Document:

Exhibit 10.1

 

WACHOVIA

 

February 27, 2008

 

Mr. Carl Valeri

The Hamilton Company

39 Brighton Avenue

Boston, Massachusetts 02134

 

	
   

  	
  Re:

  	
  Project Name:

  	
   

  	
  Hamilton Portfolio

  
	
   

  	
   

  	
  Location:

  	
   

  	
  See Attached
  Exhibit A

  
	
   

  	
   

  	
  Number of Units

  	
   

  	
  See Attached
  Exhibit A

  
	
   

  	
   

  	
   

  	
   

  	
   

  

Dear Mr. Valeri:

 

Reference is hereby made to
the commitment letter issued by Wachovia Multifamily Capital, Inc. (“Lender)
in your favor and dated January 11, 2008 (the “Commitment”).

 

The Commitment is hereby amended to add the
following:

 

Borrower has requested an increase in the loan
proceeds for the Properties listed in Exhibit A attached hereto (the “Increased
Loan Proceeds”), which is in excess of the 5% tolerance permitted under the
existing early rate lock, which occurred on January 11, 2008 (the “Original
Interest Rate Lock”). Therefore, a subsequent rate lock must occur (the “Dual
Interest Rate Lock”). The interest rate determined at the time of the Dual
Interest Rate Lock will be combined on a weighted average basis with the
Original Interest Rate Lock to determine the final interest rate (the “Final
Blended Interest Rate”) for these Properties. Borrower will be required to
execute a Dual Rate Setting Form for the Dual Interest Rate Lock.

 

Except as expressly modified
by this letter, the existing terms, conditions, obligations and requirements of
the Commitment hereby do and shall remain in full force and effect. All terms
not defined herein shall have the meanings ascribed to them in the Commitment,
the Prior Rate Setting Form and the Borrower Certification.

 

 

Mr. Carl Valeri

February 27, 2008

Re: Hamilton Portfolio

 

Please sign and return a
copy of this letter so that it is received in this office no later than February 27,
2008.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  WACHOVIA
  MULTIFAMILY CAPITAL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marie Carolo

  
	
   

  	
   

  	
  Name: Marie Carolo

  
	
   

  	
   

  	
  Title:   Director

  
	
   

  	
   

  
	
   

  	
   

  

 

	
  Accepted
  and Agreed to this

  
	
  27
  day of February, 2008

  
	
   

  
	
  Olde
  English Apts., L.P.

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Ronald Brown

  	
   

  
	
   

  	
  Name:
  

  
	
   

  	
  Title:

  
	
   

  
	
  Commonwealth
  1137, LP

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Ronald Brown

  	
   

  
	
   

  	
  Name:
  

  
	
   

  	
  Title:

  
	
   

  
	
  Commonwealth
  1144, LP

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Ronald Brown

  	
   

  
	
   

  	
  Name:
  

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Clovelly
  Apartments, LP

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Ronald Brown

  	
   

  
	
   

  	
  Name:
  

  
	
   

  	
  Title:

  

 

2

 

Mr. Carl Valeri

February 27, 2008

Re: Hamilton Portfolio

 

 

	
  River
  Drive, LP

  
	
   

  
	
  By:

  	
  /s/
  Ronald Brown

  	
   

  
	
   

  	
  Name:
  

  
	
   

  	
  Title:

  

 

3

 

Mr. Carl Valeri

February 27, 2008

Re: Hamilton Portfolio

 

EXHIBIT A

 

	
   

  	
   

  	
   

  	
   

  	
  Increased Loan

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Original Rate Locked

  	
   

  	
  Proceeds at Dual

  	
   

  	
   

  	
   

  
	
  Property & Address

  	
   

  	
  Amount

  	
   

  	
  Interest Rate Lock

  	
   

  	
  Final Loan Amount

  	
   

  
	
  Olde English Village, 704-

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  718 Chelmsford Street,

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Lowell, MA

  	
   

  	
  $

  	
  2,000,000

  	
   

  	
  $

  	
  1,080,000

  	
   

  	
  $

  	
  3,080,000

  	
   

  
	
  Commonwealth Gardens,

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1131-1137 Commonwealth

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ave, Boston, MA

  	
   

  	
  $

  	
  2,000,000

  	
   

  	
  $

  	
  1,750,000

  	
   

  	
  $

  	
  3,750,000

  	
   

  
	
  Commonwealth Apts.,

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1144-1160 Commonwealth

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ave, Boston, MA

  	
   

  	
  $

  	
  12,000,000

  	
   

  	
  $

  	
  2,780,000

  	
   

  	
  $

  	
  14,780,000

  	
   

  
	
  Clovelly Apts., 160-170

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Concord Street, Nashua,

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NH

  	
   

  	
  $

  	
  3,000,000

  	
   

  	
  $

  	
  1,160,000

  	
   

  	
  $

  	
  4,160,000

  	
   

  
	
  River Drive Apts., 3-17

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  River Drive, Danvers, MA

  	
   

  	
  $

  	
  2,500,000

  	
   

  	
  $

  	
  965,000

  	
   

  	
  $

  	
  3,465,000

  	
   

  

 

4exv10w27

 

    Exhibit 10.27

 

    Summary
    of Changes to 2008 Compensation of Named Executive
    Officers

 

    On February 13, 2008, our Board of Directors approved:

 

		
	    1. 
	    an increase of the base salary of David C. McDowell, Vice
    President, Manufacturing Operations to $250,000 CDN, effective
    January 1, 2008;

	 
	    2. 
	    the granting to Mr. McDowell of 100,000 options to purchase
    our common shares, effective February 21, 2008, provided,
    however, should the grant date fall within a trading blackout of
    NUCRYST, the effective date of the grant will be the second
    business day following the expiration of the blackout period
    (the “Option Grant Date”). The options shall be
    exercisable as to one third of such grant on each of the first,
    second and third anniversaries of the Option Grant Date and will
    expire 10 years after the Option Grant Date;

	 
	    3. 
	    an increase of the base salary of Carol L. Amelio, Vice
    President, General Counsel and Corporate Secretary to $210,000
    CDN, effective January 1, 2008; and

	 
	    4. 
	    the granting to Ms. Amelio of 50,000 options to purchase
    our common shares, effective February 21, 2008, provided,
    however, should the grant date fall within a trading blackout of
    NUCRYST, the effective date of the grant will be the second
    business day following the expiration of the blackout period
    (the “Option Grant Date”). The options shall be
    exercisable as to one third of such grant on each of the first,
    second and third anniversaries of the Option Grant Date and will
    expire 10 years after the Option Grant Date.

 

    No other changes were made to the compensation of our named
    executive officers for 2008.exv10w44

 

Exhibit 10.44

SURRENDER OF LEASE

WHEREAS THE WESTAIM CORPORATION (“Lessor”) and NUCRYST PHARMACEUTICALS CORP. (“Lessee”)
entered into a Memorandum of Lease Agreement dated July 1, 2005 (the” Original Lease Agreement”)
which was amended by Letter Agreement dated November 14, 2005 (the “First Amending Lease
Agreement”), by a second amending lease agreement dated April 27, 2006 (the “Second Amending Lease
Agreement”), by a third amending lease agreement dated August 8, 2006 (the “Third Amending Lease
Agreement”), and by a fourth amending lease agreement dated April 30, 2007 (the “Fourth Amending
Lease Agreement”), collectively the “Lease Agreement”;

AND WHEREAS the Lessor assigned all of its interest in the Lease Agreement to Sherritt
International Corporation, the purchaser of the lands of which the Leased Premises form part, by
virtue of an Assignment and Assumption of Leases dated May 7, 2007;

AND WHEREAS pursuant to the Fourth Amending Lease Agreement the parties hereto wish to confirm the
terms under which the Lessee will surrender the 1st Floor Surrendered Premises;

NOW THEREFORE in consideration of the mutual covenants and agreements herein contained and for
other good and valuable consideration now exchanged by and between the parties (the receipt and
sufficiency of which consideration is hereby irrevocably acknowledged by the parties), the parties
hereto agree as follows:

1.     The Lessee hereby surrenders and yields up to the Lessor from June 30, 2007 (the “Effective
Date”) any and all interest of the Lessee to the 1st Floor Surrendered Premises and the
Lease Agreement as it pertains to the 1st Floor Surrendered Premises, and the surrender
of the 1st Floor Surrendered Premises is hereby accepted by the Lessor.

2.     The Lessor hereby accepts the condition of the 1st Floor Surrendered Premises in the
manner in which it was vacated by the Lessee.

3.     From and after the Effective Date, and subject only to section 5 hereof, the Lessee shall be and
is hereby released from all future obligations owing to the Lessor under the Lease Agreement
pertaining to the
1st Floor Surrendered Premises, including but not limited to
obligations to pay Basic Rent and Additional Rent. Moreover, the Lessee’s obligation to pay its
proportionate share of operating costs of the Complex Common Facilities shall abate according to
square footage of the 1st Floor Surrendered Premises. The Lessee acknowledges that it
will remain liable to the Lessor for payment and performance of all obligations under the Lease
Agreement pertaining to the 1st Floor Surrendered Premises accruing up to the Effective
Date that have not been satisfied or discharged.

4.     From and after the Effective Date, and subject only to section 5 hereof, the Lessor shall be and
is hereby released from any and all future obligations under the Lease Agreement pertaining to the
1st Floor Surrendered Premises.

5.     Notwithstanding the surrender of the 1st Floor Surrendered Premises, the Lessee shall
continue to be entitled to retain its server in the server room on
the 1st Floor of the
AIMS I Building and have non-exclusive access to, in and from the server room for all uses
incidental to its server until December 31, 2007. The Lessee agrees to exercise its rights
hereunder so as to minimize disruption of the Lessor and any of its lessees that may hereafter
occupy the 1st Floor Surrendered Premises.

6.     Except as herein amended, all other provisions, terms and conditions of the Lease Agreement
shall remain the same and in full force and effect.

 

 

7.     All capitalized terms used herein but not defined shall have the meanings defined therefore in
the Lease Agreement.

8.     This Agreement may be executed in one or more counterpart, each of which shall be deemed to be
the original, but all of which together shall constitute one and the same instrument. Counterparts
may be executed either in original or facsimile form.

IN WITNESS WHEREOF the parties have executed this Agreement by the hands of their duly authorized
officers in that regard, whose signatures alone are sufficient to bind the parties to the terms
hereof, effective the 30th Day of June, 2007.

	 	 	 	 	 	 	 	 	 	 	 
	SHERRITT INTERNATIONAL CORPORATION	 	 	 	NUCRYST PHARMACEUTICALS CORP.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Per:

	 	/s/ Cresia Rosichuk for Peter Cordingley
	 	 
	 	Per:
	 	/s/ Eliot M. Lurier	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name: Cresia Rosichuk
	 	 	 	 	 	Eliot M. Lurier	 	 
	 

	 	Title: Purchasing Supervisor
	 	 	 	 	 	Vice President, Finance & Administration,
Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Per:
	 	/s/ Carol L. Amelio	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Carol L. Amelio	 	 
	 

	 	 	 	 	 	 	 	Vice President, General Counsel & Corporate Secretary

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