Document:

Exhibit 4.29

 

AMENDMENT

 

TO ARTICLE 8 OF THE AGREEMENT 

 

ON THE CREATION AND THE OPERATION

 

OF EURO DISNEYLAND EN FRANCE

 

 

Translation from French for information only

 

 

AMENDMENT

 

 

BY AND BETWEEN

 

 

THE REPUBLIC OF FRANCE,

represented by the Prime
Minister and by the Minister of Public Works, Transport, National Planning,
Tourism and the Sea

 

Hereinafter the “STATE,”

 

L’ETABLISSEMENT
PUBLIC D’AMENAGEMENT DU SECTEUR IV DE MARNE-LA-VALLEE,

 

for whom appears the
Director General,

 

Hereinafter “EPAFRANCE” or “EPA,”

 

 

PARTIES
OF THE FIRST PART,

 

 

AND:

 

The Owner
Companies acting jointly and severally, namely:

 

•                                EURO
DISNEYLAND S.N.C., a [French] Société en
Nom Collectif having its registered office in CHESSY (77777), Route
Nationale 34, Immeubles Administratifs, registered with the Meaux Registry of
Commerce and Companies under number B 350 141 818,

 

•                                EURO
DISNEY ASSOCIES S.N.C., a [French] Société en
Nom Collectif having its registered office in CHESSY (77777), Route
Nationale 34, Immeubles Administratifs, registered with the Meaux Registry of
Commerce and Companies under number B 397 471 822,

 

represented for the
purposes hereof, in application of article 8.6.(4) of the Agreement, by the
third Owner Company:

 

•                                EURO
DISNEY S.C.A., a [French] Société en Commandite par
Actions having its registered office in CHESSY (77777), Route
Nationale 34, Immeubles Administratifs, registered with the Meaux Registry of
Commerce and Companies under number B 334 173 887, acting both in its own name
and in its capacity as a representative of EURO DISNEYLAND S.N.C. and EURO
DISNEY ASSOCIES S.N.C.

 

represented by its
Manager (“Gérant”), EURO DISNEY S.A.S., a [French]
Société par Actions Simplifiée having
its registered office in CHESSY (77777), Route Nationale 34, Immeubles Administratifs,
registered with the Meaux Registry of Commerce and Companies under number B 341
908 945,

 

2

 

represented by its
President,

 

Hereinafter the “Owner
Company,”

 

 

PARTIES
OF THE SECOND PART.

 

 

THE FOLLOWING HAS BEEN STATED:

 

WHEREAS Euro
Disneyland, Euro Disney Associés and Euro Disney are the three Owner Companies
within the meaning of the Agreement on the Creation and the Operation of Euro
Disneyland en France signed on March 24, 1987 (the “Agreement”), as modified by
various amendments entered into since said date and by the adhesion of Euro
Disney Associés SNC, which has since become Euro Disney Associés SCA, to the
Agreement;

 

WHEREAS in the
context of the financial reorganization of the Euro Disney company and of its
subsidiaries (the “Euro Disney Group”), a Memorandum of Understanding was
entered into on September 30, 2004, between Euro Disney, The Walt Disney
Company (“Disney”), the Caisse des Dépôts et Consignations and the negotiation
committee of the Euro Disney Group’s bank creditors (the “Memorandum of
Understanding”);

 

WHEREAS this
Memorandum of Understanding provides, among a number of measures intended to
improve the Euro Disney Group’s equity and cash flow, a legal reorganization
consisting in having Euro Disney contribute to Euro Disney Associés, having
previously been transformed into a Société en Commandite par
Actions – which was done pursuant to a decision of the partners in a
general meeting held on September 30, 2004 – nearly all its assets and
liabilities, including all those relating to the operation of the Disneyland
Paris and the Walt Disney Studios Parks;

 

WHEREAS the
bylaws provide that Euro Disney Associés is to be managed by Euro Disney
S.A.S.;

 

WHEREAS the
Memorandum of Understanding provides that the above-mentioned contribution
shall take place in the context of a contribution of assets and liabilities
subject to the rules governing spin-offs as set forth in the provisions of
Articles L.225-147 and L.236-22 of the French Code of Commerce, and that in
return for such contribution, Euro Disney shall receive a majority shareholding
in the capital of Euro Disney Associés;

 

WHEREAS the
Memorandum of Understanding also provides that Disney shall remain a 39%
shareholder in Euro Disney SCA’s capital until December 31, 2016;

 

WHEREAS in view
of the above-mentioned contribution of assets and liabilities, Euro Disney
Associés, which is the “Financial Owner Company” pursuant to Article 8, shall
hence be a subsidiary of Euro Disney SCA and shall thus operate the Project in
lieu of Euro Disney SCA;

 

3

 

WHEREAS
accordingly, it is necessary to modify Article 8 of the Agreement by means of
this amendment to take account of the legal reorganization as provided in this
preamble;

 

WHEREAS THE STATE AND EPAFRANCE
are directly concerned by such modifications;

 

WHEREAS the
Agreement provides, in article 36, the possibility for parties directly
concerned by a modification of said Agreement to execute amendments;

 

WHEREAS it
bears restating that the STATE and EPAFRANCE are involved individually with
regard to this amendment, each within the limits of its capacities, in
accordance with the provisions of Article 4.1 of the Agreement;

 

WHEREAS article
8.2 of the Agreement provides that the Owner Company and the Financial Owner
Company may be organized as companies governed by French law and transformed
into sociétés anonymes if they were first
organized as sociétés en nom collectif.

 

WHEREAS, under
these conditions, it is appropriate, in accordance with Article 36 of the
Agreement, to execute an amendment (the “Amendment”) between the parties
directly concerned by the modifications to be made to the Agreement as a result
of the Memorandum of Understanding.

 

NOW THEREFORE, THE PARTIES HEREBY
AGREE AS FOLLOWS:

 

ARTICLE 1 – Modification of
Article 8 of the Agreement

 

1.1                       In
the final paragraph of article 8.1, the phrase starting with “it being specified however” and ending with “by the provisions of said Articles” is deleted.

 

1.2                       In
Article 8.2, a third paragraph is added worded as follows:

 

“The Financial Owner Company may also be transformed into a ‘Société en
Commandite par Actions.’“

 

1.3                       Article
8.3.2 is cancelled and replaced by the following provision:

 

“Euro Disney SCA shall be the majority shareholder of the Financial
Owner Company, as long as the Financial Owner Company is an Owner Company
within the meaning of the Agreement.”

 

1.4                       Article
8.5 is modified as follows:

 

the final
paragraph of Article 8.5 is deleted and replaced by the following provision:

 

“Any modification made to the information contained in the Extrait K bis
shall be notified by the Owner Company and the Financial Owner Company to the
STATE.”

 

4

 

1.5                       Articles
8.6.3, 8.6.4 and 8.6.5 are cancelled and replaced by the following provisions:

 

“(3)               Except as otherwise agreed by the Parties, the two Owner Companies and
the Financial Owner Company will be jointly liable for the performance of all
obligations of the Owner Company under the present Agreement, other than those
addressed by Article 18 hereafter which are addressed by paragraph (5) of the
present Article.  It is agreed that the
FRENCH PUBLIC PARTIES, the RATP, the EPA and EPAMARNE shall always remain, in
particular from a practical standpoint, in the same position as if there had
only been a single Owner Company;

 

(4)                     To
permit due performance of the present Agreement, on the practical level, one of
the two Owner Companies or the Financial Owner Company will be designated as
the sole representative of the two Owner Companies and of the Financial Owner
Company vis-à-vis the FRENCH PUBLIC PARTIES the RATP, the EPA and
EPAMARNE, unless otherwise agreed by the Parties;

 

(5)                     The
Lenders of the Loans on Special Terms mentioned in Article 18 hereafter shall
look to each Owner Company or to the Financial Owner Company individually, in
compliance with the provisions of the loan agreements in force, for the proper
performance of the undertakings of such Owner Company or the Financial Owner
Company with respect to the amount of the Loans on Special Terms advanced to it
and in particular, provided such terms and conditions remain in force, for
compliance with the terms and conditions of Annex 18 hereto that remain
applicable, except that the royalty deferral provisions of Sub-Annex A to Annex
18 shall apply to both Owner Companies and to the Financial Owner Company on an
aggregate basis.  To this effect, in case
of default by one of the two Owner Companies or of the Financial Owner Company,
in the cases set forth in said Sub-Annex A, the other Owner Company or the
Financial Owner Company shall advance to the defaulting Owner Company the
royalties that it will have so deferred, pursuant to the stipulations of the
present paragraph and of said Sub-Annex A;  and “

 

1.6                       Article
8.6.6 is modified as follows:

 

                                      In the second
paragraph of Article 8.6.6, the words “and to Article 8.3.2
hereabove” and the second dash paragraph shall be deleted.

 

 

ARTICLE 2 – Application of the
Agreement and its Amendments

 

All the other clauses,
charges and conditions of the Agreement and its amendments remain unchanged.

 

 

ARTICLE 3 – Entry into force

 

The present Amendment
shall enter into force on the date of the completion of the contribution of
assets and liabilities transaction as provided in the preamble hereto, except
the modification to Article 8.2, which shall enter into force prior to the
execution of this amendment by agreement of the parties on the interpretation
of the former wording of said article 8.2.

 

For the purposes of
determining the effective date, Euro Disney Associés and Euro Disney SCA shall
jointly notify the STATE, and each of the other FRENCH PUBLIC PARTIES, of the
completion of the contribution of assets and liabilities, together with the
name of the Owner Company that is to represent the other Owner Companies, in
compliance with article 8.6.(4) of the Agreement.

 

5

 

 

ARTICLE 4 – Language

 

The present amendment shall
be executed in both the French language and the English language, both versions
being deemed authentic.  Should there be
any discrepancy as to substance between the two versions, the French version
shall prevail.

 

 

Made in six (6) originals

 

in Paris, on December 22,
2004.

 

 

	
  FOR THE OWNER COMPANY

  	
   

  	
  THE REPUBLIC OF FRANCE

  	
   

  
	
  By: 

  	
   EURO DISNEY S.C.A.

  	
  By:

  
	
  By its Manager
  (“Gérant”),

  	
  The Prime Minister 

  
	
  EURO DISNEY S.A.S.

  	
   

  
	
  Mr. André Lacroix,
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Minister of Public
  Works, Transport,

  National Planning, Tourism and the Sea

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EPAFRANCE

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  The Director General

  
							

 

6Exhibit
10.1

 

November 9, 2004,

 

BINDING LETTER OF INTENT AND
MEMORANDUM OF AGREEMENT

 

BETWEEN

 

GLYCOBIOSCIENCES,
INC. AND GBS LABS NEW YORK.

 

This BINDING LETTER OF INTENT AND MEMORANDUM
OF AGREEMENT (the “Agreement”) is effective as of the date of the signature
written at the bottom of this Agreement (the “Effective Date”) by and between
GBS Labs, (GBS), a New York Corporation and GlycoBioSciences, Inc., an Ontario
corporation (Glyco)

 

Glyco is a research and development company,
dedicated to human wellness and sexual health.

 

Glyco currently has two “cosmeceutical”
products that it has developed that are ready for immediate distribution and
sale in the United States and in Canada. 
These products are known as “Vibra” and “Glo.”  Vibra is a female intimate lubricant that has
been developed and formulated by Glyco to assist women who are experiencing
difficulties; such has dryness and pain during intimate activity.

Glo is a revitalizing skin gel.

 

Glyco has developed other products that are
in various stages of research and development and certain of which are designed
to lead to approval for sale with the United States Food and Drug
Administration (the “FDA”), including the following; FemLife-FSAD, designed to
treat Female Sexual Arousal Disorder (“FemLife”); Provex-Ed, designed to treat
Male Sexual Dysfunction (“Provex”); and Glycomax Wound Gel, for use in head and
neck reconstruction, following cancer surgery, chemotherapy or radiation
therapy (“Glycomax”); collectively, FemLife, Provex, Glycomax and any other
drugs hereafter developed by Glyco that are designed to eventually lead to
approval for sale with the FDA and are referred to as Prescription Drugs.

 

GBS, desires to acquire a twenty-five percent
(25%) fully diluted equity interest in Glyco, and have worldwide exclusive
marketing rights under the following terms and conditions;

 

Glyco, on the terms and subject to the
conditions contain herein, desires to sell an equity interest to GBS and to
allow GBS to distribute worldwide all of its over the counter products,
including current products and products to be developed under terms and
conditions which are described under this document.

 

GBS and Glyco, as of the Effective Date, have
agreed to both be bound by the following terms and conditions, with the understanding
that final documentation (the

 

 

“Final Documents”) with respect to the sale of the Equity Interests and
the worldwide distribution rights granted to GBS for the Over-the-Counter
Products shall be prepared and signed by GBS and Glyco. The effective date of
the final documents shall be the effective date and all terms and conditions
set forth in this Agreement shall be incorporated into the “Final Documents”.  Irrespective of the completion of the Final Documents, both GBS and
Glyco agree to be bound by the foregoing terms and to treat the terms and
conditions of this Agreement as a legally binding contract with the rights,
duties and obligations of each party set forth above.

 

1.  Rights
Granted.

 

A.    Glyco
hereby grants to GBS a worldwide exclusive license to sell and distribute all
Over The Counter Products which are currently being
readied for market (Vibra and Glo) and those Over The Counter Products (OTC)
which will be available in the future for marketing. Glyco shall maintain the
right to market, and sell, all products under it’s own
name and for it’s own account and is subject to the same financial arrangement
as described in section 7E of this document.

 

These future products may include but not limited to and subject to
sufficient capital being provided by GBS for raw materials and to establish “validity
and quality control” should be ready within nine months from the date of this
binding letter of intent:

1-Glo-eye gel

2-Glo-skin
imperfection (age spots, skin discoloration etc.)

3-Glyco Pain Gel (all natural ingredients.)

4- Plus any other OTC products developed in
the future.

 

B.    Glyco
and Alan Drizen, the Chief Scientific Officer of Glyco, hereby grant GBS,
non-exclusive rights, to utilize Alan Drizen’s name, biography and likeness in
marketing and promoting the Over-the-Counter Products.  Upon reasonable advance notice and
consultation with GBS, Glyco agrees to ask Alan Drizen, to make such
promotional appearances, participate in conference calls, attend conventions
and make public appearances at Drizen’s sole discretion giving effect to Drizen’s
schedule and other Glyco’s related responsibilities. For greater certainty
it is understood by GBS and Glyco that Drizen shall have the final say on how
much of his time he can devote on assisting GBS.

 

2.  Responsibility
for Manufacturing and Compliance.

 

Glyco shall have the sole responsibility to
arrange for the manufacturing, quality control, and compliance with all the
applicable products with the FDA and other Governmental agencies. GBS shall
have no responsibility for any technical function related to the manufacture or
quality control of any Glyco product.

To insure continuity of supply of the OTC products to GBS, Glyco will
put into effect the following safe guards and mechanisms:

 

2

 

a)     Whereas
Glyco currently maintains detailed records of it’s
intellectual property, Know-How and Trade Secrets for all processes pertaining
to manufacturing, quality control and other essential related matters in the
company vault.  By acquiring an equity
interest in Glyco, GBS owns 25% of all Glyco assets including but not limited
to its intellectual property in  accordance
with the terms of 7 - a, b, c, and d.

b)    The
following system, which is currently in use by high tech and other firms with
important relationships with the need to guarantee continuity of supply, shall
be modified for the benefit of this agreement as follows.

c)     Copies
of Glyco’s Intellectual property, Know-how, and Trade Secrets etc. shall be
placed in a vault, which requires two keys to be opened. One key shall be in
the possession of the designated corporate counsel for Glyco, who shall sign
his agreement for this arrangement in a separate document, and another
responsible individual assigned by GBS shall hold the second key.  Glyco agrees that upon death or departure
from the company by both Alan Drizen and John Guerra that a mutually agreed
upon qualified  pharmaceutical consultant (The
Consultant)  receives immediately a copy of
all Intellectual Property and Know-how documents.

 

In the event that Force Majure or other catastrophic event the
designated key guardians shall, by prior arrangements open the special vault.

 

Immediately without any prior review, the
sealed documents shall be turned over to a mutually agreed upon qualified
pharmaceutical consultant (The Consultant) who shall have signed the requisite
confidentially documents and be in good standing with the FDA and other
regulatory agencies for the purpose of performing the following:

 

Immediately upon receipt of the confidential information the consultant
shall meet with the company’s Contract Manufactures to ensure that all
production, whether in progress or in the planning stage continues with no
interruption in time. Furthermore the Consultant shall ensure that all raw
materials, excipients, packaging and other essential components either ordered
for production, or required for production shall be procured. The cost for this
service including the lawyers and the consultant is estimated at $5000.00 US
per month, and Glyco and GBS shall share such cost.

 

If any of the
above causes an “interruption of business” GBS has the right to assume
responsibility for manufacturing until both parties agree upon a resolution.

 

3. Lead Time For Ordering: 

 

Glyco requires GBS to provide at least 90
days notice for GBS’s product requirements. In addition Glyco requires a
deposit of Fifty percent of its cost related to production. For greater
certainty it understood by both GBS and Glyco that these costs shall cover raw
materials, packaging and other product related components.

 

3

 

4.  Right
to Have a Member on Glyco’s Board of Directors.

 

GBS will have the right to have one of its designees be a member of
Glyco’s Board of Directors at all times, which Board will consist of no more
than   5     members in total. However
because Glyco is unable to obtain Directors and Officers insurance at this time
no Board of Directors has currently been formed.

 

5. Distribution of Proceeds from the Sale
or License of Prescription Drugs.

 

Provided that Glyco remains a Private
Company,  Glyco agrees that all proceeds
(including, without limitation, royalty payments) that it receives from the
sale, license or other exploitation of any Prescription Drug will be
distributed to its stockholders, pro rata in accordance with their respective
equity interests, within 30 days of receipt by Glyco; provided, that Glyco will
be entitled to maintain a balance of up to $10,000,000 (United State Dollars)
in cash reserves, as needed (as determined in the reasonable business judgment
of Glyco’s Board of Directors) to fund research and development of new
pharmaceutical products, and such proceeds may be utilized to maintain a
balance of up to such amount.  In the
event of acquisition or merger by a third party, both GBS and Glyco will be
entitled to a distribution equal to its percentage equity ownership of Glyco.

 

6.  Right
of First Refusal.

 

Glyco will not be permitted to effectuate the
sale of any additional equity or debt securities without first providing GBS
with written notice thereof and a 30 day right of first refusal to undertake
such financing on the same terms and conditions as the  offering  parties,  with respect
thereto.

 

7.  Payments.

 

  A.          Unless
otherwise specified, all payments will be made in United States Dollars.

 

  B.          Simultaneous
with the execution of this Agreement by both parties, which must be completed
on or before November 18th 2004.
GBS will pay to Glyco. $100,000.00. GBS agrees to “wire”
the funds into Glyco’s bank account, details of which will be provided by Glyco
to GBS.

 

  C.          The
Final Documents will provide for the payment of an additional $1,900,000 by GBS
to Glyco (the “Final Documents Payment”).

Glyco and GBS agree that the $1,900,000.00
due to Glyco by GBS may be paid by four installments as follows:

$600,000.00 shall be paid on January 4,
2005, $600,000.00 shall be paid on March 1, 2005, $400,000.00 shall be
paid on June 1, 2005 and the final payment, $300,000.00, will be made on September 1,
2005. Glyco will use its best efforts  to have
FemLife ready to license to another Pharmaceutical company by the time that the
final payment is paid to it by GBS.

 

4

 

D.            GBS agrees that its twenty five percent (25%) fully diluted equity
interest in Glyco shall be evidenced by the issuance of the appropriate number
of shares on the date that this document is signed. GBS, however, shall receive
only those shares for which it has paid. 
The balance of the shares which have not been paid for shall be held in
escrow until all monies owing to Glyco have been received for the entire twenty
five percent interest. 
GBS has the right to pay monies in advance of the payment schedule and
receive immediately all certificates representing the Glyco shares.

 

E.             GBS will also pay to
Glyco, from non-refundable receipts that are received by GBS from sales of each
Over-the-Counter Product, an amount equal to 30% (the “Glyco Participation
Percentage”) of the product of (i) the difference between (x) the average whole
sale price that was charged during the calendar quarter most recently ended for
each unit of such Over-the-Counter Product with respect to which receipts were
received during such quarterly period, and (y) the average direct costs during
such calendar quarter for manufacturing, packaging of such Over-the-Counter
Product, multiplied by (ii) the number of units of such product with respect to
which such non-refundable receipts are received.  GBS will provide an accounting to Glyco
within sixty days of the end of each calendar quarter and will remit to Glyco
the amount to which it is entitled based thereon.  Notwithstanding the foregoing, (i) if
governmental regulations prevent remittances from a foreign country with
respect to sales made in that country, the obligation of GBS to pay any amounts
to Glyco with respect to the Glyco Participation Percentage on sales in that
country will be suspended until such remittances are possible.  Monetary conversion from the currency of a
foreign country, in which Over-the-Counter Products are sold, into United
States currency, will be calculated at the actual average rates of exchange, and (ii) GBS may withhold taxes to the extent governmental
authorities in any country require the withholding of taxes on amounts paid
hereunder to Glyco.  Any tax, duty or
other levy paid or required to be withheld by GBS on account payments payable
to Glyco under this Agreement shall be deducted from the amount of payments otherwise
due.  Each party agrees to cooperate with
the other party in claiming exemptions from such deductions or withholdings
under any agreement or treaty from time to time in effect.

 

Example of financial formula: 
Wholesale Price less direct third party costs related to  manufacture, packaging and quality control only, equals net sales. 
Glyco receives 30% of net sales while GBS receives 70% of net sales
regardless of who initiates the sale. On Glyco initiated rates of sales, Glyco
is entitled to additional funds from the difference between retail price less wholesale price, just as GBS would be entitled to
the same on GBS initiated retail sales.

 

8.  Representations
and Warranties of Glyco.

 

Glyco represents, warrants and agrees that:

 

A.    Glyco
has the right to grant the licenses granted to GBS hereunder and there is nothing
in any third party agreement that Glyco has entered into that limits Glyco’s ability
to grant the licenses granted to GBS hereunder.

 

5

 

B.    Glyco
has not encumbered any of the Glyco Know-How or other proprietary rights
licensed hereunder with liens, mortgages, security interests or otherwise that,
if enforced, will result in termination of the licenses granted to GBS
hereunder.

 

C.    There
are no existing or threatened actions, suits or claims pending against Glyco with
respect to Glyco’s right to grant the licenses granted to GBS hereunder or that
could otherwise materially adversely affect such license or the benefits GBS expects
to derive therefrom.

 

D.    Glyco
has not granted any right, license or interest in or to the Licensed Rights or the
Glyco Know-How that is in conflict with the rights or licenses granted to GBS hereunder.

 

E.     The
use of Licensed Rights for the purpose licensed to GBS under this Agreement
will not infringe upon any third party’s Know-How, patent or other intellectual
property rights.

 

F.     Glyco
will not conceal from GBS the existence of any material adverse data or information
known to Glyco concerning the quality, toxicity, safety and/or efficacy of
Glyco’s Know-How licensed to GBS under this Agreement.

 

G.    The
execution and delivery of this Agreement have been duly and validly authorized,
and all necessary action has been taken to make this Agreement a legal, valid
and binding obligation of Glyco enforceable in accordance with its terms.

 

H.    The
execution and delivery of this Agreement and the performance by Glyco of its
obligations hereunder will not contravene or result in the breach of the Certificate
of Incorporation or Bylaws of Glyco or result in any material breach or violation
of or material default under any material agreement, indenture, license, instrument
or understanding or, to the best of its knowledge, result in any violation of
law, rule, regulation, statute, order or decree to which Glyco or its affiliates
is a party or by which any of them or any of their property is subject.

 

I.      The
Executive Summary, dated October, 2004 (the “Executive Summary”), entitled “GlycoBioSciences
Inc. Dedicated to Human Wellness and Sexual Health,” a copy of which was
previously delivered to GBS was true and correct as of the date of its delivery
to GBS, and did not contain any untrue statement of material fact or omit to
state a material fact necessary to make the statements contained therein not
misleading in light of the circumstances under which they were made.  There has been no material adverse change in
Glyco, or its products or properties, since the date of such delivery, and
Glyco shall promptly inform GBS of any material changes with respect to it or
its business that occurs after the Effective Date.  Glyco agrees to use all payments it receives
pursuant to Sections 7B and 7C of this Agreement, in accordance with the use of
proceeds received from financings described in the Executive Summary.

 

6

 

K.    The
Over-the-Counter Products known as “Vibra” and “Glo,” described in the
Executive Summary are ready for immediate Commercialization in the United
States and Canada, and all applicable governmental and other regulatory
approvals have been obtained.

 

9.  Representations
and Warranties of GBS.

 

GBS represents and warrants that:

 

A.     It
is a corporation duly organized, validly existing and in good standing under
the laws of the State of New York.

 

B.     The
execution and delivery of this Agreement have been duly and validly authorized,
and all necessary action has been taken to make this Agreement a legal, valid
and binding obligation of GBS enforceable in accordance with its terms.

 

C.     The
execution and delivery of this Agreement and the performance by GBS of its
obligations hereunder will not contravene or result in the breach of the Certificate
of Incorporation or Bylaws of GBS or result in any material breach or violation
of or material default under any material agreement, indenture, license,
instrument or understanding or, to the best of its knowledge, result in any
violation of law, rule, regulation, statute, order or decree to which GBS or its
affiliates is a party or by which any of them or any of their property is subject.

 

10.  Access and Due Diligence
Investigation.

 

Between the date of this Agreement and the date the Final Documents are
executed and delivered by all parties, Glyco will, and will cause all of its attorneys,
accountant, and other agents and representatives to: (a) afford GBS and
its attorneys, accountants, agents and representatives (collectively, “GBS’
Advisors”) full and free access during normal business hours to each Glyco’s
personnel, properties, contracts, books and records, and other documents and
data; (b) furnish GBS and GBS’ Advisors with copies of all such contracts,
books and records, and other existing documents and data as GBS may reasonably
request; and (c) furnish GBS and GBS’ Advisors with such additional
financial, operating, and other data and information as GBS may  reasonably request  providing that
the payment takes place on or before January 4 2005.

 

11.  Operation of the Business of Glyco.

 

Between the date of this Agreement and the date the Final Documents are
executed and delivered, Glyco will conduct its business only in the ordinary
course of business.

 

7

 

12.  Completion of Due Diligence Investigation
and Other Conditions to Final Documents.

 

A condition to GBS’s execution and delivery of the Final Documents and
the payment of any installment of the Final Documents Payment, that: (i) Alan
Drizen and John Guerra enter into a three year employment agreements with Glyco
providing for non-competition provisions, reasonably acceptable to GBS and the
other shareholders of Glyco, both during the term of employment and for a
period of three years thereafter, and such compensation and other provisions
regarding their employment are in accordance with industry standards for their
respective corporate responsibilities and acceptable to the majority Glyco
shareholders.

 

13.  Remedies.

 

The validity,
interpretation, construction, enforceability and performance of this Agreement
shall be governed by and construed in accordance with the laws of the State of
New York of the United States, without regard to New York conflict of law
principles. To the extent that any dispute arises concerning this Agreement, it
shall be adjudicated in New York, New York under the auspices of and pursuant
to the applicable rules of the American Arbitration Association, by a single
arbitrator selected pursuant to those rules. 
The parties agree to the use of the expedited procedure rules of the
American Arbitration Association regardless of whether the amount in
controversy is less than the maximum jurisdictional amount thereof.  Reasonable discovery shall be permitted, and
the arbitrator shall award interest (to the extent applicable), attorneys’ fees
and other expenses to the prevailing party. 
A judgment with respect to the award may be entered in and/or by any
court of competent jurisdiction, which shall also award attorneys’ fees to the
prevailing party. With respect to the seeking of injunctive relief, it is
agreed that the New York State Courts of New York County, New York or, the
United States District Court for the Southern District of New York, to the
extent that it shall have jurisdiction, shall have the exclusive power to
entertain and direct such relief and, in connection therewith, it shall award
attorneys’ fees and other expenses to the prevailing party.

 

14.  Assignment.

 

Neither party shall be entitled to assign its
rights or duties hereunder without the express written consent of the other
party hereto, except that both GBS and Glyco may otherwise assign its rights
and transfer its duties hereunder without such consent (i) to an affiliate of
such party, or (ii) to an assignee or transferee of all or substantially all of
the business or assets of GBS or Glyco (whether by merger, reorganization,
acquisition, sale, consolidation or similar transaction) and provided that the
assignee agrees in writing to be bound by the terms and conditions of this
Agreement. Subject to the foregoing, the terms and conditions of this Agreement
shall be binding upon and inure to the benefit of the permitted successors and
assigns of the parties.

 

8

 

15.  Indemnification.

 

Providing that all products delivered to GBS,
it’s affiliates or designated third parties are not adulterated changed or
otherwise altered when shipped in it’s original packaging which bares the
GlycoBioSciences label and directions for use, Glyco agrees to defend indemnify
and hold harmless GBS and its affiliates and their respective directors,
officers, employees, agents from and against any and all liabilities.

 

B.  GBS
shall indemnify and hold harmless Glyco and its affiliates, and their
respective directors, officers, employees, agents and counsel, and the successors
and assigns of the foregoing (the “GBS Indemnities”), from and against any and
all liabilities, damages, losses, costs or expenses (including reasonable
attorneys’ and professional fees and other expenses of litigation and/or
arbitration actually incurred) arising from or occurring as a result of GBS’
material breach of any representation or any warranty set forth herein, except,
in each case, to the extent caused by the willful misconduct of Glyco.

 

C. 
Indemnification under all provisions of this agreement shall depend on
the ability of both Glyco and GBS to obtain product liability insurance to
cover the sale by GBS or Glyco in the respective countries in which the
products are sold. Such product liability insurance shall be immediately
investigated and the prevailing prices for such insurance
once the Binding Letter of Intent has been signed by both parties. In
any event it shall be the sole responsibility of Glyco to decide on the
feasibility and practicality of all product liability insurance giving effect
to the fundamental principal that products shipped to GBS or it’s
related or interested parties shall not be adulterated or
changed in any way whatsoever.

 

16.  Relationship
of Parties.

 

In making and performing this Agreement, the
parties are acting, and intend to be treated, as independent entities and
nothing contained in this Agreement shall be construed or implied to create an
agency, partnership, joint venture, or employer and employee relationship
between GBS and Glyco. Except as otherwise expressly provided herein, neither
party may make any representation, warranty or commitment, whether express or
implied, on behalf of or incur any charges or expenses for the act of any other
party, unless such act is expressly authorized in writing by both parties
hereto.

 

17.  Non-Disclosure.

 

A             The
parties agree that, for the term of this Agreement, the receiving party shall
keep completely confidential and shall not publish or otherwise disclose and
shall not use for any purpose except for the purposes contemplated by this
Agreement, any

 

9

 

confidential
information furnished to it by the disclosing party hereto pursuant to this
Agreement, except that to the extent that such confidential information:

 

(i)    Was
already known to the receiving party, other than under an obligation of
confidentiality, at the time of disclosure;

 

(ii)   Was generally
available to the public or otherwise part of the public domain at the time of
its disclosure to the receiving party;

 

(iii)  Became
generally available to the public or otherwise part of the public domain after
its disclosure and other than through any act or omission of the receiving
party in breach of this Agreement;

 

(iv)  Was independently
developed by the receiving party without reference to any information or
materials disclosed by the disclosing party; or

 

(v)   Was
subsequently disclosed to the receiving party by a person other than a party
without breach of any legal obligation to the disclosing party.

 

18.  Maintaining the Agreement in Good Standing
and Term of Agreement.

 

Glyco’s grant to GBS of a world wide exclusive license to sell and
distribute all Over The Counter Products as described herein shall Terminate if
the payments as described in Section 7 - 
a, b, c and d have not been paid to Glyco in accordance with the terms
and conditions contained herein.

 

In addition GBS agrees  that for
the first twelve (12) month period GBS agrees to use it’s best efforts to
market the OTC products in the most effective and ethical manner possible.
Following the first twelve months of marketing GBS agrees to market a minimum
net sales amount of the products equal to an amount not less than US
$500,000.00 per annum.

 

Should this minimum not be achieved during
any 12 month period following the first 12 month period, Glyco reserves the
right to make arrangements with other parties for the sale and distribution of
other OTC products.

For the purposes of greater
clarity GBS can not lose their equity in Glyco described under the terms the
conditions herein.

 

10

 

19.  Press Releases.

 

The parties agree to consult promptly with
each other prior to issuing the initial press release or otherwise making the
initial public statement with respect to the transactions contemplated hereby,
and shall not issue any such press release or make any such public statement
prior to such consultation and the prior approval of the other party (which
shall not be unreasonably withheld), except as may be required by law.  Beyond such initial press release or public
statement, any and all press releases or public statements by GBS regarding the
Over-the-Counter Products or otherwise directly or indirectly referring to said
products shall be approved in advance by Glyco.

 

11

 

20.  Legally Binding Effect.

 

Both GBS and Glyco further agree to cooperate, in good faith, in the
completion of the Final Documents. 
Irrespective of the completion of the Final Documents, both GBS and
Glyco agree to be bound by the foregoing terms and to treat the terms and
conditions of this Agreement as a legally binding contract with the rights,
duties and obligations of each party set forth above.

 

WHEREUPON, each party, having read and understood
the foregoing, and agreeing to be bound by the terms and conditions herein,
have caused this Agreement to be executed by its authorized agents as of November 18th
2004.

 

 

	
  GBS LABS.

  	
  GLYCOBIOSCIENCES,INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
									

 

 

The terms and provisions of Section 1B are hereby agreed to.

 

 

	
   

  	
   

  
	
  Alan Drizen

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  

 

12

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