Document:

Fromex
        Equity Corp.

      Notes
        To Financial Statements

       

    

    Exhibit
      10.04

    

    TRANSFER
      AND ASSIGNMENT OF EQUITY
      INTEREST

    

    THIS
      AGREEMENT made
      as
      of this 24th
      day of
      April 2007 between FRMO Corp. a Delaware corporation (“FRMO”) and FROMEX EQUITY
      CORP., a Delaware corporation (“Fromex’).

    

    WHEREAS:

    

    A.  Horizon
      Global Advisers, LLC is a registered United States Investment Adviser organized
      in Delaware (Horizon Advisers”) in which FRMO owns a 60% Equity Interest (“the
      60% Equity Interest”) and the other 40% equity interest is owned by Kevin
      Quigley, an officer and employee of Horizon Advisers; and

    

    

    B. On
      December 6, 2005, FRMO had assigned to Fromex a 66 2/3% revenue interest (the
      “Revenue Interest”) in the fees FRMO would receive by reason of said 60% Equity
      Interest; and

    

    C. FRMO
      hereby transfers and assigns to Fromex the 60% Equity Interest it owns in
      Horizon Advisers, as a contribution to the capital of Fromex, which is a
      wholly-owned subsidiary of FRMO, and

    

    D. This
      transfer and assignment of the 60% Equity Interest subsumes Fromex’s 40% Revenue
      Interest in FRMO’s receipt of net fees as the prior equity owner of Horizon
      Advisers.

    

    NOW,
      THEREFORE
      FRMO
      does hereby transfer and assigns to Fromex, its successor and assigns, as a
      contribution to the capital of Fromex, the 60% Equity Interest heretofore owned
      by FRMO in Horizon Global Advisers, LLC, a Delaware limited liability company
      (“Horizon Advisers”) and it is hereby agreed between the parties as
      follows:

    

    1. Transfer:
      This
      transfer and assignment of the 60% Equity Interest in Horizon Advisers is
      effective on the date hereof and FRMO has no further interest in Horizon
      Advisers.

    

    2. Revenue
      Interest Terminated:
      The 40%
      Revenue Interest which FRMO assigned to Fromex on December 6, 2005 is hereby
      subsumed in the transfer and assignment of the 60% Equity Interest.

    

    3. Arbitration
      and Choice of Laws:
      The
      laws of the State of New York shall govern this Agreement, without regard to
      the
      conflict of laws principles thereof. The parties irrevocably agree that all
      disagreements or controversies in any way, manner or respect, arising out of
      or
      related to this Agreement shall be resolved by binding arbitration in New York
      City in accordance with the Rules of the American Arbitration Association.
      Each
      party hereby consents and submits to the jurisdiction of the American
      Arbitration Association and hereby waives any rights the party may have to
      transfer or change the venue of any such dispute. The prevailing party in any
      arbitration in connection with this Agreement shall be entitled to recover
      from
      the other party all costs and expenses, including without limitation reasonable
      fees of attorney and paralegals, incurred by such party in connection with
      any
      such arbitration or court proceeding to enforce the award made in the
      arbitration proceeding. Each party consents to the jurisdiction of the Supreme
      Court of the State of New York, County of New York to enforce any such
      arbitration result.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      Fromex
        Equity Corp.

      Notes
        To Financial Statements

    4. Further
      Assurances:
      The
      parties shall execute and deliver such further instruments and do such further
      acts and things as may be required in good faith to carry out the intent and
      purpose of this Agreement.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Transfer and Assignment the day and year
      first
      above written.

    
      	 	 	 
	 	FRMO
              CORP.
	 
 	 
 	 
 
	
            	By:  	/s/
              Murray Stahl
	 	
              

              Murray
                Stahl, 

              Chairman
                and CEO

            
	 	
            

      	 	 	 
	 	FROMEX EQUITY
              CORP.
	 	 	 
	
            	By:  	/s/
              Steven Bregman
	 	
              

              Steven
                Bregman,  PresidentUnassociated Document

    EXHIBIT
      10.1

    

    

    

    March
      27,
      2007

    Mr.
      Matthew Hill

    __________________

    __________________

     

    Dear
      Mr.
      Hill:

     

    I
      am
      pleased to offer you a position with Velcera, Inc (Company) with the following
      terms and specifications:

     

    
      	
            	1.	
              Position:
                Chief Financial Officer

            

    

     

    
      	
            	2.	
              Reporting
                to:
                President and CEO

            

    

     

    
      	
            	3.	
              Responsibilities:
                Responsibilities include, but are not limited
                to:

            

    

    

      
        
          
            	
                  	·	
                    Provide
                      planning and execution of all financial and accounting matters
                      for the
                      Company, including overall financial leadership including strategic
                      planning, budgeting, internal controls, accounting, financial
                      reporting,
                      audit, control practices, cash flow management, and investment
                      practices,

                  

        

      

      
        
          
            	
                  	·	
                    Lead
                      the production of reporting the company's results of operations,
                      including
                      reporting and compliance with all relevant financial regulatory
                      authorities, including the SEC and applicable stock
                      exchanges,

                  

          

        

      

      
        
          
            	
                  	·	
                    Develop
                      and direct the Company's financial policies and standards,
                      including
                      adherence to GAAP and all other relevant accounting
                      standards,

                  

          

        

      

      
        
          
            	
                  	·	
                    Participation
                      in financial projections and
                      analysis,

                  

          

        

      

      
        
          
            	
                  	·	
                    Participate
                      as an officer of the Company in the development, assessment,
                      selection,
                      and implementation of business and capitalization
                      opportunities,

                  

          

        

      

      
        
          
            	
                  	·	
                    Provide
                      leadership in investor relations activities helping drive the
                      strategy to
                      maximize the Company's long-term value
                      creation,

                  

          

        

      

      
        
          
            	
                  	·	
                    Provide
                      support of and participation in business development
                      activities,

                  

          

        

      

      
        
          
            	
                  	·	
                    Provide
                      leadership in administration and operations matters, such as
                      facilities
                      management, IT support, purchasing, employee payroll, benefits,
                      etc.,

                  

        

      

      
        
          
            	
                  	·	
                    Assume
                      other responsibilities as may be assigned by the CEO or the
                      Board of
                      Directors from time to
                      time.

                  

          

        

      

    

    
      	 	 	 

      	
            	4.	
              Compensation:

            

    

    
      	 	 	 

    

    
      	 	 	
              Base
                Salary:
                $15,500 per month

               

              The
                salary will be reviewed on January 1, 2008 with the opportunity of
                receiving an increase commensurate with performance. Following this
                date
                the salary will be reviewed and adjusted on January 1 each
                year.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
      	 	 	
              Annual
                Discretionary Bonus:
                Zero to 30% of annual base salary, as determined by the Company in
                its
                sole discretion. You are eligible to receive this bonus for the period
                from start date to December 31, 2007 on a prorated basis.

               

              Equity:
                Subject to Board approval Velcera will grant 100,000 shares of common
                stock on your start date at a strike price equal to the fair market
                value
                (as determined by the Company) on your start date, which is expected
                to be
                $1.87 per share. Options will vest in three equal parts over a three
                (3)
                year period, commencing on the first anniversary date of employment.
                With
                the exception of the foregoing terms described above, all terms of
                the
                Options are defined in Velcera's employee 2003 Stock Incentive Plan.
                (Attachment 1) Options will only vest if you are an employee of the
                Company on each vesting date. Upon your termination, unvested options
                will
                be deemed expired except as addressed under Section
                6.

            

    

             

     

    
      	
            	5.	
              Benefits,
                Vacation and other

            

      	 	 	 

      	 	 	
              Benefits:
                All rights and benefits for which you are eligible under any benefit
                or
                other plan (including, without limitation medical, medical reimbursement
                and hospital plans, dental, retirement programs, employee stock option
                plans, life insurance and other "fringe" benefits) as the Company
                shall
                make generally available to its eligible employees from time to
                time.

               

              Vacation:
                Fifteen business days per annum, in addition to holidays observed
                by the
                Company (currently 12).

            

    

     

     

    
      	
            	6.	
              Change
                in Control

            

    

    
      	 	 	 

    

    
      	 	 	
              Upon
                (i) termination of your employment for any reason during the one
                (1) year
                period following the occurrence of a "Change of Control," that occurs
                during the first three years of your employment with the Company,
                or (ii)
                termination of your employment by the Company or its successor without
                "Cause" or by you for "Good Reason" during the one (1) year period
                following the occurrence of a Change of Control after the first three
                years of your employment with the Company, you shall receive severance
                equal to one year's compensation defined as your then base salary
                plus the
                mid-point of your then discretionary bonus range and any unvested
                options
                will vest. This payment will be in lieu of the severance provided
                in
                Section 7.

               

              For
                the foregoing purposes, (a) a Change of Control shall be as defined
                in the
                2003 Stock Incentive Plan, (b) "Cause" shall mean (i) the commission
                of a
                criminal act by you, (ii) gross negligence, gross malfeasance, gross
                misfeasance or gross misconduct by you in the performance of your
                job,
                (iii) actions by you which cause the Company's reputation or image
                to
                materially suffer, (iv) a material breach by you of the Company's
                2007
                Personnel Policies and Procedures, as amended from time to time,
                including
                the confidentiality provision therein, or (v) other events or matters
                relating to your job performance or conduct that would ordinarily
                cause an
                employer to seriously consider the termination of an employee's
                employment; and (c) "Good Reason" shall mean any decrease in your
                salary
                without "cause", any material reduction in your job responsibilities
                without "Cause", or relocation of your place of employment to a location
                more than 10 miles from the Company's current
                location.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	7.	Employment

      	 	 	 

      	 	 	
              Your
                employment shall start on April 23, or at a mutually agreeable date,
                but
                not later than May 15, 2007, subject to the Company's receipt of
                satisfactory background checks and reference checks before such
                time.

               

              Your
                employment shall be on an at-will basis and will be subject to the
                Company
                "2007 Personnel Policies and Procedures" manual, which includes
                confidentiality and inventions assignment agreements, and Velcera's
                general satisfaction with your work performance. You may terminate
                your
                employment with the Company for any reason upon written notice.
                Additionally, Velcera may terminate your employment, for any reason,
                upon
                written notice, provided that if you are terminated without cause,
                the
                Company will pay you severance equal to three months of your base
                salary
                (without potential bonus or other benefits).

               

              We
                are very pleased and excited to have you at the foundation of our
                Team. If
                you find this letter agreeable, please sign two originals in the
                space
                indicated and return to me.

            

      	 	 	 

      	 	 	Sincerely,

      	 	 	 

      	 	 	
              /s/
                Dennis F. Steadman   

              Dennis
                F Steadman 

              President
                and CEO

              

              Accepted:

              

              

              /s/
                Matthew Hill       4/3/07 

              Matthew
                Hill

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