Document:

exhibit_4-36.htm

EXHIBIT 4.36

 

March 30, 2009

Valcent Products Inc.

West Peak Ventures of Canada

Pagic LP

Malcolm Glen Kertz

Reference: Settlement Agreement – Nova Skincare System / Dust Wolf

Subject:     Letter of Agreement

This SETTLEMENT AGREEMENT – Nova Skincare System / Dust Wolf (hereinafter referred to as the "Settlement Agreement"), by and among PAGIC LP, (“PAGIC”), a company incorporated in the State of Texas, United States, and MALCOLM GLEN KERTZ (“KERTZ”) a person and inventor both having  an office at
5151 Thornton , El Paso Texas 79932 and WEST PEAK VENTURES of CANADA LTD. (“WPV”), a company incorporated Federally in Canada and having a place of business at Suite1010-789 West Pender Street, Vancouver, BC, Canada, (collectively hereinafter referred to as the "Licensor") and Valcent Products Inc. a company incorporated in Canada and having a place of business 789 West Pender Street, Vancouver, BC, Canada (hereinafter together referred to as the “Licensee”).

This Letter of Agreement will evidence the agreement of the Licensee and Licensor to enter into one or more agreements between and among them relating to the settlement of rights under the Master License Agreement signed in July 2005 between the parties related to the Nova Skincare system and the Dust Wolf.  

In particular the Licensor agrees to relinquish all rights to the Nova Skincare system and the Dust Wolf which it was granted under the Master License Agreement signed in July 2005 back to the Licensee in exchange for 3% royalty future sales of the Nova Skincare system and the Dust Wolf on terms similar to those that that the Licensor
had under the Master License Agreement signed in July 2005.

Pursuant to the Master License Agreement signed in July 2005, WPV shared certain royalty rights with Pagic related to the Nova Skincare system and the Dust Wolf and to date has not received any consideration.  It
is hereby acknowledged and agreed WPV will forfeit any royalty rights related to the IP in favor of Valcent that it may have had both in the past and for the future and will be released from any obligations pursuant to the MasterLicense Agreement signed in July 2005 by Valcent. 

By way of this agreement Pagic and Kertz agree to settle any outstanding royalties pursuant to theMaster License Agreement signed in July 2005 not recorded in Valcent’s books and records as of the date of this Letter Agreement for $10 the receipt and sufficiently
of which is hereby acknowledged.  

In signing this Letter of Agreement the parties acknowledge full and complete understanding and acceptance and agree to enter into a formal settlement Agreement – Nova skincare/Dust Wolf based on the terms and provisions this letter of Agreement.  

 

 

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This Agreement may be executed and delivered in any number of counterparts which, if read together, will constitute one and the same; it may be delivered either in the original or in an electronically transmitted form. 

 

 

	  Valcent Products Inc.   	 	  Pagic LP	 
	 	 	 	 	 	 
	 Signed:	 	 	 Signed:	 	 
	 	 	 	 	 	 
	 Name:	 	 	 Name:	 	 
	 	 	 	 	 	 
	 Title: Director	 	 Title: Director	 
	 	 	 	 	 	 
	 Date:	 	 	 Date:	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	  West Peak Ventures of Canada Ltd.	 	  Malcolm Glen Kertz	 
	 	 	 	 	 	 
	 Signed:	 	 	 Signed:	 	 
	 	 	 	 	 	 
	 Name:	 	 	 Name:	 	 
	 	 	 	 	 	 
	 Title: Director	 	 Title: Director	 
	 	 	 	 	 	 
	 Date:	 	 	 Date:	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2EX-10.1

EXECUTION COPY

FIRST AMENDMENT, dated as of October 9, 2009 (the “Amendment”), to the CREDIT
AGREEMENT, dated as of October 10, 2008 (the “Credit Agreement”), among CHICAGO MERCANTILE EXCHANGE
INC., a Delaware corporation (together with its successors and assigns, the “Company”) and a wholly
owned subsidiary of CME GROUP INC., the Banks, BANK OF MONTREAL, as Administrative Agent (in such
capacity, the “Administrative Agent”), and JPMORGAN CHASE BANK, N.A., as Collateral Agent (in such
capacity, the “Collateral Agent”).

W I T N E S S E T H :

WHEREAS, pursuant to the Credit Agreement, the Banks have agreed to extend credit to the
Company on the terms set forth in the Credit Agreement;

WHEREAS, the Company has requested that the Banks approve certain amendments to the Credit
Agreement; and

WHEREAS, pursuant to such request, the Banks have consented to amend the Credit Agreement
pursuant to the terms and conditions contained herein;

	 	 	 
	 	 	NOW, THEREFORE, the parties hereto hereby agree as follows:

	SECTION 1.
	 	DEFINITIONS.

	 	 	 

1.1 Defined Terms. Terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement unless otherwise defined herein or the context
otherwise requires.

	 	 	 	 	 	 	 
	SECTION 2.	 	AMENDMENTS.
	 	 	 
	 	 	 	2.1	 	 	Amendment of Article I (Definitions).

	 	 	 	 	 	 	 

(a) Article I of the Credit Agreement is hereby amended by adding the following terms in the
proper alphabetical order:

“First Amendment” means the First Amendment dated as of October 9, 2009 to this
Credit Agreement.

“First Amendment Effective Date” means October 9, 2009.

(b) The definition of “Revolving Credit Termination Date” in Article I of the Credit Agreement
is hereby amended by deleting the phrase “October 9, 2009” and replacing it with the phrase
“December 9, 2009”.

2.2 Amendment of Section 2.8 (Upfront Fee; Commitment Fee). (a) Subsection (b) of
Section 2.8 of the Credit Agreement is hereby amended by deleting the phrase “to and including the
Revolving Credit Termination Date” and replacing it with the phrase “to and including October 9,
2009”.

(b) Section 2.8 of the Credit Agreement is hereby amended by inserting the following new
subsection (c) at the end thereof:

(c) From October 10, 2009 to and including the Revolving Credit Termination
Date, the Company agrees to pay to the Administrative Agent for the ratable account
of the Banks a commitment fee of 15/100 of 1% per annum (on the basis of a year
consisting of 360 days for actual days elapsed) on the daily amount of each such
Bank’s ratable share (determined in proportion to its respective Commitment) of the
excess of (i) the amount of the Aggregate Commitment over (ii) the aggregate
principal amount of all outstanding Advances of the Banks, payable in arrears on the
last day of each November, February, May and August after the First Amendment
Effective Date, as applicable, and on the Revolving Credit Termination Date,
commencing on the first of such dates to occur after the First Amendment Effective
Date.

SECTION 3. MISCELLANEOUS.

3.1 Conditions to Effectiveness. This Amendment shall become effective on the date
(the “First Amendment Effective Date”) on which:

(a) Amendment. The Administrative Agent shall have received this Amendment, executed
and delivered by a duly authorized officer of each of the Company and each of the Banks.

(b) Acknowledgment and Confirmation. The Administrative Agent shall have received the
Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto, executed and
delivered by an authorized officer of the Company, for itself and as Member Attorney-in-Fact on
behalf of each grantor named therein, and the New York Mercantile Exchange, Inc., as Member
Attorney-in-Fact on behalf of each grantor named therein.

(c) Payment of Fees, Expenses. The Company shall have paid all fees and expenses as
required pursuant to subsection 3.6 of this Amendment.

3.2 Representation and Warranties. After giving effect to the amendments contained
herein, on the First Amendment Effective Date the Company hereby confirms that the representations
and warranties set forth in Article VI of the Credit Agreement are true and correct in all material
respects (except to the extent such representations and warranties specifically refer to an earlier
date); provided that each reference in such Article VI to “this Agreement” shall be deemed
to include this Amendment and the Credit Agreement, as amended by this Amendment.

3.3 Continuing Effect; No Other Waivers or Amendments. This Amendment shall not
constitute an amendment or waiver of or consent to any provision of the Credit Agreement and the
other Loan Documents not expressly referred to herein and shall not be construed as an amendment,
waiver or consent to any action on the part of the Company that would require an amendment, waiver
or consent of the Administrative Agent or the Banks except as expressly stated herein. Except as
expressly amended hereby, the provisions of the Credit Agreement and the other Loan Documents are
and shall remain in full force and effect in accordance with their terms.

3.4 No Default. No Default shall have occurred and be continuing as of the First
Amendment Effective Date after giving effect to this Amendment.

3.5 Counterparts. This Amendment may be executed in any number of separate
counterparts by the parties hereto (including by telecopy or via electronic mail), each of which
counterparts when so executed shall be an original, but all the counterparts shall together
constitute one and the same instrument.

3.6 Payment of Fees and Expenses. The Company agrees to pay or reimburse the
Administrative Agent and the Collateral Agent for all of its reasonable out-of-pocket costs and
reasonable expenses incurred in connection with this Amendment, any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without limitation, the
reasonable fees and disbursements of Simpson Thacher & Bartlett LLP invoiced as of October 9, 2009.
The Company also agrees to pay to each Bank that consents to this Amendment (by delivering to the
Administrative Agent an executed counterpart hereof) by the specified consent deadline an amendment
fee equal to 0.02% of the sum of such Bank’s outstanding Loans and Commitment, which amendment fee
shall be payable on the First Amendment Effective Date.

3.7 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF ILLINOIS.

[The remainder of this page is intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered by their respective duly authorized officers as of the date first above written.

CHICAGO MERCANTILE EXCHANGE INC.

	 	 	 	By:
/s/ Kim Taylor

	 	 	Name:
Kim Taylor

Title: President, CME Clearing

	 	 	 	BANK
OF MONTREAL,

	 	 	 	individually and as Administrative Agent

	 	 	 	By:
/s/ Linda C. Haven

	 	 	Name: Linda C. Haven

Title: Managing Director

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	JP
MORGAN CHASE BANK N.A., individually and as
collateral agent	 

	 	 	 	By:
/s/ Alexeev J. Taboas	 

Name: Alexeev J. Taboas

Title: Vice President, JPMorgan Chase Bank,
N.A.

1

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	CITIGROUP USA, INC.	 

	 	 	 	By:
/s/ William R. Mandaro 	 

Name: William R. Mandaro

Title: Director

2

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	THE
BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW
YORK BRANCH	 

	 	 	 	By:
/s/ Chimie T. Pemba	 

Name: Chimie T. Pemba

Title: Authorized Signatory

3

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	BANK
OF AMERICA, N.A.	 

	 	 	 	By:
/s/ Maryanne Fitzmaurice	 

Name: Maryanne Fitzmaurice

Title: Senior Vice President

4

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	PNC
BANK N.A.	 

	 	 	 	By:
/s/ Christine Lavelle	 

Name: Christine Lavelle

Title: Vice President

5

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	THE
BANK OF NEW YORK MELLON	 

	 	 	 	By:
/s/ Thomas Caruso	 

Name: Thomas Caruso

Title: First Vice President

6

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	FIFTH
THIRD BANK, an Ohio Banking Corporation,
Successor by Merger to Fifth Third Bank, a
Michigan Banking Corporation	 

	 	 	 	By:
/s/ Joseph A. Wemhoff	 

Name: Joseph A. Wemhoff

Title: Vice President

7

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	STATE
STREET BANK AND TRUST COMPANY	 

	 	 	 	By:
/s/ Juan G. Sierra	 

Name: Juan G. Sierra

Title: Vice President

8

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	U.S.
BANK NATIONAL ASSOCIATION

	 	 	 	By:
/s/ Kathleen D. Schurr	 

Name: Kathleen D. Schurr

Title: Vice President

9

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	WELLS
FARGO BANK, N.A.	 

	 	 	 	By:
/s/ David J. Bendel	 

Name: David J. Bendel

Title: Vice President

10

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	HSBC
BANK USA NA	 

	 	 	 	By:
/s/ Paul Lopez	 

Name: Paul Lopez

Title: Senior Vice President

11

First Amendment dated as of October 9, 2009 to the
Chicago Mercantile Exchange Inc. Credit Agreement
dated as of October 10, 2008

	 	 	 	BROWN
BROTHERS HARRIMAN & CO.	 

	 	 	 	By:
/s/ John C. Santos, Jr. 	 

Name: John C. Santos, Jr.

Title: Managing Director

EXHIBIT A

FORM OF ACKNOWLEDGMENT AND CONFIRMATION

1. Reference is made to the First Amendment, dated as of October 9, 2009 (the “First
Amendment”) to the Credit Agreement, dated as of October 10, 2008 (the “Credit Agreement”),
among CHICAGO MERCANTILE EXCHANGE INC., a Delaware corporation (together with its successors and
assigns, the “Company”) and a wholly owned subsidiary of CME GROUP INC., the Banks, BANK OF
MONTREAL, as Administrative Agent (in such capacity, the “Administrative Agent”), and JPMORGAN
CHASE BANK, N.A., as Collateral Agent (in such capacity, the “Collateral Agent”).

2. The Credit Agreement is being amended pursuant to the First Amendment. Each of the parties
hereto hereby agrees, with respect to each Loan Document to which it is a party:

(a) all of its obligations, liabilities and indebtedness under each such Loan Document
shall remain in full force and effect on a continuous basis after giving effect to the First
Amendment; and

(b) all of the Liens and security interests created and arising under each such Loan
Document remain in full force and effect on a continuous basis, and the perfected status and
priority of each such Lien and security interest continues in full force and effect on a
continuous basis, unimpaired, uninterrupted and undischarged, after giving effect to the
First Amendment as collateral security for its obligations, liabilities and indebtedness
under the Credit Agreement.

3. THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF ILLINOIS.

4. This Acknowledgment and Confirmation may be executed by one or more of the parties hereto
on any number of separate counterparts (including by telecopy or electronic mail), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument.

[rest of page intentionally left blank]IN WITNESS WHEREOF, the parties hereto have
caused this Acknowledgment and Confirmation to be duly executed and delivered by their proper and
duly authorized officers as of the day and year first above written.

CHICAGO MERCANTILE EXCHANGE INC.

By:

Name:

Title:

[LIST CME CLEARING MEMBERS]

By: CHICAGO MERCANTILE EXCHANGE INC.,

as Member Attorney-in-Fact

By:

Name:

Title:

[LIST NYMEX CLEARING MEMBERS]

By: NEW YORK MERCANTILE EXCHANGE, INC.,

as Member Attorney-in-Fact

By:

Name:

Title:

12

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