Document:

Exhibit 10.1 - Termination Agreement

Exhibit 10.1

THIS TERMINATION AGREEMENT 

made on January 7, 2006

	
AMONG:

	 	 	 	
FIRST AMERICAN SCIENTIFIC CORP., of 

	 	 	 	
#811 - 100 Park Royal South, 

	 	 	 	
West Vancouver, BC  V1T 1A2

	 	 	 	 	 	 	 	 	 	 	 	
("FASC")

	
AND:

	 
	 	 	 	
ZEO-TECH ENVIRO CORP., of 

	 	 	 	
#2300, 1066 W. Hastings Street, 

	 	 	 	
Vancouver, BC  V6E 3X2

	 	 	 	 	 	 	 	 	 	 	 	
("ZEO")

	
AND:

	 	 	 	
C2C ZEOLITE CORP., of 

	 	 	 	
Unit 356, 440 - 10816 MacLeod Trail South, 

	 	 	 	
Calgary, Alberta, T5J 5N8

	 	 	 	 	 	 	 	 	 	 	 	
("CZC")

	
AND:

	 	 	 	
THELON VENTURES LTD., of 

	 	 	 	
Suite 609 - 475 Howe Street 

	 	 	 	
Vancouver, B. C., V6C 2B3

	 
	 	 	 	 	 	 	 	 	 	 	 	
( "Thelon")

	
AND:

	 	 	 	
UNITED ZEOLITE PRODUCTS LTD., of 

	 	 	 	
#2300, 1066 W. Hastings Street, 

	 	 	 	
Vancouver, BC  V6E 3X2

	 	 	 	 	 	 	 	 	 	 	 	
("United")

WHEREAS:

	
A.
	
The parties entered into a Letter of Agreement in Principle dated August 9, 2004 (the "Letter Agreement") respecting a joint venture arrangement to supply micronized zeolite to Halliburton and others;

	 
	
B.
	
FASC will no longer continue with the joint venture arrangement and will no longer be a party to the Letter Agreement;

	 
	
C.
	
With the concurrence of all the parties, FASC has removed all of its equipment from the Princeton mill site as of January 7, 2006.

 

NOW THEREFORE in consideration of the premises, and other good and valuable consideration (the receipt and sufficiency of which are acknowledged), the parties covenant and agree as follows:

	 	
1.
	
FASC - FASC agrees to surrender all of its shares in United, being 50 Common shares, by way of gift to United.

	 
	 	
2.
	
Termination - The rights and obligations of FASC pursuant to the Letter Agreement are hereby cancelled and terminated effective January 7, 2006. 

	 
	 	
3.
	
Release of FASC - FASC does release all of the other parties, being ZEO, CZC, Thelon and United, and each of them, their heirs, executors, administrators and assigns, and their estates and effects, from all sums of money, debts, contracts, bonds, actions and demands whatever, which FASC now has against the others in respect of any matter arising from the Letter Agreement up to and including the date of this Agreement.

	 
	 	
4.
	
Release of the Other Parties - Each of ZEO, CZC, Thelon and United does release FASC, its officers, shareholders, agents, and employees, and assigns, and each of them and in particular, Cal Kantonen and Brian Nichols, in their capacity as officers and directors of United and its estates and effects (together the "Releasees", of and from all and every manner of debts, claims, suits, actions, guarantees, indemnities or proceedings of every nature and kind whatsoever, and without restricting the generality of the foregoing, of and from any debts, claims, suits, actions, guarantees, indemnities or proceedings which any of them now has or have against the Releasees in respect of any matter arising from the Letter Agreement and their having been shareholders, officers or directors of United up to and including the date of this Agreement.

	 
	 	
5.
	
Further Assurances - Each of the parties shall execute and deliver, at the request of the other, all such further documents and instruments, and shall do all things that are necessary to give full effect to the intent and meaning of this Agreement.

	 
	 	
6.
	
Enurement - This Agreement shall enure to the benefit of and be binding upon the parties and their respective successors and assigns.

	 
	 	
7.
	
Time of the Essence - Time shall be of the essence of this Agreement and of all the transactions contemplated in it.

	 
	 	
8.
	
Execution - This Agreement may be signed in as many counterparts as may be necessary, each of which so signed shall be deemed to be an original, such counterparts together shall constitute one and the same instrument.

 

 

 

 

 - 2 - 

IN WITNESS WHEREOF the parties have duly executed and delivered this Agreement as of the day and year first above written.

	
FIRST AMERICAN SCIENTIFIC CORP.

	 
	
Per: 
	
/s/ Calvin Kantonen
	 	
Signed January 26, 2006

	 	
Authorized Signatory
	 
	 	 
	 	 
	
ZEO-TECH ENVIRO CORP.
	 
	 	 
	
Per: 
	
/s/ Ray Paquette
	 
	 	
Authorized Signatory
	 
	 	 
	 	 
	
C2C ZEOLITE CORP.
	 
	 	 
	
Per:
	
/s/ LuVerne Hogg
	 
	 	
Authorized Signatory
	 
	 	 
	 	 
	
THELON VENTURES LTD.
	 
	 	 
	
Per: 
	
/s/ Jason Walsh
	 
	 	
Authorized Signatory
	 
	 	 
	 	 
	
UNITED ZEOLITE PRODUCTS LTD.
	 
	 	 
	
Per: 
	
/s/ Ray Paquette
	 
	 	
Authorized Signatory
	 

 

 

 

 

 - 3 -Exhibit
      10.21

    

    FIRST
      AMENDMENT TO 

    CREDIT
      AGREEMENT

    

    This
      First Amendment to Credit Agreement ("First
      Amendment") is
      made
      as of the 23rd day of December, 2005, among Celadon
      Group, Inc., Celadon Trucking Services, Inc., Truckersb2b, Inc., Celadon
      Logistics Services, Inc. ("Celadon
      Logistics"), the
      financial institutions that are or may from time to time become parties hereto
      (together with their respective successors and assigns, the "Lenders")
      and
      Lasalle
      Bank National Association
      (in its
      individual capacity, "LaSalle"),
      as Administrative
      Agent for the Lenders, and as Swing Line Lender and Issuing Lender.

    

    Witnesseth:

    

    Whereas,
      as of
      September 26, 2005, the parties hereto (other than Celadon Logistics) entered
      into a certain Credit Agreement (the "Agreement");

    

    Whereas,
      Celadon
      Logistics has recently been formed as a Wholly-Owned Subsidiary of Celadon
      Trucking Services, Inc.;

     

                   Whereas,
      the
      parties hereto desire that Celadon Logistics become a borrower under the
      Commitment established under and pursuant to the Agreement; and

    

    Whereas,
      the
      parties desire to amend the Agreement as herein provided;

    

    Now,
      Therefore,
      in
      consideration of the premises, and the mutual promises herein contained, the
      parties agree that the Agreement shall be, and it hereby is, amended as provided
      herein and the parties further agrees as follows:

    

    PART
      I. 
      AMENDATORY
      PROVISIONS

    

    SECTION
      I

    

    DEFINITIONS

    

    Section
      1.1.     Definitions.

    

    (a)  Section
      1.1 of the Agreement is hereby amended by substituting the following new
      definitions in lieu of the existing like definitions:

    

    Borrower
      means
      any and each of the Company, Celadon Trucking Services, Inc., TruckersB2B,
      Inc.
      and Celadon Logistics Services, Inc.

    

    Borrowers
      means,
      jointly and severally, the Company, Celadon Trucking Services, Inc.,
      TruckersB2B, Inc. and Celadon Logistics Services, Inc. 

    
      
        FIRST
          AMENDMENT TO CREDIT
          AGREEMENT                                                                                                                                                                                                                                       PAGE
          1 

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Tangible
      Net Worth
      of any
      Person means an amount equal to: (a) Net Worth of such Person; less (b) the
      sum
      of goodwill, patents, trademarks and other assets that would be classified
      as
      intangible assets in accordance with GAAP.

    

    SECTION
      10

    

    AFFIRMATIVE
      COVENANTS

    

    Section
      10.1.     Reports,
      Certificates and Other Information. Section
      10.1 of the Agreement is hereby amended by substituting the following new
      Sections 10.1.1 and 10.1.2 in lieu of the existing Sections 10.1.1 and
      10.1.2:

    

    10.1.1    
      Annual
      Report.
      Promptly
      when available and in any event within 90 days after the close of each Fiscal
      Year: (a) a copy of the annual audit report of the Company and its Subsidiaries
      for such Fiscal Year, including therein consolidated balance sheets and
      statements of earnings and cash flows of the Company and its Subsidiaries as
      at
      the end of such Fiscal Year, certified without adverse reference to going
      concern value and without qualification by independent auditors of recognized
      standing selected by the Company and reasonably acceptable to the Administrative
      Agent; and (b) a consolidating balance sheet of the Company and its Subsidiaries
      as of the end of such Fiscal Year and consolidating statement of earnings for
      the Company and its Subsidiaries for such Fiscal Year, certified by a Senior
      Officer of the Company.

     

                 10.1.2    
      Interim
      Reports.
      Promptly
      when available and in any event within 45 days after the end of each Fiscal
      Quarter (except the last Fiscal Quarter of each Fiscal Year), consolidated
      and
      consolidating balance sheets of the Company and its Subsidiaries as of the
      end
      of such Fiscal Quarter, together with consolidated and consolidating statements
      of earnings and consolidated cash flows for such Fiscal Quarter and for the
      period beginning with the first day of such Fiscal Year and ending on the last
      day of such Fiscal Quarter, certified by a Senior Officer of the
      Company.

    

    

    PART
      II.  
      PROVISIONS
      APPLICABLE TO CELADON LOGISTICS

    

    As
      of the
      date of this First Amendment, all of the provisions of the Agreement shall
      be
      applicable to, and binding upon, Celadon Logistics to the same extent such
      provisions are applicable to, and/or binding upon, the other
      Borrowers.

    

    

    PART
      III.  
      EXHIBITS
      AND SCHEDULES

    

    The
      Agreement is hereby amended by (a) substituting Exhibit
      A to
      this
      First Amendment in lieu of Exhibit A
      to the
      Agreement, and (b) by substituting Schedule
      9.8 (Subsidiaries)
      to this First Amendment in lieu of Schedule
      9.8 to
      the
      Agreement.

    
      
        
          FIRST
            AMENDMENT TO CREDIT
            AGREEMENT                                                                                                                                                                                                                                       
PAGE 2

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

       

    

    PART
      IV.    CONTINUING EFFECT

     

    Except
      as
      expressly modified herein:

     

    (a)       
      All
      terms, conditions, representations, warranties and covenants contained in the
      Agreement shall remain the same and shall continue in full force and effect,
      interpreted, wherever possible, in a manner consistent with this First
      Amendment; provided,
      however, in
      the
      event of any irreconcilable inconsistency, this First Amendment shall
      control;

    

    (b)       
      The
      representations and warranties contained in the Agreement shall survive this
      First Amendment in their original form as continuing representations and
      warranties of Borrowers; and

    

    (c)       
      Capitalized
      terms used in this First Amendment, and not specifically herein defined, shall
      have the meanings ascribed to them in the Agreement.

    

    In
      consideration hereof, each Borrower represents, warrants, covenants and agrees
      that:

    

    (aa)  Each
      representation and warranty set forth in the Agreement, as hereby amended,
      remains true and correct as of the date hereof in all material respects, except
      to the extent that such representation and warranty is expressly intended to
      apply solely to an earlier date and except changes reflecting transactions
      permitted by the Agreement;

    

    (bb)  There
      currently exist no offsets, counterclaims or defenses to the performance of
      the
      Obligations (such offsets, counterclaims or defenses, if any, being hereby
      expressly waived);

    

    (cc)  Except
      as
      expressly waived in this First Amendment, there does not exist any Event of
      Default or Unmatured Event of Default; and

    

    (dd)  After
      giving effect to this First Amendment and any transactions contemplated hereby,
      no Event of Default or Unmatured Event of Default is or will be occasioned
      hereby or thereby.

     

    
      PART
        V.    CONDITIONS
        PRECEDENT

       

    

    Notwithstanding
      anything contained in this First Amendment to the contrary, the Lenders shall
      have no obligation under this First Amendment until each of the following
      conditions precedent have been fulfilled to the satisfaction of the
      Lenders:

    

    (a)     
      Each
      of
      the conditions set forth in Section 12.2 of the Agreement shall have been
      satisfied;

    

        (b)    
      The
      Agent
      shall have received each of the following, in form and substance satisfactory
      to
      the Lenders:

    
      
        FIRST
          AMENDMENT TO CREDIT
          AGREEMENT                                                                                                                                                                                                                                        PAGE
          3

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)    
      This
      First Amendment, the Replacement Notes, and such other instruments, documents
      and opinions as the Lenders shall reasonably require, all duly executed by
      the
      parties thereto in the forms approved by the Agent;

    

    (ii)    
      A
      duly
      executed certificate of the Secretary or any Assistant Secretary of each
      Borrower (A) certifying as to attached copies of resolutions of such Borrower
      authorizing the execution, delivery and performance, respectively, of the
      documents referenced in the immediately preceding subparagraph, and (B)
      certifying as complete and correct as to attached copies of the Articles of
      Incorporation and By-Laws, or certifying that such Articles of Incorporation
      or
      By-Laws, have not been amended (except as shown) since the previous delivery
      thereof to the Lenders;

    

    (iii)    
      A
      Reaffirmation of Guaranty, in the form prescribed by the Agent, duly executed
      by
      the Guarantors;

    

    (iv)    
      A
      favorable written opinion of counsel to Celadon Logistics, in form and scope
      acceptable to the Lenders;

    

         
      (c)     All
      reasonable expenses of the Agent (including, without limitation, reasonable
      attorneys' fees), shall have been reimbursed by Borrowers;

    

         
      (d)     All
      legal
      matters incident to this First Amendment shall be reasonably satisfactory to
      the
      Lenders and their counsel.

     

    PART
      VI.     INDEPENDENT
      CREDIT DECISION

    

    Each
      Lender acknowledges that it has, independently and without reliance upon the
      Agent or any other Lender, based on such documents and information as it has
      deemed appropriate, made its own credit analysis and decision to enter into
      this
      First Amendment.

    

    

    [THIS
      SPACE INTENTIONALLY LEFT BLANK]

    
      
        FIRST
          AMENDMENT TO CREDIT
          AGREEMENT                                                                                                                                                                                                                                       PAGE
          4 

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      Borrowers, the Agent and the Lenders have caused this First Amendment to be
      executed by their respective officers duly authorized as of the date first
      above
      written.

    

    

    
      	
              "BORROWERS"

            
	 
	
              CELADON
                GROUP, INC.

            
	 	 
	 	 
	
              By:

            	
              /s/
                Paul Will

            
	
              Title:

            	
              Treasurer

            
	 	 
	 	 
	 	 
	
              CELADON
                TRUCKING SERVICES, INC.

            
	 	 
	 	 
	
              By:

            	
              /s/
                Wayne A. Deno

            
	
              Title:

            	
              Treasurer

            
	 	 
	 	 
	 	 
	
              TRUCKERSB2B,
                INC.

            
	 	 
	 	 
	
              By:

            	
              /s/
                Wayne A. Deno

            
	
              Title:

            	
              Treasurer

            
	 	 
	 	 
	 	 
	
              CELADON
                LOGISTICS SERVICES, INC.

            
	 	 
	 	 
	
              By:

            	
              /s/
                Wayne A. Deno

            
	
              Title:

            	
              Treasurer

            

    

    

    

    
      
        FIRST
          AMENDMENT TO CREDIT
          AGREEMENT                                                                                                                                                                                                                                        PAGE
          5

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              LASALLE
                BANK NATIONAL ASSOCIATION, as Administrative
                Agent,

              as
                Swing Line Lender, as Issuing Lender and as a Lender

            
	 	 
	 	 
	
              By:

            	
              /s/
                David J. Thomas

            
	
              Title:

            	
              Senior
                Vice President

            

    

    

    

    

    
      
        FIRST
          AMENDMENT TO CREDIT
          AGREEMENT                                                                                                                                                                                                                                       PAGE
          6 

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              FIFTH
                THIRD BANK (CENTRAL INDIANA), 

              a
                Lender

            
	 	 
	 	 
	
              By:

            	
              /s/
                David O'Neal

            
	
              Title:

            	
              Vice
                President

            

    

    

    

    
      
        FIRST
          AMENDMENT TO CREDIT
          AGREEMENT                                                                                                                                                                                                                                        PAGE
          7

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              JPMORGAN
                CHASE BANK, N.A., 

              a
                Lender

            
	 	 
	 	 
	
              By:

            	
              /s/
                David R. Fischer

            
	
              Title:

            	
              Senior
                Vice President

            
	 	 

    

    

    
      
        
        

      

      
        FIRST
          AMENDMENT TO CREDIT
          AGREEMENT                                                                                                                                                                                                                                        PAGE
          8

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