Document:

Exhibit 10.2

 

AMENDMENT NO. 1 TO PLEDGE AGREEMENT

THIS AMENDMENT NO. 1 TO PLEDGE AGREEMENT (“Amendment
No. 1”) dated as of November 21, 2006 is by and among FIRST COMMUNITY BANCORP, a corporation
formed under the laws of the State of California (the “Pledgor”), and U.S. BANK NATIONAL ASSOCIATION, a national
banking association (“Pledgee”), for the benefit of Pledgee, and it amends
and supplements that certain Pledge Agreement, dated as of August 3, 2006 (as
amended to date, and as it may be further amended, restated or  otherwise modified from time to time, the “Pledge
Agreement”), by and between Pledgor and Pledgee.

RECITAL

The parties
desire to amend and supplement the Pledge Agreement as provided below.

AGREEMENTS

In consideration of the Recital, the promises and
agreements set forth in the Pledge Agreement, as amended hereby, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

1.             Definitions
and References.  Capitalized terms
not otherwise defined herein have the meanings assigned in the Pledge
Agreement.  All references to the Pledge
Agreement contained in the Credit Agreement, the Note, the other Credit
Documents and the other agreements, documents and instruments referred to in
the Credit Agreement shall, upon fulfillment of the conditions specified in
section 3 below, mean the Pledge Agreement as amended by this Amendment No.
1.

2.             Amendment.  The defined term “Pledged Shares” in section
1 of the Pledge Agreement is amended by deleting “Pacific Western National Bank”
therein and inserting “Pacific Western Bank” in its place.

3.             Effectiveness
of the Amendment.  This Amendment No.
1 shall become effective upon execution and delivery hereof by the parties.

4.             Limited
Waiver.  Notwithstanding anything
contained in the Pledge Agreement to the contrary, Pledgee consents to (a) the
conversion of Pacific Western Bank from a nationally chartered bank to a
California state chartered bank under the name of “Pacific Western Bank”, (b)
the withdrawal (and filing of notice with the Federal Reserve Bank of San
Francisco) by Pacific Western Bank from the Federal Reserve System and becoming
a “nonmember” bank, (c) the acquisition by Pledgor of Community Bancorp, (d)
the merger of Community National Bank into First National Bank, and (e) the
merger of First National Bank into Pacific Western Bank.  Pledgor agrees that except as set forth in
the previous sentence, nothing contained herein shall be construed by Pledgor
as a waiver by Pledgee of Pledgor’s compliance with each representation,
warranty or covenant contained in the Pledge Agreement and that no waiver of
any provision of the Pledge Agreement by Pledgee has occurred.  Pledgor further agrees that, except as set
forth in

 

 

the first sentence of this Section 4, nothing contained herein shall
impair the right of Pledgor to require strict performance by Pledgee of the Pledge
Agreement.

5.             Representations
and Warranties.  Pledgor represents
and warrants to Pledgee that:

(a)           The execution and
delivery of this Amendment No. 1 (a) is within its corporate powers, (b) has
been duly authorized by all proper corporate action, (c) has received any and
all necessary governmental approvals; and (d) does not and will not contravene
or conflict with any provision of law or charter or by-laws of Pledgor or any
agreement affecting Pledgor or its property. 
This Amendment No. 1 when executed and delivered will be, legal, valid
and binding obligations of Pledgor, enforceable against Pledgor in accordance
with its terms.

(b)           The
representations and warranties contained in the Pledge Agreement are correct
and complete as of the date of this Amendment No. 1, and no condition or event
exists or act has occurred that, with or without the giving of notice or the passage
of time, would constitute an Default under the Pledge Agreement.

6.             Miscellaneous.

(a)           Expenses
and Fees. Pledgor agrees to pay on demand all out-of-pocket costs and
expenses paid or incurred by Pledgee in connection with the negotiation,
preparation, execution and delivery of this Amendment No. 1, and all amendments,
forms, certificates agreements, documents and instruments related hereto and
thereto, including the reasonable fees and expenses of Pledgor’s counsel.

(b)           Amendments
and Waivers.  This Amendment No. 1
may not be changed or amended orally, and no waiver hereunder may be oral, but
any change or amendment hereto or any waiver hereunder must be in writing and
signed by the party or parties against whom such change, amendment or waiver is
sought to be enforced.

(c)           Headings. 
The headings in this Amendment No. 1 are intended solely for convenience
of reference and shall be given no effect in the construction or interpretation
of this Amendment No. 1.

(d)           Affirmation. 
Each party hereto affirms and acknowledges that the Credit Agreement
as amended by this Amendment No. 1 remains in full force and effect in
accordance with its terms.

(e)           Counterparts.  This Amendment No. 1 may be executed in one
or more counterparts, each of which shall constitute an original, but all of
which when taken together shall constitute but one and the same instrument.

[remainder of page intentionally left blank; signature page follows]

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to Pledge Agreement to be duly executed by their respective authorized officers
as of the day and year first above written.

	
  

  	
  FIRST COMMUNITY BANCORP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Victor R.
  Santoro

  	
   

  
	
   

  	
   

  	
  Victor R. Santoro, Executive Vice President

  
	
   

  	
   

  	
  and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices:

  
	
   

  	
   

  	
   

  
	
   

  	
  10250 Constellation Blvd., Suite 1640

  
	
   

  	
  Los Angeles, CA 90067

  
	
   

  	
  Attention: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon B. Beggs

  	
   

  
	
   

  	
   

  	
  Jon B. Beggs, Vice President

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  777 East Wisconsin Avenue

  
	
   

  	
   

  	
  Milwaukee, WI 53202

  
	
   

  	
  Attention:

  	
  Jon B. Beggs, Vice President

  
					

 

 

 

Signature Page to
Amendment No. 1 to Pledge AgreementExhibit
10.1

November 21,
2006

Asset Protection Fund

Attention David Dawes

307 Sir Francis Drake Hwy

Roadtown, Tortola, BVI

RE:          Bridge Financing by Asset Protection
Fund

Dear Mr. David
Dawes,

This letter will confirm
recent discussions relative to bridge financing by Asset Protection Fund in the
total amount of $250,000.  The bridge
financing, among other things, would be on the terms set forth below:

1.     Financing. Asset Protection Fund (“Lender”)
will provide bridge financing in the form of a loan in the total amount of $250,000
to VitaCube Systems Holdings, Inc., d/b/a XELR8 Holdings, Inc. (“VitaCube”),
a Nevada corporation. $250,000 will be loaned to VitaCube on or before November
17, 2006 (the “Loan Funding”).

2.     Terms. The
Loan will accrue interest at ten percent (10%) per annum from the date of
funding with all principal and accrued but unpaid interest due upon the earlier
of (i) the closing of the VitaCube current private placement offering of a
minimum of $1,000,000 and a maximum of $3,000,000 (the “Private Placement”)
and repaid from the proceeds of the Private Placement or (ii) six (6) months
from the date of the Loan Funding. If the Private Placement does not close
prior to six (6) months form the date of the Loan Funding, all principal and
accrued but unpaid interest shall be paid in restricted shares of VitaCube
common stock at a price equal to fifty percent (50%) of the thirty (30) day
trailing closing price of VitaCube common stock.

3.     Stock
Issuance.  As a loan fee and
in addition to any shares of common stock that may be issued in accordance with
Section 2 above, VitaCube agrees, upon the Loan Funding, to issue 400,000
restricted shares of its common stock (the “Loan Shares”) to Lender with
an appropriate legend placed on the certificate representing such shares. All
Loan Shares shall have “piggy-back” registration rights with any shares of the
Private Placement that are registered and all costs associated with the
registration of the Loan Shares shall be paid by VitaCube.

4.     Loan
Documents.  The Loan shall be
evidenced by a promissory note and Lender shall execute a normal and customary
Subscription Agreement and Letter of Investment Intent regarding the Loan
Shares.

5.               Representations of VitaCube. VitaCube represents and warrants to Lender
that:

(a)          VitaCube is in good standing as corporation in the
State of Nevada and is not aware of any violation of any Federal or State
securities laws.

(b)         VitaCube is current as to all tax, securities, or
other regulatory filings, and VitaCube will make all necessary filings with the
SEC subsequent to the closing of the Loan.

 

 

(c)          At the closing of the Loan, there will have been no
changes in the capital structure of VitaCube other than those necessary to
conform to the terms of this Letter of Intent.

(d)          VitaCube will take all
necessary steps to have its board of directors approve the terms of this Letter
of Intent.

(e)           VitaCube will not enter
into any other debt financing during the terms of this agreement other than an other
Bridge Loan agreement in an amount up to $300,000.

6.     Acknowledgment
of Due Diligence. Lender acknowledges that it has had full access to
VitaCube’s books and records and financial and operating data and such other
information with respect to VitaCube’s business and assets as it has determined
necessary for purposes of conducting an appropriate due diligence
investigation.  Lender and its
representatives shall keep confidential all information (unless ascertainable
from public findings or published information) obtained concerning the VitaCube’s
operations, assets and business, use it only for the purposes stated herein,
and promptly return or destroy it if the proposed transaction is not
consummated.

7.     Press
Release. Both parties will cooperate in preparing a press release
describing the Loan.  The press release
will be submitted for release once the Initial Funding is made, unless legal
counsel advises that for compliance purposes it must be released sooner or
later.  Except for this release, neither
party hereto shall release any information to the public or the media without
the consent of the other party until the Closing.

Upon the execution
by you and return to us of this Letter of Intent, the terms of this Letter of
Intent, subject to approval by the VitaCube board of directors, shall be
binding on all parties. The Note shall contain provisions in accordance with
this Letter of Intent together with such other terms and conditions as legal
counsel and the parties may mutually determine and agree.

If the terms of
this Letter of Intent are acceptable, please execute this Letter of Intent
below and return a signed copy to me. Thank you.

	
  

  	
  Vita Cube Systems Holdings, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John D. Pougnet

  
	
   

  	
  John Pougnet, CEO

  

 

The foregoing
terms and conditions of this Letter of Intent are agreed to this 21st day of  November, 2006.

	
  

  	
  Asset Protection Fund LTD

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Dawes 

  
	
   

  	
  David Dawes, Director

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