Document:

exhibit10-15.htm

    EXHIBIT
10.15

    CODE
OF ETHICS

    OF

     

    CELLCEUTIX
CORPORATION

    

    It is the
policy of Cellceutix Corporation.(the "Company") that all directors, officers
and employees of the Company shall, to the best of their knowledge and ability,
adhere to, comply with and advocate the principles set out in this code of
ethics (the "Code") governing their professional and ethical conduct in the
fulfillment of their responsibilities.

    

    The
purposes of the Code are to:

    

    
      	
              • 

            	
              Promote
      honest and ethical conduct, including the ethical handling of actual or
      apparent conflicts of interest between personal and professional
      relationships;

            
	
              •

            	
              Promote
      full, fair, accurate, timely and understandable disclosure in reports and
      documents that the Company files with, or submits to the U.S. Securities
      and Exchange Commission and in other public communications made by the
      Company;

            
	
              •

            	
              Promote
      compliance with applicable governmental laws, rules and
      regulations;

            
	
              •

            	
              Promote
      the prompt internal reporting of violations of the Code to appropriate
      persons of authority within the Company; and

            
	
              •

            	
              Promote
      accountability for adherence to the
Code.

            

    

    

    The Code
embodies principles to which all directors, officers and employees are expected
to adhere and advocate. Any violations of the Code may result in disciplinary
action, up to and including termination or removal, as applicable.

    

    All
directors, officers and employees of the Company will:

    
      	
              1.

            	
              Act
      with honesty and integrity, avoiding actual or apparent conflicts between
      personal and the interests of the Company, including refraining from
      receiving improper personal benefits as a result of holding a particular
      position with the Company;

            
	
              2.

            	
              Not
      solicit or accept, for personal or other benefit, business or similar
      opportunities that could reasonably be expected to otherwise accrue to the
      benefit of the Company;

            
	
              3.

            	
              Where
      applicable, provide the U.S. Securities and Exchange Commission (the
      "Commission") and the public with complete, fair, accurate, timely and
      understandable disclosure in periodic reports and other documents filed or
      submitted to the Commission and in other public
      communications;

            
	
              4.

            	
              Endeavor
      to comply with applicable laws and regulations of federal, state, local
      and foreign governments and government agencies having jurisdiction over
      the Company, and with applicable regulations of private or self-regulatory
      authorities having jurisdiction over the Company;

            
	
              5.

            	
              Act
      in good faith, responsibly with due care and diligence and without
      misrepresentation or omission of material facts and strive to maintain
      independent judgment in the performance and fulfillment of their duties
      and responsibilities;

            
	
              6.

            	
              Promote
      ethical behavior among subordinates and peers at the
    Company;

            
	
              7.

            	
              Use
      corporate assets entrusted to them in a responsible manner and refrain
      from competing directly or indirectly with the Company or using corporate
      information or opportunities for personal gain;

            
	
              8.

            	
              Respect
      the confidentiality of information acquired or obtained in the course of
      performance of their responsibilities, never use confidential information
      for personal advantage, and disclose confidential information of the
      Company or third parties only when such disclosure is legally required or
      is otherwise authorized.

            
	
              9.

            	
              Not
      fraudulently influence, coerce, manipulate, mislead or fail to disclose
      relevant information to any auditor engaged in the performance of an audit
      for the purpose of rendering the financial statements materially
      misleading.

            

    

     

    Only the
Company's Board of Directors (the "Board") is authorized to permit a waiver of
this Code of Ethics. Any waiver of the Code for any director or executive
officer of the Company must be disclosed on Form 8-K within five days, or such
shorter period as may be required under applicable regulation.

    

    It is the
duty of each director, officer and employee of the Company to report violations
of the Code promptly to the attention of the Company's Chief Executive Officer,
Chief Financial Officer, or to any member of the Board.

    

    Financial Information Integrity
Policy.

    

    The
Company will handle all inquiries discretely and make every effort to maintain,
within the limits allowed by law, the confidentiality of anyone requesting
guidance or reporting questionable behavior or other matters of concern under
the Code.

    

    The Board
shall promptly determine, or designate appropriate persons promptly to determine
appropriate actions to be taken in the event of violations of the Code by any
director, officer or employee. In determining what actions are appropriate in a
particular case, the Board (or its designee) shall act consistently and take
into account relevant information including the nature and severity of the
violation, whether the violation was a single occurrence or a series of repeated
occurrences, whether the violation appears to have been intentional or
inadvertent, whether the individual in question had been advised prior to the
violation as to the proper course of action, and whether or not the director,
officer or employee in question had committed other violations in the
past.

    

    If the
Board believes that standards for compliance with the Code are not objective, or
that the process for determining violations is not fair or that the Code is not
conducive to prompt and consistent enforcement, or that the protection for
persons reporting questionable behavior pursuant to the Code is inadequate
(either under the Code or under the Company's other policies), the Board shall
adopt appropriate changes to the Code or other Company policies.

    

    It is the
Company’s intention that the Code be the Company's written code of ethics under
Section 406 of the Sarbanes-Oxley Act of 2002 complying with the standards set
forth in Securities and Exchange Commission Regulation S-B Item
406.Filed by Bowne Pure Compliance

EXHIBIT 10.1

AMENDMENT TO STOCK OPTION

TO PURCHASE SHARES OF

COMMON STOCK OF

DIGITAL ANGEL CORPORATION

 

THIS AMENDMENT, made effective as of September
 _____ 
, 2008, is made by and between Digital Angel
Corporation, a Delaware corporation (the “Company”) and [Name of holder] (the “Option Holder”).

W I T N E S S E T H

WHEREAS, the Company granted the Option Holder a non-qualified stock option (“Option”) dated
[Grant Date] to purchase up to [Number of Shares] shares of common stock of the Company (“Option
Shares”);

WHEREAS, the Option provides for vesting in five equal annual installments beginning on [Date
of First Vesting]; and

WHEREAS, the Company and the Option Holder desire to amend the vesting period from five years
to three years.

NOW, THEREFORE, for good and valuable consideration, the Company and the Option Holder agree
to amend the Option as follows:

1. The Option shall vest in three equal annual installments beginning on [Date of First Vesting].

2. Except as expressly amended hereby, the Option shall remain in full force and effect in
accordance with their original terms.

IN WITNESS WHEREOF, the Company and the Option Holder have executed this Amendment as of the
day and year first above written.

	 	 	 	 	 
	COMPANY:	 	OPTION HOLDER:
	 
	 	 	 	 
	DIGITAL ANGEL CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	[Name of Option Holder]
	 

	 	 	 	 
	Its:Exhibit
10.12

FIRST
AMENDMENT OF
PURCHASE AND SALE CONTRACT

           
THIS FIRST AMENDMENT OF PURCHASE
AND SALE CONTRACT(this “Amendment”) is
entered into effective as of the 19th day of September, 2008, by and between
LAKEWOOD AOPL, A TEXAS LIMITED PARTNERSHIP, a Texas limited partnership,
having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver,
Colorado 80237 (“Seller”), and VR GENERAL PARTNER LLC, a
Delaware limited liability company, having a principal address at 711 West Bay
Area Boulevard, Suite 602, Webster, Texas 77027 (“Purchaser”).

RECITALS

A.       
Seller and Purchaser entered into that certain Purchase and Sale Contract, dated
as of August 28, 2008 (the “Contract”), regarding the real
property located in Tomball, Texas, commonly known as the Lakewood Apartments,
as more particularly described in the Contract.

B.        
The Contract was previously terminated by Purchaser pursuant to the terms
thereof and Purchaser and Seller now desire to reinstate the Contract and to
make modifications and clarifications to the Contract subject to the terms and
conditions described below.

C.       
All capitalized terms not otherwise defined in this Amendment shall have the
meanings ascribed to them in the Contract.

NOW
THEREFORE, for valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound, Seller and Purchaser
agree as follows:

agreements

1.                 
Reinstatement.  The Contract is hereby
reinstated.  The Contract, as reinstated and modified hereby, shall be in
full force and effect as though there had been no termination thereof.

2.                 
Feasibility Period.  Section 3.1 of the Contract is
hereby amended in its entirety to provide as follows:

“3.1   Feasibility
Period.  Subject to the terms of Section 3.3 and 3.4 and the
rights of Tenants under the Leases, from the Effective Date to and including
September 30, 2008 at 5:00 p.m. Dallas, Texas time (the “Feasibility
Period”), Purchaser, and its agents, contractors, engineers, surveyors,
attorneys and employees (collectively, “Consultants”) shall, at no
cost or expense to Seller, have the right from time to time to enter onto the
Property to conduct and make any and all customary studies, tests, examinations, inquiries, inspections and investigations of or
concerning the Property, review the Materials and otherwise confirm any and all
matters which Purchaser may reasonably desire to confirm with respect to the
Property and Purchaser’s intended use thereof (collectively, the
“Inspections”).”

3.                 
Closing Date.   Section 5.1 of the
Contract is hereby amended in its entirety to provide as follows:

“5.1 
Closing Date.  The Closing shall occur on October 20, 2008
(the “Closing Date”) through an escrow with Escrow Agent, whereby
the Seller, Purchaser and their attorneys need not be physically present at the
Closing and may deliver documents by overnight air courier or other means. 
Notwithstanding the foregoing to the contrary, Seller shall have the option, by
delivering written notice to Purchaser, to extend the Closing Date to the last
Business Day of the month in which the Closing Date otherwise would occur
pursuant to the preceding sentence, in connection with Seller’s payment in full
of the Note (the “Loan Payoff”).”

4.                 
Notices.  Section 13.6 of the Contract is hereby
amended by deleting Apartment Realty Advisors’ address for notices in its
entirety and replacing it with the following Broker address for notices:

CB
Richard Ellis – Capital Markets

2415
East Camelback Road

Phoenix,
Arizona  85016

Attention: 
Sean Cunningham

Telephone: 
(602) 735-1740

Facsimile:
(602) 735-5156

 

5.                 
Effectiveness of Contract.  Except as expressly stated
herein, the Contract shall remain unmodified and in full force and effect. 
If there is any conflict between the Contract and the terms of this Amendment,
the terms of this Amendment shall control.

6.                 
Counterparts.  This Amendment may be executed in
multiple counterparts, and all such counterparts together shall be construed as
one document.

7.                 
Telecopied/Electronic Mail Signatures.  A counterpart
of this Amendment signed by one party to this Amendment and telecopied or sent
by electronic mail to another party to this Amendment or its counsel (i) shall
have the same effect as an original signed counterpart of this Amendment, and
(ii) shall be conclusive proof, admissible in judicial proceedings, of such
party’s execution of this Amendment.

[SIGNATURES
COMMENCE ON THE FOLLOWING PAGE]

NOW, THEREFORE, the parties hereto have executed this
Amendment as of the date first set forth above.

Seller:

LAKEWOOD
AOPL, A TEXAS LIMITED PARTNERSHIP,

a
Texas limited partnership

By:       LAKEWOOD AOPL, INC.,

a Texas corporation,
its general partner

By:  /s/Brian J. Bornhorst
Name:  Brian J.
Bornhorst
Title:  Vice President

 

Purchaser:

VR
GENERAL PARTNER LLC,

a
Delaware limited liability company

By:  /s/Andrew Stewart
Name:  Andrew
Stewart
Title:  Secretary

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