Document:

Letter Agreement, dated as of April 15, 2011

 Exhibit 10.25 
 Silicon Valley Bank 
 A Member of SVB Financial Group 

April 15, 2011 
 Dan Morgan 
 CFO 

Force10 Networks, Inc. 
 350 Holger Way 
 San Jose, CA 95134 

 

	 	Re:	Extension of fiscal year end financial reporting 

 Dear Mr. Morgan: 
 This letter is written in connection with
that certain Third Amended and Restated Loan and Security Agreement, by and between, Force10 Networks, Inc. (“Borrower”) and Silicon Valley Bank (“Bank”), dated February 25, 2011, and related loan documents, as may be
amended from time to time (the “Loan Agreement”). Borrower and Bank desire to amend the terms of the Loan Agreement as more particularly described herein. 

Notwithstanding the terms and conditions contained in Section 6.2 of the Loan Agreement, for Borrower’s fiscal
year ended 2010 only, Borrower will deliver to Bank, as soon as available, but no later than May 30, 2011, Borrower’s audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion
on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank. 
 By signing below and returning a copy of this letter to Bank, Borrower acknowledges that the Loan Agreement has not been amended in any way, other than as referenced above. In entering into this
letter, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Loan Agreement. Except as expressly provided for herein pursuant to this letter, the terms of the Loan Agreement remain unchanged and in
full force and effect. Bank’s agreement to modify the Loan Agreement in accordance with the provisions set forth in this letter in no way shall obligate Bank to make any future waivers or modifications to the Loan Agreement. Nothing
in this letter shall constitute a satisfaction of the Borrower’s indebtedness to Bank. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of the Loan Agreement, unless the party is expressly
released by Bank in writing. No maker or endorser will be released by virtue of this letter. The terms of this paragraph apply not only to this letter, but also to all subsequent loan modification agreements. 

The provisions of this letter shall not be deemed effective until such time as Borrower shall have returned a
countersigned copy to Bank. 
 555 Mission Street, Suite 900 
 San Francisco, California 94105 
 PHONE 415.764.3000 svb.com 

 
			
	Very truly yours,
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Rick Freeman

	Name:	 	 Rick Freeman

	Title:	 	Relationship Manager

 By executing below, the
undersigned acknowledges and confirms the effectiveness of this letter. 
 BORROWER 
 Force10 Networks, Inc. 
  

			
	By:	 	 /s/ W. Zerella

	Name:	 	 Bill Zerella

	Title:	 	 CFO

	Dated:	 	 4/25/2011Enertopia Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

STOCK OPTION AGREEMENT 

ENERTOPIA CORP. 

THIS AGREEMENT is entered into as of the 2nd day of June, 2011 (the “Date of Grant”) 

BETWEEN: 

ENERTOPIA CORP., a company incorporated pursuant to the laws of the State of Nevada, of Suite 950 1130 West Pender, Vancouver, BC V6E 4A4 

(the “Company”) 

AND: 

(the “Optionee”) 

WHEREAS: 

A. The Board of Directors of the Company (the “Board”) has approved and adopted the 2011 Stock Option Plan (the “Plan”), pursuant to which the Board is authorized to grant to employees and other selected persons stock options
to purchase common shares of the Company (the “Common Stock”); 

B. The Plan provides for the granting of stock options that either (i) are intended to qualify as “Incentive Stock Options” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), or
(ii) do not qualify under Section 422 of the Code (“Non-Qualified Stock Options”); and 

C. The Board has authorized the grant to the Optionee of options to purchase a total of
250,000 shares of Common Stock (the “Options”), which Options are intended to be (select one): 

[     ] Incentive Stock Options; 

[ X ] Qualified Stock Options 

NOW THEREFORE, the Company agrees to offer to the Optionee the option to purchase, upon the terms and conditions set forth herein and in the Plan, XXX shares of Common Stock. Capitalized terms not otherwise defined herein shall have the
meanings ascribed thereto in the Plan. 

1.     Exercise Price. The exercise price of the options shall be US $0.25 per share. 

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2.     Limitation on the Number of Shares. If the Options granted hereby are Incentive Stock Options, the number of shares which may be acquired upon exercise thereof is subject to the limitations set forth in Section 5.1 of the Plan. 

3.     Vesting Schedule. The Options shall vest in accordance with Exhibit A. 

4.     Options not Transferable.  The Options may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will, by applicable laws of descent and distribution or, in the case of
a Non-Qualified Stock Option, pursuant to a qualified domestic relations order, and shall not be subject to execution, attachment or similar process; provided, however, that if the Options represent a Non-Qualified Stock Option, such Option
is transferable without payment of consideration to immediate family members of the Optionee or to trusts or partnerships established exclusively for the benefit of the Optionee and Optionee’s immediate family members.  Upon any attempt to
transfer, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the Plan contrary to the provisions thereof, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred
by the Plan, such Option shall thereupon terminate and become null and void. 

5.     Investment Intent.  By accepting the Options, the Optionee represents and agrees that none of the shares of Common Stock purchased upon exercise of the Options will be distributed in violation of applicable federal and state laws and
regulations. In addition, the Company may require, as a condition of exercising the Options, that the Optionee execute an undertaking, in such a form as the Company shall reasonably specify, that the Stock is being purchased only for investment and
without any then-present intention to sell or distribute such shares. 

6.     Termination of Employment and Options. Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events: 

	
(a) 		
Expiration. Five (5) years from the Date of Grant.

	
	 	 
	
(b) 		
Termination for Cause. The date of the first discovery by the Company of any reason for the termination of an Optionee’s employment or contractual relationship with the Company or any related company for cause (as
determined in the sole discretion of the Plan Administrator), and, if an Optionee’s employment is suspended pending any investigation by the Company as to whether the Optionee’s employment should be terminated for cause, the
Optionee’s rights under this Agreement and the Plan shall likewise be suspended during the period of any such investigation.

	
	 	 
	
(c) 		
Termination Due to Death or Disability. The expiration of one (1) year from the date of the death of the Optionee or cessation of an Optionee’s employment or contractual relationship by reason of disability (as
defined in Section 5.1(g) of the Plan). If an Optionee’s employment or contractual relationship is terminated by death, any Option held by the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights
under such Option shall pass by the Optionee’s will or by the laws of descent and distribution.

	

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(d) 		
Termination for Any Other Reason. The expiration of ninety (90) days from the date of an Optionee’s termination of employment or contractual relationship with the Company or any Related Corporation for any reason
whatsoever other than termination of service as a director, cause, death or Disability (as defined in Section 5.1(g) of the Plan).

	

Each unvested Option granted pursuant hereto shall terminate immediately upon termination of the Optionee’s employment or contractual relationship with the Company for any reason whatsoever, including Disability unless vesting is accelerated
in accordance with Section 5.1(f) of the Plan. 

7.     Stock. In the case of any stock split, stock dividend or like change in the nature of shares of Stock covered by this Agreement, the number of shares and exercise price shall be proportionately adjusted as set forth in Section 5.1(m) of
the Plan. 

8.     Exercise of Option.  Options shall be exercisable, in full or in part, at any time after vesting, until termination; provided, however, that any Optionee who is subject to the reporting and liability provisions of Section 16 of the
Securities Exchange Act of 1934 with respect to the Common Stock shall be precluded from selling or transferring any Common Stock or other security underlying an Option during the six (6) months immediately following the grant of that Option.
If less than all of the shares included in the vested portion of any Option are purchased, the remainder may be purchased at any subsequent time prior to the expiration of the Option term. No portion of any Option for less than fifty (50) shares (as
adjusted pursuant to Section 5.1(m) of the Plan) may be exercised; provided, that if the vested portion of any Option is less than fifty (50) shares, it may be exercised with respect to all shares for which it is vested. Only whole shares may be
issued pursuant to an Option, and to the extent that an Option covers less than one (1) share, it is unexercisable. 

Each exercise of the Option shall be by means of delivery of a notice of election to exercise (which may be in the form attached hereto as Exhibit B) to the President of the Company at its principal executive office, specifying the number of
shares of Common Stock to be purchased and accompanied by payment in cash by certified check or cashier’s check in the amount of the full exercise price for the Common Stock to be purchased. In addition to payment in cash by certified check or
cashier’s check, an Optionee or transferee of an Option may pay for all or any portion of the aggregate exercise price by complying with one or more of the following alternatives: 

	
(a) 		
by delivering to the Company shares of Common Stock previously held by such person, duly endorsed for transfer to the Company, or by the Company withholding shares of Common Stock otherwise deliverable pursuant to exercise of the
Option, which shares of Common Stock received or withheld shall have a fair market value at the date of exercise (as determined by the Plan Administrator) equal to the aggregate purchase price to be paid by the Optionee upon such exercise; or

	
	 	 
	
(b) 		
by complying with any other payment mechanism approved by the Plan Administrator at the time of exercise.

	

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It is a condition precedent to the issuance of shares of Common Stock that the Optionee execute and/or deliver to the Company all documents and withholding taxes required in accordance with Section 5.1 of the Plan. 

9.     Holding period for Incentive Stock Options. In order to obtain the tax treatment provided for Incentive Stock Options by Section 422 of the Code, the shares of Common Stock received upon exercising any Incentive Stock Options received
pursuant to this Agreement must be sold, if at all, after a date which is later of two (2) years from the date of this agreement is entered into or one (1) year from the date upon which the Options are exercised. The Optionee agrees to report sales
of shares prior to the above determined date to the Company within one (1) business day after such sale is concluded. The Optionee also agrees to pay to the Company, within five (5) business days after such sale is concluded, the amount necessary
for the Company to satisfy its withholding requirement required by the Code in the manner specified in Section 5.1(l) of the Plan. Nothing in this Section 9 is intended as a representation that Common Stock may be sold without registration under
state and federal securities laws or an exemption therefrom or that such registration or exemption will be available at any specified time. 

10.     Resale restrictions may apply. Any resale of the shares of Common Stock received upon exercising any Options will be subject to resale restrictions contained in the securities legislation applicable to the Optionee. The Optionee
acknowledges and agrees that the Optionee is solely responsible (and the Company is not in any way responsible) for compliance with applicable resale restrictions. 

11.     Subject to 2011 Stock Option Plan.  The terms of the Options are subject to the provisions of the Plan, as the same may from time to time be amended, and any inconsistencies between this Agreement and the Plan, as the same may be from
time to time amended, shall be governed by the provisions of the Plan, a copy of which has been delivered to the Optionee, and which is available for inspection at the principal offices of the Company. 

12.     Professional Advice.  The acceptance of the Options and the sale of Common Stock issued pursuant to the exercise of Options may have consequences under federal and state tax and securities laws which may vary depending upon the individual
circumstances of the Optionee. Accordingly, the Optionee acknowledges that he or she has been advised to consult his or her personal legal and tax advisor in connection with this Agreement and his or her dealings with respect to Options.  Without
limiting other matters to be considered with the assistance of the Optionee’s professional advisors, the Optionee should consider: (a) whether upon the exercise of Options, the Optionee will file an election with the Internal Revenue Service
pursuant to Section 83(b) of the Code and the implications of alternative minimum tax pursuant to the Code; (b) the merits and risks of an investment in the underlying shares of Common Stock; and (c) any resale restrictions that might apply under
applicable securities laws. 

13.     No Employment Relationship. Whether or not any Options are to be granted under this Plan shall be exclusively within the discretion of the Plan Administrator, and nothing contained in this Plan shall be construed as giving any person any
right to participate under this Plan. The grant of an Option shall in no way constitute any form of agreement or understanding binding on the Company or any Related Company, express or implied, that the Company or any Related Company will employ or
contract with an Optionee, for any length of time, nor shall it interfere
in any way with the Company’s or, where applicable, a Related Company’s right to terminate Optionee’s employment at any time, which right is hereby reserved. 

 - 5 - 

14.     Entire Agreement. This Agreement is the only agreement between the Optionee and the Company with respect to the Options, and this Agreement and the Plan supersede all prior and contemporaneous oral and written statements and
representations and contain the entire agreement between the parties with respect to the Options. 

15.     Notices. Any notice required or permitted to be made or given hereunder shall be mailed or delivered personally to the addresses set forth below, or as changed from time to time by written notice to the other: 

	
The Company:
	
	
 
	
	
Enertopia Corp.
	

	
 Suite 950 1130 West Pender Street
	

	
 Vancouver, BC V6E 4A4
	

	
 Attention: President
	

	
 
	
	
With a copy to:
	
	
 
	
	
 W.L. Macdonald Law Corporation
	

	
 400 – 570 Granville Street
	

	
 Vancouver, British Columbia V6C 3P1
	

	
 Attention: William Macdonald
	

	
 
	
	
The Optionee:
	
	
 
	
_______________________________

	
_______________________________

	
_______________________________

	
_______________________________

ENERTOPIA CORP. 

Per:    _______________________________

        Authorized Signatory 

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EXHIBIT A 

TERMS OF THE OPTION 

	Name of the Optionee: 	  
	 	 
	Date of Grant: 	June 2, 2011 
	 	 
	Designation: 	Qualified Stock Options 
	 	 
	1. Number of Options granted: 	XXX stock options 
	 	 
	2. Purchase Price: 	$0.25 per share 
	 	 
	3. Vesting Date: 	XXX options on June 2, 2011; 
	 	 
	4. Expiration Date: 	June 2, 2016 

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EXHIBIT B 

To: 

Enertopia Corp. 

Suite 950 1130 West Pender 

Vancouver, BC V6E 4A4 

Attention:
President 

Notice of Election to Exercise 

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of Enertopia Corp.’s (the “Company”) 2011
Stock Option Plan (the “Plan”) and Section 8 of that certain Stock Option
Agreement (the “Agreement”) dated as of the _______ day of __________________ ,
20___, between the Company and the undersigned. 

The undersigned hereby elects to exercise Optionee’s option to
purchase __________________shares of the common stock of the Company at a price
of US$0.25 per share, for aggregate consideration of US$ __________, on the
terms and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice. 

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows: 

	
    Registration Information: 
	
     
	
    Delivery Instructions: 

	
     
	
     
	
     

	
    Name to
      appear on certificates 
	
     
	
    Name 

	
     
	
     
	
     

	
    Address 
	
     
	
    Address 

	
     
	
     
	
     

	
     
	
     
	
     

	
     
	
     
	
     

	
      
	
     
	
      

	
      
	
     
	
    Telephone Number 

DATED at ____________________________________, the _______ day
of ________________________, 20___. 

	 
	(Name of
      Optionee – Please type or print) 
	 
	 
	(Signature
      and, if applicable, Office) 
	 
	 
	(Address of
      Optionee) 
	 
	 
	(City, State, and Zip Code of Optionee)

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