Document:

EXHIBIT 10.1

                           Pressure BioSciences, Inc.
                                321 Manley Street
                           West Bridgewater, MA 02379

                                                     June 30, 2005

Mr. Richard T. Schumacher
Pressure BioSciences, Inc.
321 Manley Street West
Bridgewater, MA 02379

Dear Mr. Schumacher:

         The purpose of this letter is to set forth our mutual understanding
relating to reimbursement of certain of your previously incurred fees and
expenses, the payment of a bonus and your release of claims which you may have
against Pressure BioSciences, Inc. (the "Company").

         1.       Premises. As a result of the termination of your employment by
the Company in February 2003, we understand that you incurred substantial fees
and expenses for which you have not previously been indemnified relating to lost
wages and severance benefits and to your actions as a stockholder to address the
Company's termination of your employment. We also understand that you may have
certain claims against the Company relating to your termination and such fees,
expenses, lost wages and severance benefits.

         We recognize and applaud your valuable efforts in the restructuring of
the Company despite your termination of employment and during the time of your
consulting engagement commencing in June, 2003 and your subsequent re-employment
with the Company in April, 2004. Your tireless efforts in transitioning the sale
of the Company's Diagnostics and Biotech business units from a certain third
party as a potential buyer to negotiating and consummating the sale to SeraCare
Life Sciences, Inc. at a substantially higher purchase price yielded
substantially greater value to the Company and our stockholders. Second, we
commend your successful leadership in concluding the sale of our Laboratory
Instruments business unit in June, 2004. This Source Scientific transaction was
an important step in the overall restructuring of the Company to enable us to
focus predominantly on our pressure cycling technology (PCT). Third, we are
grateful for your persistence in navigating the regulatory environment to
commence and consummate our issuer tender offer which enabled all of our
stockholders to elect either to remain as stockholders in our repositioned
Company focused on pressure cycling technology or to accept a cash payment at a
substantial premium over pre-announcement market prices.

         2.       Reimbursement and Payment. Promptly after the execution of
this letter agreement, the Company will pay you in one lump sum an aggregate of
$400,000 (i) to reimburse you for your costs and expenses, as well as lost wages
<PAGE>

and severance benefits, relating to your termination of employment as referred
to above, and (ii) as a bonus to reward your valuable contributions to the
Company and our stockholders in the overall restructuring and repositioning of
our Company. The Company will withhold taxes as may be required under law in
connection with such reimbursement and payment.

         3.       Interest Payment. Reference is made your indebtedness to the
Company in the aggregate principal amount of $1,000,000 plus accrued interest.
This indebtedness arose from the Company's pledge of $1,000,000 of cash
collateral to Commerce Bank & Trust Company ("Commerce Bank") in connection with
a loan or loans from Commerce Bank either to you or an affiliate of yours,
Resort Accommodations International LLC ("RAI") (the "Commerce Bank Loan").
Without limiting the foregoing, reference is specifically made to (i) that
certain Limited Guaranty by the Company for the benefit of Commerce Bank dated
January 15, 2002, (ii) that certain Junior Participation Agreement also dated
January 15, 2002 by and between Commerce Bank, RAI and the Company, (iii) that
certain Pledge Agreement also dated January 15, 2002 by and between the Company
and Commerce Bank, and (iv) that certain Pledge and Security Agreement dated as
of January 15, 2002 by and between you, the Company and Commerce Bank. You
hereby ratify, confirm and acknowledge your indebtedness to the Company in the
aggregate principal amount of $1,000,000 plus accrued interest in the amount of
$174,382.09 with additional interest accruing at a floating annual rate of prime
(as announced by Commerce Bank from time to time) plus 2%. You hereby further
ratify, confirm and acknowledge your obligations to the Company under such
agreements referred to in clauses (i) through (iv) above (the "Company's
Guarantee") and that any and all obligations of you and/or RAI to Commerce Bank
have been subordinated to the Company. Finally, you ratify, confirm and
acknowledge that pursuant to such subordination, you have pledged to the Company
489,657 shares of the Company's Common Stock owned by you to secure your
repayment obligations to the Company of the $1,000,000 loan plus interest
thereunder, and that the Company currently maintains a first priority security
interest in such pledged shares of Common Stock.

         Simultaneously with the Company's payment to you of the $400,000
referred to in paragraph 2, above, you will pay the Company $174,382.09 in
satisfaction of all unpaid interest accrued to date on the $1,000,000 loan.

         4.       General Release. In consideration of the Company's payment to
you of $400,000 referred to in paragraph 2, above, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, you
hereby release, remise, and forever discharge the Company and the Company's
officers, directors and affiliates from all debts, demands, actions, causes of
actions, suits, accounts, covenants, contracts, agreements, damages, and all
claims and liabilities of every nature, which you or your successors or assigns
now have or ever had against the Company or its officers, directors and
affiliates, jointly, severally, or individually.
<PAGE>

         5.       Successors and Assigns. All of the provisions of this letter
agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, if any, successors and assigns.

         6.       Choice of Law. The laws of the Commonwealth of Massachusetts
shall govern the validity of this letter agreement, the construction of its
terms and the interpretation of the rights and duties of the parties hereto.

         7.       Waiver. No failure or delay by either party in exercising any
right under this letter agreement will operate as a waiver of such right or any
other right under this letter agreement. Waiver by one party hereto of any
breach of or failure to comply with any provision of this letter agreement by
the other shall not operate or be construed as a continuing waiver.

         8.       Modification or Amendment. No amendment, change or
modification of this letter agreement shall be valid unless in writing signed by
the parties hereto.

         9.       Unenforceability of Provisions. If any provision of this
letter agreement, or any portion thereof, is held to be invalid and
unenforceable, then the remainder of this letter agreement shall nevertheless
remain in full force and effect.

         10.      Counterparts. This letter agreement may be executed in
multiple counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         11. Captions. Captions have been inserted solely for the convenience of
reference and in no way define, limit or describe the scope or substance of any
provisions of this letter agreement.

         If this letter agreement accurately reflects our mutual agreement
regarding the subject matter hereof, please so indicate you agreement by signing
where indicated below with the intention of becoming legally bound hereby.

                                       PRESSURE BIOSCIENCES, INC.

                                       By: /s/ J. DONALD PAYNE
                                           -------------------------------------
                                           J. Donald Payne, Director
Understood and Agreed:

/s/ RICHARD T. SCHUMACHER
----------------------------------
Richard T. Schumacherexv10w1

 

EXHIBIT 10.1

PURCHASE AGREEMENT

June 28, 2005

M.D.C. Holdings, Inc.

4350 S. Monaco Street

Suite 500

Denver, Colorado 80237

	 	 	 
	Re:

	 	Distribution Agreement by and among M.D.C. Holdings, Inc., Banc of America
Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit
Suisse First Boston LLC, Comerica Securities, Deutsche Bank Securities Inc., Greenwich
Capital Markets, Inc., J.P. Morgan Securities Inc., McDonald Investments Inc., Merrill
Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey Capital Markets,
UBS Securities LLC and Wachovia Capital Markets, LLC, dated October 6, 2004
(“Distribution Agreement”)

On June 28, 2005, M.D.C. Holdings, Inc. (“MDC”) and the undersigned agents (the “Agents”) finalized
terms for the issuance of $250 million of MDC’s Medium Term Senior Notes (Fixed Rate Notes) Due 10
Years from the Original Issue Date (the “Notes”). Settlement will occur on July 7, 2005. The
Notes have been priced at a fixed interest rate of 5.375% and have a stated maturity of July 1,
2015. The Notes will be issued under the Senior Indenture dated December 3, 2002, as supplemented,
in a public offering pursuant to MDC’s currently effective shelf registration statement, including
the prospectus dated September 7, 2004, the prospectus supplement dated October 6, 2004 and the
pricing supplement dated June 28, 2005.

Pursuant to the terms of the Distribution Agreement (including the administrative procedures
attached as Exhibit A thereto) and this Purchase Agreement, the undersigned Agents agree to
purchase the aggregate principal amount of Notes set forth opposite their names below:

	 	 	 	 	 
	 	 	Principal Amount	 
	         Name of Agent(s)	 	at Maturity	 
	Citigroup Global Markets Inc.
	 	$	77,500,000	 
	J.P. Morgan Securities Inc.
	 	$	77,500,000	 
	Wachovia Capital Markets, LLC
	 	$	30,000,000	 
	Banc of America Securities LLC
	 	$	20,000,000	 
	BNP Paribas Securities Corp.
	 	$	7,500,000	 
	Comerica Securities, Inc.
	 	$	7,500,000	 
	Credit Suisse First Boston LLC
	 	$	7,500,000	 
	KeyBanc Capital Markets
	 	$	7,500,000	 
	Greenwich Capital Markets, Inc.
	 	$	7,500,000	 
	SunTrust Capital Markets, Inc.
	 	$	7,500,000	 
	 
	 	 	 
	Total
	 	$	250,000,000	 
	 
	 	 	 

The terms of such Notes shall be as set forth below.

 

 

	 	 	 
	Interest Rate:

	 	5.375% 
	 
	 	 
	Interest Payment Dates:

	 	January 1 and July 1
	 
	 	 
	Regular Record Dates

	 	December 15 and June 15
	 
	 	 
	Redemption Date:

	 	In whole at any time or in part from time to time, upon not less than 30 nor
more than 60 days’ notice to the holders of the Notes.
	 
	 	 
	Redemption Price(s):

	 	The greater of (i) 100% of the principal amount of the Notes being redeemed, and
(ii) the present value of the remaining scheduled payments on the Notes being
redeemed on the Redemption Date, discounted to the Redemption Date, on a
semiannual basis, at the Treasury Rate plus 25 basis points (0.25%), plus, in
each case, accrued and unpaid interest, if any, on the Notes to the Redemption
Date. In determining the Redemption Price and accrued interest, interest shall
be calculated on the basis of a 360-day year consisting of twelve 30-day months.
	 
	 	 
	Principal Amount:

	 	$250,000,000 
	 
	 	 
	Stated Maturity:

	 	July 1, 2015
	 
	 	 
	Trade Date:

	 	June 28, 2005
	 
	 	 
	Issue Price:

	 	99.848% 
	 
	 	 
	Agent’s Discount or Commission:

	 	0.625% 
	 
	 	 
	Settlement Date:

	 	July 7, 2005
	 
	 	 
	Additional Terms:
	 	 

The following additional definitions shall apply to the Redemption Price of the Notes:

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such Redemption Date.

“Comparable Treasury Issue” means the United States Treasury security selected by the
Reference Treasury Dealer as having a maturity comparable to the remaining term of the Notes
to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Notes.

“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of
the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) on the third business day preceding such Redemption
Date, as set forth in the daily statistical release (or any successor release)

2

 

published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m.
Quotations for U.S. Government Securities” or (b) if such release (or any successor release)
is not published or does not contain such price on such business day, (i) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such quotations.

“Primary Treasury Dealer” means a primary U.S. Government securities dealer in New York
City.

“Reference Treasury Dealer” means (a) Citigroup Global Markets Inc., J.P. Morgan Securities
Inc. or one of the other Agents for the Notes, issued on the issue date (or their respective
affiliates which are Primary Treasury Dealers), and their respective successors; provided,
however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, MDC will
substitute therefor another Primary Treasury Dealer, and (b) any other Primary Treasury
Dealer(s) selected by MDC.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00
p.m. on the third business day preceding such Redemption Date.

The Certificate referred to in Section 6(b), the opinions of counsel referred to in Section 6(c)
and the accountants’ letter referred to in Section 6(d) of the above-mentioned Agreement will be
required, and the holdback agreement set forth in Section 3(g) of the above-mentioned Agreement
will not be applicable.

If, on the Settlement Date, any one or more of the Agents shall fail or refuse to purchase Notes
which it or they have agreed to purchase hereunder, and the aggregate principal amount of Notes
which such defaulting Agent or Agents agreed but failed or refused to purchase is not more than
one-tenth of the aggregate principal amount of the Notes to be purchased, each non-defaulting Agent
shall be obligated severally in the proportion which the principal amount of Notes set forth
opposite its name in this Purchase Agreement bears to the aggregate principal of Notes set forth
opposite the names of all such non-defaulting Agents to purchase the Notes which such defaulting
Agent or Agents agreed but failed or refused to purchase; provided, however, that in no event shall
the principal amount of Notes which any Agent has agreed to purchase pursuant to this Purchase
Agreement be increased by an amount in excess of one-ninth of such principal amount of Notes
without the written consent of such Agent. If any Agent or Agents shall fail or refuse to purchase
Notes and the aggregate principal amount of Notes with respect to which such default occurs is more
than one-tenth of the aggregate principal amount of Notes to be purchased, and arrangements
satisfactory to the non-defaulting Agents and the Company for the purchase of such Notes are not
made within 48 hours after such default, this Agreement will terminate without liability on the
part of any non-defaulting Agent or the Company. In any such case the non-defaulting Agents shall
have the right to postpone the Settlement Date, but in no event for longer than seven days, in
order that the required changes, if any, in the Registration Statement and in the Prospectus or in
any other documents or arrangements may be effected.

3

 

Any action taken under this paragraph shall not relieve any defaulting Agent from liability in
respect of any default of such Agent under this Agreement.

MDC acknowledges and agrees that the Agents are acting solely in the capacity of an arm’s length
contractual counterparty to MDC with respect to the offering of Notes contemplated hereby
(including in connection with determining the terms of the offering) and not as a financial advisor
or a fiduciary to, or an agent of, MDC or any other person. Additionally, none of the Agents is
advising MDC or any other person as to any legal, tax, investment, accounting or regulatory
matters in any jurisdiction. MDC shall consult with its own advisors concerning such matters and
shall be responsible for making their own independent investigation and appraisal of the
transactions contemplated hereby, and the Agents shall have no responsibility or liability to MDC
with respect thereto. Any review by the Agents of MDC, the transactions contemplated hereby or
other matters relating to such transactions will be performed solely for the benefit of the Agents
and shall not be on behalf of MDC.

This Agreement and all of the rights and obligations of the parties hereto shall be governed by and
construed in accordance with the laws of the State of New York.

This Agreement may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement.

[Signature Pages Follow]

4

 

If the foregoing is in accordance with our agreement, please indicate your acceptance hereof in the
space provided for that purpose below.

	 	 	 	 	 
	 	 	CITIGROUP GLOBAL MARKETS INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Brian D. Bednarski
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	J.P. MORGAN SECURITIES INC.
	 

	 	By:
	 	/s/ Maria Sramek
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	WACHOVIA CAPITAL MARKETS, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Patrick Jordan
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	BANC OF AMERICA SECURITIES LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Peter J. Carbone
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	BNP PARIBAS SECURITIES CORP.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Peter Masco
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	COMERICA SECURITIES, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael Wilk
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	CREDIT SUISSE FIRST BOSTON LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael Cummings
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

[Signature Page to Purchase Agreement]

 

 

	 	 	 	 	 
	 	 	KEYBANC CAPITAL MARKETS
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jason R. Weaver
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	GREENWICH CAPITAL MARKETS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Steve B. Fitzpatrick
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory
	 
	 	 	 	 
	 	 	SUNTRUST CAPITAL MARKETS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James J. Stathis
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

[Signature Page to Purchase Agreement]

 

	 	 	 	 	 	 	 
	CONFIRMED AND ACCEPTED,	 	 
	as of the date first above written.	 	 
 
	M.D.C. HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Paris G. Reece III	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Paris G. Reece III	 	 
	 

	 	Title:
	 	Executive Vice President and	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Joseph H. Fretz	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Joseph H. Fretz	 	 
	 

	 	Title:
	 	Secretary	 	 

[Signature Page to Purchase Agreement]

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