Document:

Settlement Agreement between Senetek and Chemsyn Laboratories

 Exhibit 10.83 
  
 Claim No. HC03CO2032 
 IN THE HIGH COURT OF JUSTICE 
  
 CHANCERY DIVISION

  
 BETWEEN: 
  
 SENETEK PLC 
  
 Claimant 
  
 - and - 
  
 EAGLE-PICHER TECHNOLOGIES LLC 
 (trading as CHEMSYN LABORATORIES) 
 (a company incorporated under the laws of the State of Ohio, United States of America)

  
 Defendant 
  

  
 CONSENT ORDER 
  

  
 UPON the Claimant and the Defendant having agreed terms of settlement of the action
set forth in the schedule hereto and pursuant to Part 40.6 of the CPR. 
  
 BY
CONSENT 
  
 IT IS ORDERED THAT:- 
  

	1.	All further proceedings in this action be stayed upon the terms set forth in the schedule to this Order except for the purpose of carrying this order and the said terms into effect
and for that purpose the parties are to be at liberty to apply. 

  

	2.	There be no order as to costs. 

  
 We hereby agree to an Order in the above mentioned terms. 
  

			
	  

	 	  

		
	DLA	 	Trowers & Hamlins
	3 Noble Street	 	Sceptre Court
	London	 	40 Tower Hill
	EC2V 7EE	 	London
	 	 	EC3N 4DX
		
	Ref: MDS/TJC/76030/120000	 	Ref: DXB.40700.25
		
	Dated this      day of September 2004	 	 

  

 1 

 THE SCHEDULE 
  
 This Settlement Agreement is made on the [    ] day of September 2004 
  
 Between: 
  
 (1) Senetek PLC, whose registered office is at 3 Howard Road, Eaton Socon, Cabridgeshire PE19 (Registered at Companies House with number
01759068) (“Senetek”) 
  
 (2) Eagle-Picher Technologies LLC (t/a Chemsyn
Laboratories), a company incorporated under the Laws of the State of Ohio (“Chemsyn”) 
  
 (Collectively “the Parties”) 
  
 The
Parties now agree as follows:- 
  
 The Payment 
  

	1.	Chemsyn will pay Senetek the sum of US$235,000 on 1 December 2004 (“the Payment”) by telegraphically transmitting the monies by [3pm] (Mountain Standard Time, 11pm
Greenwich Mean Time) on 1 December 2004 to the Claimant’s Solicitors’ client account, details of which are set out below: 

  

	    	[            ]. 

  

	2.	Chemsyn makes the Payment and Senetek accepts that the Payment is:- 

  

	 	2.1	In full and final settlement of all claims Senetek has, or may have, against Chemsyn (including but not limited to those claims made in Claim Number HCO3CO2032, any claims to
interest and legal costs), arising out of or in connection with the manufacture, sale, supply or storage of Phentolamine Mesylate (“the Product”) by Chemsyn from December 1993 to the date of this Settlement Agreement whether pursuant to
the terms of the Supply Agreement dated 22 April 1998 or otherwise. 

  

	 	2.2	Made by Chemsyn on the basis of no admission of any liability whatsoever. 

  
 Transfer of ownership 
  

	3.	In consideration for the Payment, Chemsyn will become the sole legal and beneficial owner of the quantities of the Product that are currently stored at Chemsyn’s premises at
Harrisonville Missouri (circa 6]kg) (“Stored Product”) at 11pm Greenwich mean time on 1 December 2004 (“Time of Transfer”). 

  

	4.	Title and risk in the Stored Product shall pass to Chemsyn at the Time of Transfer. 

  

	5.	For the avoidance of doubt: 

  

	 	5.1	Senetek accepts that, from the Time of Transfer onwards, Chemsyn is entitled to dispose of or utilise the Stored Product in whatever manner it deems appropriate (including onward
transfer, sale or destruction). 

  

 2 

	 	5.2	The transfer in ownership is in respect of the Stored Product only and it does not in any way impact on the quantities of the Product that have already been shipped / delivered to
Senetek, its servants or agents (including, but not limited to, Huntingdon Life Sciences and Novocol Pharama of Canada Inc) which it is hereby accepted are owned by (and at the risk of ) Senetek. 

  
 Proceedings 
  

	6.	The Parties will use all reasonable endeavours to ensure that: 

  

	 	6.1	This Consent Order is lodged with the High Court for sealing by 4pm on 30 September 2004 (Greenwich Mean Time). 

  

	 	6.2	That a Consent Order dismissing the proceedings (with no order as to costs) is filed with the Court by 4pm on 15 December 2004 (Greenwich Mean Time) (providing that the Payment has
been made in accordance with paragraph 1 of this Settlement Agreement). 

  
 Confidentiality 
  

	7.	The terms of this Settlement Agreement, all the details of, and the fact of the settlement, shall be confidential to the Parties and their legal advisors, and shall not be divulged
or disclosed by the Parties whatsoever unless: 

  

	 	7.1	such disclosure is ordered by a court of competent jurisdiction or is otherwise required by law (including any statutory or regulatory requirement or duty); or

  

	 	7.2	it is for the purposes of enforcing the terms of this Settlement Agreement; or 

  

	 	7.3	it is to a professional advisor (on like terms as to confidentiality) for the purpose of enabling the party concerned to comply with any statutory or regulatory requirement or duty;
or 

  

	 	7.4	it is for the purposes of informing the English High Court of the fact that a settlement of Claim number HC03CO2032 has been reached. 

  
 General 
  

	8.	All references in this Settlement Agreement to Senetek and Chemsyn or to the Parties shall be deemed to include (as applicable) their respective parents, subsidiaries, assigns,
directors, officers and agents. 

  

	9.	This Settlement Agreement shall be governed by, construed and take effect in accordance with English law. The courts of England shall have exclusive jurisdiction over any claim,
dispute or difference which may arise out of or in connection with this Settlement Agreement. 

  

	10.	Each of Senetek and Chemsyn hereby severally represents, warrants and undertakes that: 

  

	 	10.1	it is a corporation which has been duly incorporated under the laws of its jurisdiction with power to enter into this Settlement Agreement and to exercise its rights and perform its
obligations hereunder and all corporate and other action required to authorise the execution of this Settlement Agreement and the performance of its obligations hereunder has been duly taken and the person or persons executing this Settlement
Agreement on its behalf has or have the necessary authority to do so; 

  

 3 

	 	10.2	all consents and any other necessary authorisations and approvals required to enable it lawfully to enter into and perform and comply with its obligations under this Settlement
Agreement have been (or will be) obtained and are (or will be) in full force and effect and that, to the best of its knowledge, information and belief, no steps have been taken for the revocation or cancellation of one or more of them and that all
other acts, conditions and things required to be fulfilled and performed in order 

  

	 	10.2.1	to enable it lawfully to enter into and to exercise its rights under and perform the obligations assumed by it in this Settlement Agreement 

  

	 	10.2.2	to ensure that the obligations expressed to be assumed by it in this Settlement Agreement are legal, valid and binding 

  

	 	    	have been (or will be) fulfilled and performed; 

  

	 	10.3	it has not entered into any pending agreements, transactions or negotiations that would render this Settlement Agreement, or any part of it, void, voidable or unenforceable; and

  

	 	10.4	this Settlement Agreement constitutes a valid and binding agreement. 

  

	11.	If at any time any provision of this Settlement Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality,
validity nor enforceability of the remaining provisions nor the legality, validity nor enforceability of such provisions under the law of any other jurisdiction shall in any way be affected or impaired thereby. 

  

	12.	This Settlement Agreement constitutes the entire agreement and understanding between the Parties. Each of the Parties agrees that it will not assert that, in entering into this
Settlement Agreement, it was influenced by the fulfilment or failure to fulfil any past or current or future duty of disclosure whether on its part or on the part of any other person. Save as expressly set out, each of the Parties agrees that they
have entered into this Agreement in reliance upon their own investigation and analysis and that no other statement, representation or warranty of any nature whatsoever (whether express or implied) has been relied upon by it in relation to this
Settlement Agreement. 

  

	13.	Each Party shall at its own cost do and execute or procure to be done and executed all necessary acts, deeds, documents and things reasonably within its power to give effect to this
Settlement Agreement. 

  

	14.	No variation of this Settlement Agreement shall be valid unless it is in writing and signed by or on behalf of each of the Parties. 

  

	15.	Except to the extent that they have been performed, the warranties, representations, undertakings and obligations contained in this Settlement Agreement shall remain in full force
and effect notwithstanding completion. 

  
  

 4 

 Costs 
  

	16.	Both Parties will bear their own costs of, and associated with, entering into this Settlement Agreement and will bear the costs duly incurred by Mr William Marsh in his role as
mediator on a 50:50 basis. 

  

	
	 /s/ Brad Holsowrth-CFO

	
	 September 28, 2004

	
	 Signed for and on behalf of Senetek Plc

	
	 /s/ Lisa Gressel-VP, General Counsel and Secretary

	
	 September 27, 2004

	
	 Signed for and on behalf of Eagle Picher Technologies LLC

  

 5Forbearance Agreement between US International Trading Corporation and Senetek

 Exhibit 10.84 
  
 Carme Cosmeceutical Sciences, Inc. 
 620 Airpark Road 
 Napa, California 94558 
  
 FORBEARANCE LETTER AGREEMENT 
  
 November 8, 2004 
 U.S. International Trading Corp. 
 879 West 190th Street 
 Los Angeles, California

  
 Re: Loan to U.S. International Trading Corp., a Nevada
corporation (“Borrower”) 
  
 Ladies and Gentlemen: 
  
 This letter agreement (“Agreement”) is intended to set
forth the terms upon which Carme Cosmeceutical Sciences, Inc., a Delaware corporation (“Lender”), the current holder of the loan described below (the “Loan”), will agree to forbear from enforcing rights to which
Lender is entitled due to the current defaults under the Loan. 
  
 The Loan is evidenced and secured by, among other documents and instruments, (i) a Secured Promissory Note (the “Note”) dated October 1, 2002, in the original principal amount of $2,300,000, by Borrower, as maker, payable
to the order of Lender, pursuant to which interest accrues from the date thereof; (ii) an Intellectual Property Security Agreement dated as of September 27, 2004 (“Security Agreement”), and encumbering certain personal property
described therein (the “Property”); (iii) a UCC Financing Statement (the “Financing Statement”) reflecting Borrower as Debtor and Lender as Secured Party filed with the Office of the Secretary of State of the State
of Nevada, and (iv) a Purchase and Sale Agreement dated September 27, 2002, between Borrower and Lender (the “Purchase Agreement”). 
  
 The Note, the Security Agreement, the Financing Statement, the Purchase Agreement and all other documents executed in connection with or otherwise
pertaining to the Loan shall be collectively referred to as the “Loan Documents.” 
  
 1. Status. Lender alleges the Loan is in default for, among other things, failure of Borrower to make payments as required by the terms of
the Note (collectively, the “Existing Defaults”). Borrower disputes these allegations. 
  
 2. Forbearance After Default. Subject to the terms of this Agreement and provided no Termination Event (as defined below) occurs, Lender
agrees not to take any action to foreclose upon the Property or otherwise pursue any of its rights or remedies under the Loan Documents (all of which rights and remedies are collectively referred to as the “Enforcement
Proceedings”). Borrower hereby acknowledges and agrees Lender has a right to pursue all remedies available to Lender under the Loan Documents, at law and in equity, after the occurrence of a Termination Event (the “Forbearance
Expiration Date”). 
  
 3. Payment of
Indebtedness. Notwithstanding anything in the Note to the contrary, Borrower shall make payments under the Note as follows, each of which payments shall be made by cashiers’ check, wire transfer or other immediately available funds to
the address of Lender as set forth in the Note and as otherwise set forth in the Note (including, without limitation, the second paragraph of the Note): 
  
 (i) Three (3) payments of Forty Thousand Dollars ($40,000) each, which shall be made not later than December 31, 2004, respectively. 
  

 Page 1 

 (ii) One (1) payment of One Million Dollars ($1,000,000), which shall be made not later than December 31,
2004. 
  
 (iii) Four Hundred Thousand Dollars ($400,000), which
shall bear interest from and after December 31, 2004, at the rate of eight percent (8%) per annum (on the basis of a 360-day year and the actual number of days elapsed), and which shall be repaid in equal quarterly installments of Forty Four
Thousand Five Hundred Fifty Seven and 71/100 Dollars ($44,557.71) by not later than each of the following dates: 
  

	 	(a)	March 31, 2005; 

  

	 	(b)	June 30, 2005; 

  

	 	(c)	September 30, 2005; 

  

	 	(d)	December 31, 2005; 

  

	 	(e)	March 31, 2006; 

  

	 	(f)	June 30, 2006; 

  

	 	(g)	September 30, 2006; 

  

	 	(h)	December 31, 2006; 

  

	 	(i)	March 31, 2007; and 

  

	 	(j)	June 30, 2007. 

  
 Payments shall be applied to the indebtedness under the Note in the manner set forth in the third paragraph of the Note. Any or all such payments may be
made earlier than such dates without penalty in the manner set forth in the fourth paragraph of the Note. All other terms of the Note shall apply to all payments required to be made hereunder. If all such payments are timely made in the manner
required by this Agreement, Borrower’s obligation to pay the amounts under the Note shall be deemed satisfied. 
  
 4. Representations, Warranties and Acknowledgments. Borrower represents, warrants, acknowledges, and agrees to and with Lender that:

  
 (a) Borrower is a duly organized, validly existing
corporation under the laws of the State of Nevada. Panch R. Prasad is the sole officer, director and shareholder of Borrower. Borrower has the power and authority to enter into this Agreement. The execution and delivery of this Agreement by Borrower
and the performance of the obligations hereunder by Borrower have been duly and properly authorized pursuant to all requisite corporate action and does not require the consent or approval of any other party. The execution and delivery of this
Agreement by Borrower do not and will not (i) violate any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to Borrower or Borrower’s articles of
incorporation or bylaws, or (ii) result in a breach or constitute or cause a default under any indenture, agreement, lease or instrument to which Borrower is a party. Borrower is not in default under any such law, rule, regulation, order, writ,
judgment, injunction, decree, determination or award or any such indenture, agreement, lease or instrument. 
  
 (b) The Loan Documents constitute valid and legally binding obligations of Borrower and are enforceable against Borrower in accordance with the terms of
the Loan Documents. Borrower acknowledges that references in the Loan Documents to U.S. International Trading Corporation are to Borrower. 
  

 Page 2 

 (c) Neither this Agreement, nor any payments made or other actions taken pursuant to this Agreement nor
any discussions between Lender and Borrower regarding same is intended to, and shall not be deemed or construed to constitute a modification, amendment or waiver to cure the Existing Defaults, constitute a reinstatement, novation or release of the
Loan or the Loan Documents or an extension of the maturity date of the Loan, or constitute a modification, amendment or waiver of the Loan or the Loan Documents, except as expressly set forth herein. Except as otherwise expressly provided in this
Agreement, Lender reserves all of its rights and remedies in connection with such defaults. 
  
 (d) Borrower has contemporaneously provided to Lender unaudited consolidated balance sheets and income statements of Borrower as of June 30, 2004, December 31, 2003, and December 31, 2002 (the “Financial
Statements”). The Financial Statements fairly present the consolidated assets and liabilities, financial position and results of operations of Borrower as of the dates and for the periods presented, and the Financial Statements reflect all
adjustments (which include only normal, recurring adjustments) which, in the opinion of management of Borrower, are necessary for the fair presentation of the results of Borrower. 
  
 5. No Bankruptcy Intent; Relief From Stay. Borrower has no intent to and Borrower agrees not to (i) file any
voluntary petition under any Chapter of the Bankruptcy Code, Title 11, U.S.C.A. (“Bankruptcy Code”), or in any manner to seek any proceeding for relief, protection, reorganization, liquidation, dissolution or similar relief for
debtors under any local, state, federal or other insolvency law or laws providing relief for debtors (“Debtor Proceeding”), or (ii) directly or indirectly cause any involuntary petition under any Chapter of the Bankruptcy Code to be
filed against Borrower, or (iii) directly or indirectly cause the Property or any portion or any interest of Borrower in the Property to become the property of any bankrupt estate or the subject of any Debtor Proceeding. Borrower acknowledges that
the filing of any petition or the seeking of any relief in a Debtor Proceeding by Borrower, whether directly or indirectly, would be in bad faith and solely for purposes of delaying, inhibiting or otherwise impeding the exercise by Lender of
Lender’s rights and remedies upon the occurrence of a Termination Event against Borrower and the Property pursuant to the Loan Documents in equity or at law. Should Borrower become the subject of any Debtor Proceeding, voluntary or involuntary,
under any present or future law or act (including, without limitation, the Bankruptcy Code), Lender shall be and is entitled to the automatic and absolute lifting of any automatic stay as to the enforcement of Lender’s remedies under the Loan
Documents and against Borrower and any and all property encumbered by the Loan Documents (including, without limitation, the Property). Without limiting the foregoing, Lender shall be and is entitled to relief from the stay imposed by Section 362 of
the Bankruptcy Code, as amended, in any bankruptcy proceedings. 
  
 6. Future Negotiations. Borrower acknowledges and agrees that (a) Lender has no obligation whatsoever to discuss, negotiate or to agree to any restructuring of the Loan, or any modification, amendment, restructuring or
reinstatement of the Loan Documents or to forbear from exercising its rights and remedies under the Loan Documents, except as expressly provided in this Agreement; (b) if there are any future discussions among Lender and Borrower concerning any such
restructuring, modification, amendment or reinstatement, then no restructuring, modification, amendment, reinstatement, compromise, settlement, agreement or understanding with respect to the Loan, the Loan Documents, the Property or any aspect
thereof, shall constitute a legally binding agreement or contract or have any force or effect whatsoever unless and until reduced to writing and signed by authorized representatives of the parties; and (c) Borrower shall not assert or claim in any
legal proceedings or otherwise that any such agreement exists except in accordance with the terms of this paragraph. 
  
 7. Termination Events. Each of the following shall constitute a termination event (“Termination Event”) entitling Lender to
terminate the forbearance granted under this Agreement and immediately to proceed with any Enforcement Proceedings (as limited by Section 9 below), in Lender’s sole and absolute discretion, under the Loan Documents: 
  
 (a) If Borrower fails to pay Lender any of the amounts set forth in Section
3(iii) by the dates set forth in such Section, in immediately available funds; 
  

 Page 3 

 (b) If Borrower does anything or omits to do anything that does or reasonably may materially and
adversely affect the value of the Property; 
  
 (c) If Borrower
files suit against Lender; 
  
 (d) If any representation or
warranty of Borrower in this Agreement shall be untrue or inaccurate in any material respect; 
  
 (e) If Borrower files, or has filed against it, any Debtor Proceeding; 
  
 (f) If Borrower fails to comply with the terms of this Agreement, including without limitation, failure to make the payments required by Section 3 above;
or 
  
 (g) If Borrower commits a default under any of the Loan
Documents other than the Existing Defaults. 
  
 8.
Cooperation in Enforcement Proceedings. It is the express intention of all parties hereto that, upon the occurrence of a Termination Event and the entitlement to exercise an Enforcement Proceeding as set forth in Section 9 below,
Lender shall be able to acquire possession of and title to the Property at the earliest possible date and otherwise commence and complete, without interference by Borrower, such Enforcement Proceedings as Lender may elect. In consideration of the
forbearance granted by Lender as set forth in this Agreement, Borrower agrees not to challenge in any way the validity of any foreclosure proceedings (whether commenced by judicial action or by non-judicial power of sale) related to the Property or
any other Enforcement Proceedings commenced from time to time by Lender upon the occurrence of a Termination Event. In addition, upon the occurrence of a Termination Event, Borrower shall not take any action of any kind or nature whatsoever, either
directly or indirectly, to delay, oppose, impede, obstruct, hinder, enjoin or otherwise interfere with, and Borrower will cooperate and comply with, the exercise by Lender of any and all of Lender’s rights and remedies against Borrower or with
respect to the Property, or any other rights or remedies of Lender with respect to the Loan, the Loan Documents or this Agreement. 
  
 9. Cooperation of Borrower Upon Termination Event. Upon the occurrence of a Termination Event, Lender’s obligations under this
Agreement, including without limitation, Lender’s obligations under Section 2 hereof, shall immediately terminate and be of no further force and effect. Upon the occurrence of a Termination Event, Lender shall apply any sums paid by Borrower
under Section 2 of this Agreement to the amounts due under the Note, shall reinstate the terms of the Note, and shall determine whether, after the application of such payments, a default exists or is continuing under the terms of the Note. If such a
default exists or is continuing, Lender shall immediately be entitled to exercise any Enforcement Proceedings and all of Lender’s other rights and remedies under this Agreement, the Loan Documents, in equity and at law, including, without
limitation, Enforcement Proceedings regarding the Existing Defaults. 
  
 10. Modification of Loan Documents. References in the Loan Documents to the Loan shall mean the Loan as modified by this Agreement. Without limiting the generality of the foregoing, the Security Agreement shall secure
Borrower’s obligations under this Agreement in addition to the Loan Documents. 
  

 Page 4 

 11. Full Force and Effect. The Loan shall remain unmodified and in full force and effect as
a defaulted obligation. Except as may be modified by this Agreement, Borrower agrees to comply with all terms and provisions of the Loan Documents. 
  
 12. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all such
counterparts together shall constitute one and the same instrument. 
  
 13. Invalid Provision to Affect No Others. If any clause or provision operates or would prospectively operate to invalidate this Agreement, in whole or in part, then such clause or provision only shall be deemed deleted, as
though not contained, and the remainder of this Agreement shall remain operative and in full force and effect. 
  
 14. WAIVER OF TRIAL BY JURY. BORROWER, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON
THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS AGREEMENT OR THE LOAN DOCUMENTS OR ANY CONDUCT, ACT OR
OMISSION OF LENDER OR ANY OF ITS DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH EITHER OF THE PARTIES IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

  
 15. CHOICE OF LAW AND VENUE. This Agreement
shall be governed by and construed in accordance with the laws of the State of Nevada without giving effect to principles of conflicts of laws. 
  
 16. MISCELLANEOUS. No remedy set forth herein shall be deemed exclusive but shall, wherever possible, be cumulative with all other remedies
at law or in equity. The prevailing party or parties to any litigation or other proceedings arising out of this Agreement shall be entitled to recover its reasonable costs and attorneys’ fees from the other party or parties. No modification of,
or amendment to, this Agreement (including any implied waiver) shall be effective unless in writing signed by all parties hereto. This Agreement sets forth the entire agreement and understanding of the parties with respect to the subject matter
hereof and merges all prior or contemporaneous agreements and understandings (whether written, verbal or implied) of the parties with respect thereto. All section headings are for convenience only and shall not be construed as part of this Agreement
or as a limitation or expansion of the scope of the sections to which they refer. 
  
 Please sign below to acknowledge Borrower’s agreement to the above terms. 
  

			
	Very truly yours,
	
	Carme Cosmeceutical Sciences, Inc.,
	a Delaware corporation
		
	By:	 	 /s/Brad Holsworth

	Name:	 	Brad Holsworth
	Title:	 	CFO

  

 Page 5 

			
	AGREED TO AND ACCEPTED THIS
	8th DAY OF NOVEMBER, 2004:
	
	U.S. International Trading Corp.,
	a Nevada corporation
		
	By:	 	 /s/ Panch Prasad

	 	 	Panch R. Prasad, its President

  

 Page 6

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