Document:

Exhibit
      10.19

      

      PLACEMENT UNIT
        PURCHASE AGREEMENT

      

      PLACEMENT UNIT
        PURCHASE AGREEMENT (this
        “Agreement”) made
        as
        of this ___ day of December, 2005 among Highbury Financial Inc., a Delaware
        corporation (the “Company”), ThinkEquity Partners LLC (“TEP”) as representative
        of the underwriters of the IPO (solely for the purposes of Sections 5 and
        8
        hereof), and the undersigned (the “Purchasers”).

      

      WHEREAS,
        the Company has filed with the Securities and Exchange Commission (“SEC”) a
        registration statement on Form S-1, as amended (File No. 333-127272) (the
        “Registration Statement”), in connection with the Company's initial public
        offering (the “IPO”) of up to 5,833,333 units, each unit (“Unit”) consisting of
        one share of the Company's common stock, $.0001 par value (the “Common Stock”),
        and (ii) two warrants (the “Warrants”), each Warrant to purchase one share of
        Common Stock; and

      

      WHEREAS,
        the Company desires to sell in a private placement to the Purchasers (the
        “Placement”) an aggregate of 166,667 units (the “Placement Units”) substantially
        identical to the Units being issued in the IPO pursuant to the terms and
        conditions hereof and as set forth in the Registration Statement, except
        that
        the Placement Units, Common Stock and Warrants to be issued in the Placement
        shall not be registered under the Securities Act of 1933, as amended (the
        “Securities Act”);

      

      WHEREAS,
        each Purchaser desires to acquire the number of Placement Units set forth
        opposite his name on Schedule A hereto;

      

      WHEREAS,
        the Warrants included in the Placement Units shall be governed by the Warrant
        Agreement filed as an exhibit to the Registration Statement; and

      

      WHEREAS,
        the Purchasers are entitled to registration rights with respect to the Common
        Stock and the Warrants comprising the Placement Units and the Common Stock
        underlying such Warrants (collectively, the “Registrable Securities”) on the
        terms set forth in this agreement.

      

      NOW,
        THEREFORE, for and in consideration of the premises and the mutual covenants
        hereinafter set forth, the parties hereto do hereby agree as
        follows:

       

      1. Purchase
        of Units.
        The
        Purchasers hereby agree, directly or through nominees, to purchase an aggregate
        of 166,667 Placement Units at a purchase price of $6.00 per Placement Unit,
        or
        an aggregate of $1,000,002 (the “Purchase Price”). Such purchases shall be in
        the names and amounts set forth on Schedule A hereto.

      

      2. Closing.
        The
        closing of the purchase and sale of the Placement Units (the “Closing”) will
        take place at such time and place as the parties may agree (the “Closing Date”),
        but in no event later than the date on which the SEC declares the Registration
        Statement effective (the “Effective Date”). On the Effective Date, the
        Purchasers shall pay the Purchase Price by wire transfer of funds to an account
        maintained by the Company. Immediately prior to the closing of the IPO, the
        Company shall deposit $1,000,002 of the Purchase Price into the trust account
        described in the Registration Statement (the “Trust Account”). The certificates
        for the Common Stock and Warrants comprising the Placement Units shall be
        delivered to the Purchasers promptly after the closing of the IPO.

      

      3. Voting
        of Shares.
        If the
        Company solicits approval of its stockholders of a Business Combination,
        the
        Purchasers shall vote all of the shares of the Common Stock acquired by the
        Purchasers (i) pursuant to this Agreement, (ii) in the IPO and (iii) in the
        aftermarket in accordance with the majority of the shares of Common Stock
        voted
        by the “public stockholders” (as defined in the Registration Statement) and
        therefore waive any redemption rights they might have with respect to certain
        of
        such shares. As used herein, a “Business Combination” shall mean an acquisition
        or the acquisition of control of, through a merger, capital stock exchange,
        asset acquisition, stock purchase or other similar business combination,
        of one
        or more businesses in the financial services industry selected by the
        Company.

       

      4. Waiver
        of Liquidation Distributions.
        In
        connection with the Placement Units purchased pursuant to this Agreement,
        the
        Purchasers hereby waive any and all right, title, interest or claim of any
        kind
        in or to any liquidating distributions by the Company in the event of a
        liquidation of the Company upon the Company's failure to timely complete
        a
        Business Combination. For purposes of clarity, any shares of Common Stock
        purchased in the IPO or the aftermarket by the Purchasers shall be eligible
        to
        receive any liquidating distributions by the Company.

      

      5. Lock-Up
        Agreement.
        The
        Purchasers shall not, without the prior written consent of the Company, TEP
        and
        EarlyBirdCapital, Inc., (i) sell, offer to sell, contract or agree to sell,
        hypothecate, pledge, grant any option to purchase or otherwise dispose of
        or
        agree to dispose of, directly or indirectly, or file (or participate in the
        filing of) a registration statement with the SEC in respect of, or establish
        or
        increase a put equivalent position or liquidate or decrease a call equivalent
        position within the meaning of Section 16 of the Securities Exchange Act
        of
        1934, as amended, and the rules and regulations of the SEC promulgated
        thereunder (the “Exchange Act”) with respect to, any Placement Units and the
        shares and warrants comprising the Placement Units, or any securities
        convertible into or exercisable or exchangeable for shares, or warrants or
        other
        rights to purchase shares or any such securities, (ii) enter into any swap
        or
        other arrangement that transfers to another, in whole or in part, any of
        the
        economic consequences of ownership of Placement Units or any securities
        convertible into or exercisable or exchangeable for shares, or warrants or
        other
        rights to purchase shares or any such 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      securities,
        whether any such transaction is to be settled by delivery of shares or such
        other securities, whether any such transaction is to be settled by delivery
        of
        shares or such other securities, in cash or otherwise, or (iii) publicly
        announce an intention to effect any transaction specified in clause (i) or
        (ii)
        until after the consummation of a Business Combination. In order to enforce
        this
        covenant, the undersigned agrees, if requested by TEP, to deposit the Placement
        Units in an account to be established at TEP.

      

      6. Representations
        and Warranties of the Purchasers.
        Each
        Purchaser hereby represents and warrants to the Company that:

      

      6.1 The
        Purchaser is an “accredited investor” as that term is defined in Rule 501 of
        Regulation D promulgated under the Securities Act.

      

      6.2 The
        Placement Units, Common Stock and Warrants are being acquired for the
        Purchaser's own account, only for investment purposes and not with a view
        to, or
        for resale in connection with, any distribution or public offering thereof
        within the meaning of the Securities Act.

       

      6.3 The
        Purchaser has the full right, power and authority to enter into this Agreement
        and this Agreement is a valid and legally binding obligation of the Purchaser
        enforceable against the Purchaser in accordance with its terms.

      

      7. Registration
        Rights.

      

      7.1 Demand
        Registration.
        At any
        time and from time to time on or after the date of the consummation of a
        Business Combination, the Purchasers or their transferees holding a
        majority-in-interest of the Registrable Securities may make a written demand
        for
        registration under the Securities Act of all or part of their Registrable
        Securities (a “Demand Registration”). Any demand for a Demand Registration shall
        specify the number of Registrable Securities proposed to be sold and the
        intended method(s) of distribution thereof. The Company will notify all holders
        of Registrable Securities of the demand, and each holder of Registrable
        Securities who wishes to include all or a portion of such holder's Registrable
        Securities in the Demand Registration (each such holder including shares
        of
        Registrable Securities in such registration, a “Demanding Holder”) shall so
        notify the Company within fifteen (15) days after the receipt by the holder
        of
        the notice from the Company. Upon any such request, the Demanding Holders
        shall
        be entitled to have their Registrable Securities included in the Demand
        Registration.

      

      The
        Company shall, as expeditiously as possible and in any event within sixty
        (60)
        days after receipt of a request for a Demand, prepare and file with the SEC
        a
        Registration Statement on any form for which the Company then qualifies or
        which
        counsel for the Company shall deem appropriate and which form shall be available
        for the sale of all Registrable Securities to be registered thereunder in
        accordance with the intended method(s) of distribution thereof, and shall
        use
        its best efforts to cause such Registration Statement to become effective
        as
        promptly as practicable, but in no event prior to the consummation of the
        Business Combination.

      

      The
        Company shall not be obligated to effect more than two Demand Registrations
        in
        respect of Registrable Securities.

      

      7.2 “Piggyback”
        Registration Rights.
        Subject
        to the last sentence of this Section 7.2, at any time after a Business
        Combination, if the Company shall determine to proceed with the actual
        preparation and filing of a new registration statement under the Securities
        Act
        in connection with the proposed offer and sale of any of its securities by
        it or
        any of its security holders (other than a registration statement on Form
        S-4,
        S-8 or other limited purpose form), the Company will give written notice
        of its
        determination to the Purchasers or their nominees. Upon the written request
        from
        a majority-in-interest of the Purchasers, within 15 days after receipt of
        any
        such notice from the Company, the Company will, except as herein provided,
        cause
        all of the Registrable Securities covered by such request (the “Requested
        Stock”) held by the Purchasers making such request (the “Requesting Holders”) to
        be included in such registration statement (each, a “Piggy-Back Registration”),
        all to the extent requisite to permit the sale or other disposition by the
        prospective seller or sellers of the Requested Stock; provided, further,
        that
        nothing herein shall prevent the Company from, at any time, abandoning or
        delaying any registration. If any registration pursuant to this Section 7.2
        shall be underwritten in whole or in part, the Company may require that the
        Requested Stock be included in the underwriting on the same terms and conditions
        as the securities otherwise being sold through the underwriters. In such
        event,
        the Requesting Holders shall, if requested by the underwriters, execute an
        underwriting agreement containing customary representations and warranties
        by
        selling stockholders and a lock-up on Registrable Securities not being sold.
        If
        in the good faith judgment of the managing underwriter of such public offering
        the inclusion of all of the Requested Stock would reduce the number of shares
        to
        be offered by the Company or interfere with the successful marketing of the
        shares of stock offered by the Company, the number of shares of Requested
        Stock
        otherwise to be included in the underwritten public offering may be reduced
        pro
        rata (by number of shares) among the Requesting Holders and all other holders
        of
        registration rights who have requested inclusion of their securities or excluded
        in their entirety if so required by the underwriter. To the extent only a
        portion of the Requested Stock is included in the underwritten public offering,
        thoseshares of Requested Stock which are thus excluded from the underwritten
        public offering and any other securities of the Company held by such holders
        shall be withheld from the market by the Holders thereof for a period, not
        to
        exceed 90 days, which the managing underwriter reasonably determines is
        necessary in order to effect the underwritten public offering. At such time
        as
        the provisions of the registration rights agreement filed as an exhibit to
        the
        Registration Statement covering the shares of Common Stock acquired by the
        Purchasers prior to the IPO may be exercised, the exercise and procedural
        provisions of such agreement, rather than the provisions of Sections 7.2,
        7.3
        and 7.4 hereof, shall govern the Registrable Securities with respect to
        Piggy-Back Registrations.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      7.3 Registration
        Procedures. To the extent required by Sections 7.1 or 7.2, the Company
        will:

      

      (a) prepare
        and file with the SEC a registration statement with respect to such securities,
        and use its best efforts to cause such registration statement to become and
        remain effective until the earlier of the date on which all of the Registrable
        Securities included in the registration statement have been disposed of in
        accordance with the intended method(s) of distribution set forth in such
        Registration Statement or three years from the effective date;

      

      (b) prepare
        and file with the SEC such amendments to such registration statement and
        supplements to the prospectus contained therein as may be necessary to keep
        such
        registration statement effective until the earlier of the date on which all
        of
        the Registrable Securities included in the registration statement have been
        disposed of in accordance with the intended method(s) of distribution set
        forth
        in such Registration Statement or three years from the effective
        date;

      

      (c) furnish
        to the holders participating in such registration and to the underwriters
        of the
        securities being registered such reasonable number of copies of the registration
        statement, preliminary prospectus, final prospectus and such other documents
        as
        such underwriters may reasonably request in order to facilitate the public
        offering of such securities;

      

      (d) use
        its best efforts to register or qualify the securities covered by such
        registration statement under such state securities or blue sky laws of such
        jurisdictions as the holders may reasonably request in writing within 20
        days
        following the original filing of such registration statement, except that
        the
        Company shall not for any purpose be required to execute a general consent
        to
        service of process or to qualify to do business as a foreign corporation
        in any
        jurisdiction wherein it is not so qualified;

      

      (e) notify
        the holders, promptly after it shall receive notice thereof, of the time
        when
        such registration statement has become effective or a supplement to any
        prospectus forming a part of such registration statement has been
        filed;

      

      (f) notify
        the holders promptly of any request by the SEC for the amending or supplementing
        of such registration statement or prospectus or for additional
        information;

      

      (g) prepare
        and promptly file with the SEC and promptly notify such holders of the filing
        of
        such amendment or supplement to such registration statement or prospectus
        as may
        be necessary to correct any statements or omissions if, at the time when
        a
        prospectus relating to such securities is required to be delivered under
        the
        Securities Act, any event shall have occurred as the result of which any
        such
        prospectus or any other prospectus as then in effect would include an untrue
        statement of a material fact or omit to state any material fact necessary
        to
        make the statements therein, in the light of the circumstances in which they
        were made, not misleading; and

      

      (h) advise
        the holders, promptly after it shall receive notice or obtain knowledge thereof,
        of the issuance of any stop order by the SEC suspending the effectiveness
        of
        such registration statement or the initiation or threatening of any proceeding
        for that purpose and promptly use its best efforts to prevent the issuance
        of
        any stop order or to obtain its withdrawal if such stop order should be
        issued.

      

      The
        Purchasers shall cooperate with the Company in providing the information
        necessary to effect the registration of the Registrable Securities, including
        completion of customary questionnaires.

      

      7.4 Expenses.
        The
        Company shall bear all costs and expenses incurred in connection with any
        Demand
        Registration pursuant to Section 7.1, any Piggy-Back Registration pursuant
        to
        Section 7.2, and all expenses incurred in performing or complying with its
        other
        obligations under this Agreement, whether or not the Registration Statement
        becomes effective, including, without limitation: (i) all registration and
        filing fees; (ii) fees and expenses of compliance with securities or “blue sky”
        laws (including fees and disbursements of counsel in connection with blue
        sky
        qualifications of the Registrable Securities); (iii) printing expenses; (iv)
        the
        Company's internal expenses (including, without limitation, all salaries
        and
        expenses of its officers and employees); (v) the fees and expenses incurred
        in
        connection with the exchange listing of the Registrable Securities; (vi)
        National Association of Securities Dealers, Inc. fees; (vii) fees and
        disbursements of counsel for the Company and fees and expenses for independent
        certified public accountants retained by the Company (including the expenses
        or
        costs associated with the delivery of any opinions or comfort letters); (viii)
        the fees and expenses of any special experts retained by the Company in
        connection with such registration and (ix) the fees and expenses of one legal
        counsel selected by the holders of a majority-in-interest of the Registrable
        Securities included in such registration. The Company shall have no obligation
        to pay any underwriting discounts or selling commissions attributable to
        the
        Registrable Securities being sold by the holders thereof, which underwriting
        discounts or selling commissions shall be borne by such holders. Additionally,
        in an underwritten offering, all selling shareholders and the Company shall
        bear
        the expenses of the underwriter pro rata in proportion to the respective
        amount
        of shares each is selling in such offering.

       

      8.
        Waiver of Claims; Indemnification The
        Purchasers hereby waive any and all rights to assert any present or future
        claims, including any right of rescission, against the Company, TEP or the
        other
        underwriters in the IPO with respect to their purchase of the Placement Units,
        and each Purchaser agrees jointly and severally to indemnify and hold the
        Company, TEP and the other underwriters in the IPO harmless from all losses,
        damages or expenses that relate to claims or proceedings brought against
        the
        Company, TEP or such other underwriters by any Purchaser of the Placement
        Units
        or their transferees, heirs, assigns or any subsequent holders of the Placement
        Units.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      9. Counterparts;
        Facsimile.
        This
        Agreement may be executed in any number of counterparts, each of which when
        so
        executed shall be deemed to be an original and all of which taken together
        shall
        constitute one and the same instrument. This Agreement or any counterpart
        may be
        executed via facsimile transmission, and any such executed facsimile copy
        shall
        be treated as an original.

      

      10.
        Governing Law.
        This
        Agreement shall for all purposes be deemed to be made under and shall be
        construed in accordance with the laws of the State of New York. Each of the
        parties hereby agrees that any action, proceeding or claim against it arising
        out of or relating in any way to this Agreement shall be brought and enforced
        in
        the courts of the State of New York or the United States District Court for
        the
        Southern District of New York, and irrevocably submits to such jurisdiction,
        which jurisdiction shall be exclusive. Each of the parties hereby waives
        any
        objection to such exclusive jurisdiction and that such courts represent an
        inconvenient forum.

       

      IN
        WITNESS WHEREOF, the undersigned have executed this Agreement as of the __
        day
        of December, 2005.

      

      
        	
                 

              	
                HIGHBURY
                  FINANCIAL INC.

                A
                  Delaware Corporation

                 

                By:
                  ________________________________

                Name:
                  Richard S. Foote

                Title:
                  President and Chief Executive Officer

                 

                 

                PURCHASERS:

                 

                ____________________________________

                R.
                  Bruce Cameron

                 

                ____________________________________

                Richard
                  S. Foote

                 

                ____________________________________

                R.
                  Bradley Forth

                 

                 

                BROAD
                  HOLLOW LLC

                 

                ____________________________________

                By:

                Name:

                 

                THE
                  HILLARY APPEL TRUST

                 

                ____________________________________

                By:

                 

                THE
                  CATEY LAUREN APPEL TRUST

                 

                ____________________________________

                By:

                 

                 

                THINKEQUITY
                  PARTNERS LLC
(SOLELY
                  FOR THE PURPOSES OF SECTIONS 5 and 8 HEREOF)

                
                  AS
                    REPRESENTATIVE OF THE UNDERWRITERS

                  
By:___________________________________ 

                

                Name: 

                Title: 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        A

      

      
        	
                R.
                  Bruce Cameron

              	 	 	
                16,667

              	 
	
                Richard
                  S. Foote

              	 	 	
                50,000

              	 
	
                R.
                  Bradley Forth

              	 	 	
                8,333

              	 
	
                Broad
                  Hollow LLC

              	 	 	
                75,000

              	 
	
                The
                  Hillary Appel Trust

              	 	 	
                8,333

              	 
	
                The
                  Catey Lauren Appel Trust

              	 	 	
                8,334RETURN TO TREASURY AGREEMENT

THIS AGREEMENT is made as of the 14th day of December, 2005

BETWEEN:

            IPEX,  INC., a corporation  formed pursuant to the laws of the State
            of Nevada and having an office  for  business  located at 9255 Towne
            Centre Drive, San Diego, CA 92121

            (the "Company")

AND:

            WOLFGANG  GRABHER,  an individual  having an address located at 7932
            Prospect Place, La Jolla, CA 92037

            (the "Shareholder").

WHEREAS:

A. The Shareholder is the registered and beneficial  owner of 18,855,900  shares
of the Company's common stock.

B. The  Shareholder  has  previously  agreed to transfer  500,000  shares of the
Company's  common  stock  to  Patient  Safety  Technologies,  Inc.,  a  Delaware
corporation.

C. The  Shareholder  was  previously  an  officer  and  member  of the  Board of
Directors of the Company.

D. The Company and the Shareholder  intend for the Shareholder to return certain
of his shares of Company common stock to the treasury of the Company.

NOW THEREFORE THIS AGREEMENT  WITNESSETH THAT in  consideration  of the premises
and sum of $1.00 now paid by the  Company to the  Shareholder,  the  receipt and
sufficiency whereof is hereby  acknowledged,  the parties hereto hereby agree as
follows:

Surrender of Shares

1. The Shareholder  hereby  surrenders to the Company  14,855,900  shares of the
Company's  common stock (the  "Surrendered  Shares"),  which includes  1,936,728
shares of the Company's  common stock  currently held in escrow  pursuant to the
RGB Escrow Agreement (defined in Section 11 of this Agreement), by delivering to
the Company a share  certificate or  certificates  representing  the Surrendered
Shares, duly endorsed for transfer in blank,  signatures  medallion  guaranteed.
The Shareholder  shall deliver the Surrendered  Shares to the Company within ten
(10)  business  days of the  date of this  Agreement  for the  sole  purpose  of
retiring the Surrendered Shares.

2. In addition to the Surrendered  Shares, the Shareholder hereby agrees 500,000
of the Company's  common stock (the "Holdback  Shares") are subject to surrender
to the Company as follows:

            (a) In the event that all of the  conditions set forth in Schedule A
            hereto are not  satisfied  within  twelve (12) months of the date of
            this Agreement, then the Company

<PAGE>
                                       2

            shall have the right to receive 125,000 of the Holdback Shares.

            (b) In the event  that the  Company  does not  enter  into a license
            agreement  relating to the RGB Assets  (defined in Schedule A) which
            generates revenue for the Company within twelve (12) months from the
            date of this  Agreement,  then the  Company  shall have the right to
            receive 125,000 of the Holdback Shares.

            (c) In the event  that the  Company  does not file at least five (5)
            patent applications  relating to the RGB Assets (defined in Schedule
            A) within twelve (12) months from the date of this  Agreement,  then
            the Company shall have the right to receive  125,000 of the Holdback
            Shares.

            (d) In the event that the Company  does not  generate  revenue of at
            least three million dollars  ($3,000,000)  (calculated in accordance
            with generally accepted accounting  principles in the United States)
            derived  from the RGB  Assets  (defined  in  Schedule  A) within the
            twenty-four (24) months  following the date of this Agreement,  then
            the Company shall have the right to receive  125,000 of the Holdback
            Shares.

3. The Company shall use reasonable  commercial efforts to facilitate  achieving
each of the  milestones  described  in  Section  2. If at any  time  during  the
twenty-four  (24) months  following the date of this Agreement,  the Shareholder
believes the Company has not used  reasonable  commercial  efforts to facilitate
achieving any of the  milestones  described in Section 2 solely as it relates to
Holdback  Shares that have not been  surrendered to the Company (or cash paid in
lieu  of  surrendering  such  Holdback  Shares  pursuant  to  Section  5 of this
Agreement),  then the Shareholder shall deliver written notice of such belief to
the Company's Board of Directors ("Board"). Such written notice shall specify in
reasonable  detail  the  facts and  circumstances  giving  rise to such  belief,
together with any documented evidence of the basis for the Shareholder's belief.
After receipt of such notice,  the Board shall have thirty (30) calendar days to
remedy the  allegations  described  in the written  notice to the  Shareholder's
satisfaction.  If the  Company  does  not  remedy  any such  allegations  to the
Shareholder's satisfaction, then the Company and the Shareholder agree to submit
disputes  between them relating to Section 2 to arbitration  as follows.  If the
Shareholder  fails to provide written notice to the Company as described  above,
recovery  on the  Shareholder's  dispute  will be  barred.  Arbitration  will be
conducted in San Diego County,  California  pursuant to the Commercial  Rules of
the  American   Arbitration   Association   ("AAA"),  as  modified  herein.  The
arbitration  shall be conducted by one (1) arbitrator  chosen in accordance with
the rules of the AAA. Unless the arbitrator finds that exceptional circumstances
require otherwise, the arbitrator will grant the prevailing party in arbitration
its  costs  of  arbitration  and  reasonable  attorneys'  fees  as  part  of the
arbitration  award.  Either  party will be  entitled  to receive in any court of
competent  jurisdiction  injunctive,  preliminary or other equitable  relief, in
addition  to damages,  including  court  costs and fees of  attorneys  and other
professionals,  to remedy any actual or threatened  violation of its rights with
respect to which arbitration is not required hereunder.  The parties incorporate
the provisions of California Code of Civil  Procedure  Section 1283.05 into this
Agreement and make those  provisions  part of and applicable to any  arbitration
arising under this Agreement.

4. The Shareholder hereby grants the Company a second priority security interest
in the  Holdback  Shares to secure the  Shareholder's  obligations  pursuant  to
Section 2 of this  Agreement.  The  Shareholder  hereby  agrees to  execute  and
deliver to the Company  such  additional  agreements  and  documents  reasonably
necessary or advisable to accomplish the purposes of this Section 4.

<PAGE>
                                       3

Retirement of Shares

5. The Company agrees to retire the Surrendered  Shares and such Holdback Shares
which are  later  surrendered  to the  Company,  which  Surrendered  Shares  and
Holdback Shares shall become  authorized but unissued shares;  provided however,
that as to the  Holdback  Shares  which are  subject to  surrender  pursuant  to
Section 2, the  Shareholder  shall have an option to retain such Holdback Shares
by  paying  the  Company  within  thirty  (30)  days of the  date  of the  event
triggering the  obligation to surrender such Holdback  Shares a sum equal to the
number of shares  subject to  surrender  times a price per share  determined  by
taking the  average  closing  price per share for the ninety (90)  trading  days
preceding the date of this Agreement.

Release

6. The Company  hereby  agrees to release and  discharge  the  Shareholder,  his
heirs, executors, administrators,  successors and assigns (the "Releasees") from
all actions,  causes of action,  suits,  debts,  dues, sums of money,  accounts,
reckonings, controversies,  agreements, promises, damages, judgments, claims and
demands whatsoever,  in law or equity,  against the above-named  Releasees which
the Company, its subsidiaries, successors, officers, directors, past and present
employees,  insurers and assigns ever had, now have or hereafter  can,  shall or
may have, for, upon or by reason of any matter,  cause or thing  whatsoever from
the  beginning of the world to the date of this  Agreement.  With respect to the
release contained herein, it is acknowledged and admitted by the Company that it
has been  informed of the  provisions  of Section  1542 of the Civil Code of the
State of California,  and does hereby  expressly waive and relinquish all rights
and benefits which it has or may have under said section,  or any comparable law
under any other jurisdiction. Said section reads as follows:

      "A general  release does not extend to claims which the creditors does not
      know or  suspect  to exist  in his  favor  at the  time of  executing  the
      release,  which  if  known  by  him  must  have  materially  affected  his
      settlement with the debtor."

7. The Company  hereby agrees to support the  Shareholder  and use  commercially
reasonable  efforts to facilitate the Shareholder in obtaining a general release
from all of the  participants  in the Company's  most recent  private  placement
which efforts  shall  include  contacting  all such  participants  behalf of the
Shareholder;  provided however,  that the Company shall not be in breach of this
Agreement if despite the devotion of its commercially  reasonable  efforts it is
not able to obtain such releases.

8. The  Shareholder  hereby  agrees to release and  discharge  the Company,  its
subsidiaries,  successors,  officers,  directors,  past and  present  employees,
insurers  and assigns  (the  "Releasees")  from all  actions,  causes of action,
suits,  debts,  dues,  sums  of  money,  accounts,  reckonings,   controversies,
agreements,  promises, damages, judgments, claims and demands whatsoever, in law
or equity,  against the above-named Releasees which the Shareholder,  his heirs,
executors,  administrators,  successors  and  assigns  ever  had,  now  have  or
hereafter can, shall or may have, for, upon or by reason of any matter, cause or
thing  whatsoever from the beginning of the world to the date of this Agreement.
With respect to the release contained herein, it is acknowledged and admitted by
the Company that it has been  informed of the  provisions of Section 1542 of the
Civil  Code of the State of  California,  and does  hereby  expressly  waive and
relinquish  all rights and benefits which it has or may have under said section,
or any  comparable  law under  any other  jurisdiction.  Said  section  reads as
follows:

<PAGE>
                                       4

      "A general  release does not extend to claims which the creditors does not
      know or  suspect  to exist  in his  favor  at the  time of  executing  the
      release,  which  if  known  by  him  must  have  materially  affected  his
      settlement with the debtor."

Conditions Precedent

9. All  transactions  contemplated  herein  shall  be  deemed  to be  conditions
precedent  to all other  transactions  contained  herein  and shall be deemed to
occur simultaneously.

10. All terms of this Agreement are subject to and conditioned  upon termination
of: (a) that certain  Escrow  Agreement made as of June 7, 2005 by and among the
Company,  B Tech Ltd.,  Massimo  Ballerini,  Emanuele Boni, the  Shareholder and
Sichenzia Ross Friedman Ference LLP (the "RGB Escrow  Agreement");  and (b) that
certain  Irrevocable Proxy signed by the Shareholder dated May 28, 2005 in favor
of Milton "Todd" Ault, III.

11. All terms of this Agreement are subject to and conditioned  upon approval by
the Company's Board.

Representations and Warranties

12. The Shareholder  represents and warrants to the Company that he is the owner
of the  Surrendered  Shares  and that he has good  and  marketable  title to the
Surrendered  Shares  and that the  Surrendered  Shares are free and clear of all
liens, security interests or pledges of any kind whatsoever.

Positions

13. Shareholder agrees that during the two years following the execution of this
Agreement,  he: (a) will not seek to be employed as an employee by the  Company;
and (b) will not seek or assume a position on the Company's Board of Directors.

General

14.  Each of the  parties  will  execute  and  deliver  such  further  and other
documents  and do and perform such further and other acts as any other party may
reasonably  require to carry out and give effect to the terms and  intention  of
this Agreement.

15. Time is expressly declared to be the essence of this Agreement.

16. The provisions  contained  herein  constitute the entire agreement among the
Company and the  Shareholder  respecting the subject matter hereof and supersede
all previous communications,  representations and agreements,  whether verbal or
written,  among the  Company  and the  Shareholder  with  respect to the subject
matter hereof.

17. This  Agreement will enure to the benefit of and be binding upon the parties
hereto and their respective  heirs,  executors,  administrators,  successors and
permitted assigns.

18. This  Agreement is not assignable  without the prior written  consent of the
parties hereto.

19. This Agreement may be executed in counterparts,  each of which when executed
by any party will be deemed to be an original and all of which counterparts will
together  constitute one and the same Agreement.  Delivery of executed copies of
this Agreement by telecopier  will  constitute  proper  delivery,  provided that
originally  executed   counterparts  are  delivered  to  the  parties  within  a
reasonable time thereafter.

<PAGE>
                                       5

20.  Each  provision  of this  Agreement  will be valid and  enforceable  to the
fullest  extent  permitted  by law. If any  provision  of this  Agreement or the
application of the provision to any person or circumstance  will, to any extent,
be invalid or unenforceable, the remainder of this Agreement, or the application
of the provision to persons or circumstances  other than those as to which it is
held  invalid or  unenforceable,  will not be  affected  by such  invalidity  or
unenforceability,  unless the provision or its  application is essential to this
Agreement.

21. This Agreement will be governed by and construed in accordance with the laws
of the  State of  California.  For  purposes  of venue  and  jurisdiction,  this
Agreement  will  be  deemed  made  and  to be  performed  in San  Diego  County,
California.  Venue  for all  purposes  will lie  exclusively  with the state and
federal courts located in San Diego County, California.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>
                                       6

      IN WITNESS  WHEREOF the parties have executed this Agreement  effective as
of the day and year first above written.

                                              IPEX INC.

                                              By: /s/ Gerald Beckwith
                                              -------------------------------
                                              Name: Gerald Beckwith
                                              Title: Chief Executive Officer

                                              /s/ Wolfgang Grabher
                                              -------------------------------
                                              Wolfgang Grabher

                                              Dec. 14, 2005

<PAGE>

                                   Schedule A
                                   Conditions

      The below conditions relate to certain assets (the "RGB Assets") purchased
by the Company  pursuant to: (a) that certain  Purchase  Agreement dated June 7,
2005 by and between  the  Company,  RGB  Channel  SRL,  Emanuele  Boni,  Massimo
Ballerini and B Tech Ltd.; and (b) that certain Purchase Agreement dated June 7,
2005 by and between the Company,  B Tech Ltd.,  Massimo  Ballerini  and Emanuele
Boni.

      1. The Company  shall have  received two written  reports,  prepared by an
independent  third party chosen in the sole  discretion  of the Chief  Executive
Officer of the Company,  the first such written report validating the RGB Assets
(as  determined by the board of directors of the Company) as  transferred to the
Company,  and the  second  such  written  report  validating  the RGB Assets (as
determined by the board of directors of the Company) as  thereafter  enhanced by
the Company; and

      2. The  Company  shall have  received  a written  report,  prepared  by an
intellectual property attorney (Fish & Richardson, LLP or a firm that is equally
qualified as determined by the board of directors of the Company)  chosen by the
board of directors of the Company,  validating  the software  portion of the RGB
Assets (as  determined by the board of directors of the Company) as  transferred
to the Company.

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