Document:

10.5 - Amendment No. 2 A&R Bridge Credit Agreement

    Exhibit
      10.5

    AMENDMENT
      NO. 2

    

     

    This
      AMENDMENT NO. 2, dated as of July 21, 2006 (this “Amendment”),
      to
      the Existing Bridge Credit Agreement is among TRIBUNE COMPANY, a Delaware
      corporation (the “Borrower”),
      the
      Agent and certain of the Lenders (capitalized terms used herein have the
      meanings set forth in, or are defined by reference in, Article I
      below).

     

    
      W  I 
        T  N  E  S  S 
E  T  H:

    

     

    WHEREAS,
      the Borrower, the Initial Lenders and Citicorp North America, Inc., as the
      administrative agent (the “Agent”),
      are
      parties to an Amended and Restated Bridge Credit Agreement, dated as of June
      27,
      2006 (as amended, supplemented, amended and restated or otherwise modified
      prior
      to the date hereof, the “Existing
      Bridge Credit Agreement”,
      and as
      amended by this Amendment and as the same may be further amended, supplemented,
      amended and restated or otherwise modified from time to time, the “Bridge
      Credit Agreement”);

     

    WHEREAS,
      the Borrower has requested that the Lenders amend certain provisions of the
      Existing Bridge Credit Agreement and the Lenders are willing, on the terms
      and
      subject to the conditions hereinafter set forth, to amend such provisions of
      the
      Existing Bridge Credit Agreement as set forth below;

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual agreements herein
      contained, the Borrower, the Lenders and the Agent hereby agree as
      follows.

    

    ARTICLE
      I

     

    DEFINITIONS

     

    SECTION
      1.1.   Certain
      Definitions.
      The
      following terms (whether or not underscored) when used in this Amendment shall
      have the following meanings (such meanings to be equally applicable to the
      singular and plural forms thereof):

     

    “Agent”
is
      defined in the first
      recital.

     

    “Amendment”
is
      defined in the preamble.

     

    “Amendment
      No. 2 Effective Date”
is
      defined in Article
      III
      hereof.

     

    “Borrower”
is
      defined in the preamble.

     

    “Bridge
      Credit Agreement”
is
      defined in the first
      recital.

     

    “Existing
      Bridge Credit Agreement”
is
      defined in the first
      recital.

     

    SECTION
      1.2.   Other
      Definitions.
      Terms
      for which meanings are provided in the Existing Bridge Credit Agreement are,
      unless otherwise defined herein or the context otherwise requires, used in
      this
      Amendment with such meanings.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

     

    AMENDMENT

     

    Effective
      on and subject to the occurrence of the Amendment No. 2 Effective Date, the
      provisions of the Existing Bridge Credit Agreement referred to below are hereby
      amended in accordance with this Article
      II.
      

     

    SECTION
      2.1.   Amendment
      to Section 1.01.
      The
      definition of “Net Cash Proceeds” set forth in Section 1.01 of the Existing
      Bridge Credit Agreement is hereby amended and restated in its entirety to read
      as follows:

     

    “Net
      Cash Proceeds”
means,
      with respect to the sale or issuance of any equity interest by the Borrower
      or
      any of its Subsidiaries, or the incurrence or issuance of any Debt for Borrowed
      Money (exclusive of any such Debt in respect of commercial paper) by the
      Borrower or any of its Subsidiaries, the excess of (i) the sum of the cash
      and
      cash equivalents received in connection with such transaction over
      (ii) the
      underwriting discounts and commissions or other similar payments, and other
      related out-of-pocket costs, fees, commissions, premiums and expenses, incurred
      by the Borrower or such Subsidiary in connection therewith. 

     

    SECTION
      2.2.   Amendment
      to Section 2.09.
      Clause
      (b)(i) of Section 2.09 of the Existing Bridge Credit Agreement is hereby amended
      by deleting the parenthetical “(excluding the Debt incurred hereunder or under
      the Amended and Restated Five-Year Credit Agreement)” and inserting in place
      thereof the following parenthetical:

     

    “(excluding,
      without duplication, (x) the Debt incurred hereunder or under the Amended and
      Restated Five-Year Credit Agreement and (y) the incurrence or issuance of any
      Debt for Borrowed Money by the Borrower or any of its Subsidiaries after the
      Original Effective Date consisting of commercial paper)”.

     

     

    ARTICLE
      III  

     

     

    CONDITIONS
      PRECEDENT

     

    This
      Amendment shall become effective on the date (the “Amendment
      No. 2 Effective Date”)
      when
      each of the conditions set forth in this Article III shall have been fulfilled
      to the satisfaction of the Agent.

     

    SECTION
      3.1.   Execution
      of Counterparts.
      The
      Agent shall have received counterparts of this Amendment, duly executed and
      delivered on behalf of (i) the Borrower, (ii) the Agent and (iii) the Required
      Lenders.

     

    SECTION
      3.2.   Fees
      and Expenses.
      The
      Agent shall have received all reasonable and documented fees and expenses,
      if
      any, due and payable pursuant to the Bridge Credit Agreement.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      IV

     

    REPRESENTATIONS
      AND WARRANTIES

     

    In
      order
      to induce the Lenders and the Agent to enter into this Amendment, the Borrower
      hereby represents and warrants as follows:

     

    (a) The
      representations and warranties contained in Section 4.01 of the Existing Bridge
      Credit Agreement (except the representations set forth in the last sentence
      of
      clause (e)(i) thereof and in clause (f) thereof) are correct in all
      material respects, before and after giving effect to this Amendment (unless
      stated to relate solely to an earlier date, in which case such representations
      and warranties are correct as of such earlier date).

     

    (b) As
      of the
      date hereof, no Default exists or has occurred and is continuing.

     

    ARTICLE
      V

     

    

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      5.1.   Full
      Force and Effect; Limited Amendment.
      Except
      as expressly provided herein, all of the representations, warranties, terms,
      covenants, conditions and other provisions of the Existing Bridge Credit
      Agreement and the Notes shall remain in full force and effect in accordance
      with
      their respective terms and are in all respects hereby ratified and confirmed.
      The amendments set forth herein shall be limited precisely as provided for
      herein to the provisions expressly amended hereby and shall not be deemed to
      be
      an amendment to or modification of any other term or provision of the Existing
      Bridge Credit Agreement, any Note or of any transaction or further or future
      action on the part of the Borrower which would require the consent of any of
      the
      Lenders under the Existing Bridge Credit Agreement or the Notes.

     

    SECTION
      5.2.   Loan
      Document.
      This
      Amendment is executed pursuant to the Existing Bridge Credit Agreement and
      shall
      (unless otherwise expressly indicated herein) be construed, administered and
      applied in accordance with the terms and provisions thereof, including, without
      limitation, Article VIII thereof.

     

    SECTION
      5.3.   Fees
      and Expenses.
      The
      Borrower agrees to pay those reasonable and documented fees payable to the
      Agent
      in connection with this Amendment and all other reasonable and documented
      out-of-pocket expenses incurred by the Agent in connection with the preparation,
      negotiation, execution and delivery of this Amendment and the documents and
      transactions contemplated hereby, including the reasonable and documented fees
      and disbursements of Mayer, Brown, Rowe & Maw LLP, as counsel for the
      Agent.

     

    SECTION
      5.4.   Headings.
      The
      various headings of this Amendment are inserted for convenience only and shall
      not affect the meaning or interpretation of this Amendment or any provisions
      hereof.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.5.   Execution
      in Counterparts.
      This
      Amendment may be executed by the parties hereto in several counterparts, each
      of
      which shall be deemed to be an original and all of which shall constitute
      together but one and the same agreement.

     

    SECTION
      5.6.   Cross-References.
      References in this Amendment to any Article or Section are, unless otherwise
      specified or otherwise required by the context, to such Article or Section
      of
      this Amendment.

     

    SECTION
      5.7.   Successors
      and Assigns.
      This
      Amendment shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns.

     

    SECTION
      5.8.   Governing
      Law.
      THIS
      AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS
      OF THE STATE OF NEW YORK.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
      by
      their respective partners or officers thereunto duly authorized as of the day
      and year first above written.

    

                        TRIBUNE
      COMPANY

    

     

                      By: /s/
      Chandler Bigelow 

                        Name: Chandler
      Bigelow

                        Title:
 Vice
      President & Treasurer

     

        

                       CITICORP
      NORTH AMERICA,
      INC., as Agent

    

                        By: /s/
      Anish M. Shah 

                    Name: Anish
      M.
      Shah

                    Title: Vice
      President

    

    

                        LENDERS

    

                        CITICORP
      NORTH
      AMERICA, INC.

     

                        By: /s/
      Anish M. Shah 

                    Name: Anish
      M.
      Shah

                    Title: Vice
      President

     

    

     

                        MERRILL
      LYNCH CAPITAL
      CORPORATION

     

                        By: /s/
      Nancy E. Meadows 

                    Name: Nancy
      E.
      Meadows

                                  
      Title: Vice
      President

     

     

                        JPMORGAN
      CHASE BANK,
      NATIONAL ASSOCIATION

     

     

                        By: /s/
      James L. Stone 

                    Name: James
      L.
      Stone

                    Title: Managing
      Director

     

     

                        BANK
      OF AMERICA,
      N.A.

     

                        By: /s/
      Todd Shipley 

                    Name: Todd
      Shipley

                    Title: Senior
      Vice PresidentDRAFT

Placement Agent Agreement

April 6, 2006

Paulson Investment Company, Inc.

811 SW Naito Parkway

Portland, Oregon 97204

Dear Sir:

The undersigned, Universal Guardian Holdings, Inc., a Delaware corporation (the "Company"), hereby agrees with Paulson Investment Company, Inc. ("Paulson" or "Placement Agent") as follows:

1.  Best Efforts Offering.  The Company hereby engages Paulson to act as its exclusive agent during the term of the offering as outlined herein to sell, in private offering a minimum of $1 million (the “Minimum”) up to a maximum of $4 million (the “Maximum”) of units (the “Units” or the “Unit”), on a "best efforts" basis, on the terms substantially as set forth in the Term Sheet attached hereto as Exhibit A (the “Offering”). The Units shall be offered without registration under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the "Act") pursuant to the exemption from registration created by Regulation D thereof.

2.  Information Package.  The Company shall, as soon as practicable, prepare an Information Package (the “IP”) covering the proposed Offering which shall comply with the anti-fraud and all other requirements of the federal and state securities laws.  The IP shall be in form and substance reasonably satisfactory to Paulson and to the Company and to their respective counsel.  It is contemplated that the IP will include information from the Company’s public documents as well as the terms of the Offering, risk factors and any material updates of the Company occurring after the date of the most recently filed 10-K or 10-Q, as the case may be. The Company agrees that it shall modify or supplement the IP during the course of the Offering to insure that the IP does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.  The Offering will be deemed to have commenced on the date the IP has been approved by the Company and Paulson and available for distribution (“Effective Date”).  

3.  Compensation.  Paulson will be paid at the closing of the Offering a cash commission of 10% of the aggregate amount of the Units sold.  In addition, Paulson shall receive five (5) year non-callable warrants to purchase Units equal to 10% of the number of the Units sold hereunder, exercisable at the Unit price on the Closing Date.

4.  Expenses. Whether or not the Offering is successfully completed, it shall be the Company's obligation to bear (a) all of its expenses in connection with the proposed Offering, and (b) all escrow agent fees and expenses. In addition, the Company shall pay Paulson a non-accountable expense allowance equal to 3% of the gross proceeds raised in the Offering. If the Offering is not completed, then the Company shall reimburse Paulson for its actual expenses incurred within 60 days of the termination of the Offering.

 

5.  Further Representations and Agreements of the Company.  The Company further represents and agrees that (i) it is authorized to enter into this Agreement and to carry out the Offering contemplated hereunder and this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its terms, (ii) the number of shares, options, warrants and other securities convertible into shares of common stock of the Company (collectively “Common Stock Equivalents”) outstanding shall be set forth in the IP and the Company shall not issue any additional Common Stock Equivalents during the term of the Offering unless the issuance or sale is related to a 

strategic transaction or an employee, consultant, supplier, lender or lessor option grant or issuance, (iii) the Company will, during the course of the Offering, provide Paulson with all information and copies of documentation with respect to the Company's business, financial condition and other matters as Paulson may reasonably deem relevant, including copies of all documents sent to stockholders or filed with any federal authorities, and will make reasonably available to Paulson, its auditors, counsel, and officers and directors to discuss with Paulson any aspect of the Company or its business which Paulson may reasonably deem relevant, (iv) the Company agrees that for a period of 30 days after the close of the Offering, it shall not issue or sell any Common Stock of the Company, unless the issuance or sale is related to a strategic transaction or an employee, consultant, supplier, lender or lessor option grant or issuance, and (v) the Company will deliver at the closing of sales conducted hereunder (a) a certificate of each of the Company's Chief executive Officer and Chief Financial Officer to the effect that the IP meets the requirements hereof and has been modified or supplemented as required by Paragraph 2 hereof and does not contain any untrue statement of material fact or fail to state any material fact required to be stated therein or necessary to make the statements therein not misleading  and all necessary corporate approvals have been obtained to enable the Company to deliver the Units in accordance with the terms of the Offering and (b) an opinion of counsel for the Company, which shall be  satisfactory to Paulson and that is standard and customary for such a transaction.

6.  Indemnification. – See Exhibit B attached hereto.

7.  No-Shop Provision.  Until the Offering contemplated hereby is completed or terminated, but in no event later than sixty (60) days from the Effective Date, the Company agrees that it will not negotiate with any other person relating to a possible public or private offering or placement of the Company's securities.  

8.  Termination.  The Company shall have the right to terminate this Agreement in the event that the Minimum is not subscribed for within thirty (30) days of the Effective Date or the Maximum is not fully subscribed within ninety (90) days of the Effective Date.  The Company and Paulson may terminate or extend the Agreement at any time by mutual written consent.

9.  Competing Claims. The Company acknowledges and agrees that no entity, other than Jon McDermott, has any claims or is entitled to any payments for services in the nature of a finder’s fee or any other arrangements, agreements, payments or understandings pursuant to this Offering.

10. Press Release. Within three business days of the date hereof, the Company will issue a press release which will describe the terms of the Offering and which shall comply with the requirements of Rule 135c promulgated under the Securities Act of 1933, as amended.

11. Miscellaneous.

(a)  Governing Law.  This Agreement and the transactions contemplated hereby shall be governed in all respects by the laws of the State of Oregon, without giving effect to its conflict of laws principles.

(b)  Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

(c)  Notices.  Whenever notice is required to be given pursuant to this Agreement, such notice shall be in writing and shall either be (i) mailed by certified first class mail, postage prepaid, addressed (a) if to Paulson, at the address set forth at the head of this Agreement, Attention: Chester Paulson; and (b) if to the Company, at 4695 Mac Arthur Court, Ste. 300, Newport Beach, California 92660, Attention: Mike Skellern, Chief Executive Officer; or (ii) delivered personally or by express courier.  The notice shall be deemed given, if sent by mail, on the third day after deposit in a United States post office receptacle, or if delivered personally or by express courier, then upon receipt.

 (d)  Dispute.  In the event of any action at law, suit in equity or arbitration proceeding in relation to this Agreement or the transactions contemplated by this Agreement, the prevailing party, or parties, shall be paid its reasonable attorney's fees and expenses arising from such action, suit or proceeding by the other party.

If the foregoing correctly sets forth the understanding between Paulson and the Company, please so indicate in the space provided below for that purpose whereupon this letter shall constitute a binding agreement between us.

Very truly yours,

By:__/s/ Michael Skellern_________________

Michael Skellern,

President & CEO

Confirmed and agreed to:

Paulson Investment Company, Inc.

By:

__/s/ Lorraine Maxfield______________

Lorraine Maxfield, CFA

Senior VP, Corporate Finance

Date:

April 6, 2006

EXHIBIT A

Confidential 

Private Placement of Units

Preliminary Term Sheet

I.  The Offering

Issuer:

Universal Guardian Holdings, Inc.(the "Company"), a Delaware corporation.

Issue:

Private Placement of Units (the "Units”) issued to accredited investors only pursuant to Regulation D.  Each Unit shall consist of two shares of Common Stock and one Warrant.  The Warrants will be immediately detachable and separately transferable.

Issue Price:

The greater of either (a) $1.50 per Unit; or (b) 80% of the average closing price of two (2) shares of the Company’s common stock for 10 days preceding the Effective Date.

Issue Size:

Minimum of $1 million and a Maximum of $4 million.

Purchase Agreement:

The shares of Common Stock and Warrants shall be purchased pursuant to a Securities Purchase/Subscription Agreement which shall contain representations, warranties and covenants and conditions to closing customary for a transaction of this kind.

Registration Requirements:

The Company shall use its best efforts to file with the SEC a registration statement (the “Registration Statement”) for the Common Stock and the shares underlying the Warrants within 30 days of the Closing Date and to have such Registration Statement declared effective within 90 days of the Closing Date. 

Use of Proceeds:

Working capital.

II. Summary of Warrant Terms

Purchase Price:

Included in Unit purchase price.

Exercise Price:

150% of the price of one share of the Company’s common stock as determined in Issue Price.  

Exercise Term:

Five years from closing. 

Call Feature:

The Company may call the Warrants in the event that the closing price of the Common Stock is at least 100 % of the Unit Price for five (5) consecutive trading days. 

 

EXHIBIT B

April 6, 2006

Paulson Investment Company, Inc.

811 SW Naito Parkway

Portland, Oregon 97204

Gentlemen:

In connection with our engagement of Paulson Investment Company, Inc. ("Paulson") as our placement agent, we hereby agree to indemnify and hold harmless Paulson and its affiliates, and the respective controlling persons, directors, officers, shareholders, agents and employees of any of the foregoing (collectively the "Indemnified Persons"), from and against any and all claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including the reasonable fees and expenses of counsel), (collectively a "Claim"), which are (A) related to or arise out of (i) any actions taken or omitted to be taken (including any untrue statements made or any statements omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in connection with our engagement of Paulson, or (B) otherwise relate to or arise out of Paulson's activities on our behalf under Paulson's engagement, and we shall reimburse any Indemnified Person for all expenses (including the reasonable fees and expenses of counsel) incurred by such Indemnified Person in connection with investigating, preparing or defending any such claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation in which any Indemnified Person is a party.  We will not, however, be responsible for any Claim, which is finally judicially determined to have resulted from the gross negligence or willful misconduct of any person seeking indemnification hereunder.  We further agree that no Indemnified Person shall have any liability to us for or in connection with our engagement of Paulson except for any Claim incurred by us as a result of any Indemnified Person's gross negligence or willful misconduct.

We further agree that we will not, without the prior written consent of Paulson, settle, compromise or consent to the entry of any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an unconditional, irrevocable release of each Indemnified Person hereunder from any and all liability arising out of such Claim.

Promptly upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to which indemnification is being sought hereunder, such Indemnified Person shall notify us in writing of such complaint or of such assertion or institution but failure to so notify us shall not relieve us from any obligation we may have hereunder, unless and only to the extent such failure results in the forfeiture by us of substantial rights and defenses.  If we so elect or are requested by such Indemnified Person, we will assume the defense of such Claim, including the employment of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the event, however, that legal counsel to such Indemnified Person reasonably determines and provides written correspondence to us, that having common counsel would present such counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and us, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it or other Indemnified Persons different from or in addition to those available to us, then such Indemnified Person may employ its own separate counsel to represent or defend it in any such Claim and we shall pay the reasonable fees and expenses of such counsel.  Notwithstanding anything herein to the contrary, if we fail timely or diligently to defend, contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but 

not the obligation, to defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by us therefor, including without limitation, for the reasonable fees and expenses of its counsel and all amounts paid as a result of such Claim or the compromise or settlement thereof.  In any Claim in which we assume the defense, the Indemnified Person shall have the right to participate in such Claim and to retain its own counsel therefor at its own expense.

Paulson agrees that it will indemnify and hold harmless the Company and each of its directors and officers, against any Loss whatsoever (including, but not limited to, any and all legal fees and other expenses) to which the Company or any such director or officer may be subject solely as a result of statements made in the Private Placement Memorandum based solely upon information supplied by Paulson to the Company in writing or based upon the gross negligence or willful misconduct of Paulson or any of its employees or agents in acting as Placement Agent for the offering and sale hereunder.

We agree that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether or not Paulson is the Indemnified Person), we and Paulson shall contribute to the Claim for which such indemnity is held unavailable in such proportion as is appropriate to reflect the relative benefits to us, on the one hand, and Paulson on the other, in connection with Paulson's engagement referred to above, subject to the limitation that in no event shall the amount of Paulson's contribution to such Claim exceed the amount of fees actually received by Paulson from us pursuant to Paulson's engagement.  We hereby agree that the relative benefits to us, on the one hand, and Paulson on the other, with respect to Paulson's engagement shall be deemed to be in the same proportion as (a) the total value paid or proposed to be paid or received by us or our stockholders as the case may be, pursuant to the transaction (whether or not consummated) for which you are engaged to render services bears to (b) the fee paid or proposed to be paid to Paulson in connection with such engagement.

Our indemnity, reimbursement and contribution obligations under this Agreement shall be in addition to, and shall in no way limit or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity.

The validity and interpretation of this agreement shall be governed by and construed and enforced in accordance with the laws of the State of Oregon applicable to agreements made and to be fully performed therein (excluding the conflicts of laws rules). Each of Paulson and the Company hereby irrevocably submits to the jurisdiction of any court of the State of Oregon, Multnomah County or the United States District Court of Oregon for the purpose of any suit, action or other proceeding arising out of this agreement or the transactions contemplated hereby, which is brought by or against Paulson or the Company and in connection therewith, each of Paulson and the Company (i) hereby irrevocably agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such court, (ii) to the extent that it has acquired, or hereafter may acquire, any immunity from jurisdiction of any such court or from any legal process therein, it hereby waives, to the fullest extent permitted by law, such immunity and (iii) agrees not to commence any action, suit or proceeding relating to this agreement other than in any such court.  Each of Paulson and the Company hereby waives and agrees not to assert in any such action, suit or proceeding, to the fullest extent permitted by applicable law, any claim that (a) it is not personally subject to the jurisdiction of any such court, (b) it is immune from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to its property of (c) any suit, action or proceeding is brought in an inconvenient forum.

The provisions of this Agreement shall remain in full force and effect following the completion or termination of Paulson's engagement.

Very truly yours,

________________

By:_________________________________

__________________

Chief Executive Officer

Confirmed and agreed to:

Paulson Investment Company, Inc.

By:

______________________________

___________________

___________________

Date:

April 6, 2006

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