Document:

Exhibit 10.20

The Company has redacted certain portions of
this Exhibit, pursuant an FOIA Confidential Treatment Request, pursuant to Rule
24b-2, under the Securities Exchange Act of 1934, as amended. The application for
Confidential Treatment
was mailed to the Secretary of the Commission on January 24, 2007.
The omitted material has been included in the application for Confidential Treatment.

AGREEMENT

BETWEEN

CARACO PHARMACEUTICAL LABORATORIES
LTD

AND

SUN PHARMACEUTICAL INDUSTRIES LIMITED

THIS
AGREEMENT, made this 19th day of January 2007 (“Effective Date”), by and
between CARACO PHARMACEUTICAL LABORATORIES LTD, a Michigan corporation
(“Caraco”), having its Registered Office at 1150 Elijah McCoy Drive, Detroit, MI 48202,
U.S.A. and SUN PHARMACEUTICAL INDUSTRIES LIMITED, an Indian corporation
(“Sun”) having its Registered Office at SPARC, Tandalja, Vadodara 390 020
India.

WHEREAS, Sun
and Caraco each wish to enter into an agreement pursuant to which Caraco wishes
to market Sun generic pharmaceutical products which require ANDAs in the United
States of America, its territories and possessions, including Puerto Rico (the
“Territory”) and Sun wishes to sell agreed products whether developed or under
development and/or whether ANDA approved or under ANDA approval to Caraco for
marketing/sale by Caraco in the Territory.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows: 

               LICENSE
TO MARKET OF PRODUCTS BY SUN TO CARACO. 

	
 

	
 

	
1.1

	
OFFER OF THE
  PRODUCTS BY SUN AND ACCEPTANCE BY CARACO. The generic pharmaceutical products
  which require ANDAs may be offered from time to time for inclusion under this
  Agreement by Sun to Caraco for marketing, distributing, selling, using,
  licensing by Caraco in the Territory. Caraco shall inform Sun within 30 days
  of such offer whether Caraco would be interested to market the same under this
  Agreement and on Caraco’s acceptance by the stipulated period of 30 days, the
  same products (“Products”) shall be included under this Agreement.
  *************************

	
 

	
 

	
1.2

	
LICENSE TO
  SELL PRODUCTS. During the term of this Agreement, Sun, pursuant to the terms
  and conditions set forth herein, hereby grants to Caraco the exclusive right
  to market, 

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advertise,
  promote, distribute, sell, offer to sell, use, license and otherwise exploit
  the Products in the Territory (the “License”). 

	
 

	
 

	
1.3

	
MANUFACTURE
  OF PRODUCTS. Sun shall manufacture each Product in accordance with all
  applicable laws and regulations and Current Good Manufacturing Practices
  (defined below), whether such Products are being manufactured in connection
  with the submission and seeking of approval of an ANDA or for sale to the
  public following approval of an ANDA with respect thereto. 

	
 

	
 

	
1.4

	
MARKETING
  AND PRICING OF PRODUCTS. Subject to any limitations imposed as a result of
  its financial condition, Caraco shall (a) use its best efforts, consistent
  with Caraco’s usual customary practices, to market each Product in the
  Territory, and provide marketing personnel and such other capabilities as are
  reasonably appropriate.  ****************************************
  

	
 

	
 

	
1.5

	
**************************************************************

	
 

	
 

	
1.6

	
NO
  ACTIVITIES OUTSIDE OF THE TERRITORY. Caraco shall not make, use or sell, or
  grant rights to others to make, use or sell the Product outside the Territory
  without the consent of Sun. 

	
 

	
 

	
1.7

	
NO
  ASSIGNMENT OF PRODUCTS; SHARING OF INFORMATION. Without the written consent
  of Sun (which may be granted or withheld in its sole discretion), Caraco
  shall not (a) grant rights to any third person, to make, use or sell the
  Product, whether by assignment, license, sale or other transfer; and/or (b)
  sell, assign or otherwise permit access to or use of the data supporting any
  ANDA for a Product, or to the ANDAs themselves, to any person or entity other
  than Sun, the FDA and any other governmental agency or body with
  jurisdiction. 

	
 

	
 

	
2.

	
OBLIGATIONS
  OF SUN WITH RESPECT TO THE PRODUCTS. 

	
 

	
 

	
2.1

	
CONDUCT OF
  TESTS AND STUDIES. For the Products agreed under this Agreement for which
  ANDA approval is yet to be applied for, Sun shall conduct, at its own
  expense, subject to reimbursement under Section 8 below, excluding
  consideration pursuant to Section 3 below, complete development, and all
  tests, including a bioequivalence study (or studies) and/or pilot studies
  designed to provide clinical information to assist in the development of
  clinical bioequivalence protocols and bioanalytic methods, and any clinical
  trials which Sun and/or Caraco deem to be reasonably necessary to enable Sun
  to prepare and to file with the FDA an application for an ANDA for each
  Product. Sun shall select suitable clinical research organizations to conduct
  any such studies and trials. 

	
 

	
 

	
 

	
(a)

	
Sun shall,
  at its sole expense, produce quantities of any Product as necessary for use
  in such studies and trials. Such Products shall be produced in accordance
  with those current good manufacturing regulations established in 21 CFR Parts
  210 

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and 211, as
  such sections, from time to time, may be amended or supplemented, or any
  successor provisions (“Current Good Manufacturing Practices”).

	
 

	
 

	
 

	
 

	
(b)

	
Sun shall,
  in connection with its clinical studies, develop manufacturing procedures,
  batch records, packaging and labeling instructions, release specifications,
  and quality assurance procedures and put the procedures into an FDA accepted
  format. 

	
 

	
 

	
 

	
 

	
(c)

	
Caraco shall
  have the right, but not the obligation, to conduct audits or inspect the
  manufacturing facilities of Sun from where the Product is being supplied for
  the purpose of its evaluation by providing advance notice of 5 working days
  to Sun.

	
 

	
 

	
 

	
 

	
(d)

	
Any recalls
  will be reimbursed by the party responsible for the recall. Reimbursement
  will be based on HDMA guidelines current at the time of the recall along with
  additional costs requested by our customers associated with the recall. 

	
 

	
 

	
 

	
2.2

	
PREPARATION
  AND SUBMISSION OF ANDAS. Sun shall complete and submit the ANDA for each
  Product to the FDA as promptly as commercially practicable, shall promptly
  respond to inquiries by the FDA in connection with the Product, and shall
  monitor and support the submission. Sun shall, when requested by Caraco,
  inform Caraco regarding the ANDA registration status for the Products. Sun
  shall pay all expenses in connection with such submission and monitoring for
  each submitted Product, including the filing fee and all legal and consulting
  fees and expenses. In any ANDA process for a Product, Sun shall:

	
 

	
 

	
 

	
 

	
(a)

	
Identify
  itself as the manufacturer, and identify the packagers, labelers, and
  contract laboratories whose components or services are used in production of
  the Product; 

	
 

	
 

	
 

	
 

	
(b)

	
Submit
  methods, process and cleaning validations; 

	
 

	
 

	
 

	
 

	
(c)

	
Submit a
  signed certificate evidencing its compliance with Current Good Manufacturing
  Practices; 

	
 

	
 

	
 

	
 

	
(d)

	
Submit
  executed master formula and batch production and control records; 

	
 

	
 

	
 

	
 

	
(e)

	
Adequately
  describe the precautions taken to ensure proper labeling; 

	
 

	
 

	
 

	
 

	
(f)

	
Submit
  specifications and test methods for testing the Product during the
  manufacturing process; 

	
 

	
 

	
 

	
 

	
(g)

	
Submit the
  appropriate packaging information; 

	
 

	
 

	
 

	
 

	
(h)

	
Submit the
  appropriate stability information; and 

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(i)

	
submit such
  other information, documentation or other matters as (1) required by
  applicable FDA rules or regulations, (2) reasonably determined by Sun or
  Caraco to be necessary or advisable to permit the expeditious approval of
  such ANDA; and/or (3) requested by the FDA. 

	
 

	
 

	
 

	
2.3

	
MANUFACTURE
  OF SUN ANDA PRODUCTS. Sun shall manufacture each Product in accordance with
  Current Good Manufacturing Practices, whether such Products are being
  manufactured in connection with the submission and seeking of approval of an
  ANDA or for sale to the public following approval of an ANDA with respect
  thereto. 

	
 

	
 

	
3.

	
CONSIDERATION.
  

	
 

	
 

	
3.1

	
CONSIDERATION.
  In consideration of the marketing and distribution of the Products, Caraco
  shall receive *** of the net selling price of the Products.
  *********************** The net sales price is defined as the sales price
  less all typical trade and cash discounts, returns, free goods, rebates,
  chargebacks, fee for service and shelf stock allowances.

  ************************************************************

	
 

	
 

	
 

	
It is hereby agreed and
  understood by the parties that all the marketing, selling and distribution
  expenses for the sale of the Product shall be paid and born by Caraco at
  Caraco’s own cost.

	
 

	
 

	
 

	
************************************************************************

	
 

	
 

	
 

	
************************************************************************

	
 

	
 

	
3.2

	
TERMS OF
  PAYMENT. As consideration of Sun’s entering into this Agreement, Caraco shall
  make the following payments to Sun under the following conditions:

	
 

	
 

	
 

	
(a)

	
Reports and
  Payment. Caraco shall pay to Sun the Export Price of
  the Products purchased within sixty (60) days following the receipt of the
  product, **********************Sun
  shall send all invoices to the attention of Caraco’s accounting department.
  Each payment shall be accompanied by a report in sufficient detail to permit
  confirmation of the accuracy of the payment made. 

	
 

	
 

	
 

	
 

	
 

	
Caraco shall provide a quarterly Sales Report for the
Products. The
  report shall generally include sales details by customer and Product (e.g.
  sales value during the period, sales quantity, average sales price of the
  Products, average credit period allowed, charge backs or any other pricing
  calculations, special bundling of products’ offers which Caraco may have with
  customers which may affect the sales of the Products, realization of products)
  Caraco further agrees to provide such other reports and/or details as may be
  reasonably requested by Sun and agreed to by Caraco.

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(b)

	
Manner of Payment. All payments hereunder
  shall be payable in United States dollars, by wire transfer to a bank account
  designated by Sun unless otherwise specified in writing by Sun.

	
 

	
 

	
 

	
 

	
(c)

	
Late Payments. In the event that any payment
  due hereunder is not made when due, the payment shall accrue interest from
  that date due at the rate of five percent per annum; provided, however, that
  in no event shall such range exceed the maximum legal annual interest rate.
  The payment of such interest shall not limit Sun from exercising any other
  rights it may have as a consequence of the lateness of any payment.

	
 

	
 

	
 

	
 

	
(d)

	
Records. During the term of this Agreement,
  and for a period of a minimum of five (5) years after its expiration or
  termination (or whatever is required by applicable law or any regulatory
  authority), Caraco and Sun shall keep complete and accurate records in
  sufficient detail to permit Sun or Caraco, as the case may be, to confirm the
  accuracy of all payments due and paid hereunder.

	
 

	
 

	
 

	
 

	
(e)

	
Taxes. The parties agree that each is
  responsible for its own taxes attributable to this Agreement.

	
 

	
 

	
 

	
4.

	
PURCHASE FORMS.
  To the extent of any conflict or inconsistency between this Agreement and any
  purchase orders, purchase order releases, confirmations, acceptances and
  similar documents submitted by a party in conducting the activities
  contemplated under this Agreement, the terms of this Agreement shall govern.

	
 

	
 

	
 

	
5.

	
CONFIRMATION.
  Sun shall confirm each purchase order within seven (7) business days from the
  date of receipt of a purchase order and shall supply a Product within a
  maximum of sixty (60) days from the date of acceptance of a purchase order,
  or later if so specified in the purchase order. 

	
 

	
 

	
 

	
6.

	
DELIVERIES.
  Delivery terms for the Product shall be prepaid by Sun or such other
  manufacturing facility designated by Sun. Sun shall ship the Products in
  accordance with Caraco’s purchase order form or as otherwise directed by
  Caraco in writing. Title to any Products purchased by Caraco shall pass to
  Caraco upon the delivery of such Product to Caraco. 

	
 

	
 

	
 

	
7.

	
FORECASTS.
  Not later than four (4) months prior to the anticipated date of
  commercialization of a particular Product in the Territory, Caraco will
  provide Sun with a twelve (12) month forecast of Caraco’s requirements of
  that Product. ********************************************************** 

  **********************************************************************************
  **********************************************************************************

  All
  orders will be for full batch quantities. It is understood that Sun will not
  maintain a Product inventory in excess of the firm portion of the forecast,
  but will produce a Product upon receipt of that portion of Caraco’s forecasts
  that constitute firm orders. Caraco agrees to use commercially reasonable
  efforts to purchase a sufficient amount of a 

5

	
 

	
 

	
 

	
Product to
  enable Caraco to carry sufficient inventory to allow for fluctuations in
  sales demand so as to allow Sun reasonable lead time to meet increased
  demand. Sun will use commercially reasonable efforts to meet any increase in
  demand in excess of the allowed adjustment, but will not be obligated to do
  so.

	
 

	
 

	
8.

	
DEVELOPMENT
  AND LITIGATION AND RELATED COSTS. Sun will bear all development and
  legal/litigation costs for the Products having bio-equivalency study costs of
  ***** $U.S. or less. Where the bio-equivalency study costs and
  legal/litigation costs for the Products exceed ***** $U.S for a Product,
  legal costs for infringement and/or other litigation along with the
  bio-equivalency study costs related to that Product will be apportioned in
  such proportion as may be mutually agreed ,on
  product to product basis, by both the parties to this Agreement. Sun
  shall provide Caraco with copies of all legal and other relevant
  bio-equivalency study invoices; pay the fees in full and bill Caraco for its
  agreed proportionate share. When the offer to market any Product, at the sole
  discretion of Sun, is made by Sun to Caraco under this Agreement, Caraco has
  the responsibility to assess the potential litigation costs prior to
  accepting to market the product. 

	
 

	
 

	
9.

	
REPRESENTATIONS
  AND WARRANTIES OF SUN. 

	
 

	
 

	
 

	
Sun, as an
  inducement to Caraco to enter into this Agreement, represents, warrants and
  covenants to Caraco as follows: 

	
 

	
 

	
9.1

	
RIGHTS TO
  PROPRIETARY TECHNOLOGICAL INFORMATION. Sun will have at the time a Product is
  delivered to Caraco, the full right, power and authority to grant the
  exclusive License to the Products, and intellectual property rights relating
  to each Product, to Caraco in the Territory pursuant to the terms of this
  Agreement to permit Caraco to perform pursuant to this Agreement and market
  and sell each Product free and clear of any mortgage, lien, encumbrance or
  any other third-party interest of any kind. Sun is not aware of any facts or
  circumstances that a Product is subject to any restriction, covenant, license
  (other than this Agreement) or judicial and administrative order of any kind
  which detract in any material respect from the value of the Product, or which
  could interfere with Caraco’s exercise of its rights in the Territory as
  contemplated by this Agreement. 

	
 

	
 

	
9.2

	
RIGHTS TO
  PRODUCTS. Sun shall inform Caraco about any notice or knowledge, if any that
  (i) that the rights to develop, market and sell any of the Products have been
  challenged in any judicial or administrative proceeding, or (ii) any person,
  entity or product has infringed or will infringe any patent or other rights
  of Sun with respect to any Product, or (iii) any patent rights or other
  intellectual property rights, including but not limited to rights of
  trademark, trade and copyright have been infringed by Sun or will be
  infringed by Caraco by virtue of performing the activities contemplated by
  this Agreement. 

	
 

	
 

	
9.3

	
RIGHT TO
  EXECUTE AND PERFORM. Sun has full right, power and authority to execute and
  deliver this Agreement, and to perform its obligations under it, and has
  taken 

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all
  necessary action to authorize such execution, delivery and performance. This
  Agreement constitutes legal, valid and binding obligation of Sun enforceable
  against it in accordance with its terms. 

	
 

	
 

	
9.4

	
COMPLIANCE
  WITH LAWS. Sun will comply with all applicable laws in connection with
  performance of its obligations under this Agreement. The execution, delivery
  and performance of this Agreement by Sun does not violate any provision of
  applicable law or of any regulation, order decree of any court, arbitration
  or governmental authority, or any other agreement to which Sun is a party. No
  consents, approvals or authorizations, registrations or filings are required
  in connection with the execution, delivery, performance, validity or
  enforceability of this Agreement, except as have been obtained or set forth
  in this Agreement. 

	
 

	
 

	
9.5

	
SURVIVABILITY.
  The foregoing representations, warranties and covenants shall survive the
  termination of this Agreement, shall be deemed to be made anew each time that
  a Product is delivered by Sun to Caraco, and shall not be affected by any
  examination made by or on behalf of Caraco, the knowledge of its officers,
  directors, stockholders, employees or agents or the acceptance of any
  certificate or opinion. 

	
 

	
 

	
10.

	
REPRESENTATIONS
  AND WARRANTIES OF CARACO. 

	
 

	
 

	
 

	
As an
  inducement to Sun to enter into this Agreement, Caraco represents and
  warrants to Sun as follows: 

	
 

	
 

	
10.1

	
RIGHT TO
  EXECUTE AND PERFORM. Caraco has full right, power and authority to execute
  and deliver this Agreement, and to perform its obligations under it, and has
  taken all necessary action to authorize such execution, delivery and
  performance. This Agreement constitutes the legal, valid and binding obligation
  of Caraco, enforceable against it in accordance with its terms.

	
 

	
 

	
10.2

	
COMPETING
  PRODUCTS. During
  the term of this Agreement, Caraco shall not manufacture, sell, distribute or
  market the same or similar products to the Products which are subject to this
  Agreement, which the development list related thereto will be reviewed from
  time to time, from other suppliers in TERRITORY and the specific Product is
  covered under this Agreement. 

	
 

	
 

	
10.3

	
COMPLIANCE
  WITH LAW. Caraco will comply with all applicable laws in connection with
  performance of its obligations under this Agreement. The execution, delivery
  and performance of this Agreement by Caraco does not and will not violate any
  provision of applicable law or of any regulation, order decree of any court, arbitration
  or governmental authority or any other agreement to which Caraco is a party.
  No consents, approvals or authorizations, registrations or filings are
  required in connection with the execution, delivery, performance, validity or
  enforceability of this Agreement, except as had been obtained or set forth in
  this Agreement. 

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10.4

	
SURVIVABILITY.
  The foregoing representations, warranties and covenants shall survive the
  termination of this Agreement, and shall be deemed to be made anew each time
  that a Product is delivered by Sun to Caraco, and shall not be affected by
  any examination made by or on behalf of Sun, the knowledge of its officers,
  directors, stockholders, employees or agents or the acceptance of any
  certificate or opinion. 

	
 

	
 

	
11.

	
INDEMNIFICATION,
  INSURANCE AND LIMITATIONS OF LIABILITY. 

	
 

	
 

	
11.1

	
Caraco shall
  indemnify, defend and hold harmless, Sun, its affiliates and its
  stockholders, directors, officers, employees, advisors and agents against any
  and all liability, damage, loss or expenses (including reasonable fees, costs
  and expenses of attorneys and other professionals and court costs, but
  excluding consequential damages for lost profits) resulting from, arising out
  of or connected with: (a) any breach of the representations, warranties or
  covenants by Caraco in this Agreement, and/or (b) any negligence, intentional
  misconduct or other wrongdoing of Caraco, and/or (c) any claim by third
  parties relating to the distribution, promotion, use or sale of the Products
  by Caraco (except for liabilities, damages, losses or expenses which are
  Sun’s obligation under Section 11.2 below). These indemnification obligations
  shall survive the termination of this Agreement or the termination of any
  Product.

	
 

	
 

	
11.2

	
Sun shall
  indemnify, defend and hold harmless, Caraco, its affiliates and its
  stockholders, directors, officers, employees, advisors and agents against any
  and all liability, damage, loss or expenses (including reasonable fees, costs
  and expenses of attorneys and other professionals and court costs, but
  excluding consequential damages for lost profits) resulting from, arising out
  of or connected with (a) any breach of the representations, warranties or
  covenants by Sun in this Agreement, and/or (b) any negligence, intentional
  misconduct or other wrongdoing of Sun, and/or (c) the manufacture, operation
  and/or design of any Product, including all product liability claims; and/or
  (d) any claim, demand or suit alleging that any Product infringes any third
  party’s patent, copyright, trademark, trade secret or other intellectual
  property right, except when this clause is excluded for any Product as
  mutually agreed by and between Sun and Caraco. These indemnification
  obligations shall survive the termination of this Agreement or the
  termination of any Product.

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11.3

	
Sun
  undertakes that it shall carry out within reasonable time of entering into
  this Agreement and will continue to carry, with insurance companies rated A-
  or better, the insurance coverage set forth in this Section 11.3, continuously
  during the term of this Agreement, and thereafter as provided herein:

	
 

	
 

	
 

	
(a)

	
Commercial
  general liability insurance on an occurrence form containing such limits as
  may be mutually agreed upon by Sun and Caraco protecting against bodily
  injury, property damage and personal injury claims arising from the exposures
  of: (i) product liability; and (ii) contractual liability; and:

	
 

	
 

	
 

	
 

	
 

	
(i)

	
this
  coverage must specifically state that the insurance provided by Sun shall be
  considered primary and non-contributory, any of Caraco’s insurance shall be
  considered excess for the purpose of responding to claims; 

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
Sun shall
  add Caraco as an Additional Insured on the policy by having the insurance
  carrier issue an Additional Insured Endorsement(s);

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
Commercial
  general liability insurance coverage must be maintained for ten (10) years
  after the termination or expiration of this Agreement.

	
 

	
 

	
 

	
 

	
 

	
(b)

	
Sun must
  disclose all applicable insurance policy deductibles and/or self-insured
  retentions, and agrees to be liable for all costs within the deductibles
  and/or self-insured retentions.

	
 

	
 

	
 

	
 

	
(c)

	
Sun shall
  evidence that such all insurance required under this Agreement is in force by
  furnishing Caraco with a Certificate of Insurance, or if requested by Caraco,
  certified copies of the insurance policies. Any attempt by Sun to cancel or
  modify any insurance coverage, or any failure by Sun to maintain such
  insurance coverage, shall be a default under this Agreement and, upon such
  default, Caraco will have the right to terminate this Agreement and/or
  exercise any of its rights at law or at equity unless the same has arisen due
  to non reimbursement by Caraco of insurance expenses incurred by Sun for the for the
  Products under this Agreement pursuant to Section 3.1 of this Agreement.
  In addition to any other remedies, Caraco may, at its discretion, withhold
  payment of any sums due under this Agreement until Sun provides adequate
  proof of insurance.

	
 

	
 

	
 

	
11.4

	
Except as
  expressly provided herein, in no event shall either party be liable to the
  other party in connection with this Agreement and/or the Products, regardless
  of the form of action or theory of recovery, for any: (a) indirect, special,
  exemplary, consequential, incidental or punitive damages, even if that party
  has been advised of the possibility of such damages; and/or (b) lost profits,
  lost revenues, lost business expectancy, business interruption losses and/or
  benefit of the bargain damages. The limitations set forth in Sections 11.4(a)
  and (b) do not apply to any liability or amounts related to or arising from

9

	
 

	
 

	
 

	
 

	
a party’s
  indemnification obligations under this Agreement and/or a party’s breach of
  its confidentiality obligations under this Agreement.

	
 

	
 

	
12.

	
TERM AND
  TERMINATION 

	
 

	
 

	
12.1

	
TERM. The
  initial term of this Agreement shall be three (3) years from the Effective
  Date except that to the extent the License period for a Product is less than
  3 years, this Agreement shall be effective for each such Product until
  completion of 3 years from the date of launch of that Product in the
  Territory. The License granted with respect to any Product delivered by Sun
  to Caraco and as to which Caraco and Sun have fulfilled their obligations,
  shall continue until the expiration or termination of this Agreement. Prior
  to 90 days of the expiration date of the Agreement either party may request a
  1 year extension of the Agreement with no material changes and/or or a
  renewal of another 3 year agreement after an economics review , which will be
  mutually agreed upon by both parties in writing. Should the parties not agree
  to extend this Agreement, then this Agreement will end at midnight EST on the
  3rd anniversary date of this Agreement. 

	
 

	
 

	
12.2

	
TERMINATION.
  At any time, this Agreement may be terminated in its entirety or with respect
  to a single Product, as provided below, by giving written notice to that
  effect, as follows: 

	
 

	
 

	
 

	
(a)

	
by either
  party, if the other party is in material default or in material breach of any
  term or provision hereof or material breach of any representation or warranty
  in this Agreement, and such material default or material breach continues and
  is not remedied with thirty (30) days of notice of such default or breach,
  however that in case of non-supply by Sun pursuant to a confirmed purchase
  order, Sun is using its best efforts to effect such cure, Caraco shall not be
  entitled to terminate unless cure has not been resolved in 90 days.

	
 

	
 

	
 

	
 

	
(b)

	
by Caraco,
  for any given Product, if prior to a Product passing the applicable bioequivalence
  study or studies, Caraco in its reasonable discretion determines, prior to
  reasonable time in advance to the receipt of FDA approvals, that it would not
  be viable to develop and market the Product in the Territory, provided
  however that in that case the cost of development and/or studies incurred by
  Sun shall be shared between Sun and Caraco at mutually agreed upon
  proportions. 

	
 

	
 

	
 

	
 

	
(c)

	
by Sun for
  any given Product, in the event Caraco materially fails to perform its
  material obligations with respect to the Product, and fails to cure such
  failure within thirty (30) days of notice of such failure from Sun (or if a
  cure is not reasonably possible within thirty days, such longer period as is
  necessary to cure such failure so long as it is agreed by Sun). In such
  event, Sun may elect to have the distribution rights for Sun ANDA Products
  terminated.

	
 

	
 

	
 

	
 

	
(d)

	
by either
  party in the event that there is a change of control of other party. 

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(e)

	
by Sun if
  Caraco fails to obtain its fair market share for a specific product as stated
  under Section 1.5 hereinabove.

	
 

	
 

	
 

	
 

	
(f)

	
by Sun
  without any cause or reason provided however that Caraco shall be entitled to
  receive the estimated amount of foregone profit, as mutually agreed to be
  worked out based upon the historical data for the Product, for the balance
  term of the Agreement for the relevant Product paid in quarterly increments. 

	
 

	
 

	
 

	
12.3

	
NO PREJUDICE
  TO RIGHTS. The termination of this Agreement or of any given Product shall be
  without prejudice to any rights and obligations of either party accrued prior
  to the effective date of such termination, unless explicitly otherwise agreed
  or otherwise provided in this Agreement. 

	
 

	
 

	
13.

	
CONFIDENTIALITY

	
 

	
 

	
13.1

	
During the
  term of this Agreement, each party may disclose to the other party (orally,
  in writing, or electronically), or a party may obtain, observe, or otherwise
  be granted access to, information and materials considered confidential by
  the other party. Confidential information includes, but is not limited to,
  non-public information relating to Products, compensation, research,
  services, developments, inventions, processes, protocols, methods of
  operation, techniques, strategies, programs (both software and firmware),
  designs, systems, proposed business arrangements, results of testing,
  distribution, engineering, marketing, financial, merchandising and/or sales
  information, individual customer profiles, customer lists and/or aggregated
  customer data (“Confidential Information”). Confidential Information must be
  marked or identified as “confidential” by the disclosing party, unless the
  information should reasonably be understood by the receiving party to be
  confidential or proprietary under the circumstances. 

	
 

	
 

	
13.2

	
Each party
  shall use the other party’s Confidential Information only for the purposes of
  this Agreement, and not for its own or any third party’s benefit. Each party
  shall maintain the confidentiality of the other party’s Confidential
  Information in the same manner in which it protects its own Confidential
  Information of like kind, but in no event shall either party take less than
  reasonable precautions to prevent the unauthorized disclosure or use of the
  other party’s Confidential Information. In addition, neither party shall make
  any unauthorized commercial use of the other party’s Confidential
  Information.

	
 

	
 

	
13.3

	
Except as
  expressly provided herein, each party is permitted to disclose the other
  party’s Confidential Information only to its employees and agents who have a
  need-to-know the Confidential Information in order for that party to exercise
  its rights and/or perform its obligations under this Agreement: (a) the party
  advises each such employee or agent of the confidential nature of the other
  party’s Confidential Information; and (b) each such employee and agent has
  agreed to comply with the provisions of this Agreement. Each party shall be
  and remain fully liable and responsible for its employees’ and/or agents’
  unauthorized disclosure or use of the other party’s Confidential Information.

11

	
 

	
 

	
13.4

	
Each party
  is permitted to disclose the other party’s Confidential Information as
  legally required in response to a court order, subpoena, administrative
  proceeding and/or similar legal process; provided that it gives the other
  party reasonable notice of the request, and an opportunity to defend and/or
  attempt to limit or prevent the disclosure of its Confidential Information.

	
 

	
 

	
13.5

	
The
  provisions of this Section shall not apply to information that the receiving
  party can prove: (a) was in its possession prior to receipt or disclosure
  hereunder; (b) was or became public knowledge through no fault of the
  receiving party or any of its employees or agents; (c) was lawfully disclosed
  to the receiving party by a third party through no breach of any obligation
  of confidentiality owed to the disclosing party; or (d) was created by the
  receiving party independently of any access to or use of the disclosing
  party’s Confidential Information.

	
 

	
 

	
13.6

	
Each party
  acknowledges and agrees that its unauthorized disclosure or use of the other
  party’s Confidential Information will cause damage to the other party that
  may not be adequately compensated through money damages. As such, each party
  expressly consents to the entry of an order for equitable remedies,
  including, but not limited to, temporary, preliminary and permanent
  injunctions to remedy any actual or threatened unauthorized disclosure or use
  of the disclosing party’s Confidential Information. These remedies are
  cumulative and in addition to all other remedies available at law or in
  equity.

	
 

	
 

	
13.7

	
At the
  disclosing party’s request, each party shall return the other party’s
  Confidential Information. Neither party shall use the other party’s
  Confidential Information for its own, or any third party’s, benefit. However,
  each party shall be permitted to retain and use a copy of the other party’s
  Confidential Information as reasonably necessary to exercise its rights that
  survive termination of this Agreement, provided that party continues to
  comply with its confidentiality obligations set forth herein. The provisions
  of this Section shall survive termination of this Agreement for so long as
  the Confidential Information remains confidential.

	
 

	
 

	
14.

	
ARBITRATION.
  

	
 

	
 

	
 

	
Any dispute
  between the parties regarding any provision of this Agreement shall be
  resolved by binding arbitration in the Detroit, Michigan area pursuant to the
  commercial arbitration rules then prevailing of the American Arbitration
  Association. Judgment upon the award of the arbitrators may be entered by any
  court of competent jurisdiction. 

	
 

	
 

	
15.

	
NO
  THIRD-PARTY BENEFICIARIES. 

	
 

	
 

	
 

	
This
  Agreement shall not confer any rights or remedies upon any person other than
  the parties and their respective officers, directors, heirs, executors, administrators,
  successors, affiliates and associates and permitted assigns. 

	
 

	
 

	
16.

	
FURTHER
  ASSURANCES. 

12

	
 

	
 

	
 

	
The parties
  hereto hereby agree to execute and deliver to one another such further
  instruments and other documentation as may be requested by any other party
  hereto at any time and from time to time to carry out the terms of this
  Agreement. 

	
 

	
 

	
17.

	
ENTIRE
  AGREEMENT. 

	
 

	
 

	
 

	
This
  Agreement and the documents executed and delivered pursuant hereto constitute
  the entire agreement between the parties with respect to the subject matter
  contained herein, and supersede all prior and contemporaneous oral and
  written communications and agreements with respect thereto. 

	
 

	
 

	
18.

	
BINDING
  EFFECT; ASSIGNMENT. 

	
 

	
 

	
 

	
This
  Agreement shall be binding upon and shall insure to the benefit of the
  parties hereto and their heirs, executors, administrators, successors and
  assigns, affiliates and associates. No party has the right to assign any of
  its rights or obligations hereunder with the prior written consent of the other
  parties hereto, except that Sun and Caraco may assign this Agreement and any
  of the provisions hereunder to any affiliate of Sun without the consent of
  Caraco, but Sun shall remain liable under this Agreement

	
 

	
 

	
19.

	
AFFILIATES.

	
 

	
 

	
 

	
Sun and
  Caraco agree and understand that Sun may perform some of its obligations
  through its affiliates; however, Sun is ultimately legally responsible for
  the actions of its affiliates. Any action of an affiliate of Sun under this
  Agreement which would constitute breach of this Agreement if performed
  directly by Sun constitutes a breach of this Agreement by Sun l. In addition,
  Caraco in taking any actions under this Agreement with affiliates of Sun
  shall thereby satisfy its obligations to Sun. This provision does not limit or
  restrict the rights of Caraco to pursue any right or remedy against any
  affiliate of Sun in connection with such affiliate’s performance of the
  obligations of Sun under this Agreement. 

	
 

	
 

	
20.

	
FORCE MAJEURE.

	
 

	
 

	
 

	
Neither party shall be liable for failure
  of performance, except for payment of money hereunder, if it is occasioned by
  Force Majeure such as wars, fire, explosion, flood, strike, lockout, embargo,
  Acts of God or of the government or any other cause beyond the control of the
  parties, provided that either of the parties has executed all reasonable
  efforts to remedy said circumstances.

	
 

	
 

	
21.

	
COUNTERPARTS.

	
 

	
 

	
 

	
This
  Agreement may be executed in one or more counterparts, each of which shall be
  deemed an original but all of which together shall constitute one and the
  same instruments. 

13

	
 

	
 

	
22.

	
HEADINGS. 

	
 

	
 

	
 

	
Headings of
  sections shall be deemed to be included for purposes of convenience only and
  shall not affect the interpretation of this Agreement. 

	
 

	
 

	
23.

	
NOTICES. 

	
 

	
 

	
 

	
Any notices
  or consents required or permitted by this Agreement shall be in writing and
  shall be deemed delivered if sent by certified mail, postage prepaid, return
  receipt requested, or overnight delivery service (receipt confirmed), or
  facsimile (receipt confirmed), as follows, unless such address is changed by
  written notice hereunder. 

	
 

	
If to
  Caraco:

	
Caraco
  Pharmaceutical Laboratories Ltd.

	
 

	
 

	
1150 Elijah
  McCoy Drive

	
 

	
 

	
Detroit,
  Michigan 48202

	
 

	
 

	
Attn: Daniel
  H. Movens

	
 

	
 

	
 

	
 

	
With a copy
  to:

	
Steven R.
  Walker

	
 

	
 

	
General Counsel

	
 

	
 

	
Caraco
  Pharmaceutical Laboratories, Ltd.

	
 

	
 

	
1150 Elijah
  McCoy Drive

	
 

	
 

	
Detroit, MI
  48202

	
 

	
 

	
 

	
 

	
If to Sun:

	
Sun
  Pharmaceutical Industries Limited

	
 

	
 

	
Acme Plaza,
  Andheri - Kurla Road

	
 

	
 

	
Andheri
  (East), Mumbai – 400059

	
 

	
 

	
Attn: Mr.
  Dilip Shanghvi/Mr. Sudhir Valia

Any notice
delivered hereunder shall be deemed given when actually received. 

	
 

	
 

	
24.

	
GOVERNING
  LAW. 

	
 

	
 

	
 

	
This
  Agreement shall be governed by and construed in accordance with the laws of
  the State of Michigan, and the federal laws of the United States. 

	
 

	
 

	
25.

	
AMENDMENTS
  AND WAIVERS. 

	
 

	
 

	
 

	
This
  Agreement may be amended and any provision hereof waived only in a writing
  signed by the party against whom an amendment or waiver is sought to be
  enforced. The parties hereto shall have the right at all times to enforce the
  provisions of this Agreement in strict accordance with the terms hereof,
  notwithstanding any conduct or custom on the part of such party in refraining
  from so doing at any time or times. The failure of any party at any time to
  enforce its rights under such provisions strictly in accordance with the same
  shall not be construed as having created a custom in any way or manner 

14

	
 

	
 

	
 

	
contrary to
  specific provisions of this Agreement or as having in any way or manner
  modified or waived the same. 

	
 

	
 

	
26.

	
SEVERABILITY.
  

	
 

	
 

	
 

	
If any
  provision of this Agreement shall be held invalid under any applicable law,
  such invalidity shall not affect any other provisions of this Agreement that
  can be given effect without the invalid provision, and, to this end, the
  provisions hereof are severable. 

	
 

	
 

	
27.

	
EXPENSES. 

	
 

	
 

	
 

	
Except as
  otherwise expressly provided in this Agreement, the parties will bear their
  respective costs and expenses (including legal fees and expenses) incurred in
  connection with this Agreement and the transactions contemplated hereby. 

	
 

	
 

	
28.

	
CONSTRUCTION.
  

	
 

	
 

	
 

	
The parties
  have participated jointly in the negotiation and drafting of this Agreement.
  In the event an ambiguity or question of intent or interpretation arises,
  this Agreement shall be construed as if drafted jointly by the parties and no
  presumption or burden of proof shall arise favoring or disfavoring any party
  by virtue of the authorship of any of the provisions of this Agreement. Any
  reference to any federal, state or local statute or law shall be deemed also
  to refer to all rules and regulations promulgated there under, unless the
  context requires otherwise. The word “including” shall mean including without
  limitation. Words used herein, regardless of the number and gender
  specifically used, shall be deemed and construed to include any other number,
  singular or plural, and any other gender, masculine, feminine or neuter, as
  the context requires. 

[Signature Page Follows]

15

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement, themselves or by
their duly authorized representatives, under seal, the day and year first above
written. 

CARACO PHARMACEUTICAL LABORATORIES LTD

	
 

	
 

	
 

	
By: 

	
  /s/ Daniel H. Movens 

	
 

	
 

	

	
 

	
 

	
(signature)

	
 

	
 

	
 

	
 

	
Name:

	
Daniel H. Movens

	
 

	
 

	

	
 

	
 

	
(printed)

	
 

	
 

	
 

	
 

	
Title:

	
Chief Executive Officer

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	

	
 

SUN PHARMACEUTICAL INDUSTRIES LIMITED 

	
 

	
 

	
 

	
By:

	
  /s/ Dilip S. Shanghvi

	
 

	
 

	

	
 

	
 

	
(signature)

	
 

	
 

	
 

	
 

	
Name:

	
Dilip S. Shanghvi

	
 

	
 

	

	
 

	
 

	
(printed)

	
 

	
 

	
 

	
 

	
Title:

	
Chairman

	
 

	
 

	

	
 

	
 

	
 

	
 

	
Date:

	
 

	
 

	
 

	

	
 

16THIS LABRADOR URANIUM CLAIMS AGREEMENT is made as of the 18th day of January,
2007.

BETWEEN:
          ALEXANDER TURPIN & R. JAMES WEICK (The Turpin & Weick Group)

                (hereinafter collectively called the "Optionor")

AND:

              GLOBAL GOLD URANIUM, LLC, a corporation incorporated pursuant to
              the laws of Delaware.

                       (hereinafter called the "Optionee")

RECITALS:

A. Optionor owns certain Mineral License Rights pursuant to various mineral
licenses which mineral licenses are more particularly identified in Schedule "A"
attached hereto which licenses are situate at or near Grand Lake, in the
Province of Newfoundland and Labrador (hereinafter referred to as the "Grand
Lake Licenses") and those mineral licenses more particularly identified in
Schedule "B" attached hereto which Licenses are situate near Shallow Lake, in
the Province of Newfoundland and Labrador (hereinafter referred to as the
"Shallow Lake Licenses"). (The Grand Lake Licenses and the Shallow Lake Licenses
shall be collectively referred to as the "Licenses");

B. Optionee is interested in acquiring a One Hundred (100%) per cent interest in
such Licenses and all Mineral License Rights and Property associated thereto.

C. Optionor is prepared to grant Optionee an option to acquire a One Hundred
(100%) per cent interest in such Licenses and Property on the terms and
conditions hereinafter set forth.

                    NOW THEREFORE THIS AGREEMENT WITNESSETH, in consideration of
the premises and the mutual obligations hereinafter described, and intending to
be legally bound, the parties agree as follows:

                                    ARTICLE I

                         INTERPRETATION AND DEFINITIONS

Section 1.01        Definitions

Words not otherwise defined in the body of this Agreement shall have the
following meanings:

(a)     "Affiliate" means any person, partnership, limited liability company,
        joint venture, corporation, or other form of enterprise which controls,
        is controlled by, or is under common control with a party to this
        Agreement.

<PAGE>

(b)     "Agreement" has the meaning set forth in Section 1.03.

(c)     "Force Majeure" means any event beyond a party's reasonable control
        including laws which prohibit a party's ability to comply with its
        obligations; action or inaction of civil or military authority; mining
        casualty; damage to or destruction of mine, plant or facility, fire,
        explosion, flood, insurrection, riot, labour disputes, and acts of God,
        but does not include a party's inability to make any payments required
        under this Agreement.

(d)     "Mineral License Rights" means all mineral exploration and extraction
        rights coincident with the Licenses and the Property.

(e)     "Option Period" means the period of time from the execution of this
        Agreement to the exercise, abandonment or termination of the Option in
        accordance with the terms and conditions of this Agreement.

(f)     "Property" means the mineral claims and properties associated with the
        Mineral License Rights.

Section 1.02        Schedules

The following schedules are attached to and form part of this Agreement:

(a) Schedule "A" - List of Mineral Licenses - Grand Lake (b) Schedule "B" - List
of Mineral Licenses - Shallow Lake (c) Schedule "C" - Net Smelter Royalty

Section 1.03        Entire Agreement

This Agreement and the attached Schedules and all properly executed amendments
are hereinafter collectively referred to as this "Agreement". This Agreement
constitutes the entire agreement between the parties and supersedes all previous
agreements and undertakings relating to the subject matter. The parties
acknowledge that there are no agreements, undertakings, representations,
warranties or conditions collateral to this Agreement except as specifically
stated otherwise in this Agreement.

Section 1.04        Caption and Headings

The division of this Agreement into articles and sections and the insertion of
headings are for convenience of reference only and shall not affect the
interpretation of this Agreement. Any reference to a section or article shall be
a reference to a section or article of this Agreement unless specifically stated
otherwise.

<PAGE>

Section 1.05        Extended Meanings

In this Agreement, where the context so requires or permits, the masculine
gender shall include the feminine and neuter genders, the plural shall include
the singular and vice versa, and the words "person" and "persons" shall include
corporations, partnerships, and all other entities of whatever description.

Section 1.06        Currency

In this Agreement all statements of and references to dollar amounts shall mean
Canadian dollars.

Section 1.07        Governing Law

This Agreement shall be interpreted in accordance with the laws of the Province
of Newfoundland and Labrador and the federal laws of Canada as applicable
therein.

Section 1.08        Severability

If any provision of this Agreement is found invalid, illegal, or incapable of
enforcement by any Court of competent jurisdiction, such provision and the
remaining provisions of the Agreement shall continue to be enforceable to the
extent permitted by such Court against any person(s) and in any circumstance(s)
other than those to whom it has been found invalid, illegal or incapable of
enforcement.

Section 1.09        Amendments

No amendments to this Agreement shall be of any force and effect unless executed
in writing by the parties to this Agreement.

                                   ARTICLE II

                          GRANT AND EXERCISE OF OPTION

Section 2.01        Option

Optionee will earn a One Hundred Percent (100%) option (subject to Clause 2.02
herein) in the Licenses by paying cash and issuing of common shares in Optionee
and expending monies as work commitments as follows:

1) FIRST OPTION PERIOD (January 1, 2007 to September 30, 2008), at the
commencement of the First Option period a) cash payment of $27,000.00 to
Optionor to be allocated as $17,000.00 to the Grand Lake Licenses and $10,000.00
to the Shallow Lake Licenses, and b) issuing of 20,000 common shares in Optionee
to Optionor to be allocated as 10,000 common shares to the Grand Lake Licenses
and 10,000 common shares to the Shallow Lake Licenses;

<PAGE>

In the event the average price for the 30 days prior to expiration of the
Restriction Period is less than One Dollar ($1.00) the Optionee shall issue to
the Optioner and additional 5000 common shares to the Optioner at which time the
Optioner shall confirm to the Optionee the allocation of the additional shares.

2) SECOND OPTION PERIOD, (October 1, 2008 to September 30, 2009) at the
commencement of the Second Option Period a) cash payment of $25,000.00 to
Optionor to be allocated as $15,750.00 to the Grand Lake Licenses and $9,250.00
to the Shallow Lake Licenses, and b) issuing of 50,000.00 common shares in
Optionee to Optionor allocated as 25,000 common shares to Grand Lake License and
25,000 common shares to Shallow Bay Licenses;

3) THIRD OPTION PERIOD (October 1, 2009 to September 30, 2010) a) cash payment
of $50,000.00 to Optionor to be allocated as $31,500.00 to Grand Lake Licenses
and $18,500.00 to the Shallow Lake Licenses, and b) issuing of 50,000 common
shares in Optionee to Optionor allocated as 25,000 common shares to Grand Lake
Licenses and 25,000.00 to Shallow Bay Licenses;

In accordance with security regulations in the jurisdiction of the Optionee the
common shares referred to herein in each of the three option periods are
restricted and can not be sold to a third party for a period of One (1) year
from the date of the applicable common shares being issued to the Optionor.

If the common shares of Optionee are consolidated, subdivided or redivided or
other material change to the common shares has occurred before the issuance of
shares referred to above, the number of common shares to be issued after such
consolidation, subdivision, redivision, or other changes has occurred shall be
adjusted to ensure that the holder receives an equivalent to that which would
have applied if no such consolidation, subdivision, redivision, or other change
had occurred, so that neither the Optionor nor Optionee is prejudiced by same.

Section 2.02         Net Smelter Return

Upon the Optionee exercising either option on the Grand Lake Licenses or the
Shallow Lake Licenses or both the Optionor is entitled to a One point Five
percent (1.5 %) Net Smelter Return royalty ("NSR" as defined in Schedule "C")
derived from commercial production on the Property as the Property is
constituted at the time production begins on the Property. The Optionee shall
have the right to purchase the NSR from the Optionor for a cash payment of
$2,000,000.00 per property to the Optionor.

The Optionor has the right to elect to have 25%, 50% or 100% of the NSR paid in
restricted shares of the Optionee's common stock.

Section 2.08        Conduct of Exploration

During the Option Period, Optionee shall in its sole discretion, be responsible
for proposing, carrying out and administering exploration and development work
upon the Property, and have exclusive charge of all operations thereon and have
quiet and exclusive possession of the Property and have the exclusive right to
conduct exploration and therefrom for the purposes of assays and tests, and to
erect, bring and install all such buildings , machinery, equipment and supplies
thereon as Optionee in its sole discretion may deem necessary and proper.

<PAGE>

Section 2.10        Area of Interest

An Area of Interest shall be established around the Licenses and shall extend a
distance of two kilometres outward from the outer perimeter of the Licenses in
perpendicular distance and further extending the ends of those extended boundary
lines until they first meet another extended boundary line and any additional
claims acquired by or on behalf of either party within the Area of Interest
shall be included in and shall form part of the Licenses and this Agreement.

Section 2.11      Title to Property

Optionee shall hold the Property during the currency of this agreement in trust
for the parties as their interests may appear under this agreement provided,
however, that should Optionee terminate this agreement at any time prior to its
100% earn in, the Property shall be transferred forthwith back to Optionor at
the expense of Optionor.

Section 2.12     Abandonment of Property

Optionee may at any time abandon all or any part of the Licenses and Property
and shall ensure that, if it should wish to abandon any of the Licenses
comprising the Property, it shall give Optionor thirty (30) days notice of its
intention to do so and Optionor may give notice to Optionee within such thirty
(30) day period electing to have such Licenses transferred to Optionor, in which
event:

a)       Optionee shall forthwith execute and deliver to Optionor all necessary
         documentation to effect such transfers, and Optionee shall provide
         Optionor with a report on work done, if any, on the abandoned Licenses,
b)       Optionor shall incur the expenses in respect of fees or other
         government charges necessary to record or register such transfers and
         Optionee shall provide to Optionor all material information in the
         possession of Optionee,
c)       The definition of Licenses and Property shall thereafter exclude such
         Licenses and Optionee shall have no further obligations or
         responsibilities in respect of such Licenses, except for obligations
         and responsibilities arising from Optionee's activities prior to the
         date of transfer or abandonment, as the case may be.

Section 2.13     Deposits

Any deposits made on the Licenses which are returned by the Mineral Recorder's
Office shall be for the benefit of Optionor.

<PAGE>

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

Section 3.01        Representations and Warranties

Optionor represents and warrants that:

(a)      to the best of Optionor's knowledge the location of each license
         comprising the Mineral License Rights conforms to the description
         appearing on records in the appropriate records office, and the Mineral
         License Rights were properly located according to the laws of the
         Province of Newfoundland and Labrador and will be in good standing for
         at least ninety (90) days after the execution of this Agreement;

(b)      Optionor has not received notice of any violation of or investigation
         relating to any federal, provincial or local environmental or pollution
         law, regulation or ordinance with respect to the Mineral License Rights
         or Property;

(c)      to the best of Optionor's knowledge there are no reclamation
         liabilities in connection with the Property and, in particular, there
         are no obligations to monitor or clean up any pre-existing mine sites
         or mine waste dumps or tailings;

(d)      its interest in the Mineral License Rights is free and clear of any
         mortgages, liens, charges, pledges, security interests, encumbrances or
         other claims of any description;

(e)      no person has any right or agreement, option, understanding, prior
         commitment or privilege capable of becoming an agreement for the
         purchase or acquisition from Optionor of any interest in the Mineral
         License Rights or Property;

(f)      all assessment work required to maintain the Mineral License Rights in
         full force and effect has been performed as of the execution of this
         Agreement; and

(g)      there are no royalties or other latent interests in the Mineral License
         Rights owing to any parties.

Section 3.02        Survival

Optionor acknowledges that Optionee is relying on the representations and
warranties contained in Section 3.01 in entering into this Agreement and that
such representations and warranties are continuing and shall survive the
execution and termination of this Agreement.

<PAGE>

Section 3.03        Representations and Warranties by Optionee

Optionee represents and warrants that:

(a)      it has been duly formed and is a validly subsisting limited liability
         company under the laws of the State of Delaware and will be duly
         registered and authorized in the Province of Newfoundland and Labrador
         to conduct business and has all corporate power and authority to
         perform its obligations under this Agreement and, prior to commencing
         any operations on the Mineral License Rights, it will be properly
         registered to carry on business in the Province of Newfoundland and
         Labrador;

(b)      all necessary corporate action has been taken by Optionee to authorize
         the execution, delivery and performance of this Agreement, and this
         Agreement constitutes a valid and binding obligation of the Optionee,
         enforceable in accordance with its terms;

(c)      the common shares, as applicable, will be validly issued, outstanding,
         fully paid and free and clear of all liens, charges and encumbrances
         and will be subject to a maximum hold-period of 12 months from each
         date of issuance;

(d)      there is no order made against Optionee ceasing the trading of its
         common shares and no such order or any actions, proceedings or
         investigations which may adversely affect the common shares or
         Optionor's ability to trade the same on the Exchange are in effect,
         pending or threatened, or will be in effect, pending or threatened at
         such time as the common shares are issued to the Optionor.

Section 3.04        Survival

Optionee acknowledges that Optionor is relying on the representations and
warranties contained in Section 3.03 in entering into this Agreement and that
such representations and warranties are continuing and shall survive the
execution and termination of this Agreement.

Section 3.05        Indemnity

Each party will indemnify and save the other party and its directors, officers,
employees, agents, representatives, subcontractors and Affiliates harmless from
all losses, damages, costs, actions, and suits arising out of or in connection
with any breach by that party of any representation, warranty, covenant or
agreement contained in this Agreement. This indemnity shall survive the
termination of this Agreement.

<PAGE>

                                   ARTICLE IV

                             OPTIONEE'S OBLIGATIONS

Section 4.01        Environmental Matters

During the Option Period Optionee shall at all times occupy, manage and use the
Mineral License Rights in full compliance with all Environmental Laws. In this
Agreement, "Environmental Laws" means all applicable federal, provincial,
municipal, regional or foreign laws, statutes or rules, regulations, bylaw or
orders (having the force of law) or environmental permits relating to the
environment, including, without limitation, those pertaining to reporting,
licensing, permitting, investigation, remediation and clean up in connection
with any presence, release, discharge, escape or disposal of contaminants (being
any substance or material that is prohibited, controlled or regulated pursuant
to any applicable Environmental Laws) or relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of contaminants.

Section 4.02        Filing of Assessment Work

During the Option Period Optionee shall submit all assessment eligible work
completed on the Property for assessment credits and the credits will be applied
to these Mineral License Rights and shall otherwise maintain the Mineral License
Rights in good standing unless it is agreed in writing that certain claims can
be dropped.

                                    ARTICLE V

                                   ASSIGNMENT

Section 5.01        Assignment

In the event Optionee assigns its rights and obligations under this Agreement,
Optionee shall enter into an agreement with such assignee in favour of Optionor
in which such assignee shall be bound by all of the terms and conditions of this
Agreement.

In the event of any sale, assignment, transfer, pledge, hypothecation or
disposition of any legal or equitable interest of any nature or kind whatsoever
by Optionor of this Agreement or the Mineral License Rights or any interest
therein or any part thereof to a party other than Optionee (a "Third Party
Purchaser"), the Optionor shall:

                  (a) furnish to the Third Party Purchaser a true copy of this
                  Agreement;

                  (b) procure the Third Party Purchaser's written novation
                  agreement in favour of Optionee that the Third Party Purchaser
                  shall be bound by the terms, rights, obligations and burdens
                  of this Agreement as if it were a party thereto in the place
                  and stead of the Third Party Purchaser; and

                  (c) ensure that in any agreement and deed of sale, assignment
                  or disposition of any nature to a Third Party Purchaser a
                  covenant to the same obligation and effect as this Section
                  5.01 which would oblige the Third Party Purchaser and its
                  successors and assigns is contained therein and that any such
                  agreement, deed of sale, assignment or disposition is
                  registered at the public registries in which it is required or
                  customary to register mining agreements pertaining to land.

<PAGE>

                                   ARTICLE VI

                                   TERMINATION

Section 6.01        Optionee's Right to Terminate

Optionee shall have the right to terminate this Agreement and its interest in
the Mineral License Rights at any time during either Option Period upon written
notice to Optionor thirty (30) days prior to the contemplated termination date.
In the event that a payment by Optionee is required to be made to Optionor
pursuant to this Agreement during the 30 day notice period then the parties
hereto shall waive the requirement for such payment to be made and each party
releases and discharges any liability or damage of any kind which may flow from
such non-payment.

Upon termination Optionor shall be entitled to retain all monies paid to
Optionor to such date, whether or not paid in trust, and Optionee shall provide
Optionor with all originals and copies of data, maps, assays and reports and
other materials whatsoever pertaining to the Mineral License Rights and
Property.

Section 6.02        Termination for Default

Subject to Section 6.01 if at any time during the Option Period, Optionee fails
to duly pay or cure any default in the performance of any obligation of this
Agreement within a period of thirty (30) days after receipt of a default notice
from Optionor, Optionor may terminate this Option. Exercise of such right by
Optionor shall be without prejudice to any other rights or remedies that
Optionor may have at law or in equity as a result of such default of this
Agreement by Optionee.

                                   ARTICLE VII

                                  FORCE MAJEURE

Section 7.01        Suspension of Obligation

If Optionee is prevented by Force Majeure from timely performance of any of its
obligations under this Agreement (other than the payment of any of the Option
Payments), such failure shall be excused and the period for performance and the
Option Period shall be extended for an additional period of time equal to the
duration of such Force Majeure. Upon the occurrence and upon the termination of
a Force Majeure, Optionee shall promptly notify Optionor in writing. Optionee
shall use reasonable efforts to remedy any Force Majeure, but shall not
hereunder be obligated to contest the validity of any law or regulation, nor any
action or inaction of any civil or military authority.

<PAGE>

                                  ARTICLE VIII

                                  MISCELLANEOUS

Section 8.01        Notices

Any notice under this Agreement will be given in writing, by delivery in person
to a named representative or by mail or facsimile, properly addressed to each
party. A notice given will be deemed given only when received by the party to
whom such notice is directed; except that any notice given by facsimile properly
addressed to the party, to whom given, shall be deemed given to and received by
the party, to whom directed, 48 hours after such notice is successfully faxed or
ten days after it is mailed, provided there is no postal disruption at the time.
Each party's address will be the following until such party specifies another
address by written notice:

To the Optionor at: R. James Weick
                              9 Edinburgh Street
                              St. John's, NL A1C 4P8

                              Tel.: (709) 722-5257
                              Facsimile:

To the Optionee at: Global Gold Uranium LLC
                              45 East Putnam Avenue
                              Greenwich,CT 06830
                              Tel.: (203) 422-2300
                              Facsimile: (203) 422-2330

Section 8.02        Relationship of Parties

This Agreement is not intended to create any partnership or agency relationship
between the parties or fiduciary obligations of any description, and this
Agreement shall not be construed so as to render the parties liable as partners
or as creating a partnership, and no party shall be or shall be deemed to be, or
shall hold itself out to be an agent of any other party.

Section 8.03        Successors and Assigns

This Agreement shall be binding upon and enure to the benefit of the respective
successors and permitted assigns of the parties.

Section 8.04      Counterparts

This Agreement may be executed in counterparts, all of which taken together
shall constitute one and the same instrument and any of the parties hereto may
execute this Agreement by signing any such counterpart.

<PAGE>

Section 8.05      Structure

The Parties agree to use their best efforts to structure the transactions
contemplated herein in the most tax efficient manner, which structure is not
prejudicial to the interest of either party.

Section 8.06    Revenue Canada Issue

The Parties agree that the within transaction is made in contemplation of
Section 85 of the Income Ta Act and that in the event that any governmental
taxing authority having jurisdiction shall assert by assessment, re-assessment
or otherwise, that the fair market value of the purchased Licenses as of the
date hereof is an amount different from the purchase price, or issues or
proposes to issue assessments or reassessments of additional liability for taxes
or any other subject by reason of asserting that the fair market value of the
purchased Licenses is greater than or less than the purchase price, then the
purchase price shall be increased or decreased by the difference so determined.
The parties covenant and agree to make all adjustments necessary to reflect such
adjustment.

Section 8.07  Dispute Resolution

In the event there is a dispute between the Parties on the interpretation or
meaning of any terms or terms of this agreement then the Parties agree to have
the provisions of the Arbitration Act of Newfoundland and Labrador shall be
applicable.

                    IN WITNESS WHEREOF the parties make this Agreement effective
as of the date first above written.

----------------------------------------------
R. James Weick,

----------------------------------------------
Alexander J. Turpin

GLOBAL GOLD URANIUM LLC

Per:
        ----------------------------------------------------------
        Van Z. Krikorian, Manager

<PAGE>

                                  SCHEDULE "A"

                         List of Mineral License Rights

Grand Lake Mineral Claim, Goose Bay Area

License      Mineral Rights     Status        Units    Staking Date      NTS

011756M      Weick, R. James    Recorded      30       24/01/2006        13F/09

                                            SCHEDULE "B"

Shallow Lake Mineral Claims, West Central Mineral Belt

License    Mineral Rights          Status       Units  Staking Date  NTS

011717M    Turpin, Alec            Recorded      30     15/01/2006    13L/01,02

011716M    Turpin, Alexander J.    Recorded      30     15/01/2006    13L/02

011718M    Turpin, Alexander J.    Recorded      33     15/01/2006    13L/02

Detailed written descriptions of each claim license can be obtained online using
the  following  URL  and  completing  it  with  the  mineral   license   number:
http://gis.geosurv.gov.nf.ca/mrinquiry/license.asp?license=

<PAGE>

                                  SCHEDULE "C"

                           NET SMELTER RETURN ROYALTY

Interpretation

1. Where used here or in the Agreement:

                  (a) "Agreement" shall mean the attached agreement, including
                  any amendments thereto or renewals or extensions thereof.

                  (b) "Property " shall mean that property and those mineral
                  claims or interests which are listed in Schedules "A" and "B"
                  to the Agreement.

                  (c) "Fiscal Period" shall mean each calendar year or other
                  period of twelve consecutive months adopted for tax purposes
                  during the terms of the Agreement.

                  (d) "NSR Royalty" shall mean 1.5% of the Net Smelter Returns
                  payable under this Agreement.

                  (e) "Commercial Production" shall mean such date as the mine
                  situated on the Subject Claims and any treatment plant related
                  thereto has operated for a period of ninety (90) consecutive
                  days at an average rate of at least eighty percent (80%) of
                  designed capacity.

                  (f) "Net Smelter Returns" means the value of the actual
                  proceeds received from any mint, smelter, refinery or other
                  purchaser for the sale of the Minerals, other than Minerals
                  sold for the purpose of bulk sampling, produced from the
                  Subject Claims after commencement of Commercial Production and
                  sold, after deducting from such proceeds the following charges
                  to the extent that they were not deducted by the purchaser in
                  computing payment: smelting and refining charges; penalties;
                  smelter assay costs and umpire assay costs; cost of freight
                  and handling of the Minerals from the Subject Claims to any
                  mint, smelter, refinery, or other purchaser; marketing costs;
                  insurance on the minerals; customs duties; mineral taxes or
                  the like and export and import taxes or tariffs payable in
                  respect of the Minerals. Any charges to be deducted hereunder
                  which are made to Universal must be on commercially reasonable
                  terms or must be approved in writing by the Vendor.

2.                (a) The NSR Royalty shall be paid on a quarterly basis within
                  forty-five days after the end of each fiscal quarter in
                  respect of the actual proceeds received in such fiscal
                  quarter.

                  (b) Each payment shall be accompanied by a statement
                  indicating the calculation of Net Smelter Returns hereunder.
                  Optionor shall be entitled to audit, during normal business
                  hours, such books and records as are necessary to determine
                  the correctness of the payment of the NSR Royalty, provided,
                  however that such audit shall be made only on an annual basis
                  and within 12 months of the end of the fiscal period in
                  respect of which such audit is made.

<PAGE>

                  (c) The determination of Net Smelter Returns hereunder is
                  based on the premise that production will be developed solely
                  on the Subject Claims. If other properties are incorporated in
                  a single mining project and the Minerals pertaining to each
                  are not readily segregated on a practical or equitable basis,
                  the allocation of actual proceeds received and deductions
                  therefrom shall be negotiated between the parties and, if the
                  parties fail to agree on such allocation, shall be referred to
                  a single arbitrator to be appointed in accordance with the
                  Newfoundland Arbitrations Act and the arbitrator shall have
                  reference first to this agreement, and then, if necessary, to
                  practices used in mining operations that are of a similar
                  nature. The arbitrator shall be entitled to retain such
                  independent mining consultants as he considers necessary. The
                  decision of the arbitrator shall be final and binding on the
                  Parties hereto and shall not be subject to appeal.

                  (d) If Optionor desires to sell any of its right, title and
                  interest hereunder, including, but not restricting the
                  foregoing, all or part of the NSR Royalty, it may only sell
                  its whole interest and not a part thereof. Subject to the
                  foregoing, if Optionor desires to sell its interest hereunder
                  it shall first offer in writing to sell for cash such interest
                  to Optionee, stating the terms on which it desires to sell and
                  providing all information in its possession related to the
                  Subject Claims not previously furnished to Optionee. In the
                  case of Optionor having received an offer from a potential
                  purchaser, the name of that potential purchaser shall also be
                  provided to Optionee. Optionee shall have 90 days from the
                  receipt of such notice to accept such offer in writing. If
                  such interest so offered is not accepted for purchase, then
                  Optionor shall be free to sell such interest to any other
                  person, firm or corporation, on terms and conditions not more
                  favourable to Optionee than were offered to Optionee, for a
                  period of 60 days after the end of such 90 day period;
                  provided that any person, firm or corporation acquiring such
                  interest from Optionor must agree in writing with Optionee
                  that it shall be bound by all the terms and conditions of this
                  Agreement as if it were an original party thereto. If no sale
                  is effected in such 60 day period, then the provisions of this
                  clause shall again apply.

<PAGE>

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