Document:

JIANGBO
PHARMACEUTICALS, INC.

    

    
      
        	 
      	
                February
      15, 2010

              

      

    

     

    Re:  Jiangbo Pharmaceuticals,
Inc.

     

    Gentlemen:

     

    Reference
is made to (i) that Securities Purchase Agreement, dated as of November 6, 2007
(the “2007 Securities
Purchase Agreement”) by and between Jiangbo Pharmaceuticals, Inc. f/k/a/
Genesis Pharmaceuticals Enterprises, Inc. (the “Company”) and Pope
Asset Management, LLC (“Pope”) (ii) that Securities Purchase Agreement dated May
30, 2008 (the “2008
Securities Purchase Agreement”), by and among the Company and the
investors who are parties thereto (collectively, the “Investors”) (iii)
those 6% Convertible Subordinated Debenture of the Company dated November 6,
2007 issued to Pope (the “2007 Notes”) and (iv)
those 6% those Convertible Notes May 30, 2008 and issued to the Investors
(collectively, the “2008
Notes”).  Capitalized terms used herein without definition
shall have the meanings ascribed to such terms in the 2007 Securities Purchase
Agreement, 2008 Securities Purchase Agreement, the 2007 Notes, or the 2008
Notes, in each case, as indicated below.

     

    Section
10.4 of the 2007 Securities Purchase Agreement provides that at any time after
the closing date, any waiver of any covenant or other provision of the 2007
Securities Purchase Agreement shall require the approval of the investors that
purchased a majority of the principal amount of the 2007 Notes issued pursuant
to the 2007 Securities Purchase Agreement and such waiver shall be deemed to be
a waiver by the investors.  Article 2(ii) of the 2007 Notes provides
that an Event of Default shall occur if failure shall be made in the payment of
interest on the 2007 Notes when and as the same shall become due and such
failure shall continue for a period of five (5) business days after such payment
is due.  Article 2(a) of the 2007 Notes provides that the entire
unpaid principal amount of the 2007 Notes together with interest thereon shall,
on written notice to the Company given by investors holding a majority in
principal amount of the outstanding 2007 Notes, forthwith become and be due and
payable if an Event of Default shall have occurred.

     

    Section
6.4 of the 2008 Securities Purchase Agreement provides that no provision of the
Securities Purchase Agreement may be waived or amended except in a written
instrument signed by the Company and Pope.  Article 2(a)(ii) of each
of the 2008 Notes provides that it shall constitute an Event of Default under a
2008 Note if failure shall be made in the payment of interest on such 2008 Note,
when and, as the same shall become due and such failure shall continue for a
period of five (5) business days after such payment is due.  Article
2(b) of each of the 2008 Notes provides that upon the occurrence of an Event of
Default, the entire unpaid principal amount of a 2008 Note, together with
interest thereon, shall, on written notice to the Company given by the Holders
of a majority of the 2008 Notes then outstanding become due and
payable.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    As of
November 30, 2009, Pope is the sole holder of $ 4,500,000 principal amount of
the 2007 Notes and the holder of $17,000,000 aggregate principal amount of 2008
Notes.

     

    Pope
hereby waives until February 25, 2010 the Events of Default that have occurred
as a result of the Company’s failure to timely make interest payments on the
2007 Notes and 2008 Notes that were due and payable on November 30, 2009, and
agrees not to provide written notice to the Company with respect to the
occurrence of either of such Events of Default provided that the Company has
made such interest payments to the holders of the 2007 Notes and the holders of
the 2008 Notes on or prior to February 25, 2010.  If the interest
payments are not made by February 25, 2010, all rights and remedies of Pope
defined in the 2007 and 2008 Securities Purchase Agreements shall remain in full
force and effect as if this waiver had not been granted.

     

    Notwithstanding
the foregoing, the Company hereby agrees that in the event that its common stock
has not been listed on The Nasdaq Stock Market on or prior to April 15, 2010,
that the Company shall pay to the holders of the 2007 Notes and the 2008 Notes
an amount equal to the difference between the interest on such Notes previously
paid for the period from June 1, 2009 to November 30, 2009 (the "Interest Period") and
the default rate of interest that would have been payable with respect to such
Notes for the Interest Period.

     

    Except as
expressly waived or otherwise specifically provided herein, all of the
representations, warranties, terms, covenants and conditions of each of the
Securities Purchase Agreement and the Notes shall remain unamended and unwaived
and shall continue to be and shall remain in full force and effect in accordance
with their respective terms.

     

    This
letter is governed by the laws of the State of New York without giving effect to
the conflict of laws rules of any jurisdiction. This letter may be signed in one
or more counterparts, each of which shall be deemed and original and all of
which, taken together, shall constitute one and the same
agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Kindly
acknowledge receipt of this letter and agreement to the foregoing by
executing  the enclosed copy of this letter where indicated and
returning it to the Company , whereupon it shall become a binding agreement
among us as of the date hereof.

    

    
      
        
          	 
      	
                  Very
      truly yours,

                
	 
      	 
      
	 
      	
                  Jiangbo
      Pharmaceuticals, Inc.

                
	 
      	 
      
	 
      	
                  By:

                	
                    
      /s/ Cao Wubo

                
	 
      	
                  Name:  Cao
      Wubo

                
	 
      	
                  Title:  
       CEO & Chairman

                
	
                  AGREED
      AND ACKNOWLEDGED:

                	 
      
	 
      	 
      
	
                  Pope
      Investments LLC

                	 
      
	 
      	 
      
	
                  By:

                	
                    
      /s/William P. Wills

                	 
      
	
                  Name:
      William P. Wills

                	 
      
	
                  Title:
      PresidentExhibit 10.1

      CONFORMED
EXECUTION COPY

      

      FIRST
AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT

      

      This First Amendment to the Securities
Purchase Agreement (the “First
Amendment”) is entered into effective as of February 16, 2010, by and
among Cascade Bancorp, an Oregon corporation, (the “Company”), David F. Bolger,
in his individual capacity (the “Investor”), Two-Forty
Associates, a Pennsylvania limited partnership, the David F. Bolger 2008 Grantor
Retained Annuity Trust, a Florida irrevocable trust, and the David F. Bolger
2008 Nongrantor Charitable Lead Annuity Trust, a Florida charitable annuity
trust, and amends that certain Securities Purchase Agreement, dated October 29,
2009 (the “Agreement”),
between the Company and Investor. All capitalized terms not defined herein shall
have the meaning ascribed to such term in the Agreement.

      

      RECITALS

      

      A.           The
Agreement contemplated that concurrently with the Closing, the Company would
close a Public Offering.

      

      B.           On
December 23, 2009, the Company withdrew its registration statement relating to
the proposed Public Offering.

      

      C.           In
lieu of raising capital through a Public Offering, the Company now desires to
raise capital by issuing and selling Common Shares through other, additional
private placements, in addition to the previously contemplated Other Private
Placements, and the Company and the Investor desire to amend the Agreement to
reflect the same.

      

      D.           Concurrently
herewith, the Company and other parties to the previously executed Other
Securities Purchase Agreements will execute an amendment to said agreements to
reflect the foregoing.

      

      AMENDMENT

      

      In consideration of the mutual promises
and undertakings described in this Amendment, the Company, Investor and the
other parties hereto, intending to be legally bound, agree as
follows:

      

      1.      Purpose. The purpose of this
Amendment is to amend and supplement the terms and conditions set forth in the
Agreement by incorporating the additional provisions set forth
below.

      

      2.      Amendment to all references to
“Public Offering”.  The Agreement is amended by deleting all
references to the defined term “Public Offering” and replacing all such
references with the term “Additional Investments,” which term is defined
below.

      

      3.      Amendment to Recital
D.  Recital D of the
Agreement is amended by deleting current Recital D in its
entirety and replacing it with the following new Recital
D:

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      D.           Additional
Investments. Concurrently with the investment contemplated herein and the
Other Private Placements, the Company will sell Common Shares in private
placements to other investors under separate written agreements, with the
closing of such transactions to occur simultaneously with the closing of the
transaction described herein and the Other Private Placements (such private
placements to other investors, the “Additional
Investments”).

      

      4.      Amendment to Section
1.2.

      

      (a)           Amendment to Subsection
1.2(a).  The Agreement is amended by deleting current Section 1.2(a) in its
entirety and replacing it with the following new Section
1.2(a):

      

      
        (a)    Subject
to the satisfaction of the conditions to the closing set forth in
Section 1.2(c), the closing shall take place simultaneously with the
closing of the Additional Investments and the Other Private Placements or as
shall be agreed upon in writing by the parties hereto, at the offices of the
Company located at 1100 NW Wall Street, Bend, Oregon 97701 or such other
location as agreed by the parties in writing (the “Closing”).  The
date of the Closing is referred to as the “Closing
Date.”  Subject to the satisfaction of the conditions described
in Section 1.2(c), at the Closing, the Company will deliver to the Investor
one or more certificates representing such number of whole shares of Common
Stock (the “Purchased
Shares”) determined by dividing (i) $25,000,000 (the “Purchase Price”) by the
lesser of (A) $0.87 per share and (B) the lowest price per share that the
Company sells Common Stock in any of the Additional Investments and the Other
Private Placements, against payment by the Investor of $25,000,000 by wire
transfer of immediately available United States funds to a bank account
designated by the Company.

      

      

      (b)           Amendment to Subsection
1.2(b).  The Agreement is amended by deleting current Section 1.2(b) in its
entirety. The Agreement is further amended such that all references to the
“Securities” in the Agreement shall refer to the Purchased Shares.

      

      (c)           Amendment to Subsection
1.2(c).  The Agreement is amended by deleting current Section 1.2(c)(1)(vi)
in its entirety and replacing it with the following new Section
1.2(c)(1)(vi):

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        (a)    the
Company shall receive proceeds (net of underwriting commissions and discounts)
from the sale of Common Shares of an aggregate amount not less than $150 million
(which includes the Purchase Price), contemporaneously with the Closing, from
the proceeds of the Additional Investments, from the Other Private Placements
and from the Investor as contemplated by this Agreement, and all of such
proceeds, other than (A) amounts used to repurchase the trust preferred
securities pursuant to the Trust Preferred Securities Repurchase Agreements and
to pay related fees and expenses (which related fees and expenses shall not
exceed $2.7 million); (B) amounts used to reimburse the Investor and the
investors in the Other Private Placement for their respective fees and expenses
pursuant to this Agreement and the Other Securities Purchase Agreement (which
amounts shall not exceed $3.15 million); (C) amounts to pay expenses related to
the Additional Investments, the Special Shareholders Meeting and the
transactions contemplated by this Agreement and the Other Purchase Agreements
(which amounts shall not exceed $1.5 million); and (D) up to $1 million which
will remain at the Company for working capital purposes, shall be contributed as
capital to the Company’s principal depository institution
subsidiary;

      

      (d)           Amendment to Subsection
1.2(c).  The Agreement is amended by deleting current Section
1.2(c)(1)(viii) in its entirety and replacing it with the following new
Section
1.2(c)(1)(viii):

      

      
        (viii)    the
Company shall have reimbursed the Investor for out-of-pocket fees and expenses
incurred by the Investor in connection with the transactions contemplated hereby
and by the Agreement and with any proposed financing thereof, including, but not
limited to, fees and disbursements of legal counsel, accounting and financial
advisors, credit review and investment banking advisors, up to $1,550,000 in the
aggregate;

      

      

      (e)           Amendment to Subsection
1.2(c).  The Agreement is amended by deleting current Sections 1.2(c)(1)(x)
and 1.2(c)(1)(xi) each in
its entirety.  The Agreement is further amended by deleting Exhibit B
to the Agreement and replacing all references to “Exhibit C” with “Exhibit
B.”

      

      5.      Amendment to Section
3.1.  The Agreement is amended by deleting current Section 3.1(c) in its
entirety.

      

      6.      Amendment to Section
3.2.  The Agreement is amended by deleting current Section 3.2 in its
entirety and replacing it with the following new Section
3.2:

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      3.2           Expenses.  On
the earlier of the Closing Date and the termination of this Agreement, other
than a termination under circumstances that are directly and solely attributable
to a material breach by the Investor, the Company shall directly reimburse the
Investor for all out-of-pocket fees and expenses incurred in connection with due
diligence efforts, the negotiation and preparation of the Transaction Documents
and undertaking of the transactions contemplated by the Transaction Documents,
including, but not limited to, the Investor’s accounting, financial and
investment banking advisors, legal counsel and credit review, but excluding the
purchase or exercise price for any of the Purchased Shares, in an aggregate
amount not to exceed $1,550,000.  The Company shall be responsible for
all closing and annual administrative fees and expenses, including all costs
incurred to register the Registrable Securities and to obtain the Stockholder
Approvals, the fees and expenses of any Company advisors (including Company
counsel, the Company’s accounting and financial advisors and other professional
fees), SEC registration fees and related expenses, and fees and expenses of any
broker or finders.  Other than as set forth in this Section 3.2
and Section 4.7(b), each of the parties will
bear and pay all other costs and expenses incurred by it or him or on its or his
behalf in connection with the transactions contemplated under the Bolger
Transaction Document.

      

      7.      Amendment to Section
5.1.

      

      (a)           Amendment to Subsection
5.1(b).  The Agreement is amended by deleting current Section 5.1(b) in its
entirety and replacing it with the following new Section
5.1(b):

      

      
        (b)      by the
Company, upon written notice to the Investor, in the event that the conditions
of Closing set forth in Section 1.2(c)(2) are not satisfied on or before May 31,
2010;

      

      

      (b)           
Amendment to Subsection
5.1(d).  The Agreement is amended by deleting current Section 5.1(d) in its
entirety and replacing it with the following new Section
5.1(d):

      

      
        (d)  by the
Investor, upon written notice to the Company, in the event that the conditions
of Closing set forth in Section 1.2(c)(1) are not satisfied on or before May 31,
2010;

      

      

      8.      Addition of Section
4.13.  The Agreement is amended by adding the following Section
4.13:

      MFN
Provision.  If the Company, in connection with the Other
Private Placements or the Additional Investments enters into an agreement that
contains terms more favorable to any investor than the terms provided to the
Investor under this Agreement, then the Company will modify or revise the terms
of this Agreement in order for the transaction contemplated hereby to reflect
any more favorable terms provided to any other investors in connection with the
Other Private Placements or the Additional Investments.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      

      9.      Conflict.  To the
extent there is a conflict between the terms and provisions of this Amendment
and the Agreement, the terms and provisions of this Amendment will
govern.

      

      10.    No Further Amendment. Except
as expressly modified by this Amendment, the Agreement shall remain unmodified
and in full force and effect. The Company and Investor hereby ratify their
respective obligations thereunder.

      

      11.    Third Party
Beneficiaries.  This Amendment is for the sole benefit of the
parties hereto and their successors and permitted assigns and subject to Section
6.12 of the Agreement, nothing herein expressed or implied will give or be
constructed to give to any other person or entity any legal or equitable rights
hereunder.

      

      12.    Governing Law. This Amendment
will be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed entirely within such
State.  The parties hereto irrevocably and unconditionally agree that
any suit or proceeding arising out of or relating to this Amendment will be
tried exclusively in the U.S. District Court for the Southern District of New
York or, if that court does not have subject matter jurisdiction, in any state
court located in The City and County of New York and the parties agree to submit
to the jurisdiction of, and to venue in, such courts.

      

      13.    Waiver of Jury
Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATED TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY

      

      14.    Counterparts and Facsimile.
For the convenience of the parties hereto, this Amendment may be executed
in any number of separate counterparts, each such counterpart being deemed to be
an original instrument, and all such counterparts will together constitute the
same instrument.  Executed signature pages to this Amendment may be
delivered by facsimile and such facsimiles will be deemed as sufficient as if
actual signature pages had been delivered.

      

      [signature page
follows]

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the parties hereto
have executed this Amendment dated as of the date first set forth
above.

       

      
        
          
            	 
      	
                    CASCADE
      BANCORP

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	
                    /s/

                  
	 
      	 
      	
                    Name:  G.
      D. Newton

                  
	 
      	 
      	
                    Title:  EVP/CFO

                  

          

        

      

      

      
        
          
            	 
      	
                    DAVID
      F. BOLGER

                  
	 
      	 
      	 
      
	 
      	
                    /s/

                  	
                     

                  

          

        

      

      

      
        
          
            
              	 
      	
                      TWO-FORTY
      ASSOCIATES

                    
	 
      	 
      	 
      
	 
      	
                      By:  /s/

                    	
                       

                    
	 
      	 
      	
                      Name:

                    	
                      David
      F. Bolger

                    
	 
      	 
      	
                      Title:

                    	 
      
	 
      	 
      	 
      	 
      
	 
      	
                      THE
      DAVID F. BOLGER 2008 GRANTOR

                    
	 
      	
                      RETAINED
      ANNUITY TRUST

                    
	 
      	 
      	 
      
	 
      	
                      By:  /s/

                    	
                       

                    
	 
      	 
      	
                      Name:

                    	
                       David
      F. Bolger

                    
	 
      	 
      	
                      Title:

                    	 
      

            

          

        

      

       

      
        
           

        

        
          6

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