Document:

EXHIBIT 10-5

UNCONDITIONAL GUARANTY (By Entity)

          WHEREAS, the undersigned has requested BB&T Leasing Corporation (LESSOR) to lease equipment to:

SOUTHEAST POWER CORPORATION (LESSEE) and the LESSOR has leased and/or may in the future lease equipment by reason of such request and in reliance upon this guaranty. As used herein the term “equipment” shall include without limitation all forms and types of vehicles, airplanes, boats, machinery, fixtures and equipment.

          NOW, THEREFORE, in consideration of such lease of equipment and/or the lease in the future of equipment in its discretion by LESSOR to LESSEE (whether to the same, greater or lesser extent than the limit of this guaranty), the undersigned (who, if two or more in number, shall be jointly and severally bound) hereby unconditionally guarantees to LESSOR and its successors and assigns the punctual payment when due, with such sales or use taxes as may accrue thereon, of all rental payments, debts and obligations (including legal fees and expenses) of the LESSEE, now existing or hereafter arising under, and the performance by the LESSEE of all the terms and conditions of, any Equipment, Vehicle or other Lease, whether heretofore or hereafter entered into between LESSOR and LESSEE.

          The liability of the undersigned hereunder shall not exceed at any one time a total of $ 4,000,000.00.

          The undersigned consents that the time or place of payment of any obligation of the LESSEE or of any terms or conditions of any Lease or of any security or collateral therefor may be changed or extended and may be renewed of accelerated, in whole or in part; that the LESSEE may be granted indulgences generally, that any provisions of any Lease may be modified or waived; that any party liable for the payment thereof (including but not limited to any co-guarantor) may be granted indulgences or released; that neither the death, bankruptcy nor disability of any one or more of the guarantors shall affect the continuing obligation of any other guarantor, and that no claim need be asserted against the personal representative, guardian, trustee in bankruptcy or receiver of any deceased, incompetent, bankrupt or insolvent guarantor, all without notice to or further assent by the undersigned, who shall remain bound
thereon, notwithstanding any such change, extension, renewal, acceleration, modification, indulgence, waiver or release.

          The undersigned expressly waives (a) notice of acceptance of this guaranty and of any transaction with LESSOR; (b) presentment and demand for payment of any of the obligations of LESSEE; (c) protest and notice of dishonor or of default to the undersigned or to any other party with respect to any of the obligations of the LESSEE or with respect to any security or collateral therefore; (d) all of the notices to which the undersigned might otherwise be entitled and (e) demand for payment under this guaranty.

          This is a guaranty of payment and not of collection and also a guaranty of performance. The liability of the undersigned on this guaranty shall be absolute, continuing, direct and immediate and not conditional or contingent upon the pursuit of any remedies against LESSEE or any other person, nor against collateral, securities or liens available to LESSOR, its successors or assigns. The undersigned waives any right to require that an action be brought against LESSEE or any other person or to require that resort be had to any security or collateral. If the obligations of the LESSEE are partially paid through the election of the LESSOR or its successors or assigns, to pursue any of the remedies mentioned in this paragraph or if such obligations are otherwise partially paid, the undersigned shall remain liable for any balance of such obligations up to the limit hereinabove stated.

          If the LESSEE is a corporation, this obligation covers all Leases, rental payments, debts and obligations to LESSOR purporting to be incurred or undertaken in behalf of such corporation by any officer or agent of said corporation without regard to the actual authority of such officer or agent.

          So long as this guaranty is in effect, the undersigned shall provide LESSOR with continuing periodic financial statements at intervals of not less than every year commencing on the date hereof. Such financial statements will consist of a balance sheet and statement of earnings of guarantor, will be dated within thirty (30) days of the date submitted to Lessor and will be prepared in accordance with generally accepted accounting principles.

          This guaranty shall be binding upon the undersigned, its successors and assigns unless and until (and then only with respect to future transactions or commitments) terminated by notice to that effect received by the LESSOR by certified or registered mail, addressed to the LESSOR at its then principal office. This obligation shall be construed in accordance with the laws of the State of North Carolina and when signed by more than one shall be the joint and several obligations of each.

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized representatives to execute this Guaranty under seal, this 13th day of July, 2006.

	
  
 
  	
  
THE GOLDFIELD CORPORATION
  
	
  
 
  	

  

  
	
  
 
  	
  
Name of Entity
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/  Stephen R. Wherry
  
	
   
  	
  
 
  	
  

  
	
  
(ENTITY SEAL)
  	
  
Title:
  	
  
Treasurer
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
Attest:
  	
  
/s/  Stephen R. Wherry
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Title:
  	 
Assistant Secretary
  

Sharing of Information Notification

Unless you object in writing, BB&T Leasing Corporation will share information about you and your account(s) with Branch Banking & Trust Company and subsidiaries and affiliates. If you object, your objection must be sent to BB&T Leasing Corporation, PO Box 31273 Charlotte, NC 28231. Please include your company name, and/or your individual name, the address(s) to which your invoices are sent, Federal Taxpayer ID. or Social Security number (for individuals) and telephone number. Please allow us a reasonable period of time to update our database after receiving your objection. Not withstanding any objection, information about you and your accounts will be disclosed to BB&T, subsidiaries, affiliates and outside parties only in accordance with applicable laws.EX-10.1

EXHIBIT 10.1

July 10, 2006

Michael Tansey, BSc, MB ChB, MD, FFPM

7651 Country Club Drive

La Jolla, CA 92037

Dear Mike:

On behalf of La Jolla Pharmaceutical Company, I am pleased to offer you the position of Chief
Medical Officer. This position will report to Deirdre Gillespie, M.D. in her position as President
& CEO. Your start date will be Monday, July 17, 2006. Upon joining the Company, as a regular,
part-time, exempt employee on your date of hire, La Jolla Pharmaceutical Company will provide you
with a biweekly salary of $7,673.08 ($199,500.00 annualized figure). This figure is based on our
mutually agreed part time schedule of 65% and is subject to change should there be a modification
to this agreement. Your compensation will be payable biweekly less payroll deductions and all
required withholdings, effective on your start date. In addition to your regular salary, you will
be eligible to receive a target bonus of up to 35% of your base salary, with any bonus for year
2006 being prorated. This bonus will be determined by the achievement of goals tied to your
position and the achievement of overall Corporate goals and is subject to approval by the Company’s
Board of Directors.

In addition, La Jolla Pharmaceutical Company’s management will recommend to the Board of Directors
that the Company grant you an incentive stock option to buy 113,000 shares of LJP common stock in
accordance with the Company’s current stock option plan.

Furthermore, La Jolla Pharmaceutical Company agrees to pay you $9,600.00 per year employed for
supplemental medical coverage. As a condition, you will decline the company’s medical plan during
open enrollment periods. La Jolla Pharmaceutical Company further agrees to reimburse up to
$2,500.00 per month for expenses actually and reasonably incurred by you for temporary housing for
a maximum period of six months from your start date or until such time as you obtain permanent
housing, whichever is earlier, as long as you are employed by the Company.

You will be eligible for the Company’s vacation, sick leave, holidays, 401k, medical, dental and
vision benefits on your start date. Details about these and other employee benefit plans are
available for your review.

As a La Jolla Pharmaceutical Company employee, you will be expected to abide by the Company’s
rules, policies and regulations, in accordance with our standard employment practices. Prior to
employment, you will be required to sign an agreement covering the Company’s Invention and
Confidential Information. This offer will also be contingent upon the successful completion of
LJP’s background screening process.

You may terminate your employment with La Jolla Pharmaceutical Company at any time and for any
reason whatsoever, simply by notifying La Jolla Pharmaceutical Company. Likewise, La Jolla
Pharmaceutical Company may terminate your employment or change your employment status at any time
whatsoever, with or without cause or advance notice. Since La Jolla Pharmaceutical Company’s
standard policy does not provide for agreements guaranteeing employment for any specific period of
time, this offer is not intended to be construed as an employment contract or a guarantee of
benefits.

The employment terms in this letter supersede any other agreements or promises made to you by
anyone, whether oral or written. As required by law, this offer is subject to satisfactory proof
of your right to work in the United States. Please see the attached Employment Eligibility
Verification for a list of acceptable documents you will need to provide upon within three (3) days
of date of hire.

To accept this offer of employment under the terms described above, please sign the enclosed
Invention and Confidential Information Agreement and one copy of this letter and return them to me
at La Jolla Pharmaceutical Company.

Should you have any questions, please do not hesitate to call. We look forward to having you join
our organization and are confident that this will result in a mutually advantageous relationship.

Please note that if this offer is not accepted in writing as of Monday, July 17, 2006 at 5:00 p.m.
Pacific Standard Time, it will become null and void.

Sincerely,

/s/ Deirdre Gillespie

Deirdre Gillespie, MD

President & CEO

	 	 	 
	/s/ Michael Tansey

	 	7/14/06
	 

	 	 
	Michael Tansey, BSc, MB ChB, MD, FFPM

	 	Date

Enclosures

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