Document:

Exhibit 10.2

 

FOURTH AMENDED AND RESTATED FORBEARANCE AGREEMENT

 

This Fourth Amended and Restated Forbearance Agreement
is made, and is effective, as of October 30, 2007 (“Fourth Amended
Forbearance Agreement”), and amends and restates that certain Third Amended
Forbearance Agreement (defined below) by and among The Wornick Company (the “Company”),
Right Away Management Corporation, The Wornick Company Right Away Division and
The Wornick Company Right Away Division L.P. (each a “Subsidiary,” and
collectively, the “Subsidiaries”), the holders of the Company’s 10.875%
Senior Secured Notes due 2011 (the “Notes”) that were issued pursuant to
that certain Indenture, dated as of June 30, 2004 (as amended, modified,
supplemented or amended and restated from time to time, the “Indenture”),
that are signatories hereto (each a “Noteholder,” and collectively, the “Noteholders,”
and together with the Company, the “Parties”) and U.S. Bank National
Association, as indenture trustee (the “Indenture Trustee”) under the
Indenture, solely with respect to Sections 3(b)(i) and 14 hereof.

 

RECITALS

 

WHEREAS, the
Noteholders collectively hold not less than $100 million in aggregate principal
amount of the Notes, representing not less than 80% of the aggregate principal
amount of the Notes that are outstanding;

 

WHEREAS, each of the Noteholders (other than DDJ Total
Return Loan Fund, L.P.; B IV Capital Partners, L.P.; DDJ High Yield Fund; GMAM
Investment Funds Trust II, for the account of the Promark Alternative High
Yield Bond Fund

 

 

(Account No. 7M2E); GMAM Investment Funds Trust; General Motors Welfare
Benefit Trust (VEBA); GMAM Investment Funds Trust II, for the account of the
Promark Alternative High Yield Bond Fund (Account No. 7MWD); DDJ Capital
Management Group Trust; Stichting Pensioenfonds Hoogovens; The October Fund,
Limited Partnership; DDJ/Ontario Credit Opportunities Fund, L.P.; and
Multi-Style, Multi-Manager Funds PLC The Global High Yield Fund (collectively, “DDJ”)),
is a member of the unofficial group of holders of the Notes (the “Noteholder
Group”), which collectively holds a majority in principal amount of the
Notes;

 

WHEREAS, the
Company, the Subsidiaries and DDJ Total Return Loan Fund, L.P. (as assignee of
Texas State Bank; in such capacity, “Lender”) are parties to that
certain Loan Agreement, dated as of June 30, 2004 (as amended by the First
Amendment dated as of March 16, 2007, and as further amended, modified,
supplemented or amended and restated from time to time, the “Loan Agreement”);

 

WHEREAS, (a) the
obligations of the Company and the Subsidiaries evidenced by the Notes and the
Guarantees (as defined in the Indenture) and (b) the obligations of the Company
and the Subsidiaries to Lender pursuant to the Loan Agreement and the other
Loan Documents (as defined in the Loan Agreement), are secured by a security
interest in and continuing lien on substantially all of the assets of the
Company and the Subsidiaries (the “Collateral”);

 

WHEREAS, Lender’s
and the Indenture Trustee’s rights with respect to the priority and enforcement
of their security interests in the Collateral are governed by

 

2

 

that certain Intercreditor Agreement, dated as of June 30, 2004,
between the Indenture Trustee and the Texas State Bank (as amended, modified,
supplemented or amended and restated from time to time, the “Intercreditor
Agreement”);

 

WHEREAS, as
of the date hereof, the Events of Default referred to herein as the “Specified
Existing Defaults,” all of which are specified on schedule A
attached hereto, have occurred and are continuing;

 

WHEREAS, the Company, the
Subsidiaries, the Noteholders and the Indenture Trustee entered into an initial
forbearance agreement dated as of July 16, 2007 (the “Initial Forbearance
Agreement”) pursuant to which the Noteholders agreed to forbear, and agreed
to direct the Indenture Trustee to forbear, from exercising their rights and
remedies under the Indenture during the Forbearance Period (as defined in the
Initial Forbearance Agreement);

 

WHEREAS, the Company, the
Subsidiaries, the Noteholders and the Indenture Trustee entered into an amended
and restated forbearance agreement dated as of August 13, 2007 (the “First
Amended Forbearance Agreement”) pursuant to which the Noteholders agreed to
further forbear, and agreed to direct the Indenture Trustee to further forbear,
from exercising their rights and remedies under the Indenture during the
Forbearance Period (as defined in the First Amended Forbearance Agreement);

 

WHEREAS, the Company, the
Subsidiaries, the Noteholders and the Indenture Trustee entered into a further
amended and restated forbearance agreement dated as of September 12, 2007 (the “Second
Amended Forbearance Agreement”)

 

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pursuant to which the Noteholders agreed to further
forbear, and agreed to direct the Indenture Trustee to further forbear, from
exercising their rights and remedies under the Indenture during the Forbearance
Period (as defined in the Second Amended Forbearance Agreement);

 

WHEREAS, the Company, the
Subsidiaries, the Noteholders and the Indenture Trustee entered into a further
amended and restated forbearance agreement dated as of October 15, 2007 (the “Third
Amended Forbearance Agreement”) pursuant to which the Noteholders agreed to
further forbear, and agreed to direct the Indenture Trustee to further forbear,
from exercising their rights and remedies under the Indenture during the
Forbearance Period (as defined in the Third Amended Forbearance Agreement);

 

WHEREAS, the Forbearance
Period (as defined in the Third Amended Forbearance Agreement) under the Third
Amended Forbearance Agreement is set to expire on November 1, 2007 and the
Company and the Subsidiaries have asked the Noteholders to extend the
Forbearance Period through December 5, 2007;

 

WHEREAS, the Company and
the Subsidiaries entered into an initial forbearance agreement with the Lender
dated as of July 16, 2007 (the “DDJ Forbearance Agreement”) pursuant to
which the Lender agreed to forbear from exercising its rights and remedies
under the Loan Agreement and the other Loan Documents (as defined in the Loan
Agreement) until the expiration of the forbearance period set forth in the DDJ
Forbearance Agreement;

 

4

 

WHEREAS, the Company and
the Subsidiaries entered subsequently into an amended forbearance agreement
with the Lender dated as of August 13, 2007 (the “DDJ Amended Forbearance
Agreement”) pursuant to which the Lender agreed to further forbear from
exercising its rights and remedies under the Loan Agreement and the other Loan
Documents (as defined in the Loan Agreement) until the expiration of the
forbearance periods set forth therein;

 

WHEREAS, the Company and
the Subsidiaries entered into a further amended forbearance agreement with the
Lender dated as of September 12, 2007 (the “DDJ Second Amended Forbearance
Agreement”) pursuant to which the Lender agreed to further forbear from
exercising its rights and remedies under the Loan Agreement and the other Loan
Documents (as defined in the Loan Agreement) until the expiration of the
forbearance periods set forth in the DDJ Second Amended Forbearance Agreement
(the “DDJ Second Amended Forbearance Period”);

 

WHEREAS, the Company and
the Subsidiaries entered into a further amended forbearance agreement with the
Lender dated as of October 15, 2007 (the “DDJ Third Amended Forbearance
Agreement”) pursuant to which the Lender agreed to further forbear from
exercising its rights and remedies under the Loan Agreement and the other Loan
Documents (as defined in the Loan Agreement) until the expiration of the
forbearance periods set forth in the DDJ Third Amended Forbearance Agreement
(the “DDJ Third Amended Forbearance Period”);

 

5

 

WHEREAS, the Company and the Subsidiaries have advised
the Noteholders that the Company, the Subsidiaries and Lender will,
simultaneously with the execution of this Fourth Amended Forbearance Agreement,
amend and restate the DDJ Third Amended Forbearance Agreement, pursuant to
which Lender shall agree to extend the DDJ Third Amended Forbearance Period and
continue to forbear from exercising the rights and remedies available to Lender
under the Loan Agreement and the other Loan Documents (as defined in the Loan
Agreement), all on the terms and conditions set forth in such separate amended
forbearance agreement through and including December 3, 2007 (as such agreement
may be amended, modified, supplemented or amended and restated from time to
time, the “DDJ Fourth Amended Forbearance Agreement”);

 

WHEREAS, at the
Company’s request, the Noteholders have agreed to continue forbearing from
exercising, and continue to instruct the Indenture Trustee not to exercise,
those of the rights and remedies available under the Indenture, the
Intercreditor Agreement, the Collateral Agreements and/or applicable law that
have or may have arisen, or may hereafter arise, due to the occurrence and
continuance of the Specified Existing Defaults on the terms and conditions set
forth herein; and

 

WHEREAS, capitalized terms used and not defined herein
shall have the meanings ascribed to them in the Indenture and the Third Amended
Forbearance Agreement.

 

NOW THEREFORE, in consideration of the premises and
the respective covenants and agreements set forth in this Fourth Amended
Forbearance Agreement, the

 

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Parties, each intending to be legally bound, agree that the Third
Amended Forbearance Agreement is amended and restated in its entirety as
follows:

 

1.             Forbearance.

 

(a)           Effective as of the
Fourth Amended Forbearance Effective Date (as defined below), the Noteholders
agree that, until the expiration of the Fourth Forbearance Period (as defined
below), they will forbear from exercising, and shall direct the Indenture
Trustee,  and by signature hereto so
direct the Indenture Trustee pursuant to Section 6.5 of the Indenture, not to
exercise, any rights and remedies against the Company or the Subsidiaries that
are available under the Indenture, the Intercreditor Agreement, the Collateral
Agreements and/or applicable law solely with respect to the Specified Existing
Defaults (excluding, however, the Noteholders’ right to charge default interest
on the Notes (including on all unpaid interest on the Notes to the extent
provided under the Indenture) during the Fourth Forbearance Period); provided,
however, that nothing herein shall restrict, impair or otherwise affect
the exercise of the Noteholders’ rights under this Fourth Amended Forbearance Agreement,
and provided  further that no such forbearance shall constitute a
waiver with respect to any such Specified Existing Defaults or any other Events
of Default under the Indenture.

 

(b)           As used
herein, the term “Fourth Forbearance Period” shall mean the period
beginning on the date hereof and ending upon the occurrence of a Termination
Event. As used herein, “Termination Event” shall mean the earlier to
occur of (i) December 6, 2007; and (ii) two business days after the delivery by
the Noteholder Group to the Company and Lender of a written notice terminating
the Fourth Forbearance

 

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Period (the “Termination Notice”), which notice
may be delivered at any time upon or after the occurrence of any Forbearance
Default (as defined below); provided, however, that
notwithstanding the foregoing, (x) this Fourth Amended Forbearance Agreement
shall immediately terminate two (2) business days after the occurrence of a
Forbearance Default under subsection (D) below without the need for delivery of
the Termination Notice or any other notice, and (y) this Fourth Amended
Forbearance Agreement shall immediately terminate upon the occurrence of a
Forbearance Default under subsection (J) below, without the need for delivery
of the Termination Notice or any other notice. As used herein, the term “Forbearance
Default” shall mean: (A) the failure of the Company to provide the
Noteholder Group and its financial advisors with reasonable access, as
determined by the Noteholder Group in its reasonable discretion, to its Chief
Executive Officer, other senior executives and outside advisors, including
representatives of Kroll Zolfo Cooper that are working with the Company, and to
provide the Noteholder Group and its legal and financial advisors with any and
all due diligence information they may reasonably request, including, without
limitation, the Company’s current 13-week cash flow schedule, and all updates
thereto as soon as reasonably practicable after they are prepared, but in no
event no later than two (2) business days thereafter; (B) the failure of the
Company to engage in good faith negotiations with the Noteholder Group
regarding a potential restructuring transaction, which determination shall be
made by the Noteholder Group in its reasonable discretion; (C) the failure of
the Company to promptly notify the Noteholder Group of the occurrence of a
Forbearance Default (as defined in the DDJ Fourth Amended Forbearance
Agreement) under the DDJ Fourth Amended Forbearance

 

8

 

Agreement or any amendment or modification to the DDJ
Fourth Amended Forbearance Agreement; (D) termination of the DDJ Fourth
Amended Forbearance Agreement; (E) the execution of any amendment or
modification to the DDJ Fourth Amended Forbearance Agreement, which amendment
or modification has a material adverse effect on the Noteholder Group as
determined by the Noteholder Group in its reasonable discretion; (F)
termination by the Company of the Chanin Engagement Letter or the failure of
the Company to pay Chanin’s fees, expenses and indemnity in accordance with the
terms of the Chanin Engagement Letter; (G) the occurrence of any Event of
Default that is not a Specified Existing Default; (H) the failure of the
Company to comply with any term, condition, covenant or agreement set forth in
this Fourth Amended Forbearance Agreement; (I) the failure of any
representation or warranty made by the Company under this Fourth Amended
Forbearance Agreement to be true and correct in all material respects as of the
date when made; (J) the commencement by or against the Company or any of
the Subsidiaries of a case under title 11 of the United States Code; or
(K) the commencement of any action or proceeding by any creditor of the Company
or any of the Subsidiaries seeking to attach or take similar action against the
assets of the Company or the Subsidiaries. Any Forbearance Default shall
constitute an immediate Event of Default under the Indenture.

 

(c)           Upon the occurrence of
a Termination Event, the agreement of the Noteholders hereunder to forbear, and
to direct the Indenture Trustee to forbear, from exercising rights and remedies
in respect of the Specified Existing Defaults, shall immediately terminate
without the requirement of any demand, presentment,

 

9

 

protest, or notice of any kind (other than, where required, the
Termination Notice), all of which the Company and the Subsidiaries hereby waive.
The Company and the Subsidiaries agree that, upon the occurrence of, and at any
time after, the occurrence of a Termination Event, the Noteholders or the
Indenture Trustee, as applicable, may proceed, subject to the terms of the
Indenture, the Intercreditor Agreement, the Collateral Agreements and/or
applicable law, to exercise any or all rights and remedies under the Indenture,
the Intercreditor Agreement, the Collateral Agreements and/or applicable law,
including, without limitation, the rights and remedies on account of the
Specified Existing Defaults and any other Events of Default that may then exist.
Without limiting the generality of the foregoing, upon the occurrence of a
Termination Event, subject to the terms of the Intercreditor Agreement, the
Collateral Agreements and any related documents, the Noteholders or the
Indenture Trustee, as applicable, may, upon such notice or demand as is
specified by the Indenture, the Intercreditor Agreement, the Collateral
Agreements or applicable law (x) collect and/or commence any legal or other action
to collect any or all of the Company’s or the Subsidiaries’ obligations under
the Indenture or the Guarantees (collectively, the “Obligations”); (y)
foreclose or otherwise realize on any or all of the Collateral, and/or
appropriate, setoff or apply to the payment of any or all of the Obligations,
any or all of the Collateral or proceeds thereof; and (z) take any other
enforcement action or otherwise exercise any or all rights and remedies
provided for under the Indenture, the Intercreditor Agreement, the Collateral
Agreements and/or applicable law, all of which rights and remedies are fully
reserved.

 

10

 

(d)           Any agreement by the
Noteholders to further extend the Fourth Forbearance Period or to enter into
any other forbearance or similar arrangement must be set forth in writing and
signed by all of the Noteholders. The Company and the Subsidiaries acknowledge
that the Noteholders have made no assurances whatsoever concerning any
possibility of any extension of the Fourth Forbearance Period, any other
forbearance or similar arrangement or any other limitations on the exercise of
their rights, remedies and privileges under or otherwise in connection with the
Indenture, the Intercreditor Agreement, the Collateral Agreements and/or
applicable law.

 

(e)           The Company and the
Subsidiaries acknowledge and agree that any forbearance, waiver or consent
which the Noteholders may make on or after the date hereof has been made by the
Noteholders in reliance upon, and in consideration for, among other things, the
general releases contained in Section 4 hereof and the other covenants,
agreements, representations and warranties of the Company and the Subsidiaries
hereunder.

 

2.             Effectiveness.
This Fourth Amended Forbearance Agreement shall become effective on the first
date (the “Fourth Amended Forbearance Effective Date”) on which each of
the following conditions is satisfied and evidence of its satisfaction has been
delivered to counsel to the Noteholder Group:

 

(a)           execution and delivery
by the Company and the Subsidiaries of the DDJ Fourth Amended Forbearance
Agreement having a Forbearance Period that (subject to earlier termination upon
the occurrence and continuation of a Forbearance Default as defined therein) is
through and including a date that is no earlier 

 

11

 

than December 3, 2007, and is otherwise
reasonably satisfactory in form and substance to the Noteholder Group; and

 

(b)           execution and delivery
of counterparts of this Fourth Amended Forbearance Agreement by the
Noteholders, the Indenture Trustee, the Company and the Subsidiaries.

 

3.             Representations,
Warranties and Covenants.

 

(a)           The Company and the
Subsidiaries represent, warrant and covenant as follows:

 

(i)            Except for the
Specified Existing Defaults in this Fourth Amended Forbearance Agreement, the
Company is in compliance with all of the terms and provisions set forth in the
Indenture on its part to be observed or performed, and no other Event of
Default has occurred and is continuing.

 

(ii)           The execution, delivery
and performance by the Company and the Subsidiaries of this Fourth Amended
Forbearance Agreement:

 

(1)           are within their
corporate or limited partnership powers, as applicable;

 

(2)           have been duly
authorized by all necessary corporate or limited partnership action, as
applicable, including the consent of the holders of its equity interests where
required;

 

(3)           do not and will not (A)
contravene their certificate of incorporation or by-laws or limited partnership
or other constituent documents, (B) violate any applicable requirement of law
or any order or decree of any governmental authority or arbitrator applicable
to them, (C) conflict with or result in the breach of, or constitute a default
under, or result in or permit the termination or acceleration of, any
contractual obligation of the Company or the Subsidiaries, or (D) result in the
creation or imposition of any lien or encumbrance upon any of the property of
the Company or the Subsidiaries; and

 

(4)           do not and
will not require the consent of, authorization by, approval of, notice to, or
filing or registration 

 

12

 

with, any governmental authority or any other entity,
other than those which prior to the Fourth Amended Forbearance Effective Date
will have been obtained or made and copies of which prior to the Fourth Amended
Forbearance Effective Date will have been delivered to counsel to the
Noteholder Group and DDJ and each of which on the Fourth Amended Forbearance
Effective Date will be in full force and effect.

 

(iii)          The Company and the
Subsidiaries shall not make any payments either directly, or indirectly through
TWC Holding LLC, to The Veritas Capital Fund II, L.P. and its general partner,
Veritas Capital Management II, L.L.C.

 

(iv)          Within
five (5) business days after the Fourth Amended Forbearance Effective Date, the
Company shall file this Fourth Amended Forbearance Agreement and the DDJ Fourth
Amended Forbearance Agreement with the United States Securities and Exchange
Commission as an exhibit to a filing by the Company on Form 8-K pursuant to the
Securities and Exchange Act of 1934, as amended, which 8-K filing and any
accompanying press release shall be in form and substance reasonably
satisfactory to the Noteholders.

 

(v)           The
Company and the Subsidiaries shall immediately notify the Noteholders and the
Indenture Trustee upon its or their becoming aware of an Event of Default under
the Indenture or an Event of Default (as defined in the Loan Agreement) under
the Loan Agreement that is not a Specified Default (as defined in the DDJ
Fourth Amended Forbearance Agreement).

 

(b)           The Indenture Trustee
represents as follows:

 

(i)            Based solely on the
representations provided by counsel to the Noteholder Group and DDJ, the
Indenture Trustee represents that, as of the date hereof, the Noteholders, in
the aggregate, hold not less than $100 million in principal amount of the
Notes, representing not less than 80% of the aggregate principal amount of the
Notes outstanding.

 

(c)           The representations and
warranties set forth in this Section 3 shall survive the execution and
delivery of this Fourth Amended Forbearance Agreement and the Fourth Amended
Forbearance Effective Date.

 

13

 

4.             General Release.
In consideration of, among other things, the Noteholders’ execution and
delivery of this Fourth Amended Forbearance Agreement, the Company and the
Subsidiaries, on behalf of themselves and their successors and assigns
(collectively, the “Releasors”), hereby forever agree and covenant not
to sue or prosecute against the Releasees (as defined below) and hereby forever
waive, release and discharge to the fullest extent permitted by law, each
Releasee from, any and all claims (including, without limitation, crossclaims,
counterclaims, rights of set-off and recoupment), actions, causes of action,
suits, debts, accounts, interests, liens, promises, warranties, damages and
consequential and punitive damages, demands, agreements, bonds, bills,
specialties, covenants, controversies, variances, trespasses, judgments,
executions, costs, expenses or claims whatsoever (collectively, the “Claims”),
that such Releasor now has or hereafter may have, of whatsoever nature and
kind, whether known or unknown, whether now existing or hereafter arising,
whether arising at law or in equity, against the Noteholders in any capacity
and their affiliates, shareholders and “controlling persons” (within the
meaning of the federal securities law), and their respective successors and
assigns and each and all of the officers, directors, employees, agents,
attorneys, advisors, auditors, consultants and other representative of each of
the foregoing (collectively, the “Releasees”), based in whole or in part
on facts whether or not now known, existing on or before the Fourth Amended
Forbearance Effective Date, that relate to, arise out of or otherwise are in
connection with (i) any aspect of the business, operations, assets,
properties, affairs or any other aspect of the Company or the Subsidiaries;
(ii) any aspect of the dealings or relationships between or among the 

 

14

 

Company and the
Subsidiaries, on the one hand, and the Noteholders, on the other hand, or (iii)
the Indenture or any transactions contemplated thereby or any acts or omissions
in connection therewith, provided, however, that the foregoing shall
not release the Noteholders from their express obligations under this Fourth
Amended Forbearance Agreement, the Indenture, the Intercreditor Agreement and
the Collateral Agreements. In entering into this Fourth Amended Forbearance
Agreement, the Company and the Subsidiaries consulted with, and have been
represented by, legal counsel and expressly disclaim any reliance on any
representations, acts or omissions by any of the Releasees and the Company and
the Subsidiaries hereby agree and acknowledge that the validity and
effectiveness of the releases set forth herein do not depend in any way on any
such representations, acts and/or omissions or the accuracy, completeness or
validity hereof. The provisions of this Section 4 shall survive the expiration
of the Fourth Forbearance Period and the termination of this Fourth Amended
Forbearance Agreement and payment in full of the Obligations.

 

5.             Ratification of
Liability. The Company and the Subsidiaries each hereby ratifies and
reaffirms all of its Obligations  and
its grant of liens on or security interests in its properties pursuant to the
Collateral Agreements to which it is party as security for the Obligations, and
confirms and agrees that such liens and security interests hereafter secure all
the Obligations.

 

6.             Complete
Integration; Amendments. This Fourth Amended Forbearance Agreement
constitutes the full and final agreement between the Parties with respect to
the subject matter hereof, and this Fourth Amended Forbearance Agreement 

 

15

 

may not be modified or
amended except by a written instrument, signed by each of the Parties,
expressing such amendment or modification. The Parties warrant, promise and
represent that in executing this Fourth Amended Forbearance Agreement, each
Party is not relying upon any oral representation, promise or statement made by
any other Party hereto and that each Party is not relying upon any promise,
statement or representation contained in any other written instrument.

 

7.             No Other
Amendments; Reservation of Rights, No Waiver. Other than as otherwise
expressly provided herein, this Fourth Amended Forbearance Agreement shall not
be deemed to operate as an amendment or waiver of, or to prejudice, any right,
power, privilege or remedy of the Noteholders or the Indenture Trustee, as
applicable, under the Indenture, the Intercreditor Agreement, the Collateral
Agreements or applicable law, nor shall the entering into this Fourth Amended
Forbearance Agreement preclude the Noteholders from refusing to enter into any
further amendments or forbearances with respect to the Indenture. Other than as
expressly provided herein, this Fourth Amended Forbearance Agreement shall not
constitute a forbearance with respect to (i) any failure by the Company to
comply with any covenant or other provision in the Indenture or (ii) the
occurrence or continuance of any present or future Event of Default.

 

8.             No Impairment of
Lender’s Rights. The Noteholder Group, the Company and the Subsidiaries
acknowledge and agree that nothing contained in this Fourth Amended Forbearance
Agreement nor the execution of this Fourth Amended Forbearance Agreement by DDJ
shall impair in 

 

16

 

any way nor shall be
deemed to impair in any way any rights of Lender or any affiliates of Lender
arising under or related to the Loan Agreement, the other Loan Documents (as
defined in the Loan Agreement), the DDJ Fourth Amended Forbearance Agreement,
the Intercreditor Agreement or otherwise. All rights of Lender or any affiliate
of Lender arising under or related to the Loan Agreement, the other Loan
Documents (as defined in the Loan Agreement), the DDJ Fourth Amended
Forbearance Agreement, the Intercreditor Agreement or otherwise are expressly
reserved.

 

9.             Counterparts/Facsimile
Transmission. This Fourth Amended Forbearance Agreement may be signed in
counterparts, each of which, when taken together, shall be deemed an original. Execution
of this Fourth Amended Forbearance Agreement is effective if a signature is
delivered by facsimile transmission.

 

10.           Successors and
Assigns. This Fourth Amended Forbearance Agreement shall be binding upon
and inure to the benefit of the Parties hereto and each of their respective
successors, assigns, heirs and personal representatives.

 

11.           Authority. Any
person signing this Fourth Amended Forbearance Agreement in a representative
capacity (i) represents and warrants that he/she is authorized to sign
this Fourth Amended Forbearance Agreement on behalf of the Party he/she
represents and that his/her signature upon this Fourth Amended Forbearance
Agreement will bind the represented Party to the terms of this Fourth Amended
Forbearance Agreement, and (ii) acknowledges that the other Party to this
Fourth Amended Forbearance Agreement has relied upon such representation and
warranty.

 

17

 

12.           Governing Law. This
Fourth Amended Forbearance Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to its choice
of law provisions.

 

13.           Remedies. All
Parties hereto agree that irreparable damage would result from any Party’s
breach of this Fourth Amended Forbearance Agreement, and further agree that a
non-breaching Party would have no adequate remedy at law to redress such breach.
Therefore, the Parties hereto agree that, in the event of a breach of this
Fourth Amended Forbearance Agreement, specific performance and/or injunctive
relief is appropriate to remedy such breach. Notwithstanding the foregoing,
nothing contained in this Section 13 shall be deemed a waiver by any
non-breaching Party hereto of any other remedies available at law to redress
any other Party’s breach of this Fourth Amended Forbearance Agreement. Each of
the rights and powers provided pursuant to this Fourth Amended Forbearance
Agreement shall be cumulative and in addition to and not in derogation of the
rights and powers otherwise available under applicable law to the Parties.

 

14.           Direction to Indenture
Trustee. The Noteholders’ agreement to forbear as provided herein shall
constitute a direction from such Noteholders to the Indenture Trustee to
similarly forbear during the Fourth Forbearance Period. In order to induce the
Indenture Trustee to accept such direction, the Company and the Subsidiaries
agree (a) that the Indenture Trustee, as an ex
officio participant of the
Noteholder Group, may receive the copies of all information and participate in
the negotiations referenced in subsections (A) and (B) of the definition of
Forbearance Default in Section 1 of the 

 

18

 

Fourth Amended
Forbearance Agreement, and (b) to pay, in accordance with the terms of the
Indenture, the reasonable fees and expenses of the Indenture Trustee incurred
during the Fourth Forbearance Period, as well as previous Forbearance Periods
promptly on a monthly basis. 

 

19

 

IN WITNESS WHEREOF, each of the Parties hereto has caused this
Fourth Amended Forbearance Agreement to be duly executed and delivered as of
the date first above written.

 

 

	
   

  	
  THE WORNICK COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon Geisler

  	
   

  
	
   

  	
  Name:      Jon
  Geisler

  
	
   

  	
  Title:        President
  & CEO

  
	
   

  	
  Fax:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUBSIDIARIES

  
	
   

  	
   

  
	
   

  	
  RIGHT AWAY MANAGEMENT
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon Geisler

  	
   

  
	
   

  	
  Name:      Jon
  Geisler

  
	
   

  	
  Title:        President
  & CEO

  
	
   

  	
  Fax:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE WORNICK COMPANY
  RIGHT AWAY

  DIVISION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon Geisler

  	
   

  
	
   

  	
  Name:      Jon
  Geisler

  
	
   

  	
  Title:        President
  & CEO

  
	
   

  	
  Fax:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE WORNICK COMPANY
  RIGHT AWAY

  DIVISION L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon Geisler

  	
   

  
	
   

  	
  Name:      Jon
  Geisler

  
	
   

  	
  Title:        President
  & CEO

  
	
   

  	
  Fax:

  

 

 

	
   

  	
  THE NOTEHOLDERS

  
	
   

  	
   

  
	
   

  	
  AIG GLOBAL INVESTMENT
  CORP.

  
	
   

  	
  as investment adviser
  and/or subadviser

  
	
   

  	
  for various funds and
  accounts

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dan Purser

  	
   

  
	
   

  	
  Name:       Dan
  Purser

  
	
   

  	
  Title:         Vice
  President

  
	
   

  	
  Fax:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  QDRF
  Master Ltd

  
	
   

  	
  Quadrangle
  Debt Opportunities Fund Master Ltd

  
	
   

  	
  Quadrangle
  Debt Recovery Income Fund Master Ltd

  
	
   

  	
   

  
	
   

  	
  By:  Quadrangle
  Debt Recovery Advisors LP, their

  advisor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Weinstock

  	
   

  
	
   

  	
  Name:       Michael
  Weinstock

  
	
   

  	
  Title:         Managing
  Principal

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CSAM Funding I

  
	
   

  	
  CSAM Funding II

  
	
   

  	
  CSAM Funding III

  
	
   

  	
  CSAM Funding IV

  
	
   

  	
  Atrium CDO

  
	
   

  	
  Atrium II

  
	
   

  	
  Atrium III

  
	
   

  	
  Atrium IV

  
	
   

  	
  Castle Garden Funding

  
	
   

  	
  Credit Suisse
  Syndicated Loan Fund

  
	
   

  	
  Madison Park Funding I,
  Ltd.

  
	
   

  	
  CS High Yield Focus
  CBS, Ltd.

  
	
   

  	
  Atrium V

  
	
   

  	
   By: Credit Suisse
  Alternative Capital, Inc., as

  collateral manager

  
	
   

  	
  Madison Park Funding
  II, Ltd.

  
	
   

  	
   By: Credit Suisse
  Alternative Capital, Inc., as

  collateral manager

  
	
   

  	
   Madison Park
  Funding III, Ltd.

  
	
   

  	
   By: Credit Suisse
  Alternative Capital, Inc., as

  collateral manager

  

 

 

	
   

  	
  By:

  	
  /s/ Thomas Flannery

  	
   

  
	
   

  	
  Name:      Thomas
  Flannery

  
	
   

  	
  Title:        Authorized
  Signatory

  
	
   

  	
  Fax:          (212)
  538-8290

  

 

 

	
   

  	
  B IV CAPITAL PARTNERS,
  L.P.

  
	
   

  	
   

  
	
   

  	
  By: GP Capital IV, LLC,
  its General Partner

  
	
   

  	
  By: DDJ Capital
  Management, LLC, Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:  David L.
  Goolgasian, Jr.

  
	
   

  	
  Title:    Authorized
  Signatory

  
	
   

  	
  Fax:      (781)
  283-8541

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:  Jackson
  S. Craig

  
	
   

  	
  Title:    Authorized
  Signatory

  
	
   

  	
  Fax:      (781)
  283-8541

  
	
   

  	
   

  
	
   

  	
  DDJ HIGH YIELD FUND

  
	
   

  	
   

  
	
   

  	
  By:DDJ Capital
  Management, LLC,

  
	
   

  	
  its attorney-in-fact

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:  David L.
  Goolgasian, Jr.

  
	
   

  	
  Title:    Authorized
  Signatory

  
	
   

  	
  Fax:      (781)
  283-8541

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:  Jackson
  S. Craig

  
	
   

  	
  Title:    Authorized
  Signatory

  
	
   

  	
  Fax:      (781)
  283-8541

  
	
   

  	
   

  
	
   

  	
  GMAM INVESTMENT FUNDS
  TRUST II, for the

  account of the Promark Alternative High Yield Bond

  Fund (Account No. 7M2E)

  
	
   

  	
   

  
	
   

  	
  By: DDJ Capital
  Management, LLC, on behalf

  
	
   

  	
  of GMAM Investment
  Funds Trust II, for the

  
	
   

  	
  account of the Promark
  Alternative High Yield

  
	
   

  	
  Bond Fund, in its
  capacity as investment manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:  David L.
  Goolgasian, Jr.

  
	
   

  	
  Title:    Authorized
  Signatory

  
	
   

  	
  Fax:      (781)
  283-8541

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:  Jackson
  S. Craig

  
	
   

  	
  Title:    Authorized
  Signatory

  
	
   

  	
  Fax:      (781)
  283-8541

  
					

 

 

 

	
   

  	
  GMAM INVESTMENT FUNDS
  TRUST

  
	
   

  	
   

  
	
   

  	
  By: DDJ Capital
  Management, LLC,

  
	
   

  	
  on behalf of GMAM
  Investment

  
	
   

  	
  Funds Trust, in its
  capacity as

  
	
   

  	
  investment manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:

  	
  Jackson S. Craig

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  GENERAL MOTORS WELFARE
  BENEFIT TRUST

  
	
   

  	
  (VEBA)

  
	
   

  	
   

  
	
   

  	
  By:  State
  Street Bank and Trust Company, solely in its

  
	
   

  	
  capacity as Trustee for
  General Motors Welfare

  
	
   

  	
  Benefit Trust (VEBA) as
  directed by DDJ Capital

  
	
   

  	
  Management, LLC, and
  not in its individual capacity

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jason R. Butler

  	
   

  
	
   

  	
  Name:

  	
  Jason R. Butler

  
	
   

  	
  Title:

  	
  Vice President State
  Street Bank & Trust Co.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GMAM INVESTMENT FUNDS
  TRUST II, for the

  
	
   

  	
  account of the Promark
  Alternative High Yield Bond

  
	
   

  	
  Fund (Account No. 7MWD)

  
	
   

  	
   

  
	
   

  	
  By: DDJ Capital
  Management, LLC,

  
	
   

  	
  on behalf of GMAM
  Investment Funds Trust II for the

  
	
   

  	
  account of the Promark
  Alternative High Yield Bond

  
	
   

  	
  Fund, in its capacity
  as investment manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
  Fax:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:

  	
  Jackson S. Craig

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
									

 

 

	
   

  	
  DDJ CAPITAL MANAGEMENT
  GROUP TRUST

  
	
   

  	
   

  
	
   

  	
  By:  DDJ
  Capital Management, LLC, Investment

  
	
   

  	
  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:

  	
  Jackson S. Craig

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  STICHTING PENSIOENFONDS
  HOOGOVENS

  
	
   

  	
   

  
	
   

  	
  By:  DDJ
  Capital Management, LLC, on

  
	
   

  	
  behalf of Stichting
  Pensioenfonds Hoogovens,

  
	
   

  	
  in its capacity as
  Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:

  	
  Jackson S. Craig

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  THE
  OCTOBER FUND, LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By: October
  G.P., LLC, its General Partner

  
	
   

  	
  By:  DDJ
  Capital Management, LLC, Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:

  	
  Jackson S. Craig

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
										

 

 

	
   

  	
  DDJ/ONTARIO CREDIT
  OPPORTUNITIES FUND,

  
	
   

  	
  L.P.

  
	
   

  	
   

  
	
   

  	
  By:  GP
  DDJ/Ontario Credit Opportunities, L.P., its

  
	
   

  	
  General Partner

  
	
   

  	
  By:  GP
  Credit Opportunities, Ltd., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MULTI-STYLE,
  MULTI-MANAGER FUNDS PLC

  
	
   

  	
  THE GLOBAL HIGH YIELD
  FUND

  
	
   

  	
   

  
	
   

  	
  By:  DDJ
  Capital Management, LLC, on

  
	
   

  	
  behalf of Multi-Style,
  Multi-Manager Funds PLC,

  
	
   

  	
  The Global High Yield
  Fund, in its capacity as

  
	
   

  	
  Money Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:

  	
  Jackson S. Craig

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  
	
   

  	
  DDJ TOTAL RETURN LOAN
  FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By:  GP Total
  Return, LP, its General Partner

  
	
   

  	
  By:  GP Total
  Return, LLC, its General Partner

  
	
   

  	
  By:  DDJ
  Capital Management, LLC, Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L.
  Goolgasian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  David L. Goolgasian,
  Jr.

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jackson S. Craig

  	
   

  
	
   

  	
  Name:

  	
  Jackson S. Craig

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
  Fax:

  	
  (781) 283-8541

  
									

 

 

	
  AGREED TO AND ACKNOWLEDGED

  
	
  BY THE INDENTURE TRUSTEE

  
	
  (SOLELY WITH RESPECT TO

  
	
  SECTIONS 3(B)(1)

  
	
  REPRESENTATION, WARRANTIES

  
	
  AND COVENANTS) AND SECTION 14

  
	
  (DIRECTION TO

  
	
  INDENTURE TRUSTEE)):

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Lawrence J. Bell

  	
   

  
	
  Name:

  	
  Lawrence J. Bell

  
	
  Title:

  	
  Vice President

  
	
  Fax:

  	
  503-275-5738

  
				

 

 

Schedule A

 

SPECIFIED EXISTING DEFAULTS

 

The Events of Default:

 

1.                                       Under
Section 6.1(3) of the Indenture as a result of Issuer’s failure to make an
Excess Cash Flow Offer as required by Section 4.22 of the Indenture for the
fiscal years ended December 31, 2004, and December 31, 2005.

 

2.                                       Under
Section 6.1(3) of the Indenture as a result of the Issuer’s failure to deliver
certain annual financial statements as required by Section 4.3 of the Indenture
for the fiscal year ended December 31, 2006.

 

3.                                       Under
Section 6.1(3) of the Indenture as a result of the Issuer’s failure to deliver
the compliance certificate required by Section 4.4(a) of the Indenture in
respect of the Company’s fiscal year ended December 31, 2006.

 

4.                                       Under
Section 6.1(3) of the Indenture as a result of the Issuer’s failure to deliver
any compliance certificate required by Section 4.4(b) of the Indenture in
respect of any other Specified Existing Default.

 

5.                                       Under
Section 6.1(1) of the Indenture as a result of the Issuer’s failure to make the
scheduled interest payment due under the Notes on July 15, 2007.

 

6.                                       Under
Section 6.1(3) of the Indenture as a result of the Issuer’s failure to deliver
certain quarterly financial statements for the fiscal quarters ended March 31,
2007 and June 30, 2007.

 

28ex10-1.htm

     
      
        

      

    

     

    Exhibit
      10.1

     

     

     BOARD
      OF DIRECTORS - RETAINER AGREEMENT

     

    This
      agreement made as of November 1, 2007 between Sequiam Corporation, with its
      principal place of business at 300 Sunport Lane, Orlando, FL 32809 (“Sequiam”)
      and Bob Aoki, with an address of 15318 NE 144th Place, Woodinville, WA 98072,
      provides for director services, according to the following:

     

    I.     
      Services Provided

     

    Sequiam
      agrees to engage Bob Aoki to serve as a member of the Board of Directors (the
      “Director”) and to provide those services required of a director under Sequiam’s
      Articles of Incorporation and Bylaws (“Articles and Bylaws”), as both may be
      amended from time to time and under the General Corporation Law of California,
      the federal securities laws and other state and federal laws and regulations,
      as
      applicable. In addition, Sequiam agrees to engage Bob Aoki to serve as the
      Chairman of the Compensation Committee and as a member of the Audit
      Committee.

     

    II.     
      Nature of Relationship

     

    The
      Director is an independent contractor and will not be deemed an employee of
      Sequiam for purposes of employee benefits, income tax withholding, F.I.C.A.
      taxes, unemployment benefits or otherwise.  The Director shall not enter
      into any agreement or incur any obligations on Sequiam’s behalf.

     

    Sequiam
      will supply, at no cost to the Director:  periodic briefings on the
      business, director packages for each board and committee meeting, copies of
      minutes of meetings and any other materials that are required under Sequiam’s
      Articles and Bylaws or the charter of any committee of the board on which the
      director serves and any other materials which may, by mutual agreement, be
      necessary for performing the services requested under this
      contract.

     

    III.     
      Director’s Warranties

     

    The
      Director warrants that no other party has exclusive rights to his services
      in
      the specific areas described and that the Director is in no way compromising
      any
      rights or trust between any other party and the Director or creating a conflict
      of interest.  The Director also warrants that no other agreement will be
      entered into that will create a conflict of interest with this agreement. 
The Director further warrants that he will comply with all applicable state
      and
      federal laws and regulations, including Sections 10 and 16 of the Securities
      and
      Exchange Act of 1934.

     

    Throughout
      the term of this agreement and for a period of six months thereafter, the
      Director agrees he will not, without obtaining Sequiam’s prior written consent,
      directly or indirectly engage or prepare to engage in any activity in
      competition with any Sequiam business or product, including products in the
      development stage, accept employment or provide services to (including service
      as a member of a board of directors), or establish a business in competition
      with Sequiam.

     

    IV.     
      Compensation

     

    A. 
      Retainer

     

    Sequiam
      shall pay the Director a nonrefundable retainer of $52,000.00 per year during
      the term of this agreement (prorate for the first year $8,666,67) to provide
      the
      services described in Section I which shall compensate him for all time spent
      preparing for, traveling to (if applicable) and attending board of director
      meetings during the year.  The retainer shall be provided for portions of
      the term less than a full calendar year.  This retainer may be revised by
      action of Sequiam’s Board of Directors from time to time.  Such revision
      shall be effective as of the date specified in the resolution for payments
      not
      yet made and need not be documented by an amendment to this
      agreement.

     

    B.   
      Stock Options

     

    Subject
      to approval by the Board of Directors, a grant of an option to purchase Sequiam
      common stock, par value $.001 per share, shall be made to the Director. 
The grant shall consist of an option to purchase a specified number of shares
      under the term of Sequiam’s 2003 Non-Employee Directors and Consultants Stock
      Plan or then effective incentive plan.  The specified number of shares for
      a new appointment to the Board shall be 500,000 shares in 2007, which grant
      has
      already been made.  Thirty-three percent of the option shall vest on each
      anniversary of the date of grant.  The amount and terms of the annual
      option grant may be revised by action of Sequiam’s Board of Directors from time
      to time.  Such revision shall be effective as of the date specified in the
      resolution for any grants not yet made and need not be documented by an
      amendment to this agreement.

     

    C.   
      Stock Grant

     

    Subject
      to approval by the Board of Directors, a grant of Sequiam common stock, par
      value $.001 per share, shall be made to the Director.  The 2007 grant shall
      consist of 500,000 shares, which grant has already been made.

     

    D.   
      Payment

     

    Retainer
      payments shall be made quarterly in cash in advance on the first day of each
      accounting quarter.  Additional payments shall be made in arrears.  No
      invoices need be submitted by the Director for payment of the
      retainer. 

     

    E.   
      Expenses

     

    Sequiam
      will reimburse the Director for reasonable expenses approved in advance, such
      approval not to be unreasonably withheld.  Invoices for expenses, with
      receipts attached, shall be submitted. Such invoices must be approved by
      Sequiam’s Chief Financial Officer as to form and completeness.

     

    V.     
      Indemnification and Insurance

     

    Sequiam
      will execute an indemnity agreement in favor of the Director substantially
      in
      the form of the agreement attached hereto as Exhibit B.  In addition,
      Sequiam will provide directors and officers’ liability insurance with minimum
      liability coverage of $5 million.

     

    VI.     
      Term of Agreement

     

    This
      agreement shall be in effect from September 6, 2007 through the last date of
      the
      Director’s current term as a member of Sequiam’s Board of Directors.  This
      agreement shall be automatically renewed on the date of the Director’s
      reelection as a member of Sequiam’s Board of Director’s for the period of such
      new term unless the Board of Directors determines not to renew this
      agreement.   Any amendment to this agreement must be approved by a
      written action of Sequiam’s Board of Directors.  Amendments to Section IV
      Compensation hereof do not require the Director’s consent to be effective. This
      agreement is subject to shareholder approval.

     

    VII.     
      Termination

     

    This
      agreement shall automatically terminate upon the death of the Director or upon
      his resignation or removal from, or failure to win election or reelection to,
      the Sequiam Board of Directors.

     

    In
      the
      event of any termination of this agreement, the Director agrees to return any
      materials transferred to the Director under this agreement except as may be
      necessary to fulfill any outstanding obligations hereunder.  The Director
      agrees that Sequiam has the right of injunctive relief to enforce this
      provision.

     

    Sequiam’s
      obligation in the event of such termination shall be to pay the Director the
      retainer and other payments due through the date of termination.

     

    Termination
      shall not relieve either party of its continuing obligation under this agreement
      with respect to confidentiality of proprietary information.

     

    VIII.     
      Limitation of Liability

     

    Under
      no
      circumstances shall Sequiam be liable to the Director for any consequential
      damages claimed by any other party as a result of representations made by the
      Director with respect to Sequiam which are different from any to those made
      in
      writing by Sequiam.

     

    Furthermore,
      except for the maintenance of confidentiality, neither party shall be liable
      to
      the other for delay in any performance, or for failure to render any performance
      under this agreement when such delay or failure is caused by Government
      regulations (whether or not valid), fire, strike, differences with workmen,
      illness of employees, flood, accident, or any other cause or causes beyond
      reasonable control of such delinquent party.

     

    IX.     
      Confidentiality

     

    The
      Director agrees to sign and abide by Sequiam’s Board of Directors Proprietary
      Information and Inventions Agreement, a copy of which is attached hereto as
      Exhibit A.

     

    X.     
      Resolution of Dispute

     

    Any
      dispute regarding the agreement (including and without limitation to its
      validity, interpretation, performance, enforcement, termination and damages)
      shall be determined in accordance with the laws of the State of California,
      the
      United States of America.  Any action under this paragraph shall not
      preclude any party hereto from seeking injunctive or other legal relief to
      which
      each party may be entitled.

     

    XI.     
      Sole Agreement

     

    This
      agreement (including agreements executed substantially in the form of the
      exhibits attached hereto) supersedes all prior or contemporaneous written or
      oral understandings or agreements, and may not be added to, modified, or waived,
      in whole or in part, except by a writing signed by the party against whom such
      addition, modification or waiver is sought to be asserted.

     

    XII.     
      Assignment

     

    This
      agreement and all of the provisions hereof shall be binding upon and insure
      to
      the benefit of the parties hereto and their respective successors and permitted
      assigns and, except as otherwise expressly provided herein, neither this
      agreement, nor any of the rights, interests or obligations hereunder shall
      be
      assigned by either of the parties hereto without the prior written consent
      of
      the other party.

     

    XIII.     
      Notices

     

    Any
      and
      all notices, requests and other communications required or permitted hereunder
      shall be in writing, registered mail or by facsimile, to each of the parties
      at
      the addresses set forth above or the numbers set forth below:

     

    
      	
              The
                Director:

            	 	
              Attention:

            	 	
              Mr.
                Bob Aoki

            	 
	 	 	
              Telephone:

            	 	 	 
	 	 	
              Facsimile:

            	 	 	 
	 	 	 	 	 	 
	
              Sequiam:

            	 	
              Attention:

            	 	
              Mr.
                Nicholas VandenBrekel

            	 
	 	 	
              Telephone:

            	 	
              407-541-0773

            	 
	 	 	
              Facsimile:

            	 	
              407-240-1431

            	 

    

     

    Any
      such
      notice shall be deemed given when received and notice given by registered mail
      shall be considered to have been given on the tenth (10th) day after having
      been
      sent in the manner provided for above.

     

    XIV.     
      Survival of Obligations

     

    Notwithstanding
      the expiration of termination of this agreement, neither party hereto shall
      be
      released hereunder from any liability or obligation to the other which has
      already accrued as of the time of such expiration or termination (including,
      without limitation, Sequiam’s obligation to make any fees and expense payments
      required pursuant to Article IV hereof) or which thereafter might accrue in
      respect of any act or omission of such party prior to such expiration or
      termination.

     

    XV.     
      Severability

     

    Any
      provision of this agreement which is determined to be invalid or unenforceable
      shall not affect the remainder of this agreement, which shall remain in effect
      as though the invalid or unenforceable provision had not been included herein,
      unless the removal of the invalid or unenforceable provision would substantially
      defeat the intent, purpose or spirit of this agreement.

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this agreement to be executed
      by
      their duly authorized officers, as of the date first written above.

     

    
      	
              Signature:

            	
              ________________

            	 	
              Date:

            	
               _________

            
	 	 
	
              By:

            	 	
              Bob
                Aoki

            
	
              Title:

            	 	
              Director

            
	 	 
	
              Sequiam
                Corporation

            
	 	 
	
              Signature:

            	
              ________________

            	 	
              Date:

            	
               _________

            
	 	 
	
              By:

            	 	
              Nicholas
                VandenBrekel

            
	
              Title:

            	 	
              Chairman,
                President and Chief Executive Officer

            
	 	 	 	 	 	 	 

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
      A

     

     BOARD
      OF DIRECTORS PROPRIETARY INFORMATION

     

    AND
      INVENTIONS AGREEMENT

     

     

         
      WHEREAS, the parties desire to assure the confidential status of the information
      which may be disclosed by Sequiam to the Director; NOW THEREFORE, in reliance
      upon and in consideration of the following undertaking, the parties agree as
      follows:

     

         
      1.       Subject to the limitations set forth in
      Paragraph 2, all information disclosed by Sequiam to the Director shall be
      deemed to be "Proprietary Information".  In particular, Proprietary
      Information shall be deemed to include any information, process, technique,
      algorithm, program, design, drawing, formula or test data relating to any
      research project, work in process, future development, engineering,
      manufacturing, marketing, servicing, financing or personnel matter relating
      to
      Sequiam, its present or future products, sales, suppliers, customers, employees,
      investors, or business, whether or oral, written, graphic or electronic
      form.

     

         
      2.       The term "Proprietary Information" shall
      not be deemed to include information which the Director can demonstrate by
      competent written proof that; (i) is now, or hereafter becomes, through no
      act
      or failure to act on the part of the Director, generally known or available;
      (ii) is known by the Director at the time of receiving such information as
      evidenced by its records: (iii) is hereafter furnished to the Director by a
      third party, as a matter of right and without restriction on disclosure; or
      (iv)
      is the subject of a written permission to disclose provided by
      Sequiam.

     

         
      3.       The Director shall maintain in trust and
      confidence and not disclose to any third party or use for any unauthorized
      purpose any Proprietary Information received from Sequiam.  The Director
      may use such Proprietary Information only to the extent required to accomplish
      the purposes of this Agreement.  The Director shall not use Proprietary
      Information for any purpose or in any manner which would constitute a violation
      of any laws or regulations, including without limitation the export control
      laws
      of the United States.  No other rights of licenses to trademarks,
      inventions, copyrights, or patents are implied or granted under this
      Agreement.

     

         
      4.       Proprietary Information supplied shall
      not be reproduced in any form except as required to accomplish the intent of
      this Agreement.

     

         
      5.       The Director represents and warrants that
      he shall protect the Proprietary Information received with at least the same
      degree of care used to protect its own Proprietary Information from unauthorized
      use or disclosure.  The Director shall advise its employees or agents who
      might have access to such Proprietary Information of the confidential nature
      thereof and shall obtain from each of such employers and agents an agreement
      to
      abide by the terms of this Agreement.  The Director shall not disclose any
      Proprietary Information to any officer, employee or agent who does not have
      a
      need for such information.

     

         
      6.       All Proprietary Information (including
      all copies thereof) shall remain in the property of Sequiam, and shall be
      returned to Sequiam after Director's need for it has expired, or upon request
      of
      Sequiam, and in any event, upon completion or termination of this
      Agreement.

     

         
      7.       Notwithstanding any other provision of
      this Agreement, disclosure of Proprietary Information shall not be precluded
      if
      such disclosure:

     

    (a)  
      is in response to a valid order of a court or other governmental body of the
      United States or any political subdivision thereof; provided, however, that
      the
      responding party shall first have given notice to the other party hereto and
      shall have made a reasonable effort to obtain a protective order requiring
      that
      the Proprietary Information so disclosed be used only for the purpose for which
      the order was issued;

     

    (b)  
      is otherwise required by law; or

     

    (c)  
      is otherwise necessary to establish rights or enforced obligations under this
      Agreement, but only to the extent that any such disclosure is
      necessary.

     

         
      8.       This Agreement shall continue in full
      force and effect for so long as the Director continues to receive Proprietary
      Information.  This Agreement may be terminated at any time upon thirty (30)
      days written notice to the other party.  The termination of the Agreement
      shall not relieve the Director of the obligations imposed by Paragraphs 3,
      4, 5
      and 12 of this Agreement with respect to Proprietary information disclosed
      prior
      to the effective date of such termination and the provisions of these Paragraphs
      shall survive the termination of this Agreement for a period of five (5) years
      from the date of such termination.

     

         
      9.       The Director agrees to indemnify Sequiam
      for any loss or damage suffered as a result of any breach by the Director of
      the
      terms of this Agreement, including any reasonable fees incurred by Sequiam
      in
      the collection of such indemnity.

     

         
      10.      This Agreement shall be governed by the laws
      of the State of California as those laws are applied to contracts entered into
      and to be performed entirely in California by California residents.

     

         
      11.      This Agreement contains the final, complete
      and exclusive agreement of the parties relative to the subject matter hereof
      and
      may not be changed, modified, amended or supplemented except by a written
      instrument signed by both parties.

     

         
      12.      Each party hereby acknowledges and agrees that
      in the event of any breach of this Agreement by the Director, including, without
      limitation, an actual or threatened disclosure of Proprietary Information
      without the prior express written consent of Sequiam, Sequiam will suffer an
      irreparable injury, such that no remedy at law will afford it adequate
      protection against, or appropriate compensation for, such injury. 
Accordingly, each party hereby agrees that Sequiam shall be entitled to specific
      performance of the Director's obligations under this Agreement, as well as
      such
      further injunctive relief as may be granted by a court of competent
      jurisdiction.

     

    
      	
              AGREED
                TO:

            	 	
              AGREED
                TO:

            
	
              Sequiam
                Corporation

            	 	
              Mr.
                Bob Aoki

            
	
              300
                Sunport Lane

            	 	
              __________________

            
	
              Orlando,
                FL 32809

            	 	
              __________________

            

    

    

    
      	
              By:

            	
              ________________

            	 	
              By:

            	
               _______________

            
	
              Name:

            	
              Nicholas
                VandenBrekel

            	 	
              Name:

            	
              Bob
                Aoki

            
	
              Title:

            	
              Chairman,
                President & CEO

            	 	
              Title:

            	
              Director

            

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
      B

     

    INDEMNITY
      AGREEMENT

     

    THIS
      AGREEMENT is made and entered into this 30th day of May, 2001 by and
      between SEQUIAM CORPORATION, a California corporation (the
“Corporation”), and Bob Aoki (“Agent”).

     

    RECITALS

     

    WHEREAS,
      Agent performs a valuable service to the Corporation in his capacity
      as
      Director of the Corporation;

     

    WHEREAS,
      the stockholders of the Corporation have adopted bylaws (the “Bylaws”)
      providing for the indemnification of the directors, officers, employees and
      other agents of the Corporation, including persons serving at the request of
      the
      Corporation in such capacities with other corporations or enterprises, as
      authorized by the California General Corporation Law, as amended (the
“Code”);

     

    WHEREAS,
      the Bylaws and the Code, by their non-exclusive nature, permit
      contracts between the Corporation and its agents, officers, employees and other
      agents with respect to indemnification of such persons; and

     

    WHEREAS,
      in order to induce Agent to continue to serve as Director of the
      Corporation, the Corporation has determined and agreed to enter into this
      Agreement with Agent;

     

    NOW,
      THEREFORE, in consideration of Agent’s continued service as Director
      after the date hereof, the parties hereto agree as follows:

     

    AGREEMENT

     

    1.
      Services to the Corporation. Agent will serve, at the will of the
      Corporation or under separate contract, if any such contract exists, as Director
      of the Corporation or as a director, officer or other fiduciary of an affiliate
      of the Corporation (including any employee benefit plan of the Corporation)
      faithfully and to the best of his ability so long as he is duly elected and
      qualified in accordance with the provisions of the Bylaws or other applicable
      charter documents of the Corporation or such affiliate; provided, however,
that Agent may at anytime and for any reason resign from such position
      (subject to any contractual obligation that Agent may have assumed apart from
      this Agreement) and that the Corporation or any affiliate shall have no
      obligation under this Agreement to continue Agent in any such
      position.

     

    2.
      Indemnity of Agent. The Corporation hereby agrees to hold harmless and
      indemnify Agent to the fullest extent authorized or permitted by the provisions
      of the Bylaws and the Code, as the same may be amended from time to time (but,
      only to the extent that such amendment permits the Corporation to provide
      broader indemnification rights than the Bylaws or the Code permitted prior
      to
      adoption of such amendment).

     

    3.
      Additional Indemnity. In addition to and not in limitation of the
      indemnification otherwise provided for herein, and subject only to the
      exclusions set forth in Section 4 hereof, the Corporation hereby further agrees
      to hold harmless and indemnify Agent:

     

    (a)
      against any and all expenses (including attorneys’ fees), witness fees,
      damages, judgments, fines and amounts paid in settlement and any other amounts
      that Agent becomes legally obligated to pay because of any claim or claims
      made
      against or by him in connection with any threatened, pending or completed
      action, suit or proceeding, whether civil, criminal, arbitrational,
      administrative or investigative (including an action by or in the right of
      the
      Corporation) to which Agent is, was or at any time becomes a party, or is
      threatened to be made a party, by reason of the fact that Agent is, was or
      at
      any time becomes a director, officer, employee or other agent of Corporation,
      or
      is or was serving or at any time serves at the request of the Corporation as
      a
      director, officer, employee or other agent of another corporation, partnership,
      joint venture, trust, employee benefit plan or other enterprise;
      and

     

    (b)
      otherwise to the fullest extent as may be provided to Agent by the
      Corporation under the non-exclusivity provisions of the Code and Section 41
      of
      the Bylaws.

     

    4.
      Limitations on Additional Indemnity. No indemnity pursuant to Section 3
      hereof shall be paid by the Corporation:

     

    (a)
      on account of any claim against Agent solely for an accounting of
      profits made from the purchase or sale by Agent of securities of the Corporation
      pursuant to the provisions of Section 16(b) of the Securities Exchange Act
      of
      1934 and amendments thereto or similar provisions of any federal, state or
      local
      statutory law;

     

    (b)
      on account of Agent’s conduct that is established by a final judgment
      as knowingly fraudulent or deliberately dishonest or that constituted willful
      misconduct;

     

    (c)
      on account of Agent’s conduct that is established by a final judgment
      as constituting a breach of Agent’s duty of loyalty to the Corporation or
      resulting in any personal profit or advantage to which Agent was not legally
      entitled;

     

    (d)
      for which payment is actually made to Agent under a valid and
      collectible insurance policy or under a valid and enforceable indemnity clause,
      bylaw or agreement, except in respect of any excess beyond payment under such
      insurance, clause, bylaw or agreement;

     

    (e)
      if indemnification is not lawful (and, in this respect, both the
      Corporation and Agent have been advised that the Securities and Exchange
      Commission believes that indemnification for liabilities arising under the
      federal securities laws is against public policy and is, therefore,
      unenforceable and that claims for indemnification should be submitted to
      appropriate courts for adjudication); or

     

    (f)
      in connection with any proceeding (or part thereof) initiated by Agent,
      or any proceeding by Agent against the Corporation or its directors, officers,
      employees or other agents, unless (i) such indemnification is expressly required
      to be made by law, (ii) the proceeding was authorized by the Board of Directors
      of the Corporation, (iii) such indemnification is provided by the Corporation,
      in its sole discretion, pursuant to the powers vested in the Corporation under
      the Code, or (iv) the proceeding is initiated pursuant to Section 9
      hereof.

     

    5.
      Continuation of Indemnity. All agreements and obligations of the
      Corporation contained herein shall continue during the period Agent is a
      director, officer, employee or other agent of the Corporation (or is or was
      serving at the request of the Corporation as a director, officer, employee
      or
      other agent of another corporation, partnership, joint venture, trust, employee
      benefit plan or other enterprise) and shall continue thereafter so long as
      Agent
      shall be subject to any possible claim or threatened, pending or completed
      action, suit or proceeding, whether civil, criminal, arbitrational,
      administrative or investigative, by reason of the fact that Agent was serving
      in
      the capacity referred to herein.

     

    6.
      Partial Indemnification. Agent shall be entitled under this Agreement
      to indemnification by the Corporation for a portion of the expenses (including
      attorneys’ fees), witness fees, damages, judgments, fines and amounts paid in
      settlement and any other amounts that Agent becomes legally obligated to pay
      in
      connection with any action, suit or proceeding referred to in Section 3 hereof
      even if not entitled hereunder to indemnification for the total amount thereof,
      and the Corporation shall indemnify Agent for the portion thereof to which
      Agent
      is entitled.

     

    7.
      Notification and Defense of Claim. Not later than thirty (30) days
      after receipt by Agent of notice of the commencement of any action, suit or
      proceeding, Agent will, if a claim in respect thereof is to be made against
      the
      Corporation under this Agreement, notify the Corporation of the commencement
      thereof; but the omission so to notify the Corporation will not relieve it
      from
      any liability which it may have to Agent otherwise than under this Agreement.
      With respect to any such action, suit or proceeding as to which Agent notifies
      the Corporation of the commencement thereof:

     

    (a)  
      the Corporation will be entitled to participate therein at its own
      expense;

     

    (b)  
      except as otherwise provided below, the Corporation may, at its option
      and jointly with any other indemnifying party similarly notified and electing
      to
      assume such defense, assume the defense thereof, with counsel reasonably
      satisfactory to Agent. After notice from the Corporation to Agent of its
      election to assume the defense thereof, the Corporation will not be liable
      to
      Agent under this Agreement for any legal or other expenses subsequently incurred
      by Agent in connection with the defense thereof except for reasonable costs
      of
      investigation or otherwise as provided below. Agent shall have the right to
      employ separate counsel in such action, suit or proceeding but the fees and
      expenses of such counsel incurred after notice from the Corporation of its
      assumption of the defense thereof shall be at the expense of Agent unless (i)
      the employment of counsel by Agent has been authorized by the Corporation,
      (ii)
      Agent shall have reasonably concluded, and so notified the Corporation, that
      there is an actual conflict of interest between the Corporation and Agent in
      the
      conduct of the defense of such action or (iii) the Corporation shall not in
      fact
      have employed counsel to assume the defense of such action, in each of which
      cases the fees and expenses of Agent’s separate counsel shall be at the expense
      of the Corporation. The Corporation shall not be entitled to assume the defense
      of any action, suit or proceeding brought by or on behalf of the Corporation
      or
      as to which Agent shall have made the conclusion provided for in clause (ii)
      above; and

     

    (c)  
      the Corporation shall not be liable to indemnify Agent under this
      Agreement for any amounts paid in settlement of any action or claim effected
      without its written consent, which shall not be unreasonably withheld. The
      Corporation shall be permitted to settle any action except that it shall not
      settle any action or claim in any manner which would impose any penalty or
      limitation on Agent without Agent’s written consent, which may be given or
      withheld in Agent’s sole discretion.

     

    8.
      Expenses. The Corporation shall advance, prior to the final disposition
      of any proceeding, promptly following request therefor, all expenses incurred
      by
      Agent in connection with such proceeding upon receipt of an undertaking by
      or on
      behalf of Agent to repay said amounts if it shall be determined ultimately
      that
      Agent is not entitled to be indemnified under the provisions of this Agreement,
      the Bylaws, the Code or otherwise.

     

    9.
      Enforcement. Any right to indemnification or advances granted by this
      Agreement to Agent shall be enforceable by or on behalf of Agent in any court
      of
      competent jurisdiction if (i) the claim for indemnification or advances is
      denied, in whole or in part, or (ii) no disposition of such claim is made within
      ninety (90) days of request therefor. Agent, in such enforcement action, if
      successful in whole or in part, shall be entitled to be paid also the expense
      of
      prosecuting his claim. It shall be a defense to any action for which a claim
      for
      indemnification is made under Section 3 hereof (other than an action brought
      to
      enforce a claim for expenses pursuant to Section 8 hereof, provided that
the required undertaking has been tendered to the Corporation) that
      Agent
      is not entitled to indemnification because of the limitations set forth in
      Section 4 hereof. Neither the failure of the Corporation (including its Board
      of
      Directors or its stockholders) to have made a determination prior to the
      commencement of such enforcement action that indemnification of Agent is proper
      in the circumstances, nor an actual determination by the Corporation (including
      its Board of Directors or its stockholders) that such indemnification is
      improper shall be a defense to the action or create a presumption that Agent
      is
      not entitled to indemnification under this Agreement or otherwise.

     

    10.
      Subrogation. In the event of payment under this Agreement, the
      Corporation shall be subrogated to the extent of such payment to all of the
      rights of recovery of Agent, who shall execute all documents required and shall
      do all acts that may be necessary to secure such rights and to enable the
      Corporation effectively to bring suit to enforce such rights.

     

    11.
      Non-Exclusivity of Rights. The rights conferred on Agent by this
      Agreement shall not be exclusive of any other right which Agent may have or
      hereafter acquire under any statute, provision of the Corporation’s Certificate
      of Incorporation or Bylaws, agreement, vote of stockholders or directors, or
      otherwise, both as to action in his official capacity and as to action in
      another capacity while holding office.

     

    12.
      Survival of Rights.

     

    (a)  
      The rights conferred on Agent by this Agreement shall continue after
      Agent has ceased to be a director, officer, employee or other agent of the
      Corporation or to serve at the request of the Corporation as a director,
      officer, employee or other agent of another corporation, partnership, joint
      venture, trust, employee benefit plan or other enterprise and shall inure to
      the
      benefit of Agent’s heirs, executors and administrators.

     

    (b)  
      The Corporation shall require any successor (whether direct or
      indirect, by purchase, merger, consolidation or otherwise) to all or
      substantially all of the business or assets of the Corporation, expressly to
      assume and agree to perform this Agreement in the same manner and to the same
      extent that the Corporation would be required to perform if no such succession
      had taken place.

     

    13.
      Separability. Each of the provisions of this Agreement is a separate
      and distinct agreement and independent of the others, so that if any provision
      hereof shall be held to be invalid for any reason, such invalidity or
      unenforceability shall not affect the validity or enforceability of the other
      provisions hereof. Furthermore, if this Agreement shall be invalidated in its
      entirety on any ground, then the Corporation shall nevertheless indemnify Agent
      to the fullest extent provided by the Bylaws, the Code or any other applicable
      law.

     

    14.
      Governing Law. This Agreement shall be interpreted and enforced in
      accordance with the laws of the State of Florida.

     

    15.
      Amendment and Termination. No amendment, modification, termination or
      cancellation of this Agreement shall be effective unless in writing signed
      by
      both parties hereto.

     

    16.
      Identical Counterparts. This Agreement may be executed in one or more
      counterparts, each of which shall for all purposes be deemed to be an original
      but all of which together shall constitute but one and the same Agreement.
      Only
      one such counterpart need be produced to evidence the existence of this
      Agreement.

     

    17.
      Headings. The headings of the sections of this Agreement are inserted
      for convenience only and shall not be deemed to constitute part of this
      Agreement or to affect the construction hereof.

     

    18.
      Notices. All notices, requests, demands and other communications
      hereunder shall be in writing and shall be deemed to have been duly given (i)
      upon delivery if delivered by hand to the party to whom such communication
      was
      directed or (ii) upon the third business day after the date on which such
      communication was mailed if mailed by certified or registered mail with postage
      prepaid:

     

    (a)  
      If to Agent, to:  2200 Mission College Blvd, Santa Clara, CA
      95052-8119

     

    (b)  
      If to the Corporation, to:

     

    SEQUIAM
      CORPORATION

     

    300
      Sunport Lane, Orlando, FL 32809

     

    or
      to
      such other address as may have been furnished to Agent by the
      Corporation.

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement on and
      as of the day and year first above written.

     

    
      	
              SEQUIAM
                CORPORATION

            	 
	 	 
	
              By:

            	
               ____________________

            	 
	
              Name:
                Nicholas VandenBrekel

            	 
	
              Title
                President & CEO

               

               

            	 
	
              AGENT

            	 
	 	 
	
               _____________________

            	 
	
              Name:
                Bob Aoki

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