Document:

Unassociated Document

    Exhibit
10.1

    

    Unofficial
English Translation of

    Intangible
Assets Transfer Agreement

    

    Party A:
Shandong Daxin Microbiology Pharmaceutical Industry Co., Ltd.

    Party B:
Yantai Bohai Pharmaceutical Group Co., Ltd

    ________________________________________________________________

    Whereas,
based on thorough negotiations between Party A and Party B, Party A (Shandong
Daxin Microbiology Pharmaceutical Industry Co., Ltd) agrees to transfer all of
its rights and title in and to fourteen (14) Drug Approval Numbers (the “DANs”)
for fourteen (14) medicines that were previously issued by Shandong Drug
Administration to Party B (Yantai Bohai Pharmaceutical Group Co.,
Ltd).  Both Parties hereby make the following agreements:

    

    1. Party A
(Shandong Daxin Microbiology Pharmaceutical Industry.Co, Ltd.) shall be
responsible for completing all the necessary legal and administrative procedures
involving Shandong Branch of the State Food and Drug Administration (the “SFDA”)
for the transfer (the “Transfer”) of the DANs by Party A to Party
B.  Party A shall pay for all necessary expenses related to the
aforementioned administrative or legal procedures in connection with the
Transfer. As of the day of the signing of this Agreement, Shang Dong SFDA has
approved the Transfer.

    

    2. A list of
the DANs is annexed hereto as Exhibit A. Party A hereby assigns, transfers and
conveys its entire right, title and interest in the DANs to Party B in
consideration of the purchase price set forth herein.

    

    3. Party A
and Party B agree that the purchase price for the DANs shall be RMB
48,000,000.  Both parties also agree that the payment of RMB
20,000,000 shall be made within fifteen days (15) after this Agreement is
executed by both parties.  The remaining balance shall be paid by
January 31, 2011.

    

    4. Party A
represents and warrants to, and agrees with, Party B that:

    

    a. It has
full right, power and authority to enter into this Agreement and that this
Agreement, when delivered, shall constitute a legal, valid and binding
obligation of Party A, enforceable in accordance with its terms.

    

    b. All the
consents and approvals of any third party (including the SDA) which are required
in connection with the execution of this Agreement or the performance by Party A
of its obligations under this Agreement have been obtained by Party
A.

    

    c. Party A
is not aware of any threatened, or pending dispute or challenge that would
interfere with the Transfer or the general purpose and intent of this
Agreement.

    

    d. The entry
into and performance of this Agreement by Party A does not breach or conflict
with any other agreement to which Party A or any of its affiliates is a party
nor, to Assignor’s knowledge, will it give rise to a claim of breach or right of
rescission, termination, revision, or amendment, under any other contract,
arrangement or understanding to which Party A or any of his affiliates is a
party.

    

    e. Party A
has sole, exclusive, valid and unencumbered title and rights to the DANs and has
not granted any license or made any other conveyance or license of rights in the
DANs or any related medicines to any third parties.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5. Party A
agrees that, when requested, it will, without charge to Party B, sign all
papers, take all rightful oaths, and do all acts which may be necessary,
desirable or convenient for securing and maintaining the rights and assets
subject to the Transfer and for vesting title thereto in Party B, its
successors, assigns or nominees, or which may be necessary to exploit or defend
Party B’s rights in such rights and assets.

    

    6. Both
Parties shall try to resolve any dispute arising from this Agreement through
negotiations between themselves. Any lawsuit arising from this Agreement shall
be adjudicated by the People's Courts in China.

    

    7. This
Agreement may be executed in one or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the
other party, it being understood that both parties need not sign the same
counterpart.

    

    Party A:
Shandong Daxin Microbiology Pharmaceutical Industry.Co,.Ltd

    

                          By:  /s/ Lijun Tian        

    [Corporate Stamp]

    Title: Legal
Representative

    Date: December 9, 2010

    

    Party B:
Yantai Bohai Pharmaceutical Group Co., Ltd

    

                          By:  /s/ Hongwei Qu            

    [Corporate
Stamp]

    Title: Legal
Representative

    Date: December 9, 2010

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
A

    

    List of DANs

    

    
      
        	
                Number

              	
                Name
      of the Medicines

              	
                DANs

              
	
                1

              	
                Yinqiao
      Detoxification Pellet

              	
                Z37020715

              
	
                2

              	
                Tianwang
      heart nourishing Pellet

              	
                Z37020714

              
	
                3

              	
                Tongxuan
      lung Pellet

              	
                Z37020717

              
	
                4

              	
                Ruyi
      Jinhuang Powder

              	
                Z37020709

              
	
                5

              	
                Xiaohuoluo
      Pellet

              	
                Z37020711

              
	
                6

              	
                Dieda
      Pellet

              	
                Z37020723

              
	
                7

              	
                Qipi
      Pellet

              	
                Z37020685

              
	
                8

              	
                Ginseng
      Guipi Pellet

              	
                Z37020716

              
	
                9

              	
                Spleen
      Pellet

              	
                Z37020712

              
	
                10

              	
                Jiufen
      Powder

              	
                Z37020683

              
	
                11

              	
                Wu
      Zi Yan Zong Pellet

              	
                Z37020707

              
	
                12

              	
                Qingwen
      Detoxification Pellet

              	
                Z37020708

              
	
                13

              	
                Wuhu
      Powder

              	
                Z37020710

              
	
                14

              	
                Hawthorn
      Pellet

              	
                Z37020713a6545259ex10_26.htm

Exhibit 10.26

                                          December 8, 2010

Personal & Confidential

Dear Michael:

This will confirm the agreement we have reached regarding certain financial aspects of your employment with Pulse Electronics Corporation:

	
  

	
1.

	
Base Salary – Your base salary as currently in effect will be maintained and you will continue to be eligible for salary increases and compensation adjustments, if any, as determined by Pulse from time to time.

	
  

	
2.

	
Executive Benefit Plans – You will be included in any benefit plan in which all other similarly situated executives of Pulse participate.

	
  

	
3.

	
Title – Your title is Vice President, Treasury and Tax.

	
  

	
4.

	
Job Relocation or Elimination –

(a)           In the event that Pulse relocates your job to a new place of employment more than 30 miles from Trevose, Pennsylvania, then you will be entitled to choose one of the following options:  (i) accept a similar position at the new location with appropriate market compensation to be determined at such time and the assistance of Pulse's customary relocation plan for your move or (ii) terminate your employment and accept the severance benefits set forth in paragraph (b) below.

(b)           In the event that Pulse terminates your employment on or before the Termination Date (as defined in Section 5 below) other than for cause (as defined in Section 4(i) of Pulse's Restricted Stock Plan (RSP) II), or if in connection with a job relocation by Pulse you voluntarily terminate your employment by choosing option (ii) set forth in paragraph (a) above, then you will be entitled to the following severance benefits:  (i) payment of your base salary in effect on your termination date for a period of 12 months from your termination date, (ii) after such 12 month period, provided you have been actively seeking employment for a position comparable in scope of responsibility and overall compensation, continued payment of your base salary for up to an additional 6 months unless and until you obtain new employment, (iii) vesting of your outstanding stock option awards at 100% subject to the terms and conditions of Pulse's Stock Option Plan, (iv) vesting of your outstanding RSP II awards at 100% subject to the terms and conditions of the plan document for RSP II, and (v) reasonable expenses of outplacement services from an agency of your choice reasonably satisfactory to Pulse for a period not to exceed 12 months from commencement of such services.  In order to receive the above severance benefits, you agree that you will sign Pulse's standard severance agreement releasing Pulse and its related entities from all claims and demands.  As is customary with Pulse severance arrangements, you will also be eligible for the continuation of medical benefits during the applicable severance period, and COBRA benefits thereafter as permitted by law.

  

  

  

	
  

	
5.

	
Termination Date – For purposes of paragraph (b) of Section 4 above, "Termination Date" shall mean one year after Pulse hires a permanent Chief Executive Officer. No later than December 31, 2011, you and Pulse mutually agree to review the contents of this letter, and to discuss whether any changes to the Termination Date or other provisions should be made at such time.  This letter shall remain in effect until the Termination Date, after which time this letter shall terminate.

	
  

	
6.

	
At-Will Employment – Employment with Pulse is an at-will relationship.  This means that your employment is for no specific term and may be terminated either by you or by Pulse at any time for any reason with or without cause.  Neither this letter, nor any other document provided to you by Pulse, is intended to create a contract of continuing employment, or to otherwise modify Pulse's employment at-will policy.  By signing this letter, you acknowledge that any contrary representations which may have been made or may be made to you are superseded by this letter.

	
  

	
7.

	
Statement of Principles – As you know, Pulse's Statement of Principles (SOP) describes how we conduct business, treat our employees worldwide and work with our customers, vendors and suppliers.  By signing this letter, you acknowledge that you have read and understood and agree to abide by our SOP or any business code of conduct that is adopted by Pulse.

	
  

	
8.

	
Contractual Obligations – By signing this letter, you represent and warrant that you have no contractual obligation that would interfere with your employment at Pulse and that you can perform all the duties and responsibilities of your position fully and completely consistent with this letter.

	
  

	
9.

	
Entire Agreement – This letter constitutes the entire understanding and agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements, understandings, negotiations and discussions.  This letter can only be modified, amended, supplemented or changed by an agreement in writing that makes specific reference to this letter.

	
  

	
10.

	
Governing Law and Jurisdiction – This letter shall be interpreted, construed and governed, by and in accordance with the laws of the Commonwealth of Pennsylvania without regard to conflicts of law principles.  Both parties agree to submit to the exclusive jurisdiction of the federal and state courts of the Commonwealth of Pennsylvania.

  

2

  

Mike, we are excited about the important part you will continue to play on our team here at Pulse.  Your talent and contributions are highly valued.  We are confident that you will continue to make significant contributions to the operating success and future direction of Pulse.

 

 

	  	
Sincerely,

	  
	  	  	  
	  	  	  
	  	
/s/ Drew A. Moyer

	  
	  	
Drew A. Moyer

	  
	  	
Interim Chief Executive Officer

	  
	  	
Chief Financial Officer

	  

 

I confirm my agreement with all of the terms and conditions set forth above and agree that Pulse can rely on my confirmation.

 

	
/s/ Michael J. McGrath

	  	
Date:

	
December 8, 2010

	
Michael J. McGrath

	  	  	  

 

3

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