Document:

Exhibit 10.55

 

AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

AND JOINDER AGREEMENT

 

This
AMENDMENT TO REGISTRATION RIGHTS AGREEMENT AND JOINDER AGREEMENT (this “Amendment
and Joinder”) is made effective as of November 5, 2007, by and among Averion
International Corp., a Delaware corporation (the “Company”), ComVest
Investment Partners II LLC, a Delaware limited liability company (“ComVest”),
Cumulus Investors, LLC, a Nevada limited liability company (“Cumulus”), Dr. Philip
T. Lavin, an individual (“Lavin”), Gene Resnick, M.D., an individual (“Resnick”),
MicroCapital Fund, Ltd., a Cayman-domiciled investment corporation (“MicroCap
Ltd.”), and MicroCapital Fund LP, a Delaware limited partnership (“MicroCap
LP”). Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Agreement (defined below).

 

RECITALS

 

WHEREAS, the Company, on the one hand, and ComVest,
Cumulus and Lavin (collectively, the “Original Buyers”), on the other
hand, previously entered into that certain Securities Purchase Agreement dated
as of October 31, 2007 (the “Agreement”), pursuant to which the
Company sold Twenty Four Million Dollars ($24,000,000) of senior secured notes
(the “Notes”) and issued an aggregate of one hundred fifteen million two
hundred thousand (115,200,000) shares of the Company’s common stock (the “Shares”)
to the Original Buyers on October 31, 2007 (the “Initial Closing”);

 

WHEREAS, pursuant to the Agreement, an additional
closing (the “Additional Closing”) was scheduled to occur within thirty
(30) days after the Initial Closing, whereby ComVest would purchase additional
Notes in the aggregate principal amount of Two Million Dollars ($2,000,000)
(the “Additional Notes”) and the Company will issue additional shares of
the Company’s common stock to ComVest in the aggregate amount of nine million
six hundred thousand (9,600,000) Shares (the “Additional Shares”);

 

WHEREAS, concurrently herewith, the Agreement is
being amended to amend the Schedule of Buyers to provide that
Resnick, MicroCap Ltd. and MicroCap LP (collectively, the “Additional Buyers”)
will now participate in the Additional Closing and purchase the Additional
Notes and Additional Shares in place of ComVest;

 

WHEREAS, concurrently with the Initial Closing, the Company
and the Original Buyers entered into that certain Registration Rights
Agreement, pursuant to which the Company agreed to register all of the Shares
and Additional Shares (the “Registration Rights Agreement”);

 

WHEREAS,  the Company and
each of the Original Buyers desires to amend the Registration Rights Agreement
to include the Additional Buyers as “Buyers” and/or “Investors” under the
Registration Rights Agreement so that the Additional Buyers will be entitled to
have the same rights and privileges granted to the Original Buyers and so that
the Additional Buyers will be bound by all of the terms and conditions set
forth therein; and

 

WHEREAS,  pursuant to Section 10
of the Registration Rights Agreement, the Company and Original Buyers that
purchased at least sixty six and two thirds percent (66 2/3%) of the aggregate
original principal amount of the Notes at the Initial Closing must consent to
any amendment to the Registration Rights Agreement, and any such amendment
approved by the requisite consent is binding on all of the parties to the Registration
Rights Agreement.

 

 

AMENDMENT

 

1.                                       Joinder of Additional Buyers. Each of the Additional Buyers hereby joins
in the execution of the Registration Rights Agreement. By executing this
Amendment and Joinder, the Company and each of the Original Buyers, who
represent all of the Buyers that participated in the Initial Closing, hereby
agree that each of the Additional Buyers is a “Buyer” and/or “Investor,” as
applicable, under the Registration Rights Agreement with the same force and
effect as if originally named therein as a Buyer and/or Investor. In addition,
each of the Additional Buyers agrees to be bound by all of the terms and
provisions of the Registration Rights Agreement, including, without limitation,
the obligations set forth in Section 4 of the Registration Rights Agreement.
Each reference to a “Buyer” and/or “Investor” in the Registration Rights Agreement,
as applicable, shall be deemed to include each of the Additional Buyers.

 

2.                                       Full Force and Effect. Except as modified above, all other terms
and provisions of the Registration Rights Agreement shall remain in full force
and effect in accordance with their terms.

 

3.                                       Miscellaneous.

 

a.                                       Agreement
Amended. Subject to the provisions of this Section 3, this Amendment
and Joinder shall be deemed to be an amendment to the Registration Rights
Agreement. All references to the Registration Rights Agreement in any other
document, instrument, agreement or writing hereafter shall be deemed to refer
to the Registration Rights Agreement as amended hereby.

 

b.                                      Successors
and Assigns. This Amendment and Joinder shall be binding upon and inure to
the benefit of the Company, the Original Buyers and the Additional Buyers and
their respective successors and assigns.

 

c.                                       Governing
Law. This Amendment and Joinder and the rights and obligations of the
parties hereunder shall be construed in accordance with and governed by the
laws of the State of New York, without regard to conflict of laws principles.

 

d.                                      Counterparts.
This Amendment and Joinder may be executed in multiple counterparts, each
of which shall be deemed an original and together shall constitute one
document. This Amendment and Joinder may be executed and transmitted via
facsimile or electronic transmission in PDF form with the same validity as
if it were an ink-signed document.

 

[Remainder of Page Intentionally
Left Blank]

 

2

 

IN
WITNESS WHEREOF, the
parties have caused this AMENDMENT TO REGISTRATION RIGHTS AGREEMENT AND JOINDER
AGREEMENT to be duly executed as of day and year first above written.

 

	
  COMPANY:

  
	
   

  
	
  AVERION INTERNATIONAL
  CORP.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Christopher G.
  Codeanne

  	
   

  
	
  Name: Christopher G.
  Codeanne

  
	
  Title: Chief Financial
  Officer

  

 

[Company Signature Page to Amendment to Registration Rights
Agreement and Joinder Agreement]

 

 

	
   

  	
  ORIGINAL
  BUYERS:

  
	
   

  	
   

  
	
   

  	
  COMVEST
  INVESTMENT PARTNERS II, LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ComVest II Partners LLC

  	
   

  
	
   

  	
  Its:

  	
  Managing Member

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Cecilio M. Rodriguez

  	
   

  
	
   

  	
  Name:

  	
  Cecilio M. Rodriguez

  	
   

  
	
   

  	
  Title:

  	
  CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CUMULUS INVESTORS, LLC,

  a Nevada limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nader C. Kazeminy

  	
   

  
	
   

  	
  Name: Nader C. Kazeminy

  
	
   

  	
  Title: Chairman and President

  
	
   

  	
   

  
	
   

  	
  /s/ Philip T. Lavin, Ph.D.

  	
   

  
	
   

  	
  PHILIP T. LAVIN, PH.D.,
  in his individual capacity

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ADDITIONAL BUYERS:

  
	
   

  	
   

  
	
   

  	
  /s/ Gene Resnick, M.D.

  	
   

  
	
   

  	
  GENE RESNICK, M.D.,
  in his individual capacity

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICROCAPITAL FUND, LTD., a
  Cayman-domiciled investment corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ian P. Ellis

  	
   

  
	
   

  	
  Name: Ian P. Ellis

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICROCAPITAL FUND LP, a
  Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ian P. Ellis

  	
   

  
	
   

  	
  Name: Ian P. Ellis

  
	
   

  	
  Title: President

  
							

 

[Buyer Signature Page to
Amendment to Registration Rights Agreement and Joinder Agreement]Exhibit 10.56

 

Contract of Employment

Individual Conditions

(“Agreement”)

 

 

between

 

Averion
International Corp

225 Turnpike
Rd

Southborough, MA 01772

USA

(hereinafter called “the Company”)

 

and

 

Dr.
med. Markus H. Weissbach

Burgfeldermattweg 35

4123 Allschwil

Switzerland

 

(hereinafter
called “Dr. Weissbach”)

 

 

§ 1

Position, Scope of Duties

 

(1)                                 Dr. Weissbach will
commence on October 31, 2007 (“Effective Date”) as Chief Executive Officer (“CEO”)
of the Company and Hesperion AG

 

	
   

  	
   1.1

  	
  Place(s) of employment:

  
	
   

  	
   

  	
  Hesperion AG

  
	
   

  	
   

  	
  Gewerbestrasse 24

  
	
   

  	
   

  	
  4123 Allschwil

  
	
   

  	
   

  	
  Switzerland

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  

 

1

 

	
   

  	
   

  	
  Averion International Corp

  
	
   

  	
   

  	
  225 Turnpike Rd

  
	
   

  	
   

  	
  Southborough, MA 01772

  
	
   

  	
   

  	
  USA

  

 

Dr. Weissbach is aware that his position will
require frequent traveling to and from the places of employment to subsidiaries
of the Company and Hesperion AG.

 

(2)                                  Dr. Weissbach shall
serve as Chief Executive Officer of the Company (and Hesperion AG) and shall
have the duties and responsibilities incident to such position and such other
duties as may be determined in consultation with the Company’s Board of
Directors (“Board of Directors”) which shall include, without limitation, those
duties related to strategic management of the Company. Dr. Weissbach shall
perform faithfully, cooperatively and diligently all of his job duties and
responsibilities. Dr. Weissbach agrees to and shall devote his full time,
attention and effort to the business of the Company, its subsidiaries and
affiliates, and other assignments as directed by the Company’s Board of
Directors.

 

(3)                                  Best Efforts.

 

Dr Weissbach will expend his best efforts on behalf of Company in
connection with his employment and will abide by all policies and decisions
made by Company, as well as all applicable US and/or Swiss federal, state and
local laws, regulations or ordinances.

 

(4)                                  Employment
Term.

 

Dr. Weissbach agrees to execute a United States Employment Agreement
with the Company, substantially in the form attached hereto as Annex A (the “U.S.
Employment Agreement”), no later than ten (10) calendar days following the
Effective Date of this Agreement. The term of Dr Weissbach’s employment under
this Agreement shall commence as of the Effective Date and shall continue until
the Effective Date of the U.S. Employment Agreement, at which time this
Agreement shall terminate and be replaced by the U.S. Employment Agreement.

 

2

 

§2

Holidays

 

(1)                                  Per
calendar year, Dr. Weissbach is entitled to 30 working days.

 

(2)                                  In case of start or
termination of employment during the year, vacation is calculated pro rata
temporis. Vacations accrued during a particular year are to be taken not later
than April 30th of the following year. No cash compensation will be
given for vacation days that carry over from a prior year but are unused by
April 30 of the following year. Notwithstanding the foregoing, upon the
Effective Date of the U.S. Employment Agreement, any vacation days not used and
not forfeited in accordance with the previous sentence, shall be carried over
to the US Employment Agreement and governed thereby.

 

(3)                                  In addition, Company
holidays are detailed in a separate notice to be given at the end of the actual
year for the following year.

 

§3

Remuneration and Financial Arrangements

 

Dr. Weissbach
is entitled to receive the following payments:

 

(1)                                 Base Salary

 

As compensation for Dr.
Weissbach’s performance of his duties hereunder, Company shall pay to Executive
an initial base salary of Twenty Seven Thousand United States Dollars (USD $27,000)
per month, starting on the Effective Date, which if annualized, would represent
Three Hundred Twenty Four Thousand United States Dollars (USD $324,000) (“Annual
Base Salary”), payable in accordance with the normal payroll practices of
Company, less required deductions for Swiss and/or US state and federal
withholding tax, social security and all other employment taxes and payroll
deductions. During the term of this Agreement (until the Effective Date of the
U.S. Employment Agreement), Base Salary paid hereunder shall be converted to, and
paid in, Swiss Francs (CHF) at the initial rate of 1.1733 Swiss Francs per
United States Dollar. Accordingly, for avoidance of doubt, on an as-converted
basis, Dr. Weissbach’s initial base salary shall be Thirty

 

3

 

One Thousand Six Hundred Eighty
(CHF 31.680) per month. For each and every subsequent 5.00% increase or
decrease in the exchange rate, there shall be a compensating increase or
decrease in base salary as expressed in Swiss Francs. (For example, if the
CHF/$ US rate should become 1.231965 (i.e. 1.1733 multiplied by 1.05), the
salary would adjust to CHF 33.264 per month). There shall be no adjustments for
movements of less than 5.00%.

 

In case that deductions are also mandatory
under US federal, state or local law and a double taxation can not be avoided,
the parties will split the difference for deductions above the Swiss
deductions.

 

(2)                                  Annual Bonus

 

In addition to the Annual
Base Salary, Dr. Weissbach shall be eligible to receive an annual cash bonus (i)
for calendar year 2007 as set forth in the Bonus Agreement between Executive
and Hesperion AG and (ii) for calendar years beginning in 2008 as set forth in
the U.S. Employment Agreement; all as determined by the Board of Directors
based upon the satisfaction of certain objective criteria and performance
standards established annually by the Board of Directors.

 

(3)                                  Stock Options

 

Concurrent with the
execution of this Agreement, Dr. Weissbach shall be granted an option to
purchase Ten Million (10,000,000) shares of Common Stock of the Company
pursuant to the Company’s 2005 Equity Incentive Plan (the “Plan”) and the
Company’s standard form of executive option agreement under the Plan. Such
option shall have an exercise price per share equal to the fair market value of
a share of such Common Stock determined in accordance with the Plan as of the Execution
Date of this Agreement. In addition, such option shall vest over four years as
set forth in the option agreement evidencing such option. Dr. Weissbach shall
also be eligible to receive additional stock options, restricted stock or other
equity incentive grants pursuant to one or more equity incentive plans offered
by the Company from time to time, subject to the approval of the Board of
Directors.

 

4

 

(4)                                  Company Car

 

During the term of this
Agreement, Dr. Weissbach shall be entitled to use the current Company car (BMW
X5) for full private and business use.

 

(5)                                  Sign-on Bonus

 

Upon the Effective Date of
this Agreement, and subject to Dr. Weissbach’s execution of the U.S. Employment
Agreement, Dr. Weissbach shall receive a one time signing bonus in the aggregate
amount of USD $100,000, with $50,000 of such signing bonus to be paid in cash
and the remaining $50,000 to be paid in restricted stock, as set forth in
detail in, and subject to the terms of, Section 3.3 of the U.S. Employment
Agreement.

 

(6)                                  Business
expenses

 

Dr Weissbach shall be
entitled to receive prompt reimbursement for all reasonable, out-of-pocket
business expenses incurred in the performance of his duties on behalf of
Company and in compliance with the Company’s Policies. In addition, the Company
shall reimburse Dr. Weissbach’s reasonable costs for accommodation in the US until
Dr. Weissbach’s wife receives a working permit in the US allowing her relocation
to the US. To obtain reimbursement, expenses must be submitted promptly with
appropriate supporting documentation in accordance with Company’s Policies.

 

(7)                                  Relocation
expenses

 

Dr. Weissbach shall also be
entitled to receive prompt reimbursement for up to One Hundred Thousand Dollars
($100,000) in relocation expenses incurred in connection with the relocation from
Switzerland to the US that may be required in connection with performing Dr.
Weissbach’s duties hereunder. For avoidance of doubt, the aggregate
reimbursement for relocation expenses under this Agreement and the U.S.
Employment Agreement shall not exceed One Hundred Thousand Dollars ($100,000). Such
relocation expenses shall include the cost of air fare for two round trips for
Dr. Weissbach and each of Dr. Weissbach’s immediate family, transportation of
personal property, meals and lodging during any search for residential real
property to be purchased as Dr. Weissbach’s primary residence as well as the
cost of

 

5

 

any fees paid to a broker
upon the purchase of residential real property that shall serve as Dr. Weissbach’s
primary residence in the US, but such amount shall not include the purchase
price of any such residential real estate. To obtain such reimbursement,
expenses must be submitted promptly with appropriate supporting documentation
in accordance with Company’s policies. Should Dr. Weissbach resign his
employment with the Company without Good Reason (as defined in the U.S.
Employment Agreement) or the Company terminate Dr. Weissbach’s employment for
Cause (as defined in the U.S. Employment Agreement), in either case within two
years following the execution hereof, Executive shall be obligated to return to
the Company the full amount of all relocation expenses paid to Executive
hereunder.

 

§ 4

Deductions and Contributions:

 

(1)                                  According
to the actual law the following deductions will be made from the gross salary
and matched by the Company:

 

	
  AHV/IV/EO

  	
   

  	
  5.05% of monthly salary

  
	
  Unemployment insurance

  	
   

  	
  1,00% of salary, up to the maximum insurable monthly income of CHF 8’900.—

  

 

In case that the deductions are also
mandatory under US federal, state or local law and a double “taxation” can not
be avoided, the parties will split the difference for deductions above the
Swiss deductions.

 

(2)                                  Dr.
Weissbach will be insured by the company for:

 

•
Professional and non-professional accidents

•
Salary continuation in case of illness and accidents

 

§ 5

Pension Plan

 

With the beginning of the employment Dr. Weissbach will participate in
the Company’s Pension Plan.

 

6

 

Dr Weissbach’s contribution will be 7.5% of his gross salary; the
Company’s contribution will be 7.5% of his salary. These percentages will be
applied to the “Saving” part of the Pension; Admission to the Pension Plan is
subject to filling-out a medical questionnaire. In certain cases, the findings
may result in curtailment of the pension. Insurance premiums for death and
disability benefits (“Risk” part) are fully covered by the Company.

 

The pension plan’s coverage is given in detail in the amendment: “Pension
Fund Terms”.

 

If the above Swiss solution is not possible under the Company’s pension
fund system, the Parties agree to implement a solution that is as economically
equal as possible to the solution set forth above taking into account the need
to comply with all applicable laws.

 

§6

Contractual Term

 

(1)           This
Agreement may be terminated by either party with 6 (six) months notice. The
letter of notice must be sent by registered mail before the end of the month.

 

(2)           This
Agreement shall end without termination at the end of such month where Dr. Weissbach
attains the age of retirement defined by Swiss law or when it is replaced by the
US Employment Agreement.

 

(3)           After
notice of termination of the Agreement has been given by one of the parties,
the Company is entitled to grant Dr. Weissbach leave of absence which shall be
set-off against Dr. Weissbach’s vacation leave pursuant § 2.

 

7

 

§7

Non-Solicitation Clause

 

On the termination of this agreement Dr.
Weissbach shall neither on his own account nor for any other person, firm or
company for a period of 12 months from the date of such termination:

 

a)                                      Solicit,
interfere with or endeavor to entice away from the Company or Hesperion AG or
their subsidiaries a person, firm or company who is a customer or a client of
the Company;

 

b)                                     Employ or endeavor
to entice away from the Company or Hesperion AG or their subsidiaries any                person who is in
the employment of the Company;

 

c)                                      Directly or
indirectly interfere or seek to interfere with the continuance of supplies to
the Company or Hesperion AG or their subsidiaries from any supplier of goods or
services to the Company.

 

If Dr. Weissbach violates the Non-Solicitation Clause, the Company is
entitled to exercise legal action to stop the infringement and to obtain
compensation for incurred damages. The Company may waive the Non-Solicitation
Clause unilaterally.

 

The Non-Solicitation Clause will not apply under the following
conditions:

 

•                                          Change of
ownership of the Company

•                                          Unilateral
termination of the contract by the Company for any reasons other than cause as
defined in §12 of Hesperion’s “Employment Agreement “General Conditions”.

 

§ 8

Competition Clause

 

If the Employee violates the Competition Clause, the Company is entitled
to exercise legal action to stop the infringement and to obtain compensation
for incurred damages. The Company may waive the Competition Clause
unilaterally.

 

The Competition Clause will not apply under
the following conditions:

 

•                                          Change of
ownership of the Company

•                                          Unilateral
termination of the contract by the Company for any reasons other than cause as
defined in §12 of Hesperion’s

 

8

 

“Employment
Agreement “General Conditions” and attached hereto as Annex B.

 

§ 9

Supplements
to the Contract

 

In
addition to the terms of this Agreement, Hesperion’s Employment Handbook forms
an integral part of this Agreement.

 

It
is expressly agreed by the Parties that the Company reserves the right to amend
or supplement these regulations either by mutual agreement with Dr. Weissbach.

 

§10

Condition Precedent

 

This
Agreement is subject to the following conditions precedent:

 

the
employment agreement between Hesperion AG and Dr. Weissbach dated September
22/30, 2004 is terminated as of the Effective Date (providing that the bonus
for the business year 2007 and other benefits be calculated on a pro rata
temporis basis and the termination of such agreement does not negatively effecting
Dr. Weissbach’s entitlement under such old agreement); and  the Company
acquires Hesperion AG.

 

9

 

§11

Governing Law

 

This
Agreement is governed by Swiss law without regard to the conflict of law rules.

 

	
  Date:

  	
  October 31, 2007

  	
   

  	
  Date:

  	
  October 31, 2007

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Averion International Corp

  	
   

  
	
  By its Executive Chairman

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Philip T. Lavin, Ph.D.

  	
   

  	
  /s/ Dr. Markus Weissbach

  	
   

  
	
  Philip T. Lavin, Ph.D.

  	
          Dr.
  med. Markus Weissbach

  
								

 

Annexes A-C

 

10

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