Document:

Exhibit 10.68

 

RESOLUTION TO TERMINATE THE INTERCONTINENTAL LIFE CORPORATION

 DEFINED CONTRIBUTION SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

WHEREAS, InterContinental Life Corporation, the "Company", established the InterContinental Life Corporation Defined Contribution Supplemental Executive Retirement Plan, the "DC SERP", effective January 1, 2005 for active plan participants who were (i) listed below and (ii) were Highly Compensated Employees;

 

	
            Name
 	
            2005 Contribution Rate (Percentage of 2005 Compensation)
 
	
            Davis, Cynthia Hall
 	
            0.00%
 
	
            Kasch, Vincent Lee
 	
            0.25%
 
	
            Rhodes, Lloyd F.
 	
            4.25%
 
	
            Schneider, Kenneth Lee
 	
            0.00%
 
	
            Tritz, Peter A.
 	
            5.75%
 
	
            Walker, Nigel
 	
            4.50%
 
	
            Whitmire, Wayne P.
 	
            0.00%
 

 

WHEREAS, the benefits provided by the DC SERP were to be determined using the same provisions found in Section 4.1 (f) of the InterContinental Life Corporation Employee Savings and Investment Plan ("the 401(k) Plan"), including IRC Section 401(a)(17) and 415 limits;

 

WHEREAS, it is now the desire of the Company to terminate the DC SERP as permitted under Section 9.2 of the DC SERP and distribute all contributions made on behalf of participants during the 2005 plan year as a one-time lump sum payment;

 

BE IT RESOLVED, that the Board of Directors of the Company hereby approves the termination of the InterContinental Life Corporation Supplemental Defined Contribution Executive Retirement Plan and the distribution of all benefits under the plan, and authorizes its officers to take such further steps as are necessary to accomplish this resolution, including any other amendments as may be required by IRC Section 409A and its associated regulations provided such amendments do not materially alter the benefits provided under the DC SERP;

 

IN WITNESS THEREOF, I do hereby certify that the foregoing is a true and correct copy of an original resolution passed by the InterContinental Life Corporation Board of Directors at a meeting held on the 13th day of December, 2005.

 

	
             
 	
            INTERCONTINENTAL LIFE CORPORATION
 

 

	
             
 	
            By:
 	
            /s/ Michael P. Hydanus
 

	
             
 	
            Name:
 	
            Michael P. Hydanus
 

	
             
 	
            Date:
 	
            12/20/2005
 

 

ATTEST

 

By: /s/ Jennifer L. Robinson

Name: Jennifer L. Robinson

Date: 12/20/05Exhibit 10.69

 

RESOLUTION TO TERMINATE THE INTERCONTINENTAL LIFE

CORPORATION SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

WHEREAS, InterContinental Life Corporation, the "Company", established the InterContinental Life Corporation Supplemental Executive Retirement Plan, the "SERP", effective January 1, 2005 for active plan participants in the Qualified Plan who (i) satisfied the Rule of 68 and (ii) were Highly Compensated Employees, where the Rule of 68 was satisfied if the sum of a participant's age in years and fractions thereof and service in years and fractions thereof was at least 68 years as of December 31, 2004;

 

WHEREAS, the SERP presently permits a lump sum distribution only in the event the present value of the participant's accrued benefit is less than $10,000;

WHEREAS, it is now the desire of the Company to terminate the SERP effective December 30, 2005 as permitted under Section 10.2 of the plan document and to amend the plan immediately prior to termination to pay a lump sum distribution to participants for whom the present value of their accrued benefit exceeds $10,000 provided in no event shall the lump sum payment determined under this sentence be less than $10,000. The present value of such accrued normal retirement benefit shall be determined using a 6.00% interest rate and the applicable mortality table under the SERP;

 

BE IT RESOLVED, that the Board of Directors of the Company hereby approves the termination of the InterContinental Life Corporation Supplemental Executive Retirement Plan and the immediate distribution of all accrued benefits, and the Board authorizes its officers to take such further steps as are necessary to accomplish this resolution, including any other amendments as may be required by IRC Section 409A and its associated regulations provided such amendments do not materially alter the benefits provided under the SERP;

 

IN WITNESS THEREOF, I do hereby certify that the foregoing is a true and correct copy of an original resolution passed by the InterContinental Life Corporation Board of Directors at a meeting held on the 13th day of December, 2005.

 

	
             
 	
            INTERCONTINENTAL LIFE CORPORATION
 

 

	
             
 	
            By:
 	
            /s/ Michael P. Hydanus
 

	
             
 	
            Name:
 	
            Michael P. Hydanus
 

	
             
 	
            Date:  
 	
            12/20/2005
 

 

 

ATTEST

 

By: /s/ Jennifer L. Robinson

Name: Jennifer L. Robinson

Date: 12/20/05Unassociated Document

    

    WAIVER
      AGREEMENT AND AMENDMENT

     

    This
      Waiver Agreement, Consent and Amendment (the “Waiver”) is made as of October 3,
      2006, by and among Dolce Ventures, Inc., a Utah corporation (the “Company”),
      Vision Opportunity Master Fund, Ltd., and each of the other parties set forth
      on
      the signature page hereto (collectively, the “Purchasers”).

     

    Recitals

     

    
      	 	
              A.

            	
              On
                September 7, 2006, the Company and the Purchasers entered into a
                Series B
                Convertible Preferred Stock Purchase Agreement (the “Stock Purchase
                Agreement”), Section 1.4 of which provides that the Company may consummate
                an Additional Financing for up to $5,923,200, which closing(s) shall
                occur
                no later than October 3, 2006;

            

    

     

    
      	 	
              B.

            	
              In
                connection with the Stock Purchase Agreement, on September 7, 2006,
                the
                Company and the Purchasers entered into a Registration Rights Agreement
                (the “Registration Rights Agreement”), pursuant to Section 2 of which the
                Company is required to file with the Securities and Exchange Commission,
                on or prior to October 10, 2006, a “resale” Registration Statement (the
                “Registration Statement”) providing for the resale of all Registrable
                Securities for an offering to be made on a continuous basis pursuant
                to
                Rule 415, and pursuant to Section 7(e) of which the Company is required
                to
                pay certain liquidated damages to the Purchasers if the Company shall
                fail
                to file such Registration Statement on or prior to the Filing Date
                (as
                defined in the Registration Rights Agreement), or if the Registration
                Statement shall have failed to be declared effective by the Securities
                and
                Exchange Commission on or prior to the Effective Date (as defined
                in the
                Registration Rights Agreement), until such failures shall have been
                cured;

            

    

     

    
      	 	
              C.

            	
              Each
                Purchaser desires to waive the application of, and such Purchaser’s rights
                under, the foregoing provisions of the Stock Purchase Agreement and
                the
                Registration Rights Agreement;

            

    

     

    
      	 	
              D.

            	
              In
                connection with the consummation of an additional financing of the
                Company, the parties hereto have agreed to amend the Stock Purchase
                Agreement and the Registration Rights Agreement as hereinafter set
                forth;
                and

            

    

     

    NOW,
      THEREFORE, in consideration of the mutual terms, conditions and other agreements
      set forth herein, the parties hereto hereby agree as follows:

     

    Section
      1. Waiver. Each
      Purchaser hereby waives the application of, and such Purchaser’s rights under,
      (i) Section 1.4 of the Stock Purchase Agreement, which provides that the Company
      may consummate an Additional Financing for up to $5,923,200, which closing(s)
      shall occur no later than October 3, 2006, (ii) Section 2 of the Registration
      Rights Agreement, which provides that, on or prior to the Filing Date, the
      Company file with the Securities and Exchange Commission a “resale” Registration
      Statement providing for the resale of all Registrable Securities for an offering
      to be made on a continuous basis pursuant to Rule 415 (the “Registration
      Statement”), and (iii) Section 7(e) of the Registration Rights Agreement, which
      provides that, among other things, that if the Company shall fail to file the
      Registration Statement on or prior to the Filing Date (the “Event”), the Company
      shall pay certain liquidated damages to the Holders until the Event is
      cured.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    Section
      2. Amendment to the Stock Purchase Agreement.
      The
      parties agree that Section 1.4 of the Stock Purchase Agreement is amended to
      read in its entirety as follows:

     

    “Section
      1.4. Closing.
      The
      closing of the purchase and sale of the Preferred Shares and the Warrants to
      be
      acquired by the Purchasers from the Company under this Agreement shall take
      place at the offices of Kramer Levin Naftalis & Frankel LLP (“KL”),
      1177
      Avenue of the Americas, New York, New York 10036 (the “Closing”)
      at
      10:00 a.m., New York time on or before September 7, 2006; provided,
      that
      all of the conditions set forth in Article IV hereof and applicable to the
      Closing shall have been fulfilled or waived in accordance herewith (the
      "Closing
      Date").
      The
      Purchasers acknowledge and agree that the Company may consummate the sale of
      additional Preferred Shares and Warrants to other purchasers, on terms
      substantially similar to the terms of this Agreement and the other Transaction
      Documents (as defined in Section 2.1(b) hereof), which closing(s) shall occur
      no
      later than October 20, 2006, for an aggregate purchase price of up to
      $11,123,200 and a per share purchase price of $2.74 (an “Additional
      Series B Financing”).
      Subject to the terms and conditions of this Agreement, at the Closing the
      Company shall deliver or cause to be delivered to each Purchaser (x) a
      certificate for the number of Preferred Shares set forth opposite the name
      of
      such Purchaser on Exhibit
      A
      hereto,
      (y) its Warrants to purchase such number of shares of Common Stock as is set
      forth opposite the name of such Purchaser on Exhibit
      A
      attached
      hereto and (z) any other documents required to be delivered pursuant to Article
      IV hereof. At the Closing, each Purchaser shall direct that KL, as escrow agent,
      deliver its Purchase Price by wire transfer to an account designated by the
      Company. In addition, the parties acknowledge that Five Hundred Thousand Dollars
      ($500,000) of the Purchase Price funded on the Closing Date shall be deposited
      in a separate escrow account with a separate escrow agent to be used by the
      Company in connection with investor and public relations in accordance with
      Section 3.19 hereof.”

    

    Section
      3. Amendment to the Registration Rights Agreement.
      

    

    A.
      The
      parties agree that definitions of “Filing Date” and “Effective Date” as set
      forth in Section 1 of the Registration Rights Agreement are amended to read
      in
      their entirety as follows:

    

    "Filing
      Date"
      means
      the fiftieth (50th)
      day
      following the Closing Date;
      provided that,
      if the
      Filing Date falls on a Saturday,
      Sunday or any other day which shall be a legal holiday or a day on which the
      Commission is authorized or required by law or other government actions to
      close, the Filing Date shall be the following Business Day.”

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    "Effectiveness
      Date"
      means
      with respect to the Registration Statement the earlier of (A) the one hundred
      fortieth (140th)
      day
      following the Closing Date (or in the event the Registration Statement receives
      a “full review” by the Commission, the two hundredth (200th)
      day
      following the Closing Date) or (B) the
      date
      which is within three (3) Business Days after the date on which the Commission
      informs the Company that (i) the Commission will not review the Registration
      Statement or (ii) the
      Company may request the acceleration of the effectiveness of the Registration
      Statement and the Company makes such request; provided that,
      if the
      Effectiveness Date falls on a Saturday,
      Sunday or any other day which shall be a legal holiday or a day on which the
      Commission is authorized or required by law or other government actions to
      close, the Effectiveness Date shall be the following Business Day.

    

    B.
      The
      parties agree that Schedule II to the Registration Rights Agreement is amended
      to read in its entirety as set forth in Exhibit A hereto. 

    

    Section
      4. Effect on Transaction Documents.
      Except
      as expressly set forth above, all of the terms and conditions of the Transaction
      Documents and any agreements, documents and instruments signed by the Company
      and any Purchaser in connection therewith shall continue in full force and
      effect after the execution of this Waiver and shall not be in any way changed,
      modified or superseded by the terms set forth herein. 

    

    Section
      5. Miscellaneous.
      

     

    A.
      Amendments and Waivers.
      The
      provisions of this Waiver, including the provisions of this sentence, may not
      be
      amended, modified or supplemented, and waivers or consents to departures from
      the provisions hereof may not be given, unless the same shall be in writing
      and
      signed by the Company and the Holders of a majority of the Registrable
      Securities outstanding. 

     

    B.
      Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be delivered as set forth in the Stock Purchase
      Agreement Agreement. 

     

    C.
      Successors and Assigns.
      This
      Waiver shall inure to the benefit of and be binding upon the successors and
      permitted assigns of each of the parties. 

     

    D.
      Execution and Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement and shall become effective when
      counterparts have been signed by each party and delivered to the other parties
      hereto, it being understood that all parties need not sign the same counterpart.
      In the event that any signature is delivered by facsimile transmission, such
      signature shall create a valid binding obligation of the party executing (or
      on
      whose behalf such signature is executed) the same with the same force and effect
      as if such facsimile signature were the original thereof.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    E.
      Governing Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be determined in accordance with the provisions of
      the
      Stock Purchase Agreement Agreement.

     

    F.
      Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their commercially reasonable
      efforts to find and employ an alternative means to achieve the same or
      substantially the same result as that contemplated by such term, provision,
      covenant or restriction. It is hereby stipulated and declared to be the
      intention of the parties that they would have executed the remaining terms,
      provisions, covenants and restrictions without including any of such that may
      be
      hereafter declared invalid, illegal, void or unenforceable.

     

    G.
      Headings.
      The
      headings in this Agreement are for convenience only, do not constitute a part
      of
      the Agreement and shall not be deemed to limit or affect any of the provisions
      hereof.

     

    

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    

    IN
      WITNESS WHEREOF, the parties have executed and delivered this Waiver Agreement
      and Amendment as of the date first written above.

    

    
      	 	
              DOLCE
                VENTURES, INC.

              

              

              By:                                           
                                            
                

              Name:

              Title:

            
	 	 
	 	PURCHASERS:
	 	 
	 	 
	 	
              By:                                                                        

              Name:

              Title:

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    

    Exhibit
      A

     

     

    
      
         

      

      
        6

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