Document:

Exhibit 10.298

 

Exhibit 10.298

William A. Pettit

Senior Vice President,

Human Resources and Administration

August 1, 2006

Henry F. Blissenbach

607 Pond View Drive

Mendota Heights, MN 55120

Dear Hank:

We are pleased to offer you the exempt position of Chairman & Interim Chief Executive Officer with
Ligand Pharmaceuticals Incorporated reporting to the Board of Directors. We are offering you a
starting salary of $40,000 per month. The effective date of the position is Tuesday, August 1,
2006.

In addition, subject to the consent of the Compensation Committee of the Board of Directors’ and
regulatory approval, you will be granted an option to purchase one hundred fifty thousand (150,000)
shares of common stock in the Company, to vest 50% at the end of six months and the remaining 50%
to vest at the end of one year, except that all of these options will vest immediately upon the
appointment of a new Chief Executive Officer. You will be eligible for incentive compensation of
up to 50% of your base salary, not to exceed $100,000, based upon performance of certain objectives
to be agreed upon. Documented, out-of-pocket expenses related to your duties, including commuting
to San Diego and living expenses will be reimbursed by the Company.

As a regular employee of Ligand, you will become eligible to participate in Company-sponsored
benefits. Your medical benefits will be effective on the first day of the month following your
employment date. Ligand’s total compensation package, including salary, equity participation in
the company, and the benefits program, when viewed in its entirety, is one of the best in the
pharmaceutical industry, including the large multi-national pharmaceutical companies.

Employment with Ligand is not for a specific term and can be terminated by you or by the Company at
any time for any reason, with or without cause by either party after 30 days notice. If you accept
this offer, the terms and conditions in this letter shall be the terms of your employment.

Sincerely,

LIGAND PHARMACEUTICALS INC.

  /S/ William A. Pettit

William A. Pettit

Senior Vice President,

Human Resources and Administration

:dm

Agreed and Accepted:

	 	 	 
	  /S/ Henry F. Blissenbach
	 	 
	 	 	 
	Henry F. BlissenbachExhibit 10.208

 

Exhibit 10.208

ROI GROUP

Associates Inc

AMENDMENT TO SERVICE AGREEMENT

DATED MARCH 1, 2006

This Amendment is made on July 1, 2006 between The Immune Response Corporation, a corporation
organized and existing under the laws of the State of Delaware with its principal place of business
located at 5931 Darwin Court Carlsbad, CA 92008 hereinafter referred to as “Client” and ROI Group
Associates, Inc., with its principal place of business located at 39 Broadway, 24th
Floor, New York, NY 10006, hereinafter referred to as “ROI”. This Amendment modifies the Service
Agreement dated March 1, 2006 between Client and ROI (the “Service Agreement”), and any terms not
modified herein remain in full force and effect as described in the original Service Agreement.

1. RECITALS

Client is a biopharmaceutical company, engaged in the development of immune-based therapy in HIV
and multiple sclerosis. ROI agrees to perform investor relations services for the Client under
the terms and conditions set forth in this agreement.

2. TERM

The term of this Amendment shall commence on July 1, 2006 and extend through May 31, 2007. The
agreement will be non-cancellable through October 31, 2006, and is able to be terminated at the
option of the Client anytime thereafter, upon 90 days written notice of cancellation.

3. COMPENSATION

	 	1)	 	The cash component of the fee will be a monthly retainer in the amount
of:

	 	•	 	Month 5-14: $14,500 / month

     *Month 15 was paid upon the signing of the contract.

	 	2)	 	Common Stock & Warrants:

	 	•	 	5,000,000 shares of common stock restricted for one year.
	 
	 	•	 	6,000,000 additional shares with a restricted legend limiting sale to a
minimum price of $0.05, vesting at a rate of 400,000/month with vesting beginning
as of March 1, 2006

* All shares will carry with them piggyback registration rights and are to be
delivered as soon as practicable following the execution of this Agreement.

	 	3)	 	If we are called upon to assist in any capital raising efforts, the
quantum and structure of compensation is as follows:

	 	a.	 	Senior or Mezzanine Bank/Commercial Lender Debt
	 
	 	•	 	1 1/2 % for Debt if placed through an intermediary also receiving a fee, and the
fees paid to us must be acceptable to the intermediary;
	 
	 	•	 	3% for Debt if placed directly.
	 
	 	b.	 	Equity, convertible debt (typical bridge Loan or other private
placement structured as debt, not supported by assets and intended, in part or in
whole, to be converted to equity), or other equity-linked securities.
	 
	 	•	 	3% of cash proceeds and 5% of the warrants included in the placement, if
placed through an intermediary also receiving a fee, and the fees paid to us must
be acceptable to the intermediary;
	 
	 	•	 	10% of cash proceeds and 10% of the warrants included in the placement, if
placed directly.

The above schedule of success fees covers any transaction between the Company and any
party introduced by ROI Group Associates, Inc., which is concluded within two years from
the time of such introduction. The fee is payable in cash at the time of the closing.

In witness thereof, the parties have executed this Agreement of the day and year first above
written.

	 	 	 
	ROI Group Associates, Inc.

	 	The Immune Response Corporation
	(signed by)

	 	(signed by)
	Robert J. Giordano

	 	Joseph O’Neill
	President

	 	President and Chief Executive OfficerExhibit 10.209

 

Exhibit 10.209

[INSERT IRC LETTERHEAD]

October 26, 2006

Robert Giordano

ROI NY

39 Broadway

Suite 2410

New York, NY 10006

Dear Bob,

This letter is a follow up to our telephone conversation on September 27, 2006. In accordance with
the terms of our contract, we hereby notify you that we will terminate our current contract with
ROI effective January 31, 2007.

We have very much enjoyed working with you and your team. We deeply appreciate the effort, advice,
and time ROI has invested in Immune Response and look forward to benefiting from your continued
efforts through the remainder of the contract. You have given the company and me your friendship
and wisdom during these difficult months, and I am grateful. As I mentioned on the phone, we are
open to the possibility of establishing a new contract with ROI after our current one is
terminated. This will naturally depend upon the state of our IR affairs at the time and events
that may transpire in the interim.

David Hochman will continue to coordinate our IR efforts from New York and I hope that you and I
will stay in close contact as well.

With warm regards,

/s/ Joseph F. O’Neill

			
	 	 	 
	Joseph F. O’Neill, MD, MPh
	 	President and Chief Executive OfficerEX-4.1

 

Exhibit 4.1

Amended and Restated

Registered Representatives’

Deferred Compensation Plan

Effective
October 31, 2006

Section 1. Establishment and Purpose.

     1.1 The Company has established, effective originally on January 1, 1999, an unfunded deferred
compensation plan, the Amended and Restated Registered Representatives’ Deferred Compensation Plan,
for the benefit of those individuals who act as registered representatives of the Broker-Dealer
Subsidiaries (as hereinafter defined).

     1.2 The purpose of the Plan is to attract and retain individuals to become licensed members
with the Broker-Dealer Subsidiaries and to assist such individuals with long-range financial
planning by offering an alternative for investing monthly commissions and fee payments.

Section 2. Definitions.

     2.1 As used herein, the following terms shall have the meanings set forth below:

     “Account” means, as to any Representative and for any particular Enrollment Period, the Fund
Account and the Interest Account established and maintained for that Representative with respect to
that particular Enrollment Period.

     “AIG” means the American International Group, Inc., guarantor of the Company’s payment
obligations under this Plan, and its successors and assigns.

     “Appreciation” means, with respect to each Fund Account, an increase in the value of that Fund
Account in excess of the amount of Earnings originally deferred into that Account.

     “Beneficiary” means, with respect to any Account for any Enrollment Period, the person or
persons designated as such in accordance with Section 8 below.

     “Broker-Dealer Subsidiary” means the following broker-dealer subsidiaries of AIG: Royal
Alliance Associates, Inc., SunAmerica Securities, Inc., Advantage Capital Corporation, FSC
Securities Corporation, Spelman & Co., Inc., Sentra Securities Corporation and any additional
broker-dealer subsidiaries which the Company adds to this Plan by resolution of its board of
directors.

     “Committee” means the Management Committee appointed pursuant to Section 9.

 

 

     “Company” means SAI Deferred Compensation Holdings, Inc., which has assumed from SunAmerica
Inc. the benefits, rights, obligations, and duties under this Plan, and its successors and assigns.

     “Deferred Benefit” means the amount of money owing to a Representative with respect to that
Representative’s Account for a particular Enrollment Period at such time as that Representative
receives a distribution of that Account under this Plan and will be equal to the value of that
Account, as determined in accordance with Section 5 below.

     “Earnings” means the commission and/or advisory fee payments which a Representative is
entitled to receive from a Broker-Dealer Subsidiary.

     “Enrollment Period” means each period commencing on the enrollment or re-enrollment of a
Representative in this Plan and ending on the Termination Event relating to such enrollment or
re-enrollment.

     “Fund Account” means a bookkeeping entry maintained by the Company merely for the purposes of
recordkeeping and recording the unsecured contractual obligation of the Company with respect to the
portion of a Representative’s deferred Earnings in an Account with respect to a particular
Enrollment Period that are indexed to a Valuation Fund.

     “Guarantee” means AIG’s full and unconditional guarantee of the Company’s payment obligations
hereunder, substantially in the Form of Annex I hereto.

     “Interest Account” means a bookkeeping entry maintained by the Company merely for the purposes
of recordkeeping and recording the unsecured contractual obligation of the Company to pay interest
on the amount of a Representative’s Earnings originally deferred into an Account for a particular
Enrollment Period.

     “Optional Distribution Date” means, with respect to an Account relating to a particular
Enrollment Period, the date selected by a Representative for that Account in accordance with
Section 6 below.

     “Plan” means this Amended and Restated Registered Representatives’ Deferred Compensation Plan
as such Plan may be amended, modified or restated from time to time.

     “Plan Administrator” means the respective individual or individuals responsible for
administering the Plan at the Broker-Dealer Subsidiary with which any given Representative holds
his or her broker’s license.

     “Representative” means any individual holding his or her broker’s license with a Broker-Dealer
Subsidiary.

     “Retirement” means such time as Representative ceases to be registered as a broker with any
regulatory authority.

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     “Termination Event” means, with respect to any individual Representative and any particular
Enrollment Period, the occurrence of any event described in Section 6.1 below with respect to that
Enrollment Period.

     “Termination Valuation Date” means, with respect to any particular Termination Event, the
Valuation Date which is the last business day of a calendar month at least 30 days after a
Termination Event, except that (a) with respect to the death of the Representative, the Termination
Valuation Date shall be calculated from such point in time as the respective Broker-Dealer
Subsidiary with which the deceased Representative held his or her broker’s license receives due
proof of death of such Representative and (b) with respect to a Representative who accepts
employment with or otherwise establishes a contractual relationship with a competitor of AIG or any
Broker-Dealer Subsidiary, the Termination Valuation Date shall be calculated from such point in
time as the respective Broker-Dealer Subsidiary with which such Representative held his or her
broker’s license learns of such employment or contractual relationship.

     “Valuation Date” means any date the United States financial markets are open for which a
Representative’s particular Account is required to be valued for any purpose.

     “Valuation Funds” means one or more mutual funds designated as available under the Plan by the
Committee from time to time.

     2.2 As used herein, the term Representative shall also apply to any cash-basis corporate
entity which is entitled to receive advisory fee-based payments from a Broker-Dealer Subsidiary (a
“Corporate Representative”), the shares of which are owned principally by an individual holding his
or her current broker’s license with a Broker-Dealer Subsidiary (an “Individual Representative”).
Such Corporate Representative must make a separate election to participate in this Plan. However,
such Corporate Representative’s ability to participate initially or at any time thereafter shall
be, at all times, subject to the Individual Representative’s participation in this Plan.
Accordingly, by way of example and not limitation, if a Termination Event occurs with respect to
the Individual Representative with respect to a particular Enrollment Period, a Termination Event
shall be deemed to have occurred with respect to the Corporate Representative with respect to that
same Enrollment Period.

Section 3. Eligibility for Participation.

     3.1 Each Representative will be eligible to participate in this Plan on the first day of any
month after Representative has been licensed with a Broker-Dealer Subsidiary for three (3) full
months unless the President of the Broker-Dealer Subsidiary with which such Representative holds
his or her broker’s license determines that such Representative will be able to participate on an
earlier date. Once a Representative becomes eligible to participate, he or she will remain
eligible until this Plan is amended or terminated or, in the case of any particular Enrollment
Period, until the occurrence of a Termination Event.

     3.2 So long as the Representative is eligible to participate in the Plan, a Representative may
re-enroll in the Plan after the occurrence of a Termination Event with

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respect to a particular Enrollment Period. When a Representative re-enrolls in the Plan, the
Company will establish and maintain a distinct and separate Account for that Representative in
connection with that Enrollment Period that will be composed of a Fund Account and an Interest
Account, each of which will be distinctly and separately established and maintained in connection
with that Enrollment Period.

Section 4. Election to Defer.

     4.1 Enrollment, with respect to any Enrollment Period, in this Plan is on a voluntary basis
once a Representative becomes eligible. An enrollment for a particular Enrollment Period will be
effective as of the first day of the month following receipt by the Plan Administrator, in
accordance with Section 9 below, of a Deferred Compensation Agreement and an Enrollment/Change
Form, pursuant to which Representative will elect the amount of Earnings to be deferred and the
method of distribution of such deferred Earnings.

     4.2 For each Enrollment Period, each participating Representative will determine the amount of
Earnings to be deferred, up to 100%, in whole percent increments. The deferred Earnings will be
deducted from each semi-monthly Earnings payment. No Earnings may be deferred into an Account for
any Enrollment Period after the occurrence of a Termination Event with respect to that Enrollment
Period.

     4.3 Participating Representatives may make changes to the amount of Earnings to be deferred.
Changes by participating Representatives as to the amount of Earnings to be deferred for any
Enrollment Period will take effect at the beginning of the next calendar year, provided the
appropriate paperwork is received at least 30 business days before the beginning of such calendar
year. All deferral elections must remain in effect for one full calendar year.

Section 5. Valuation of Deferred Earnings.

     5.1 The Company will establish and maintain an Account with respect to each Enrollment Period
for each Representative participating in this Plan. All deferred Earnings will be credited to the
Representative’s Account within three business days of the date the Earnings otherwise would have
been paid.

     5.2 The Company will establish and maintain a Fund Account with respect to each Account.

     5.3 From and after January 1, 1999, the Company will establish and maintain an Interest
Account with respect to each Account. The amount of any Earnings deferred after January 1, 1999,
will bear interest at a fixed rate per annum to be set from time to time by the Company. Interest
will accrue on the initial amount of Earnings deferred into the Account and not on the value of the
associated Fund Account. Interest will be calculated on the basis of a year of twelve 30-day
months. Each Fund Account may be reduced by its associated Interest Account as provided in Section
5.5.

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     5.4 Each Representative must elect the Valuation Fund(s) which will be used to measure the
value of each Fund Account. A Representative may elect different Valuation Fund(s) and percentages
for each of his or her particular Fund Accounts. Amounts held in a Fund Account will be treated as
though invested in such Valuation Fund(s) and adjustments to the value of each Fund Account will be
made in accordance with Section 5.5 below. However, neither the Company nor AIG is required to
make investments in the Valuation Funds. Earnings deferred into an Account must be allocated to
the Valuation Fund(s) in whole percent increments of at least 5%.

     5.5 The value of each participating Representative’s particular Fund Account shall be adjusted
to reflect the investment experience of the Valuation Fund(s) elected by such Representative with
respect to that Account, whether positive or negative (including dividends and capital gains and
losses), as if that Fund Account had been invested in such Valuation Fund(s); provided that in the
event of Appreciation in that Fund Account, such Appreciation will be reduced (but not below zero)
by up to the amount of interest accrued with respect to such deferred Earnings in the associated
Interest Account.

     5.6 The value of a Representative’s particular Account at any time will equal the sum of the
associated Fund Account (as reduced, if applicable, by the proviso to Section 5.5) and the
associated Interest Account.

     5.7 Representatives may change the Valuation Fund(s) against which the value of any particular
Fund Account will be indexed once per business day. Changes may be made with regard to new
Earnings coming into the Fund Account or to existing Earnings in the Fund Account. Any
modification will be in such manner and will be effective at such time as the Committee may from
time to time determine. In particular, changes may not be effected on a same day or next day basis
and may be effected on an aggregated or “grouped” basis over a period of time.

     5.8 There shall be charged against each Representative’s particular Account any payments made
out of that Account to the Representative or his or her Beneficiary in accordance with Sections 6
and 8 below.

     5.9 Participating Representatives will be provided, on a semi-annual basis, a statement of
account which indicates the value of such Representative’s Account(s) (broken down by the
associated Fund Account(s) and Interest Account(s)) and the currently selected Valuation Fund(s)
used to measure the value of the Fund Account(s).

     5.10 The currently available Valuation Funds are identified on Schedule 1 to this Plan. The
Company reserves the right to terminate the availability of any Valuation Fund and add additional
Valuation Funds at any time.

Section 6. Distribution of Deferred Benefit.

     6.1 Upon the occurrence of the earliest Termination Event with respect to any Enrollment
Period, a Deferred Benefit with respect to that Enrollment period will be paid to Representative
or his or her Beneficiary, as the case may be. The Termination Events for any Enrollment Period
are:

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     (a) Representative’s death;

     (b) Representative’s permanent disability;

     (c) Termination of Representative’s independent contractor relationship with the Broker-Dealer
Subsidiary for any reason;

     (d) Representative’s Retirement; or

     (e) Attainment of the Optional Distribution Date for that Enrollment Period, if one is
selected by Representative.

     6.2 A Representative may select an Optional Distribution Date for a particular Enrollment
Period either at the time of the commencement of that Enrollment Period or prior to December 31 of
any year. If an Optional Distribution Date is selected other than at the time of the commencement
of an Enrollment Period, the Optional Distribution Date will become effective on the immediately
succeeding January 1. No such Optional Distribution Date may be earlier than the first day of the
calendar quarter that is at least four years after the commencement of the Enrollment Period. A
previously selected Optional Distribution Date may be changed by completing the required paperwork
by December 31 of any year; provided, however, that such change must occur before
January 1 of the year before the year in which the current Optional Distribution Date for that
Enrollment Period falls. For example, if a Representative’s current Optional Payment Date for an
Enrollment Period is in July of 2003, the Representative must elect to change such Optional Payment
Date by December 31, 2001.

     6.3 The Deferred Benefit with respect to any Enrollment Period will be paid out in ten annual
installments unless the Representative has selected an Optional Distribution Schedule for that
Enrollment Period. A Representative may select an Optional Distribution Schedule either at the
commencement of an Enrollment Period or prior to December 31 of any year. An Optional Distribution
Schedule for a particular Enrollment Period may be changed by completing the required paperwork by
December 31 of any year; provided, however, that such change must occur before
January 1 of the year before the year in which the current payment of the Deferred Benefit for that
Enrollment Period falls. For example, if a Representative’s current payment of the Deferred Benefit
for an Enrollment Period is in July of 2003, the Representative must elect to change such Optional
Payment Schedule by December 31, 2001. The Optional Distribution Schedules available include:

     (a) Annual installments over a period of five (5) years;

     (b) Annual installments over a period of three (3) years; and

     (c) A lump sum.

     6.4 If Representative’s Deferred Benefit with respect to an Enrollment Period is payable in
installments, that Deferred Benefit shall be paid out in ten annual installments, or such lesser
number of installments as selected by Representative with respect to that Enrollment Period. The
amount to be paid in each installment shall be the value of the Account relating to that Enrollment
Period as of the Valuation Date for that Account multiplied by a fraction, the numerator of which
is one (1) and the denominator of which is the number of installment payments remaining. The
initial payment shall be made within 60 days of the applicable Valuation Date. All subsequent
installment

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payments shall be made within the first four weeks of each calendar year thereafter until the
Deferred Benefit with respect to that Enrollment Period has been fully paid. As used in this
section, the Valuation Date with respect to any Enrollment Period for the first installment shall
be the Termination Valuation Date for that Enrollment Period and for each installment thereafter,
the last Valuation Date of the calendar year which precedes the year of payment.

     6.5 Participating Representatives will be required to take a lump sum distribution of all
Deferred Benefit(s) for all Enrollment Periods if such Representative accepts employment or
otherwise establishes a contractual relationship with a competitor of AIG or any Broker-Dealer
Subsidiary. The amount of each Deferred Benefit shall be determined as of the Termination
Valuation Date and paid within 60 days thereof.

     6.6 Participating Representatives will be required to take a lump sum distribution of all
Deferred Benefit(s) for all Enrollment Periods if, for any reason, the Broker-Dealer Subsidiary
with which such Representative holds his or her broker’s license terminates the independent
contractor relationship between such Representative and Broker-Dealer Subsidiary. The amount of
each Deferred Benefit shall be determined as of the Termination Valuation Date and paid within 60
days thereof.

     6.7 Notwithstanding anything else contained herein, participating Representatives will be
required to take a lump sum distribution of a particular Deferred Benefit upon the occurrence of a
Termination Event related to such Deferred Benefit if the value of that particular Deferred Benefit
on the related Termination Valuation Date is $3500 or less. The amount of each Deferred Benefit
shall be determined as of the related Termination Valuation Date and paid within 60 days thereof.

     6.8 There are no interim or periodic payments of amounts accrued in an Interest Account.

     6.9 Following receipt of the entire Deferred Benefit for an Enrollment Period, participating
Representatives shall not be entitled to any rights under this Plan with respect to that Enrollment
Period.

Section 7. Financial Hardship Distribution. In the event of an unforeseeable emergency,
Representative or his or her Beneficiary may apply through the Plan Administrator for a hardship
withdrawal. The application will be reviewed by a committee of some combination of the Chairman,
President, Executive Vice President(s) and Senior President(s) of the Broker-Dealer Subsidiary with
which such Representative holds his or her broker’s license. If such application for hardship
withdrawal is approved, the Company shall pay to Representative or Representative’s Beneficiary
such value as is reasonably necessary to meet the hardship needs, including provision for taxes on
the emergency distribution, in an amount not to exceed the Deferred Benefit(s). Such withdrawals
may be made with respect to one or more Accounts at the sole discretion of the Committee. For
purposes of this Plan, hardship withdrawals require that Representative or Representative’s
Beneficiary have an immediate and heavy unanticipated financial emergency and that the withdrawal
be necessary to meet such

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emergency need. Such hardship must be beyond the control of Representative or Representative’s
Beneficiary, and Representative or Representative’s Beneficiary must not be able to meet such needs
by other financial resources available. If Representative takes a hardship withdrawal under this
Plan, he or she may not defer any Earnings under this Plan for a period of one year from the date
of the withdrawal, after which time Representative must re-submit an Enrollment/Change Form to the
Plan Administrator in order to commence deferring Earnings again.

Section 8. Beneficiary Designation and Survivor Benefits.

     8.1 Each Representative may designate any person or persons as Beneficiary or Beneficiaries to
receive distribution(s) under this Plan in the event of Representative’s death prior to complete
distribution to Representative of the Deferred Benefit(s) due under this Plan. Beneficiaries must
be designated on the Enrollment/Change Form at any time prior to Representative’s death.

     8.2 In the absence of an effective Beneficiary designation by Representative with respect to a
particular Account, the entire undistributed Deferred Benefit for that Account will be paid in a
lump sum payment equal to the value of that Account determined as of the Termination Valuation
Date, within 60 days thereof to Representative’s estate.

     8.3 If a Representative dies prior to receiving any portion of the Deferred Benefit(s),
Representative’s Beneficiary will be paid a lump sum payment equal to the value of the Account
related to that Deferred Benefit determined as of the related Termination Valuation Date, within 60
days thereof.

     8.4 If a Representative dies after becoming eligible to receive a Deferred Benefit with
respect to any particular Enrollment Period but prior to receiving the entire benefit, any
remaining Deferred Benefit will be paid in a lump sum payment equal to the value of the associated
Account(s) determined as of the related Termination Valuation Date(s), within 60 days thereof.

Section 9. Plan Administration.

     9.1 This Plan will be administered by a Management Committee (the “Committee”). The Committee
will be comprised of any five (5) officers of AIG or any subsidiary of AIG as selected by the
Chairman, the President or any Vice Chairman of AIG. The Committee shall interpret and administer
this Plan in accordance with its terms. The Committee’s interpretations and constructions shall be
binding and conclusive on all persons for all purposes.

     9.2 Representatives may obtain any necessary form(s) by request to the Plan Administrator.
All forms and agreements and any other necessary documents must be properly executed and delivered
to the Plan Administrator within the specified time limitations in order to be effective.

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Section 10. Nature of Company’s Obligation and AIG’s Guarantee.

     10.1 The Company’s obligation under this Plan shall be an unfunded and unsecured promise to
pay. Neither the Company nor AIG shall be obligated under any circumstances to fund its financial
obligations under this Plan or the Guarantee.

     10.2 The obligation to pay to participating Representatives the deferred Earnings, with such
adjustments as are provided for herein, shall be carried on the books of the Company as an
unsecured debt. The balance at any time in any Account is not held in trust for Representative,
and neither Representative, his or her estate or personal representative(s), nor his or her
beneficiaries shall have any right, title or interest in or to any funds in any Account, which is
established by the Company merely for the purpose of recording such unsecured contractual
obligation. All funds in any Account shall continue to be part of the general funds of the
Company, and neither the Representative, his or her estate or personal representative(s), nor his
or her beneficiaries shall have any property interest in any specific assets of the Company or AIG.
Each Representative participating in this Plan is considered a general unsecured creditor of the
Company.

     10.3 The Guarantee constitutes a general unsecured obligation of AIG, which ranks pari
passu with all of AIG’s other unsecured and unsubordinated indebtedness. Neither the
Representative, his or her estate or personal representatives, nor his or her own beneficiaries
shall have any property interest in any specific assets of AIG. In the event that a payment is due
to a Representative under the Guarantee, such Representative will be a general unsecured creditor
of AIG.

     10.4 Notwithstanding anything to the contrary contained herein, the Company or AIG may at any
time transfer assets to a trust for purposes of paying all or any part of its obligations under
this Plan. However, to the extent provided in the trust only, such transferred amounts shall
remain subject to the claims of general creditors of the Company or of general creditors of AIG.
To the extent assets are held in a trust when a Representative’s Deferred Benefit(s) becomes
payable, the Company or AIG, in the event of a Guarantee payment, shall direct the trustee to pay
such benefit to Representative from the assets of the trust.

Section 11. Miscellaneous.

     11.1 Except as set forth herein, no right to receive any Deferred Benefit shall be subject to
anticipation, alienation, sale, assignment, pledge, hypothecation, encumbrance or charge, and any
attempt to anticipate, alienate, sell, assign, pledge, hypothecate, encumber or charge the same
will be void; provided, however, a Representative may assign his or her right to receive any
Deferred Benefit to a revocable living trust set up by such Representative. No right under this
Plan shall in any manner be liable for or subject to any debts, contracts, liabilities or torts of
the person entitled to such rights.

     11.2 Taxes and Withholdings.

     (a) Any payment of a Deferred Benefit hereunder will be subject to withholding of all
applicable taxes.

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     (b) If the whole or any part of any Account shall become liable for the payment of any estate,
inheritance, income, or other tax which the Company or AIG shall be required to pay, or is
otherwise attached for the payment of amounts owing by Representative, the Company and AIG shall
have the full power and authority to pay such obligation out of any monies or other property in its
hand for the account of Representative whose interests hereunder are so liable. The Company or AIG
shall provide Representative notice of such payment. Prior to making any payment, the Company or
AIG may require such releases or other documents from any lawful taxing authority as it shall deem
necessary.

     11.3 In addition to any other rights of setoff the Company or AIG or any Broker-Dealer
Subsidiary might have, the Company and AIG shall have the right, without prior notice, to set off
any obligation of a participating Representative owing to the Company or AIG or any Broker-Dealer
Subsidiary against amounts owing to Representative under the terms of this Plan.

     11.4 Nothing in this Plan is intended to (a) limit in any way the right of any Broker-Dealer
Subsidiary to terminate a Representative’s contractor relationship with Broker-Dealer Subsidiary;
or (b) otherwise create any employment relationship between the Representative and any
Broker-Dealer Subsidiary or the Company or AIG.

     11.5 The Company expects to continue this Plan but is not obligated to do so. The Company
reserves the right to amend, modify or terminate this Plan at any time, or from time to time, in
whole or in part, for any reason (including, without limitation, a change, or an impending change,
in the applicable laws of the United States or any State). If this Plan is amended, modified or
terminated, the Committee shall be notified of such action in writing executed by a duly authorized
officer of the Company, and thereafter this Plan shall be so amended, modified or terminated at the
time therein set forth. Any amendment, modification or termination of this Plan shall be binding
on the Representatives, but in no event may such amendment, modification or termination reduce the
amounts credited at that time to any Representative’s Account. Upon termination of this Plan, the
Accounts shall either be paid in a lump sum immediately, or distributed in some other manner
consistent with this Plan, as determined by the Committee in its sole direction.

     11.6 In the event any provision of this Plan is held invalid, void or unenforceable, the same
shall not affect the validity of any other provision of this Plan.

     11.7 This Plan shall be governed by and construed in accordance with the laws of the state of
California.

10

 

SCHEDULE 1

VALUATION FUNDS

SunAmerica Money Market Fund

SunAmerica U.S. Government Securities Fund

SunAmerica Balanced Assets Fund

SunAmerica New Century Fund

SunAmerica Style Select Series®, Aggressive Growth Portfolio

SunAmerica Style Select Series®, Mid-Cap Growth Portfolio

SunAmerica Style Select Series®, Value Portfolio

SunAmerica Style Select Series®, International Equity Portfolio

SunAmerica Style Select Series®, Large-Cap Growth Portfolio

SunAmerica Style Select Series®, Focused Growth and Income Portfolio

SunAmerica Style Select Series®, Large-Cap Value Portfolio

SunAmerica Style Select Series®, Small-Cap Value Portfolio

SunAmerica Style Select Series®, Focus Portfolio

Sun America “Dogs” of Wall Street Fund

SunAmerica Strategic Investment Series, Inc.®, SunAmerica Biotech/Health 30 Fund

SunAmerica Growth and Income Fund

SunAmerica Growth Opportunities Fund

SunAmerica Style Select Series®, Focused TechNet Portfolio

SunAmerica Style Select Series®, Focused Value Portfolio

SunAmerica Focused Small Cap Growth Portfolio

SunAmerica Focused Equity Strategy Portfolio

SunAmerica Focused Multi-Asset Strategy Portfolio

SunAmerica Strategic Bond Fund

SunAmerica High Yield Bond Fund

AIG SunAmerica High Watermark Fund 2010

AIG SunAmerica High Watermark Fund 2015

AIG SunAmerica High Watermark Fund 2020

Credit Suisse Commodity Return Strategy Fund

AIM Global Real Estate Fund

Templeton Foreign Fund

1

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