Document:

Exhibit 10.1

 

Amendment N1

 

to

 

Master Service Agreement dated August 16, 2010 by and between Adherex

Technologies, Inc. and OCT Group, LLC

 

	
New York

	
April 2, 2011

 

Adherex Technologies, Inc., having its Registered Office at 501 Eastowne Drive, Suite 140, Chapel Hill, NC 27514, USA (hereinafter referred to as "Adherex "), on the one side, in person of the CEO Rosty Raykov,

 

 and

 

OCT Group, LLC, having its principal office at 845 Third Avenue, 6th Floor, New York, NY, 10022, USA, hereinafter referred to as ‘’OCT’’, in person of the President Dmitry Sharov, on the other side,

 

collectively referred to as “Parties”,

 

concluded this Amendment  to  the Master Service Agreement dated August 16, 2010 (MSA) together with its EXHIBIT 1. - PSA dd. Aug. 16, 2010, due to the changes in the scope of services required by Adherex from OCT.

The Parties agree on the following:

 

	
1.

	
Adherex requires and OCT agrees to perform following additional Services:

 

	 	
1.1.

	
Open 2 (two) additional sites for its Clinical Trial, carried in Russia by OCT;

	 	
1.2.

	
Perform safety activities for the Clinical Trial;

 

	
2.

	
MSA dated August 16, 2010 shall be amended by adding Exhibit 2 PSA “Additional Services Budget” dated March 09, 2011 enclosed hereto.

 

	
3.

	
The Total Cost of the Services listed in Article 1 above and PTCs associated with Services is 150.078,00 (one hundred fifty thousand seventy eight) USD  as detailed in Exhibit 2 PSA “Additional Services Budget” dated March 09, 2011.

 

	
4.

	
Exhibit 1 PSA dd. Aug. 16, 2010 shall be amended as follows:

 

  

  

  

 

	 	
4.1.

	
Section Warehouse of Exhibit 1 PSA dated Aug. 16, 2010 shall be considered null and void by the Parties as of March 09, 2011 and shall be replaced in full by Section Vendor Warehouse dd. March 09, 2011 attached hereto.

 

	
5.

	
The Parties agree on the following invoicing procedure for the Additional Services stipulated in Article 1 above:

 

	 	
5.1.

	
The Total Cost of Services associated with opening of the 2 additional sites (55185 USD) shall be invoiced at the fulfillment of the milestones as set forth below:

 

	 	
a) 

	
Within 30 calendar days from the effective date of this Amendment # 1, Adherex agrees to make an advance payment to OCT in the amount of 25% of the Total Service cost;

 

	 	
b) 

	
10% of the cost of the Services – 25% patients enrolled

 

	 	
c) 

	
5%  of the cost of the Services -  50% patients enrolled

 

	 	
d) 

	
5% of the cost of the Services – 75% patients enrolled

 

	 	
e) 

	
15% of the cost of the Services – 100% patients enrolled

 

	 	
f) 

	
5% of the cost of the Services – 25% of patients completed treatment, case report forms monitored and queries resolved.

 

	 	
g) 

	
5% of the cost of the Services – 50% of patients completed treatment, case report forms monitored and queries resolved.

 

	 	
h) 

	
10% of the cost of the Services – 75% of patients completed treatment, case report forms monitored and queries resolved.

 

	 	
i) 

	
10% of the cost of the Services – 100% of patients completed treatment, case report forms monitored and queries resolved.

 

	 	
j) 

	
5% of the cost of the Services - Database Lock

 

In case Database is not locked within two (2) months of milestone i) above (“100% of patients completed treatment, case report forms monitored and queries resolved”) not due to the fault of OCT, OCT shall have the right to invoice the total amount for this “Database lock” milestone in 2 (two) months after “100% of patients completed treatment, case report forms monitored and queries resolved” is completed.

 

	 	
k) 

	
5% All Sites Closed

 

Amounts listed in articles b) – k) above shall be invoiced together with the corresponding milestones listed in Clause 6.1.1. of the MSA.

 

	 	
5.2.

	
Total Cost for the Safety Activities (67655 USD) shall be invoiced together with the milestones listed above based on the amount of the Safety services actually performed within the course of the corresponding milestone.

 

	 	
5.3.

	
PTCs associated with Services as well as the Warehouse expenses shall be invoiced as set forth by Clause 6.3. of the MSA.

 

  

  

  

 

	 	
6.

	
Currency of the MSA and all Exhibits is USD.

 

	 	
7.

	
This Amendment has the following attachments incorporated herein:

	 	
7.1.

	
Exhibit 2 PSA “Additional Services Budget” dated March 09, 2011

	 	
7.2.

	
Vendor Warehouse dd. March 09, 2011

 

This Amendment shall take effect on April 2, 2011 and become integral part of the MSA and shall terminate when all obligations and requirements under the MSA and all effective Exhibits enclosed thereto are performed unless either terminated earlier or extended by the parties pursuant to the terms of the MSA subject to Clauses 7 – 8.

 

	
OCT Group, LLC

	 	
Adherex Technologies, Inc.

	 	 	 	 	 
	
Signature  

	
ss

	 	
Signature  

	
ss

	
 

Name

	
 

Dmitry Sharov

	 	
 

Name

	
 

Robert Andrade

	
 

Title

	
 

President

	 	
 

Title

	
CFO

	
 

Date

	
April 2, 2011

	 	
 

Date

	
April 2, 2011Unassociated Document

EXHIBIT 10.2

Summary of Compensation for Chief Financial Officer

 

The compensation payable to Mr. Stephen Irlbeck following his appointment as the Chief Financial Officer of Western Capital Resources, Inc. is the same as his compensation prior to such appointment, when he served as Senior Director of Accounting.  In this regard, Mr. Irlbeck receives:

	
  

	
·

	
an annual salary of $140,000

	
  

	
·

	
benefits that are identical to those offered to other employees and executive officers

	
  

	
·

	
eligibility to participate in Western Capital Resource’s annual performance-based management bonus pool.  Mr. Irlbeck’s percentage participation in such bonus pool is not fixed; but rather is determined on an annual basis at the discretion of the Board of Directors.Unassociated Document

SECOND AMENDMENT

 

TO

 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

THIS SECOND AMENDMENT to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into this 9th day of May, 2011 by and between Silicon Valley Bank (“Bank”) and US DATAWORKS, INC., a Nevada corporation (“Borrower”) whose address is One Sugar Creek Center Blvd., 5th Floor, Sugar Land, TX 77478.

 

Recitals

 

A. Bank and Borrower have entered into that certain Amended and Restated Loan and Security Agreement dated as of October 27, 2010, as amended from time to time including by that certain Forbearance and First Amendment to Amended and Restated Loan and Security Agreement dated as of February 8, 2011  (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).

 

B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

 

C. Borrower has requested that Bank amend the Loan Agreement to (i) waive certain covenant violations, (ii) extend the maturity date and (iii) make certain other changes as more fully set forth herein.

 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

 

Agreement

 

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1. Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

2. Amendments to Loan Agreement.

 

2.1 Section 6.7 (Financial Covenant). Section 6.7(a) is amended in its entirety and replaced with the following:

 

“(a)           EBITDA Performance to Plan.  As of April 30, 2011, Borrower’s EBITDA for the three (3) months ending on such measurement date shall be at least One Hundred Eighty Five Thousand Dollars ($185,000).”

 

2.2 Section 13 (Definitions).  The following term and its respective definition set forth in Section 13.1 is amended in its entirety and replaced with the following:

 

“Maturity Date” is June 7, 2011.

 

2.3 Exhibit B is hereby replaced with Exhibit B attached hereto.

 

2.4 Bank hereby waives the Event of Default of that occurred due to Borrower’s failure to comply with the covenant set forth in Section 6.7(a) of the Loan Agreement as in effect prior to Borrower and Bank entering into that certain Forbearance and First Amendment to Amended and Restated Loan and Security Agreement dated as of February 8, 2011 for the three (3) month period ending December 31, 2010.  Bank hereby waives the Event of Default occurred due to Borrower making non-permitted payments with respect to Subordinated Debt in February and March in the amount of Thirty Thousand One Hundred Dollars ($30,100).

 

  

 

  

 

 

3. Limitation of Amendments.

 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.

 

3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 

4. Representations and Warranties.  To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

 

4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

 

4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

 

4.3 The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

 

4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and

 

4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

 

  

2

  

 

 

5. Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

6. Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) payment by Borrower of an amendment fee in the amount of One Thousand Dollars ($1,000) and (c) the due execution and delivery to Bank of updated Borrowing Resolutions.

 

[Signature page follows.]

 

  

3

  

 

 

 

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

 

	
BANK

 

SILICON VALLEY BANK

 

 

By: /s/ Priya Iyer

Name: Priya Iyer

Title: Relationship Manager

	
BORROWER

 

US DATAWORKS, INC.

 

 

By: /s/ Randall J. Frapart

Name: Randall J. Frapart

Title: Chief Financial Officer

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