For
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Polar for itself and each of its officers, directors, members,
agents, successors and assigns, on the one hand, and HRO, on behalf of itself
and each of its agents, successors and assigns, on the other hand, hereby
release, acquit and forever discharge each other, and any and all of their past
and present employees, officers, directors, shareholders, members, partners,
joint venturers, independent contractors, attorneys, insurers, agents, heirs,
successors, assigns, and representatives of and from any and all actions,
causes of action, obligations, claims, debts, demands, liabilities, costs and
expenses, including attorneys’ fees, of every kind and nature whatsoever, in
law or in equity, based on any act or omission, whether known or unknown and
whether accrued or unaccrued, from the beginning of time to the date of this
Agreement, including without limitation, all claims arising out of, or related
to, or in connection with the Matters, other than Polar’s obligations to HRO
under the terms of this Agreement.

 

5.                                       Independent Representation, Investigation and
Determination.  HRO advises Polar that independent
representation by counsel is appropriate in connection with this
Agreement.  Polar and HRO represent and
warrant to each other that they have had the opportunity to obtain the advice
of independent counsel in entering into this Agreement.  Polar and HRO further represent and warrant
to each other that they have each made their own independent investigation and
determination with respect to the settlement of Polar’s obligations and that
they are not relying on any statement or information provided by any other
party in entering into this Agreement.

 

6.                                       No Admission of Liability.  By
agreeing to the terms of this Agreement, neither HRO nor Polar admits to
liability on any of the claims or allegations raised or that could be raised in
connection with this dispute.  The
parties are entering into this Agreement as a compromise solely for the purpose
of resolving Polar’s outstanding obligations to HRO.

 

7.                                       Termination of Representation.  The
parties confirm and agree that HRO’s representation of Polar in connection with
the Matters and any other matter has been concluded as of March 2004, and
that HRO’s representation of Polar has been therefore ended.  Because the lawyer-client relationship
between HRO and Polar has ended, HRO has had and will have no further
obligation to advise Polar in connection with the Matters or any other matter
or as to future legal developments that may have a bearing on the Matters.  Nothing in this Agreement

 

2

 

shall constitute a waiver by
Polar of its attorney-client privilege with HRO with respect to the period that
HRO represented Polar.

 

8.                                       Miscellaneous.  This
Agreement shall be interpreted, constructed and enforced in accordance with,
and governed by, the laws of the State of Colorado.  This Agreement may be executed in multiple
parts and/or by facsimiles transmitted electronically or by fax machine and,
when consolidated, shall constitute one final agreement.

 

IN WITNESS WHEREOF the
undersigned have signed this Agreement to be effective as of the date set forth
above.

 

 

	
   

  	
  POLAR MOLECULAR HOLDING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Nelson

  	
   

  
	
   

  	
   

  	
  Mark Nelson, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOLME ROBERTS & OWEN LLP

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Garth Jensen

  	
   

  
	
   

  	
   

  	
  Garth Jensen, Partner

  

 

3Exhibit 10.62

 

POLAR MOLECULAR HOLDINGS CORPORATION

CODE OF ETHICS

FOR PRINCIPAL EXECUTIVE AND FINANCIAL
OFFICERS

 

This
Code of Ethics applies to the chief executive officer, chief financial officer
and principal accounting officer (the “Executive and Financial Officers”) of
Polar Molecular Holdings Corporation. 
These officers hold important and elevated roles in corporate
governance.  As the senior officers in
the corporate leadership group, the Executive and Financial Officers are vested
with both the responsibility and authority to protect, balance and preserve the
interest of all of the Company’s stakeholders, including shareholders, clients,
employees, suppliers and citizens of the community in which business is
conducted.  The Executive and Financial Officers
fulfill this responsibility by adhering to high standards of ethical conducts
in all of their business activities for the Company that may be emulated by all
employees and representatives of the Company. 
These Officers are also responsible for prescribing and enforcing
policies and procedures to assure that such standards are followed in the
operation of the Company’s financial organization.

 

The
Executive and Financial Officers shall therefore adhere to and advocate the
following principles and responsibilities to establish the expected
professional and ethical conduct.

 

1.                                       Act
with honesty and integrity, avoiding actual or apparent conflicts of interest
between personal and professional relationships whenever possible, and handling
such conflicts openly and fairly on behalf of the Company.

 

2.                                       Provide
all interested parties with information that is accurate, complete, objective,
relevant, timely and understandable, including in reports filed with the
Securities and Exchange Commission and in public disclosures.

 

3.                                       Act
in good faith, responsibly, with due care, competence and diligence, without
misrepresenting material facts or allowing the officer’s independent judgment
to be subordinated.

 

4.                                       Comply
with laws, rules and regulations of federal, state and local governments
and other appropriate, private and public regulatory agencies, and promote
awareness of and compliance with all such requirements by all members of the
finance organization of the Company.

 

5.                                       Provide
processes for members of the finance organization to inform senior management
or the board of directors of deviations in practice from policies and
procedures governing honest and ethical behavior, and personally report any
deviations of which he becomes aware.

 

6.                                       Respect
the confidentiality of information acquired in the course of his work and
prevent use of such confidential information for personal advantage.

 

7.                                       Achieve
responsible use of and control over all assets and resources employed by or
entrusted to such officer.

 

8.                                       Proactively
promote ethical behavior as a responsible partner among peers at the Company
and in the community.

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