Document:

Exhibit 10.1 

SETTLEMENT AGREEMENT
AND RELEASE  

        This
SETTLEMENT AGREEMENT AND RELEASE (“Agreement”) is entered into and deemed
effective this 17th day of April 2006, by and between Roger Hurst
(“Hurst”) and Diane Newman (“Newman”), on the one hand, and AspenBio,
Inc. n/k/a AspenBio Pharma, Inc., a Colorado Corporation (“AspenBio”), on the
other hand. Hurst, Newman, and AspenBio may be collectively referred to as “the
Parties.” 

        WHEREAS,
AspenBio filed a civil lawsuit against Hurst and Newman, in the case captioned
AspenBio, Inc. v. Roger Hurst and Diane Newman, Douglas County, Colorado, District
Court, Case No. 05-CV-1477 (“the Litigation”), seeking, among other things,
preliminary and permanent injunctive relief, restraining and enjoining Hurst and Newman
from misappropriating AspenBio’s trade secrets and confidential and proprietary
information, and money damages; and 

        WHEREAS,
Hurst filed counterclaims in the Litigation against AspenBio for, among other things,
breach of Hurst’s employment agreement, wrongful termination, breach of implied
contract, breach of fiduciary duty, and fraud; and 

        WHEREAS,
Hurst filed amended counterclaims against AspenBio, as well as third-party claims, against
Aspen Bio’s Chief Executive Officer, Richard G. Donnelly, and against AspenBio’s
Board Members, Gail S. Schoettler, Douglas I. Hepler, David E. Welch, and Gregory Pusey,
in the Litigation; and 

        WHEREAS,
On April 14, 2006, the Court entered its Preliminary Injunction Order against Hurst and
Newman; and 

        WHEREAS,
the Parties wish to avoid the costs, including attorney’s fees, of further
litigation, without admission of liability or wrongdoing, and to settle and finally
resolve their disputes on the terms and conditions set forth herein. 

        NOW
THEREFORE, for good and valuable consideration, including the foregoing recitals, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereby covenant and
agree, as follows: 

        1.        Injunction.
The Parties shall execute and file with the Court a           stipulated permanent
injunction, attached hereto as Exhibit A, which shall be           made an Order of the
Court.  

        2.       Dismissal
of Litigation. Upon the Parties’ execution of this           Agreement and the
Court’s entry of the permanent injunction, attached as           Exhibit A, the
Parties, through their respective counsel, shall file a           Stipulated Dismissal of
all of the claims, counterclaims, and third-party claims           asserted in the
Litigation, with prejudice, each party to bear his or its own           attorneys’ fees
and costs.  

        3.       Mutual
Release. In consideration of this Agreement, except as provided           for in the
Stipulated Permanent Injunction, attached hereto as Exhibit A,           AspenBio, on the
one hand, and Hurst and Newman, on the other hand, for           themselves and for their
officers, directors, shareholders, predecessors,           successors, assigns, heirs,
decedents, beneficiaries, and any other person or           entity owned and/or
controlled by or associated with any Party, hereby release           and forever
discharge each other and each other’s assigns, heirs,           representatives,
agents, subsidiaries, parents, affiliated companies, employees,           officers,
directors, members, managers, insurers, attorneys, trustees and           beneficiaries,
of and from any and all past, present and future claims, damages,           causes of
action, costs, expenses, fees, promises, obligations, and liabilities           of
whatever kind or nature, that the Parties have, whether known or unknown,
          foreseen or unforeseen, anticipated or unanticipated, liquidated or
          non-liquidated, related in any way to the Litigation, and any other matter of
          any kind whatsoever, but excepting any claims that may arise with respect to
the           execution and/or performance of this Agreement and excepting any claims
that may           arise with respect to the enforcement of the Stipulated Permanent
Injunction,           attached hereto as Exhibit A.  

        4.       Binding
Effect. This Agreement shall inure to the benefit of and be           binding upon
the Parties, as well as their respective agents, heirs, decedents,
          beneficiaries, successors, assigns, and representatives.  

        5.       Entire
Agreement. This Agreement, together with any other instruments or
          agreements referred to herein, constitutes the entire agreement between the
          Parties with respect to the subject matter hereof, and there are no other
          representations, warranties, or agreements, except as provided herein.  

        6.       Governing
Law. This Agreement shall be governed by the laws of the State           of Colorado.  

        7.       Representations
and Warranties. The Parties hereby warrant to one another           that they have
taken all appropriate action necessary to authorize the execution           of this
Agreement and the Stipulated Permanent Injunction, attached hereto as           Exhibit
A, and that this Agreement and the Stipulated Permanent Injunction,           attached
hereto as Exhibit A, and any documents executed in connection herewith
          constitute the legal, valid, and binding obligations of each of the Parties,
          enforceable against each of such Parties in accordance with the terms of this
          Agreement and the Stipulated Permanent Injunction, attached hereto as Exhibit
A.           The Parties further warrant that they have not assigned, transferred,
          hypothecated, or otherwise conveyed any of their interests in the Litigation to
          any other person or entity.  

        8.       Further
Assurances. Each of the Parties agrees to take all action           necessary to
carry out the intentions of the Parties as expressed in this           Agreement.  

        9.       Instruction.
The Parties acknowledge that their respective legal counsel           have reviewed and
participated in settling the terms of this Agreement, and that           any rule of
construction to the effect that any ambiguity is to be resolved           against the
drafting party, including the doctrine of contra proferentum,           shall not
be applicable in the interpretation of this Agreement. Further, each           of the
Parties understands and acknowledges that the party is represented by
          independent counsel to represent such party in connection wit such party’s
          consideration of this Agreement. Further, each of the Parties acknowledges that
          such party has read this Agreement and understands all of its terms and that
          this Agreement is executed voluntarily, without duress, and with full knowledge
          of its legal significance.  

2 

        10.       Non-Disparagement.
The Parties to the Agreement further agree not to           engage in libel, slander,
or business defamation of any other party to the           Agreement.  

        11.       Counterparts.
This Agreement may be signed in counterparts and shall be           effective immediately
upon the signature by all Parties.  

        12.       Notice
to Prospective Employers and Business Partners. Hurst and Newman,           each,
shall disclose the Stipulated Permanent Injunction, Exhibit A, to any
          prospective employer and/or business partner and/or joint venture partner,
prior           to entering into any employer-employee relationship, business
relationship,           and/or joint venture relationship, to the extent Hurst’s or
Newman’s           prospective employment or business relationship relates in any
way to any matter           potentially affected by the Stipulated Permanent Injunction.
This provision           shall be given full force and effect during the pendency of the
Stipulated           Permanent Injunction.  

        13.       Payment
on Hurst Promissory Note. AspenBio shall pay Hurst, in good           funds, the sum
of one hundred thousand dollars ($100,000) which sum shall reduce           the principal
amount currently due and owing on the promissory note made by           AspenBio in favor
of Hurst, dated June 12, 2003, within two weeks of the           parties’ execution
of this Agreement.  

        IN
WITNESS WHEREOF, AND INTENDING TO BE LEGALLY BOUND HEREBY, THE UNDERSIGNED PARTIES
ACKNOWLEDGE THAT EACH OF THE PARTIES HAS CAREFULLY READ THE FOREGOING SETTLEMENT
AGREEMENT AND RELEASE, KNOWS THE CONTENTS THEREOF, FULLY UNDERSTANDS IT, AND SIGNS THE
SAME AS SAID PARTY’S OWN FREEACT AS OF THE DATE SET FORTH BELOW 

	ASPENBIO,  	INC.

/s/ Richard G. Donnelly

By
Richard G. Donnelly 
Its President and Chief Executive Officer  

/s/ Roger Hurst 
Roger
Hurst, Individually  

/s/ Diane Newman
 
Diane
Newman, Individually  

3 

Approved as to Form,
Content, and Substance: 

/s/ Michael J. Norton

/s/ Jennifer M. Osgood

/s/ Matt B. Dillman

Michael
J. Norton 
Jennifer M. Osgood 
Matt B. Dillman 
BURNS, FIGA & WILL, P.C. 
6400 S. Fiddlers
Green Circle, Suite 1000 
Greenwood Village, CO 80111 
303-796-2626 
Attorneys for Plaintiff  

/s/ Sylvia W. Kirk 

Sylvia W. Kirk 
333 W. Hampden Avenue 
Suite 415
 Englewood, CO 80110 
303-762-0444 
Attorneys
for Defendant Roger Hurst  

/s/ Aaron W. Barrick

Aaron
W. Barrick
 Folkestad, Fazekas, Barrick & Patoile, P.C.
 185 S. Wilcox Street, Suite 200

Castle Rock, CO 80104
 303-688-3045
 Attorneys for Defendant Diane Newman  

4Converted by EDGARwiz

EXHIBIT 10.1 

FORM OF SUBSCRIPTION AGREEMENT 

First Corporation 

1630 York Avenue

New York, NY 10028

Gentlemen: 

1. Pursuant to the terms of the offer made by First Corporation (the "Company"), the undersigned hereby tenders this subscription and applies for the purchase of the number of shares ("Shares") of the Company set forth on the signature page hereto, at a purchase price of US$30,000 per 200,000 shares of common stock of First Corporation ($0.15  per share). 

The Company is offering a minimum of six hundred and sixty-six thousand, six hundred and sixty-seven Shares ($100,000) and a maximum of two million Shares ($300,000) (the "Offering"). 

The subscriber is sending: (1) an executed copy of this Subscription Agreement; and (2) EITHER A CHECK IN US FUNDS made out to "Joseph I. Emas as Escrow Agent" (the “Escrow Agent”) for the full amount of the purchase price for the Shares for which the undersigned is subscribing to: 

Joseph I. Emas

1224 Washington Avenue 

Miami Beach, Florida 33139 

Reference: (Your Name) for First Corporation 

OR 

The subscriber may WIRE TRANSFER immediately available U.S. funds for the full amount of the purchase price of the Shares for which the undersigned is subscribing plus all wire transfer fees to: 

Wachovia Bank

Surfside, Florida

 Account:  Joseph I. Emas, P.A.

                Attorney-at-Law

Account Number:  2000015545590

Reference: (Your Name) for First Corporation 

 2.
The Escrow Agent shall deposit all subscription funds received into a non-interest bearing attorney’s trust account in accordance with the requirements of the Florida Bar.

If the Company does not complete the Minimum Offering within 180 days from the Effective Date, the Escrow Agent shall promptly
 return each subscriber’s respective subscription funds.

If the Company completes the Minimum Offering within 180 days from the Effective Date and provides the Escrow Agent with certificates representing the shares of common stock subscribed for by the Subscribers, the Escrow Agent shall forthwith release the subscription funds to the Company.

3. The Company has filed, a registration statement on Form SB-2 (the "Registration Statement") or such other form as shall be available registering the common shares and sales may be made pursuant to an effective prospectus, a copy of which has been made available to the investor to be used in accordance with the Plan of Distribution instructions in the prospectus.

4. The undersigned understands that the Company may, in its sole discretion, reject this subscription, in whole or in part, and/or reduce this subscription in any amount and to any extent, whether or not pro rata reductions are made of any other investor's subscription. 

5. Neither this Subscription Agreement nor any of the rights of the undersigned hereunder may be transferred or assigned by the undersigned. 

6. Except as otherwise provided herein, this Subscription Agreement (i) may only be modified by a written instrument executed by the undersigned and the Company; (ii) sets forth the entire agreement of the undersigned and the Company with respect to the subject matter hereof; (iii) shall be governed by the laws of the State of Florida applicable to contracts made and to be wholly performed therein; and (iv) shall inure to the benefit of, and be binding upon the Company and the undersigned and their respective heirs, legal representatives, successors and permitted assigns. 

7. Unless the context otherwise requires, all personal pronouns used in this Subscription Agreement, whether in the masculine, feminine or neuter gender, shall include all other genders. 

8. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or mailed by certified or registered mail, return receipt requested, postage prepaid, as follows: if to the undersigned, to the address set forth on the signature page hereto; and if to the Company, to the address listed above or to such other address as the Company or the undersigned shall have designated to the other by like notice. 

SIGNATURE PAGE

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement this ______ day of _________________ 2006. 

 Number of Shares Subscribed for _________________________________ 

	ORGANIZATION SIGNATURE:                 INDIVIDUAL SIGNATURE:

__________________________________      ______________________________________

Print name of Organization                        Signature

By: _______________________________     ______________________________________

      Name:                                       Print Name

      Title:

                                        ______________________________________

                                        Additional Signature of Joint Owner

                                        _______________________________________

                                                  Print Name

(ALLSUBSCRIBERS SHOULD PLEASE PRINT INFORMATION BELOW EXACTLY   

AS YOU WISH IT TO APPEAR IN THE RECORDS OF 

	                                  THE COMPANY)

____________________________________    ______________________________________

Name                                    Social Security Number of Individual

                                        or other Taxpayer I.D. Number

Address:                                Address for notices if different:

____________________________________    ______________________________________

Number and Street                       Number and Street

____________________________________    ______________________________________

  

City State Zip Code City State Zip Code 

Please check the box to indicate form of ownership (if applicable): 

	TENANTS-IN-COMMON    JOINT TENANTS WITH RIGHT OF       COMMUNITY PROPERTY

(Both Parties must   SURVIVORSHIP                      (Both Parties must sign

sign above)          (Both Parties must sign above)    above)

The subscriber is sending: (1) an executed copy of this Subscription Agreement; and (2) EITHER A CHECK IN US FUNDS made out to "Joseph I. Emas as Escrow Agent"  (the “Escrow Agent”) for the full amount of the purchase price for the Shares for which the undersigned is subscribing to: 

Joseph I. Emas

1224 Washington Avenue 

Miami Beach, Florida 33139 

Reference: (Your Name) for First Corporation 

OR 

The subscriber may WIRE TRANSFER immediately available U.S. funds for the full amount of the purchase price of the Shares for which the undersigned is subscribing plus all wire transfer fees to: 

Wachovia Bank

Surfside, Florida

 Account:  Joseph I. Emas, P.A.

                Attorney-at-Law

Account Number:  2000015545590

Reference: (Your Name) for First Corporation 

ACCEPTANCE OF SUBSCRIPTION 

The foregoing subscription is hereby accepted by First Corporation this ____ day of __________________, 2006, for __________________________ Shares. 

FIRST CORPORATION 

By: _____________________________ 

Name: 

Title:

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