Document:

Rubincon Ventures Inc

 

Rubincon Ventures Inc.

        

Suite 2410, 650 West Georgia Street, Vancouver, British Columbia, Canada V6B 4N7

Ph: 604-689-8336   Fax: 604-682-5564

 

 

February 22, 2006

Armen Investments, LLC

116 NW 4th Avenue

Boca Raton, Florida

33432

Dear Sirs:

Re: Subscription Agreement (the "Agreement") with Rubincon Ventures Inc. (the "Company") dated February 15, 2006

This letter is written to confirm your agreement to amend the terms of the Agreement as follows:

Sections 6.2 and 6.3 of the Agreement are hereby removed and replaced with the new sections 6.2 and 6.3 as follows:

6.2       The Subscriber understands that the proceeds from this sale of securities is intended to be used by the issuer primarily for acquisitions to be made subsequent to the acquisition of an operating company by the Issuer as a result of which the Issuer is no longer a shell company as defined under the federal securities laws, of other businesses, assets, technologies and intellectual property, and for investments in research and development (each an "Acquisition") to complement the Issuer's business plans.  The Issuer is obligated to use its best efforts to file with the SEC a registration statement registering for resale under the Securities Act of 1933 all of the Shares issued hereunder on the earlier of (i) 90 days after the closing of an Acquisition or (ii) nine months of the date of the Subscriber's subscription date, which subscription date is February 15, 2006 (such earlier dates shall be referred to as the "Filing Date").  In the event that the Issuer files with the SEC a registration statement registering shares other than the Shares, and does so before the Filing Date, the Subscriber shall have the right, commonly known as a "piggy-back registration right", to have the Subscriber's Shares included in any such registration statement.

 

6.3       In the event that the Issuer does not file with the SEC, on or before the Filing Date, a registration statement as described in Section 6.2 above, then the Subscriber shall be entitled to receive an additional number of Shares equal to 10% of the number of Shares subscribed for and the Issuer shall issue the additional Shares to the Subscriber within 15 days after the Filing Date.  For greater clarity, if a Subscriber subscribes for 2,500,000 Shares, and the registration statement is not filed with the SEC by the Filing Date, then that Subscriber would receive an additional 250,000 Shares.

In all other ways, the Agreement remains in full force and effect, unamended.

Please execute a copy of this letter and return it to the office of our corporate counsel at (604) 608-4223.

Should you have any questions or concerns, please do not hesitate to contact us at anytime.

Yours truly,

RUBINCON VENTURES INC.

 

Guy Peckham, 

President

The above terms of amendment of our subscription agreement with Rubincon Ventures Inc. dated February 15, 2006 are hereby read, understood, acknowledged and accepted.

 

_________________________ 

ARMEN INVESTMENTS LLCRubincon Ventures Inc

 

Rubincon Ventures Inc.

        

Suite 2410, 650 West Georgia Street, Vancouver, British Columbia, Canada V6B 4N7

Ph: 604-689-8336   Fax: 604-682-5564

 

 

February 22, 2006

James H. Batmasian

Suite 1 - 215 North Federal Hwy

Boca Raton, Florida

33432

Dear Mr. Batmasian:

Re: Subscription Agreement (the "Agreement") with Rubincon Ventures Inc. (the "Company") dated February 15, 2006

This letter is written to confirm your agreement to amend the terms of the Agreement as follows:

Sections 6.2 and 6.3 of the Agreement are hereby removed and replaced with the new sections 6.2 and 6.3 as follows:

6.2       The Subscriber understands that the proceeds from this sale of securities is intended to be used by the issuer primarily for acquisitions to be made subsequent to the acquisition of an operating company by the Issuer as a result of which the Issuer is no longer a shell company as defined under the federal securities laws, of other businesses, assets, technologies and intellectual property, and for investments in research and development (each an "Acquisition") to complement the Issuer's business plans.  The Issuer is obligated to use its best efforts to file with the SEC a registration statement registering for resale under the Securities Act of 1933 all of the Shares issued hereunder on the earlier of (i) 90 days after the closing of an Acquisition or (ii) nine months of the date of the Subscriber's subscription date, which subscription date is February 15, 2006 (such earlier dates shall be referred to as the "Filing Date").  In the event that the Issuer files with the SEC a registration statement registering shares other than the Shares, and does so before the Filing Date, the Subscriber shall have the right, commonly known as a "piggy-back registration right", to have the Subscriber's Shares included in any such registration statement.

 

6.3       In the event that the Issuer does not file with the SEC, on or before the Filing Date, a registration statement as described in Section 6.2 above, then the Subscriber shall be entitled to receive an additional number of Shares equal to 10% of the number of Shares subscribed for and the Issuer shall issue the additional Shares to the Subscriber within 15 days after the Filing Date.  For greater clarity, if a Subscriber subscribes for 2,500,000 Shares, and the registration statement is not filed with the SEC by the Filing Date, then that Subscriber would receive an additional 250,000 Shares.

In all other ways, the Agreement remains in full force and effect, unamended.

Please execute a copy of this letter and return it to the office of our corporate counsel at (604) 608-4223.

Should you have any questions or concerns, please do not hesitate to contact us at anytime.

Yours truly,

RUBINCON VENTURES INC.

 

Guy Peckham, 

President

The above terms of amendment of my subscription agreement with Rubincon Ventures Inc. dated February 15, 2006 are hereby read, understood, acknowledged and accepted.

 

_________________________ 

JAMES H. BATMASIANSUMMARY OF 2005 MANAGEMENT INCENTIVE COMPENSATION PLAN

Tercica, Inc.

Incentive Compensation Plan

Overview and Purpose

This Incentive Compensation Plan (the "Plan") was adopted by the Board of Directors of Tercica, Inc. ("Tercica") on February 27, 2006 and is designed to offer incentive compensation (i.e., bonuses and salary increases, including for promotions) to eligible employees of Tercica by rewarding achievement of corporate goals and individual performance objectives.

Administration

The Plan will be administered by the Compensation Committee of the Board of Directors (the "Compensation Committee") and the Chief Executive Officer.  The Compensation Committee generally sets a one-year performance period under the Plan to run from January 1 through December 31.  The Compensation Committee is responsible for approving any incentive compensation for executive officers and for recommending to the Board of Directors the incentive compensation for the Chief Executive Officer.  The Chief Executive Officer is responsible for any incentive compensation for non-executive employees, within annual budgets approved by the Board of Directors and, with respect to bonuses, within the annual company-wide pool available for cash bonuses approved by the Compensation Committee, as provided below.

Eligibility

All employees working at least 20 hours per week (except for interns, post-doctoral fellows, employees covered by a sales compensation plan and employees hired after September 30), including Tercica's executive officers, are eligible to participate in the Plan.  Eligible employees must remain employed by Tercica at the time awards are paid out under the Plan in order to receive their awards, if any. The Compensation Committee may modify, amend, revoke or suspend the Plan at any time in its sole discretion. 

Corporate and Individual Performance

The Board of Directors approves annual corporate goals, which generally include clinical and regulatory goals, commercial goals relating to product sales, clinical and development objectives relating to projects in Tercica's pipeline, financial goals and manufacturing objectives.  Each employee also has individual performance objectives (i.e., goals and responsibilities) that are determined at the beginning of each year.  The Plan provides for the payment of cash compensation to employees at various levels depending on the extent that corporate goals and individual performance objectives are achieved.

Cash Bonuses

An individual's target cash bonus for each year is determined at the beginning of each year based on a percentage of base salary and a combination of Tercica's performance with respect to its corporate goals and the individual's performance with respect to his or her personal performance objectives.  Tercica's management and the Compensation Committee retain the discretion to increase, reduce or eliminate the bonus that otherwise might be payable to any individual based on actual performance as compared to the individual's pre-established target bonus even if certain corporate goals or individual performance objectives are not met.  

The total size of the potential company-wide bonus pool is determined each year by the Compensation Committee.  The extent to which Tercica meets, exceeds or falls short of the corporate goals approved by the Board of Directors for each year, as determined by the Compensation Committee, determines the amount of funds available in the company-wide bonus pool for that year.  The bonus pool is allocated among eligible employees based on recommendations from management and, with respect to executive officers, approval by the Compensation Committee, and with respect to the CEO, by the Board of Directors.  Each employee's performance rating is based on an evaluation of the employee's achievement of his or her individual performance objectives and demonstration of Tercica's core values (PAGE).  

Salaries

An individual's annual salary is determined at the beginning of each year by: (i) management with respect to non-executive officer employees, (ii) the Compensation Committee with respect to executive officers or (iii) the Board of Directors, upon the recommendation of the Compensation Committee, with respect to the Chief Executive Officer.  Annual salaries, including potential increases thereto, are based on Tercica's financial resources.

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