Document:

Exhibit 10.29

 

AMENDMENT TO ASSET PURCHASE AGREEMENT

This AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Amendment”)
is made effective as of September 6, 2006, by and among IT&E International
Group, Inc., a Delaware corporation (“Buyer”), Millennix, Inc., a New York
corporation (the “Company”) and Gene Resnick, M.D. (“Shareholder”).

RECITALS

A.            The parties previously entered into that certain Asset
Purchase Agreement dated as of November 9, 2005 relating to the acquisition of
the assets of the Company (the “Purchase Agreement”).

B.            The Purchase Agreement originally included an earnout
provision whereby Buyer was obligated to pay the Company an additional One
Million Four Hundred Thousand Dollars ($1,400,000) if certain revenue
milestones were achieved.

C.            It is the desire and intention of the parties to this Amendment
to amend the Purchase Agreement to eliminate the earnout provisions and to amend
and restate Section 3.2(e) with respect to the payments due thereunder.

NOW, THEREFORE, in consideration
of the foregoing facts and mutual agreements set forth below, the parties
intending to be legally bound, agree to amend the Prior Agreement as follows:

1.                                       Amendment
to Section 3.2(e).  Section 3.2(e) of
the Purchase Agreement is hereby amended and restated in its entirety as
follows:

“(e)         The
remaining amount will be paid in three (3) installments as follows:

(i)            Subject to subsection (f) below, on
January 1, 2007, Buyer shall pay the Company Three Hundred Thousand Dollars ($300,000)
payable by wire transfer of immediately available funds to an account
designated by the Company in writing at least two (2) Business Days before such
payment is due.

(ii)           On the date hereof, Buyer shall issue
a promissory note in the principal amount of Three Hundred Thousand Dollars ($300,000)
in the form attached hereto as Exhibit A, accruing simple interest at
eight percent (8%) per annum, with such interest being paid monthly in arrears and
the principal amount payable in full on January 1, 2008, subject to the terms
and conditions of the note.

(iii)          Subject to subsection (f) below, on
January 1, 2009, the Buyer shall issue four million two hundred eighty-five
thousand seven hundred fourteen (4,285,714) shares (subject to adjustment for
stock splits, reverse stock splits, recapitalizations and the like) of the Buyer’s
common stock, with the certificates evidencing the shares being issued pursuant
to this Section 3.1(e)(iii) bearing the legend set forth in Section 3.2(d)
above.  The parties acknowledge that such
shares of the 

 

Buyer’s common stock
shall initially be issued to the Company in consideration for the Purchased
Assets and then immediately distributed by the Company to the Shareholder in
accordance with Schedule 3.2(d) and that for administrative ease the
certificates delivered by Buyer hereunder shall be in the names set forth on Schedule
3.2(d) hereto.”

2.                                       Insertion
of 3.2(f).  A new Section 3.2(f) is
hereby inserted into the Purchase Agreement immediately following, Section
3.2(e):

“(f)          Buyer’s obligations, including,
without limitation, Buyer’s obligations to make payments, issue the promissory
note, make payments under the promissory note or issue stock, in each case
under Section 3.2(e) are conditioned upon and subject to Shareholder remaining
an employee of the Buyer through each applicable payment or issuance date.  If at any time Shareholder is not an employee
of the Bayor prior to the date on which a payment or issuance is called for
under Section 3.2(e) or under the note, then Buyer’s remaining obligations
under Section 3.2(e) shall immediately cease and no longer be of any force or
effect; provided, however, that if Shareholder’s employment with Buyer
terminates by reason of:  (a) his death,
(b) his resignation for “Good Reason” as that term is defined in that certain Employment
Agreement between the Shareholder and Buyer dated November 9, 2005, as amended
to date (the “Employment Agreement”), or (c) his termination by Buyer without “Cause”
as that term is defined in the Employment Agreement, then Buyer’s obligation
under Section 3.2(e) shall continue on in full force and effect.”

3.                                       No
Additional Consideration under Purchase Agreement.  The Company and Shareholder acknowledge and
agree that although the maximum aggregate amount that could have been paid
pursuant to the earnout provision of the former Section 3.2(e) of the Purchase
Agreement was One Million Four Hundred Thousand Dollars ($1,400,000), the
Company and Shareholder, shall only hereafter be entitled to the remaining
consideration set forth as in the amended and restated Section 3.2(e) contained
in this Amendment and that neither the Company nor Shareholder shall have any
claim for any additional consideration under the Purchase Agreement, except as
set forth in this Amendment.

4.                                       References.  All references in the Purchase Agreement to
the “Agreement” shall mean the Purchase Agreement, as amended by this
Amendment.

5.                                       Full
Force and Effect.  Except as
expressly provided in this Amendment, all other terms and conditions of the
Purchase Agreement shall remain in full force and effect.

6.                                       Successors
and Assigns.  This Amendment shall be
binding upon and inure to the benefit of Seller and Buyer and their respective
successors and assigns.

7.                                       Counterparts.  This Amendment may be executed in
counterparts, each of which shall be deemed an original, and all of which, when
taken together, shall constitute one and the same agreement.

[Signature
Page to Amendment to Asset Purchase Agreement Follows]

 2

 

IN WITNESS WHEREOF, the parties
have executed this Amendment as of the date and year first above written.

	
  “Buyer”

  	
  IT&E International Group, Inc.

  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  /s/ Philip T. Lavin

  	
   

  
	
   

  	
  By: Philip T. Lavin

  Title: Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  “Company”

  	
  Millennix, Inc.,

  a New York corporation

  
	
   

  	
   

  
	
   

  	
  /s/ Gene Resnick, M.D.

  	
   

  
	
   

  	
  By: 

  	
  /s/ Gene Resnick, M.D.

  	
   

  
	
   

  	
  Title: 

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Gene Resnick, M.D.

  	
   

  
	
  “Shareholder”

  	
  Gene Resnick, M.D.

  
					

 

[Signature
Page to Amendment to Asset Purchase Agreement]

 

EXHIBIT A

FORM OF
PROMISSORY NOTE

 

 A-1Exhibit 10.30

AMENDMENT
TO EMPLOYMENT AGREEMENT

This AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”)
is made effective as of September 6, 2006 (“Effective Date”), by and between IT&E
International Group, Inc., a Delaware corporation (“Company”) and Gene Resnick,
M.D. (“Executive”).

RECITALS

A.            Company and Executive have previously entered into that
certain Employment Agreement dated November 9, 2005 (the “Prior Agreement”).

B.            The parties to the Prior Agreement desire to amend the
Prior Agreement to amend and restate certain provisions set forth in the Prior
Agreement in light of certain amendments made to that certain Asset Purchase
Agreement between Company, Executive and Millennix Inc. dated November 9, 2005
and amended as of even date herewith.

NOW, THEREFORE,
in consideration of the foregoing facts and mutual agreements set forth below,
the parties intending to be legally bound, agree to amend the Prior Agreement
as follows:

1.             Employment Term.  Section 2 of the Prior Agreement is hereby
amended and restated in its entirety as follows:

“The term of Executive’s
employment under this Agreement shall commence as of the Effective Date and
shall continue until January 1, 2009 (the “Employment Term”), unless earlier
terminated by either the Executive or the Company.”

2.             Base Salary.  Section 3.1 of the Prior Agreement is hereby
amended and restated in its entirety as follows:

“As compensation for Executive’s performance of his duties
hereunder, Company shall pay to Executive an initial base salary of Twenty Five
Thousand Four Hundred Sixteen Dollars and Sixty Six Cents ($25,416.66) per
month, which if annualized, would represent Three Hundred Five Thousand Dollars
($305,000) (“Annual Base Salary”), payable in accordance with the normal
payroll practices of Company, less required deductions for state and federal
withholding tax, social security and all other employment taxes and payroll
deductions.”

3.             Severance
Payment.  Section 8.1(b) of the Prior
Agreement is hereby amended and restated in its entirety as follows:

(b)           “a ‘Severance
Payment’ equal to the greater of: (i) the amount of Executive’s then in effect
Base Salary that would have been payable to Executive if Executive had been
employed by the Company from the Date of Termination through 

 1
 

 

November 9, 2007, or (ii)
an amount equal to one (1) year of Executive’s then in effect Base Salary; and”

4.             References. 
All references in the Prior Agreement to the “Agreement” shall mean the
Prior Agreement, as amended by this Amendment.

5.             Full Force and Effect.  Except as expressly provided in this
Amendment, all other terms and conditions of the Prior Agreement shall remain
in full force and effect.

6.             Successors and Assigns.  This Amendment shall be binding upon and
inure to the benefit of Company and Executive and their respective successors
and assigns.

7.             Counterparts. 
This Amendment may be executed in counterparts, each of which shall be
deemed an original, and all of which, when taken together, shall constitute one
and the same agreement.

[Signature
Page to Amendment to Employment Agreement Follows]

 2

 

IN WITNESS WHEREOF, the undersigned, intending to be
legally bound, have executed this Agreement as of the date first above written.

	
  “Company”

  	
   

  	
  IT&E INTERNATIONAL GROUP, INC.,

  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Philip T. Lavin

  	
   

  
	
   

  	
   

  	
  Name: Philip T. Lavin 

  Title: Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address: 

  	
  4 California Avenue 

  Framingham, Massachusetts 01701

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  “Executive”

  	
   

  	
  By:

  	
  /s/ Gene Resnick, M.D.

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Gene Resnick, M.D.

  
	
   

  	
   

  	
  Address: 

  	
  800 Westchester Avenue, Suite N341 

  Rye Brook, New York 10573

  
							

 

[Signature
Page to Amendment to Employment Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]