Document:

Unassociated Document

    Exhibit
10.1

     

    WUHAN
GENERAL GROUP (CHINA) INC.

    Canglongdao
Science Park of Wuhan East Lake Hi-Tech Development Zone

    Wuhan,
Hubei 430200

    People’s
Republic of China

    

    April 23,
2010

    

    Mr.
Ruilong Qi

    Canglongdao
Science Park

    of Wuhan
East Lake Hi-Tech Development Zone

    Wuhan,
Hubei 430200

    People’s
Republic of China

    

    Dear Mr.
Qi

    

    Wuhan
General Group (China) Inc. (the “Company”) is pleased to offer you the position
of Chief Executive Officer (“CEO”) with the Company.  Your employment
with the Company is subject to the following terms and conditions:

     

    
      	
               
      

            	
              1.

            	
              Commencement
      Date is  April 23, 2010;

            

    

    
      	
               
      

            	
              2.

            	
              Your
      monthly salary shall be USD10,000.00, and all reasonable out-of-pocket
      expenses (including entertainment and travel expenses) incurred by you can
      be reimbursed after submission of receipts and proper
      approval;

            

    

    
      	
               
      

            	
              3.

            	
              You
      will be entitled to 21 days annual leave in respect of each period of 12
      consecutive months’ service with the
Company.

            

    

    

    The
Company is also pleased to inform you that you will be entitled to the benefits
(including any discretionary management bonus to be decided) that the Company
customarily makes available to employees in positions comparable to yours and it
will be recommended to the Board of Directors (the “Board”) that you will be
granted an option for the purchase of shares of the Company’s Common Stock from
time to time in sole discretion of the Board or a committee
thereof.

    

    The
Company requests that a departing employee refrain from using or disclosing the
Company’s confidential information in any manner which might be detrimental to
or conflict with the business interests of the Company or its employees. This
Agreement does not prevent a former employee from using his or her general
knowledge and experience-no matter when or how gained-in any new field or
position.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    We hope
that you and the Company will find mutual satisfaction with your employment. All
of us at the Company are very excited about your joining our team and look
forward to a beneficial and fruitful relationship. Nevertheless, employees have
the right to terminate their employment by giving the Company three months prior
notice with or without cause or notice, and the Company reserves for itself an
equal right. We both agree that any dispute arising with respect to your
employment, the termination of that employment, or a breach of any covenant of
good faith and fair dealing related to your employment, shall be conclusively
settled by final and binding court in PR China.

    

    This
letter contains the entire agreement with respect to your employment. The terms
of this offer may only be changed by written agreement, although the Company may
from time to time, in its sole discretion, adjust the salaries and benefits paid
to you and its other employees. Should you have any questions with regard to any
of the items indicated above, please call me. Kindly indicate your consent to
this employment agreement by signing and returning a copy of this letter to
me.

    

    Your
starting date for commencement of employment will be April 23, 2010, unless
otherwise mutually agreed in writing.

    

    

    

    Very
truly yours,

    

    

    By:  /s/ Xu
Jie                                                                             

    Name:  Mr.
Xu Jie

    Title:  President
and CEO

    

    

    ACCEPTED:

    

    

      /s/ Ruilong
Qi                                                                           

    Mr.
Ruilong QiUnassociated Document

    Exhibit
10.1

    FIRST
AMENDMENT TO

     

    COMMON
STOCK PURCHASE AGREEMENT

     

    This
First Amendment to Common Stock Purchase Agreement (this “First Amendment”) is
dated as of April 28, 2010, by and between Generex Biotechnology Corporation, a
Delaware corporation (the “Company”), and
Seaside 88, LP, a Florida limited partnership (such investor, including its
successors and assigns, “Seaside”).

     

    WHEREAS,
the parties entered into that certain Common Stock Purchase Agreement dated as
of April 7, 2010 (the “Agreement”;
capitalized terms used herein without definition shall have the meanings
assigned to such terms in the Agreement), which Agreement provided for the sale
by the Company to Seaside, and the purchase by Seaside from the Company, of up
to 49,455,130 shares of Common Stock of the Company on certain Closing Dates as
set forth in the Agreement; and

     

    WHEREAS, the parties now desire to
amend the Agreement to modify the timing of the Closings pursuant to the
Agreement and certain other provisions of the Agreement, as more specifically
set forth herein.

     

    NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement,
and for other good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the Company and Seaside agree as follows:

     

    1.           The
first Whereas clause of the Agreement shall be amended hereby by deleting such
clause in its entirety and substituting therefor the following:

     

    “WHEREAS,
subject to the terms and conditions set forth in this Agreement, the Company
desires to issue and sell to Seaside, and Seaside desires to purchase from the
Company, up to 49,455,130 shares of Common Stock (as the same may be
proportionately adjusted in respect of any stock split, stock dividend,
combination, recapitalization or the like) on the Closing Dates;”

     

    2.           The
following definition as set forth in Section 1.1 of the Agreement shall be
amended hereby by deleting such definition in its entirety and substituting
therefor the following:

     

    “Subsequent Closing
Date” means (i) April 22, 2010, (ii) April 30, 2010 and (iii) thereafter,
the day two weeks subsequent to the prior Closing Date (or, if such day is not a
Trading Day, then the first day thereafter that is a Trading Day), or such later
dates when all conditions precedent to Seaside’s obligations to purchase the
Shares, and the Company’s obligations to issue and deliver the Shares, have been
satisfied or waived, in each event with respect to such Subsequent Closing,
unless this Agreement is earlier terminated pursuant to the terms
hereof.”

     

    3.           Section
2.2 of the Agreement shall be amended hereby by deleting such section in its
entirety and substituting therefor the following:

     

    “2.2           Subsequent
Closings.  On each Subsequent Closing Date, subject to Section
2.6 and the Cap (as defined herein), Seaside shall purchase from the Company,
and the Company shall issue and sell to Seaside, 2,000,000 Shares (as the same
may be proportionately adjusted in respect of any stock split, stock dividend,
combination, recapitalization or the like) at the Per Share Purchase Price,
provided, however, that in no
event shall the Company issue and sell more than 49,455,130 Shares (as the same
may be proportionately adjusted in respect of any stock split, stock dividend,
combination, recapitalization or the like) (the “Cap”) pursuant to
this Agreement without first obtaining stockholder approval of the issuance, or
potential issuance, of such excess Shares.  Upon satisfaction or
waiver of the conditions set forth in Sections 2.3, 2.4, 2.5 and 2.6, each
Subsequent Closing shall occur at the offices of White White & Van Etten PC,
55 Cambridge Parkway, Cambridge, MA 02142, or such other location as the parties
shall mutually agree.”

     

    4.           Section
2.3(a) of the Agreement shall be amended hereby by deleting such section in its
entirety and substituting therefor the following:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    “(a)           subject
to Section 2.6(b) and the Cap, 2,000,000 Shares (as the same may be
proportionately adjusted in respect of any stock split, stock dividend,
combination, recapitalization or the like), registered in the name of Seaside,
via the DTC DWAC system, as specified on the signature pages
hereto;”

     

    5.           Section
2.4 of the Agreement shall be amended hereby by deleting such section in its
entirety and substituting therefor the following:

     

    “2.4           Deliveries by
Seaside.  On each Closing Date, Seaside shall deliver or cause
to be delivered to the Company an amount equal to the Per Share Purchase Price
for each such Closing multiplied by the number of Shares purchased on such
Closing Date, subject to Section 2.6(b) and the Cap, in each case by wire
transfer of immediately available funds to the account as specified in writing
by the Company, and in each case less the amount due Seaside for reimbursement
of its expenses pursuant to Section 5.2 hereof.”

     

    6.           Section
2.6(a) of the Agreement shall be amended hereby by deleting such section in its
entirety and substituting therefor the following:

     

    “(a)           In
the event that the Per Share Purchase Price does not equal or exceed the Floor,
as calculated with respect to any Subsequent Closing Date, then such Subsequent
Closing will not occur.  In each such event, there will be one fewer
Subsequent Closing pursuant to this Agreement and the aggregate number of Shares
to be purchased hereunder shall be reduced by 2,000,000 Shares (as the same may
be proportionately adjusted in respect of any stock split, stock dividend,
combination, recapitalization or the like, and subject to Section 2.6(c) and the
Cap) for each such Subsequent Closing that does not occur because the Floor has
not been reached.

     

    7.           Except
as otherwise expressly provided in this First Amendment, all provisions of the
Agreement are hereby ratified and agreed to be in full force and effect, and are
incorporated herein by reference.  This First Amendment may be
executed in separate counterparts, each of which shall be deemed an original,
and all of which taken together shall constitute one and the same
instrument.

     

    8.           This
First Amendment and the Agreement constitute the entire agreement between the
parties with respect to the subject matter hereof, and supersede all prior
written agreements and negotiations and oral understandings, if any, with
respect to such subject matter.

     

    

     

    (Signatures
Follow)

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to Common
Stock Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

     

    
      
        
          
            
              
                
                  
                    
                      	
                              Generex
      Biotechnology Corporation

                               

                               

                            
	
                              By: 
      /s/ Anna E. Gluskin

                                   Name:  Anna
      E. Gluskin

                                   Title:    President
      and Chief Executive Officer

                               

                               

                            
	
                              By: /s/ Rose
      Perri

                                   Name:  Rose
      Perri

                                   Title:   Chief
      Operating Officer and

                                               Chief
      Financial Officer

                               

                            
	
                              Seaside
      88, LP

                               

                              By:  Seaside
      88 Advisors, LLC

                            
	
                               

                               

                              By:  /s/
      William J. Ritger

                                     Name:
      William J. Ritger

                                     Title:  Manager

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