Document:

Filed by Bowne Pure Compliance

Exhibit 10.7

HARD ROCK HOTEL HOLDINGS, LLC

CLASS C PROFITS INTEREST AGREEMENT

THIS CLASS C PROFITS INTEREST AGREEMENT (this “Agreement”) is made and entered into as of
September 10, 2008 (the “Effective Date”), by and between Hard Rock Hotel Holdings, LLC, a Delaware
limited liability company (the “Company”), and Randy Kwasniewski (“Participant”). Capitalized
terms used in this Agreement but not otherwise defined herein shall have their respective meanings
set forth in the Plan and the LLC Agreement (each as defined below), as applicable.

THE PARTIES HERETO AGREE AS FOLLOWS:

1. Issuance of Award. In consideration of Participant’s agreement to provide services
to or for the benefit of the Company and its Subsidiaries, effective as of the Effective Date, the
Company hereby (a) issues to Participant an Award which represents 100,000 Class C Units of the
Company (the “Award”), and (b) if not already a Member, admits Participant as a Member of the
Company, in consideration of Participant’s agreement to provide services to the Company and its
Subsidiaries on the terms and conditions set forth herein, in the Hard Rock Hotel Holdings, LLC
2008 Profits Interest Award Plan (as amended, modified or supplemented from time to time, the
“Plan”) and in the Second Amended and Restated Limited Liability Company Agreement of Hard Rock
Hotel Holdings, LLC, dated as of May 30, 2008, as amended on August 1, 2008, and as further
amended, modified or supplemented from time to time (the “LLC Agreement”), and upon execution of a
Form of Joinder to the LLC Agreement, in the form attached hereto as Exhibit B. The
Company and Participant acknowledge and agree that the Class C Units are hereby issued to
Participant for the performance of services to or for the benefit of the Company and its
Subsidiaries in his or her capacity as a Member or in anticipation of Participant becoming a
Member. Participant acknowledges that the Company from time to time may issue or cancel (or
otherwise modify) Class C Units in accordance with the terms of the Plan or LLC Agreement.
Participant further acknowledges that this agreement and the LLC Agreement substantially restrict
the Transfer of Class C Units, and provide for drag along rights, cancellation provisions and other
provisions that impact ownership of the Class C Units.

2. Vesting, Termination of Employment, and Repurchase Right.

2.1 Vesting.

Subject to Section 2.2 and 2.3 below, the Award shall vest as follows:

(a) In the event that the Expansion Project is completed on or prior to December 31, 2009 in
accordance with the Approved Development Budget at a cost at or below the Approved Development
Budget Target for the Expansion Project, 50% of the Class C Units covered by the Award shall vest
on the date of completion of the Expansion Project. In the event that the Expansion Project is not
completed on or prior to December 31, 2009 in accordance with the Approved Development Budget at a
cost at or below the Approved Development Budget
Target for the Expansion Project, 50% of the Class C Units covered by the Award (and the
proportionate amount of Participant’s Capital Account balance attributable to such Class C Units)
shall automatically and without further action be cancelled and forfeited as of the earlier of the
date of completion of the Expansion Project or December 31, 2009, and Participant shall have no
further right or interest in or with respect to such Class C Units (or such proportionate amount of
Participant’s Capital Account balance).

 

 

 

(b) In the event that the Expansion Project is completed on or prior to June 30, 2010 in
accordance with the Approved Development Budget at a cost at or below the Approved Development
Budget Target for the Expansion Project, 50% of the Class C Units covered by the Award shall vest
on the date of completion of the Expansion Project. In the event that the Expansion Project is not
completed on or prior to June 30, 2010 in accordance with the Approved Development Budget at a cost
at or below the Approved Development Budget Target for the Expansion Project, 50% of the Class C
Units covered by the Award (and the proportionate amount of Participant’s Capital Account balance
attributable to such Class C Units) shall automatically and without further action be cancelled and
forfeited as of such date, and Participant shall have no further right or interest in or with
respect to such Class C Units (or such proportionate amount of Participant’s Capital Account
balance).

(c) All determinations and interpretations relating to the vesting of the Class C Units
(including, without limitation, determinations and interpretations with respect to whether and when
the Expansion Project has been completed and whether the Expansion Project was completed at a cost
at or below the Approved Development Budget Target in accordance with the Approved Development
Budget) shall be made by the Committee, and all determinations and interpretations made by the
Committee in good faith shall be final and binding upon Participant, the Company and all other
interested persons.

(d) Vesting Upon Sale of the Company. In the event that a Sale of the Company occurs
prior to December 31, 2010 and Participant remains an Employee until the closing date of the Sale
of the Company, 100% of the remaining outstanding unvested Class C Units covered by the Award (not
cancelled or forfeited prior to such date) shall vest immediately prior to the Sale of the Company.

2.2 Effect of Termination of Service on Unvested Units.

In the event of Participant’s Termination of Employment for any reason, the Award and all
Class C Units, to the extent not vested as of the date of termination (the “Termination Date”) (and
the proportionate amount of Participant’s Capital Account balance attributable to such Class C
Units), shall thereupon automatically and without further action be cancelled and forfeited, and
Participant shall have no further right or interest in or with respect to such unvested Class C
Units (or such proportionate amount of Participant’s Capital Account balance). No portion of the
Award and no Class C Units which are unvested as of Participant’s Termination of Employment shall
thereafter become vested.

For purposes of this Agreement, references to Participant’s “employment with the Company,”
“Termination of Employment” with the Company, and similar terms shall refer to Participant’s
provision of services and performance of duties as the President and Chief Operating Officer of
Hard Rock Hotel, Inc.

 

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Notwithstanding any other provision to the contrary in the LLC Agreement, the Plan, this
Agreement or any employment or other agreement with Participant, “Cause” shall never exist at any
time or under any circumstances for purposes of this Agreement.

2.3 Effect of Termination of Service on Vested Class C Units.

(a) Company’s Repurchase Right.

(i) In the event of Participant’s Termination of Employment for any reason, the Company shall
have the right, for a period equal to 180 days following the later of the Termination Date or
December 31, 2010 (the later of the Termination Date or December 31, 2010, the “Repurchase Right
Date”), to purchase from Participant, or Participant’s personal representative, as the case may be,
any or all of the vested Class C Units then owned by Participant at a price per Class C Unit equal
to the Repurchase Price (as defined below) (the “Repurchase Right”). The “Repurchase Price” shall
equal the greater of (A) the per unit value of such Class C Units calculated by the Company based
on the amount of Participant’s Capital Account balance attributable to such Class C Units as of the
Repurchase Right Date, assuming a deemed liquidation of the Company on the Repurchase Right
Date at an enterprise value of the Company equal to the excess, if any, of (x) ten (10) times the
Company’s aggregate EBITDA for the four completed fiscal quarters ending on or immediately
preceding the Repurchase Right Date, minus (y)  the Company’s total debt as of the Repurchase Right
Date determined in accordance with GAAP applicable to the operation of hotels and with the Uniform
System, or (B) the fair market value of such a Class C Unit as of the Repurchase Right Date
determined by a Qualified Appraiser selected by the Company, provided that, within 10 calendar days
after the Company’s delivery of a Repurchase Notice (as defined below), Participant provides
written notice to the Company that Participant wishes to compel the Company to engage a Qualified
Appraiser to value the Class C Units. The Company may exercise the Repurchase Right by delivering
personally or by registered mail to Participant (or his or her transferee or legal representative,
as the case may be), within the applicable time period specified above, a notice in writing
indicating the Company’s intention to exercise the Repurchase Right and setting forth a date and
manner for closing not later than thirty (30) days from the mailing of such notice (the “Repurchase
Notice”). Upon payment of the foregoing consideration by the Company to Participant, the Class C
Units subject to the Repurchase Right shall be cancelled by the Company without any further action
of Participant.

(ii) The Repurchase Right shall terminate upon the earlier to occur of (A) a Sale of the
Company, or (B) the consummation of the initial sale of common stock of the Company or its
successor to the general public in a firm commitment underwriting pursuant to a registration
statement filed with and declared effective by the Securities and Exchange Commission under the
Securities Act of 1933, as amended.

3. Transfers.

3.1 Restrictions on Transfers of Class C Units. Subject to Section 3.2 below and
except as provided in Sections 4, 5, and 6 below, Participant shall not Transfer or Encumber the
Award or any Class C Units (the “Transfer Restriction”); provided, however, that such prohibition
shall not apply to any Transfer of the Award or Class C Units to the Company or any Subsidiary.

 

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3.2 Exception for Permitted Transferees. Anything to the contrary contained in this
Section notwithstanding, the Transfer of the Award or any Class C Units during Participant’s
lifetime to a Permitted Transferee shall be exempt from the Transfer Restriction. In such case,
the Permitted Transferee shall receive and hold the Class C Units so Transferred subject to the
provisions of this Section and there shall be no further Transfer of such Class C Units except in
accordance with the terms of this Section. Any Transfer of the Award or Class C Units which is not
made in compliance with the Plan, the LLC Agreement and this Agreement shall be null and void and
of no effect, and further, such Award may be cancelled and forfeited by Participant pursuant to the
LLC Agreement.

4. Drag-Along Right.

(a) Right to Cause Sale. If at any time the holders of at least an aggregate
fifty-one percent Membership Interest in the Company and/or their Affiliates (collectively, the
“Majority Holders”) propose to Transfer, directly or indirectly, in a single transaction or a
series of related transactions more than an aggregate fifty percent Membership Interest in the
Company in an arm’s-length transaction to a bona fide third party that is not an Affiliate of the
Majority Holders (an “Approved Sale”), then the Majority Holders can require Participant to sell a
portion of his or her Membership Interest that is represented by Class C Units equal to the
proportionate share of Membership Interests being sold by the Majority Holders and all other
Members in such Approved Sale (based upon the total Membership Interests held by the Majority
Holders and all other Members at such time) on substantially the same terms and conditions (the
“Drag-Along Right”); provided, however, that, in the event that the Morgans Parties (as defined in
the LLC Agreement) then own any Membership Interests, then, as a condition to the Majority Holders’
right to require Participant to effect such sale, the Morgans Parties must be required to sell (or
must have agreed to sell or otherwise waive any right to sell) a proportionate share of their
Membership Interests in the Approved Sale (the “Morgans Group Drag Condition”). In the event of
an Approved Sale, the Majority Holders will deliver a written notice to Participant at least twenty
days before entering into a binding agreement with respect to such Approved Sale, specifying in
reasonable detail the identity of the prospective transferee, the amount of Membership Interests to
be Transferred by the Majority Holders, the terms and conditions of the Approved Sale and whether
or not the Majority Holders are electing to exercise the Drag-Along Right (the “Approved Sale
Notice”).

(b) Obligations of Participant. If the consummation of the Approved Sale would result
in a Transfer of 100% of the Membership Interests in the Company, then the Majority Holders may in
their sole discretion elect to cause the Company to structure the
Approved Sale as a merger or consolidation or a as a sale of the Company’s assets. If such
Approved Sale is structured as a merger, consolidation or a sale of assets, then Participant shall
not have any dissenter’s rights, appraisal rights or similar rights in connection therewith.
Participant agrees to consent to and raise no objections against an Approved Sale. In the event of
the exercise by the Majority Holders of their Drag-Along Right, Participant shall take all
necessary or desirable actions approved by the Majority Holders in connection with the consummation
of the Approved Sale, including the execution of such agreements and such instruments and other
actions necessary to provide customary representations, warranties, indemnities, covenants,
conditions and other agreements relating to such Approved Sale and to otherwise effect the
transaction; provided, however, that Participant shall not be required to indemnify the transferee
pursuant to such agreements in an amount in excess of the gross proceeds paid to Participant in
connection with the Approved Sale. Participant shall bear his or her ratable share (based on its
percentage of the aggregate Membership Interests to be sold by all Members) of the out of pocket
costs of the Approved Sale to the extent such costs are incurred for the benefit of all Members and
are not otherwise paid by the Company or the acquiring party. Costs incurred by Members on their
own behalf shall not be considered costs of the Approved Sale.

 

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5. Tag-Along Right. If the Approved Sale Notice indicates that the Majority Holders
are not exercising the Drag-Along Right, then Participant may elect to participate in the
contemplated Approved Sale by delivering irrevocable written notice to the Majority Holders within
fifteen days after delivery of the Approved Sale Notice; provided, however, that, in the event that
the Morgans Parties then own any Membership Interests, then, as a condition to Participant’s right
to participate in such sale, the Morgans Parties must have similar rights (or must have waived any
such rights) to participate in the sale of a proportionate share of their Membership Interests in
the Approved Sale (the “Morgans Group Tag Condition”). If Participant elects to participate in the
Approved Sale, then he or she will be entitled to sell, on the same terms and conditions specified
in the Approved Sale Notice, a portion of his or her Membership Interests represented by Class C
Units equal to the proportionate share of Membership Interests being sold by the Majority Holders
and all other Members (based upon the total Membership Interests held by the Majority Holders and
all other Members at such time). The Majority Holders shall use their commercially reasonable
efforts to obtain the agreement of the prospective transferee to the participation of Participant
in the contemplated Approved Sale. If, within fifteen days after delivery of the Approved Sale
Notice, Participant does not provide the Majority Holders irrevocable notice of its election to
participate in the Approved Sale, then the Majority Holders shall be entitled to Transfer to the
prospective transferee the amount of Membership Interests specified in the Approved Sale Notice on
substantially the same terms and conditions specified therein.

6. Piggyback Registration Rights. In the event the Board elects to convert the
Company to a C-Corporation and register any of its securities under the Securities Act pursuant to
an underwritten initial public offering of the Company’s securities by the Company and/or its
stockholders, the Company will give written notice (the “Registration Notice”) to Participant of
its intention to effect such a registration at least ten days prior to the anticipated filing of
the registration statement relating to the registration (which notice will specify the intended
method of distribution of the registered shares). Upon the written request of Participant made
within ten days after the receipt of the Company’s notice, which request shall specify the number
of shares converted from Class C Units of Participant intended to be disposed (the “Requested
Shares”), the Company shall use its commercially reasonable efforts to effect the registration
under the Securities Act of all Requested Shares according to its intended method of disposition
thereof. Notwithstanding the foregoing, if the lead underwriter(s) advise the Board in writing
that marketing factors require a limitation of the number of shares to be underwritten, then the
Board shall so advise Participant, and the number of shares that may be included in such
underwriting shall be allocated among Participant and all other holders who have validly exercised
piggyback registration rights in connection with such registration in proportion (as nearly as
practicable) to the number of shares owned and requested to be registered by each such holder,
including Participant. In connection with such registration, Participant shall provide customary
representations, warranties, indemnities, covenants, conditions and other agreements relating to
such registration to the underwriters; provided, however, that Participant shall not be required to
indemnify any underwriter in an amount in excess of the total price at which Participant’s
registered shares were offered to the public in connection with the registration (net of discounts
and commissions paid by Participant in connection with the registration).

 

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7. Representations, Warranties, Covenants, and Acknowledgments of Participant.
Participant hereby represents, warrants, covenants, acknowledges and agrees on behalf of
Participant and his or her spouse, if applicable, that:

7.1 Investment. Participant is holding the Award for Participant’s own account, and
not for the account of any other Person. Participant is holding the Award for investment and not
with a view to distribution or resale thereof except in compliance with applicable laws regulating
securities.

7.2 Relation to Company. Participant is presently an Employee and in such capacity
has become personally familiar with the business of the Company.

7.3 Access to Information. Participant has had the opportunity to ask questions of,
and to receive answers from, the Company with respect to the terms and conditions of the
transactions contemplated hereby and with respect to the business, affairs, financial conditions,
and results of operations of the Company.

7.4 Registration. Participant understands that the Class C Units have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Class C
Units cannot be transferred by Participant other than in accordance with the terms and conditions
set forth in the Plan, this Agreement and the LLC Agreement and, in any event, unless such transfer
is registered under the Securities Act or an exemption from such registration is available. The
Company has made no representations, warranties or covenants whatsoever as to whether any exemption
from the Securities Act is available.

7.5 Public Trading. None of the Company’s Equity Securities is presently publicly
traded, and the Company has made no representations, covenants or agreements as to whether there
will be a public market for any of its Equity Securities.

7.6 Tax Advice. The Company has made no warranties or representations to Participant
with respect to the income tax consequences of the issuance of the Class C Units or the
transactions contemplated by this Agreement (including, without limitation, with respect to the
making of an election under Section 83(b) of the Code), and Participant is in no manner relying on
the Company or its representatives for an assessment of such tax consequences. Participant is
advised to consult with his or her own tax advisor with respect to such tax consequences and his or
her ownership of the Class C Units.

7.7 Accredited Investor. Participant is an “accredited investor” as that term is
defined under Regulation D of the Securities Act.

 

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8. Capital Account. Participant shall make no Capital Contribution to the Company in
connection with the Award and, as a result, Participant’s Capital Account (as defined in the LLC
Agreement) balance in the Company immediately after his or her receipt of the Class C Units shall
be equal to zero, unless Participant was a Member in the Company prior to such issuance, in which
case Participant’s Capital Account balance shall not be increased as a result of his or her receipt
of the Class C Units.

9. Binding Effect. Subject to the limitations set forth in this Agreement, this
Agreement shall be binding upon, and inure to the benefit of, the executors, administrators, heirs,
legal representatives, successors and assigns of the parties hereto.

10. Section 83(b) Election. Participant covenants that he shall make a timely
election under Section 83(b) of the Code (and any comparable election in the state of Participant’s
residence) with respect to the Class C Units covered by the Award. In connection with such
election, Participant and Participant’s spouse, if applicable, shall execute and deliver to the
Company with this executed Agreement, a copy of the Election Pursuant to Section 83(b) of the
Internal Revenue Code, substantially in the form attached hereto as Exhibit A. Participant
represents that Participant has consulted any tax consultant(s) that Participant deems advisable in
connection with the filing of an election under Section 83(b) of the Code and similar state tax
provisions. Participant acknowledges that it is Participant’s sole responsibility and not the
Company’s to timely file an election under Section 83(b) of the Code (and any comparable state
election), even if Participant requests that the Company or any representative of the Company make
such filing on Participant’s behalf. Participant should consult his or her tax advisor to
determine if there is a comparable election to file in the state of his or her residence.

11. Taxes. The Company and Participant intend that (i) the Class C Units be treated
as “profits interests” within the meaning of the Code, Treasury Regulations promulgated thereunder,
and any published guidance by the Internal Revenue Service with respect thereto, including, without
limitation, Internal Revenue Service Revenue Procedure 93-27, as clarified by Internal Revenue
Service Revenue Procedure 2001-43, (ii) the issuance of such interests not be a
taxable event to the Company or Participant as provided in such Revenue Procedure, and (iii)
the LLC Agreement, the Plan and this Agreement be interpreted consistently with such intent. In
furtherance of such intent, effective immediately prior to the issuance of the Class C Units, the
Company will cause the Gross Asset Value (as defined in the LLC Agreement) of all Company assets to
be adjusted to equal their respective gross fair market values, and make the resulting adjustments
to the Capital Accounts of the Members, in each case as set forth in the LLC Agreement. The
Company may withhold from Participant’s wages, or require Participant to pay to the Company, any
applicable withholding or employment taxes resulting from the issuance of the Award hereunder, from
the vesting or lapse of any restrictions imposed on the Award, or from the ownership or disposition
of the Class C Units.

 

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12. Non-Competition, Non-Solicitation, and Confidentiality.

12.1 In consideration of and in connection with the grant of the Award to Participant,
Participant agrees that

(a) During the period of Participant’s employment with the Company, Participant shall not,
directly or indirectly, own, manage, join, control, operate, consult with, render services for, or
participate in the ownership, management, operation or control of, or be connected as a director,
officer, employee, partner, consultant or otherwise with, or in any other manner engage in any
business which, directly or indirectly, competes with, or in any way interferes with, the hotel
casino business of the Company or any of its Affiliates, including the Morgans Parties (including
without limitation, the hotel casino’s nightclub business, restaurant business, and other
businesses), in any part of the Restricted Territory (any such activity, “Competitive Activity”);
and

(b) In the event of termination of Participant’s employment with the Company (i) for Cause at
any time, or (ii) by Participant without Good Reason during the Covered Period (but excluding any
Termination of Employment upon the expiration of the Covered Period if Participant elects to
terminate Participant’s employment as of the expiration of the Covered Period by notifying the
Company, in writing, of such election not less than 90 days prior to the last day of the Covered
Period then in effect), Participant shall not, during the Non-Compete Period (as defined below),
directly or indirectly engage in Competitive Activity;

provided, however, that nothing in Section 12.1(a) or (b) shall restrict Participant from any such
activities undertaken for the benefit of the Morgans Parties or their Affiliates to the extent such
activities do not contravene the provisions of the Property Management Agreement; and provided
further, that the restrictions of this Section 12.1(b) shall not apply prior to the time at which
Participant is licensed by the Nevada Gaming Authorities.

(c) For purposes of this Agreement, (i) “Covered Period” shall mean the period commencing on
the Effective Date and terminating on December 31, 2010; provided, however, that the Covered Period
shall automatically be extended for one additional year on December 31, 2010 and on each subsequent
anniversary thereof, unless either Participant or the Company elects to terminate Participant’s
employment as of the expiration of the Covered Period then in
effect by notifying the other party, in writing, of such election not less than 90 days prior
to the last day of the Covered Period then in effect, (ii) “Non-Compete Period” shall mean the
greater of (A) the 12 month period immediately following the Termination Date, or (B) the period
during which Participant is entitled to receive severance payments or benefits from the Company or
any of the Morgans Parties (or, if severance is paid in a lump-sum, the period of time that would
be covered by such severance had it been paid in the form of salary continuation), provided,
however, that the Company may, in its discretion, elect to extend such period to no later than the
two year anniversary of the Termination Date by providing at least 60 days advance notice to
Participant (or, in the event of a Termination of Employment by Participant, notice within 10 days
after Participant notifies the Company of such termination) that it wishes to extend the
Non-Compete Period, in which case the Company shall pay Participant not to engage in Competitive
Activity during such extended period at a rate equal to no less than Participant’s base salary and
bonus (as in effect as of the Termination Date) for such extended period, and (iii) “Restricted
Territory” shall mean the greater Las Vegas metropolitan area and any territory within a 25 mile
radius thereof. Notwithstanding the foregoing, nothing herein shall prohibit Participant from
being a passive owner of not more than five percent (5%) of the outstanding stock of any class of a
corporation which is publicly traded, so long as Participant has no active participation in the
business of such corporation. Participant understands that the foregoing restrictions may limit
his or her ability to earn a livelihood in a business similar to the business of the Company, but
Participant nevertheless believes that he has received and will receive sufficient consideration
and other benefits as an Employee of the Company and as otherwise provided hereunder to clearly
justify such restrictions which, in any event (given Participant’s education, skills and ability),
Participant does not believe would prevent him or her from otherwise earning a living.

 

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12.2 During the period of Participant’s employment with the Company and for a period of 12
months thereafter, Participant shall not, directly or indirectly, (i) induce or attempt to induce
any employee of the Company to work for, render services or provide advice to or supply
confidential business information or trade secrets of the Company to any third person, firm or
corporation, or in any way interfere with the relationship between the Company, on the one hand,
and any employee thereof, on the other hand, (ii) induce or attempt to induce any customer,
supplier, licensee or other business relation of the Company to cease doing business with the
Company, or (iii) in any way interfere with the relationship between any such customer, supplier,
licensee or business relation, on the one hand, and the Company, on the other hand; provided,
however, that with respect to the Company’s customers, the foregoing provisions of this Section
12.2 shall not restrict Participant from any such activities undertaken for the benefit of the
Morgans Parties or their Affiliates to the extent such activities do not contravene the provisions
of the Property Management Agreement.

12.3 As a condition to the grant of the Award, Participant agrees to execute the Company’s
standard employee non-disclosure, assignment of inventions, and confidentiality agreement in a form
prescribed by the Company.

13. Remedies. Participant shall be liable to the Company for all costs and damages,
including incidental and consequential damages, resulting from a disposition of the Award which
is in violation of the provisions of this Agreement. Participant acknowledges that a breach
by him or her of any of the covenants or restrictions contained or referenced herein will cause
irreparable damage to the Company, the exact amount of which will be difficult to ascertain.
Accordingly, Participant agrees that if he or she breaches or attempts to breach any such covenants
or restrictions, the Award may be cancelled and forfeited by Participant pursuant to the LLC
Agreement. Notwithstanding any other provision to the contrary in the LLC Agreement, the Plan or
this Agreement, no vested portion of the Award and no vested Class C Units may be cancelled or
forfeited by Participant pursuant to the LLC Agreement, except as specifically provided in Section
3.2 above and this Section 13.

14. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to any otherwise governing principles of
conflicts of law, except that the laws of the State of Nevada shall be so applied to Section 12 of
this Agreement.

 

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15. Notice of Restrictions. Participant is hereby notified and acknowledges that:

(a) The offering and sale of the Class C Units have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”). Any transfer of such securities
will be invalid unless a Registration Statement under the Securities Act is in effect as to
such transfer or in the opinion of counsel for the Company such registration is unnecessary
in order for such transfer to comply with the Securities Act.

(b) The Class C Units are subject to forfeiture, a right of repurchase and to
transferability and other restrictions as set forth in this Agreement and the LLC
Agreement, in each case, as may be amended, supplemented or modified from time to time, and
such securities may not be sold or otherwise transferred except pursuant to the provisions
of such documents.

16. Code Section 409A. Neither the Award nor the Class C Units are intended to
constitute or provide for “nonqualified deferred compensation” within the meaning of Section 409A
of the Code (“Section 409A”), and, provided that Section 409A of the Code, Treasury Regulations and
related Department of Treasury guidance do not require otherwise, the Company shall not treat the
Award or the Class C Units as nonqualified deferred compensation. However, notwithstanding any
other provision of the Plan or this Agreement, if at any time the Committee determines that the
Award or the Class C Units may be subject to Section 409A, the Committee shall have the right, in
its sole discretion, to adopt such amendments to the Plan or this Agreement or take such other
actions (including amendments and actions with retroactive effect) as the Committee determines are
necessary or appropriate either for the Award and the Class C Units to be exempt from the
application of Section 409A or to comply with the requirements of Section 409A.

17. Counterparts. This Agreement may be executed in any number of counterparts, any
of which may be executed and transmitted by facsimile, and each of which shall be deemed to be an
original, but all of which together shall be deemed to be one and the same instrument.

18. Successors and Assigns. Subject to the limitations set forth in this Agreement,
this Agreement shall be binding upon, and inure to the benefit of, the executors, administrators,
heirs, legal representatives, successors and assigns of the parties hereto, including, without
limitation, any business entity that succeeds to the business of the Company. This Agreement may
not be assigned by Participant without the consent of the Company in its sole discretion.

19. Entire Agreement; Amendments and Waivers. This Agreement, together with the Plan
and the LLC Agreement, constitutes the entire agreement among the parties pertaining to the subject
matter hereof and supersedes all prior agreements, understandings, negotiations and discussions,
whether oral or written, of the parties. This Agreement may not be amended except in an instrument
in writing signed on behalf of each of the parties hereto and approved by the Committee. No
amendment, supplement, modification or waiver of this Agreement shall be binding unless executed in
writing by the party to be bound thereby. Notwithstanding the foregoing, the Committee shall have
the right to amend this Agreement in accordance with Section 6.3(b) of the Plan without the consent
of Participant or to the extent that such amendment does not materially adversely impair the rights
of Participant hereunder. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such
waiver constitute a continuing waiver unless otherwise expressly provided.

 

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20. Third Party Beneficiary. The parties hereto expressly intend that (i) with
respect to Sections 4, 5, and 12, the Majority Holders, and (ii) with respect to Section 12 and the
Morgans Group Drag Condition set forth in Section 4, the Morgans Parties, be intended third party
beneficiaries and shall have standing to enforce such provisions hereof as if they were a party
hereto. Notwithstanding any provision of this Agreement to the contrary, Sections 4, 5, and 12
shall not be amended without the express prior written consent of the Majority Holders, and Section
12 and the Morgans Group Drag Condition set forth in Section 4 shall not be amended without the
express prior written consent of the Morgans Parties. Notwithstanding the foregoing, at such time
as the Majority Holders or the Morgans Parties cease to own any Membership Interest, the third
party beneficiary rights, enforcement rights and consent rights under this Section 20 of the
Majority Holders or the Morgans Parties, respectively, shall automatically terminate and be of no
further force or effect.

21. Severability. If any term, provision, covenant or condition of this Agreement is
held by a court of competent jurisdiction to exceed the limitations permitted by applicable law,
then the provisions will be deemed reformed to the maximum limitations permitted by applicable law
and the parties hereby expressly acknowledge their desire that in such event such action be taken.
If for any reason one or more of the provisions contained in this Agreement or in any other
instrument referred to herein, shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, then to the maximum extent permitted by law, such invalidity,
illegality or unenforceability shall not affect any other provision of this Agreement or any other
such instrument.

22. Titles. The titles, captions or headings of the Sections herein are inserted for
convenience of reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

[Signature page follows]

 

11

 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first written above.

	 	 	 	 	 
	 	
Hard Rock Hotel Holdings, LLC,

a Delaware limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Participant hereby accepts and agrees to be bound by all of the terms and conditions of this
Agreement.

	 	 	 	 	 
	 	
Participant:
	 
	 	 	 
	 	(Sign Name) 	 

					
	 	
 	 
	 	(Print Name) 	 

PROFITS INTEREST AGREEMENT

 

 

EXHIBIT A

ELECTION PURSUANT TO SECTION 83(b) OF THE

INTERNAL REVENUE CODE TO INCLUDE IN GROSS

INCOME THE EXCESS OVER THE PURCHASE PRICE,

IF ANY, OF THE VALUE OF PROPERTY TRANSFERRED

IN CONNECTION WITH SERVICES

The undersigned hereby elects pursuant to Section 83(b) of the Internal Revenue Code of 1986,
as amended, to include in the undersigned’s gross income for the 2008 taxable year the excess (if
any) of the fair market value of the property described below, over the amount the undersigned paid
for such property, if any, and supplies herewith the following information in accordance with the
Treasury regulations promulgated under Section 83(b):

1. The undersigned’s name, address and taxpayer identification (social security) number are:

	 	 	 
	Name:
	 	 
	 

	 	 

	 	 	 
	Address:
	 	 
	 

	 	 

	 	 	 
	Social Security #:
	 	 
	 

	 	 

The undersigned’s spouse’s name, address and taxpayer identification (social security) number
are (complete if applicable):

	 	 	 
	Name:
	 	 
	 

	 	 

	 	 	 
	Address:
	 	 
	 

	 	 

	 	 	 
	Social Security #:
	 	 
	 

	 	 

2. The property with respect to which the election is made consists of 100,000 Class C Units
(the “Award”) of Hard Rock Hotel Holdings, LLC, a Delaware limited liability company (the
“Company”), representing an interest in the future profits, losses and distributions of the
Company.

3. The date on which the above property was transferred to the undersigned was September 10,
2008, and the taxable year to which this election relates is 2008.

4. The above property is subject to the following restrictions: (a) forfeiture and/or a right
of repurchase by the Company if the undersigned ceases to be an employee of, or consultant to, the
Company, and (b) certain other restrictions pursuant to the Class C Profits Interest Agreement
evidencing the Award and the Second Amended and Restated Limited Liability Company Agreement of
Hard Rock Hotel Holdings, LLC, dated as of May 30, 2008, as
amended on August 1, 2008, and as further amended, modified or supplemented from time to time,
should the undersigned wish to transfer the Award (in whole or in part).

 

A-1

 

5. The fair market value of the above property at the time of transfer (determined without
regard to any restrictions other than those which by their terms will never lapse) is $0.

6. The amount paid for the above property by the undersigned was $0.

7. A copy of this election has been furnished to the Company, and the original will be filed
with the income tax return of the undersigned to which this election relates.

	 	 	 
	Date:                     , 2008
	 	 
	 

	 	 
	 

	 	Participant
	 
	 	 
	Date:                     , 2008
	 	 
	 

	 	 
	 

	 	Participant’s Spouse

 

A-2

 

EXHIBIT B

FORM OF JOINDER

The undersigned is executing and delivering this Joinder Agreement pursuant to the Second
Amended and Restated Limited Liability Company Agreement of Hard Rock Hotel Holdings, LLC (the
“Company”), dated as of May 30, 2008, as amended on August 1, 2008, and as further amended,
modified or supplemented from time to time (the “LLC Agreement”).

By executing this Joinder Agreement and delivering it to the Company, the undersigned hereby
agrees to become a party to, to be bound by, and to comply with the provisions of the LLC Agreement
in the same manner as if the undersigned were an original signatory to such agreement, and all of
the undersigned’s Class C Units of the Company shall be subject to the terms and conditions of the
LLC Agreement.

By executing this Joinder Agreement and delivering it to the Company, the undersigned hereby
represents and warrants that he or she is (you must check one of the following boxes): o not
married; OR  o married and is concurrently herewith delivering a completed and signed Consent By
Spouse to the Company.

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of
                                        , 2008.

	 	 	 
	Participant:
	 	 
	 
	 	 
	 

(Sign Name)

	 	 
	 
	 	 
	 

(Print Name)

	 	 
	 
	 	 
	ACKNOWLEDGED & ACCEPTED:

HARD ROCK HOLDINGS, LLC
	 	 

	 	 	 	 	 
	 	 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Its: 	 	 
	 

 

B-1

 

CONSENT BY SPOUSE

I acknowledge that I have read the Class C Profits Interest Agreement (as amended, modified or
supplemented from time to time, the “Agreement”), by and between Hard Rock Hotel Holdings, LLC (the
“Company”), and my spouse,                                          and the Hard Rock Hotel Holdings, LLC 2008 Profit
Interest Award Plan (as amended, modified or supplemented from time to time, the “Plan”), and that
I know its contents. I am aware that by its provisions, my spouse agrees to sell, convert, dispose
of, or otherwise transfer his or her Class C Units of the Company (the “Award”) hereunder under
certain circumstances. I hereby consent to such sale, conversion, disposition or other transfer;
and approve of the provisions of this Agreement and any action hereafter taken by my spouse
thereunder with respect to his or her Award, and I agree to be bound thereby.

I further agree that in the event of my death or a dissolution of marriage or legal
separation, my spouse shall have the absolute right to have my interest, if any, in the Award set
apart to him or her, whether through a will, a trust, a property settlement agreement or by decree
of court, or otherwise, and that if he or she be required by the terms of such will, trust,
settlement or decree, or otherwise, to compensate me for said interest, that the price shall be an
amount equal to: (i) the Fair Market Value (as defined in the Plan) of the Award;
multiplied by (ii) my percentage of ownership in such interest.

This consent, including its existence, validity, construction, and operating effect, and the
rights of each of the parties hereto, shall be governed by and construed in accordance with the
laws of the State of Delaware without regard to otherwise governing principles of choice of law or
conflicts of law.

	 	 	 	 	 
	Dated:
	 	 

	 	 

	 	 	 
	Participant’s Spouse:
	 	 
	 
	 	 
	 

(Sign Name)

	 	 
	 
	 	 
	 

(Print Name)

	 	 

 

B-2exhibit10.htm

    
      

      

    

    LICENCE AGREEMENT (this “Agreement”), entered in
Montreal, Quebec, Canada, as of September 11, 2008.

    

    

    
      	
              BETWEEN:

            	
              OCEANUTRASCIENCES Inc, a
      corporation duly incorporated in Canada, having its head office at 72, rue
      du Port, Matane, Quebec G4W 3M6, represented for the purpose hereof by
      André Rancourt, duly authorized as he so
  declares;

            

    

    

     (hereinafter
called "ONS")

    

    

    

    

    
      	
              AND:

            	
              BIO-SOLUTIONS CORP, a
      corporation duly incorporated under the laws of Nevada, .having its head
      office at 14517 Joseph-Marc-Vermette, Mirabel, Québec, Canada J7J 1X2
      represented for the purpose hereof by Roger Corriveau, duly authorized as
      he so declares;

            

    

    

     (hereinafter
called “BIO”)

    

    

    WHEREAS ONS has rights in
certain technology known as Nutra-Pro 80-20;

    

    WHEREAS ONS is interested in
granting license rights to market and sell the ONS Product (as defined below)
and to use the Trademarks (as defined below) in the Territory (as defined
hereinafter);

    

    WHEREAS ONS owns or has access
to the equipment, facilities and has the required skills to manufacture or have
manufactured the ONS Product in accordance with applicable
standards;

    

    WHEREAS BIO desires to
acquire license and Trademark rights to the ONS Product in the Territory, upon
the terms and conditions herein set forth in this Agreement;

    

    WHEREAS BIO wishes to retain
the services of ONS to supply it with the ONS Product upon the terms and
conditions set forth this
Agreement;

    

    NOW
THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS CONTAINED HEREIN AND
INTENDING TO BE LEGALLY BOUND, THE PARTIES HEREBY AGREE AS FOLLOWS:

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1. DEFINITIONS
(Defined Terms).  Each time the following terms are used in
this agreement and as far as the context does not clearly give them another
meaning, they shall have the following meaning:

    

    1.1. “Affiliates” shall mean any
legal entity (such as a corporation, partnership, or limited liability company)
that controls is controlled by, or under common control with, BIO or ONS, as
applicable.  For the purposes of this definition, the term "control"
means (i) beneficial ownership of at least fifty percent (50%) of the voting
securities of a corporation or other business organization with voting
securities or (ii) a fifty percent (50%) or greater interest in the net assets
or profits of a partnership or other business organization without voting
securities.

    

    1.2. "Agreement" shall mean this
License Agreement.

    

    1.3. “ONS Marketing Resources” means
all currently existing and future marketing materials, research reports,
advertisements, educational materials, art work, designs or other materials
related to ONS Product that are developed by or for ONS, and used by ONS or its
predecessor to promote or market ONS Product in the Territory, and all currently
existing and future Published Studies (as defined below).  BIO is free
to use the ONS Marketing Resources at its entire discretion, provided however
that it acknowledges that ONS makes no representations or warranties with
respect to the accuracy of the information, the regulatory compliance or the
validity of the claims found in the ONS Marketing Resources that were prepared
by or for ONS.

     

    1.4. "ONS Product" means Nutra-Pro
80-20, in its pure form,

     

    1.5. "Effective Date" means the date
of this Agreement as set forth above.

    

    1.6. “Finished Package” 5 kilos
seal pack

    

    1.7. “Nutra-pro 80-20” See Schedule
A

    

    1.8. “Materials” means any
packaging, labels and/or advertisement relating to the ONS Product, any claim
relating to the functions and characteristics of the ONS Product, or the dose
and dosage in respect of the ONS Product used in the Territory, as well as any
future changes related to any of the aforementioned, including Promotional Items
and Product Packaging, but not including ONS Marketing Resources.

     

    1.9. “Patents” means all currently
existing and future US, Canadian and international patents, patent applications,
and any future patents and patent applications relating to Nutra-Pro 80-20, or
the ONS Product, including any other patents and other intellectual property
protection resulting from reissues, reexaminations, extension, modifications or
divisions of such patents, as well as any rights granted pursuant to patents
pending.

    

    1.10. “Product Packaging” means the
packaging and labels designed by BIO for the ONS Product in the Territory that
incorporate the Trademarks for the applicable ONS Product required or permitted
by this Agreement.

    

    1.11. “Promotional Items" means any
type of promotional material or object used to entice the use and sale of the
ONS Product in the Territory, but excludes ONS Marketing Resources.

    

    1.12. “Published Studies” means
published research materials; reports and clinical studies related to
non-prescription cholesterol management applications of any ONS
Product.

    

    1.13. "Purchase Order" means the form
on which BIO shall order the ONS Product as described in Section 3
below.

    

    1.14. "Territory" North America,
animal feed.

    

    1.15. "Trademarks" means ONS
currently existing and future US, Canadian and international trademarks, logos
and trade names, including, but not limited to “Nutra Pro 80-20” and their
representations in the form of designs, that are related to the ONS Product, as
they may be modified from time to time as well as all applications and
registrations related thereto, including, but not limited to, those identified
on Schedule B
to this Agreement which is hereby incorporated herein by this
reference.

    

    1.16. The
“Animal Feed” means
sales and marketing to the following vet, hand users, feed company all market
for animal feed.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2. LICENCE
RIGHTS

    

    2.1. ONS
hereby grants to BIO, and BIO hereby accepts, the right to licence the ONS
Product during the Term, including co-packaging, marketing, selling and
distributing, in the Territory, subject to the terms and conditions set forth
below and otherwise set forth in this Agreement.

        

            (a) This
licence right shall be exclusive with respect to the Territory

     

            (b) BIO shall
at all time uses its best efforts in order to actively promote the sales of the
ONS Product pursuant to this Agreement and develop the market for the ONS
Product in the Territory.

    

    2.2. BIO
hereby acknowledges that any claims made in the packaging and/or advertisement
relating to the ONS Product which is created or used by BIO, any claim relating
to the functions and characteristics of the ONS Product made in the Materials
used in the Territory, as well as any future changes related to any of the
aforementioned, shall be the sole responsibility of BIO, except for the use of
Published Studies or the use of claims made or information provided in the
Published Studies.  All such Materials used in the Territory shall be
subject to the prior written approval of ONS, with the sole objective being to
ensure that they adequately protect ONS trademarks and copyrights, with such
approval not being unreasonably withheld...   ONS shall not
require BIO to make any changes to the Materials that do not affect ONS
trademarks, copyrights, or ONS trademark policies that have been applied
worldwide in a consistent manner to all distributors of the ONS
Product.   BIO shall submit to ONS all proposed Materials at
least thirty (30) days prior to publicly releasing any such
Materials.  Except as otherwise provided herein, upon termination or
expiration of this Agreement, each of BIO and ONS agrees not to use or advertise
any trademarks, logos or other property rights of the other party.

    

    2.3. ONS
hereby grants BIO the right to use the Trademarks in connection with the
promotion, marketing and sale of ONS Product in the Territory and the right to
use the applicable Trademarks in relation with the Promotional Items and Product
Packaging, ONS Marketing Resources, and the Materials in the Territory, the
whole without any consideration other than as provided herein.  ONS
hereby grants BIO the right to use the Trademarks in the Territory that relate
to the ONS Product in relation with the Promotional Items and the Materials in
the Territory, the whole without any consideration other than as provided
herein.  Notwithstanding the foregoing, the rights granted under this
Section 2.3 are subject to revocation or modification if the license granted
under Section 2.1 above is revoked or modified as provided in Sections 2.1(a),
2.1(b), or 2.1(c).

    

    2.4. ONS shall
make available to BIO, and BIO may use, all ONS Marketing
Resources.  In addition, subject to the limitations set forth above,
BIO may design, create and use any Promotional Items and Product Packaging in
connection with the marketing and sale of the ONS Product; provided, however,
any such Promotional Items and Product Packaging shall be subject to the
approval of ONS, with the sole objective being to ensure that they adequately
protect ONS trademarks and copyrights, which approval shall not be unreasonably
withheld.

    

    2.5. BIO may
not grant any licence rights related to the ONS Product to third parties without
the prior written approval of ONS, such approval being at ONS sole discretion;
provided, however, that BIO may, with the approval of ONS, grant all or any of
the licence rights granted to BIO under this Agreement to any of BIO’s
Affiliates and to the third parties that are listed on Schedule C to this
Agreement, such ONS approval shall not unreasonably be withheld.

    

    2.6. Any license rights
granted by BIO shall include provisions that require the licensee to be subject
to the terms and conditions of this Agreement, including, but not limited to
Sections 2.2 and 9.3 of this Agreement.  Any licence agreement
granted by BIO shall include a provision pursuant to which, upon termination of
this Agreement for any reason whatsoever, the licence agreement will be either
terminated or assumed by ONS, at ONS sole discretion.  No
distributor shall be granted a term greater than the term of this
Agreement.  Should this Agreement be terminated, BIO’s ability to
grant further licence rights shall immediately terminate.  BIO shall
be solely liable for any and all such distributors.

    

    2.7. As
consideration for the license granted hereunder, BIO agrees that it will pay ONS
the following amounts:

    

    after the
execution and delivery of this Agreement by both BIO and ONS, a payment
of  One hundred Fifty Thousand Canadian dollars
(CDN$150,000.00).

    

    50,000.00$
on the 31 July 2008

    50,000.00$
on the 31 October 2008

    50,000.00$
on the 31 December 2008

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3. SUPPLY

     

    3.1. ONS
hereby undertakes and agrees to manufacture or have manufactured all ONS Product
required by BIO, in accordance with the orders received from BIO, such orders
being in the form of a Purchase Order (a “Purchase Order”) having terms
and conditions to be established in good faith, to the satisfaction of the
parties, acting reasonably, the whole in accordance with the Specifications for
the ONS Product which are annexed hereto as Schedule “A”, which
shall be subject to modification as described in Section 3.2 below (the “Specifications”).  Schedule A hereto
sets forth the Specifications for Nutra-Pro 80-20 and shall be modified from
time to time, to add Specifications related to any other ONS Products that may
be sold by BIO under this Agreement, or any modification made pursuant to
Section 3.2 below.  Each Purchase Order shall be for at least one
hundred kilograms (100 Kg) of the ONS Product.  After the first
anniversary of this Agreement, ONS, may, at its sole option, supply the ONS
Product only in bulk powder and ONS will have no further obligation to supply
finished product to BIO.  ONS may reject any Purchase Order that does
not meet the requirements established by this Agreement; provided, however, that
ONS shall have been deemed to accept each Purchase Order, unless it provides BIO
with a written objection to such Purchase Order within ten (10) days of receipt
of such Purchase Order, and sets forth with reasonable particularity the grounds
for the rejection of such Purchase Order.

    

    3.2. ONS may,
at any time, modify the Specifications of the ONS Product in a reasonable
manner, provided that such modification does not substantially alter the nature
of the ONS Product, subject to ninety days (90) prior written notice of same
being given to BIO, such notice to be accompanied by an explanation of such
modification with any applicable regulatory documents from the country of
manufacture.  Any such
modification shall apply only with respect to orders received after the
expiration of such ninety (90) day prior notice period.

    

    3.3. The ONS
Product shall conform to all applicable United States laws, rulings, rules,
standards and regulations relating to the manufacturing and storing of the ONS
Product.

    

    3.4. ONS shall
ship the quantities of the ONS Product specified by BIO in any Purchase Order
within sixty (60) days from the date of the approval of any Purchase Order, in
the form of powder in sealed bags, as specified in the BIO Purchase Order,
subject to the provisions of Section 3.1 above.  The delivery
lead-time shall be revisited at such time as ONS’s manufacturing facility is
operational.   The Finished Boxes shall be included in a retail
shipper box that includes 10 Finished sealed bags. ONS shall have manufactured
and use the Product Packaging designs and specifications provided by BIO to
package and label the ONS Products.  Unless prohibited by applicable
law, BIO may identify itself (using its trade names or trademarks) on Product
Packaging and Promotional Items, as the manufacturer of the ONS
Product.  Where required by law, ONS shall be identified on Product
Packaging and Promotional Items as the manufacturer of the ONS
Product..

    

    3.5. All
orders shall be shipped F.O.B. ONS facility to the address or addresses
indicated by BIO in the Purchase Order.

    

    3.6. Prior to
the signing of this Agreement, BIO shall provide ONS with a forecast of the
quantities required for the Territory for the remainder of 2008, including the
projected delivery date and quantity of bulk ONS Product
required.  BIO shall use its best efforts to provide accurate
forecasts, and shall update such forecasts each subsequent quarter for the
duration of the Agreement.  ONS will have the right to refuse any
Purchase Order that exceeds by 51% or more the most recent forecast provided by
BIO to ONS; unless BIO has provided ONS with an updated forecast not less than
thirty (30) days prior to the date of such Purchase Order.

    

    3.7. The ONS
Product sold to BIO pursuant to the terms hereof will be set at a price of
CDN$126.00 per kilogram of bulk powder 5 kilos seal bag, pre-tax and FOB the ONS
facility.  ONS may increase this price at any time upon one hundred
and twenty (120) days prior written notice to BIO, provided that such written
notice is accompanied by a reasonable explanation of the justification for the
price increase.  Any such price increase shall apply only with respect
to Purchase Orders given after the expiration of such 120-day notice
period.  Notwithstanding the foregoing, the parties agree that the
initial price set forth above will be guaranteed for the first year of this
Agreement.

    

    3.8. The terms
of payment will be net 30 days from the date of invoicing, such date of
invoicing being the same as the shipment date of the ONS Product.

    

    3.9. Title to
the ONS Product sold and risk of loss of such ONS Product passes to BIO upon
delivery of such ONS Product to the carrier at ONS facility.

    

    3.10. BIO shall
be obligated to order from ONS, for the Territory, the following minimum
quantities of the ONS Product for the periods indicate below:

    

    

    

    
      	
              Period

            	
              Total
      Annual Amount of ONS Product Purchased by BIO

            
	
              First
      year (starting at the Effective Date)

            	
              1,250
      Kg

            
	
              Second
      year

            	
              -----------
      Kg*

            
	
              Third
      year

            	
              -----------Kg*

            

    

     

    * ONS and BIO agree for 6 months open
starting at the effective date, to establish needs for year 2 and
3.

     

    Should
BIO fail to order the minimum quantity specified during any period, ONS may, but
shall not be required to, by giving BIO written notice within thirty (30) days
after the end of the applicable period to either, (i) change the licence rights
and the right to the Trademarks granted to BIO, or (ii) terminate this
Agreement.  Notwithstanding the foregoing, BIO shall have thirty (30)
days from receipt of such written notice, to cure any such failure, by ordering
such amount of additional ONS Product as required to make up the deficiency, in
which case this Agreement shall continue as if such deficiency had not
occurred.

    

    3.11. If this
Agreement is renewed for one or more additional terms as provided in Section 7.2
below, prior to the commencement of each additional renewal term, the parties
shall negotiate in good faith, a reasonable increase in the minimum quantities
required for each one-year period during each renewal term.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. CONTRACTUAL WARRANTY;
LIMITATION OF LIABILITY

     

    4.1. ONS
warrants to BIO that all ONS Products sold to BIO will materially conform to the
Specifications established from time to time for the ONS Products, in accordance
with sub-section 3.1.  ONS warrants to BIO that all ONS Products sold
to BIO will comply with all applicable laws as set forth in Section 3.3 of this
Agreement.  ONS will replace in a commercially reasonable period at no
cost to BIO, any ONS Product suffering from a material non-compliance with these
aforementioned Specifications subject to the limitations contained in Section
4.2.

    

    4.2. The
present product warranty does not cover defects resulting from use that is
non-compliant with the instructions of ONS, improper use (including use that
does not conform to the dosage recommended and approved by ONS), improper
storage or handling after the ONS Product has been shipped from the ONS
facility, or any modification or transformation of the ONS Product after the ONS
Product has been shipped from the ONS facility.

    

    4.3. The
product warranty contained in Section 4.1 is granted on an exclusive basis and
replaces any other product warranty that may have been provided, whether
verbally or in writing, implied or expressed.

    

    4.4. NO
EXPRESS AND NO IMPLIED WARRANTIES WHETHER OF MERCHANTABILITY OR FITNESS FOR ANY
PARTICULAR USE, OR OTHERWISE OTHER THAN THOSE EXPRESSLY SET FORTH ABOVE WHICH
ARE MADE EXPRESSLY IN LIEU OF ALL OTHER WARRANTIES, SHALL APPLY TO THE ONS
PRODUCTS SOLD TO AND BY BIO, AND NO WAIVER, ALTERATION, OR MODIFICATION OF THE
FOREGOING CONDITIONS SHALL BE VALID UNLESS MADE IN WRITING AND SIGNED BY AN
EXECUTIVE OFFICER OF ONS.

    

    4.5. IN NO
EVENT SHALL EITHER PARTY BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOST INCOME OR LOST
REVENUE.  EXCEPT FOR THE INDEMNITY PROVISION CONTAINED IN ARTICLE 9,
AS OTHERWISE EXPRESSLY PROVIDED FOR ELSEWHERE IN THIS AGREEMENT OR AS MAY BE
PROHIBITED BY APPLICABLE LAW, EXCEPT WITH RESPECT TO THE INDEMNIFICATION
PROVISIONS PROVIDED FOR HEREIN, EACH PARTY'S AGGREGATE CUMULATIVE LIABILITY
HEREUNDER FOR ALL DIRECT DAMAGES ARISING UNDER OR RELATING TO THIS AGREEMENT
NOTWITHSTANDING THE FORM (e.g., CONTRACT, TORT, OR OTHERWISE) IN WHICH ANY
ACTION IS BROUGHT, SHALL BE LIMITED TO THE AMOUNT RECEIVED BY ONS FROM BIO WITH
RESPECT TO THE ONS PRODUCT PROVIDED HEREUNDER DURING THE THREE (3) MONTH PERIOD
IMMEDIATELY PRECEDING SUCH CLAIM.

    

    4.6. Except in
the case of gross negligence by ONS, in no case shall ONS be liable to BIO or
any other person for damages, notably loss of profit, loss of savings or
fortuitous or consequential damages resulting from the marketing of the ONS
Products in the Territory.

    

    4.7. Except in
the case of gross negligence by BIO, in no case shall BIO be liable to ONS or
any other person for damages, notably loss of profit, loss of savings or
fortuitous or consequential damages resulting from the manufacturing of bulk
powder ONS Product in the Territory.

    

    5. REPRESENTATIONS AND
WARRANTIES OF ONS

    

    ONS represents and warrants the
following to BIO:

    

    5.1. ONS is,
and at all relevant times shall be, the sole and exclusive owner or has the
exclusive rights to the entire unencumbered right, title and interest in and to
the Patents and the Trademarks (collectively, the “Intellectual Property
Rights”), free and clear of any liens, charges, encumbrances, and has all
of the rights and power necessary, and the exclusive rights, to enter into this
Agreement and grant the licenses and other rights granted hereunder, and to
fulfill all of its obligations hereunder, and ONS has all the necessary power to
enter into this Agreement, grant the licenses and other rights provided in this
Agreement, and to fulfill all of its obligations under this Agreement, and is
not subject to any restriction that would prevent ONS from doing any of the
foregoing.

    

    5.2. The
exercise by BIO, BIO Affiliates and their authorized licensee of the rights
granted herein shall not contravene the patents, trademarks, industrial designs,
copyrights or other rights belonging to third parties.

    

    5.3. To the
actual knowledge of ONS, the exercise by BIO, BIO Affiliates and their
authorized licensee of the rights granted herein will not contravene any laws,
regulations or government directives in the Territory.

    

    5.4. There are
no pending or threatened actions, suits, proceedings, assessments,
investigations or claims pending before any court or by any federal, provincial,
municipal or other governmental department, commission, board, bureau or agency
related to the Intellectual Property Rights or the ONS Product, or that could
adversely effect the consummation of the transactions contemplated by this
Agreement, have a material adverse effect on BIO or the rights granted to BIO
under this Agreement, and to the best of ONS knowledge, there is no event or act
based on which such actions, suits, proceedings, assessments, investigations or
claims may be initiated.

    

    5.5. ONS is
not a party to any contract or agreement or subject to any charter or other
corporate restriction that could unfavourably affect the free and complete
exercise by BIO of the rights granted to it hereunder.

    

    5.6. Neither
ONS or any other person or entity with rights to the ONS Product or the
Intellectual Property Rights will grant any right to any third party that is or
would be inconsistent BIO with the rights granted to BIO under this
Agreement;

    

    5.7. The
Intellectual Property Rights are valid and enforceable.

    

    5.8. All
safety risks, adverse events and other serious side effects associated with the
ONS Product of which ONS is aware have been disclosed to BIO, and should ONS
become aware of any future adverse events or serious side effects any where in
the world, it will notify BIO in writing within seventy two (72)
hours.  .

    

    5.9. ONS
acknowledges that each of the representations and warranties given herein are
essential considerations for BIO. Accordingly, subject to Section 4 above, ONS
undertakes to indemnify BIO, BIO Affiliates and their clients as well as their
respective officers, directors, shareholders, agents, employees and
representatives, in respect of any damage, loss or defect to the extent
resulting from the inaccuracy or falseness of any or all of the representations
and warranties contained herein and any legal suit, procedure, claim, demand,
contribution or judgment, any fees and legal expenses resulting from the
preceding.

    

    5.10. To the
best of ONS knowledge, Nutra-Pro 80-20 is safe for its intended
use.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. REPRESENTATIONS AND
WARRANTIES OF BIO

    

    BIO represents and warrants the
following to ONS:

    

    6.1. BIO has
all the necessary powers to conclude this Agreement.

    

    6.2. To the
actual knowledge of BIO, the importation, packaging, and/or marketing by BIO of
the ONS Product in the Territory shall not contravene the patents, trademarks,
industrial designs, copyrights or other rights belonging to third
parties.

    

    6.3. To the
actual knowledge of BIO, the importation of the ONS Products to the Territory by
BIO shall not contravene any laws, regulations or government directives in the
Territory or of the United States of America.  BIO specifically
assumes all liability and responsibility BIO for determining and complying with
all governmental exportation and importation issues.

    

    6.4. BIO’s
importation, packaging, storage, transportation, labelling, marketing and all
other activities related to the ONS Product in the Territory shall conform in
all respects to present and future laws, rulings, rules, standards and
regulations related applicable to ONS Product by the applicable authorities. BIO
shall provide ONS with any evidence that ONS may reasonably request in this
respect.

    

    6.5. BIO will
only produce bulk of ONS Product. Furthermore, BIO will market Nutra-Pro 80-20
as a product with a daily-recommended dose of .... Grams.  Any
modification to the amount of ONS Product in the feed mixed, or the frequency of
daily administration of Nutra-Pro 80-20 will require the prior written
authorization of ONS, which will be free to withhold such authorization at its
sole discretion.

    

    6.6. BIO
acknowledges that each of the representations and warranties given herein are
essential considerations for ONS. Accordingly, BIO undertakes to indemnify ONS,
ONS Affiliates, and their clients as well as their respective officers,
directors, shareholders, employees, agents and representatives in respect of any
damage, loss or defect to the extent resulting from the inaccuracy or falseness
of any or all of the representations and warranties contained herein and any
legal suit, procedure, claim, demand, contribution or judgment, fees and any
legal expenses resulting from the preceding.

    

    6.7. In the
event that BIO becomes aware of safety risks, adverse events and other serious
side effects associated with the ONS Product in the Territory, BIO will inform
ONS in writing within seventy two (72) hours.

    

    7. TERM

    

    7.1. This
Agreement is made for an initial term of three (3) years commencing on the
Effective Date (the “Initial Term”).

    

    7.2  This
Agreement will be automatically renewed for successive periods of three (3)
years at the end of the initial term and each renewal term, as applicable,
provided, however, the parties shall negotiate in good faith and agree upon the
applicable terms and conditions (including the minimum quantities to be ordered
by BIO during any renewal period), to the mutual satisfaction of both parties,
under condition that BIO has fulfilled its obligations stipulated in this
Agreement, including section 3.11 above.  If BIO decides not to renew
the contract at the end of any term, it shall provide ONS with 90 days
notice.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8. TRADEMARKS AND INTELLECTUAL
PROPERTY INFRINGEMENT

    

    8.1. Trademarks

    

    (a) BIO
shall, in order to protect and preserve ONS rights to the Trademarks in the
Territory, on all Product Packaging and on each Promotional Item, and on any
other Materials, display the Trademarks for the applicable ONS
Product.  For greater clarity, no ONS Product, nor any Product
Packaging, Promotional Item or other Material may be marketed without clearly
displaying the Trademarks for the applicable ONS Product in accordance with the
present sub-section.  Unless prohibited by applicable law, BIO may
identify itself (using its trade names or trademarks) on Product Packaging,
Promotional Items and on other Materials, as the manufacturer of the ONS
Product.

    

    (b) Every
representation (whether on Product Packaging, Promotional Items or Materials) of
the Trademarks that BIO intends to use must, prior to any use, be submitted to
ONS for written approval, which approval shall not be unreasonably withheld
provided however, that ONS shall be deemed to have approved each Trademark,
unless it shall provide BIO with a written objection detailing the reasons for
such objection, within thirty (30) days after BIO submission of such Trademark
to ONS for consideration.

    

    (c) ONS is
the sole and exclusive owner of all Trademarks, trade names, technical
information or other intellectual property rights stemming from the Materials
and BIO agrees, to the extent required under Section 8.2, to secure, protect and
maintain the Trademarks, trade names and intellectual property of ONS in the
Territory, and to assist ONS in securing the Trademarks, trade names and
intellectual property.  BIO further agrees to assign to ONS any
Trademarks, intellectual property rights or other related rights that may accrue
to BIO with respect to the ONS Product under the laws of any part of the
Territory or elsewhere.

     

    8.2. Infringement

    

    (a) Each of
the parties shall promptly notify the other party upon learning of any actual or
threatened infringement or violation of any of the Trademarks or Patents, as
soon as such party becomes aware of such actual or threatened
infringement.  The parties hereto undertake to consult each other in
order to determine the appropriate measures to be taken under the
circumstances.

    

    (b) ONS shall
institute a legal suit against any infringement or serious infringement threat
regarding the Trademarks or Patents in the Territory it deems
appropriate.

    

    (c) In the
event ONS, in consultation with BIO, decides to institute a legal suit, pursuant
to Section 8.2(b), such action will be controlled by ONS on its own and BIO
behalf.   To this end, and if necessary in order to institute the
legal suit, BIO will give ONS an appropriate power of attorney.  Any
recovery obtained following such action, after the reimbursement of the costs
and expenses of such suit will be shared equally between ONS and BIO. BIO
undertakes to provide all reasonable assistance that may be required by
ONS.

    

    (d) In the
event that ONS refuses or neglects, without justification, to institute an
infringement claim when requested by BIO, the latter may, but shall not be
obligated to, institute such infringement claim at its own cost. ONS undertakes
to supply, free of charge, any reasonable assistance that may be required by
BIO.

    
       

    

    

    9. INDEMNITY AND LIABILITY
RELATING TO THE ONS PRODUCTS

    

    9.1. Each
party undertakes to advise the other within seventy two (72) hours following
receipt of any information likely to have a substantial negative impact, of any
notice or complaint relating to the ONS Product, including those regarding the
consumption and use of such products, their innocuousness, the right to market
them and any Intellectual Property infringement, originating in any territory
whatsoever.

    

    9.2. Subject
to the provisions Section 4.5 and 9.4 of this Agreement and except as otherwise
prohibited by applicable law, ONS undertakes to indemnify BIO, BIO Affiliates,
and their Approved Sub licensees as well as their respective officers,
directors, shareholders, employees, agents, representatives, successors and
assigns (each an “BIO
Indemnified Person”) and
to hold them harmless from and against all losses, claims, damages, actions,
suits, proceedings, demands, deficiencies, assessments, adjustments, costs and
expenses (including, but not limited to, reasonable attorneys’ fees and expenses
of investigation) and all amounts paid in settlement of any of the foregoing,
that any BIO Indemnified Person may pay, incur or suffer, to the extent
resulting from, arising out of, or in relation to (1) the material inaccuracy or
breach of any representation, warranty or covenant made by ONS under this
Agreement; or (2) directly caused by defects or failures in the manufacturing of
the ONS Product, to the extent manufactured by, or manufactured at the direction
of, ONS, except to the extent caused by the gross negligence or wilful
misconduct of such BIO Indemnified Person, BIO or any BIO
Affiliate.

    

    9.3. Subject
to the provisions of Section 4.5 (except as otherwise prohibited by applicable
law), BIO undertakes to indemnify ONS, ONS Affiliates, and their respective
officers, directors, shareholders, employees, agents, representatives,
successors and assigns (each a “ONS Indemnified Person”) and
to hold them harmless from and against all losses, claims, damages, actions,
suits, proceedings, demands, deficiencies, assessments, adjustments, costs and
expenses (including, but not limited to, reasonable attorneys’ fees and expenses
of investigation) and all amounts paid in settlement of any of the foregoing,
that the ONS Indemnified Person may pay, incur or suffer, to the extent
resulting from, arising out of, or in relation to (1) the material inaccuracy or
breach of any representation, warranty or covenant made by BIO under this
Agreement; or (2) BIO packaging, storage, transportation, promotion, sale or
other licence of the ONS Product, except to the extent caused by the gross
negligence or wilful misconduct of such Indemnified Person, ONS or any ONS
Affiliate.

    

    9.4. Except as
specifically provided in Section 4.1 of this Agreement, and except for the
representations and warranties included in this Agreement , ONS shall not assume
any obligation and does not make any representation or warranty of any nature
whatsoever regarding the ONS Product, the Promotional Items or any other
Material and, without limitation of the following, ONS does not make any
representation or warranty of any nature whatsoever regarding the usefulness,
the quality or the marketability of the ONS Product or the effects which may
result from their consumption or use.  ONS will be in no way
responsible BIO for the warranties, representations, undertakings or any other
obligation given or assumed by BIO towards any party whatsoever regarding the
manufacturing, promotion, licence, consumption, use or sale of any ONS Product
and Promotional Item or any other activity relating thereto.

    

    9.5. Each
Party hereby agrees to maintain at all times a sufficient insurance in order to
indemnify the other party, its clients and the other Indemnified Persons
(minimum CDN $5,000,000 per event) pursuant to this Agreement and to provide
proof thereof to the other party upon request (maximum once per
year).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10. TERMINATION

    

    10.1. In
addition to what is provided in Section 7 of this Agreement, either party may
terminate this Agreement upon the occurrence of one of the following
events:

    

    (a) If the
other party becomes bankrupt, makes a voluntary assignment of its assets to a
receiver, is declared bankrupt or insolvent or makes a voluntary assignment of
its assets for the benefit of its creditors;

    

    (b) If BIO or
any of its Affiliates or its licensees proceeds with any operation,
manipulation, modification or other similar act of the ONS Product in order to
modify the composition or attempts to manufacture a similar product to the ONS
Product and BIO becomes aware of the same and fails to stop such activity within
sixty (60) days; or

    

    (c) The
breach by the other party or of BIO Affiliates or its licensees of any
obligation or undertaking contained herein provided that such breach is not
corrected within sixty (60) days following receipt of a written notice to this
effect.

    

    10.2. In the
event of early termination of this Agreement, BIO shall
immediately:

    
 

    (a) Cease to
use the Trademarks in the Territory, except in connection with exercising its
rights under Section 10.2(c) below;

    
 

    (b) Cease to
market and promote the ONS Product, except in connection with exercising its
rights under Section 10.2(c) below;

    
 

    (c) Diligently
proceed with the sale of its inventories of ONS Product in its possession in the
Territory within no more than ninety (90) days following termination of this
Agreement;

    
 

    (d) Upon the
expiration of the ninety (90) day period following the termination of this
Agreement, destroy any ONS Product still in its possession; and

    

    (e) Pay to
ONS any amount due pursuant to this Agreement.

    

    11. ASSIGNMENT

    

    BIO may not assign its rights pursuant
to this Agreement to any related party or any third party without the prior
written consent of ONS, which may be given or not, at ONS’s sole
discretion.

     

    12. ARBITRATION

    

    12.1. Any
dispute arising between the parties hereto arising under this Agreement shall be
resolved by arbitration in Montreal, Quebec (or such other location as otherwise
mutually agreed) in accordance with the Quebec Civil Code, and the award of the
arbitrator(s) shall be final and binding upon the parties.  The
arbitration award may be entered as a final judgment in any court of competent
jurisdiction.

     

    12.2. All
arbitration proceedings shall be before a board of three (3) arbitrators, for
each of which each party shall select one (1) arbitrator and the selected
arbitrators shall select the third arbitrator.

    12.3. The costs of the
arbitrators shall be divided equally between the parties, and each party
shall be solely responsible for its own costs in connection with the
arbitration..

    

    12.4. The
parties hereto agree that the laws of the province of Quebec, without regard to
conflict of law provisions, will govern as additional provisions in any
arbitration that may be held pursuant to the provisions of the present
section.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    13. NOTICE

    

    13.1. Notice.   Unless
otherwise provided herein, any notice, request, instruction or other document to
be given hereunder by any party to the others shall be in writing and delivered
in person or by commercial overnight courier, or by facsimile transmission, or
mailed by certified mail, postage prepaid, return receipt requested, as
follows:

    

    

    

    

    All communications to ONS should be
directed to:

    

    Oceanutrasciences .inc.

    Attn:
André Rancourt

    72, Rue
du Port

    Matane,
Quebec, G4W 3M6

    Fax:
(418) 562-4744

    

    All communications to BIO should be
directed to:

    

    BIO  Solutions
Corp

    Attn: Roger Corriveau

    14517,
Joseph-Marc-Vermette

    Mirabel Québec, J7J 1X2

    Fax: (450) 779 3588

    
 

    Any such
notice or other communication shall be deemed received and effective upon the
earlier of (a) if personally delivered, the date of delivery to the address of
the person to receive such notice; (b) if delivered by commercial overnight
carrier, one day following the receipt of such communication by such carrier
from the sender, as shown on the sender’s delivery invoice from such carrier;
and (c) if given by telex or telecopy, when sent.  Any reference
herein to the date of receipt, delivery, or giving, as the case may be, of any
notice or other communication shall refer to the date such communication becomes
effective under the terms of this section.  Notice of change of
address or facsimile number shall be given by written notice in the manner
detailed in this section.  Rejection or other refusal to accept or the
inability to deliver because of changed address or facsimile number of which no
notice was given shall be deemed to constitute receipt of the notice or other
communication sent.

    

    
       

    

    14. CONFIDENTIALITY.

    

    14.1. In
connection with this Agreement, it is acknowledged that each party may disclose
its confidential and proprietary information to the other party.  Any
such information that is (i) first disclosed in writing, (ii) if first disclosed
orally is later transmitted in written form, and is labeled as “Confidential”, or (iii) should
be understood to be confidential by a reasonably prudent person, is referred to
herein as “Confidential
Information.”

    

    14.2. Each
party hereto shall maintain the Confidential Information of the other party in
confidence, and shall not disclose or otherwise communicate such Confidential
Information to others, or use it for any purpose except pursuant to, and in
order to carry out, the terms and objectives of this Agreement, and hereby
agrees to exercise every reasonable precaution to prevent and restrain the
unauthorized disclosure of such Confidential Information by any of its
directors, officers, employees, consultants or agents.

    

    14.3. The
provisions of Section 15.2 of this Agreement shall not apply to any Confidential
Information disclosed hereunder which:

    

    (a) Either
was or will be lawfully disclosed to the recipient by an independent third party
rightfully in possession of the Confidential Information; or

    

    (b) Either
has been or will be published or generally known to the public in through no
fault or omission by any of the parties; or

    

    (c) Was
independently known to the recipient prior to receipt from the disclosing party
and is not otherwise subject to confidentiality obligations, or independently
developed by the recipient thereafter, as demonstrably documented in written
records of the recipient; or

    

    (d) Is
required to be disclosed by any of the parties to comply with court orders or
applicable laws, to defend or prosecute litigation or to comply with
governmental regulations, provided that such party takes reasonable and lawful
actions to avoid and/or minimize the degree of such disclosure and shall give
prompt notice to the disclosing party..

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    15. GENERAL
PROVISIONS

    

    15.1. Force
majeure.  Any failure or omission by a party to timely perform any
obligation under this Agreement shall not be deemed a breach of this Agreement;
to the extent such failure or omission directly results from a force
majeure.  Force majeure is any cause which is not within the
reasonable control of the parties hereto, that they could not reasonably have
planned for and against which they have not protected themselves. Force majeure
includes notably, without limitation, fortuitous act, third party strike,
partial or complete interruption of work, lock-out, fire, rebellion,
interventions by military or civil authorities, compliance with regulations or
rules of any governmental authority, and act of war (declared or
not).

    

    15.2. Illegality
of a provision.  The eventual illegality or nullity of a section,
sub-section or paragraph does not affect the legality or validity of the other
sections, sub-sections or paragraphs neither the rest of the sections, unless
evident contrary intention in the text.

    

    15.3. Modification
of the Agreement.  This Agreement may be modified in whole or in part
by common agreement between the parties and solely in writing.

    

    15.4. Titles.  The
titles are used for order reasons and as accessories and do not affect the
significance or the reach of the sections it refers to.

    

    15.5. Non-waiver.  Except
for the provisions of this Agreement where the exercise of a right is
accompanied with a specific delay, the silence of a party, its negligence or its
lateness to exercise a right or recourse which is given to it or opened pursuant
to this Agreement must never be interpreted against such party as a waiver of
its rights and recourses.

    

    15.6. Cumulative
and non-alternative.  All rights mentioned hereto are cumulative and
not alternative. The waiver of the exercise of a right must not be interpreted
as a waiver of any other right.

    

    15.7. Governing
Law.  This Agreement shall be governed by the laws of the Province of
Quebec, without regard to conflicts of law principles.

    

    15.8. Entire
Agreement.  This Agreement expresses the entire agreement between the
parties hereto and no document, agreement or other form of engagement entered
prior to the date of signature of this Agreement shall be considered BIO to
amend or affect in any way the provisions of this Agreement.  This
Agreement specifically supersedes and replaces the ONS Agreement, which upon the
Effective Date shall no longer be in effect.

    

    

    IN WITNESS WHEREOF THE PARTIES HAVE
EXECUTED THIS AGREEMENT AT THE PLACE AND ON THE DATE FIRST ABOVE
MENTIONED.

    

    

                                                OCEANUTRASCIENCES,
INC.

    

    

                                                 ____________________________

                                                 André Rancourt

                                                 Directeur Général

    

                                                 BIO Solutions Corp .

    

    

                                                 _____________________________

                                                 Roger Corriveau

                                                 Président

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
B

    

    
      TRADEMARKS

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
C

    

    
      APPROVED
DISTRIBUTORS

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