Document:

EX-10.1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

FORT LAUDERDALE DIVISION

www.flsb.uscourts.gov

	 	 	 	 	 	 	 	 	 
	In re:
	 	 	)	 	 	Chapter 11 Cases
	 
	 	 	)	 	 	Case No. 08-10928-JKO
	TOUSA, INC., et al.,
	 	 	)	 	 	Jointly Administered
	 
	 	 	)	 	 	 	 	 
	Debtors.
	 	 	)	 	 	 	 	 
	 
	 	 	)	 	 	 	 	 

NOTICE OF FILING DEBTOR’S STANDARD MONTHLY OPERATING

REPORT FOR THE PERIOD FROM MARCH 1, 2008 TO MARCH 31, 2008

TO CORE GROUP AND 2002 LIST:

PLEASE TAKE NOTICE that on April 18, 2008, the above-captioned debtors and debtors in
possession filed Debtors’ Standard Monthly Operating Report for the Period from March 1, 2008 to
March 31, 2008 [CP #838] in the above-captioned chapter 11 cases.

You may access this document free of charge online at www.tousadocket.com under the
“Court Documents” section.

1

You may also call and request a copy by calling Kurtzman Carson Consultants LLC at
(866) 381-9100.

	 	 	 
	Dated: April 23, 2008

	 	

	
 
	 	/s/ M. Natasha Labovitz
	
 
	 	 
	
 
	 	M. Natasha Labovitz
	
 
	 	BERGER SINGERMAN, P.A.
	
 
	 	Paul Steven Singerman (Florida Bar No. 378860)
	
 
	 	200 Biscayne Boulevard, Suite 1000
	
 
	 	Miami, FL 33131
	
 
	 	Telephone: (305) 755-9500
	
 
	 	Facsimile: (305) 714-4340
	
 
	 	-and-
	
 
	 	KIRKLAND & ELLIS LLP
	
 
	 	Richard M. Cieri (New York Bar No. 4207122)
	
 
	 	Paul M. Basta (New York Bar No. 2568046)
	
 
	 	M. Natasha Labovitz (New York Bar No. 2813251)
	
 
	 	Citigroup Center
	
 
	 	153 East 53rd Street
	
 
	 	New York, NY 10022
	
 
	 	Telephone: (212) 446-4800
	
 
	 	Facsimile: (212) 446-4900
	
 
	 	Co-Counsel to the Debtors

2ex10_1.htm

    

    
      

    

    

    AMENDMENT
AND WAIVER AGREEMENT

    

    THIS AMENDMENT AND WAIVER AGREEMENT
(this “Amendment”) is made and entered into this as of the 31st day of March
2008, by and between Skystar Bio-Pharmaceutical Company, a Nevada corporation
(the “Company”) on the one hand, [Names of Buyers] (collectively the “Buyers”).
Capitalized terms used but not defined herein shall have the meanings set forth
in that certain Securities Purchase Agreement, the Registration Rights
Agreement, the Convertible Debentures, and the Transfer and Assignment Agreement
(defined in the Recitals below).

    

    RECITALS:

     

    WHEREAS, reference is made to that
certain Securities Purchase Agreement dated as of February 26, 2007 (the
“Securities Purchase Agreement”), by and among the Company and the Buyers, and
the Registration Rights Agreement (the “Registration Rights Agreement”) dated as
of February 26, 2007 by the same parties, and the 8% Convertible Debentures (the
“Convertible Debentures”) issued pursuant thereto (collectively the “Transaction
Documents”);

    

    WHEREAS, further reference is made to
that certain Convertible Debenture Transfer and Assignment Agreement dated as of
March 31, 2008 (the “Transfer and Assignment Agreement”), pursuant to which (a)
[Name of First Buyer] purchased from [Name of First Seller] the Company’s 8%
Convertible Debenture Series 07-01, Class A, No. 07-01 A-5 (the [“First Note”])
for the purchase price of $304,713.50, and (b) [Name of Second Buyer] purchased
from [Name of Second Seller] the Company’s 8% Convertible Debenture Series
07-01, Class A, No. 07-01 A-1 (the [“Second Note”], and with the [First Note],
collectively the “Notes”) for the purchase price of $677,289.60;

    

    NOW, THEREFORE, in consideration of the
foregoing recitals and the mutual agreements herein contained and for other good
and valuable consideration, the parties hereto agree as follows:

    

    A.           AMENDMENT;
WAIVER.

    

    (1)           (a)           Company
and Buyers acknowledge and agree that the purchase prices paid by Buyers for the
[First Note] in the amount of $304,713.50 and for the [Second Note] in the
amount of $677,289.60 represent the total accrued and outstanding amount for
each such Note as of the Closing Date.

    

     (b)           With
respect to the total accrued and outstanding amount for each of the [First Note]
and the [Second Note] as described in Section A(1)(a) above, each Buyer waives
any claim for default under the terms of the Securities Purchase Agreement, the
Registration Rights Agreement and the Convertible Debentures.

    

    (2)           The
Company and Buyers hereby agree to amend the terms of the Notes as described in
Section (3) below (the “Amendments”). Buyers are not providing any other
consideration for the Amendments and no fees are payable to any broker in
connection with such

    

    
      
        
           

        

        
          -1-

          
            

          

        

        
           

        

      

    

    

    Amendments.  Buyers
further agree that the Amendments shall not constitute a New Transaction (as
that term is defined in the Securities Purchase Agreement).

    

    (3)           Each
of the Notes shall have the same terms as the outstanding Convertible Debenture,
except as set forth in this Agreement, including without limitation as
follows:

    

    
      	
               
      

            	
              (a)  in
      Section 4(A)(iii), the definition of “Fixed Conversion Price” shall read
      in its entirety as follows:

            

    

    

    
      	
               
      

            	
              “Fixed
      Conversion Price” means the amount equal to $0.80 (such amount is subject
      to adjustment as provided herein).

            

    

    

    
      	
               
      

            	
              and

            

    

    

    
      	
               
      

            	
              (b)  with
      respect to Section 4(G), (i) each of Sections 4(G)(ii) through (iv) are
      identified as “Intentionally omitted” and all references to those
      subsections are deemed deleted; (ii) the Company will have the right to
      issue a Mandatory Conversion Notice at any time, and (iii) if the Company
      issues a Mandatory Conversion Notice, the Company may designate any date
      on or after the date of such Mandatory Conversion Notice as the Mandatory
      Conversion Date.

            

    

    

    (4)           The
Company and Buyers hereby agree that this Amendment shall be deemed to be the
Company’s issuance of a Mandatory Conversion Notice with respect to all of the
outstanding principal, all accrued but unpaid interest and all other amounts
owed on each of the Notes, as represented by the purchase prices described in
Section A(1)(a) above.  Such conversion shall be effected at the Fixed
Conversion Price as specified Section A(3)(a) above, such that the Company shall
issue to [Name of First Buyer] 380,891 shares of the Company’s common stock with
respect to the conversion of the [First Note], and issue to [Name of Second
Buyer] 846,612 shares of the Company’s common stock with respect to the
conversion of the [Second Note]. The date designated for such conversion shall
be the effective date of this Amendment.

    

    (5)           Except
as expressly set forth herein, this Amendment shall not be deemed to be a
waiver, amendment or modification of any provisions of the Transaction
Documents, or of any right, power or remedy of  Buyers, or constitute a
waiver, amendment or modification of any provision of the Transaction
Documents (except to the extent herein set forth), or any other document,
instrument and/or agreement executed or delivered in connection therewith, in
each case whether arising before or after the date hereof or as a result of
performance hereunder or thereunder, all of which (except as specified herein)
remain in full force and effect.  Except as set forth
herein, Buyers reserve all rights, remedies, powers, or
privileges.

    

    B.           CONFLICTS.  Except
as expressly set forth in this Amendment, the terms and provisions of each of
the Transaction Documents shall continue unmodified and in full force and
effect.  In the event of any conflict between this Amendment and any
one of the Transaction Documents, this Amendment shall control.

    

    
      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

    

    

    C.           GOVERNING LAW.  This
Amendment shall be governed and construed under the laws of the State of New
York, and shall be binding on and shall inure to the benefit of the parties and
their respective successors and permitted assigns.

    

    D.           COUNTERPARTS.  This
Amendment may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one instrument. A
facsimile or other electronic transmission of this signed
Amendment  shall be legal and binding on all parties
hereto.

    

    

    [Remainder
of page left blank intentionally.]

     

    

     

    

    
      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

    

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first set forth above.

     

    

    COMPANY:

    

    Skystar
Bio-Pharmaceutical Company

    

    

    By:           _____________________________

    Name:

    Title:

    

    

    

    

    BUYERS:

    

    
      	
              [BUYER
      NAME]

            

    

    

    

    By:           _____________________________

    Name:

    Title:

    

    

    

    [BUYER
NAME]

    

    

    By:           _____________________________

    Name:

    Title:

    

    

    

     

    
 

     

    -4-exh10_62.htm

    EXHIBIT
10.62

    

    

    

    

    

    April 23, 2008

    

    

    Mr. Dale
Heins

    17 Babler
Lane

    St.
Louis, MO 63124

    

    RE:
Employment

    

    Dear
Dale:

    

    I am
pleased to confirm your appointment as Senior Vice President and Chief Financial
Officer of CPI Corp. and Consumer Programs Incorporated (the “Company”),
effective as of April 19, 2008, on the following terms and
conditions:

     

        1.    Duties.  Under the
direction of the Company’s Chief Executive Officer, your duties and
responsibilities will be that of a lead executive of the Company including
helping plan, implement and achieve the strategies and goals of the Company as
reviewed and established by the Board of Directors. 

     

        2.    Base Cash Salary.  Your base
cash salary will be $235,000 annually. Your base cash salary will be reviewed
with you no less than annually and may be increased from time to time by the
Compensation Committee of the Board of Directors.

     

        3.    Annual Bonus. 
You will be eligible to participate in the Performance Incentive Plan of the
Company as a key executive of the Company.  It is anticipated that any
payment due you under this plan will be paid substantially in Restricted Shares
with annual vesting as determined by the Compensation Committee of the
Board.

     

        4.    Access, Equipment and
Expenses.  CPI will provide access to its computer equipment
and systems and will reimburse you for expenses incurred in the course of
performing your duties, subject to your submission of invoices or other
customary proof of expense.

     

        5.    Other
Benefits.  As a CPI executive, you will generally be entitled
to continue participating in other active benefit plans and programs on the same
terms as the other executives in the Company.  These benefits
currently include:

    

    
      	
                
      a.  

            	
              401(k)
      Plan:  This qualified plan allows employees to contribute up to
      25% of base salary annually.  The company matches 50% of
      employee contributions up to a maximum of 5% of salary in common
      stock.

            

    

     

     

    
      
         

      

      
         

        
        

      

      
         

      

    

     

     

    
      
        	
                  
      b.  

              	
                Health/Disability:
      The Company's benefit plan provides for competitive health care coverage
      and short-term disability insurance.  Employee premiums are
      adjusted annually.    Long-term disability insurance
      is also available.

              

      

       

    

    
      
        
          	
                    
      c.  

                	
                  Life
      Insurance: Key managers of the Company are eligible for life insurance
      equal to two times annual base salary to a maximum benefit of
      $400,000.  Once per year, the key managers are offered an option
      to convert group term insurance in excess of $50,000 to a permanent cash
      value policy.  Contributions that the Company would have paid on
      the term life premiums are paid towards the permanent insurance premium,
      and the key manager pays the
balance.

                

        

         

      

    

    
      
        	
                  
      d.  

              	Vacation: You will be entitled to five weeks of paid
      vacation per year.

      

       

          6.    Termination and
Severance.   If your employment is terminated by the Company
without Cause at any time, you shall be entitled to a severance amount equal to
one year’s base salary, payable in a lump sum, provided you execute and deliver
a release of all claims arising from or related to your employment and the
termination of your employment in a form satisfactory to the
Company.  If your employment is terminated for any other reason, you
will be entitled to no benefits, except as provided by law or under the specific
terms of the Company’s benefit programs in which you are then
participating.  “Cause” as used herein shall mean any of the
following:  (i) an act committed, after the date of this Agreement, in
bad faith and to the detriment of the Company or any of its affiliates, (ii)
refusal or failure to act in substantial accordance with any written material
direction or order of the Company, (iii) repeated unfitness or unavailability
for service, disregard of the Company’s rules or policies after reasonable
notice and opportunity to cure, or misconduct, but not incapacity, (iv) entry of
a final order of judgment affirming the conviction of a crime involving
dishonesty, breach of trust, or physical or emotional harm to any person, (v)
any breach or threatened breach of Sections 7, 8, 9 or 10 of this Agreement, or
(vi) material breach or violation of any other provision of this Agreement or of
any other contractual obligation to the Company or any of its
affiliates.

    

     

        7.    Insider Status. 
As a key executive of the Company, you will be considered an “insider” subject
to SEC reporting of all stock transactions and to pre-clearance of all
transactions through the Company’s General Counsel.

     

        8.    Confidentiality. 
You will maintain in confidence all non-public information you learn
about the
Company and its business, including strategies, plans, prospects and financial,
employee, vendor and customer information.  You will not use, copy or
disclose any such information except as necessary to perform the functions of
your job or with the prior consent of the company.

     

        9.    Non-Compete and
Non-Solicitation.   It is agreed that you will not be employed
directly by or act in an advisory role for any direct competitor of the Company
during the period of your employment and for a period of one year from the date
of termination.

     

     

     

    
      
         

      

      
         

        
        

      

      
         

      

    

     

        10.    Work for
Hire.   As an employee, you agree that your ideas,
concepts, graphics, creative or other products of your work will be owned by the
Company, and you agree to acknowledge the Company’s ownership in writing upon
request from the Company.

    

    Please
acknowledge your agreement to the terms set forth above by signing one copy of
this letter in the space provided below and returning a signed original to
me.

    

                                                                                         

     

     

    
      
        	 	Sincerely,
	 	 	 
	
                 

              	
                By:
      

              	/s/Jane
      E. Nelson
	 	 	Jane
      E. Nelson
	 	 	Secretary
      and General Counsel
	 	 	 

      

    

     

     

     

     

    

    Accepted
this 23rd day of April, 2008

    

    /s/Dale
Heins

    ________________________________

    Dale
Heins

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