Document:

exh10_1.htm

    
      Exhibit
10.1

    

    

     

     

    
      

      April
8, 2008

      

      

      

      The
Texas A&M University System

      200
Technology Way Suite 2043

      College
Station, Texas 77845

      

      Dear
Sir or Madam:

      

      Reference
is made to that certain Economic Development Agreement, dated July 15, 2005 (the
“Agreement”), by and among the State of Texas, acting by and through the Office
of Economic Development and Tourism, a division within the Office of the
Governor (the “OOGEDT”), The Texas A&M University System (“TAMUS”) and
Lexicon Genetics Incorporated (now known as Lexicon Pharmaceuticals, Inc.,
“Lexicon”), collectively referred to as the “Parties.”  All
capitalized terms used and not otherwise defined herein shall have the meanings
given to such terms in the Agreement.

       

      As
we have discussed, the board of directors and members of The Texas Institute for
Genomic Medicine (“TIGM”) have determined that the interests promoted by the
Agreement would be best served by the dissolution of TIGM as a non-profit
corporation and its reconstitution as an institute within
TAMUS.  TAMUS will obtain all of the assets of the existing non-profit
corporation, as provided in its Articles of Incorporation, and will assume
responsibility for all of its contractual obligations, including all obligations
of TIGM under the Agreement.  In partial consideration for this change
in status, the allocation of responsibility between Lexicon and TAMUS for new
Employment Positions under the Agreement will be modified as described
below.

       

      TAMUS
and Lexicon will remain responsible to the State for creating, in the aggregate,
at least Five Thousand (5,000) new Employment Positions in Texas by
December 31, 2015, and for maintaining such new Employment Positions in
Texas from December 31, 2015 to December 31, 2027, as is presently the case
under the Agreement, with each party’s obligation modified in accordance with
this letter.  TAMUS will remain responsible for 3,384 new jobs under
the terms described in the Agreement, and Lexicon will remain responsible for
1,616 new jobs at Lexicon and its affiliates in which Lexicon has a 50% or
higher ownership interest.

       

       

       TAMUS and Lexicon have agreed,
however, subject to consent of the OOGEDT as indicated below, that (i) TAMUS
will assume Lexicon’s obligation to create the Employment Positions required to
be created by Lexicon in Section 2.d of the Agreement for the five-year period
from 2007 through 2011, and (ii) Lexicon shall be responsible for the Employment
Positions as set out in the revised schedule of Job Targets below for the years
2012 through 2016, and for maintaining 1,616 Employment Positions for the years
2017 and 2018. TAMUS shall only be required to maintain 3,384 Employment
Positions for the years 2016, 2017 and 2018.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The revised schedule of Job Targets in
Section 2.d of the Agreement will be as follows:

      

      
        	
                By End of Calendar
      Year

              	 	 	
                Aggregate Job
      Target

              	 	 	
                TAMUS Job
      Target

              	 	 	
                Lexicon Job
      Target

              

      

      
        	
                2007

              	 	 	
                198

              	 	 	
                198

              	 	 	
                0

              	 
	
                2008

              	 	 	
                357

              	 	 	
                357

              	 	 	
                0

              	 
	
                2009

              	 	 	
                581

              	 	 	
                581

              	 	 	
                0

              	 
	
                2010

              	 	 	
                894

              	 	 	
                894

              	 	 	
                0

              	 
	
                2011

              	 	 	
                1,345

              	 	 	
                1,345

              	 	 	
                0

              	 
	
                2012

              	 	 	
                1,801

              	 	 	
                1,676

              	 	 	
                125

              	 
	
                2013

              	 	 	
                2,562

              	 	 	
                2,353

              	 	 	
                209

              	 
	
                2014

              	 	 	
                3,573

              	 	 	
                3,272

              	 	 	
                301

              	 
	
                2015

              	 	 	
                5,000

              	 	 	
                4,598

              	 	 	
                402

              	 
	
                2016

              	 	 	
                5,000

              	 	 	
                3,384

              	 	 	
                1,616

              	 

      

      

      It
is understood that the Job Targets for each year in the foregoing table include
the maintenance over the course of such year of the Employment Positions in the
preceding year’s Job Target, with the balance of such Job Target representing
new Employment Positions established by the end of the year.  It is
further understood that the number of Employment Positions to be maintained by
TAMUS and Lexicon, respectively, in years after 2016 represent the maintenance
of the contemplated number of Employment Positions over the course of such
year.

      

      In
connection with the extension of Lexicon’s obligations through 2018 as provided
in this letter, Lexicon agrees to submit an Annual Compliance Verification to
OOGEDT not later than January 31 of each year through 2019 under the terms set
forth in Section 2.e of the Agreement.

      

      TAMUS
shall continue to be eligible to earn surplus job credits in the event it
maintains jobs in excess of 3,384 for the years 2016, 2017, and
2018.  As is presently the case under the Agreement, Lexicon shall not
be eligible to use any surplus job credits of TAMUS to offset its Employment
Position obligations, but shall continue to be eligible to earn and use its own
surplus job credits on the terms set forth in the Agreement to the extent it
creates or maintains jobs in excess of the amounts indicated in this letter for
any year through 2018. TAMUS shall continue to be responsible for maintaining
5,000 Employment Positions for the years 2019-2027.  In recognition of
the foregoing modifications, the final year of Lexicon’s Job Target commitment
referenced in Section 3.b of the Agreement will be 2018 rather than
2015.  Finally, in connection with the reconstitution of TIGM within
TAMUS, the reference to “TIGM members” in Section 3.b of the Agreement shall be
changed to “institutions of higher education, research institutes, companies or
other entities within the State.”  However, such institutions of
higher education, research institutes, companies, or other entities shall only
be allowed to count for purposes of Section 3.b if sufficient evidence is
provided to the State, to the reasonable satisfaction of the State, that the
funding is related to research using materials obtained from TIGM.

      

      In
addition to all other reporting obligations contained in the Agreement, TAMUS
shall, as part of its Annual Compliance Verification, report on the progress of
the original mission of TIGM, including activities associated with the TEF Award
and the use of the OmniBank II Library by other universities, researchers, and
private companies.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
Parties agree that all of the terms and conditions of the Agreement shall remain
in full force and effect and shall continue to govern except to the extent that
they conflict with the terms of this amendment.  This letter amendment
is contingent upon the board of directors and members of TIGM voting to dissolve
TIGM in accordance with the organizational documents of TIGM and Texas law not
later than April 30, 2008.

      

      
        	
                Very
      truly yours,

              
	 
      	 
      
	
                Lexicon
      Pharmaceuticals, Inc.

              
	 
      	 
      
	 
      	 
      
	
                By:

              	
                /s/
      Arthur T. Sands

              
	
                Name:

              	
                Arthur
      T. Sands

              
	
                Title:

              	
                President
      and Chief Executive Officer

              

      

      

      

      

      
        	
                Acknowledged
      and agreed:

              
	 
      	 
      
	
                The
      Texas A&M University System

              
	 
      	 
      
	
                By:

              	
                /s/
      Michael O. McKinney

              
	
                Name:

              	
                Michael
      D. McKinney

              
	
                Title:

              	
                Chancellor

              
	
                Date:

              	
                April
      14, 2008

              
	 
      	 
      
	 
      	 
      
	
                State
      of Texas, Office of the Governor,

              
	
                Economic
      Development and Tourism

              
	 
      	 
      
	
                By:

              	
                /s/
      Brian C. Newby

              
	
                Name:

              	
                Brian
      C. Newby

              
	
                Title:

              	
                Chief
      of Staff

              
	
                Date:

              	
                April
      30, 2008Filed by Automated Filing Services Inc. (604) 609-0244 - Razor Resources Inc. - Exhibit 10.1

SHARE CANCELLATION/RETURN TO TREASURY
AGREEMENT

THIS AGREEMENT made the 1st day of May, 2008

	BETWEEN: 	 
	                                       	 Razor Resources Inc. 
	                                       	 (the "Company") 
	AND: 	 
	                                       	 Bing Wong 
	                                       	 ("Wong") 
	AND: 	 
	                                     	Rong Xing Yang 
	                                       	 ("Yang") 

WHEREAS:

	A. 	Wong is the holder of 37,500,000 post split
      shares of the Company’s common stock (the “Wong Shares”); 
		 
	B. 	Yang is the holder of 7,482,150 post split
      shares of the Company’s common stock (the “Yang Shares”) 
		 
	C. 	Wong, the owner of the Wong Shares, and Yang,
      the owner of the Yang Shares agree to the cancellation of the Wong and
      Yang Shares as they have ceased acting as directors or officers of the
      Company, have no involvement with the Company’s current or proposed
      business operations and seek to benefit the Company’s minority
      shareholders with such cancellation; and 
		 
	D. 	Each of the Company, Wong and Yang deem it to
      be in their respective best interests to immediately cancel the Wong and
      Yang Shares. 
		 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of the mutual covenants contained herein (the sufficiency whereof is hereby
acknowledged by the parties hereto), the parties hereby agree to and with each
other as follows:

	1. 	
       
	
      CANCELLATION OF WONG AND YANG
  SHARES

	 	 	 
		1.1 	
      The Wong and Yang Shares shall be cancelled effective on
      the date of this Agreement.

	 	 	 
	2. 	
       
	RELEASE
	 	 	 
		2.1 	
      Wong and Yang, together with their respective heirs,
      executors, administrators, and assigns, do hereby remise, release and
      forever discharge the Company, its respective directors, officers,
      shareholders, employees and agents, and their respective successors and
      assigns, of and from all claims, causes of action, suits and demands
      whatsoever which Wong or Yang ever had, now or may have howsoever arising
      out of the original grant and this cancellation of the Wong and Yang
      Shares.

	 	 	 
	3. 	
       
	COUNTERPARTS
	 	 	 
		3.1 	
      This Agreement may be executed in several counterparts,
      each of which will be deemed to be an original and all of which will
      together constitute one and the same
instrument.

- 2 -

	4. 	
       
	
      ELECTRONIC MEANS

	 	 	 
		4.1 	
      Delivery of an executed copy of this Agreement by
      electronic facsimile transmission or other means of electronic
      communication capable of producing a printed copy will be deemed to be
      execution and delivery of this Agreement as of the date set forth on page
      one of this Agreement.

	 	 	 
	5. 	
       
	
      FURTHER ASSURANCES

	 	 	 
		5.1 	
      As and so often as may be required, the parties will
      execute and deliver all such further documents, do or cause to be done all
      such further acts and things, and give all such further assurances as in
      the opinion of the Company or its counsel are necessary or advisable to
      give full effect to the provisions and intent of this Agreement.

	 	 	 
	6. 	
       
	
      PROPER LAW

	 	 	 
		6.1 	
      This Agreement will be governed by and construed in
      accordance with the law of the State of Nevada.

	 	 	 
	7. 	
       
	INDEPENDENT LEGAL ADVICE
	 	 	 
		7.1 	
      Wong and Yang hereby acknowledge that this Agreement was
      prepared by Macdonald Tuskey for the Company and that Macdonald Tuskey
      does not represent Wong and/or Yang. By signing this Agreement, Wong and
      Yang confirm that they fully understand this Agreement and (a) have
      obtained independent legal advice or (b) waives their right to obtain
      independent legal advice.

IN WITNESS WHEREOF the parties have executed and
delivered this Agreement.

	RAZOR RESOURCES INC. 	 	 
	 	  	 	  
	Per:   	 /s/ Jordan
      Welsh                    
      	 	 	
	 	 Authorized Signatory 	 	 	
	 	  	 	  
	 	  	 	  
	 	  	 	  
	 	  	 	  
	/s/ Bing
      Wong                 
        	 	 
	BING WONG 		 
	 	 	  
	/s/ Rong Xing
      Yang          		 
	RONG XING YANG

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