Document:

EXHIBIT 10.1

 Exhibit 10.1 
 REASSIGNMENT NO. 11 OF RECEIVABLES, dated as of February 1, 2008, by and between CHASE BANK USA, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States of America (the
“Bank”), and BNYM (DELAWARE) (formerly known as The Bank of New York (Delaware)), a banking corporation organized under the laws of the State of Delaware, as Trustee (the “Trustee”) of the First USA Credit Card
Master Trust (the “Trust”), pursuant to the Pooling and Servicing Agreement referred to below. 
 W I T
N E S S E T H: 
 WHEREAS, pursuant to the Third Amended and Restated Pooling and Servicing
Agreement, dated as of December 19, 2007, by and between the Bank, as Transferor and Servicer, and the Trustee (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the
“Pooling and Servicing Agreement”), and as indicated in the notice dated January 23, 2008 from the Bank to the Trustee (the “Notice”), the Bank wishes to remove all Receivables from certain designated Accounts of the
Bank specified on Schedule 1 hereto (the “Removed Accounts”) and to cause the Trustee, on behalf of the Trust, to reconvey hereby the Receivables of such Removed Accounts, whether now existing or hereafter created, from the Trust to
the Bank (as each such term is defined in the Pooling and Servicing Agreement), as more fully described herein; and 
 WHEREAS, the Trustee,
on behalf of the Trust, is willing to accept such designation and to reconvey the Receivables in the Removed Accounts subject to the terms and conditions hereof. 
 NOW THEREFORE, the Bank and the Trustee, on behalf of the Trust, hereby agree as follows: 
 1. Defined
Terms. All terms defined in the Pooling and Servicing Agreement and used herein shall have such defined meanings when used herein, unless otherwise defined herein. 
 “Removal Cut-Off Date” shall mean, with respect to the Removed Accounts, December 31, 2007. 
 “Removal Date” shall mean, with respect to the Removed Accounts, February 1, 2008. 
 “Removal Notice
Date” shall mean, with respect to the Removed Accounts designated hereby, January 23, 2008 (which shall be a date on or prior to the fifth Business Day prior to the Removal Date). 
 2. Designation of Removed Accounts. The Bank shall deliver to the Trustee, not later than
five Business Days after the Removal Date, a true and complete list (in the form of a computer file, microfiche list, CD-ROM or such other form as is agreed upon between the Transferor and the Trustee) of each VISA® and MasterCard® 

 
account, which as of the Removal Date shall be deemed to be a Removed Account, each such account being identified by account number and by the aggregate
amount of Receivables in such account as of the close of business on the Removal Cut-Off Date. Such list shall be marked as Schedule 1 to this Reassignment and shall, as of the Removal Date, modify and amend and be incorporated into and made a part
of this Reassignment and the Pooling and Servicing Agreement. 
 3. Conveyance of Receivables. The Trustee, on behalf of the Trust,
does hereby reconvey to the Bank, without recourse on and after the Removal Date, all right, title and interest of the Trust in and to the Receivables now existing and hereafter created in the Removed Accounts, all monies due or to become due with
respect thereto (including all Finance Charge Receivables) and all proceeds (as defined in the UCC as in effect in the applicable jurisdiction) of such Receivables. 
 4. Representations and Warranties of the Bank. The Bank hereby represents and warrants to the Trustee on behalf of the Trust as of the Removal Date: 
 (a) Legal, Valid and Binding Obligation. This Reassignment constitutes a legal, valid and binding obligation of the Bank
enforceable against the Bank in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of
creditors’ rights in general and the rights of creditors of national banking associations and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (b) Selection Procedures. No selection procedures believed by the Bank to be materially adverse to the interests of the
Certificateholders were utilized in selecting the Removed Accounts to be removed from the Trust and (I) a random selection procedure was used by the Bank in selecting the Removed Accounts and only one such removal of randomly selected Accounts
shall occur in the then current Monthly Period, (II) the Removed Accounts arose pursuant to an affinity, private-label, agent-bank, co-branding or other arrangement with a third party that has been cancelled by such third party or has expired
without renewal and which by its terms permits the third party to repurchase the Accounts subject to such arrangement, upon such cancellation or non-renewal and the third party has exercised such repurchase right or (III) the Removed Accounts were
selected using another method that will not preclude transfers of Receivables to the Trust from being accounted for as sales under generally accepted accounting principles or prevent the Trust from continuing to qualify as a qualifying special
purpose entity in accordance with SFAS 140. 
 5. Representations and Warranties of the Trustee. Since the date of the transfer by the
Bank under the Pooling and Servicing Agreement, the Trustee has not 

  

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sold, transferred or encumbered any Receivable in any Removed Account or any interest therein. 
 6. Conditions Precedent. The amendment of the Pooling and Servicing Agreement set forth in Section 7 hereof is subject to the satisfaction of
the conditions set forth in Section 2.07 of the Pooling and Servicing Agreement on or prior to the dates specified in Section 2.07, except to the extent any such conditions have not been waived. For purposes of Section 2.07 of the
Pooling and Servicing Agreement, “Removal Notice Date” shall have the meaning specified in Section 1 hereof. 
 7.
Amendment of the Pooling and Servicing Agreement. The Pooling and Servicing Agreement is hereby amended to provide that all references therein to the “Pooling and Servicing Agreement,” to “this Agreement” and to
“herein” shall be deemed from and after the Removal Date to be a dual reference to the Pooling and Servicing Agreement as supplemented by this Reassignment. Except as expressly amended hereby, all of the representations, warranties, terms,
covenants and conditions of the Pooling and Servicing Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided herein shall not constitute or
be deemed to constitute a waiver of compliance with or a consent to non-compliance with any term or provision of the Pooling and Servicing Agreement. 
 8. Counterparts. This Reassignment may be executed in multiple counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one
and the same instrument. 
 9. Governing Law. THIS REASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS. 
 10. Authorization. The Trustee, at the Transferor’s
direction, hereby authorizes Skadden, Arps, Slate, Meagher & Flom LLP (“Skadden”) to file any financing statements or continuation statements, and amendments to financing statements, in any jurisdictions and with any filing
offices as Skadden may determine, in its sole discretion, are necessary or advisable to perfect the conveyance to the Bank pursuant to Section 3 hereof. Such financing statements may describe the collateral in the same manner as described
herein or may contain an indication or description of collateral that describes such property in any other manner as Skadden may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security interest
in the collateral granted to the Bank in connection herewith, including, without limitation, describing such property as “all assets” or “all personal property.” 
  

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 IN WITNESS WHEREOF, the undersigned have caused this Reassignment of Receivables to be duly executed and
delivered by their respective duly authorized officers on the day and year first above written. 
  

			
	 CHASE BANK USA, NATIONAL
 ASSOCIATION, as
Transferor

		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	 BNYM (DELAWARE) (formerly known as The
 Bank
of New York (Delaware)),

	as Trustee of First USA Credit Card Master Trust
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President

  

			
	Acknowledged by:
	
	 CHASE BANK USA, NATIONAL
 ASSOCIATION, as
Servicer

		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President

 First USA Credit Card Master Trust 
 Reassignment No. 11 of Receivables 

 Schedule 1 
 to Reassignment  
 No. 11 of Receivables 
 REMOVED ACCOUNTS 
 [Delivered to the
Trustee]Engagement Agreement dated February 1, 2008

 EXHIBIT 10.1 
 

 
 BioLargo, Inc. 
 Engagement Agreement 
  
  

			
	Advisor	 	CFO 911 will be the exclusive accounting and financial advisor (“Advisor”) responsible for completion of the project during the engagement (the
“Agreement”).
		
	Role	 	Advisor designates Charles K. Dargan II to act as the Company’s Chief Financial Officer, overseeing all of BioLargo, Inc. (the “Company”) financial management and accounting
activities, including helping design and oversee an efficient monthly accounting closing process, review of the Company’s monthly financial statements and implementation of the Company’s reporting on Form 10, liaison with the
Company’s external accountants on a monthly or quarterly basis and certifying the Company’s public financial statements as the Company’s Chief Financial Officer. The Company accepts Charles K. Dargan as its Chief Financial Officer.

		
	Term	 	One year commencing February 1, 2008 (the “Term”), with appropriate extensions as agreed to by the Advisor and the Company. Notwithstanding the foregoing, either party may
terminate this Agreement upon 30 days’ written notice.
		
	Compensation:	 	The Advisor shall be compensated as follows:
		
		 	On an ongoing monthly basis over the Term, a fee of $ 4,000 a month, payable in advance, for performing the services detailed above (under the “Role” section) in those months
where a 10K or 10q SEC financial filing is not required. In those months where a 10K or 10Q SEC financial filing is required, a fee of $8,000 a month will be paid for performing the services detailed above. When filing the next 10K for March 31,
2008, based on the work involved and the state of the 10K, an additional fee may be required, as mutually agreed to by the Advisor and the Company.
		
		 	In addition to the cash compensation specified above, the Advisor will be issued stock options over the Term, as follows:
		
		 	 •     an option to purchase .50,000 shares of the Company’s common stock, granted on February 1,
2008, at an exercise price equal to the closing price of a share of the Company’s common stock on the grant date, such option to vest in full 90 days after grant; and

  

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		 	 •     options to purchase 10,000 shares of the Company’s common stock, each such option to be granted on
the last day of each month commencing April 2008 and ending January 2009, provided that this Agreement has not been terminated prior to each such grant date, at an exercise price equal to the closing price of a share of the Company’s common
stock on each grant date, each such option to be fully vested upon grant.

		
	Expenses	 	Reimbursement of all authorized out-of-pocket expenses (including fees and disbursements of professionals such as legal counsel, if required).
		
	Indemnification	 	Customary indemnification normally accorded to accounting and financial advisors shall hold harmless the Advisor from any losses, claims or damages resulting from the Advisor’s services,
except as delineated in the Chief Financial Officer Certification requirements of the Sarbanes Oxley Act. A separate indemnification agreement shall be executed in a form satisfactory to the Advisor.
		
		 	In the event the Advisor is called to testify, provide legal support or be a witness on behalf of the Company for any event at any time, all legal expenses and professional time will be
reimbursed by the Company.
		
	Arbitration	 	Any dispute between the Advisor and the Company regarding the construction or application of the Agreement and the related services will, upon a written request, be submitted to arbitration,
and this arbitration shall comply with and be governed by the provisions of the American Arbitration Association and shall take place in Los Angeles, California. The prevailing party shall be entitled to attorney fees and costs incurred in
connection with any such dispute.

  

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	Governing Law	 	This Agreement shall be governed by the laws of the State of California. Further, no change or modification of this Agreement shall be valid or binding unless such change or modification
shall be in writing.

 AGREED TO AND ACCEPTED THIS 1st DAY OF FEBRUARY, 2008 
  

							
	CFO 911	  	BioLargo, Inc.
	8055 W. Manchester Ave., Suite 405	  	2603 Main Street, Ste. 1155
	Playa del Rey, CA 90232	  	Irvine, CA 92614

  

											
						
	By:	 	 /s/ Mr. Charles K. Dargan II
	 		 	By:	 	 /s/ Mr. Dennis Calvert
	 	
	Name:	 	Mr. Charles K. Dargan II	 		 	Name:	 	Mr. Dennis Calvert	 	
	Title:	 	Principal	 		 	Title:	 	President	 	

  

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 Scope Letter 
 The scope of the Agreement (the “Agreement”) dated as of February 1, 2008, by and between CFO 911 (the “Advisor”) and BioLargo, Inc. (the “Company”) is limited the details herein. The tasks to be performed
as delineated herein are to be completed within the term of the Agreement. The scope of the Agreement may only be modified by written consent of both the Advisor and the Company. 
 The tasks are as follows: 
  

	 	1.	Review and establish the Company’s monthly accounting closing process for the timely production of financial statements. 

  

	 	2.	Specific additional activities shall include but not be limited to: 

  

	 	A.	Review and implement production of the Company’s monthly financial statements and quarterly and annual reporting on Forms 10Q and 10K, respectively. 

 

	 	B.	Establish other financial and accounting processes, if requested, such as budgeting, forecasting and the development of operating metrics. 

  

	 	C.	Act as the liaison with the Company’s eXternal accountants and the Audit Committee of the Board of Directors, 

  

	 	D.	Certify the Company’s public financial statements as the Company’s Chief Financial Officer. 

  

	 	E,	Transition to the permanent Chief Financial Officer, at the appropriate time, 

  

	 	F.	Assistance with the design and implementation of internal controls in accordance with the requirements of the Sarbanes-Oxley ACt of 2002, as amended, end the rules and regulations
of the Securities and Exchange Commission and the various stock exchanges applicable to the Company. 

  

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 Caveats: 
  

	 	1.	The Company shall have a sufficient 10K or 10Q document with sufficient disclosures, as mutually decided by the Company and the Advisor. If net, then an additional fee will be
charged as discussed in the Agreement. 

  

	 	2.	The Company shall also be successful in raising interim capital and long-term equity capital as discussed with management, in order to maintain the operations of the Company.

 AGREED TO AND ACCEPTED THIS 1st DAY OF FEBRUARY, 2008 
  

							
	CFO 911	  	BioLargo, Inc.
	8055 W. Manchester Ave., Suite 405	  	2603 Main Street, Ste. 1155
	Playa del Rey, CA 90232	  	Irvine, CA 92614

  

											
						
	By:	 	 /s/ Mr. Charles K. Dargan II
	 		 	By:	 	 /s/ Mr. Dennis Calvert
	 	
	Name:	 	Mr. Charles K. Dargan II	 		 	Name:	 	Mr. Dennis Calvert	 	
	Title:	 	Principal	 		 	Title:	 	President	 	

  

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