Document:

Exhibit 4.2
Warrant No. _____
NEITHER THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.
Dated: March 12, 2007                                                                        Void After: March ___, 2012
ROBCOR PROPERTIES, INC.
WARRANT TO PURCHASE COMMON STOCK
Robcor Properties, Inc., a Florida corporation, for value received on March 12, 2007 (the “Effective Date”), hereby issues to [name] (including any successors and assigns, the “Holder”) this Warrant (the “Warrant”) to purchase [____________] shares (each such share as from time to time adjusted as hereinafter provided being a “Warrant Share” and all such shares being the “Warrant Shares”) of the Company’s Common Stock (as defined below), at the Exercise Price (as defined below), as adjusted from time to time as provided herein, on or before March __, 2012 (the “Expiration Date”), all subject to the following terms and conditions.

This
Warrant is issued pursuant to Section 3(b) of that certain Placement Agency
Agreement dated December 4, 2006 by and between the Company, National
Securities Corporation and Brean, Murray Carret & Co., LLC (the “Placement
Agents”) that was executed and delivered in connection with that certain
Confidential Private Placement Memorandum of the Company dated December 4,
2006.

As used in this Warrant, (i) “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the City of New York, New York, are authorized or required by law or executive order to close; (ii) “Common Stock” means the common stock of the Company, no par value per share, including any securities issued or issuable with respect thereto or into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend, stock split, stock combination, recapitalization, reclassification, reorganization or other similar event; (iii) “Exercise Price” means [$____] per share of Common 

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Stock, subject to adjustment as provided herein; (iv) “Trading Day” means any day on which the Common Stock is traded on the primary national or regional stock exchange on which the Common Stock is listed, or, if not listed, on the Nasdaq Global Market or Nasdaq Capital Market, if quoted thereon, or if not so listed or quoted, the NASD OTC Bulletin Board if quoted thereon is open for the transaction of business; and (v) “Affiliate” means any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, a Person, as such terms are used and construed in Rule 144 promulgated under the Securities Act of 1933, as amended (the “Act”).
1.                                       DURATION AND EXERCISE OF WARRANTS
(a)           Exercise Period.  The Holder may exercise this Warrant in whole or in part on any Business Day on or before 5:00 P.M., Eastern Daylight Time, on the Expiration Date, at which time this Warrant shall become void and of no value.
(b)           Exercise Procedures.
(i)            While this Warrant remains outstanding and exercisable in accordance with Section 1(a), in addition to the manner set forth in Section 1(b)(ii) below, the Holder may exercise this Warrant in whole or in part at any time and from time to time by:
(A)          surrender of this Warrant, with a duly executed copy of the notice of exercise attached as Exhibit A (the “Notice of Exercise”), to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify in writing to the Holder; and
(B)           payment of the then applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise of the Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check, bank draft or money order payable in lawful money of the United States of America. or in the form of a Cashless Exercise to the extent permitted in Section 1(b)(ii) below.
(ii)           Notwithstanding any other provision contained herein to the contrary, the Holder may exercise all or any part of the Warrant in a “cashless” or “net-issue” exercise (a “Cashless Exercise”) by delivering to the Company (1) the Notice of Exercise and (2) the Warrant, pursuant to which the Holder shall surrender the right to receive upon exercise of this Warrant a number of Warrant Shares having a value (as determined below) equal to the Aggregate Exercise Price, in which case, the number of Warrant Shares to be issued to the Holder upon such exercise shall be calculated using the following formula:
X          =                  Y * (A - B)

                                                                                   A
with:                X =              the number of Warrant Shares to be issued to the Holder

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Y =   the number of Warrant Shares with respect to which the Warrant is being exercised
A =  the fair value per share of Common Stock on the date of exercise of this Warrant
B =   the then-current Exercise Price of the Warrant
Solely for the purposes of this paragraph, “fair value” shall be determined either (A) reasonably and in good faith by the Board of Directors of the Company as of the date which the Notice of Exercise is deemed to have been sent to the Company, or (B) as the average of the closing sales prices, as quoted on the primary national or regional stock exchange on which the Common Stock is listed, or, if not listed, on the Nasdaq Market if quoted thereon, or, if not listed or quoted, the NASD OTC Bulletin Board if quoted thereon, on the twenty (20) trading days immediately preceding the date on which the Notice of Exercise is deemed to have been sent to the Company, whichever of (A) or (B) is greater.
(iii)          Upon the exercise of this Warrant in compliance with the provisions of this Section 1(b), the Company shall promptly issue and cause to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder.  Each exercise of this Warrant shall be effected immediately prior to the close of business on the date (the “Date of Exercise”) which the conditions set forth in Section 1(b) have been satisfied.  On or before the first Business Day following the date on which the Company has received each of the Notice of Exercise and the Aggregate Exercise Price (or notice of a Cashless Exercise in accordance with Section 1(b)(ii)) (the “Exercise Delivery Documents”), the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Delivery Documents to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the third Business Day following the date on which the Company has received all of the Exercise Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Notice of Exercise, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.  Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in Section 1(b)(i)(A) above or notification to the Company of a Cashless Exercise referred to in Section 1(b)(ii), the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant Shares being acquired upon such  an exercise, then the Company shall as soon as practicable and in no event later than three (3) Business Days after any exercise and at 

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its own expense, issue a new Warrant (in accordance with Section 1(c)) of like tenor representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant.
(iv)          If the Company shall fail for any reason or for no reason to issue to the Holder, within three (3) Business Days of receipt of the Exercise Delivery Documents, a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant, and if on or after such Business Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such shares of Common Stock and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the closing bid price on the date of exercise.
(c)           Partial Exercise.  This Warrant shall be exercisable, either as an entirety or, from time to time, for part only of the number of Warrant Shares referenced by this Warrant. If this Warrant is exercised in part, the Company shall issue, at its expense, a new Warrant, in substantially the form of this Warrant, referencing such reduced number of Warrant Shares which remain subject to this Warrant.
(d)           Disputes.  In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 15.
2.                                       ISSUANCE OF WARRANT SHARES
(a)           The Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized, fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising through the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

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(b)           The Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record holder of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner thereof for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.
(c)           The Company will not, by amendment of its certificate of incorporation, by-laws or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all the action as may be necessary or appropriate in order to protect the rights of the Holder to exercise this Warrant, or against impairment of such rights.
3.                                       ADJUSTMENTS OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES
(a)           The Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3(a).
(i)            Subdivision or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced and the Warrant Shares shall be proportionately increased, and conversely, in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination, reverse stock split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased.  The Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in this Section 3(a)(i).
(ii)           Dividends in Stock, Property, Reclassification. If at any time, or from time to time, the Holders of Common Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefore:
(A)          any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution, or
(B)           additional stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares or similar corporate rearrangement, (other than shares of Common Stock issued as a stock split or adjustments in 

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respect of which shall be covered by the terms of Section 3(a)(i) above), then and in each such case, the Exercise Price and the number of Warrant Shares to be obtained upon exercise of this Warrant shall be adjusted proportionately, and the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to in clause (ii) above) which such Holder would hold on the date of such exercise had he been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property.  The Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in this Section 3(a)(ii).
(iii)          Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic Change, lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented by this Warrant) such shares of stock, securities or other assets or property as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable assuming the full exercise of the rights represented by this Warrant. In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Company will not effect any such consolidation, merger or sale unless, prior to the consummation thereof, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume by written instrument reasonably satisfactory in form and substance to the Holders executed and mailed or delivered to the registered Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase.  In any event, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or assets even in the absence of a written instrument assuming such obligation to the extent such assumption occurs by operation of law.
(b)           Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of 

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this Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting forth: (i) such adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property which at the time would be received upon the exercise of the Warrant.
(c)           Certain Events. If any event occurs as to which the other provisions of this Section 3 are not strictly applicable but the lack of any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent and principles of such provisions, then the Company’s Board of Directors will, in good faith, make an appropriate adjustment to protect the rights of the Holder; provided, however, that no such adjustment pursuant to this Section 3(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 3.
4.                                       TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT SHARES
(a)           Registration of Transfers and Exchanges. Subject to Sections 4(c) and 4(d), upon the Holder’s surrender of this Warrant, with a duly executed copy of the Assignment Notice attached as Exhibit B, to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer of all or any portion of this Warrant. Upon such registration of transfer the Company shall issue a new Warrant, in substantially the form of this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing the remaining acquisition rights not transferred, to the Holder requesting the transfer.
(b)           Warrant Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number of Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify in writing to the Holder.
(c)           Restrictions on Transfers. This Warrant may not be transferred at any time without (i) registration under the Act or (ii) an exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of the Warrant may be effected without registration under the Act, which opinion will be in form and from counsel reasonably satisfactory to the Company.

(d)           Permitted
Transfers and Assignments. 
Notwithstanding any provision to the contrary in this Section 4, the
Holder may transfer, with or without consideration, this Warrant or any of the
Warrant Shares (or a portion thereof) to any Affiliate of the Holder without
obtaining the opinion from counsel that may be required by Section 4(c)(ii),
provided that the Holder 

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delivers to the
Company and its counsel certification, documentation, and other assurances
reasonably required by Company’s counsel to enable Company’s counsel to render
an opinion to the Company’s Transfer Agent that such transfer does not violate
applicable securities laws. 
Notwithstanding anything contained herein, the Company shall, upon
written instructions to be delivered to the Company within twenty (20) business
days following the date hereof, transfer all or a portion of this Warrant to
officers, directors, employees and other registered agents or associated
persons of the Holder (collectively, “Permitted Designees”) in accordance with this
Section 4(d); provided, however, the Company shall not be
required to issue such Warrants to any person who is not an “accredited
investor” within the meaning of Regulation D.  Each Permitted Designee
shall be required to execute fully and completely the Investor Representation
Letter in the form attached hereto as Exhibit C prior to the issuance of
the Warrant to such person.

5.                                       MUTILATED OR MISSING WARRANT
If this Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange for and upon cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant, in substantially the form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares, provided however, as a prerequisite to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or destruction as well as an indemnity from the Holder of a lost, stolen or destroyed Warrant.
6.                                       PAYMENT OF TAXES
The Company will pay all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the Warrant Shares (and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however, that the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of certificates for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to the Holder or its transferee.
7.                                       FRACTIONAL WARRANT SHARES
No fractional Warrant Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share, shall round up the number of Warrant Shares issuable to nearest whole share.
8.                                       NO STOCK RIGHTS AND LEGEND
No holder of this Warrant, as such, shall be entitled to vote or be deemed the holder of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, the rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting stockholders 

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(except as provided herein), or to receive dividends or subscription rights or otherwise (except as provide herein).
Each certificate for Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued to any subsequent transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following form:
“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED ITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.”
9.                                       REGISTRATION UNDER THE SECURITIES ACT OF 1933
The Company agrees to register the Warrant Shares for resale under the Act on the terms and subject to the conditions set forth in the Registration Rights Agreement (the “Registration Rights Agreement”) dated as of March 12, 2007 between the Company, the Placement Agents and each of other signatories thereto.
10.                                 NOTICES

All
notices, consents, waivers, and other communications under this Warrant must be
in writing and will be deemed given to a party when (a) delivered to the
appropriate address by hand or by nationally recognized overnight courier
service (costs prepaid); (b) sent by facsimile or e-mail with confirmation of
transmission by the transmitting equipment; (c) received or rejected by the
addressee, if sent by certified mail, return receipt requested, if to the registered
Holder hereof; or (d) seven days after the placement of the notice into the
mails (first class postage prepaid), to the Holder at the address, facsimile
number, or e-mail address furnished by the registered Holder to the Company, or
if to the Company, to it at 2005 Eastpark Blvd., Cranbury, NJ  08512-3515, Attention: F. Raymond Salemme,
Ph.D. (or to such other address, facsimile number, or e-mail address as the
Holder or the Company as a party may designate by notice the other party) with
a copy to Morgan, Lewis & Bockius LLP, 502 Carnegie Center, Princeton, New
Jersey  08540, Attention: Andrew P. Gilbert, Esq.

 

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11.                                 SEVERABILITY
If a court of competent jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant will remain in full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.
12.                                 BINDING EFFECT
This Warrant shall be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered Holder or Holders from time to time of this Warrant and the Warrant Shares.
13.                                 SURVIVAL OF RIGHTS AND DUTIES
This Warrant shall terminate and be of no further force and effect on the earlier of 5:00 P.M., Eastern Daylight Time, on the Expiration Date or the date on which this Warrant has been exercised.
14.                                 GOVERNING LAW
This Warrant will be governed by and construed under the laws of the State of New York without regard to conflicts of laws principles that would require the application of any other law.
15.                                 DISPUTE RESOLUTION
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two Business Days of receipt of the Notice of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.
16.                                 NOTICES OF RECORD DATE
Upon (a) any establishment by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any 

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dividend or other distribution, or right or option to acquire securities of the Company, or any other right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation of the Company with or into any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary dissolution, liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the Company’s voting stock (whether newly issued, or from treasury, or previously issued and then outstanding, or any combination thereof), the Company shall mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law, prior to the record date specified therein, a notice specifying (i) the date established as the record date for the purpose of such dividend, distribution, option or right and a description of such dividend, option or right, (ii) the date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected to become effective and (iii) the date, if any, fixed as to when the holders or record of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification, transfer, consolation, merger, dissolution, liquidation or winding up.
17.                                 RESERVATION OF SHARES
The Company shall reserve and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of this Warrant, free from preemptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable.
18.                                 NO THIRD PARTY RIGHTS
This Warrant is not intended, and will not be construed, to create any rights in any parties other than the Company and the Holder, and no person or entity may assert any rights as third-party beneficiary hereunder.
[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date hereof.

	
   

  	
  ROBCOR PROPERTIES, INC.

  
	
   

  	
   (a Florida corporation)

  
	
   

  	
   

  
	
   

  	
  By:
  ___________________________

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

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EXHIBIT A
EXERCISE FORM
(To be executed by the Holder of Warrant if such Holder

desires to exercise Warrant)
To Robcor Properties, Inc.:
The undersigned hereby irrevocably elects to exercise this Warrant and to purchase thereunder, ___________________ full shares of Robcor Properties, Inc. (including its successors and assigns) common stock issuable upon exercise of the Warrant and delivery of:
(1)           $_________ (in cash as provided for in the foregoing Warrant) and any applicable taxes payable by the undersigned pursuant to such Warrant; and
(2)           __________ shares of Common Stock (pursuant to a Cashless Exercise in accordance with Section 1(b)(ii) of the Warrant) (check here if the undersigned desires to deliver an unspecified number of shares to be equal the number sufficient to effect a Cashless Exercise [___]).
The undersigned requests that certificates for such shares be issued in the name of:
_________________________________________

(Please print name, address and social security or federal employer

identification number (if applicable))
_________________________________________
_________________________________________
If the shares issuable upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon the exercise of the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued in the name of and delivered to:
_________________________________________

(Please print name, address and social security or federal employer

identification number (if applicable))
_________________________________________
_________________________________________
Name of Holder (print):      ________________________
(Signature):   ___________________________________
(By:)  _________________________________________
(Title:) ________________________________________
(Dated:)   ______________________________________

 
EXHIBIT B
FORM OF ASSIGNMENT
FOR VALUE RECEIVED, ___________________________________ hereby sells, assigns and transfers to each assignee set forth below all of the rights of the undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set opposite the name of such assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares of Robcor Properties, Inc., or its successors and assigns, issuable upon exercise of the Warrant:
 

	
  Name of Assignee

  	
   

  	
  Address

  	
   

  	
  Number of Shares

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 
If the total of the Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests that a new Warrant evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to the undersigned.
Name of Holder (print):    ________________________
(Signature):   __________________________________
(By:)  ________________________________________
(Title:) _______________________________________
(Dated):   _____________________________________

 

EXHIBIT C

FORM OF INVESTOR REPRESENTATION LETTER

DATE

Robcor Properties, Inc.

2005 Eastpark Blvd.

Cranbury, NJ  08512-3515

Gentlemen:

In
connection with my receipt of warrants (“Warrants”) to purchase the number of
shares of common stock referred to below, I hereby represent, warrant and
covenant as follows:

1.   Check each one which is applicable:

                          I am an “accredited investor” within the
meaning of Regulation D promulgated under the Securities Act of 1933 (the “Act”);

                           I
have such knowledge and experience in financial, tax, and business matters so
as to utilize information made available to me in order to evaluate the merits
and risks of an investment decision with respect thereto;

2.                        I
am affiliated with [National Securities Corporation/Brean Murray, Carret &
Co., LLC] (“Placement Agent”) and have had the opportunity to ask questions and
receive and review such answers and information concerning Robcor Properties,
Inc. (the “Issuer”) as I have deemed pertinent;

3.                         I am not relying on the Issuer or the
Placement Agent respecting the tax and other economic considerations of an
investment in the Issuer;

4.                        I
am acquiring the Warrants and the underlying securities related thereto solely
for my own account for investment and not with a view to resale or
distribution.  I acknowledge that neither
the Warrants nor the underlying securities have been registered under the Act
and may not be resold except pursuant to an effective registration statement
thereunder or an exemption therefrom;

_______________________

Name:

Holder of Warrants to purchase                    shares of common stock of
Robcor Properties, Inc. pursuant to the terms of the Common Stock Purchase
Warrant of even date herewithExhibit 10.1

AMENDED AND RESTATED
LICENSE AGREEMENT

BETWEEN

MOUNT SINAI SCHOOL OF
MEDICINE OF

NEW YORK UNIVERSITY

and

LINGUAGEN CORP.

LICENSE AGREEMENT

This License Agreement (the “Agreement”) is made and
effective as of April 2, 2002 (the “Effective Date”), by and between:

MOUNT SINAI SCHOOL OF MEDICINE OF NEW YORK UNIVERSITY, a corporation
organized and existing under the laws of the State of New York and having a
place of business at One Gustave L. Levy Place, New York, NY 10029 (“MSSM”)

AND

LINGUAGEN CORP., a corporation organized and existing under the laws of
the State of Delaware, and having its principal office at 215 College Road,
Suite 310, Paramus, NJ 07652 (“Linguagen”).

RECITALS

WHEREAS, Linguagen is in the business of developing,
marketing and applying certain biotechnology and modern pharmaceutical
techniques to provide solutions to problems related to gustation and olfaction,
including, inter alia, improving
the flavor of bitter oral medicines and food products to the development of
novel treatments for taste dysfunction and obesity; and

WHEREAS, MSSM has certain US and foreign patents
pending relating to the portfolio of taste receptor and taste inhibitors
developed by Dr. Robert Margolskee, while an investigator at the Howard
Hughes Medical Institute (“HHMI”) at MSSM; and

WHEREAS, Linguagen wishes to obtain a license to
manufacture, use, sell, offer for sale and otherwise commercialize the products
covered by such patent applications and any patent resulting from the patent
applications and MSSM wishes to grant Linguagen such license;

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

1.                          Definitions.

Whenever used in this Agreement, the following terms
shall have the following meanings:

a.                          “Affiliate”
shall mean any corporation, firm, limited liability company, partnership or
other entity that directly or indirectly controls or is controlled by or is
under common control with a party to this Agreement. “Control” means ownership,
directly or through one or more Affiliates, of fifty (50%) percent or more of
the shares of stock entitled to vote for the election of directors, in the case
of a corporation, or fifty (50%) percent or more of the equity interests in the
case of any other type of legal entity, status as a general partner in any
partnership, or any other arrangement whereby a party controls or has the right
to control the board of directors or equivalent governing body of a corporation
or other entity.

b.                         “Calendar
Year” shall mean any consecutive period of twelve (12) months commencing on the
first day of January of any year.

c.                          “Field”
shall mean the uses of the Licensed Products in the discovery, validation,
development and production of new and/or improved flavor modifiers for human
and veterinary uses in combination with pharmaceutical formulations,
nutritional supplements, foods and feed supplements to enhance or inhibit
specific taste sensations.

d.                         “Know-How”
shall mean unpatented technical information, research data, designs, formulas,
process information, clinical data and other information which is known to
Dr. Margolskee on the Effective Date and which MSSM has the right to
license, necessary for the exercise or use of the Patent Rights in the Field.

e.                          “License”
shall mean the license under the Patent Rights and Know-How to develop,
manufacture, have manufactured, use, offer for sale and sell the Licensed
Products as provided in Article 2, below.

f.                            “Licensed
Product” shall mean any product, or part thereof which is covered, in whole or
in part by an issued, unexpired claim or pending claim contained in the Patent
Rights in the country in which any such product or part thereof is made, used,
imported sold or offered for sale.

g.                         “Net
Sales” shall mean the total amount invoiced by Linguagen or any Affiliate or
sublicensee of Linguagen to any purchaser of any Licensed Product covered, in
whole or in part, by an issued, unexpired claim or pending claim in USPTO
Serial No. 09/470,467, filed December 22, 1999 or USPTO Serial No. 60/285,209
(Provisional — TRC1 Sweet Receptor), filed April 20, 2001, after deduction of
all the following to the extent applicable to such sales;

(i)                         trade,
cash and quantity credits, discounts, refunds or rebates;

(ii)                      allowances
or credits for returns;

 2
 

(iii)                   sales commissions;

(iv)                  sales
taxes (including value added tax), and

(v)                     freight
and insurance charges borne by the seller.

h.                         “Patent
Rights” shall mean, collectively, the U.S. Patent Applications listed on
Exhibit I attached hereto and shall further mean, United States and foreign
patents issuing thereon, and any divisions, continuations, reissues, renewals
and extensions thereof; claims of continuation-in-part applications and patents
directed to subject matter specifically described in the applications listed in
Exhibit I; and claims of all foreign patent applications, patents, and other
intellectual property which are directed to subject matter specifically
described in the United States patents and/or patent applications listed in
Exhibit I.

2.                          The
License.

Subject to the terms and conditions hereinafter set forth, MSSM hereby
grants to Linguagen and Linguagen hereby accepts from MSSM: (i) the exclusive
worldwide right under the Patent Rights, subject to the provisions of clause
(d) and (e) below, to manufacture, and to have manufactured, use, sell and to
have sold, offer for sale and otherwise commercialize the Licensed Products for
use in the Field and (ii) a nonexclusive right to use the Know-How to exercise
or use the Patent Rights in the Field.

a.                          Linguagen
shall be entitled to grant sub-licenses under the License on terms and
conditions not inconsistent with this Agreement (except that the rate of
royalty may be at higher rates than those set forth in this Agreement): (i) to
an Affiliate, and (ii) to other third parties for consideration and in arms-length
transactions.

b.                         All
sub-licenses shall only be granted by Linguagen pursuant to a written
agreement, a true and complete copy of which shall be submitted by Linguagen to
MSSM as soon as practicable after the signing thereof. Each sub-license granted
by Linguagen hereunder shall be subject and subordinate to the terms and
conditions of this License Agreement and shall contain, inter alia, the
following provisions:

(i)                         the
sub-license shall expire automatically on the termination of the License;

(ii)                      the
sub-license shall not be assignable, in whole or in part;

(iii)                   the sub-licensee shall not be
entitled to grant further sub-licenses; and

(iv)                  both
during the term of the sub-license and thereafter the sub-licensee shall be
bound by a secrecy obligation similar to that imposed on Linguagen in Section 7
below, and that the sub-licensee shall bind its employees and agents, both
during the terms of their employment and thereafter, with a similar undertaking
of secrecy.

For purposes of this Agreement, a “sublicense” shall
mean the right granted by Linguagen to any party that is not an Affiliate of
Linguagen to manufacture, use, sell,

 3
 

offer for sale and otherwise commercialize any Licensed Products
utilizing the Patent Rights in the Field.

c.                          Any
such sub-license agreement shall also include the text of Sections 7, 9, 10, 15
and 16(e) of this Agreement and shall state that MSSM and HHMI each is an
intended third party beneficiary of such sub-license agreement for purposes of
enforcing such indemnification, insurance and use of name provisions.

d.                         The
License shall be subject to (i) a non-exclusive license in favor of the U.S.
Government to the extent required by Title 35 U.S.C.A. § 200 et seq.,
and 15 CFR § 368 et seq. or as otherwise required by virtue of use of
federal funding in support of inventions claimed within the Patent Rights,
(iii) HHMI’s paid-up, nonexclusive, irrevocable license to use Patent Rights
and Know-How for its noncommercial purposes, but with no right to assign or
sublicense, and (iii) a right and license retained by MSSM on behalf of itself
and its faculty, students and academic research collaborators to practice and
utilize such Patent Rights and the Licensed Products for academic research and
educational purposes only.

e.                          Except
for the License expressly provided in Section 2.a above, neither party hereto
will, as a result of this Agreement, obtain any ownership interest in, or any
other right or license to, any existing technology, patents, or Confidential
Information, as defined in Section 7, below, of the other party.

3.                          License
Fees.

a.                          In
consideration for the grant of the License hereunder, from and after the
Effective Date,

(i)                         Linguagen
shall pay to MSSM royalties of three percent (3%) of Net Sales; and

(ii)                      In
the event Linguagen grants sublicenses with respect to any Licensed Product
pursuant to which Linguagen receives remuneration other than royalties, then
Linguagen shall pay to MSSM 25% of all payments that Linguagen receives from
such sublicensees or other parties, including, without limitation: (a) Contract
Signature Payments, (b) Technology Premium Equity Payments, (c) Third Party
Milestone Payments, (d) Maintenance Fees, or (e) Manufacturing Profits.

As used in this Section 3.a.(ii), the term “Contract
Signature Payment” means license initiation fees and all other up-front
payments made to Linguagen in connection with a sublicense or similar
agreement; “Technology Premium Equity Payment” means payments to Linguagen
equal to A x (B-C), where “A” is the number of Linguagen shares of stock or
other units of equity purchased by the sublicensee, “B” is the unit price paid
by the sublicense, and “C is the fair market value of the equity which shall be
the average closing price of Linguagen Common Stock for the 10 trading days immediately
preceding the date such sublicense is executed, or, if there is no trading
market for the security issued, the good faith determination of the Linguagen’s
board of directors as to its fair market value; “Third Party Milestone Payments”
means payments made to Linguagen upon fulfillment by Linguagen or the
sublicensee of designated development

 4
 

objectives or regulatory requirements; “Maintenance Fees” means
payments (such as annual minimum royalties) made by sublicensees to Linguagen
to preserve, or to avoid a forfeiture of rights under, the sublicense
agreement; and “Manufacturing Profits” means the amount by which actual
payments made by a sublicensee to Linguagen for any Licensed Product or
components of any Licensed Product exceeds Linguagen’s standard costs for
manufacture and shipment of such products plus twenty percent (20%) of such
costs, “standard costs” being determined in accordance with generally accepted
accounting principles in the United States;

With respect to any sublicensing or other transaction
to which this Section 3.a.(ii) applies but which relates to products and
services in addition to Licensed Products and for which an allocation would be
necessary, the parties shall meet and attempt to agree on which portion of the
total payments received by Linguagen pursuant to such transaction would be
subject to this Section 3.a.(ii). If the parties cannot agree upon such
allocation within a reasonable period of time, Linguagen shall select an
independent certified public accountant, to which MSSM has no reasonable
objection, to determine such allocation. Such allocation shall be determined in
accordance with generally accepted accounting principles in the United States.

(iii)                   Commencing on the Effective Date,
Linguagen shall, within ninety (90) days from the last day of each June and
December in each Calendar Year during the term of the License, submit to MSSM a
full and detailed report of royalties or payments due MSSM under the terms of
this Agreement for the preceding half year (the “Semi-Annual Report”), setting
forth the Net Sales, and lump sum payments and all other payments or
consideration from sub-licensees upon which such royalties are computed and
including, on a Licensed Product-by-Licensed Product basis at least:

(a)                      the
quantity of Licensed Products used, sold, transferred or otherwise disposed of,

(b)                     the
selling price of each Licensed Product,

(c)                      the
deductions permitted to arrive at Net Sales,

(d)                     the
royalty computations and deductions therefrom based on royalty payments to third
parties.

If no royalties are due, a statement shall be sent to
MSSM stating such fact. The full amount of any royalties or other payments due
to MSSM for the preceding half-year shall accompany each such report on
royalties and payments. Linguagen and all its sub-licensees shall keep for a
period of at least five years after the date of entry, full, accurate and
complete books and records consistent with sound business and accounting
practices and in such form and in such detail as to enable the determination of
the amounts due to MSSM from Linguagen pursuant to terms of this Agreement.

b.                         Commencing
July 1, 2004 and thereafter on July 1 of each Calendar Year, Linguagen shall
pay to MSSM an annual fee in an of $25,000 (the “Annual Minimum Fee”),

 5
 

which Annual Minimum Fee may be credited in full against any royalties
and other payments which may accrue pursuant to Section 3.a hereof.

c.                          At
the request and expense of MSSM, Linguagen shall permit (and shall require its
sub-licensees to permit) an independent certified or chartered public
accountant appointed by MSSM (which shall be neither MSSM’s nor Linguagen’s
accountant), at reasonable times and upon reasonable notice, to examine the
records of Linguagen (and its sub-licensees) to the extent necessary to verify
royalty calculations made hereunder; provided, however, that such examination
shall be at the expense of Linguagen if it reveals a discrepancy in the amount
of royalties to be paid in MSSM’s favor of more than five percent. Results of
such examination shall be made available to both Linguagen and MSSM.

4.                          Equity
Participation.

a.                          On
the Effective Date, Linguagen shall issue to MSSM a number of shares of
Linguagen capital stock which, after giving effect to such issuance, shall
equal ten percent (10%) of the then-outstanding capital stock of Linguagen
(assuming full conversion of all then-outstanding convertible securities and
full exercise of any then-outstanding options and warrants). Attached on
Exhibit 2 hereto is a true and correct schedule, setting forth the total number
of shares of capital stock of Linguagen outstanding as of the date hereof
(including all then-outstanding convertible securities, options and warrants)
and the number of shares of capital stock of Linguagen to be issued to MSSM pursuant
to this Section 4.a.

b.                         In
case, at any time after the date hereof, Linguagen enters into subsequent
rounds of financing in which shares of its capital stock (or securities
convertible or exchangeable into such capital stock) are issued, then, at the
time each such issuance becomes effective, MSSM, at no additional cost, shall
receive a distribution of such number of additional securities of like kind to
those issued in such financing, so that MSSM shall maintain an equity ownership
interest equal to 5.5% of the then-outstanding capital stock of Linguagen
(assuming full conversion of all then-outstanding convertible securities and
full exercise of any then-outstanding options and warrants). Such issuance of
additional securities to MSSM shall continue until such time as the aggregate
market capitalization of Linguagen following such most recent financing, as
determined by multiplying the most recent price per share of its capital stock
(either as sold or in conversion valuation) by the total number of shares
outstanding (assuming full conversion of all then-outstanding convertible
securities and full exercise of any then-outstanding options and warrants)
shall equal an amount greater than or equal to $8 million.

5.                          Method
of Payment.

a.                          Royalties
and any other payments due to MSSM hereunder shall be paid to MSSM in United
States dollars.

b.                         Linguagen
shall be responsible for prompt payment to MSSM of all royalties due on sale,
transfer or disposition of Licensed Products by the sub-licensees of Linguagen,
subject to receipt of payment from sub-licensees by Linguagen, in US dollars.

 6
 

c.                          As
to sales occurring in currencies other than U.S. Dollars, Net Sales shall first
be calculated in the currency in which sale occurred and then converted to U.S.
Dollars at the closing buying rate for such currency as of the last business
day of the six months for which royalties are due, as set forth in the Wall
Street Journal for such date.

6.                          Development
and Commercialization.

a.                          Linguagen
undertakes to use its best efforts to promote the regular commercial
production, use, and sale of the Licensed Products and otherwise commercialize
the Licensed Products in the Field.

b.                         Within
sixty (60) days after each anniversary of the Effective Date, Linguagen shall
provide MSSM with written reports on all activities and actions undertaken by
Linguagen to commercialize the Licensed Products during the preceding twelve
(12) month period.

7.                          Confidential
Information.

a.                          During
the course of this Agreement, it may be necessary for each party to disclose “Confidential
Information” to the other. For purposes of this Agreement, “Confidential
Information” is defined as Know-How and such other information, and business
data, including without limitation Net Sales data, disclosed by one party (the “Disclosing
Party”) to the other (the “Receiving Party”), either embodied in tangible
materials (including writings, drawings, graphs, charts, or other information)
marked “Confidential” or, if initially disclosed orally, which is reduced to
writing marked “Confidential” within ten (10) days after initial oral
disclosure, other than that information which is:

(i)                         known
by the Receiving Party at the time of its receipt, and not through a prior
disclosure by the Disclosing Party, as documented by the Receiving Party’s
business records; or

(ii)                      at
the time of disclosure, or thereafter becomes, published or otherwise part of
the public domain without breach of this Agreement by the Receiving Party; or

(iii)                   obtained from a third party who has
the legal right to make such disclosure and without any confidentiality
obligation to the Disclosing Party; or

(iv)                  independently
developed by the Receiving Party without the use of Confidential Information
received from the Disclosing Party and such independent development can be
documented by the Receiving Party; or

(v)                     disclosed
to governmental or other regulatory agencies in order to obtain patents,
provided that such disclosure may be made only to the extent reasonably
necessary to obtain such patents or authorizations, and further provided that
any such patent applications shall be filed in accordance with the terms of
this Agreement; or

(vi)                  required
by law, regulation, rule, act or order of any governmental authority to be
disclosed.

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Notwithstanding the foregoing, MSSM shall not disclose to Linguagen any
information regarding or relating to the research of Dr. Robert Margolskee
except for (A) information described in patents included within the definition
of Patent Rights, (B) Know-How, and (C) information that has already been
published or otherwise is in the public domain.

b.                         During
the term of this Agreement and a period of five years following its
termination, the Receiving Party agrees that at all times and notwithstanding
any termination, expiration, or cancellation hereunder, it will hold the
Confidential Information of the Disclosing Party in strict confidence, and will
use all reasonable safeguards to prevent unauthorized disclosure by its
employees and agents. Notwithstanding the foregoing, the parties recognize that
industry standards with respect to the treatment of Confidential Information
may not be appropriate in an academic setting. However, during the period
described above, MSSM agrees to retain Confidential Information of Linguagen in
the same manner and with the same level of confidentiality as MSSM retains its
own Confidential Information.

c.                          The
Receiving Party will maintain reasonable procedures to prevent accidental or
other loss, including unauthorized publication of any Confidential Information
of the Disclosing Party. The Receiving Party will promptly notify the
Disclosing Party in the event of any loss or unauthorized disclosure of the
Confidential Information.

d.                         Upon
written request, the Receiving Party will promptly return to the Disclosing
Party all documents or other tangible materials representing Confidential
Information and all copies thereof.

e.                          The
Receiving Party will immediately notify the Disclosing Party in writing, if it
is requested by a court order, a governmental agency, or any other entity to
disclose Confidential Information in the Receiving Party’s possession. The
Disclosing Party will have an opportunity to intervene by seeking a protective
order or other similar order, in order to limit or prevent disclosure of the
Confidential Information. The Receiving Party will disclose only the minimum
Confidential Information required to be disclosed in order to comply, whether
or not a protective order or other similar order is obtained by the Disclosing
Party.

8.                          Patent
Rights.

a.                          If
either party to this Agreement acquires information that a third party is
infringing one or more of the Patent Rights, the party acquiring such
information shall promptly notify the other party to this Agreement in writing
of such infringement.

b.                         In
the event of infringement of the Patent Rights, Linguagen shall have the right,
but not the obligation, to bring suit against the infringer. Should Linguagen
elect to bring suit against an infringer and MSSM is joined as party plaintiff
in any such suit, MSSM shall have the right to approve the counsel selected by
Linguagen to represent Linguagen, such approval not to be unreasonably
withheld. The expenses of such suit or suits that Linguagen elects to bring,
including any expenses of MSSM incurred in conjunction with the prosecution of
such suit or the settlement thereof, shall be paid for entirely by Linguagen
and Linguagen shall hold MSSM free, clear and harmless from and against any and
all costs of such litigation, including attorney’s fees.

 8
 

Linguagen shall not compromise or settle such litigation without the
prior written consent of MSSM which shall not be unreasonably withheld.

c.                          If
Linguagen shall undertake the enforcement or defense of the Patent Rights by
litigation, Linguagen may withhold royalties otherwise thereafter due MSSM
hereunder and apply the same toward reimbursement of up to fifty percent (50%)
of Linguagen expenses, including reasonable attorney’s fees, in connection
therewith, provided, however, that in no event shall such withholding reduce
the amount of the royalty otherwise payable to MSSM for the sale of the
Licensed Products by more than fifty percent (50%).

d.                         If
Linguagen exercises its right to sue, it shall first reimburse itself out of
any sums recovered in such suit or in settlement thereof for all costs and
expenses of every kind and character, including reasonable attorneys’ fees,
necessarily involved in the prosecution of any such suit, and if after such
reimbursement, any funds shall remain from said recovery, the amount of said
funds shall be added to the amount of Net Sales for the calendar quarter in
which such recovery was made.

e.                          If
Linguagen does not bring suit against said infringer pursuant to subsection b,
above, or has not commenced negotiations with said infringer for discontinuance
of said infringement, within ninety (90) days after receipt of such notice,
MSSM shall have the right, but not the obligation, to bring suit for such
infringement and to join Linguagen as a party plaintiff, in which event MSSM
shall hold Linguagen free, clear and harmless from and against any and all
costs and expenses of such litigation, including attorneys’ fees. In the event
MSSM brings suit for infringement of the Patent Rights, MSSM shall have the
right to first reimburse itself out of any sums recovered in such suit or
settlement thereof for all costs and expenses of every kind and character,
including reasonable attorneys’ fees necessarily involved in the prosecution of
such suit, and if after such reimbursement, any funds shall remain from said
recovery, MSSM shall promptly pay to Linguagen an amount equal to fifty (50%)
percent of such remainder and MSSM shall be entitled to receive and retain the
balance of the remainder of such recovery.

f.                            Each
party shall have the right to be represented by counsel of its own selection,
at its sole expense, in any suit for infringement of the Patent Rights
instituted by the other party to this Agreement under the terms hereof.

g.                         Linguagen
shall cooperate fully with MSSM at the request of MSSM, including, by giving
testimony and producing documents lawfully requested in the course of a suit
prosecuted by MSSM for infringement of the Patent Rights; provided MSSM shall
pay all reasonable expenses (including attorneys’ fees) incurred by Linguagen
in connection with such cooperation. MSSM shall cooperate with Linguagen in the
prosecution of a suit by Linguagen for infringement of the Patent Rights,
provided that Linguagen shall pay all reasonable expenses (including attorneys’
fees) involved in such cooperation.

9.                          Liability
and Indemnification.

a.                          Linguagen
shall indemnify, defend and hold harmless MSSM and its trustees, officers,
directors, medical and professional staff, employees, students and agents and
their respective successors, heirs and assigns (the “Indemnitees”), from and
against any claim,

 9
 

liability, cost, expense, damage, deficiency, loss, or obligation, of
any kind or nature (including, without limitation, reasonable attorneys’ fees
and other costs and expenses of defense) (collectively, “Claims”) incurred by
or imposed upon the Indemnitees or any one of them in connection with any
claims, suits, actions, demands or judgments: (i) arising out of the design,
production, manufacture, sale, use in commerce or in human clinical trials, lease,
or promotion by Linguagen or by a licensee, Affiliate or agent of Linguagen of
any Licensed Product, or (ii) arising out of any other activities to be carried
out pursuant to this Agreement.

b.                         Linguagen’s
indemnification under subsection 9. a.(i), above, shall apply to any liability,
damage, loss or expense whether or not it is attributable to the negligent
activities of the Indemnitees. Linguagen’s indemnification under subsection a
(ii), above, shall not apply to any liability, damage, loss or expense to the
extent that it is attributable to the gross negligence or intentional
misconduct of the Indemnitees.

c.                          HHMI,
and its trustees, officers, employees, and agents (collectively, “HHMI
Indemnitees”), will be indemnified, defended by counsel acceptable to HHMI, and
held harmless by Linguagen from and against any Claims based upon, arising out
of, or otherwise relating to this Agreement or any sublicense, including
without limitation any cause of action relating to product liability. The
previous sentence will not apply to any Claim that is determined with finality
by a court of competent jurisdiction to result solely from the gross negligence
or willful misconduct of an HHMI Indemnitee.

d.                         Linguagen
shall, at its own expense, provide attorneys reasonably acceptable to MSSM or
HHMI, as the case may be, to defend against any actions brought or filed
against any party indemnified hereunder with respect to the subject of
indemnity contained herein, whether or not such actions are rightfully brought.

10.                    Security
for Indemnification.

a.                          From
and after the Effective Date, Linguagen shall at its sole cost and expense,
procure and maintain policies of comprehensive general liability insurance in
amounts not less than five million ($5,000,000.00) dollars per incident and
five million ($5,000,000.00) dollars annual aggregate and naming the
Indemnitees and HHMI Indemnitees as additional insureds. Such comprehensive
general liability insurance shall provide (i) product liability coverage and
(ii) broad form contractual liability coverage for Linguagen’s indemnification
under Section 9 of this Agreement. The minimum amounts of insurance coverage
required under this Section 10 shall not be construed as a limit of Linguagen’s
liability with respect to its indemnification under Section 9 of this
Agreement.

b.                         Linguagen
shall provide MSSM with written evidence of such insurance upon request of
MSSM. Linguagen shall provide MSSM with written notice at least sixty (60) days
prior to the cancellation, non-renewal or material change in such insurance; if
Linguagen does not obtain replacement insurance providing comparable coverage
within such sixty (60) day period effective immediately upon notice to
Linguagen, MSSM shall have the right to terminate this Agreement effective at the
end of such sixty (60) day period without notice or any additional waiting
periods.

 10
 

c.                          Linguagen
shall maintain such comprehensive general liability insurance beyond the
expiration or termination of this Agreement during: (i) the period that any
product, process or service, relating to, or developed pursuant to, this
Agreement is being commercially distributed or sold (other than for the purpose
of obtaining regulatory approvals) by Linguagen or by a licensee, Affiliate or
agent of Linguagen, and (ii) a reasonable period after the period referred to
in (c)(i) above which in no event shall be less than seven years.

11.                    Term
and Termination.

a.                          This
Agreement shall come into force as of the Effective Date. Unless sooner
terminated as provided herein, this Agreement shall expire on the expiration of
the last to expire of the Patent Rights.

b.                         At
any time prior to expiration of the term of this Agreement either party may
terminate this Agreement forthwith for cause upon notice to the other party. “Cause”
for termination of this Agreement shall be deemed to exist if (i) Linguagen
fails to pay the Initial Payment (as defined in Section 12(b) below) in
accordance with the schedule of payments described in Section 12(b) below, (ii)
Linguagen fails to pay the Annual Minimum Fee when due, (iii) the respective
other party materially breaches or defaults in the performance or observance of
any of the other provisions of this Agreement and such breach or default is not
cured within sixty (60) days or, in the case of failure to pay any amounts due
hereunder, thirty (30) days (unless otherwise specified herein), after the
giving of notice by the other party specifying such breach or default, or (iv)
either MSSM or Linguagen discontinues its business or becomes insolvent or bankrupt.

c.                          Any
amount payable hereunder by one of the parties to the other, which has not been
paid by its due date of payment shall bear interest from its due date of
payment until the date of actual payment, at the rate of two percent per annum
in excess of the Prime Rate prevailing at the Citibank, Inc., New York, New
York, during the period of arrears and such amount and the interest thereon may
be set off against any amount due, whether in terms of this Agreement or
otherwise, to the party in default by any non-defaulting party.

d.                         Upon
termination of this Agreement, all rights in and to the Patent Rights shall
revert to MSSM.

e.                          Termination
of this Agreement shall not relieve the parties of any obligation occurring
prior to such termination.

f.                            Sections
3, 7, 9, 10 and 16 hereof shall survive and remain in full force and effect
after any termination, cancellation or expiration of this Agreement.

12.                    Patent
Expenses.

a.                          Linguagen
shall be responsible for and shall pay all expenses relating to the filing,
prosecution and maintenance of the Patent Rights, both those incurred up to the
Effective Date, as well as those incurred after the Effective Date.

 11
 

b.                         To
compensate for such costs and expenses which have been incurred by MSSM prior
to March 15, 2002, Linguagen shall pay to MSSM a total amount of $130,000 (the “Initial
Payment”). Initial Payment will be made in four consecutive equal installments
of $32,500 as follows: a first payment (including a previous credit) receipt of
which MSSM hereby acknowledges; a payment of $32,5000 on October 1, 2002; a
payment of $32,5000 on December 31, 2002; and a final payment on, or before
April 1, 2003. Interest on the outstanding balance will be paid at the rate of
Prime plus 2%, and will be paid with each installment.

c.                          MSSM,
at Linguagen’s expense, shall complete the filing of any patents or patent
applications based upon the Patent Rights, if any, through counsel selected by
Linguagen, mutually acceptable to MSSM (“Patent Counsel”). MSSM will supervise
and control all prosecution of the Patent Rights, and Patent Counsel shall
provide copies of all correspondence and documents relating to the prosecution
of the Patent Rights to MSSM and Linguagen. Notwithstanding the foregoing,
Linguagen shall have the right to approve future application filings and
prosecution decisions relating to the Patent Rights that will impact its
financial obligations hereunder. In the event Linguagen determines that an
application filing or prosecution is not in its best interest, then in the event
MSSM files and/or prosecutes such patent application, Linguagen shall have no
rights thereto under this agreement.

13.                    Representation
and Covenants.

a.                          MSSM
hereby represents, warrants, and covenants to Linguagen hereto that it is a
corporation duly organized and validly existing under the laws of the state or
other jurisdiction of its incorporation or formation;

b.                         Linguagen
hereby represents, warrants and covenants to MSSM that it is a corporation duly
organized and validly existing under the laws of the state or other
jurisdiction of its incorporation or formation;

c.                          Each
of MSSM and Linguagen hereby represents, warrants and covenants to the other
party hereto as follows:

(i)                         the
execution, delivery and performance of this Agreement by such party has been
duly authorized by all requisite corporate action;

(ii)                      it
has the power and authority to execute and deliver this Agreement and to
perform its obligations hereunder;

(iii)                   the execution, delivery and
performance by such party of this Agreement and its compliance with the terms
and provisions hereof is not prohibited and does not and will not result in a
breach of any of the terms and provisions of, or constitute a default under,
(i) a loan agreement, guaranty, financing agreement, agreement affecting a
product, or other agreement or instrument binding or affecting it or its
property; (ii) the provisions of its charter documents or bylaws; or (iii) any
order, writ, injunction or decree of any court or governmental authority
entered against it or by which any of its property is bound;

 12
 

(iv)                  the
execution, delivery and performance of this Agreement by such party does not
require the consent, approval, or authorization of, or notice, declaration,
filing or registration with, any governmental or regulatory authority, and the
execution, delivery or performance of this Agreement will not violate any law,
rule or regulation applicable to such party;

(v)                     this
Agreement has been duly authorized, executed and delivered and constitutes such
party’s legal, valid and binding obligation enforceable against it in
accordance with its terms subject, as to enforcement, to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to
or affecting creditors’ rights and to the availability of particular remedies
under general equity principles; and

(vi)                  it
shall comply with all applicable material laws and regulations relating to its
activities under this Agreement.

(vii)               Each party represents that performance
of all the terms of this Agreement will not breach any agreement to keep in
confidence proprietary information acquired by a party prior to the execution
of this Agreement.

d.                         Linguagen
represents and warrants to MSSM that:

(i)                         the
shares of capital stock of Linguagen are duly authorized, validly issued, fully
paid and non-assessable; and

(ii)                      upon
their issuance under Section 4.b hereof, such shares of capital stock of
Linguagen shall be duly authorized, validly issued, fully paid and
non-assessable.

e.                          Except
as otherwise expressly provided herein, MSSM hereby represents, warrants and
covenants to Linguagen that, to the best of its knowledge and belief:

(i)                         MSSM
has the full right, power and authority to grant all of the right, title and
interest in the License;

(ii)                      there
are no judgments or settlements against or owed by MSSM, or any pending or
threatened claims or litigation relating to MSSM’s interest in the Patent
Rights;

(iii)                   it is acquiring Linguagen’s capital
stock for its own account and not with the view to the distribution thereof;
and

(iv)                  MSSM
is an “accredited investor” as such term is defined in the Securities Act of
1933, as amended and the rules and regulations promulgated thereunder.

14.                    Assignment.

Subject to Linguagen’s right to grant sublicenses as
provided in this Agreement, Linguagen shall not have the right to assign,
delegate or transfer at any time to any party, in whole or in part, any or all
of the rights, duties and interest herein granted without first obtaining

 13
 

the written consent of MSSM to such assignment, such consent not to be
unreasonably withheld, provided however, that Linguagen may, without consent,
assign, delegate or transfer its rights and obligations in the event of its
merger or consolidation with another company. Any permitted assignee shall
assume all obligations of its assignor under this Agreement. No assignment
shall relive Linguagen of responsibility for the performance of any accrued
obligations which it has under this Agreement. Any such assignee shall further,
within sixty (60) days of becoming an assignee of rights hereunder, contact an
MSSM’s representatives to discuss such assignee’s plans for the future
development of the Licensed Products. If such assignee determines that it does
not wish to continue the development or marketing obligations required under
this Agreement, then MSSM shall have the right to terminate this Agreement in
accordance with Section 11 hereof.

15.                    Use
of Name.

Neither party may use the name of the other or its
Affiliates in any publicity or advertising. A party may issue a press release
or otherwise publicize or disclose this Agreement or the confidential terms and
conditions hereof only with the prior written consent of the other party.
Linguagen shall not use the name of HHMI, Dr. Robert Margolskee, or any HHMI
trustee, officer or employee, or any abbreviation thereof, without the prior
written consent of HHMI and, where appropriate, the relevant individual.

16.                    Miscellaneous.

a.                          In
carrying out this Agreement the parties shall comply with all local, state and
federal laws and regulations including but not limited to, the provisions of
Title 35 U.S.C.A. § 200 et seq.

b.                         If
any provision of this Agreement is determined to be invalid or void, the
remaining provisions shall remain in effect.

c.                          This
Agreement shall be deemed to have been made in the State of New York and shall
be governed and interpreted in all respects under the laws of the State of New
York. Any and all disputes hereunder shall be brought and resolved solely in
the courts of the State of New York in and for the Borough of Manhattan.

d.                         All
payments or notices required or permitted to be given under this agreement
shall be given in writing and shall be effective when either personally
delivered or deposited, postage prepaid, in the United States registered or
certified mail, addressed as follows:

	
  To MSSM:

  	
  Mount Sinai School of Medicine

  of New York University

  Attention: W. Patrick McGrath

  One Gustave L. Levy Place

  New York, New York 10029-6574

  
	
   

  	
   

  
	
  Copy to:

  	
  General Counsel (at the same address)

  

 

 14
 

 

	
  To Linguagen:

  	
  Linguagen Corp.

  Attention: Harvey D. Homan, Ph.D. MBA

  President and CEO

  215 College Road, Suite 310

  Paramus, New Jersey 07652

  
	
   

  	
   

  
	
  Copy to:

  	
  General Counsel (at the same address)

  and

  David W. Sass, Esq.

  McLaughlin & Stern, LLP

  260 Madison Avenue, 18th Floor

  New York, New York 10016

  

 

or such other address or addresses as either party may
hereafter specify by written notice to the other. Such notices and
communications shall be deemed to have been received by the addresses on the
date of delivery if personally delivered or fourteen (14) days after having
been sent by registered mail.

e.                          This
Agreement and the exhibits attached hereto shall constitute the entire
Agreement between the parties with respect to the subject matter hereof and no
variations, modification or waiver of any of the terms or conditions hereof
shall be deemed valid unless made in writing and signed by both parties hereto.
This Agreement supersedes any and all prior agreements or understandings,
whether oral or written, between Linguagen and MSSM, including without
limitation the original License Agreement between the parties, dated as of
April 1, 2002.

f.                            No
waiver by either party of any non-performance or violation by the other party
of any of the covenants, obligations or agreements of such other party
hereunder shall be deemed to be a waiver of any subsequent violation or
non-performance of the same or any other covenant, agreement or obligation, nor
shall forbearance by any party be deemed to be a waiver by such party of its
rights or remedies with respect to such violation or non-performance.

g.                         The
descriptive headings contained in this Agreement are included for convenience
and reference only and shall not be held to expand, modify or aid in the
interpretation, construction or meaning of this Agreement.

h.                         It
is not the intent of the parties to create a partnership or joint venture or to
assume partnership responsibility or liability. The obligations of the parties
shall be limited to those set out herein and such obligations shall be several
and not joint.

i.                             HHMI
is not a party to this Agreement and has no liability to any licensee,
sublicensee, or user of anything covered by this Agreement, but HHMI is an
intended third-party beneficiary of this Agreement and certain of its
provisions are for the benefit of HHMI and are enforceable by HHMI in its own
name.

[THE NEXT PAGE IS THE
SIGNATURE PAGE]

 15
 

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

	
  MOUNT SINAI SCHOOL OF
  MEDICINE

  OF NEW YORK UNIVERSITY

  	
   

  	
  LINGUAGEN CORP.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Illegible

  	
   

  	
   

  	
  By:

  	
  /s/ Shawn M. Marcell

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Shawn M. Marcell

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  8-29-02

  	
   

  	
   

  	
  Date:

  	
  9-12-02

  
										

 

[SIGNATURE PAGE TO
AMENDED AND RESTATED LICENSE AGREEMENT]

 16

EXHIBIT 1

	
  MSSM 

  Docket #

  	
   

  	
  Description

  	
   

  	
  Serial number

  	
   

  	
  Filing Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  000803

  	
   

  	
  Activation of Type I PDE Isoforms by Direct
  Interaction with GI Family G-Protein Alpha...*

  	
   

  	
  PCT/US01/28663

  	
   

  	
  9/14/01

  
	
  000803

  	
   

  	
  Activation of Type I PDE Isoforms by Direct Interaction
  with GI Family G-Protein Alpha...*

  	
   

  	
  60/232,552

  	
   

  	
  9/14/00

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  000703

  	
   

  	
  TRC1 (TRI3), A novel taste receptor, identifies the
  sweet responsiveness determining Sac gene

  	
   

  	
  60/285,209

  	
   

  	
  4/20/01

  
	
  000703

  	
   

  	
  TRC1 (TRI3), A novel taste receptor, identifies the
  sweet responsiveness determining Sac gene

  	
   

  	
  PCT/US02/12656

  	
   

  	
  4/22/02

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  991003

  	
   

  	
  Gustducin gamma subunit materials and methods

  	
   

  	
  09/443,958

  	
   

  	
  11/19/99

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  990703

  	
   

  	
  TRP8, A novel transient receptor potential channel
  expressed in taste receptor cells

  	
   

  	
  60/197,491

  	
   

  	
  4/13/01

  
	
  990703

  	
   

  	
  TRP8, A novel transient receptor potential channel
  expressed in taste receptor cells

  	
   

  	
  PCT/US01/12608

  	
   

  	
  4/17/01

  
	
  990703

  	
   

  	
  TRP8, A novel transient receptor potential channel
  expressed in taste receptor cells

  	
   

  	
  09/834,792

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  980701

  	
   

  	
  Inhbiting Gustatory Responses to Bitter Compounds

  	
   

  	
  00-590498

  	
   

  	
   

  
	
  980701

  	
   

  	
  Inhbiting Gustatory Responses to Bitter Compounds

  	
   

  	
  99967519.2

  	
   

  	
   

  
	
  980701

  	
   

  	
  Inhbiting Gustatory Responses to Bitter Compounds

  	
   

  	
  2356533

  	
   

  	
   

  
	
  980701

  	
   

  	
  Inhbiting Gustatory Responses to Bitter Compounds

  	
   

  	
  09/470,467

  	
   

  	
  12/23/98

  
	
  980701

  	
   

  	
  Inhbiting Gustatory Responses to Bitter Compounds

  	
   

  	
  60/113,562

  	
   

  	
  12/23/98

  
	
  980701

  	
   

  	
  Inhbiting Gustatory Responses to Bitter Compounds

  	
   

  	
  PCT/US99/30610

  	
   

  	
  12/22/99

  

 

*                            Indicates
that this is being held jointly with the University of Washington, Seattle

EXHIBIT 2

Capital
Stock of Linguagen

A)                     Shares of
Linguagen capital stock outstanding on the date April 1, 2002:

109.992 of Common Stock (which includes 20 shares currently held in
treasury by Linguagen)

B)                       Number of
shares issued to MSSM: 8.99 shares of Common Stock.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]