Document:

First Amendment to Employment Agreement

 Exhibit 10.38 
 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT 
 This First Amendment (“Amendment”) to the
Employment Agreement by and between Cardium Therapeutics, Inc. (as the successor of Aries Ventures Inc.), a Delaware corporation (“Company”), and Christopher Reinhard (“Employee”), dated effective as of October 20, 2005
(“Agreement”), is made and entered into effective as of March 16, 2007. Unless otherwise defined herein, capitalized terms shall have the meanings given them in the Agreement. 
 1. Pursuant to Section 4(a) of the Agreement, Employee’s base salary is hereby increased to Three Hundred Sixty Seven Thousand Five Hundred
dollars ($367,500) effective as of March 16, 2007. 
 2. Except as set forth herein, all other terms and conditions of the Agreement
shall remain in full force and effect. 
 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of March 16, 2007.

  

	
	EMPLOYEE
	
	 /s/ Christopher Reinhard

	Christopher Reinhard
	
	COMPANY
	
	 Cardium Therapeutics, Inc.,
 a Delaware
corporation

	
	 /s/ Tyler Dylan

	Tyler Dylan, Chief Business OfficerFirst Amendment to Employment Agreement

 Exhibit 10.39 
 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT 
 This First Amendment (“Amendment”) to the
Employment Agreement by and between Cardium Therapeutics, Inc. (as the successor of Aries Ventures Inc.), a Delaware corporation (“Company”), and Tyler M. Dylan (“Employee”), dated effective as of October 20, 2005
(“Agreement”), is made and entered into effective as of March 16, 2007. Unless otherwise defined herein, capitalized terms shall have the meanings given them in the Agreement. 
 1. Pursuant to Section 4(a) of the Agreement, Employee’s base salary is hereby increased to Three Hundred Forty One Thousand Two Hundred Fifty
dollars ($341,250) effective as of March 16, 2007. 
 2. Except as set forth herein, all other terms and conditions of the Agreement
shall remain in full force and effect. 
 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of March 16, 2007.

  

	
	EMPLOYEE
	
	 /s/ Tyler M. Dylan

	Tyler M. Dylan
	
	COMPANY
	
	 Cardium Therapeutics, Inc.,
 a Delaware
corporation

	
	 /s/ Christopher Reinhard

	Christopher Reinhard, Chief Executive OfficerAm No. 6 to Receivables Purchase agreement

 EXHIBIT 10.24 
 AMENDMENT NO. 6 
 to 
 RECEIVABLES PURCHASE AGREEMENT 
 Dated as of October 26, 2006 
 THIS AMENDMENT NO. 6 (this “Amendment”) is entered into as of October 26, 2006 by and among Jabil Circuit Financial II, Inc., a
Delaware corporation (the “Seller”), Jabil Circuit, Inc., a Delaware corporation (the “Servicer”), Jupiter Securitization Company LLC (formerly Jupiter Securitization Corporation) (“Jupiter”), the
financial institutions party hereto (the “Financial Institutions”) and JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA (Main Office Chicago)), as Agent (the “Agent”). 
 PRELIMINARY STATEMENTS 
 A. The Seller, the
Servicer, Jupiter, the Financial Institutions and the Agent are parties to that certain Receivables Purchase Agreement dated as of February 25, 2004 (as amended prior to the date hereof and as otherwise amended, restated, supplemented or
otherwise modified from time to time, the “RPA”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the RPA. 
 B. The Seller, the Servicer, Jupiter, the Financial Institutions and the Agent have agreed to amend the RPA on the terms and subject to the conditions
hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 Section 1.
Amendments. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 2 below, the RPA is hereby amended as follows: 
 (a) The definition of “Purchase Limit” in Exhibit I to the RPA is restated in its entirety as follows: 
 “Purchase Limit” means $325,000,000. 
 (b) The Commitment amount of JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA (Main Office Chicago) set forth on Schedule A to the RPA is hereby amended to delete the amount
“$250,000,000” and replace it with the amount “$325,000,000”. 
 Section 2. Conditions Precedent; Consent to
Amendment. This Amendment shall become effective and be deemed effective, as of the date first above written, upon the latest to occur of the date hereof and receipt by the Agent of one copy of this Amendment duly executed by each of the parties
hereto. 

 Section 3. Covenants, Representations and Warranties of the Seller and the Servicer.

 (a) Upon the effectiveness of this Amendment, each of the Seller and the Servicer hereby reaffirms all covenants, representations and
warranties made by it in the RPA, as amended, and agrees that all such covenants, representations and warranties shall be deemed to have been re-made as of the effective date of this Amendment. 
 (b) Each of the Seller and the Servicer hereby represents and warrants as to itself (i) that this Amendment constitutes the legal, valid and binding
obligation of such party enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and general principles of equity which may limit the availability of equitable remedies and (ii) upon the effectiveness of this Amendment, that no event shall have occurred and be continuing which constitutes an Amortization Event or
a Potential Amortization Event. 
 Section 4. Fees, Costs, Expenses and Taxes. Without limiting the rights of the Agent
and the Purchasers set forth in the RPA and the other Transaction Documents, the Seller agrees to pay on demand all reasonable fees and out-of-pocket expenses of counsel for the Agent and the Purchasers incurred in connection with the preparation,
execution and delivery of this Amendment and the other instruments and documents to be delivered in connection herewith and with respect to advising the Agent and the Purchasers as to their rights and responsibilities hereunder and thereunder.

 Section 5. Reference to and Effect on the RPA. 
 (a) Upon the effectiveness of this Amendment, each reference in the RPA to “this Agreement,” “hereunder,” “hereof,”
“herein,” “hereby” or words of like import shall mean and be a reference to the RPA as amended hereby, and each reference to the RPA in any other document, instrument or agreement executed and/or delivered in connection with the
RPA shall mean and be a reference to the RPA as amended hereby. 
 (b) Except as specifically amended hereby, the RPA and other documents,
instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Purchaser or the Agent under the RPA or any of the other Transaction Documents, nor
constitute a waiver of any provision contained therein. 
 Section 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS. 
 Section 7.
Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of 

  

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which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.

 Section 8. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall
not constitute a part of this Amendment for any other purpose. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the date first set
forth above by their respective officers thereto duly authorized, to be effective as hereinabove provided. 
  

			
	 JABIL CIRCUIT FINANCIAL II, INC., as Seller

		
	 By:
	 	 /s/ John Morris

	 Name:
	 	John Morris
	 Title:
	 	Officer
	
	JABIL CIRCUIT, INC., as Servicer
		
	 By:
	 	 /s/ Forbes Alexander

	 Name:
	 	Forbes Alexander
	 Title:
	 	Chief Financial Officer

			
	 JUPITER SECURITIZATION COMPANY LLC

		
		 	By: JPMorgan Chase Bank, N.A., as its attorney-in-fact
		
	 By:
	 	 /s/ Maureen Marcon

	 Name:
	 	 Maureen Marcon

	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK, N.A.

		 	 (successor by merger to Bank One, N.A. (Main Office Chicago)),
 as a Financial Institution and as Agent

		
	 By:
	 	 /s/ Maureen Marcon

	 Name:
	 	 Maureen Marcon

	 Title:
	 	 Vice President

  

 5 

 FEE LETTER 
 As of October 26, 2006 
 Jabil Circuit Financial II, Inc. 
 300 Delaware Avenue 
 Suite 12119 
 Wilmington, Delaware 19801 
 Re: Receivables Purchase Agreement 
 Ladies and Gentlemen: 
 Reference is hereby made to that
certain Receivables Purchase Agreement (as amended, restated or otherwise modified from time to time, the “Purchase Agreement”) dated as of February 25, 2004 among Jabil Circuit Financial II, Inc., as seller (the “Seller”),
Jabil Circuit, Inc., as servicer, Jupiter Securitization Company LLC (formerly Jupiter Securitization Corporation) (“Jupiter”), certain entities party thereto as “Financial Institutions” and JPMorgan Chase Bank, N.A. (successor
by merger to Bank One, NA (Main Office Chicago)), as Agent (the “Agent”) for Jupiter and the Financial Institutions. This letter constitutes the “Fee Letter” referred to in the Purchase Agreement and sets forth our understanding
in respect of certain fees payable by the Seller and the obligations of the Seller in connection therewith. Capitalized terms that are used herein and not otherwise defined herein shall have the respective meanings assigned thereto under the
Purchase Agreement. 
 SECTION 1. Fees. Notwithstanding any limitation on recourse contained in the Purchase Agreement: 
 (a) Structuring Fee. On February 25, 2004, Seller paid to Jupiter a structuring fee in the amount of $150,000 pursuant to that certain Fee
Letter dated as of February 25, 2004 among the Seller, Jupiter and the Agent. 
 (b) On-Going Fees. The following fees shall be due and payable on the fifth (5th) Business Day
of each month or such other day as agreed to by the Seller and the Agent in writing (each such date, a “Payment Date”), during the period commencing on the date hereof until the date occurring on or after the Facility Termination Date on
which the amount of the Aggregate Unpaids shall be reduced to zero. All such fees shall accrue from the date hereof and shall, as provided in Section 1.4 of the Purchase Agreement, be calculated on the basis of a 360-day year for the actual
number of days elapsed (including the first but excluding the last such day). 
  

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 (i) Facility Fee. On each Payment Date, the Seller shall pay to Jupiter a fee
equal to 0.15% per annum times 102% of the average Purchase Limit as in effect from time to time during the immediately preceding calendar month or portion thereof. 
 (ii) Program Fee. On each Payment Date, the Seller shall pay to Jupiter a fee equal to 0.15% times the average daily outstanding
Capital of Jupiter during the immediately preceding calendar month or portion thereof. 
 SECTION 2. Independent Nature of Fees. Each
of the fees described in Section 1 above shall be in addition to, and not in lieu of any other fees, expenses, reimbursements, indemnities and any other amounts payable by the Seller under or in connection with the Purchase Agreement.
Nothing contained in this Fee Letter shall limit in any way the obligation of the Seller to pay any amount required to be paid by it in accordance with the terms of the Purchase Agreement. 
 SECTION 3. Amendment and Restatement; Effectiveness. This Fee Letter amends, restates and replaces in its entirety that certain Fee Letter dated
as of November 11, 2005 among the Seller, Jupiter and the Agent (the “Existing Fee Letter”). This letter agreement is not intended to constitute a novation of the Existing Fee Letter and all fees that have accrued under the Existing
Fee Letter up to the date hereof shall be payable as and when required in accordance with the terms thereof. All references in the Purchase Agreement or any other Transaction Document to a “Fee Letter” shall hereafter mean and be a
reference to this Fee Letter. 
 SECTION 4. Termination. This Fee Letter shall terminate immediately following the later to occur of
(a) the Facility Termination Date and (b) the repayment in full of all of the Aggregate Unpaids. 
 SECTION 5. Amendments and
Waivers. No amendment, waiver, supplement or other modification of this Fee Letter shall be effective unless made in writing and executed by each of the parties hereto. 
 SECTION 6. Counterparts. This Fee Letter may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
 SECTION 7. Successors and Assigns. This Fee Letter shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns; provided that the Seller may not assign any of its
obligations hereunder without the prior written consent of the Agent and each of the Purchasers. 
 SECTION 8. Governing Law. THIS FEE
LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS (INCLUDING, BUT NOT LIMITED TO, 735 ILCS SECTION 105/5-1 ET SEQ., BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS). 
  

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 If the foregoing agreements evidence your understanding, please acknowledge by executing this letter in
the space provided below. 
  

			
	 Very truly yours,
  
 JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, NA (Main Office Chicago)), as
Agent

		
	 By
	 	 /s/ Maureen Marcon

		 	 Maureen Marcon

		 	 Vice President

	
	 J.P. MORGAN SECURITIES INC., as Arranger

		
	 By
	 	 /s/ Maureen Marcon

		 	 Maureen Marcon

		 	 Vice President

	
	 JUPITER SECURITIZATION COMPANY LLC

		
	 By:
	 	JPMorgan Chase Bank, N.A., its attorney-in-fact
		
	 By
	 	 /s/ Maureen Marcon

		 	 Maureen Marcon

		 	 Vice President

  

			
	 Acknowledged and Agreed:

	
	 JABIL CIRCUIT FINANCIAL II, INC.

		
	 By
	 	 /s/ John Morris

	 Title:
	 	 John Morris

	 Name:
	 	 Officer

 Signature Page to Amendment No. 6

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