Document:

Exhibit 10.55

 

CONSULTING AGREEMENT 

 

This Consulting
Agreement (“Agreement”) is made by and between Matthew J. Hogan (“Employee”)
and Ciphergen Biosystems, Inc. (“Company”) (collectively referred to as
the “Parties”).

 

RECITALS

 

WHEREAS,
Employee has been employed by the Company as its Chief Financial Officer;

 

WHEREAS,
the Company and Employee entered into a Confidential Information and Invention
Assignment Agreement (the “Confidentiality Agreement”);

 

WHEREAS,
the Company and Employee have entered into those certain Stock Option
Agreements listed on Exhibit A hereto (the “Options”) granting
Employee the option to purchase shares of the Company’s common stock subject to
the terms and conditions of the Company’s 2000 Stock Plan, the 1993 Stock
Option Plan, and the Stock Option Agreement (the “Stock Agreements”);

 

WHEREAS,
Employee has voluntarily resigned from his employment with the Company,
effective as of March 22, 2006 (the “Resignation Date”);

 

WHEREAS,
Employee wishes to resolve any and all disputes, claims, complaints,
grievances, charges, actions, petitions and demands that he may have
against the Company, including, but not limited to, any and all claims arising
or in any way related to his employment with, or separation from, the Company;

 

NOW
THEREFORE, in consideration of the promises made herein, the Parties hereby
agree as follows:

 

COVENANTS

 

A.                                   Consulting Period. Employee hereby resigns as the Company’s Chief
Financial Officer as of the Resignation Date, provided that the Employee agrees
to remain with the Company from the Resignation Date through the earlier of (i) six
(6) months following the Effective Date or (ii) until Employee
becomes a full-time employee of another company or entity (the “Consulting
Period”). Additionally, upon the mutual consent of Company and Employee, the
Company may extend the term of the Consulting Period, for which Employee
will continue to be paid his current base rate of pay (and shall not be
entitled to any other benefits for such period). During the Consulting Period
Employee shall be required to provide such services as reasonably requested by
the then current Chief Executive Officer, up to three (3) days per week, including,
but not limited to, assisting with the preparation and filing of the Company’s financial
statements and periodic reports, budgeting and strategic planning, investor
relations, and providing assistance with pending litigation against the

 

 

Company
(including attending depositions and serving as a witness for the Company for
any trial) (the “Consulting Services”) with any and all reasonable
out-of-pocket expenses reimbursed by the Company. Nothing in this Agreement
shall in any way be construed to constitute Employee as an agent, employee or
representative of the Company. Without limiting the generality of the
foregoing, Employee is not authorized to bind the Company to any liability or
obligation or to represent that Employee has any such authority. Employee
agrees that, during the Consulting Period, he will not, without the prior written
consent of the Company, (i) serve as a partner, consultant, officer,
director, manager, agent, associate, investor, or (ii) directly or
indirectly, own, purchase, organize, or (iii) build, design, finance,
acquire, lease, operate, manage, invest in, work or consult for or otherwise
affiliate himself with any business, in direct competition with or otherwise
similar to the Company’s products or services.

 

B.                                     Consideration. The Company agrees to make payments to Employee, at his current base
rate of pay, less applicable withholding, until the earlier of (i) six (6) months
following the Resignation Date, or (ii) until Employee becomes a full-time
employee of another company or entity (the “Payment Period”), in accordance
with the Company’s regular payroll practices. Except as expressly set forth
herein, during the Payment Period, Employee will not be entitled to accrual of
any employee benefits, including, but not limited to, vacation benefits or
bonuses.

 

1.                                       Stock.
The Employee will continue to be a “Service Provider,” as such term is defined
in the Stock Agreements, and Employee’s Options will continue to vest for so
long as the Employee is providing services to the Company in accordance with
this Agreement. The shares subject to the Options shall otherwise continue to
be governed by the terms and conditions of the Stock Option Agreements.

 

2.                                       Benefits.
The Company shall reimburse Employee for the payments Employee makes for
medical, dental and vision insurance coverage for himself and currently covered
dependents, consistent with Employee’s prior rate of coverage and cost to
Employee (including related administrative fees), under the Consolidated Budget Reconciliation Act of
1985 (“COBRA”) during the Payment Period, provided (i) Employee
timely elects and pays for COBRA coverage, and (ii) Employee shall
continue to be responsible for employee-paid deductibles, co-pays, and the like.
Payments made to the Employee for COBRA coverage under this section shall
be reported to the Employee on Form 1099’s that the Company issues to
employee in connection with providing the services set forth under Section A
hereof. Except as set forth expressly herein, Employee has ceased accruing all
other employee benefits, including, but not limited to, vacation time and paid
time off, short-term and long-term disability insurance and workers
compensation as of the Resignation Date.

 

3.                                       Death
or Disability. In the event of
Employee’s Death, then Employee shall no longer be entitled to any continued
payments or other benefits set forth hereunder.

 

C.                                     Confidential Information. Employee shall continue to maintain the
confidentiality of all confidential and proprietary information of the Company
and shall continue to comply with the terms and conditions of the
Confidentiality Agreement between Employee and the Company. Employee shall
return all of the Company’s property and confidential and proprietary
information in his possession to the Company at the end of the Consulting
Period.

 

2

 

D.                                    Payment of Salary. Employee acknowledges and represents that the
Company has paid all salary, wages, bonuses, accrued vacation, commissions and
any and all other benefits due to Employee as of the Resignation Date.

 

E.                                      Release of Claims. Employee agrees that the foregoing consideration
represents settlement in full of all outstanding obligations owed to Employee
by the Company. Employee has, on behalf of himself and his respective heirs,
family members, executors, officers, directors, employees, investors, shareholders,
administrators, affiliates, divisions, subsidiaries, predecessor and successor
corporations, and assigns, hereby fully and forever releases the Company and
its respective officers, directors, employees, investors, shareholders,
administrators, affiliates, divisions, subsidiaries, predecessor and successor
corporations, and assigns, from, and agrees not to sue concerning, any claim,
duty, obligation or cause of action relating to any matters of any kind,
whether presently known or unknown, suspected or unsuspected, that he may possess
arising from any omissions, acts or facts that have occurred up until and
including the Effective Date of this Agreement including, without limitation,

 

1.                                       any
and all claims relating to or arising from Employee’s employment relationship
with the Company and the termination of that relationship;

 

2.                                       any
and all claims relating to, or arising from, Employee’s right to purchase, or
actual purchase of shares of stock of the Company, including, without
limitation, any claims for fraud, misrepresentation, breach of fiduciary duty,
breach of duty under applicable state corporate law, and securities fraud under
any state or federal law;

 

3.                                       any
and all claims under the law of any jurisdiction including, but not limited to,
wrongful discharge of employment; constructive discharge from employment;
termination in violation of public policy; discrimination; breach of contract,
both express and implied; breach of a covenant of good faith and fair dealing,
both express and implied; promissory estoppel; negligent or intentional
infliction of emotional distress; negligent or intentional misrepresentation;
negligent or intentional interference with contract or prospective economic
advantage; unfair business practices; defamation; libel; slander; negligence;
personal injury; assault; battery; invasion of privacy; false imprisonment; and
conversion;

 

4.                                       any
and all claims for violation of any federal, state or municipal statute,
including, but not limited to, Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the
Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the
Employee Retirement Income Security Act of 1974, The Worker Adjustment and
Retraining Notification Act, Older Workers Benefit Protection Act; the
California Fair Employment and Housing Act, and the California Labor Code;

 

5.                                       any
and all claims for violation of the federal, or any state, constitution;

 

6.                                       any
and all claims arising out of any other laws and regulations relating to
employment or employment discrimination;

 

3

 

7.                                       any
claim for any loss, cost, damage, or expense arising out of any dispute over
the non-withholding or other tax treatment of any of the proceeds received by
Employee as a result of this Agreement; and

 

8.                                       any
and all claims for attorneys’ fees and costs.

 

The
Company and Employee agree that the release set forth in this section shall
be and remain in effect in all respects as a complete general release as to the
matters released. This release does not extend to any obligations incurred
under this Agreement.

 

The Parties acknowledge and
agree that any breach of any provision of this Agreement shall constitute a
material breach of this Agreement and, in the event of breach by Employee,
shall entitle the Company immediately to recover and cease the benefits
provided to Employee under this Agreement.

 

F.                                      Acknowledgement of Waiver of Claims Under ADEA. Employee acknowledges that he is waiving and
releasing any rights he may have under the Age Discrimination in
Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and
voluntary. Employee and the Company agree that this waiver and release does not
apply to any rights or claims that may arise under ADEA after the
Effective Date of this Agreement. Employee acknowledges that the consideration
given for this waiver and release Agreement is in addition to anything of value
to which Employee was already entitled. Employee further acknowledges that he
has been advised by this writing that:

 

(a)                                  he
should consult with an attorney prior to executing this Agreement;

 

(b)                                 he
has up to twenty-one (21) days within which to consider this Agreement;

 

(c)                                  he
has seven (7) days following his execution of this Agreement to revoke the
Agreement;

 

(d)                                 this
Agreement shall not be effective until the revocation period has expired; and

 

(e)                                  nothing
in this Agreement prevents or precludes Employee from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor
does it impose any condition precedent, penalties or costs for doing so, unless
specifically authorized by federal law.

 

G.                                     Civil Code Section 1542. Employee represents that he is not aware of any
claim other than the claims that are released by this Agreement. Employee
acknowledges that he has been advised by legal counsel and is familiar with the
provisions of California Civil Code Section 1542, which provides as
follows:

 

4

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.

 

Employee,
being aware of said code section, agrees to expressly waive any rights he may have
thereunder, as well as under any other statute or common law principles of
similar effect.

 

H.                                    No Pending or Future Lawsuits. The Employee represents that he has no lawsuits,
claims, or actions pending in his name, or on behalf of any other person or
entity, against the Company or any other person or entity referred to herein. The
Employee also represents that he does not intend to bring any claims on his
behalf or on behalf of any other person or entity against the Company or any
other person or entity referred to herein.

 

I.                                         Confidentiality. The Parties acknowledge that their agreement to keep the terms and
conditions of this Agreement confidential was a material factor on which all
parties relied in entering into this Agreement. The Parties hereto agree to use
their best efforts to maintain in confidence the existence of this Agreement,
the contents and terms of this Agreement, the consideration for this Agreement,
and any allegations relating to the Company or employee’s employment with the
Company except as otherwise provided for in this Agreement (hereinafter
collectively referred to as “Settlement Information”). The Parties agree to
take every reasonable precaution to prevent disclosure of any Settlement
Information to third parties, and agree that there will be no publicity,
directly or indirectly, concerning any Settlement Information. The Parties
agree to take every precaution to disclose Settlement Information only to those
attorneys, accountants, governmental entities (including any required filings
with the Securities and Exchange Commission), and family members who have a
reasonable need to know of such Settlement Information. The Parties agree that
if a party proves that the other party breached this Confidentiality provision,
it shall be entitled to an award of its costs spent enforcing this provision,
including all reasonable attorneys’ fees associated with the enforcement action
without regard to whether the actual damages can be established from the
breach.

 

J.                                        No Cooperation. Each Party agrees it will not act in any manner that might damage the
other party. The Parties agree that they will not counsel or assist any attorneys
or their clients in the presentation or prosecution of any disputes,
differences, grievances, claims, charges, or complaints by any third party
against the other party and/or any officer, director, employee, agent,
representative, shareholder or attorney of the Company, unless under a subpoena
or other court order to do so. The Parties further agree both to immediately
notify the other party upon receipt of any court order, subpoena, or any legal
discovery device that seeks or might require the disclosure or production of
the existence or terms of this Agreement, and to furnish, within three (3) business
days of its receipt, a copy of such subpoena or legal discovery device to the
other party.

 

K.                                    Non-Disparagement. Each party agrees to refrain from any
defamation, libel or slander of the other, or tortious interference with the
contracts and relationships of the other. All inquiries by

 

5

 

potential
future employers of Employee will be directed to Human Resources. Upon inquiry,
the Company shall only state the following: 
Employee’s last position and dates of employment. The Company’s
obligations under this section extend only to then current executives,
officers, members of the Board of Directors, and managing agents, and only for
so long as those individuals are employees and/or directors of the Company.

 

L.                                      Non-Solicitation. Employee agrees that, commencing on the Resignation Date and continuing
for a period of twelve (12) months following the date Employee ceases to serve
as a consultant pursuant to Section A hereunder, Employee shall not
either directly or indirectly solicit, induce, recruit or encourage any of the
Company’s employees to leave their employment, or take away such employees, or
attempt to solicit, induce, recruit, encourage, take away or hire employees of
the Company, either for himself or any other person or entity.

 

M.                                 No Admission of Liability. The Parties understand and acknowledge that this
Agreement constitutes a compromise and settlement of disputed claims. No action
taken by the Parties hereto, or either of them, either previously or in
connection with this Agreement shall be deemed or construed to be: (a) an
admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment
or admission by either party of any fault or liability whatsoever to the other
party or to any third party.

 

N.                                    No Knowledge of Wrongdoing. Employee represents that he has no knowledge of
any wrongdoing involving improper or false claims against a federal or state
governmental agency, or any other wrongdoing that involves Employee or other
present or former Company employees.

 

O.                                    Tax Consequences. The Company makes no representations or warranties with respect to the
tax consequences of the payment of any sums to Employee under the terms of this
Agreement. Employee agrees and understands that he is responsible for payment,
if any, of local, state and/or federal taxes on the sums paid hereunder by the
Company and any penalties or assessments thereon. Employee further agrees to
indemnify and hold the Company harmless from any claims, demands, deficiencies,
penalties, assessments, executions, judgments, or recoveries by any government
agency against the Company for any amounts claimed due on account of Employee’s
failure to pay federal or state taxes or damages sustained by the Company by
reason of any such claims, including reasonable attorneys’ fees.

 

P.                                      Costs. The Parties shall each bear their own costs, expert fees, attorneys’
fees and other fees incurred in connection with this Agreement.

 

Q.                                    Indemnification. Each party agrees to indemnify and hold harmless the other party from
and against any and all loss, costs, damages or expenses, including, without
limitation, attorneys’ fees or expenses incurred by the non-breaching party
arising out of the breach of this Agreement by the other party, or from any
false representation made herein by the other party, or from any action or
proceeding which may be commenced, prosecuted or threatened by the other
party or for that party’s benefit, upon that party’s initiative, or with that
party’s aid or approval, contrary to the provisions of this Agreement. Each
party further agrees that in any such action or proceeding, this Agreement may be
pled by a party as a complete defense, or may be asserted by way of
counterclaim or cross-claim.

 

6

 

The
Company acknowledges the continued applicability of Employee’s officer and
director Indemnification Agreement by and between Company and Employee (the “Indemnification
Agreement”).

 

R.                                     Arbitration. The Parties agree that any and all disputes arising out of, or relating
to, the terms of this Agreement, their interpretation, and any of the matters
herein released, shall be subject to binding arbitration in Santa Clara County
before the American Arbitration Association under its National Rules for
the Resolution of Employment Disputes. The Parties agree that the prevailing
party in any arbitration shall be entitled to injunctive relief in any court of
competent jurisdiction to enforce the arbitration award. The Parties agree that
the prevailing party in any arbitration shall be awarded its reasonable
attorneys’ fees and costs. The Parties hereby agree
to waive their right to have any dispute between them resolved in a court of
law by a judge or jury. This section will not prevent either
party from seeking injunctive relief (or any other provisional remedy) from any
court having jurisdiction over the Parties and the subject matter of their
dispute relating to Employee’s obligations under this Agreement and the
agreements incorporated herein by reference.

 

S.                                      Authority. The Company represents and warrants that the undersigned has the
authority to act on behalf of the Company and to bind the Company and all who may claim
through it to the terms and conditions of this Agreement. Employee represents
and warrants that he has the capacity to act on his own behalf and on behalf of
all who might claim through him to bind them to the terms and conditions of
this Agreement. Each Party warrants and represents that there are no liens or
claims of lien or assignments in law or equity or otherwise of or against any
of the claims or causes of action released herein.

 

T.                                     No Representations. Each party represents that it has had the
opportunity to consult with an attorney, and has carefully read and understands
the scope and effect of the provisions of this Agreement. Neither party has
relied upon any representations or statements made by the other party hereto
which are not specifically set forth in this Agreement.

 

U.                                    Severability. In the event that any provision hereof becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, this Agreement
shall continue in full force and effect without said provision so long as the
remaining provisions remain intelligible and continue to reflect the original
intent of the Parties.

 

V.                                     Entire Agreement. This Agreement represents the entire agreement and
understanding between the Company and Employee concerning the subject matter of
this Agreement and Employee’s relationship with the Company, and supersedes and
replaces any and all prior agreements and understandings between the Parties
concerning the subject matter of this Agreement and Employee’s relationship
with the Company, with the exception of the Indemnification Agreement,
Confidentiality Agreement and the Stock Agreements.

 

W.                                No Waiver. The failure of any party to insist upon the performance of any of the
terms and conditions in this Agreement, or the failure to prosecute any breach
of any of the terms and conditions of this Agreement, shall not be construed
thereafter as a waiver of any such terms or

 

7

 

conditions.
This entire Agreement shall remain in full force and effect as if no such
forbearance or failure of performance had occurred.

 

X.                                    No Oral Modification. Any modification or amendment of this Agreement,
or additional obligation assumed by either party in connection with this
Agreement, shall be effective only if placed in writing and signed by both
Parties or by authorized representatives of each party. No provision of this
Agreement can be changed, altered, modified, or waived except by an executed
writing by the Parties.

 

Y.                                     Governing Law. This Agreement shall be deemed to have been executed and delivered
within the State of California, and it shall be construed, interpreted,
governed, and enforced in accordance with the laws of the State of California,
without regard to conflict of law principles. To the extent that either party
seeks injunctive relief in any court having jurisdiction for any claim relating
to the alleged misuse or misappropriation of trade secrets or confidential or
proprietary information, each party hereby consents to personal and exclusive
jurisdiction and venue in the state and federal courts of the State of
California.

 

Z.                                     Attorneys’ Fees. In the event that either Party brings an action to enforce or effect its
rights under this Agreement, the prevailing party shall be entitled to recover
its costs and expenses, including the costs of mediation, arbitration,
litigation, court fees, plus reasonable attorneys’ fees, incurred in connection
with such an action.

 

AA.                         Application for Employment. Employee
understands and agrees that, as a condition of this Agreement, he shall not be
entitled to any employment with the Company, its subsidiaries, or any
successor, and he hereby waives any right, or alleged right, of employment or
re-employment with the Company. Employee further agrees that he will not apply
for employment with the Company, its subsidiaries or related companies, or any
successor.

 

BB.                             Effective Date. This
Agreement is effective after it has been signed by both parties and after eight
(8) days have passed since Employee has signed the Agreement (the “Effective
Date”), unless revoked by Employee within seven (7) days after the date
the Agreement was signed by Employee.

 

CC.                             Counterparts. This Agreement
may be executed in counterparts, and each counterpart shall have the
same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned.

 

DD.                           Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue
influence on the part or behalf of the Parties hereto, with the full
intent of releasing all claims. The Parties acknowledge that:

 

1.                                       they
have read this Agreement;

 

2.                                       they
have been represented in the preparation, negotiation, and execution of this
Agreement by legal counsel of their own choice or that they have voluntarily
declined to seek such counsel;

 

8

 

3.                                       they
understand the terms and consequences of this Agreement and of the releases it
contains; and

 

4.                                       they
are fully aware of the legal and binding effect of this Agreement.

 

[Signature
Page Follows]

 

9

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective
dates set forth below.

 

	
   

  	
  CIPHERGEN BIOSYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: March 22, 2006

  	
  By 

  	
   

  	
  Gail S. Page /s/

  
	
   

  	
   

  	
   

  	
  Gail S. Page,

  
	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MATTHEW J. HOGAN,
  an individual

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: March 22, 2006

  	
   

  	
  Matthew J. Hogan /s/

  

 

10

 

EXHIBIT A

 

Stock 

 

	
  Grant Date

  	
   

  	
  Shares

  	
   

  	
  Exercise Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9/7/2000

  	
   

  	
  86,000

  	
   

  	
  $

  	
  3.488

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/8/2001

  	
   

  	
  12,000

  	
   

  	
  8.500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6/20/2001

  	
   

  	
  20,000

  	
   

  	
  6.080

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6/6/2002

  	
   

  	
  30,000

  	
   

  	
  4.530

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/13/2003

  	
   

  	
  35,000 

  	
   

  	
  4.350 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/3/2004

  	
   

  	
  50,000

  	
   

  	
  8.510

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/9/2005

  	
   

  	
  40,000

  	
   

  	
  2.960

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8/5/2005

  	
   

  	
  20,000

  	
   

  	
  2.190

  	
   

  
							

 

11Exhibit 4.1

 

[FACE OF NOTE]

 

Unless
this certificate is presented by an authorized representative of The Depository
Trust Company (55 Water Street, New York, New York) to the issuer or its agent
for registration of transfer, exchange or payment, and any certificate issued
is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of The Depository Trust Company and
any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the
registered owner hereof, Cede & Co., has an interest herein.

 

 

	
  REGISTERED 

  	
  CUSIP: 22541FDQ6
  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PRINCIPAL
  AMOUNT: $11,113,000

  
	
   

  	
   

  	
   

  
	
  NO. 1

  	
   

  

 

 

CREDIT SUISSE FIRST BOSTON (USA), INC.

ProNotes Linked to the Value of a Basket of Commodities

due September 30, 2009

 

CREDIT
SUISSE FIRST BOSTON (USA), INC., a Delaware corporation (the “Company”,
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, at the office or agency of the Company in New York,
New York, the Redemption Amount (as defined on the reverse hereof) on the
Maturity Date (as defined on the reverse hereof).

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

This
Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually signed by the
Trustee under the Indenture referred to on the reverse hereof.

 

This
Note will not pay interest.

 

F-1

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed under its
corporate seal.

 

	
   

  	
  CREDIT SUISSE (USA), INC.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  [SEAL]

  	
  By:

  	
   

  	
  /s/ Peter Feeney

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Peter Feeney

  
	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE (USA), INC.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
  /s/ Grace Koo

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Grace Koo

  	
   

  	 

	
   

  	
   

  	
  Title:

  	
  Authorized Signatory

  	 

										

 

 

CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture.

 

	
  Dated: March 22, 2006

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  JPMORGAN CHASE, N.A.,

  
	
   

  	
   

  	
   

  	
   

  	
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By: 

  	
  /s/ Ignazio Tamburello

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Authorized Signatory

  
								

 

F-2

 

[REVERSE OF NOTE]

 

CREDIT SUISSE FIRST BOSTON (USA), INC.

ProNotes Linked to the Value of a Basket of Commodities

due September 30, 2009

 

This
Note is one of a duly authorized issue of debentures, notes, bonds or other
evidences of indebtedness of the Company (the “Securities”) of the series hereinafter
specified, all issued or to be issued under and pursuant to a senior indenture,
dated as of June 1, 2001 (the “Indenture”), between the Company and
JPMorgan Chase Bank, as trustee (the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company, and the Holders of the Securities. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different
times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any) and may otherwise vary as
provided in the Indenture. This Note is one of a series designated as the
ProNotes Linked to the Value of a Basket of Commodities due September 30,
2009 (the “Note”).

 

This
Note will not pay interest.

 

This
Note is payable in the manner, with the effect and subject to the conditions
provided in the Indenture.

 

If a
payment date is not a Business Day as defined in the Indenture at a place of
payment, payment may be made at that place on the next succeeding day that
is a Business Day, and no interest shall accrue for the intervening period.

 

The
Indenture provides that, without prior notice to any Holders, the Company and
the Trustee may amend the Indenture and the Securities of any series with
the written consent of the Holders of a majority in principal amount of the
outstanding Securities of all series affected by such amendment (all such series voting
as one class), and the Holders of a majority in principal amount of the
outstanding Securities of all series affected thereby (all such series voting
as one class) may waive future compliance by the Company with any
provision of the Indenture or the Securities of such series by written
notice to the Trustee; provided that, without the consent of each Holder of the
Securities of each series affected thereby, an amendment or waiver, including
a waiver of past defaults, may not: (i) extend the stated maturity of
the Principal of, or any sinking fund obligation or any installment of interest
on, such Holder’s Security, or reduce the principal amount thereof or the rate
of interest thereon (including any amount in respect of original issue
discount), or any premium payable with respect thereto, or adversely affect the
rights of such Holder under any mandatory redemption or repurchase provision or
any right of redemption or repurchase at the option of such Holder, or reduce
the amount of the Principal of an Original Issue Discount Security that would
be due and payable upon an acceleration of the maturity thereof or the amount
thereof provable in bankruptcy, or change any place of payment where, or the
currency in which, any Security of such series or any premium or the
interest thereon is payable, or impair the right to institute suit for the

 

R-1

 

enforcement of any such
payment on or after the due date therefor; (ii) reduce the percentage in
principal amount of outstanding Securities of the relevant series the
consent of whose Holders is required for any such supplemental indenture, for
any waiver of compliance with certain provisions of the Indenture or certain
Defaults and their consequences provided for in the Indenture; (iii) waive
a Default in the payment of Principal of or interest on any Security of such
Holder; or (iv) modify any of the provisions of the Indenture governing
supplemental indentures with the consent of Securityholders except to increase
any such percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the Holder of
each outstanding Security affected thereby.

 

The
Indenture provides that, subject to certain conditions, the Holders of at least
a majority in principal amount (or, if any Securities are Original Issue
Discount Securities, such portion of the Principal as is then accelerable) of
the outstanding Securities of all series affected (voting as a single
class), by notice to the Trustee, may waive an existing Default or Event
of Default with respect to the Securities of such series and its
consequences, except a Default in the payment of Principal of or interest on
any Security or in respect of a covenant or provision of the Indenture which
cannot be modified or amended without the consent of the Holder of each
outstanding Security affected. Upon any such waiver, such Default shall cease
to exist, and any Event of Default with respect to the Securities of such series arising
therefrom shall be deemed to have been cured, for every purpose of the
Indenture; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereto.

 

The
Indenture provides that a series of Securities may include one or
more tranches (each a “tranche”) of Securities, including Securities issued in
a Periodic Offering. The Securities of different tranches may have one or
more different terms, including authentication dates and public offering
prices, but all the Securities within each such tranche shall have identical
terms, including authentication date and public offering price. Notwithstanding
any other provision of the Indenture, subject to certain exceptions, with
respect to sections of the Indenture concerning the execution, authentication
and terms of the Securities, redemption of the Securities, Events of Default of
the Securities, defeasance of the Securities and amendment of the Indenture, if
any series of Securities includes more than one tranche, all provisions of
such sections applicable to any series of Securities shall be deemed
equally applicable to each tranche of any series of Securities in the same
manner as though originally designated a series unless otherwise provided
with respect to such series or tranche pursuant to a board resolution or a
supplemental indenture establishing such series or tranche.

 

No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Redemption Amount of this Note in the
manner, at the place, at the time and in the coin or currency herein
prescribed.

 

The
Securities are issuable initially only in registered form without coupons
in denominations of $25,000 or any integral multiples of $1,000 in excess of
that amount at the office or agency of the Company in the Borough of Manhattan,
The City of New York, and in the manner and subject to the limitations provided
in the Indenture.

 

R-2

 

The
Securities will not be redeemable at the option of the Company prior to
maturity.

 

The
Company will not be required to pay any Additional Amounts on the Securities.

 

Maturity
Date

 

The
Maturity Date of the Securities is September 30,
2009 (the “Maturity Date”); however, if a market disruption event exists on the
final valuation date, as determined by the Calculation Agent, the Maturity Date
will be the later of September 30, 2009 and the fifth Business Day
following the date on which the final basket level is calculated.

 

Redemption
Amount

 

We
will redeem the securities at maturity for a redemption amount in cash that
will equal the principal amount of the securities multiplied by the sum of 1
plus the basket return. The basket return will be based on the difference
between the final basket level and the initial basket level. How the basket
return will be calculated depends on whether the final basket level is greater
than or less than or equal to the initial basket level:

 

•                  If the final basket level is greater
than the initial basket level, then the basket return will equal:

 

	
   

  	
   

  	
  final basket
  level - initial basket level

  
	
  130% *

  	
   

  	
  initial basket
  level

  

 

Thus,
if the final basket level is greater than the initial basket level, the basket
return will be a positive number, and you will receive more than the principal
amount of your securities at redemption.

 

•                  If the final basket level is less
than or equal to the initial basket level, then the basket return will be zero,
and you will receive only the principal amount of your securities at
redemption.

 

For
purposes of calculating the basket return, the final basket level on the
valuation date will be equal to the sum of:

 

(i) the
product of (x) .07, the weighting of the Aluminum component in the basket, and
(y) the closing level of Aluminum on the valuation date divided by 2434.25, the
closing level of Aluminum on March 15, 2006, the date the securities are
priced for initial sale to the public;

 

(ii) the
product of (x) .07, the weighting of the Copper component in the basket, and
(y) the closing level of Copper on the valuation date divided by 5008.50, the
closing level of Copper on March 15, 2006, the date the securities are
priced for initial sale to the public;

 

R-3

 

(iii) the
product of (x) .15, the weighting of the Crude Oil component in the basket, and
(y) the closing level of Crude Oil on the valuation date divided by 62.17, the
closing level of Crude Oil on March 15, 2006, the date the securities are
priced for initial sale to the public;

 

(iv) the product of
(x) .05, the weighting of the Gold component in the basket, and (y) the closing
level of Gold on the valuation date divided by 554.40, the closing level of
Gold on March 15, 2006, the date the securities are priced for initial
sale to the public.

 

(v) the
product of (x) .05, the weighting of the Heating Oil component in the basket,
and (y) the closing level of Heating Oil on the valuation date divided by
178.17, the closing level of Heating Oil on March 15, 2006, the date the
securities are priced for initial sale to the public;

 

(vi) the
product of (x) .05, the weighting of the Lead component in the basket, and (y)
the closing level of Lead on the valuation date divided by 1176.00, the closing
level of Lead on March 15, 2006, the date the securities are priced for
initial sale to the public;

 

(vii) the
product of (x) .10, the weighting of the Natural Gas component in the basket,
and (y) the closing level of Natural Gas on the valuation date divided by
7.143, the closing level of Natural Gas on March 15, 2006, the date the
securities are priced for initial sale to the public;

 

(viii) 
the product of (x) .06, the weighting of the Nickel component in the basket,
and (y) the closing level of Nickel on the valuation date divided by 14853.00,
the closing level of Nickel on March 15, 2006, the date the securities are
priced for initial sale to the public;

 

(ix) the
product of (x) .05, the weighting of the Unleaded Gasoline component in the
basket, and (y) the closing level of Unleaded Gasoline on the valuation date
divided by 182.91, the closing level of Unleaded Gasoline on March 15,
2006, the date the securities are priced for initial sale to the public;

 

(x)
the product of (x) .05, the weighting of the Zinc component in the basket, and
(y) the closing level of Zinc on the valuation date divided by 2324.00, the
closing level of Zinc on March 15, 2006, the date the securities are
priced for initial sale to the public;

 

(xi)
the product of (x) .20, the weighting of the GSCI-ER Agriculture Index
component in the basket, and (y) the closing level of GSCI-ER Agriculture Index
on the valuation date divided by 63.82, the closing level of GSCI-ER
Agriculture Index on March 15, 2006, the date the securities are priced
for initial sale to the public; and

 

(xii)
the product of (x) .10, the weighting of the GSCI-ER Livestock Index component
in the basket, and (y) the closing level of GSCI-ER Livestock Index on the
valuation date divided by 358.50, the closing level of GSCI-ER Livestock Index
on March 15, 2006, the date the securities are priced for initial sale to
the public.

 

R-4

 

The “initial
basket level” equals 1.0.

 

The “closing
level” for each underlying commodity and commodity index will be the price of
such underlying commodity or value of such commodity index at such time as
described below.

 

The
price of “Aluminum” is the official settlement price of the third Wednesday
dated front month futures contract for one metric ton of High Grade Primary
Aluminum, stated in U.S. dollars, as determined by the London Metal Exchange.

 

The
price of “Copper” is the official settlement price of the third Wednesday dated
front month futures contract for one metric ton of Copper, stated in U.S.
dollars, as determined by the London Metal Exchange.

 

The
price of “Crude Oil” is the official settlement price for one barrel of the
first nearby WTI light sweet crude oil futures contract, stated in U.S.
dollars, as determined by the New York Mercantile Exchange.

 

The
price of “Gold” is the official settlement price for one fine troy ounce of the
most active nearby refined Gold futures contract, stated in U.S. dollars as
determined by the COMEX Division of the New York Mercantile Exchange.

 

The
price of “Heating Oil” is the official settlement price for one gallon of the
first nearby fungible No. 2 heating oil futures contract, stated in U.S.
dollars, as determined by the New York Mercantile Exchange.

 

The
price of “Lead” is the official settlement price of the third Wednesday dated
front month futures contract for one metric ton of Lead, stated in U.S.
dollars, as determined by the London Metal Exchange.

 

The
price of “Natural Gas” is the official settlement price for one MMBTU of the
first nearby Henry Hub natural gas futures contract, stated in U.S. dollars, as
determined by the New York Mercantile Exchange.

 

The
price of “Nickel” is the official settlement price of the third Wednesday dated
front month futures contract for one metric ton of Nickel, stated in U.S.
dollars, as determined by the London Metal Exchange.

 

The
price of “Unleaded Gasoline” is the official settlement price for one gallon of
the first nearby Phase II complex model reformulated gasoline futures contract,
stated in U.S. dollars, as determined by the New York Mercantile Exchange.

 

The
price of “Zinc” is the official settlement price of the third Wednesday dated
front month futures contract for one metric ton of Special High Grade Zinc,
stated in U.S. dollars, as determined by the London Metal Exchange.

 

R-5

 

The
price of the “GSCI-ER Agriculture Index” is the value of the GSCI Agriculture
Excess Return Index as published on Reuters.

 

The
price of the “GSCI-ER Livestock Index” is the value of the GSCI Livestock
Excess Return Index as published on Reuters.

 

The “valuation
date” will be September 22, 2009; however, if the calculation agent
determines that on the valuation date a market disruption event exists, then
the valuation date will be postponed to the first succeeding business day on
which the calculation agent determines that no market disruption event exists,
unless the calculation agent determines that a market disruption event exists
on each of the five business days immediately following the valuation date. In
that case, the fifth business day after the original valuation date will be
deemed to be the valuation date notwithstanding the existence of a market
disruption event, and the calculation agent will determine the basket level for
the valuation date on that fifth succeeding business day.

 

A “business
day” is any day on which the relevant futures contract or commodity index is
published and on which the offices of Goldman, Sachs & Co. in New
York, New York are open for business.

 

A “market
disruption event” is the occurrence on any date or any number of consecutive
dates of any one or more of the following circumstances:  (a) the termination or suspension of, or
material limitation or disruption for at least two hours in the trading of a
commodity or a futures contract thereon included in the underlying basket or
any commodity or a futures contract thereon underlying the GSCI-ER Livestock
Index or GSCI-ER Agriculture Index that prevents the relevant exchange on which
such commodity is traded from establishing an official settlement price for
such commodity or contract as of a regularly scheduled settlement time; (b) the
settlement price for any commodity or a futures contract thereon included in
the underlying basket or commodity underlying the GSCI-ER Livestock Index or
GSCI-ER Agriculture Index is a “limit price,” which means that such settlement
price for a day has increased or decreased from the previous day’s settlement
price by the maximum amount permitted under applicable exchange rules; (c) failure
by the applicable exchange or other price source to announce or publish the
settlement price for any commodity or a futures contract thereon included in
the underlying basket or commodity underlying the GSCI-ER Livestock Index or
the GSCI-ER Agriculture Index; and (d) failure of Goldman, Sachs &
Co. to publish the value for the GSCI-ER Livestock Index or the GSCI-ER
Agriculture Index, subject to certain adjustments described below.

 

Market Disruption Events

 

If the
calculation agent determines that a market disruption event exists in respect
of a commodity included in the underlying basket or the GSCI-ER Livestock Index
or the GSCI-ER Agriculture Index (together the “basket components”), then the
valuation date for such basket component will be postponed to the first
succeeding business day on which the calculation agent determines that no
market disruption event exists, unless the calculation agent determines that a
market disruption event exists on each of the five business days immediately

 

R-6

 

following the valuation
date. In that case, (a) the fifth succeeding business day after the
original valuation date will be deemed to be the valuation date,
notwithstanding the market disruption event, and (b) the calculation agent
will determine the settlement price for such basket component in a commercially
reasonable manner. The valuation date for each basket component not affected by
a market disruption event will be the scheduled valuation date.

 

In the
event that a market disruption event exists on the valuation date, the maturity
date of the securities will be the later of September 20, 2009 and the
fifth business day following the day on which the final basket level is
calculated. No interest or other payment will be payable because of any such
postponement of the maturity date.

 

Adjustments
to the calculation of the GSCI-ER Livestock Index or the GSCI-ER Agriculture
Index

 

If
either the GSCI-ER Livestock Index or the GSCI-ER Agriculture Index is not
calculated and announced by Goldman, Sachs & Co. but (a) is
calculated and announced by a successor acceptable to the calculation agent or (b) is
replaced by a successor index using, in the determination of the calculation
agent, the same or a substantially similar formula for and method of
calculation as used in the calculation of the GSCI-ER Livestock Index or
GSCI-ER Agriculture Index, as the case may be, then the GSCI-ER Livestock
Index or GSCI-ER Agriculture Index, as applicable, will be deemed to be the
index so calculated and announced by that successor sponsor or that successor
index, as the case may be.

 

Upon
any selection by the calculation agent of a successor index, the calculation
agent will cause notice to be furnished to us and the trustee, which will
provide notice of the selection of the successor index to the registered
holders of the securities in the manner set forth below.

 

If (x)
on or prior to the valuation date Goldman, Sachs & Co. makes, in the
determination of the calculation agent, a material change in the formula for or
the method of calculating the GSCI-ER Livestock Index or the GSCI-ER
Agriculture Index or in any other way materially modifies the GSCI-ER Livestock
Index or the GSCI-ER Agriculture Index or (y) on the valuation date Goldman,
Sachs & Co. (or a successor sponsor) fails to calculate and announce
the GSCI-ER Livestock Index or the GSCI-ER Agriculture Index and there is no
comparable index available, then the calculation agent will calculate the
redemption amount using, in lieu of a published level for the GSCI-ER Livestock
Index or the GSCI-ER Agriculture Index, as the case may be, the level for
the index as on the valuation date as determined by the calculation agent in
accordance with the formula for and method of calculating the GSCI-ER Livestock
Index or the GSCI-ER Agriculture Index, as the case may be, last in effect
prior to that change or failure, but using only those commodities that
comprised the GSCI-ER Livestock Index or the GSCI-ER Agriculture Index, as the
case may be, immediately prior to that change or failure. Notice of
adjustment of the GSCI-ER Livestock Index or the GSCI-ER Agriculture Index will
be provided by the trustee in the manner set forth below.

 

All
determinations made by the calculation agent will be at the sole discretion of
the calculation agent and will be conclusive for all purposes and binding on us
and the beneficial owners of the securities, absent manifest error.

 

R-7

 

Events
of Default and Acceleration

 

In
case an Event of Default (as defined in the Indenture) with respect to the
Securities shall have occurred and be continuing, the amount declared due and
payable upon any acceleration of the Securities (in accordance with the
acceleration provisions set forth in the Indenture) will be determined by the
Calculation Agent and will equal, for each Note, the arithmetic average, as
determined by the Calculation Agent, of the fair value of the Securities as
determined by at least three but not more than five broker-dealers (which may include
Credit Suisse First Boston LLC or any of the Company’s other subsidiaries or
affiliates) as will make such fair value determination available to the
Calculation Agent.

 

The
Company, the Trustee and any agent of the Company or the Trustee may deem
and treat the registered Holder hereof as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of
ownership or other writing hereon) for the purpose of receiving payment of, or
on account of, the Redemption Amount hereof, and for all other purposes, and
neither the Company nor the Trustee nor any agent of the Company or the Trustee
shall be affected by any notice to the contrary.

 

No
recourse under or upon any obligation, covenant or agreement contained in the
Indenture or any indenture supplemental thereto or in any Note, or because of
any indebtedness evidenced thereby, shall be had against any incorporator as
such, or against any past, present or future stockholder, officer, director or
employee, as such, of the Company or of any successor, either directly or
through the Company or any successor, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance hereof and as part of the
consideration for the issue hereof.

 

The
calculation agent for the Securities (the “Calculation Agent”) is Credit Suisse
First Boston International. The calculations and determinations of the
Calculation Agent will be final and binding upon all parties (except in the
case of manifest error). The Calculation Agent will have no responsibility for
good faith errors or omissions in its calculations and determinations, whether
caused by negligence or otherwise.

 

Terms
used herein that are defined in the Indenture and not otherwise defined herein
shall have the respective meanings assigned thereto in the Indenture.

 

The
laws of the State of New York (without regard to conflicts of laws principles thereof)
shall govern this Note.

 

R-8

 

	
  FOR VALUE
  RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

  
	
   

  
	
  [PLEASE INSERT
  SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]

  
	
   

  
	
   

  
	
  [PLEASE PRINT OR
  TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

  
	
   

  
	
   

  
	
  the within Note
  and all rights thereunder, hereby irrevocably constituting and appointing

  
	
   

  
	
   

  
	
                                                                                                                                                          Attorney
  to transfer such Note on the books of the Issuer, with full power of
  substitution in the premises.

  
	
   

  
	
   

  	
   

  	
  Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NOTICE:  The
  signature to this assignment must correspond with the name as written upon
  the face of the within Note in every particular without alteration or
  enlargement or any change whatsoever.

  
						

 

R-9

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