Document:

exhibit10_1.htm

	Exhibit 10.1

 

 

AMENDMENT TO EXCHANGE AGREEMENT

 

THIS AMENDMENT TO EXCHANGE AGREEMENT (this “Amendment”) is entered into as of June 6, 2012, by and among Interactive Brokers Group, Inc., a Delaware corporation (“IBGI”), IBG Holdings LLC, a Delaware limited liability company (“IBG Holdings”), and IBG LLC, a Connecticut limited liability company (formerly known as Interactive Brokers Group LLC, “IBG LLC”).

 

WHEREAS, the parties hereto are party to that certain Exchange Agreement, dated as of May 3, 2007 (the “Exchange Agreement”), by and among IBGI, IBG Holdings, IBG LLC and the members of IBG LLC party thereto (the “IBG LLC Members”);

 

WHEREAS, pursuant to that certain Affirmation, dated May 15, 2012, executed by IBG Holdings and countersigned by IBGI and IBG LLC, IBG Holdings waived all of its rights to request of IBGI any form of consideration in connection with a redemption request of IBGI under Article IV of the Exchange Agreement, other than IBGI common stock in exchange for its shares of IBG LLC;

 

WHEREAS, the parties hereto, constituting each of the parties necessary to amend the Exchange Agreement, desire to amend the Exchange Agreement pursuant to Section 6.4 of the Exchange Agreement and as set forth herein; and

 

WHEREAS, IBGI, IBG Holdings and IBG LLC are duly authorized to enter into this Amendment on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and of the mutual representations, warranties and covenants contained herein, and intending to be legally bound, the parties hereto agree as follows:

 

1.1 Definitions. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in the Exchange Agreement.

 

1.2 Amendments.

 

(a) Section 4.1(b)(iii) of the Exchange Agreement is hereby amended by deleting the following words in the first sentence of such Section: “unless otherwise determined by IBGI, IBG LLC and IBG Holdings that the redemption of IBG Holdings Shares will be funded as provided in Section 4.3(c),”.

 

(b) Section 4.2(b)(iii) of the Exchange Agreement is hereby amended by deleting the following words in the first sentence of such Section: “unless otherwise determined by IBGI, IBG LLC and IBG Holdings that the redemption of IBG Holdings Shares will be funded as provided in Section 4.3(c),”.

 

(c) Section 4.3(a) of the Exchange Agreement is hereby amended and restated in its entirety to read as follows:

 

  

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“(a)   Public Offerings of Shares of Common Stock. Notwithstanding anything to the contrary set forth herein, (i) IBGI shall not be obligated to effect any purchase of IBG LLC Shares unless and until IBGI has consummated a Public Offering of a number of shares of Common Stock (adjusted per Section 5.1) approximately equal to the aggregate number of IBG Holdings Shares specified in Redemption Requests or a Mandatory Redemption Notice, as applicable, and (ii) IBG Holdings shall not be obligated to effect any redemption of IBG Holdings Shares unless and until IBG Holdings has received from IBGI the cash consideration for the purchase of the applicable IBG LLC Shares. IBGI’s commercially reasonable efforts to consummate a Public Offering shall include without limitation providing, and causing its subsidiaries to provide, necessary and appropriate road show support for such Public Offering.”

 

(d) Section 4.3(c) of the Exchange Agreement is hereby amended and restated in its entirety to read as follows: “[RESERVED]”.  

 

1.3 Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware (other than the laws regarding choice of laws and conflicts of laws that would apply the substantive laws of any other jurisdiction) as to all matters, including matters of validity, construction, effect, performance and remedies.

 

1.4 Interpretation.  The headings contained in this Amendment are solely for the purpose of reference, are not part of the agreement of the parties hereto and shall not in any way affect the meaning or interpretation of this Amendment.

 

1.5 Severability. If any term or other provision of this Amendment is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Amendment shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Amendment so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.

 

1.6 Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or portable document format shall be effective as delivery of a manually executed counterpart to this Amendment.

 

1.7 Effect of Amendment. This Amendment shall become effective and binding upon all parties to the Exchange Agreement upon execution hereof by IBGI, IBG Holdings and IBG LLC.  Except as expressly set forth herein, the amendments provided herein shall not by 

 

  

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implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Exchange Agreement.  Except as expressly amended hereby, the Exchange Agreement shall continue in full force and effect in accordance with the provisions thereof.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

 

	 	INTERACTIVE BROKERS GROUP, INC.
	 	 	 
	 	
By:

	
/s/ Earl H. Nemser                                      

	  	
Name:

	
Earl H. Nemser

	  	
Title:

	
Vice Chairman and Director

                        

	 	IBG HOLDINGS LLC	 
	 	 	 
	 	
By:

	

/s/ Thomas Peterffy                                  

	  	
Name:

	
Thomas Peterffy

	  	
Title:

	
Managing Member

                        

	 	IBG LLC	 
	 	 	 
	 	
By:

	

/s/ Paul J. Prody                                        

	  	
Name:

	
Paul J. Brody

	  	
Title:

	
Chief Financial Officer

3ex10.2

 

 Exhibit 10.2
 

 On April 7, 2010
 

 The Entest Biomedical, inc. (“Company”)  and Ms. Tammy Reynolds have agreed that Ms. Reynolds shall receive
 

 (a) Compensation of $70,000 per annum for her services as Chief Financial Officer.
 

 (b) Fifty Thousand Dollars worth of the Common Shares of the Company (“Compensation Shares”)  to be granted to Ms. Reynolds upon the completion of twelve months employment as CFO of the Company in accordance with the following terms and conditions:
 

 (1) The Compensation Shares shall be issued at a price per share which shall be the average of the closing stock prices on the first day of trading of each month during the twelve months prior to the grant.
 

 (2) 80% of the  Compensation Shares (“Restricted Comp Shares”) may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Ms. Reynolds (“ Transfer Restriction”) except as follows:
  
 Upon the expiration of one year from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to 25% of the Restricted Comp Shares.
  
 Upon the expiration of two years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares.
  
 Upon the expiration of three years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares
  
 Upon the expiration of four years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares.
  
 In the event that Ms. Reynolds is no longer employed as CFO of the Company, any Restricted Comp Shares still subject to Transfer Restrictions shall be forfeited by the Ms. Reynolds, and ownership of the Restricted Comp Shares shall be transferred back to the Company. Ms. Reynolds is currently not party to a written employment agreement with the Company.ex10.14

 

 Exhibit 10.14
 

 

 LINE OF CREDIT PROMISSORY NOTE
 

 $200,000 Date: December 1, 2010
 

 FOR VALUE RECEIVED, Entest Biomedical Inc., ("Borrower") promises to pay to the order of Bio-Technology Partners Business Trust ("Lender"), a Nevada Business Trust, the principal sum of Two Hundred Thousand Dollars ($200,000), or so much thereof as may be disbursed to, or for the benefit of the Borrower by Lender in Lender's sole and absolute discretion. It is the intent of the Borrower and Lender hereunder to create a line of credit agreement between Borrower and Lender whereby Borrower may borrow up to $ 200,000 from Lender. This agreement shall also be the terms and conditions of any and all borrowed amounts outstanding as of this date.
 

 INTEREST & PRINCIPAL: The unpaid principal of this line of credit shall bear simple interest at the rate of ten percent (10%) per annum. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances or payments made hereunder. Principal balance and accrued interest shall become due and payable in whole or in part at the demand of the Lender.
 

 REPRESENTATIONS AND WARRANTIES OF BORROWER
 

 Borrower  (a) is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada  and (b) has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.
 

 None of the execution, delivery and performance of this Agreement by Borrower, or the consummation of the transactions contemplated hereby and thereby (a) constitute or will constitute a violation of the organizational documents of Borrower, (b) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of Borrower, loan agreement, lease or other agreement or instrument to which Borrower is a party or by which Borrower or any of its properties may be bound
 

 BORROWER:
 

 By: /s/ David Koos
 

 Its: CEO

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