Document:

Unassociated Document

     

    

    

    

    May 12, 2009

    

    

    Mr. Mark
Seremet

    268
Trinity Pass

    Pound
Ridge, New York 10576

    

    Dear
Mark:

    

    This will
confirm that you have personally executed and delivered the attached guarantee
(the “Guaranty”) of that certain financing dated April 6, 2009 between Wells
Fargo Bank and Zoo Publishing, Inc., (the “Loan”).

    

    In
consideration for you providing the Guaranty, Zoo Entertainment, Inc. (“Zoo”)
and you hereby agrees as follows:

    

    1. For so
long as the Loan and the Guaranty remain in full force and effect, Zoo shall pay
you a monthly fee of $10,000 per month; provided, however, if for any three
consecutive months no amount of the Loan is due and owing (but it has not been
terminated) for any one day during that time, the monthly  fee shall
not be owed for the following month.  You agree that so long as you
remain employed by Zoo or any of its subsidiaries, you will not withdraw the
Guaranty during the term of the Loan.   In addition, Zoo agrees
that your employment will not be terminated (except for cause under the terms of
your employment agreement with Zoo or its subsidiaries) and your status,
compensation and benefits with the company that employs you will not be
diminished as long as the Guaranty and the Loan are in
effect.   Zoo agrees that in the event you terminate employment
for any reason, Zoo will use its best efforts to have your name removed from the
Guaranty as soon as possible thereafter.  If the Guaranty is not
released by the end of the month following termination of employment the monthly
fee shall be doubled to $20,000 for each month thereafter until the Guaranty is
removed.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2.
Promptly following the earlier of (a) the conversion of at least 25% of all
currently existing convertible debt of Zoo into equity of Zoo and (b) 180 days
from the date of this letter agreement (regardless of whether all or only a
portion of the currently existing convertible debt has been converted) and, in
each case, subject to the below, Zoo shall issue to you, options to acquire
shares of Zoo common stock equal to 6% of the then issued and outstanding shares
of common stock of Zoo (based on a fully diluted current basis assuming those
options and warrants that have an exercise price below $.40 per share (as
adjusted for stock splits, dividends, reorganizations and like events) are
exercised on that date but not counting the potential conversion to equity of
any outstanding convertible notes that have not yet been converted) inclusive of
any options or other equity securities or securities convertible into equity of
Zoo that you may own at the time of such issuance (the “New Options”); provided,
however, that any options that you own on the date of issuance of the New
Options with an exercise price that is higher than the exercise price of the New
Options shall be cancelled as of the date of the issuance of the New Options and
shall not be considered in determining your percentage ownership for purposes of
calculating the number of New Options to be granted to you.  The New
Options shall be issued under the Zoo 2007 Employee, Director and Consultant
Stock Plan and
standard form of nonqualified stock option agreement; provided however that in
the event the Guaranty on the Loan has not been released by Wells Fargo Bank as
of the date of the termination of the option due to termination of service, the
option termination date shall be extended until the earlier of the date of the
release of the Guaranty or the expiration of the ten year term.

    

    

     

    
      
        	 	
                Sincerely yours

                Zoo Entertainment, Inc.

              	 
	 	 	 	 
	 	
                By:
      

              	/s/ David
      Fremed	 
	 	 	David Fremed,
      CFO	 
	 	 	 	 
	 	 	 	 

      

    

     

    

    

    
      
        
          	
                  Accepted
      & Agreed:

                   

                   

                	 	 	 	 
	
                  /s/
      Mark Seremet

                	 	 	 	 
	
                  Mark
      SeremetUnassociated Document

     

    

    

    May 12, 2009

    

    

    Mr. David
Rosenbaum

    9435
Shawnee Run

    Cincinnati,
Ohio 45243

    

    Dear
David:

    

    This will
confirm that you have personally executed and delivered the attached guarantee
(the “Guaranty”) of that certain financing dated April 6, 2009 between Wells
Fargo Bank and Zoo Publishing, Inc.,  (the “Loan”).

    

    In
consideration for you providing the Guaranty, Zoo Entertainment, Inc. (“Zoo”)
and you hereby agrees as follows:

    

    1. For so
long as the Loan and the Guaranty remain in full force and effect, Zoo shall pay
you a monthly fee of $7,000 per month; provided, however, if for any three
consecutive months no amount of the Loan is due and owing (but it has not been
terminated) for any one day during that time, the monthly  fee shall
not be owed for the following month.  You agree that so long as you
remain employed by Zoo or any of its subsidiaries, you will not withdraw the
Guaranty during the term of the Loan.   In addition, Zoo agrees
that your employment will not be terminated (except for cause under the terms of
your employment agreement with Zoo or its subsidiaries) and your status,
compensation and benefits with the company that employs you will not be
diminished as long as the Guaranty and the Loan are in
effect.   Zoo agrees that in the event you terminate employment
for any reason, Zoo will use its best efforts to have your name removed from the
Guaranty as soon as possible thereafter.  If the Guaranty is not
released by the end of the month following termination of employment the monthly
fee shall be doubled to $14,000 for each month thereafter until the Guaranty is
removed.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2.
Promptly following the earlier of (a) the conversion of at least 25% of all
currently existing convertible debt of Zoo into equity of Zoo and (b) 180 days
from the date of this letter agreement (regardless of whether all or only a
portion of the currently existing convertible debt has been converted) and, in
each case, subject to the below, Zoo shall issue to you, options to acquire
shares of Zoo common stock equal to 3% of the then issued and outstanding shares
of common stock of Zoo (based on a fully diluted current basis assuming those
options and warrants that have an exercise price below $.40 per share (as
adjusted for stock splits, dividends, reorganizations and like events) are
exercised on that date but not counting the potential conversion to equity of
any outstanding convertible notes that have not yet been converted) inclusive of
any options or other equity securities or securities convertible into equity of
Zoo that you may own at the time of such issuance (the “New Options”); provided,
however, that any options that you own on the date of issuance of the New
Options with an exercise price that is higher than the exercise price of the New
Options shall be cancelled as of the date of the issuance of the New Options and
shall not be considered in determining your percentage ownership for purposes of
calculating the number of New Options to be granted to you.  The New
Options shall be issued under the Zoo 2007 Employee, Director and Consultant
Stock Plan and
standard form of nonqualified stock option agreement; provided however that in
the event the Guaranty on the Loan has not been released by Wells Fargo Bank as
of the date of the termination of the option due to termination of service, the
option termination date shall be extended until the earlier of the date of the
release of the Guaranty or the expiration of the ten year term.

    

    

     

    
      
        	 	
                Sincerely
      yours

                Zoo
      Entertainment, Inc.

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ David
      Fremed	 
	 	 	David Fremed,
      CFO	 
	 	 	Title 	 
	 	 	 	 

      

    

     

    

    
      
        
          	
                  Accepted
      & Agreed:

                   

                   

                	 	 	 	 
	
                  /s/
      David Rosenbaum

                	 	 	 	 
	
                  David
      RosenbaumExhibit
10.10

    

    SECOND
AMENDMENT TO

    EMPLOYMENT
AGREEMENT OF STEPHEN FERRONE

    

    SECOND AMENDMENT TO EMPLOYMENT
AGREEMENT (the “Amendment”) is made by and between IMMUNOSYN CORPORATION, a
Delaware corporation (the “Company”), and STEPHEN FERRONE (the
“Executive”).

    

    WHEREAS, the parties hereto entered
into an Employment Agreement, dated as of October 15, 2007 (the
“Agreement”);

    WHEREAS, the Agreement was amended
pursuant to the First Amendment to Employment Agreement of Stephen Ferrone,
dated November 15, 2007;

    WHEREAS,
capitalized terms used and not otherwise defined herein shall have the meanings
ascribed thereto in the Agreement;

    WHEREAS, effective August 19, 2008,
Company and Executive irrevocably agreed to defer all of Executive’s Base Salary
for the period beginning on August 19, 2008 and ending on December 31, 2009, to
be paid its entirety without interest in a lump sum on December 31, 2009;
and

    WHEREAS, the parties desire the terms
of this Amendment to confirm such agreement.

    

    NOW, THEREFORE, the parties, intending
to be legally bound, agree as follows:

    

    1.           Section
3(a) of the Agreement is hereby deleted in its entirety and replaced with the
following:

    

    “3.           (a)  Salary

    

    
      	
               
      

            	
              (i)

            	
              Base
      Salary.  During the Term, the Company shall pay the
      Executive a base salary (“Base Salary”).  The Base Salary shall
      be Three Thousand Dollars ($3,000 USD) per month (or pro rata portion
      thereof) payable semi-monthly (less applicable taxes and withholdings) (if
      calculated on an annualized basis, such Base Salary would result in an
      annual salary of Thirty Six Thousand Dollars ($36,000.00
      USD).  The Base Salary shall be subject to annual review by the
      Board or the Compensation Committee thereof for discretionary periodic
      increases but not decreases.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Deferred Base
      Salary.  Notwithstanding Section 3(a)(i) above, effective
      as of August 19, 2008 (“Deferral Effective Date”), Executive’s Base Salary
      for the period August 19, 2008 through December 31, 2009, (“Deferred Base
      Salary”) shall be irrevocably deferred until December 31,
      2009.  On December 31, 2009, Company shall pay the Deferred
      Base Salary to Executive without
interest.”

            

    

    

    2.           A
new Section 3(i) shall be added to the end of Section 3 as follows:

    

    “(i)  Termination of Deferred Base
Salary Arrangement.  Notwithstanding anything to the contrary
in this Agreement, the Company at its sole discretion may terminate Section
3(a)(ii) and pay the Deferred Base Salary at any time prior to December 31,
2009, provided, however, such termination is completed pursuant to Treas. Reg. §
1.409A-3(j)(4)(ix).”

    

    3.           Except
as amended hereby, all of the terms and provisions of the Agreement remain in
full force and effect.

    

    4.           The
Amendment may be executed in one or more counterparts and via facsimile, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

    

    IN WITNESS HEREOF, the undersigned have
duly executed this Amendment as of the day and year first above
written.

     

    
      
        
          
            
              
                
                  	 
      	
                          IMMUNOSYN
      CORPORATION

                        
	 
      
	 
      	
                          By:

                        	
                          /s/ Douglas A. McClain,
  Jr.

                        
	 
      	 
      	
                          Name:
      Douglas A. McClain, Jr.

                        
	 
      	 
      	
                          Title:
      Chief Financial Officer

                        
	 
      	 
      
	 
      	
                          /s/ Stephen Ferrone

                        
	 
      	
                          STEPHEN
      FERRONE

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