Document:

exhibit10-2.htm

    ADDENDUM
TO AMENDED AND RESTATED EXECUTIVE

    EMPLOYMENT
AGREEMENT

     

    

     

    This Addendum to the Amended and
Restated Executive Employment Agreement (the “Agreement”) dated December 20,
2005 between SpaceDev, Inc. (“SpaceDev,” or the “Company”) and Richard B.
Slansky (“Executive”) is entered into as of April 21, 2008 with respect to the
Renewal Term of the Agreement.  The Agreement was automatically
renewed, pursuant to Section 1(b) of the Agreement, for the Renewal
Term.

     

    Under Section 3(b) of the Agreement,
Executive’s bonus compensation for the Term and the Renewal Term shall be as set
forth on Exhibit B to the Agreement.  Such Exhibit B set forth
performance objectives and related bonus compensation amounts with respect to
the Term, and provided that for the Renewal Term Executive would be eligible for
bonuses as “determined mutually by the Board and Executive.”

     

    SpaceDev and Executive hereby
memorialize in this addendum the following performance objectives and related
bonus compensation amounts which they have mutually determined for the Renewal
Term.

     

    Upon
achievement of each performance objective listed below, the bonus award next to
each such performance objective shall become payable to Executive upon
achievement, provided, that Executive remains an employee of the Company through
the date of such achievement, except as otherwise set forth below.

     

    All
determinations of net cash provided by operations, net revenue and income from
operations shall be made in accordance with GAAP.

     

    The
Executive Options refer to 600,000 stock options granted to Executive on the
date of this addendum pursuant to the 2004 Equity Incentive Plan, with an
exercise price equal to the fair market value of a common share on the grant
date.  Except as set forth in this addendum (including the sentence
following this one), the Executive Options shall never vest or be
exercisable.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	
              Item

            	
              Bonus
      Award

            	
              Performance
      Objective

            
	
              1

            	
              $10,000
      plus  vesting of 200,000 of the Executive
Options

            	
              If
      the Company's net cash provided by operations, for the fiscal year ending
      December 31, 2008 ("Fiscal 2008"), which shall be determined in good faith
      by the Board in accordance with GAAP, is in excess of
      zero.  This bonus award shall be paid, if earned, by no later
      than April 15, 2009.

            
	 	 	 
	
              2

            	
              $10,000
      plus vesting of 100,000 of the Executive Options

            	
              If
      the Company's Funded Backlog on December 31, 2008 is in excess of 75% of
      the Company’s net revenues for Fiscal 2008.  Net revenues shall
      be determined in good faith by the Board in accordance with
      GAAP.  Funded Backlog shall be determined in good faith by the
      Board as the sum of:  (a) for government
      contracts:  backlog at December 31, 2008, but only to the extent
      the contract or contract phase associated with such backlog has been
      awarded, contracted, option-exercised (if applicable) and funded; (b) for
      government-related contracts:  backlog at December 31, 2008, but
      only to the extent the prime contractor’s contract or contract phase
      associated with such backlog has been awarded, contracted,
      option-exercised (if applicable) and funded, and the subcontract to the
      Company is in full force and effect and every option held by the prime
      contractor (or any subcontractor above the Company) as to the work has
      been exercised in favor of the work; and (c) for other commercial
      contracts:  backlog at December 31, 2008 for firm,
      non-cancellable orders.   This bonus award shall be paid,
      if earned, by no later than April 15, 2009.

            
	 	 	 
	
              3

            	
              $20,000
      plus vesting of 300,000 of the Executive Options

            	
              If
      the Company's income from operations for Fiscal 2008 minus total
      stock-based compensation expense for Fiscal 2008, each of which shall be
      determined in good faith by the Board in accordance with GAAP, is in
      excess of $750,000.  This bonus award shall be paid, if earned,
      by no later than April 15, 2009.

            

    

    

     

    In the event of a change in control of
the Company by December 31, 2008, all of the Executive Options shall thereupon
vest if Executive was an employee of the Company on the day such change in
control was contracted for.

     

    SpaceDev and Executive hereby further
memorialize their determination that the three $12,500 Renewal Term bonus
opportunities contemplated by such Exhibit B shall be inapplicable.

     

    SPACEDEV,
INC.

     

    By:           /s/ MARK N.
SIRANGELO

     

    Name:        Mark N.
Sirangelo    

     

    Title:         Chief Executive Officer  

     

    

     

       /s/
RICHARD B. SLANSKY    

      Richard B.
Slansky

     

    
      
        
        

      

      
        2Filed by Automated Filing Services Inc. (604) 609-0244 - Dussault Apparel Inc. - Exhibit 10.1

DUSSAULT APPAREL
INC.
8010 Melrose Avenue
Los Angeles, CA
90046-7010

April 16, 2008

Dayton Boot Co. Ent. Ltd. 
2250 East Hastings Street

Vancouver, BC V5L 1V4

Attention: Stephen Encarnacao

Dear Sirs:

Re: Bridge Loan

This letter will serve to confirm our agreement wherein, for
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, we have agreed to loan US$300,000 (the “Loan”) to Dayton, on the
following terms and conditions in order to facilitate exploring a further
investment or purchase of Dayton by Dussault Apparel Inc. (the
“Transaction”):

	1. 	
      The principal amount of the Loan, shall be due and
      payable on December 31, 2008 (the “Maturity Date”).

	 	 	 
	2. 	
      The Loan shall bear interest at the rate of 6% per annum,
      payable on the Maturity Date.

	 	 	 
	3. 	
      The Dayton may repay any or all outstanding amounts of
      principal and interest at any time, without penalty.

	 	 	 
	4. 	
      Except as otherwise agreed to in writing between the
      parties, Dayton agrees that for a period from the date of this Agreement
      until the earliest of:

	 	 	 
		(a) 	
      the Maturity Date; or

	 	 	 
		(b) 	
      the date that a Transaction is consummated between the
      parties hereto,

	 	 	 
		
      other than in connection with a Transaction mutually
      agreed to by the parties hereto (a “Permitted Transaction”), Dayton and
      its Representatives will not, directly or indirectly:

	 	 	 
		(c) 	
      acquire, by purchase or otherwise and whether
      individually or jointly or in concert with any other person, any of the
      outstanding securities or direct or indirect rights to acquire any
      securities of the other party;

	 	 	 
		(d) 	
      offer to purchase all or any part of the outstanding
      securities of the other party;

	 	 	 
		(e) 	
      offer to sell all or any part of Dayton’ securities to
      the other party;

	 	 	 
		(f) 	
      in any way solicit proxies to vote, or seek to advise or
      influence any person or entity with respect to the voting of, any
      securities of the other party;

- 2 -

		(g) 	
      otherwise act, alone or in concert with others, to seek
      to control the management, board of directors or policies of the other
      party;

	 	 	 
		(h) 	
      contact or otherwise communicate with any shareholder of
      the other party with a view to discussing any direct or indirect purchase
      of securities of the other party, other than by, or subsequent to, the
      delivery of a takeover bid circular, proxy circular or similar disclosure
      document to all shareholders of the other party pursuant to a Permitted
      Transaction.

	 	 	 
	5. 	
      “Representatives” of Dayton means the directors,
      employees, affiliates, subsidiaries, shareholders, advisors, agents and
      representatives of Dayton, and shall also include directors and employees
      of the affiliates, subsidiaries and shareholders of Dayton.

	 	 	 
	6. 	
      The obligations of Dayton will be evidenced by a
      promissory note in the form attached hereto.

Accepting that the above accurately details your understanding
of our agreement in this regard could you please execute this letter where
indicated and return same at your early convenience.

Yours truly,

DUSSAULT APPAREL INC.

Per: /s/ Robert Mintak

Authorized Signatory

Acknowledged and agreed to this 16th day of April, 2007 by:

DAYTON BOOT CO. ENT. LTD.

	Per: 	/s/
      Stephen Encarnacao 	 
	  	Authorized Signatory 	 

PROMISSORY NOTE

	US$300,000 	April 17th, 2008 
	  	  
	DUSSAULT APPAREL INC. 	  
	8010 Melrose Avenue 	  
	Los Angeles, CA 90046-7010 	  

     FOR VALUE RECEIVED, Dayton Boot
Co. Ent. Ltd. (“Dayton”) promises to pay to the order of Dussault Apparel Inc.
(the “Lender”) the Principal Sum of $300,000 in lawful currency of the United
States of America (the “Principal Sum”).

     It is understood and agreed that
Dayton shall pay to the Lender all of the principal and accrued interest
evidenced by this Promissory Note on December 31, 2008.

     The Principal Sum or such amount
as shall remain outstanding from time to time shall bear interest thereon,
calculated annually, not in advance, at a rate of six (6%) percent per annum
commencing on the day the Principal Sum is advanced by the Lender to Dayton and
shall be payable on maturity. In the event of any partial repayments made on the
Principal Sum, such payments shall be applied firstly towards accrued interest
and then towards the Principal Sum.

     This Promissory Note is being
issued in accordance with and is subject to the terms of a letter agreement
entered into between the undersigned and the Lender dated as April 16, 2008.

     The undersigned shall have the
privilege of prepaying in whole or in part the Principal Sum and accrued
interest.

     Presentment, protest, notice of
protest and notice of dishonour are hereby waived.

	 	Dayton Boot Co. Ent. Ltd. 
	 	  
	 	/s/
      Stephen Encarnacao 
	 	Signature 
	 	  
	 	Stephen Encarnacao, Chief Executive Officer 
	 	Name of Signatory and Title

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