Capital Contribution Agreement between Barberry Corp. and Cadus Corporation Regarding Bayswater Brokerage Compensation
Barberry Corp., controlled by Carl Icahn and a major shareholder of Cadus Corporation, agrees to make capital contributions to Cadus equal to any compensation received by Bayswater Brokerage Florida LLC (also controlled by Mr. Icahn) for brokerage services provided to Cadus or its subsidiaries. Barberry will not receive any stock or other consideration in return for these contributions. This agreement ensures that any fees paid to Bayswater are effectively returned to Cadus as capital.
Exhibit 10.12
Barberry Corp.
Effective as of February 4, 2014
Cadus Corporation
767 Fifth Avenue
New York, New York 10153
| Re: | Capital Contributions in Respect of Compensation Paid to Bayswater Brokerage Florida LLC |
Gentlemen:
The undersigned, Barberry Corp., is controlled by Carl Icahn and holds 1,899,622 shares of the common stock of Cadus Corporation (“Cadus”). Bayswater Brokerage Florida LLC (“Bayswater”), also an entity controlled by Mr. Icahn, is providing brokerage services to Cadus or its subsidiaries on a non-exclusive basis. This is to confirm our agreement that, to the extent Bayswater receives any compensation for such brokerage services provided to Cadus, the undersigned will promptly make capital contributions to Cadus for the full amount of any such compensation received by Bayswater. The undersigned understands and agrees that it will not be issued stock of Cadus Corporation or any other consideration in respect of such capital contributions.
Very truly yours,
| BARBERRY CORP. | ||
| By: | /s/ Keith Cozza | |
| Name: Keith Cozza | ||
| Title: Secretary; Treasurer | ||
ACKNOWLEDGED AND AGREED:
| CADUS CORPORATION | ||
| By: | /s/ David Blitz | |
| Name: David Blitz | ||
| Title: President | ||
