Document:

Amendment to Asset Sale Agreement

     

    
      

      

    

     

    Exhibit
      10.25

    AMENDMENT
      TO

    ASSET
      SALE AGREEMENT

    

    December
      8, 2006

     

    
 

    Reference
      is made to that certain Asset Sale Agreement (the "Agreement"),
      dated
      as of October 12, 2005, by and between Access Pharmaceuticals, Inc., a
      Delaware corporation ("Access"),
      and
      ULURU Delaware Inc., a Delaware corporation ("ULURU").
      Capitalized terms used herein without definition have the meanings given to
      them
      in the Agreement.

    

    WHEREAS,
      pursuant to Section 14.6 of the Agreement, the Agreement may not be amended
      or
      modified in any respect except by written instrument executed by each of the
      Parties; and 

     

    WHEREAS,
      the Parties desire to amend the Agreement on the terms set forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the foregoing and for other good and valuable
      consideration, the receipt of which is hereby acknowledged, the Parties agree
      as
      follows:

    

    1. Amendments
      to Agreement. 

     

    (a) Section
      1.1(kk) of the Agreement is hereby deleted in its entirety and replaced with
      the
      following:

     

    ""Products"
      means, collectively the Aphthasol Product, the Mucoadhesive Product and the
      ResiDerm Product and any product developed or sold under the License Agreement
      or any product developed or sold under the Patents or Patent applications that
      were transferred to ULURU pursuant to the Amendment to this Agreement, dated
      as
      of December 8, 2006, or any improvements or corollaries to the
      foregoing."

     

    (b) Sections
      3.1(b) and (c) of the Agreement are hereby deleted in their entirety and
      replaced with the following:

     

    "(b) Four
      Million Nine Hundred Thousand Dollars ($4,900,000) delivered to Access by ULURU
      on December 8, 2006 and Three Hundred Fifty Thousand Dollars ($350,000)
      delivered to Access by Uluru on April 8, 2007.

     

    (c) [Intentionally
      Omitted]."

     

    (c) Sections
      3.2(a) (i), (ii), (iii), (iv), (v) and (vi) are hereby each deleted in their
      entirety.

     

    (d) Section
      3.2(a)(vii) of the Agreement is amended as follows: 

     

    The
      last
      milestone of such Section is hereby changed from "$750,000" to "$875,000.
      "

     

    
      
         

      

      
        -
          1
          -

        
          

        

      

      
         

      

    

    

     

    (e) Section
      4.2(b) of the Agreement is hereby deleted in its entirety and replaced with
      the
      following:

     

    "(b) [Intentionally
      Omitted]. "

     

    (f) Section
      4.2(d) of the Agreement is hereby deleted in its entirety.

     

    2. Transfer
      of Patent Rights and Know-how. 

     

    (a) Access
      hereby agrees to sell, assign, transfer, convey and deliver to Uluru and Uluru
      agrees to purchase from Access, all rights, title and interest of Access and
      its
      Affiliates (other than those arising out of the License Agreement attached
      to
      this Amendment as Exhibit
      A)
      in and
      to the patent applications set forth on Exhibit
      B
      to this
      Amendment (the “Nanoparticle Patents”) and all know-how and trade secrets of
      Access relating to its nanoparticle aggregate technology (other than know-how
      and trade secrets as they relate solely to intraperotinial, intratumoral,
      subcutaneous or intramuscular drug delivery implants), free and clear of all
      Encumbrances (as defined in the Agreement).

     

    (b) Access
      shall take all necessary action in order to effect the conveyance of the
      Nanoparticle Patents to Uluru.

     

    (c) Access
      agrees that it shall be responsible for and shall pay for all costs for the
      Nanoparticle Patents which are either (i) currently due or (ii) or amounts
      the
      payment of which has been extended as a result of grace periods (i.e.,
      annuities).

     

    3. Zambon
      Payment.
      Access
      agrees to send payment to Zambon of $135,000 within two business days of the
      date that the Uluru payment set forth in 1(b) above is credited to Access’
account.

     

    4. Mutual
      Releases.
      Each of
      Access and Uluru shall execute the Mutual Release Agreement attached to this
      Amendment as Exhibit
      C.

     

    5. Condition
      to Effectiveness.
      This
      Amendment shall not become effective until executed and delivered by each of
      the
      Parties.

     

    6. Ratification,
      Etc.
      Except
      as expressly amended hereby, all terms and conditions of the Agreement are
      hereby ratified and confirmed in all respects and shall continue in full force
      and effect. The Agreement and this Amendment shall be read and construed as
      a
      single agreement. All references to the Agreement shall hereafter refer to
      the
      Agreement, as amended hereby.

     

    7. No
      Waiver.
      Except
      as set forth herein, nothing contained herein shall constitute a waiver of,
      impair or otherwise affect, any obligation of any Party or any rights of any
      Party consequent thereon.

     

    
      
         

      

      
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          2
          -

        
          

        

      

      
         

      

    

    

     

    8. Counterparts.
      This
      Amendment may be executed in one or more counterparts, each of which shall
      be
      deemed an original but which together shall constitute one and the same
      instrument.

     

    9. Governing
      Law.
      This
      amendment shall be governed by, and construed in accordance with, the laws
      of
      the State of Delaware without giving effect to principles of conflict of
      laws.

     

    10. Press
      Release.
      Each
      party shall have the right to review the other party’s press release relating to
      this Amendment prior to the release of any such press release.

     

    

    [signatures
      follow]

    

    

    
      
         

      

      
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          3
          -

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF,
      each of
      the Parties has executed and delivered this Amendment to Asset Sale Agreement
      as
      of the date first above written.

    

    

    ACCESS
      PHARMACEUTICALS,
      INC.

    

    

    

    By: /s/
      Stephen B. Thompson   Name:
      Stephen B. Thompson

    Title:
      Vice President, Chief Financial  Officer

     

    ULURU,
      INC.

    

    

    

    By: /s/
      Kerry P. Gray   

    Name:
      Kerry P. Gray

    Title:
      President, Chief Executive  Officer

    

    
      
         

      

      
        -
          4
          -EXHIBIT 10.01

 SIBLING
ENTERTAINMENT GROUP, INC.

 EMPLOYMENT AGREEMENT

  – Revised December 1, 2006 – 

James Cardwell 
21-06 23rd
Avenue, C3
New York, NY 11105 

Dear Jay: 

        Sibling
Entertainment Group, Inc. (“Sibling”), a New York Corporation, currently having
an address at 511 West 25th Street, Suite 503, New York, NY 10001, agrees to
employ you and you agree to accept such employment on the terms and conditions set forth
herein. 

     	1)	
        TERM. The term of your employment hereunder shall commence on December
        1, 2006 and, unless terminated by Sibling pursuant to paragraph 8
        hereof, shall continue through and until December 31, 2008. The
        period from December 1, 2006 through December  31, 2008
        (the “Employment Term”) notwithstanding any earlier termination
        pursuant to Paragraph 14. 

          

     	2)	
          DUTIES/RESPONSIBILITIES/REPORTING 

          

	 	a) 	General.
        Your title shall be “Chief Financial Officer and CFO” of Sibling.
        You shall have such duties and responsibilities as are consistent with
        the traditional positions of a CFO of a publicly traded entertainment
        company. You shall report solely and directly to the President and Board
        of Directors of Sibling through December 31, 2006 after which time your
        title shall be “Chief Operating Officer and COO” of Sibling
        and you shall have such duties and responsibilities as are consistent
        with the traditional positions of a COO of a publicly traded entertainment
        company. 

	 	b) 	Services.
Except as herein otherwise specified, during the Employment Term you           shall
devote your entire business time, attention and energies to the business           of
Sibling. You agree to perform such duties, and such other duties reasonable           and
consistent with such office as may be assigned to you from time to time by           the
President of Sibling or such other individual as may be designated by the
          President and Board of Directors of Sibling.  

	 	c) 	Location.
The principal place of business shall be in the greater metropolitan           New York
(Manhattan), New York area.  

     	3)	
          EXCLUSIVITY. Except as otherwise provided herein, you hereby acknowledge and
          agree that your engagement with Sibling under this Agreement is exclusive and
          that during the Employment Term hereof you shall not, directly or indirectly,
          whether for compensation or otherwise, engage in any business that is
          competitive with the business of Sibling, or render any services of a business,
          commercial or professional nature to any other person or organization that is a
          competitor of Sibling or in a business similar to that of Sibling, without the
          prior written consent of Sibling, except you shall be permitted to render
          services for the following: 

          

	 	a) 	Denver
Civic Theatre, Inc. (“DCT”): It is understood that you           currently
serve as a member of the Board of Directors and the Chairman of the           Board of
the Denver Civic  

Page 5 of 33 

	 	
Theatre,
Inc. (a not-for-profit) organization in the           State of Colorado and may perform
all the duties and responsibilities under such           appointment. Sibling encourages
your participation and shall not restrict your           involvement with other
not-for-profit and charitable organizations including           theatrical and
performance based organizations provided such participation does           not prohibit
your duties to Sibling under this Agreement.  

	 	b) 	Sibling
Entertainment Inc. (“SEI”): It is understood that you           currently serve
as an officer and director of SEI a company organized and           operated in a similar
industry of Sibling that may hold investments in one or           more entertainment
companies, and you may continue to serve in such positions,           except you shall
not devote more than approximately ten percent (10%) of your           professional
working hours to SEI, and so long as SEI does not actively pursue,           acquire the
additional rights to any new entertainment projects that is deemed           competitive
with the business of Sibling, except for passive investment           interests, limited
partnership or limited liability membership interests.  

	 	c) 	Other
Prior Partnerships and Corporations: It is understood that you may own           part or
control singularly or with others, limited partnership, limited           liabilities
companies, or other corporations within the theatrical, film or           entertainment
industries that may own various residual rights, royalties and           other income for
which you may still possess certain legal responsibilities to           such entities and
their limited investors, except you shall not devote more than           approximately
five percent (5%) of your professional working hours towards such           activities
and responsibilities.  

	 	d) 	Other
Corporate Investments. The Exclusivity Provisions shall also not prohibit           your
ownership or services in connection with investments which you or members           of
your family or your charitable trusts or foundations (directly or indirectly)
          and future investments which (a) do not require devotion of a substantial
amount           of your personal professional services which shall include, without
limitation,           passive investment interests, limited partnership interests or
limited liability           membership interests and (b) other than Sibling, do not
compete with           Sibling’s business when the investment is made, provided
however that you           may own directly or indirectly up to 5% of a publicly held
company, limited           partnership interests, or limited liability membership
interests or other           passive investment interests in private companies even if it
does compete with           Sibling’s business.  

	4)	COMPENSATION.  

	 	a) 	SALARY.
For all the services rendered by you in any capacity hereunder, Sibling           agrees
to pay you the following:  

	 	i) 	For
the period between December 1, 2006 and December 31, 2006 Sibling agrees to           pay
you two semi-monthly payments of Six Thousand ($6,000) dollars (1/12 x
          $120,000) equivalent to One Hundred Twenty Thousand Dollars ($120,000) per
annum  

	 	ii) 	For
the period between January 1, 2007 and December 31, 2008, Sibling agrees to           pay
you the sum of One Hundred Sixty-Five Thousand Dollars ($165,000) per annum           (“Salary”)
in accordance with Sibling’s then effective payroll           practices.  

	 	iii) 	Your
Salary will be reviewed every six (6) months both during the first quarter           of
Sibling’s fiscal year and the first quarter of each calendar year during
          the Employment Term, commencing with Sibling’s first quarter beginning
          after June 30, 2006, and  

Page 6 of 33 

	 	iv) 	Your
Salary will, at that time, shall increase by a percentage that is generally
          consistent with the range of percentages by which the salaries of other
          comparable executives are then increased, but no less than six ( 6%) percent
          bi-annually.  

	 	b) 	ANNUAL
BONUS. In addition to your Salary, you shall be entitled to receive bonus
          compensation for each of the fiscal years during the Employment Term,
determined           and payable as follows (“Bonus”):  

	 	i) 	Your
Bonus for each of the fiscal years during the Employment Term will be based
          upon a measurement of performance against objectives as established and
          determined by the Board of Directors.  

	 	ii) 	Your
Bonus as determined above shall not be less than two (2%) percent of the           “Pre-Tax
Profits” (as defined in Exhibit A), if any, and shall be           payable to you in
accordance with the terms and conditions of that certain           Sibling Bonus Plan
attached hereto and incorporated herein by this reference as           Exhibit A.  

	 	iii) 	Your
Bonus for any fiscal year shall be payable with sixty (60) days after the           end
of each fiscal year of Sibling.  

	 	c) 	SIGNING
BONUS. In addition to Salary you will be entitled to a Twenty Thousand
          ($20,000) dollars signing bonus payable in two installments:  

	 	i) 	Ten
Thousand ($10,000) dollars within thirty (30) days of the signing of this
          Agreement; and  

	 	ii) 	Ten
Thousand ($10,000) dollars on the first (1st) anniversary or this
          Agreement.  

	 	d) 	BENEFITS.
You shall be entitled to participate in such vacation, medical, dental           and life
insurance, 401(k), pension and other plans as Sibling may have or           establish
from time to time and in which you would be entitled to participate           pursuant to
the terms thereof. The foregoing, however, shall not be construed to           require
Sibling to establish any such plans or to prevent the modification or
          termination of such plans once established, and no such action or failure
          thereof shall affect this Agreement. It is further understood and agreed that
          all benefits you may be entitled to as an employee of Sibling shall be based
          upon your Salary, as set forth above, and not upon any bonus compensation due,
          payable or paid to you hereunder, except where the benefit plan expressly
          provides otherwise.  

	 	e) 	BUSINESS
EXPENSES. During your employment with Sibling, you shall be reimbursed           for such
reasonable travel and other expenses incurred in the performance of           your duties
hereunder as are customarily reimbursed to comparable executives of           Sibling.  

	5)	CONFIDENTIAL
INFORMATION and OTHER RESTRICTIONS.  

	 	a) 	Confidential
Agreement. You agree that you shall not, during the Employment Term           or at any
time thereafter, use for your own purposes, or disclose to or for the           benefit
of any third party, any trade secret or other confidential information           of
Sibling, Sibling or any of Sibling’s affiliates (except as may be           required
by law or in the performance of your duties hereunder consistent with           Sibling’s
policies) and that you will comply with any confidentiality           obligations of
Sibling or Sibling to a third party, whether under agreement or           otherwise.
Notwithstanding the foregoing, confidential information shall be           deemed not to
include information which  

Page 7 of 33 

	 	i) 	is
or becomes generally available to the public other than as a result of a
          disclosure by you or any other person who directly or indirectly receives such
          information from you or at your direction or  

	 	ii) 	is
or becomes available to you on a non-confidential basis from a source which           is
entitled to disclose it to you.  

	6)	NO
EMPLOYEE SOLICITATION. You agree that, during the Employment Term and for one
          (1) year thereafter, you shall not, directly or indirectly, engage, employ, or
          solicit the employment of any person who is then or has been within six (6)
          months prior thereto, an employee of Sibling, Sibling or any of Sibling’s
          affiliates.  

	7)	SIBLING
OWNERSHIP. The results and proceeds of your services hereunder,           including,
without limitation, any works of authorship resulting from your           services during
your employment with Sibling, Sibling and/or any of           Sibling’s affiliates
and any works in progress, shall be           works-made-for-hire and Sibling shall be
deemed the sole owner throughout the           universe of any and all rights of
whatsoever nature therein, whether or not now           or hereafter known, existing,
contemplated, recognized or developed, with the           right to use the same in
perpetuity in any manner Sibling determines in its sole           discretion without any
further payment to you whatsoever. If, for any reason,           any of such results and
proceeds shall not legally be a work-for-hire and/or           there are any rights which
do not accrue to Sibling under the preceding           sentence, then you hereby
irrevocably assign and agree to assign any and all of           your right, title and
interest thereto, including, without limitation, any and           all copyrights,
patents, trade secrets, trademarks and/or other rights of           whatsoever nature
therein, whether or not now or hereafter known, existing,           contemplated,
recognized or developed to Sibling, and Sibling shall have the           right to use the
same in perpetuity throughout the universe in any manner           Sibling determines
without any further payment to you whatsoever. You shall,           from time to time, as
may be requested by Sibling, do any and all things which           Sibling may deem
useful or desirable to establish or document Sibling’s           exclusive ownership
of any and all rights in any such results and proceeds,           including, without
limitation, the execution of appropriate copyright and/or           patent applications
or assignments. To the extent you have any rights in the           results and proceeds
of your services that cannot be assigned in the manner           described above, you
unconditionally and irrevocably waive the enforcement of           such rights. This
paragraph is subject to, and shall not be deemed to limit,           restrict, or
constitute any waiver by Sibling of any rights of ownership to           which Sibling
may be entitled by operation of law by virtue of Sibling being           your employer.  

	8)	LITIGATION.
You agree that, during the Employment Term, for one (1) year           thereafter and, if
longer, during the pendency of any litigation or other           proceeding,  

	 	i) 	You
shall not communicate with anyone (other than your own attorneys and tax
          advisors and, except to the extent necessary in the performance of your duties
          hereunder) with respect to the facts or subject matter of any pending or
          potential litigation, or regulatory or administrative proceeding involving
          Sibling or Sibling or any of their officers, directors, agents, employees,
          suppliers or customers, other than any litigation or other proceeding in which
          you are a party-in-opposition, without giving prior notice to Sibling’s
          General Counsel, and  

	 	ii) 	In
the event that any other party attempts to obtain information or documents           from
you with respect to matters possibly related to such litigation or other
          proceeding, you shall promptly so notify Sibling’s General Counsel.  

Page 8 of 33 

	9)	NO
        RIGHT TO GIVE INTERVIEWS OR WRITE BOOKS, ARTICLES, ETC. You agree that
        during the Employment Term and for a period of one (1) year thereafter,
        except as authorized by Sibling or Sibling, you shall not (i) give any
        interviews or speeches, or (ii) prepare or assist any person or entity
        in the preparation of any books, articles, television or motion picture
        productions or other creations, in either case, concerning Sibling, Sibling
        or any of Sibling’s affiliates or any of their officers, directors,
        agents, employees, suppliers or customers. 

	10)	RETURN
OF PROPERTY. All documents, data, recordings, or other property, whether
          tangible or intangible, including all information stored in electronic form,
          obtained or prepared by or for you and utilized by you in the course of your
          employment with Sibling shall remain the exclusive property of Sibling. In the
          event of the termination of your employment for any reason, Sibling reserves
the           right, to the extent permitted by law and in addition to any other remedy
          Sibling may have, to deduct from any monies otherwise payable to you the
          following:  

	 	i) 	the
full amount of any debt you owe to Sibling, Sibling or any of Sibling’s
          affiliates at the time of or subsequent to the termination of your employment
          with Sibling, and  

	 	ii) 	the
value of the Sibling property which you retain in your possession after the
          termination of your employment with Sibling. In the event that the law of any
          state or other jurisdiction requires the consent of an employee for such
          deductions, this Agreement shall serve as such consent. You acknowledge and
          agree that the foregoing remedy shall not be the sole and exclusive remedy of
          Sibling with respect to a breach of this paragraph.  

	11)	NON-DISPARAGEMENT.
You agree that you shall not, during the Employment Term and           for a period of
one (1) year thereafter, criticize, ridicule or make any           statement which
disparages or is derogatory of Sibling, Sibling or any of           Sibling’s
affiliates or any of their officers, directors, agents or           employees.  

	12)	FAMILY
LEAVE POLICY & RIGHTS.  

	 	a) 	Regardless
of Sibling’s status or qualification under the Family Leave Act           of 1993
(the “Act”), you will be entitled to all rights and benefits           required
under this Act including, but not limited to the following:  

	 	i) 	Birth
and or child care of the newborn child of the employee  

	 	ii) 	Placement
through foster care or adoption of a child with the employee  

	 	iii) 	To
care for an immediate family member with a serious health condition  

	 	iv) 	If
the employee is unable to work because of a serious medical condition.  

	 	b) 	Partial
Paid Family Leave Policy. In addition to any rights provided under           Paragraph 12
a), you will also be entitled to up to fifteen (15) weeks of           partially paid
leave at two-thirds (2/3) of your normal base salary. All other           benefits
including insurance, bonuses and other rights shall be continued at           their full
amounts as defined by this agreement.  

	 	c) 	Sibling
may reduce the amount received under Paragraph 12 b) by any amount you           may
receive through any compensation or award received under Paragraph 13, or
          through your participation in any disability insurance plan or program.  

Page 9 of 33 

	 	d) 	After
15 weeks, you shall have the absolute right to return to work in same           position
with the same duties regardless of any limitation that may be available           to
Sibling under the Act.  

	13)	PERMANENT
DISABILITY. If, for any reason including physical, mental illness,           failure,
refusal or other inability, you cannot perform a majority of your usual           duties
for a period of longer than 120 consecutive days, Sibling’s           obligation to
pay Salary shall be reduced to fifty (50%). If your disability and           inability to
perform your duties exceeds 180 consecutive days, Sibling may           terminate this
Agreement effective upon 30 days prior written notice to you. In           such event,
Executive shall be entitled to receive:  

	 	i)  	Fifty
(50%) Percent of your Salary continued for a period of 6 months or the
          expiration of the Term, whichever occurs first; and  

	 	ii) 	a
prorated portion of Bonus Compensation, if any, otherwise payable pursuant to
          this Agreement or any partial fiscal year that has occurred prior to the
          effective date of termination, whichever is greater; and  

	 	iii) 	any
insurance previously provided for a period of 6 months or the expiration of           the
Term, whichever occurs first.  

	 	iv) 	Disagreement
as to the anticipation of a permanent disability/suspension and/or           the date
such permanent disability/suspension commenced shall be settled by the           majority
decision of 3 neutral arbitrators (or, if applicable, licensed           physicians) one
to be selected by each party to the dispute, the two thus           appointed shall
choose the third, and the three thus appointed shall constitute           the board of
arbitration. Such board, acting by majority vote within 30 days           after choosing
the third arbitrator, shall resolve such disagreement and their           decision shall
be final and binding on you, Sibling and any other person with an           interest in
the matter.  

	14)	TERMINATION.  

	 	a) 	“CAUSE.” In
the event of “Cause” (as defined below), Sibling           may terminate this
Agreement at any time effective upon delivery of written           notice to Executive.
In such event, all of Sibling’s obligations hereunder           will immediately
terminate without further liability. Moreover, you shall not be           entitled to
receive any severance, fringe benefits, compensation or other such           rights, nor
shall you be entitled to receive a pro-rata portion of Bonus           Compensation
otherwise payable pursuant to this Agreement. For purposes of this           Agreement
“Cause” shall include, but is not limited to:  

	 	i) 	fraud,
felonious conduct or dishonesty or (ii) willful misconduct or gross           negligence
in the performance of your duties hereunder; provided, however, that           bona fide
disagreements or disputes as to expense reimbursement shall not be           deemed fraud
or felonious conduct or your breach of any material provision of           this
Agreement; or  

	 	ii) 	breach
of any material provision of this Agreement or any other material           agreement
between Sibling and you.  

	 	b) 	“WITHOUT
CAUSE.” Notwithstanding anything contained herein to the           contrary, in the
event this Agreement is terminated by Sibling prior to           expiration of the Term
for any reason other than pursuant to Paragraphs 14 a)           for Cause, this
Agreement shall be deemed to have been terminated “Without           Cause” and
you shall be entitled to receive all of the compensation, rights           and benefits
described in this Agreement through the expiration of the Term as           if this
Agreement were in full force.  

Page 10 of 33 

	 	c) 	You
must receive 30 days prior written notice of termination regardless of the
          reason for termination.  

	 	d) 	CHANGE
IN CONTROL. Notwithstanding anything contained herein to the contrary,           the
terms and conditions of this Agreement, you are permitted to terminate this
          Agreement Without Cause following a “Change In Control” (as defined
          below) and shall be entitled to receive all of the compensation, rights and
          benefits described in this Agreement following the effective date of
termination           or through the expiration of the Employment Term, whichever is
longer, and the           severance described in Paragraph 15, as if this Agreement were
in full force. If           any other Officer’s options are acquired pursuant to a
Change In Control,           your options will be acquired on terms and at all times at
least equal to any           other Officer.  

	 	
“CHANGE
IN CONTROL.” For purposes of this Agreement “Change In Control” shall mean
and be deemed to have occurred on the earliest of the following dates:  

	 	i) 	the
date, pursuant to Section 13(d) of the Act and the rules promulgated
          thereunder, a person shall have acquired beneficial ownership of more than 45%
          of the Voting Stock;  

	 	ii) 	the
date the persons who were members of the Board at the beginning of any           24-month
period shall cease to constitute a majority of the Board, unless the           election,
or the nomination for election by Sibling’s shareholders, of each           new
director was approved by two-thirds of the members of the Board then in           office
who were in office at the beginning of the 24-month period; or  

	 	iii) 	the
date Sibling’s shareholders shall approve a definitive agreement (a) to
          merge or consolidate Sibling with or into another corporation, unless the
          holders of Sibling’s capital stock immediately before such merger or
          consolidation will, immediately following such merger or consolidation, hold as
          a group on a fully-diluted basis the ability to elect at least a majority of
the           directors of the surviving corporation (assuming cumulative voting, if
          applicable), or (b) to sell or otherwise dispose of all or substantially all
the           assets of Sibling.  

	 	e) 	YOUR
RIGHT TO TERMINATE FOR GOOD REASON. During the Term, you shall be entitled           to
terminate your employment with Sibling for “Good Reason” (as           defined
below) following a Change In Control. For purposes of this Agreement           “Good
Reason” shall mean any of the following events which occurs           without your
express written consent:  

	 	i) 	the
assignment of any duties inconsistent with your status as an Officer or a
          substantial alteration in the nature or status of your responsibilities from
          those in effect immediately prior to a Change In Control other than any such
          alteration primarily attributable to the fact that Sibling may no longer be a
          public company;  

	 	ii) 	a
reduction by Sibling in Base Salary;  

	 	iii) 	the
relocation of Sibling’s principal offices to a location more than 35           miles
from the current locale or Sibling’s requiring you to be based           anywhere
other than Sibling’s principal offices except for required travel           on
Sibling’s business to an extent substantially consistent with your           present
travel obligations;  

	 	iv) 	the
failure by Sibling to continue in effect without material change any
          compensation or benefit plan in which you are entitled to participate, or the
          failure by Sibling to

Page 11 of 33 

	 	
continue
your participation therein, or the taking of any           action by Sibling which would
directly or indirectly materially reduce any of           the benefits of such plans
enjoyed by you at the time of the Change In Control,           or the failure by Sibling
to provide you with the number of paid vacation days           to which you is entitled
hereunder, or the taking of any other action by Sibling           which materially
adversely changes the conditions or perquisites of your           employment;  

	 	v) 	the
failure of Sibling to obtain a satisfactory agreement from any successor to
          assume and agree to perform the Services contemplated by this Agreement;  

	 	vi) 	the
failure of Sibling to maintain adequate D&O insurance coverage pursuant           to
the terms of this Agreement; or  

	 	vii) 	the
breach by Sibling of any material term of this Agreement.  

	15)	SEVERANCE.
Upon expiration of the Employment Term, Executive shall be entitled           to receive:  

	 	a) 	Base
Salary continuation for a period of 6 months; and  

	 	b) 	a
prorated portion of Bonus Compensation, if any, otherwise payable for 6 months
          or any partial fiscal year that has occurred prior to the expiration of the
          Employment Term, whichever is greater; and  

	 	c) 	Insurance
continuation for a period of 6 months.  

	 	d) 	TERMINATION
OF BENEFITS. Notwithstanding anything in this Agreement to the           contrary (except
as otherwise provided in paragraph 8(d) with respect to           medical, dental and
life insurance), coverage under all Sibling benefit plans           and programs
(including, without limitation, vacation, 401(k) plan, the pension           plans,
long-term disability plans, car insurance and accidental death and
          dismemberment and business travel and accident insurance) will terminate upon
          the termination of your employment except to the extent otherwise expressly
          provided in such plans or programs.  

	16)	DEATH.
If you die prior to the end of the Employment Term, your beneficiary or           estate
shall be entitled to receive your Salary up to the date on which the           death
occurs and any pro-rated Bonus.  

	17)	EQUAL
OPPORTUNITY EMPLOYER. You acknowledge that Sibling is an equal opportunity
          employer. You agree that you will comply with Sibling policies and applicable
          federal, state, and local laws prohibiting discrimination on the basis of race,
          color, creed, national origin, age, sex or disability.  

	18)	NOTICES.
All notices required to be given hereunder shall be given in writing,           by
personal delivery or by mail at the respective addresses of the parties           hereto
set forth above, or at such other address as may be designated in writing           by
either party, and in the case of Sibling, to the attention of the General
          Counsel of Sibling. Any notice given by mail shall be deemed to have been given
          three days following such mailing.  

	19)	ASSIGNMENT.
This is an Agreement for the performance of personal services by you           and may
not be assigned by you. Sibling or Sibling may assign this Agreement to           Sibling
or any affiliate of Sibling or any purchaser of all or substantially all           of the
assets of Sibling or Sibling or any successor in interest to Sibling or
          Sibling.  

	20)	GOVERNING
        LAW. This Agreement and all matters or issues collateral thereto shall
        be governed by the laws of the State of Texas. 

Page 12 of 33 

	21)	NO
IMPLIED CONTRACT. Nothing contained in this Agreement shall be construed to
          impose any obligation on Sibling to renew this Agreement or any portion
thereof.           The parties intend to be bound only upon execution of a written
agreement and no           negotiation, exchange of draft or partial performance shall be
deemed to imply           an agreement. Neither the continuation of employment nor any
other conduct shall           be deemed to imply a continuing agreement upon the
expiration of this Agreement.  

	22)	ENTIRE
UNDERSTANDING. This Agreement contains the entire understanding of the           parties
hereto relating to the subject matter herein contained, and can be           changed only
by a writing signed by both parties hereto.  

	23)	VOID
PROVISIONS. If any provision of this Agreement, as applied to either party           or
to any circumstances, shall be adjudged by a court to be void or           unenforceable,
the same shall be deemed stricken from this Agreement and shall           in no way
affect any other provision of this Agreement or the validity or           enforceability
of this Agreement.  

     * * * * *  

        If
the foregoing correctly sets forth our understanding, please sign and date one copy of
this letter and return it to the undersigned whereupon this letter shall constitute a
binding agreement between us. 

Very truly yours, 

SIBLING ENTERTAINMENT
GROUP 

	By:_____________________	_____________________
	Print:
      Mitchell Maxwell

      ITS: President 	Date
      

      
	 	 
	 	 
	ACCEPTED
      AND AGREED:

      	 
	 	 
	By:_____________________	_____________________
	James Cardwell	                         Date
      

Page 13 of 33

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