Document:

EXHIBIT 10.34

 *  Confidential Treatment has been  requested for portions of this  exhibit.
 The copy filed herewith omits the information subject to the confidentiality
 request.  Omissions are designated as *.  A complete version of this exhibit
 has been filed separately with the Securities and Exchange Commission.

                           MANUFACTURING AGREEMENT
                           -----------------------

 Executed  in the  city of Liberia, Costa  Rica on the  21st day of  January,
 2005, between:

 SABILA INDUSTRIAL, S.A. ("SISA")  a corporation existing  under the Laws  of
 Costa Rica, corporate  I.D. number 3-101-123588,  hereby represented by  its
 Coordinator for South American Businesses, Mr. Jose  Alberto Zuniga  Blanco,
 of legal age, engineer, identity card number * and,

 MIRADENT PRODUCTS OF COSTA RICA, S.A. ("MPCR"), a corporation existing under
 the  Laws  of  Costa  Rica,  corporate  I.D.  number  3-101-373278,   hereby
 represented by its President Mr. William Utz, of legal age, lawyer, American
 citizen, passport number * .

                                   WHEREAS

   -  MPCR is a company  established to produce  and  sell proprietary dental
      products ("the  Products"), such  as  dentures, dental  arches,  dental
      implant stents, exclusively to MiraDent Group.

   -  SISA is a company  operating under the free  zone regimen that has  the
      facilities and personnel required to manufacture the Products for MPCR.

 THEREFORE, being  of  mutual  benefit  for the  parties,  it  is  agreed  to
 celebrate this  Manufacturing Agreement  ("the Agreement")  to be  regulated
 according to the Costa Rican Laws and the following clauses.

 FIRST:  Manufacturing agreement.
 ------  ------------------------
 MPCR contracts SISA  to manufacture  the Products  within SISA's  production
 building in Liberia, Guanacaste.

 SECOND:  SISA's obligations.
 -------  -------------------
 SISA agrees to the following conditions and obligations:

   a) Provide all the  management and manufacture  personnel required to  run
      the  overall  production   operation,  which   includes:  handling   of
      importation and exportation proceedings of raw materials, machinery and
      final  product,  manufacturing  process,  machinery  installation   and
      maintenance, management, supervision  and  control.  Provide industrial
      technical  assistance  to  expedite and  facilitate  output.  For  this
      purpose SISA shall employ and  supervise the personnel and comply  with
      the labor regulations that might correspond as the sole employer.

   b) Obtain  all  the  necessary   permits  from  PROCOMER  and  any   other
      government agency required to handle the operation under the free  zone
      regimen.

   c) Provide  a manufacturing  area  of  198 square  meters  in  its  actual
      production facilities.  Additionally SISA  in order to provide space to
      MPCR will construct a separate storage facility with an estimated  cost
      of US$114,000.00  Funds  to aid  in  the constructions of the  facility
      shall be provided by MPCR, as follows:  (1)  US$ 40,000 on or before  1
      February 2005 and (2) US$ 10,000 on or before 1 March 2005; US$  12,000
      on or before 1 April 2005; and US$ 18,000 on or before 1 May 2005.

   d) SISA will not  be obliged to continue  with the construction or  comply
      with any other obligation  contained in the  Agreement if the  required
      funds are not provided on time.

 THIRD:  MPCR's obligations.
 ------  -------------------
 MPCR agrees to the following conditions and obligations:

   a) Provide the training method for  the core personnel and develop a  team
      of trained personnel that are skilled in the production and capable  of
      training others.  MPCR  will assume any labor or commercial obligations
      related  to  the  non-permanent  trainers  required  to  train   SISA's
      personnel.  MPCR  will  assume  any  labor  or  commercial  obligations
      related to the  personnel, managers, directors  or any person  directly
      related to MPCR or MiraDent  Group  that might be  retained by MPCR  in
      order to support and/or modify  SISA's operations or to represent  MPCR
      under this agreement.

   b) Beginning 1 February 2005, pay to SISA  a monthly rent of US$ 1287  per
      month (198 square meters x  US$ 6.50 / sq  meter) for  the space  being
      used within SISA, facilities. This rental rate is fixed for twenty four
      (24) months at which time the rental rate  is subject to renegotiation.
      MPCR has  a credit  of  US$ 80,000  to be applied against  its  monthly
      rental payments.

   c) Provide  all machinery,  equipment  and any  materials,  including  the
      initial raw  materials, for  the production  of the  Product  including
      packing  materials.  Provide supervision  of the  installation  of  the
      machinery  and  equipment  and  pay  any  physical  installation  costs
      required.  The  method of  payment of  these  costs will be  negotiated
      after they have  been incurred. All  custom duties  and shipment  costs
      shall be covered by SISA and be reimbursed by MPCR.

   d) Maintain what is determined to be essential spare parts.

 Additionally it is agreed that MPCR does not have the right to interfere  or
 intervene  with  the  way  SISA  handles   the  hiring  of  personnel,   the
 administration of operation, etc,  unless it is  related to quality  control
 aspects  of  the  Product.  SISA  is  not  obliged  to  hire  any  personnel
 recommended by MPCR

 FOURTH:  Other agreements relating to production.
 -------  ----------------------------------------
   a) Quantity  requirement.   SISA  agrees  to  use commercially  reasonable
      efforts to meet all the quantity requirements of MPCR for Products.

   b) Modifications to existing processes  or  specifications.  SISA  may not
      make  any  modifications  to the quality and production process without
      the  prior  written  consent  of  MPCR.  The  cost of modifications  to
      existing processes or specifications required by MPCR shall be the sole
      responsibility of MPCR.

   c) Rights  to  inspect  and  monitor production.  SISA grants to MPCR  the
      right to inspect and monitor production at the Plant at any time during
      normal business hours.

   d) Process records.      SISA shall  maintain, for  a period  of five  (5)
      years from  the  date that  any  production process  was  performed  to
      produce the  Products,  accurate  records  describing  in  detail  such
      production on a by lot  basis. SISA shall give  MPCR the right, at  any
      time during SISA's normal business hours and upon reasonable notice, to
      inspect and make copies of any of SISA production records.

 FIFTH:  Compensation, prices and terms.
 ------  -------------------------------
   a) Compensation.   SISA will  be compensated  for the  manufacture of  the
      Products on a per unit basis according to the pricing schedule shown on
      Annex 1 of this Agreement  All  Products manufactured  by SISA will  be
      sold by SISA to MPCR and purchased  by MPCR from SISA at the  specified
      price (the  "Contract Price")  listed  on  Annex  1.  Annex 1  will  be
      amended from time to time as additional Products are added.  Prices are
      firm for one year, then are subject to re-negotiation.  All prices  are
      F.O.B. SISA's facility, Liberia, Guanacaste, Costa Rica.  Ownership  of
      and title to Products and all risks of loss with respect thereto  shall
      pass to MPCR upon delivery of such Products by SISA to the land carrier
      at the  designated delivery  (F.O.B.)  point.  Deliveries  of  Products
      shall be made by  SISA under normal trade  conditions in the usual  and
      customary manner being utilized by SISA at the time and location of the
      particular delivery.

   b) Payment. MPCR will  pay SISA for  all Products not  later than 30  days
      after date of invoice.

   c) Forecasts.  Promptly after  the execution of this Agreement, MPCR  will
      provide SISA with a forecast of  its Product requirements for the  next
      twelve (12) months  so as  to give  SISA sufficient  advance notice  of
      MPCR's requirements to allow it to satisfy such requirements. MPCR must
      give SISA purchase orders  at least 90 days  in advance of the  desired
      delivery date in order to allow SISA to obtain supplies and manufacture
      the Products.

   d) Purchase Orders.  Subject  to the foregoing provisions of this  Section
      5, MPCR will  from time to  time submit definitive  purchase orders  to
      SISA setting  forth the  quantities of  each  Product to  be  supplied,
      desired delivery dates and shipping  instructions.  SISA will  promptly
      accept such purchase orders or reject  the purchase order by  informing
      MPCR that it cannot in whole or in part fill a purchase order.   SISA's
      rejection of a purchase order shall not be a breach of this  Agreement.
      Any accepted purchase order  shall be a binding  obligation of SISA  to
      supply and MPCR to purchase the Products ordered on the dates specified
      in such purchase order.

 SIXTH:  Warranties.
 ------  -----------
   (a)  SISA warrants that, at  the time of  shipment by  SISA, all  Products
      manufactured by  SISA sold  and delivered  pursuant to  this  Agreement
      will  conform  to   the  mutually  agreed   upon  visual  and   written
      specifications for the Products.

   (b)  SISA  further warrants that,  at the time  of shipment, all  Products
      manufactured by  SISA and  sold and shipped  to MPCR  pursuant to  this
      Agreement will  have been  manufactured in  accordance with  applicable
      current good manufacturing practices ("cGMP") regulations as set  forth
      in 21  CFR 210,  as then  in effect,  in a  facility that  is ISO  9000
      certified.

   (c)  SISA accepts liability for Products that do not conform to visual and
      written specifications  and agrees  to reimburse  MPCR for  the  amount
      invoiced to MPCR  for such non-conforming  Products should they  occur.
      Except as may be expressly stated by  SISA on the Product or on  SISA's
      packaging, or in  SISA's information accompanying  the Product, at  the
      time of  shipment to  MPCR hereunder  or as  otherwise stated  in  this
      section of this  Agreement, SISA MAKES  NO REPRESENTIONS OR  WARRANTIES
      OF  ANY  KIND  WITH  RESPECT  TO  THE  PRODUCTS,  EXPRESS  OR  IMPLIED,
      INCLUDING ANY  IMPLIED WARRANTY  OF MERCHANTABILITY  OR FITNESS  FOR  A
      PARTICULAR PURPOSE.   SISA  NEITHER ASSUMES  NOR AUTHORIZES  ANYONE  TO
      ASSUME  FOR IT  ANY  OBLIGATION OR  LIABILITY  IN CONNECTION  WITH  THE
      PRODUCTS.   MPCR shall  not make  any representation  or warranty  with
      respect to the  Products that is more  extensive than, or  inconsistent
      with,  the limited  warranty  set forth  in  this Article  or  that  is
      inconsistent with the policies or publications of SISA relating to  the
      Products.

   (d)  MPCR'S EXCLUSIVE REMEDY  FOR BREACH OF ANY  WARRANTY HEREUNDER IS THE
      REFUND OF THE CONTRACT PRICE FOR  THE PRODUCTS THAT ARE COVERED BY  THE
      WARRANTY.   SISA  SHALL  HAVE  NO OTHER  OBLIGATION  OR  LIABILITY  FOR
      DAMAGES TO  MPCR  ANY OTHER  PERSON OF  ANY  TYPE, INCLUDING,  BUT  NOT
      LIMITED  TO, INCIDENTAL,  SPECIAL  OR CONSEQUENTIAL  DAMAGES,  LOSS  OF
      PROFITS  OR OTHER  COMMERCIAL  OR ECONOMIC  LOSS,  OR ANY  OTHER  LOSS,
      DAMAGE OR EXPENSE, ARISING OUT OF OR IN CONNECTION WITH THE SALE,  USE,
      LOSS OF USE, NONPERFORMANCE OR REPLACEMENT OF THE PRODUCTS.

 SEVENTH:  Term.
 --------  -----
 The term of this Agreement shall be five (5) years.

 This Agreement shall be operative upon the Effective Date and shall continue
 in  effect  for  five  (5)  years,  unless  terminated  pursuant  to   early
 termination  provisions  herein,  and  may  be  extended  pursuant  to   the
 provisions below.

 At the  end  of  this  initial  five (5)  year  term  this  Agreement  shall
 automatically renew for an additional five (5) year period, unless a written
 notice is provided by either party to  the other that the moving party  does
 not wish to continue the Agreement.  And, on each five (5) year  anniversary
 date thereafter, this Agreement shall automatically renew for an  additional
 five (5) year term, unless a written  notice is provided by either party  to
 the other  party  that  the moving  party  does  not wish  to  continue  the
 Agreement.  Written notice must be  provided by the party wishing to  cancel
 the Agreement not later than one hundred eighty (180) days prior to the  end
 of the initial five (5)  year term of this  Agreement or one hundred  eighty
 (180) days prior to the anniversary date of any automatic renewal period.

 Upon automatic extension of  this Agreement under  the provisions above  all
 terms and conditions  of this  Agreement shall  continue in  full force  and
 effect.

 The Agreement  shall  be terminated  before  expiration of  the  initial  or
 extended term:

   a) If SISA or  MPCR fails to  comply with any  of their obligations  under
      this Agreement and if the noncompliance is not cured within thirty (30)
      days of written  notice of such  noncompliance, then,  the party  gives
      notice of termination to the other on those grounds, in which case that
      party can claim compensation for the damages caused by such failure  to
      comply;

   b) If  SISA or  MPCR  becomes  insolvent, submits  to  an  agreement  with
      creditors,  admits  in writing  its  inability  to  pay its  debts when
      due,  or  becomes the  subject of voluntary  or involuntary bankruptcy,
      insolvency,  reorganization,  relief  for  debts,  receivership,  or  a
      similar procedure  that may  affect all  its  assets or  a  substantial
      portion thereof,

   c) Upon the  definitive cessation of  operations in Costa  Rica of  SABILA
      INDUSTRIAL and  the  industrial plant  operated  by it  in  Liberia  by
      decision of the parent company.

   d) If SISA and MPCR agree in writing to terminate the Agreement.

 The termination of this Agreement does  not release any of the parties  from
 any pending obligation originated before or at the time of such termination.

 Upon the termination of this Agreement, whether terminated pursuant to early
 termination provisions herein or upon the expiration of the original term or
 any renewal term  of this Agreement,  any and all  improvements to the  SISA
 facilities and  property  made by  or  funded by  MPCR  as a  part  of  this
 Agreement shall thereinafter be the sole property of SISA.

 EIGHTH:  Indemnification.
 -------  ----------------
 MPCR AGREES TO INDEMNIFY AND HOLD HARMLESS SISA AND ITS EMPLOYEES, OFFICERS,
 DIRECTORS, STOCKHOLDERS, SUCCESSORS AND ASSIGNS FROM AND AGAINST ANY AND ALL
 LOSSES, DAMAGES, COSTS  AND EXPENSES,  INCLUDING REASONABLE  LEGAL FEES  AND
 EXPENSES INCIDENT THERETO,  ARISING FROM ANY  SUIT, CLAIM OR  DEMAND OF  ANY
 THIRD  PARTY  RELATING  TO  (A)  ANY  DESIGN  DEFECT  IN  ANY  MPCR  PRODUCT
 MANUFACTURED BY  SISA  AS TO  WHICH  MPCR  HAS PROVIDED  SISA  WITH  WRITTEN
 SPECIFICATIONS OR  SAMPLES  TO  WHICH THE  MPCR  PRODUCT  SUPPLIED  BY  SISA
 COMPLIES, (B) ANY  DESIGN DEFECT  IN ANY  MPCR PRODUCT  NOT MANUFACTURED  BY
 SISA, (C) ANY  MANUFACTURING DEFECT IN  A MPCR PRODUCT  NOT MANUFACTURED  BY
 SISA, (D)  ANY STATEMENT  ON ANY  LABELING  OF OR  LITERATURE FOR  ANY  MPCR
 PRODUCT THAT IS FALSE OR VIOLATES ANY LAW OR REGULATION OF THE UNITED STATES
 OR ANY AGENCY, STATE  OR LOCALITY THEREOF, AND  (E) ANY INFRINGEMENT BY  ANY
 MPCR PRODUCT OR ANY LABELING, PACKAGING  OR PRODUCT LITERATURE FOR ANY  MPCR
 PRODUCT NOT  FURNISHED  OR  APPROVED  BY  SISA  OF  ANY  PATENT,  TRADEMARK,
 COPYRIGHT, DESIGN OR OTHER INTELLECTUAL PROPERTY RIGHT OF ANY THIRD PARTY.

 NINTH:  Force Majeure.
 ------  --------------
 Neither SISA nor MPCR shall be  liable for any failure to perform  hereunder
 (other than  payment of  invoices  when due)  if  either is  prevented  from
 performing any of its obligations hereunder due, in whole or in part, to any
 contingency or  cause  beyond  its reasonable  control,  including,  without
 limitation, fire, explosion, earthquake, storm, flood, drought, lightning or
 other  adverse  weather  conditions,   accident,  breakdown  of   machinery,
 transportation or  handling difficulties,  strike, lockout,  or other  labor
 difficulties (from whatever cause arising, and whether or not the demands of
 employees are reasonable or within its  power to grant), war,  insurrection,
 riot, civil commotion, sabotage, vandalism, smoke, act of God or the  public
 enemy, any  law, act,  order, proclamation,  decree, regulation,  ordinance,
 instruction, embargo or request  of any government or  any officer or  agent
 thereof,  any  order,  judgment or decree  of any court,  delay  or  failure
 of  carriers  or  contractors,  labor  shortage,  or  inability  to   obtain
 transportation equipment,  raw materials,  fuel, power,  plant equipment  or
 materials required for  maintenance or repairs  ('Force Majeure") nor  shall
 MPCR's or  SISA's obligations,  except as  may  be necessary,  be  suspended
 during  the  period  of  such  Force  Majeure,  nor  shall  either   Party's
 obligations be cancelled with  respect to such Products  as would have  been
 sold hereunder but for such suspension.   Such affected Party shall give  to
 the other  Party  prompt notice  of  any such  Force  Majeure, the  date  of
 commencement thereof  and its  probable duration  and shall  give a  further
 notice in like manner upon the termination thereof.  Each Party hereto shall
 endeavour with  due  diligence to  resume  compliance with  its  obligations
 hereunder at the earliest date  and shall do all  that it reasonably can  to
 overcome or mitigate the effects of any such Force Majeure upon both Party's
 obligations under this  Agreement.  Should  the Force  Majeure continue  for
 more than six  (6) months,  than the  other Party  shall have  the right  to
 cancel this Agreement and the Parties  shall seek an equitable agreement  on
 the Parties' reward of interests.

 The Parties agree that any obligation to pay money is never excused by Force
 Majeure.

 TENTH:  Trademarks.
 ------  -----------
 With respect to trademarks, the Parties agree as follows:

   a) To the  extent, and  only to the  extent, of  written authorization  by
      MPCR, may  SISA use,  symbolize, or  otherwise mark  Products with  the
      MPCR's trademarks or other proprietary logos.

   b) Except as authorized in  writing, SISA shall not,  at any time, in  any
      place, or in any  manner, utilize the trademarks  of the MPCR, nor  any
      name or logo  confusingly similar  thereto, in  connection with  SISA's
      business  activities  or  in  the  manufacture,  use,  sale  or   other
      disposition of Products, or in any other way whatsoever.

   c) Except as authorized in  writing, MPCR shall not,  at any time, in  any
      place, or any manner, utilize the  trademarks of SISA, nor any name  or
      logo  confusingly  similar  thereto,  in  connection  with  the  MPCR's
      business activities  or  in  the use,  sale  or  other  disposition  of
      Products, or in any other way whatsoever.

 ELEVENTH:  Proprietary Information and Confidentiality.
 ---------  --------------------------------------------
   a) Each Party agrees to maintain the other Parties' Proprietary
      Information in strict confidence, not to make use thereof other than
      for the performance of this Agreement, to release it only to employees
      who have reasonable need to know the same, and except as required by
      law, not to release or disclose it to any third parties, without the
      prior written consent of the disclosing Party.

   b) All Proprietary Information and any copies thereof shall remain the
      property of the disclosing Party, and no license or other rights
      therein is granted or implied hereby.

   c) This Article is supplemental to and not in limitation of any
      confidentiality agreements to which the Parties are signatories.

   d) Any of SISA's or MPCR's officers, directors, employees, agents,
      representatives or contractors who are assigned to or visit the MPCR
      production facility shall execute and deliver a confidentiality
      agreement in form of Annex 2 attached hereto.

   e) Except as otherwise provided herein, each Party shall immediately
      notify the other of any private or governmental request for Proprietary
      Information or documents relating to the products or this Agreement.
      In the event that a Party receives any subpoena or other legal process
      requiring the production of information, documents, data, work papers,
      reports, or other materials relating to Proprietary Information,
      Products, or this Agreement, that Party shall give the affected Party,
      if possible, the opportunity to participate in quashing, modifying or
      otherwise responding to any compulsory process in an appropriate and
      timely manner and cooperate fully with the affected Party's efforts to
      narrow the scope of any such compulsory process, to obtain a protective
      order limiting the use or disclosure of the information sought, or in
      any other lawful way to obtain continued protection of such
      information.

   f) If any Party becomes aware of the loss, theft or misappropriation of
      Proprietary Information which is in that Party's possession or control,
      that Party shall notify the other Party whose Proprietary Information
      has been lost, stolen or misappropriated within five (5) days after the
      discovery of such loss, theft or misappropriation.

 TWELFTH.  Sublease.
 --------  ---------
 The lawful  possession and  occupancy by  MPCR of  the facilities  shall  be
 regulated by the sublease hereby agreed upon by the parties in the following
 terms and conditions:

   a) Under the lease subscribed by and between SABILA INDUSTRIAL and  "FINCA
      SABILA", owner of the property where the industrial facilities to which
      this Agreement refers are located,  the lessee, SABILA INDUSTRIAL,  has
      the power to sublease on a full or a partial basis the leased property.

   b) SABILA INDUSTRIAL, sublessor, subleases  MPCR an area of  approximately
      198 square meters, within the plant of SABILA INDUSTRIAL, as a place of
      location of the works  required for operation by  the sublessee of  the
      equipment and machinery necessary to provide the manufacturing process.

   c) The sublessee cannot  sublease its rights under  the lease without  the
      prior written  consent  of the  sublessor.  And it  cannot,  under  any
      concept or circumstance, sublease the subleased property on a full or a
      partial basis.

   d) The sublease  herein agreed  upon terminates  with the  termination  or
      expiration of the main agreement, being  this sublease a part  thereof.
      Likewise, it shall be extended  if it is agreed  to extend the term  of
      the main agreement.

   e) The sublessee can incorporate  at its expense improvements and  changes
      in the structures and foundations of the subleased facilities with  the
      previous permit from  the sublessor. The  improvements so  incorporated
      shall become the property of the sublessor, being clear and  understood
      that the equipment, accessories, spare parts, structures, piping, tanks
      and machinery in  general that are  removable and the  property of  the
      sublessee shall remain its property. Upon termination of the Agreement,
      the sublessee shall remove its assets  from the subleased property,  at
      its expense and within  two months after  such termination. Any  assets
      that are not removed within said term shall become the property of  the
      sublessor without payment of any amount.

   f) The price  of the  lease shall  be the  amount of  US$ 1287  per  month
      payable in advance on a monthly basis.

 THIRTEENTH:  Miscellaneous.
 -----------  --------------
        (a)   Assignment prohibited.  The  partial or  full assignment of the
           rights of MPCR under this Agreement is prohibited.

        (b)   Arbitration.   All controversies  or  differences  that  may be
           derived from  this Agreement  or its  performance, liquidation  or
           interpretation  shall  be  solved  by  means  of  arbitration,  in
           accordance with the Regulations of the Center of Conciliation  and
           Arbitration of the  Chamber of Commerce  of Costa  Rica, by  which
           rules and procedures the parties agree to abide unconditionally.

        (c)   Relationship  of  the  parties.  The  Parties  intend  that the
           relationship between them hereunder shall be solely that of  buyer
           and producer.  Nothing herein shall  be construed (a) to create  a
           partnership or joint  venture, (b) to  constitute either Party  an
           agent or legal representative of the other Party; or (c) to create
           any fiduciary  relationship between  the Parties.  This  Agreement
           does not  grant any  Party any  right or  authority to  assume  or
           create any obligation  or responsibility  on behalf  of any  other
           Party, and no  Parties shall  be in  any way  responsible for  the
           debts of any other Party incurred  under or pursuant to the  terms
           of this Agreement.

        (d)   Cooperation.  Each Party shall cooperate with the other Parties
           hereto and shall take  such further action  and shall execute  and
           deliver such further documents as  may be reasonably necessary  or
           desirable in order  to carry out  the provisions  and purposes  of
           this Agreement.

        (e)   Severability.  If a competent court declares that any provision
           of this Agreement is unenforceable or null, such  unenforceability
           or  nullity  shall  not  affect  the  validity  of  the  remaining
           provisions of this Agreement, which shall survive and continue  in
           full force and effect.

        (f)   Amendment. This Agreement can only be amendment by agreement of
           SISA and MPCR, duly expressed in  writing in a document signed  by
           all of them.

        (g)   Certified Date. Any party is hereby authorized to appear before
           a  Notary  Public  to  have  the  date  of  this  Agreement   duly
           authenticated.

        (h)   Subscription of the Agreement. The authority of the individuals
           signing this  Agreement on  behalf of  each  party has  been  duly
           confirmed by means of genuine documents  admitted by all of  them,
           which are made an integral part of this Agreement.

        (i)   Domicile.  For purposes of this  Agreement, the domicile of all
           the parties  is  the  city of  Liberia,  Province  of  Guanacaste,
           Republic of Costa Rica, waiving the  enforcement of their laws  of
           origin and organization.

        (j)   Address of  the parties.  The parties specify their  respective
           administrative offices at their industrial facilities in  Liberia,
           Guanacaste to keep  records and make  and receive  payments.   All
           notices hereunder shall  be in writing  and shall be  sent by  (a)
           telecopier with confirmation of receipt, or (b) prepaid  overnight
           delivery through a nationally recognized courier service:

                If to SISA, to:

                Sabila Industrial, S.A.
                4 km South of Liberia, Guanacaste, COSTA RICA
                Attention:  Jose Zuniga,General Manager

                If to MPCR, to:

                MPCR
                Avenida 3, Calle 12
                Edificio Clima Ideal, contiguo al Pulmitan de Liberia
                Liberia, Guanacaste, COSTA RICA
                Attention:  Fabio Chaves

        (k)  Language.  The  parties agree  that  the English  language shall
        be  the   official  language  for  the  execution,  performance   and
        interpretation of this Agreement.

        IN WITNESS WHEREOF, we have set our hand on two counterparts of  this
        Agreement,  one for each party hereto, on  the date and at the  place
        previously specified.

   By: /s/ Jose A. Zuniga Blanco              By: /s/ William Utz
   ---------------------------------------    -------------------------------
   Jose A. Zuniga Blanco                      William Utz
   Coordinator for South American Business    President
   Sabila Industrial S.A.                     Miradent Products of Costa Rica

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 *Form of Employee Version

ATLAS AIR WORLDWIDE HOLDINGS, INC.

STOCK OPTION AGREEMENT 

     AGREEMENT made and entered into as of ___________, by and between Atlas Air Worldwide Holdings, Inc. (the “Company”), a Delaware corporation, and _____________(the
“Option Holder”). 

     WHEREAS, the Option Holder has been designated to participate in the Atlas Air Worldwide Holdings, Inc., 2004 Long Term Incentive and Share Award Plan (the “Plan”). 

     NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and for other good and valuable consideration, the Company and the Option Holder agree as follows: 

          1.    Grant. Pursuant to the provisions of the Plan, the terms of which are incorporated herein by reference, the Company hereby grants to the
Option Holder the right and option (the “Option”) to purchase ________Shares. The Option is granted as of ________ (the “Date of Grant”), and such grant is subject to the terms and conditions herein and the terms
and conditions of the Plan. [Such Option is not intended to be treated as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended.] In the event there is any conflict between the terms of the Plan and this
Agreement, the terms of the Plan shall control. Capitalized terms used herein but not defined shall have the meanings given to them in the Plan. 

          2.   Purchase Price. The purchase price of the Shares subject to the Option shall be equal to $______ per Share. 

          3.   Term of Option. The Option may be exercised only during the period commencing on the date it vests and becomes exercisable under Section 4
below and continuing until the close of business on _________ (the “Option Period”). The Option Holder’s exercise rights during the Option Period shall be subject to limitations as hereinafter provided and shall be subject to
sooner termination in the event of Termination of Service as provided in Section 5 below. At the end of the Option Period or, if earlier, the termination of the period of exercisability as provided in Section 5, below, the Option shall terminate.

          4.   Exercisability. Except as otherwise provided in Section 5 or 7 below, the Option shall vest and become exercisable in _____ equal
annual installments, as follows: __________ 

          5.   Termination. 

                    (a)   Death or Disability. In the event of Termination of Service of the Option Holder by reason of the Option Holder’s death or
Disability (as defined below), the Option Holder shall be vested in the portion of the Option vested at the time of the Termination of Service, if any, determined in accordance with Section 4 above. The vested portion of the Option shall continue to
be exercisable by the Option Holder during the period ending twelve 

months following the date of death (but not beyond the Option Period). For purposes of this Agreement, a Termination of Service shall be due to “Disability” of the Option Holder if upon such Termination of Service the
Option Holder qualifies for long-term disability benefits under the Company’s Long-Term Disability Plan. 

                    (b)   Termination for Cause. In the event of Termination of Service of the Option Holder by the Company or its Subsidiaries for Cause, all
rights of the Option Holder to exercise the Option granted to the Option Holder shall be forfeited immediately (regardless of whether the Option is then vested in whole or in part), and the Option shall terminate. For purposes of this Agreement,
“Cause” shall mean (i) the Option Holder’s refusal or failure (other than during periods of illness or disability) to perform the Option Holder’s material duties and responsibilities to the Company or its Subsidiaries, (ii) the
conviction or plea of guilty or nolo contendere of the Option Holder in respect of any felony, other than a motor vehicle offense, (iii) the commission of any act which causes material injury to the reputation, business or business relationships of the Company or any of its
Subsidiaries including, without limitation, any breach of written policies of the Company with respect to trading in securities, (iv) other acts of fraud in connection with the Option Holder’s duties and responsibilities to the Company or its
Subsidiaries, including, without limitation, misappropriation, theft or embezzlement in the performance of the Option Holder’s duties and responsibilities as an employee of the Company or its Subsidiaries, or (v) a violation of any material
Company policy, including, without limitation, a violation of the laws against workplace discrimination. 

                    (c)   Termination by the Company Not For Cause. In the event of Termination of Service of the Option Holder by the Company or its Subsidiaries
not for Cause (and not due to the Option Holder’s death or Disability), the Option Holder shall be vested in: 

                              (i) the portion of the Option vested at the time of such Termination of Service, if any, in accordance with Section 4 above, plus 

                              (ii) the portion, if any, of the Option which was scheduled, in accordance with Section 4 above, to vest within the succeeding twelve months, and such portion of the Option shall continue to be
exercisable by the Option Holder during the period ending 90 days following the date of Termination of Service (but not beyond the Option Period). 

                    (d)   Other Termination. In the event of Termination of Service of the Option Holder other than as set forth above, the Option Holder shall be
entitled to exercise the portion of the Option exercisable at the time of such Termination of Service, if any, determined in accordance with Section 4 above, and such portion of the Option shall continue to be exercisable by the Option Holder for 90
days following the date of Termination of Service (but not beyond the Option Period). 

                    (e)   Forfeiture. That portion of the Option which is unexercisable immediately following the Option Holder’s Termination of Service, as
described above, shall be immediately forfeited to the Company. 

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          6.   Exercise of Option and Payment of Exercise Price. 

                    (a)   Notice of Exercise. In order to exercise the Option, the Option Holder shall submit to the Company an instrument in writing specifying
the number of Shares in respect of which the Option is being exercised, accompanied by payment as described below. 

                    (b) Forms of Payment Authorized. 

                              (1) Payment of the exercise price for the number of shares for which the Option is being exercised shall be made 

                                        (A)   in cash, by check, or cash equivalent; 

                                        (B)   by tender to the Company of shares of the Company’s common stock owned by the Option Holder having a fair market value, as determined by the Committee, not less than the exercise price due,
which either have been owned by the Option Holder for more than six (6) months or were not acquired, directly or indirectly, from the Company; 

                                        (C)   by Immediate Sales Proceeds, as defined below; 

                                        (D)   by any combination of the foregoing. 

                              (2)   Tender of Company Stock. Notwithstanding the foregoing, the Option may not be exercised by tender to the Company of shares of the
Company’s common stock to the extent such tender of stock would constitute a violation of the provisions of any law, regulation and/or agreement restricting the redemption of the Company’s common stock. Unless otherwise provided by the
Committee, an Option may not be exercised by tender to the Company of shares of the Company’s common stock if such exercise would subject the Company to variable accounting. 

                              (3)   Immediate Sales Proceeds. “Immediate Sales Proceeds” shall mean the assignment in form acceptable to the Company of the
proceeds of a sale of some or all of the shares acquired upon the exercise of the Option pursuant to a program and/or procedure approved by the Company (including, without limitation, through an exercise complying with the provisions of Regulation T
as promulgated from time to time by the Board of Governors of the Federal Reserve System). The Company reserves, at any and all times, the right, in the Company’s sole and absolute discretion, to decline to approve any such program and/or procedure. 

          7.   Change in Control. This Option shall become immediately exercisable in full upon a “Change in Control of the Company.” For
purposes of this Agreement, “Change in Control of the Company” shall mean and shall be deemed to have occurred if (i) any Person (within the meaning of the Exchange Act) or any two or more Persons acting in concert shall have acquired
beneficial ownership (within the meaning of Rule l3d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company (or other securities convertible into voting securities of the Company) representing 40% or more of the
combined voting power of all securities of the Company entitled to vote in the election of directors, other than securities having 

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such power only by reason of the happening of a contingency, or (ii) the Board of Directors of the Company shall not consist of a majority of Continuing Directors. For purposes of this Agreement, “Continuing Directors”
shall mean the directors of the Company on the date hereof and each other director, if such other director’s nomination for election to the Board of Directors of the Company is recommended by a majority of the then Continuing Directors.

          8.   No Rights of Shareholder; No Rights of Continued Employment. The Option Holder shall not, by virtue of the Option, be entitled to any rights of a shareholder of the Company until Shares are issued to the Option Holder. The grant of the Option shall not confer on the Option Holder any right with
respect to continuance of the Option Holder’s service with the Company nor shall such grant interfere in any way with the right of the Company to terminate the Option Holder’s service at any time. 

          9.   Nonassignability. The Option may be assigned or otherwise transferred only in the following circumstances: (i) by will or the laws of
descent and distribution; (ii) by valid beneficiary designation taking effect at death made in accordance with procedures established by the Committee; or (iii) by the Option Holder to members of the Option Holder’s “immediate
family,” to a trust established for the exclusive benefit of solely one or more members of the Option Holder’s “immediate family” and/or the Option Holder, or to a partnership, limited liability company or other entity pursuant
to which the only partners, members or equity holders are one or more members of the Option Holder’s “immediate family” and/or the Option Holder. Any Option held by the transferee will continue to be subject to the same terms and
conditions that were applicable to the Option immediately prior to the transfer, except that the Option will be transferable by the transferee only by will or the laws of descent and distribution. For purposes hereof, “immediate family”
means the Option Holder’s children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings (including half brothers and sisters), nieces, nephews, in-laws, and relationships arising because of legal adoption.

          10.   Restrictions on Transfer of Shares. Neither the Shares nor any interest in them may be sold, assigned, pledged, hypothecated, encumbered
or in any other manner transferred or disposed of, in whole or in part, except in compliance with the terms, conditions and restrictions as set forth in the governing instruments of the Company, applicable United States federal and state securities
laws or other applicable laws or regulations and the terms and conditions hereof. 

          11.   Tax Withholding. At the time the Option is exercised, in whole or in part, or at any time thereafter as requested by the Company, to
ensure that the Company is able to satisfy its tax withholding obligations, the Option Holder shall either: 

                    (a)   pay the Company the amount of tax to be withheld (including through payroll withholding), 

                    (b)   elect to satisfy such obligation by having the Company withhold shares of Stock that otherwise would be delivered to the Option Holder pursuant to the exercise of the Option for which the tax is
being withheld, provided that withholding by such method shall be limited to the minimum required applicable tax withholding, 

4 

                    (c)   deliver to the Company other shares of Stock of the Company owned by the Option Holder prior to exercising the Option having a fair market value, as determined by the Committee, not less than the
withholding tax due, which either have been owned by the Option Holder for more than six (6) months or were not acquired, directly or indirectly, from the Company, or 

                    (d)   make a payment to the Company consisting of a combination of cash and such shares of Stock. 

                    Such an election shall be made in such manner as may be prescribed by the Committee and the Committee shall have the right, in its discretion, to disapprove such election. The Option Holder is
cautioned that the Option is not exercisable unless the Company’s withholding obligations are satisfied. Accordingly, the Option Holder may not be able to exercise the Option when desired even though the Option is vested and the Company shall
have no obligation to issue a certificate for such shares. 

          12.   References. References herein to rights and obligations of the Option Holder shall apply where appropriate, to the Option Holder’s
legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement. 

          13.   Notice. Any notice required or permitted to be given under this Agreement shall be in writing and shall he deemed to have been given when
delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by
similar process given notice of: 

	 	If to the Company: 
	 	 	 
	 	 	
Atlas Air Worldwide Holdings, Inc. 
	
	 	 	
2000 Westchester Avenue 
	
	 	 	
Purchase, NY 10577 
	
	 	 	
Attention: General Counsel 
	

	 	If to the Option Holder: 
	 	 	 
	 	 	
At the Option Holder’s most recent 
	
	 	 	
address shown on the Company’s 
	
	 	 	
corporate records, or at any other 
	
	 	 	
address which the Option Holder 
	
	 	 	
may specify in a notice to the 
	
	 	 	
Company delivered in the manner set 
	
	 	 	
forth herein. 
	

          14.   Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to principles of conflict of laws. 

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          15.   Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be regarded for all purposes as an original
constituting but one and the same instrument. 

          16.   Waiver and Acknowledgement. The Option Holder agrees that the Plan supercedes and replaces all prior stock option and share incentive
plans of the Company, and hereby waives and entitlement to any shares or options under any incentive plan other than the Plan, and further agrees that Option Holder has no right under any employment contract or agreement to any options or stock of
the Company except as specifically set forth in the Plan. 

          IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above. 

	 	 ATLAS AIR WORLDWIDE HOLDINGS, INC. 

	 	
	 
	 	
      By: 
      
	 

	
		
	  
	

	
	 	

	  
	
Name: 
	
	 	

	  
	
Title: 
	
	 

	
	 

	
	 	
      By: 
      
	 

	
		
	  
	

	
	 	

	  
	
Option Holder 
	

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