Document:

EX10-1

MIV THERAPEUTICS, INC.

Unit #1, 8765 Ash Street, Vancouver, British Columbia, Canada, V6P 6T3

____________________________________________________________________________________

October 17, 2006

To:

The Board of Directors of:

BIOSYNC SCIENTIFIC PVT. LTD.

136 Surat Special Economic Zone, G.I.D.C., Sachin-394 230, Surat, Gujarat, India

Dear Sirs:

Re:

Offer to purchase all of the shares of Biosync Scientific Pvt. Ltd. (the "Company" herein)

from the shareholders of the Company (each such shareholder being a "Vendor" herein)

by MIV Therapeutics, Inc. (the "Purchaser" herein)

(the Company, the Vendors and the Purchaser being, collectively, the "Parties" herein)

AGREEMENT IN PRINCIPLE

                    This letter will confirm our recent discussions and the intention of each of Parties hereto to enter into the basic terms of an agreement (herein the "Agreement") for the acquisition by the above-referenced Purchaser from the above-referenced Vendors of all of issued and outstanding shares (each a "Purchased Share") of the above-referenced Company.  We understand and confirm that the Company is a body corporate subsisting under and registered pursuant to the laws of India, that the Company is presently engaged in the business of designing, manufacturing and marketing coated and non-coated vascular stents and PTCA accessories (collectively, the "Company's Business").  We also understand and confirm that, by entering into this Agreement, the undersigned authorized signatories for each of the Purchaser, the Company and one of the principal Vendors intend to move forward toward entering into a more formal agreement (the "Formal Agreement") pursuant to which each of the Vendors is expected to agree to sell and the Purchaser will agree to purchase all of the Purchased Shares from the Vendors upon terms and conditions similar to those as set forth hereinbelow.  At all times the undersigned hereto acknowledge and agree that the completion of any such Formal Agreement is subject to the prior ratification and approval of the terms and conditions of any such Formal Agreement by the Board of Directors and, if applicable, shareholders of the Purchaser and the Vendors, each of the Vendors and such regulatory authorities and including, without limitation, all appropriate regulatory authorities in India, as may have jurisdiction over the Purchaser, the Company and the Vendors (collectively, the "Regulatory Authorities").  In connection with the foregoing, therefore, the undersigned hereby acknowledge and agree that the following will represent the basic terms of a Formal Agreement for the acquisition by the Purchaser of all of the Purchased Shares from the Vendors.

Article 1

PURCHASE AND SALE OF ALL OF THE PURCHASED SHARES

1.1                  Purchase and sale.   Subject to the terms and conditions hereof and based upon the representations and warranties contained in Articles "2" and "3" hereinbelow, together with such other terms and conditions and representations and warranties as are standard in similar share purchase transactions of this type and as may be evidenced by the final form of Formal Agreement which replaces this Agreement, and the prior satisfaction of the conditions precedent which are set forth in Article "4" hereinbelow, the within Vendor, and the remaining Vendors by virtue of the Formal Agreement thereby, agree and will agree to assign, sell and transfer at the closing date (the "Closing Date") all of each Vendor's respective right, entitlement and interest in and to the Purchased Shares to the Purchaser and the Purchaser agrees to purchase all of the Purchased Shares from the Vendors on the terms and subject to the conditions contained in this Agreement.

          
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October 17, 2006

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1.2                  Purchase Price.   The total purchase price (the "Purchase Price") for all of the Purchased Shares will be paid by way of the Purchaser's issuance and satisfaction of the following to the order and direction of the Vendors at the closing (the "Closing") on the Closing Date of the terms and conditions of the Formal Agreement:

	the issuance at Closing under the Formal Agreement of an aggregate of 50,000 common shares of the Purchaser (each a "Share"), at a deemed issuance price of U.S. $0.50 per Share, to the order an direction of the Vendors (the "Issuance"); and

	the satisfaction at Closing under the Formal Agreement of any and all indebtedness of the Company to any institutional creditor(s) who may have security over the assets of any Vendor in accordance with the terms and conditions laid down in each of the present "Loan/Financial Assistance Agreement", "Deed of Hypothecation/Mortgage", "Deed of Guarantee" and any other documents signed by any such institutional creditors, the Company and/or the Vendor to secure repayment of such indebtedness of the Company (collectively, the "Settlement of the Company's Institutional Indebtedness").

1.3                  Resale restrictions and legending of the Share certificates.   The Vendor hereby acknowledges and agrees, and the remaining Vendors by virtue of the Formal Agreement thereby will acknowledge and agree, that the Purchaser makes no representations as to any resale restriction affecting the Shares and that it is presently contemplated that the Shares will be issued by the Purchaser to the Vendors in reliance upon the registration and prospectus exemptions contained in certain sections of the United States Securities Act of 1933 (the "Securities Act") or "Regulation S" promulgated under the Securities Act which will impose a public trading restriction in the United States on the Shares for a period of 12 months from the Closing Date.

                    The Vendor hereby also acknowledges and understands, and the remaining Vendors by virtue of the Formal Agreement thereby will also acknowledge and understand, that neither the sale of any Shares which the Vendors may be acquiring, nor any of the Shares, themselves have been registered under the Securities Act or any state securities laws, and, furthermore, that the Shares must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available.  The Vendor also acknowledges and understands, and the remaining Vendors by virtue of the Formal Agreement thereby will also acknowledge and understand, that the certificate(s) representing the Shares will be stamped with the following legend (or substantially equivalent language) restricting transfer in the following manner if such restriction is required by the Regulatory Authorities:

"The securities represented by this certificate have not been registered under the United States Securities Act of 1933, as amended, or the laws of any state, and have been issued pursuant to an exemption from registration pertaining to such securities and pursuant to a representation by the security holder named hereon that said securities have been acquired for purposes of investment and not for purposes of distribution.  These securities may not be offered, sold, transferred, pledged or hypothecated in the absence of registration, or the availability of an exemption from such registration.  Furthermore, no offer, sale, transfer, pledge or hypothecation is to take place without the prior written approval of counsel to the company being affixed to this certificate.  The stock transfer agent has been ordered to effectuate transfers only in accordance with the above instructions.";

and the Vendor hereby consents, and the remaining Vendors by virtue of the Formal Agreement thereby will consent, to the Purchaser making a notation on its records or giving instructions to any transfer agent of the Purchaser in order to implement the restrictions on transfer set forth and described hereinabove.

                    The Vendor also acknowledges and understands, and the remaining Vendors by virtue of the Formal Agreement thereby will also acknowledge and understand, that:

          
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	the Shares are restricted securities within the meaning of "Rule 144" promulgated under the Securities Act;

	the exemption from registration under Rule 144 will not be available in any event for at least one year from the date of issuance of the Shares to the Vendors, and even then will not be available unless (i) a public trading market then exists for the common stock of the Purchaser, (ii) adequate information concerning the Purchaser is then available to the public and (iii) other terms and conditions of Rule 144 are complied with; and

	any sale of the Shares may be made by the Vendors only in limited amounts in accordance with such terms and conditions.

1.4                  Costs.   The Parties hereto shall bear their own costs in relation to the negotiation and formalization of this Agreement and the matters contemplated thereby, including any legal fees, accounting, regulatory and filing fees and expenses.

1.5                  Standstill provisions.   In consideration of the Parties' within agreement to purchase and sell the Purchased Shares and to enter into the terms and conditions of this Agreement, each of the Parties hereby undertake for themselves, and for each of their respective agents and advisors, that they will not until the earlier of the Closing Date or the termination of this Agreement approach or consider any other potential purchasers, or make, invite, entertain or accept any offer or proposal for the proposed sale of any interest in and to any of the Purchased Shares or the assets or the respective business interests of the Company or the Purchaser, as the case may be, or, for that matter, disclose any of the terms of this Agreement, without the Parties' prior written consent.  In this regard each of the Parties hereby acknowledges that the foregoing restrictions are important to the respective businesses of the Parties and that a breach by any of the Parties of any of the covenants herein contained would result in irreparable harm and significant damage to each affected Party that would not be adequately compensated for by monetary award.  Accordingly, the Parties hereby agree that, in the event of any such breach, in addition to being entitled as a matter of right to apply to a Court of competent equitable jurisdiction for relief by way of restraining order, injunction, decree or otherwise as may be appropriate to ensure compliance with the provisions hereof, any such Party will also be liable to the other Parties, as liquidated damages, for an amount equal to the amount received and earned by such Party as a result of and with respect to any such breach.  The Parties hereby also acknowledge and agree that if any of the aforesaid restrictions, activities, obligations or periods are considered by a Court of competent jurisdiction as being unreasonable, they agree that said Court shall have authority to limit such restrictions, activities or periods as the Court deems proper in the circumstances.

Article 2

WARRANTIES, REPRESENTATIONS AND COVENANTS

BY THE COMPANY AND BY THE VENDORS

2.1                  Warranties, representations and covenants by the Company and by the Vendors.   In order to induce the Purchaser to enter into this Agreement and consummate any Formal Agreement, each of the Company and the Vendor hereby, and each of the Company and the remaining Vendors by virtue of any Formal Agreement will, respectively, thereby, warrant to, represent to and covenant with the Purchaser in this Agreement, and in any Formal Agreement as at the Closing Date, that, to the best of the knowledge, information and belief of each of the Company and the Vendor herein, and to the best of the knowledge, information and belief of each of the Company and the Vendors, respectively, in any Formal Agreement, after making due inquiry and where appropriate and applicable (and for the purposes of the following warranties, representations and covenants "Company" shall mean the Company and any subsidiary of the Company, if any, as the context so requires):

          
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(a)       the Company and the Vendors, if applicable, are duly incorporated under the laws of their respective jurisdictions of incorporation, are validly existing and are in good standing with respect to all statutory filings required by the applicable corporate laws, and the Company and the Vendors have the requisite power, authority and capacity to own and use all of their respective business assets and to carry on the Company's Business as presently conducted by them;

(b)       save and except as will be set forth in the "Company Disclosure Schedule"; a copy of such Company Disclosure Schedule to accompany the delivery of any Formal Agreement as contemplated herein; the Company owns and possesses and has good and marketable title to and possession of all of its business assets free and clear of all actual or threatened liens, charges, options, encumbrances, voting agreements, voting trusts, demands, limitations and restrictions of any nature whatsoever;

(c)       save and except as will be set forth in the Company Disclosure Schedule and as will be set forth in any Formal Agreement as contemplated herein, the Company holds all licenses and permits required for the conduct in the ordinary course of its operations of the Company's Business and for the uses to which its business assets have been put and are in good standing, and such conduct and uses are in compliance with all laws, zoning and other by-laws, building and other restrictions, rules, regulations and ordinances applicable to the Company and its business assets, and neither the execution and delivery of this Agreement nor the completion of the transactions contemplated hereby will give any person the right to terminate or cancel any said license or permit or affect such compliance;

(d)      the authorized and issued share capital of the Company will be as set forth in the Company Disclosure Schedule and, as at the Closing Date, all Purchased Shares of the Company will be issued and outstanding as fully paid and non-assessable;

(e)       there are no shares in the capital of the Company issued or allotted or agreed to be issued or allotted to any person other than the Vendors herein;

(f)       the Vendors have good and marketable title to and are the legal, registered and beneficial owners of all of the Purchased Shares;

(g)       the Purchased Shares are validly issued and outstanding and fully paid and non-assessable in the capital of the Company and are free and clear of all actual or threatened liens, charges, options, encumbrances, voting agreements, voting trusts, demands, limitations and restrictions of any nature whatsoever;

(h)       there are no claims of any nature whatsoever affecting the rights of the Vendors to transfer the Purchased Shares to the Purchaser and, without limiting the generality of the foregoing, there are no claims or potential claims under any relevant family relations legislation or other equivalent legislation affecting the Purchased Shares;

(i)       the Vendors have the power and capacity to own and dispose of the Purchased Shares;

(j)       this Agreement and any Formal Agreement as contemplated herein will constitute a legal, valid and binding obligation of each of the Company and the Vendors, enforceable against each of the Company and the Vendors in accordance with its respective terms, except as enforcement may be limited by laws of general application affecting the rights of creditors;

(k)       as at the execution date of any Formal Agreement as contemplated herein the Company will not have committed itself to provide any person, firm or corporation with any agreement, option or right, consensual or arising by law, present or future, contingent or absolute, or capable of becoming an agreement, option or right:

          
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(i)       to require it to issue any further or other shares in its share capital, or any other security convertible or exchangeable into shares in its share capital, or to convert or exchange any securities into or for shares in its share capital;

(ii)      for the issue and allotment of any of the authorized but unissued shares in its share capital;

(iii)     to require it to purchase, redeem or otherwise acquire any of the issued and outstanding shares in its share capital; or

(iv)      to purchase or otherwise acquire any shares in its share capital;

(l)       no other person, firm or corporation has any agreement, option or right capable of becoming an agreement for the purchase of any of the Purchased Shares;

(m)       save and except as will be set forth in the Company Disclosure Schedule, save and except as will be set forth in the Company's audited financial statements from inception and to and including the Company's most recently completed reporting period (the "Company's Audited Financial Statements") which will be provided prior to Closing, and save and except as will be set forth in any Formal Agreement as contemplated herein, there are no material liabilities, contingent or otherwise, existing on the date hereof in respect of which the Company may be liable on or after the completion of the transactions contemplated by this Agreement other than:

(i)       liabilities disclosed or referred to in this Agreement; and

(ii)      liabilities incurred in the ordinary course of the Company's Business, none of which are materially adverse to the business, operations, affairs or financial conditions of the Company;

(n)       the Company's Audited Financial Statements will be true and correct in every respect and present fairly the financial position of the Company as at its most recently completed financial period and the results of its operations for the period then ended in accordance with generally accepted accounting principles on a basis consistently applied;

(o)       the within Vendor and the Company have the full authority and capacity required to enter into this Agreement and to perform their respective obligations hereunder;

(p)       prior to Closing the Company will have obtained all authorizations and approvals or waivers that may be necessary or desirable in connection with the transactions contemplated in this Agreement, and other actions by, and have made all filings with, any and all Regulatory Authorities, if applicable, from whom any such authorization, approval or other action is required to be obtained or to be made in connection with the transactions contemplated herein, and all such authorizations, approvals and other actions will be in full force and effect, and all such filings will have been accepted by the Company which will be in compliance with, and have not committed any breach of, any securities laws, regulations or policies of any Regulatory Authority to which the Company may be subject;

(q)       no dividend or other distribution by the Company will be declared, paid or authorized up to and including the Closing Date, and the Company has not and has not committed itself to confer upon, or pay to or to the benefit of, any entity, any benefit having monetary value, any bonus or any salary increases except in the normal course of its business;

          
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(r)       save and except as will be set forth in the Company Disclosure Schedule and as will be set forth in any Formal Agreement as contemplated herein, there is no basis for and there are no actions, suits, judgments, investigations or proceedings outstanding or pending or, to the best of the knowledge, information and belief of each of the Company and the Vendors, after making due inquiry, threatened against or affecting the Company at law or in equity or before or by any federal, state, municipal or other governmental department, commission, board, bureau or agency;

(s)       save and except as will be set forth in the Company Disclosure Schedule and as will be set forth in any Formal Agreement as contemplated herein, the Company is not in breach of any laws, ordinances, statutes, regulations, by-laws, orders or decrees to which it is subject or which apply to it;

(t)       save and except as will be set forth in the Company Disclosure Schedule and as will be set forth in any Formal Agreement as contemplated herein, the Company is not, nor until or at the Closing Date will it be, in breach of any provision or condition of, nor has it done or omitted anything that, with or without the giving of notice or lapse or both, would constitute a breach of any provision or condition of, or give rise to any right to terminate or cancel or accelerate the maturity of any payment under, any deed of trust, contract, certificate, consent, permit, license or other instrument to which it is a party, by which it is bound or from which it derives benefit, any judgment, decree, order, rule or regulation of any Court or governmental authority to which it is subject, or any statute or regulation applicable to it, to an extent that, in the aggregate, has a material adverse affect on it;

(u)       until the Closing Date the Company will:

(i)       maintain its assets in a manner consistent with and in compliance with applicable law; and

(ii)       not enter into any material transaction or assume or incur any material liability outside the normal course of its business without the prior written consent of the Purchaser;

(v)       the Company and the Vendors acknowledge that the Shares will be issued under certain exemptions from the registration and prospectus filing requirements otherwise applicable under the Securities Act and that, as a result, the Vendors may be restricted from using most of the remedies that would otherwise be available to them and will not receive information that would otherwise be required to be provided to them, and the Purchaser is relieved from certain obligations that would otherwise apply to it, in either case, under applicable securities legislation;

(w)       the Company and the Vendors acknowledge and agree that the Shares have not been and will not be qualified or registered under the any federal or state securities laws of the United States and, as such, the Vendors may be restricted from selling or transferring such Shares under applicable law;

(x)       the making of this Agreement, the completion of the transactions contemplated hereby pursuant to any Formal Agreement and the performance of and compliance with the terms hereof does not and will not:

(i)       conflict with or result in a breach of or violate any of the terms, conditions or provisions of the constating documents of the Company or the Vendors;

          
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(ii)      conflict with or result in a breach of or violate any of the terms, conditions or provisions of any law, judgment, order, injunction, decree, regulation or ruling of any court or governmental authority, domestic or foreign, to which either the Company or the Vendors is subject, or constitute or result in a default under any agreement, contract or commitment to which either the Company or the Vendors is a party;

(iii)     give to any party the right of termination, cancellation or acceleration in or with respect to any agreement, contract or commitment to which the Company or the Vendors is a party;

(iv)      give to any government or governmental authority, or any municipality or any subdivision thereof, including any governmental department, commission, bureau, board or administration agency, any right of termination, cancellation or suspension of, or constitute a breach of or result in a default under, any permit, license, control or authority issued to the Company or the Vendors which is necessary or desirable in connection with the conduct and operations of the Company's Business and the ownership or leasing of its respective business assets; or

(v)       constitute a default by the Company or the Vendors, or any event which, with the giving of notice or lapse of time or both, might constitute an event of default, under any agreement, contract, indenture or other instrument relating to any indebtedness of the Company or the Vendors which would give any party to that agreement, contract, indenture or other instrument the right to accelerate the maturity for the payment of any amount payable under that agreement, contract, indenture or other instrument; and

(y)       it is not aware of any fact or circumstance which has not been disclosed to the Purchaser which should be disclosed in order to prevent the representations, warranties and covenants contained in this section from being misleading or which would likely affect the decision of the Purchaser to enter into this Agreement or any Formal Agreement.

Article 3

WARRANTIES, REPRESENTATIONS AND COVENANTS BY THE PURCHASER

3.1                  Warranties, representations and covenants by the Purchaser.   In order to induce each of the Company and the Vendor to enter into this Agreement and consummate any Formal Agreement, the Purchaser hereby, and thereby will, warrant to, represent to and covenant with each of the Company and the Vendors that, to the best of the knowledge, information and belief of the Purchaser herein and therein, after making due inquiry (and for the purposes of the following warranties, representations and covenants "Purchaser" shall mean the Purchaser and any subsidiary of the Purchaser, if any, as the context so requires):

(a)       the Purchaser is duly incorporated under the laws of its jurisdiction of incorporation, is validly existing and is in good standing with respect to all statutory filings required by the applicable corporate laws;

(b)       the Purchaser has the requisite power, authority and capacity to own and use all of its business assets and to carry on its business as presently conducted by it;

(c)       save and except as will be set forth in the "Purchaser Disclosure Schedule"; a copy of such Purchaser Disclosure Schedule to accompany the delivery of any Formal Agreement as contemplated herein; and as will be set forth in any Formal Agreement as contemplated herein, the Purchaser owns and possesses and has good and marketable title to and possession of all of its business assets free and clear of all actual or threatened liens, charges, options, encumbrances, voting agreements, voting trusts, demands, limitations and restrictions of any nature whatsoever;

          
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(d)       this Agreement and any Formal Agreement will constitute a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its respective terms, except as enforcement may be limited by laws of general application affecting the rights of creditors;

(e)       all of the issued and outstanding shares of the Purchaser are listed and posted for trading on the NASD Over-the-Counter Bulletin Board (the "OTCBB"), and the Purchaser is not in material default of any of its listing requirements of the OTCBB or any rules or policies of the United States Securities and Exchange Commission (the "Commission");

(f)       all registration statements, reports and proxy statements filed by the Purchaser with the Commission, and all registration statements, reports and proxy statements required to be filed by the Purchaser with the Commission, have been filed by the Purchaser under the United States Securities Act of 1934 (the "1934 Act"), were filed in all material respects in accordance with the requirements of the 1934 Act and the rules and regulations thereunder and no such registration statements, reports or proxy statements contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;

(g)       the Purchaser will allot and issue the Shares on the Closing Date in accordance with section "1.2" hereinabove as fully paid and non-assessable in the capital of the Purchaser free and clear of all actual or threatened liens, charges, options, encumbrances, voting agreements, voting trusts, demands, limitations and restrictions of any nature whatsoever, other than hold periods or other restrictions imposed under applicable securities legislation;

(h)       the shares in the capital of the Purchaser are not subject to or affected by any actual or, to the best of the knowledge, information and belief of the Purchaser, after making due inquiry, pending or threatened cease trading, compliance or denial of use of exemptions orders of, or action, investigation or proceeding by or before, any securities regulatory authority, court, administrative agency or other tribunal;

(i)       save and except as will be set forth in the Purchaser Disclosure Schedule and as will be set forth in any Formal Agreement as contemplated herein, there is no basis for and there are no actions, suits, judgments, investigations or proceedings outstanding or pending or, to the best of the knowledge, information and belief of the Purchaser, after making due inquiry, threatened against or affecting the Purchaser at law or in equity or before or by any federal, state, municipal or other governmental department, commission, board, bureau or agency;

(j)       at Closing under the Formal Agreement it is presently contemplated that Mr. Rajesh Vaishnav, a current Vendor and the present mind and management of the Company, will be employed as the Chief Executive Officer of the Company under such final and commercially competitive compensation terms as may be determined in accordance with the terms and conditions of the Formal Agreement; with the understanding that Mr. Vaishnav, in his role as Chief Executive Officer of the Company, will be provided by the Board of Directors of each of the Purchaser and the Company with such operational and administrative supervisory duties and responsibilities over the Company's Business affairs as may then be required in order to further the development of the Company's Business interests in line with the Purchaser's then current business interests (collectively, the "Company's Employment of Mr. Vaishnav" herein).  In this regard the Parties hereto hereby acknowledge and agree that the commercially competitive terms of the proposed Company's Employment of Mr. Vaishnav will include, but not be limited to:

          
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(i)       an initial term of two years from the Closing (the "Initial Term");

(ii)      a monthly fee of INR542,520 per month during the Initial Term (equivalent to U.S. $12,000 at the exchange rate of INR45.21 on October 17, 2006); and

(iii)     the grant of stock options (each a "Stock Option") to acquire an aggregate of up to 1,000,000 common shares of the Purchaser, at an exercise price of U.S. $0.60 per common share and for a period of up to five years from the date of grant, vesting in the following manner:

(A)       an initial and fully vested Stock Option to acquire up to 250,000 such common shares of the Purchaser on the Closing;

(B)       a further Stock Option to acquire up to an additional 375,000 such common shares of the Purchaser on the date which is one year from Closing; and

(C)       a further and final Stock Option to acquire up to an additional an final 375,000 such common shares of the Purchaser on the date which is two years from Closing;

(k)       at Closing under the Formal Agreement the Purchaser will make available to such key management and employees of the Company as the Company may then designate to the Purchaser, from time to time in its sole and absolute discretion, a reasonable portion of such incentive stock options as may then be available for granting under the Purchaser's then stock incentive plan; the final determination of the actual number, exercise price, exercise period and vesting provisions, if any, applicable to such incentive stock options thereunder, being, at all times, in the sole and absolute discretion of the Company's then "Plan Administrator" as designated thereunder (collectively, the "Granting of Stock Options");

(l)       as a consequence of the Closing of the Formal Agreement the Purchaser, as the then parent company to the Company, will provide the Company with such technical and financial assistance as may be required, from time to time, in the sole and absolute discretion of the Board of Directors of the Purchaser, in order to further the development of the Company's Business interests in line with the Purchaser's then current business interests; and

(m)      it is not aware of any fact or circumstance which has not been disclosed to the Company and the Vendor which should be disclosed in order to prevent the representations, warranties and covenants contained in this section from being misleading or which would likely affect the decision of the Company and the Vendor to enter into this Agreement or any Formal Agreement.

Article 4

CONDITIONS PRECEDENT TO CLOSING

4.1                  Purchaser's conditions precedent.   All of the obligations of the Purchaser under this Agreement are, and under any Formal Agreement will be, further subject to at least the following conditions for the exclusive benefit of the Purchaser fulfilled in all material aspects in the reasonable opinion of the Purchaser or to be waived by the Purchaser as soon as possible but, unless specifically indicated as otherwise, not later than five calendar days prior to the Closing Date:

          
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(a)       the Company and the Vendors shall have complied with all warranties, representations, covenants and agreements herein and under any Formal Agreement agreed to be performed or caused to be performed by the Company and the Vendors on or before the Closing Date;

(b)       the Company and the Vendors shall have obtained all authorizations, approvals and other actions by, and have made all filings with, any securities regulatory authority from whom any such authorization, approval or other action is required to be obtained or to be made in connection with the transactions contemplated herein, and all such authorizations, approvals and other actions are in full force and effect and all such filings have been accepted and the Company and the Vendors are in compliance with, and have not committed any breach of, any securities laws, regulations or policies of any securities regulatory authority to which the Company or the Vendors may be subject;

(c)       the Company's Audited Financial Statements will be subject to the prior review and approval of the Purchaser's auditors so as to ensure that they are true and correct in every respect and present fairly the financial position of the Company as at its most recently completed financial period and the results of its operations for the period then ended in accordance with generally accepted accounting principles on a basis consistently applied;

(d)       all matters which, in the opinion of counsel for the Purchaser, are material in connection with the transactions contemplated by this Agreement and by any Formal Agreement shall be subject to the favourable opinion of such counsel, and all relevant records and information shall be supplied to such counsel for that purpose;

(e)       no material loss or destruction of or damage to the Company, any of its assets, any of the Company's Business or the Purchased Shares shall have occurred;

(f)       the delivery to the Purchaser by the Company and the Vendors, on a confidential basis, of all remaining material documentation and information and including, without limitation, an updated Company Disclosure Schedule and:

(i)       a copy of all material contracts, agreements, reports and  information of any nature respecting the Company, its assets and the Company's Business; and

(ii)      details of any lawsuits, claims or potential claims relating to either the Company, its assets, the Company's Business or the Purchased Shares of which either the Company or the Vendors is aware and the Purchaser is unaware;

(g)       the Company and the Vendors will cause the Company, for a period of at least five calendar days prior to the Closing Date, during normal business hours, to:

(i)       make available for inspection by the counsel, auditors and representatives of the Purchaser, at such location as is appropriate, the Company's books, records, contracts, documents, correspondence and other written materials, and afford such persons every reasonable opportunity to make copies thereof and take extracts therefrom at the sole cost of the Purchaser, provided such persons do not unduly interfere in the operations of the Company;

(ii)       authorize and permit such persons at the risk and the sole cost of the Purchaser, and only if such persons do not unduly interfere in the operations of the Company, to attend at all of its places of business and operations to observe the conduct of its Company's Business and operations, inspect its assets and make physical counts of its inventories, shipments and deliveries; and

          
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(iii)     require the Company's management personnel to respond to all reasonable inquiries concerning the Company's Business, its assets or the conduct of its business relating to its liabilities and obligations; and

(h)       the completion by the Purchaser and by the Purchaser's professional advisors of a thorough due diligence and operations review of both the Company's Business and the operations of the Company together with the transferability of the Purchased Shares as contemplated by this Agreement and by any Formal Agreement.

4.2                  Company's and Vendors' conditions precedent.   All of the obligations of the Company and the Vendors under this Agreement are, and under any Formal Agreement will be, further subject to at least the following conditions for the exclusive benefit of the Company and the Vendors fulfilled in all material aspects in the reasonable opinion of the Company and the Vendors or to be waived by the Company and the Vendor as soon as possible but, unless specifically indicated as otherwise, not later than five calendar days prior to the Closing Date:

(a)       the Purchaser shall have complied with all warranties, representations, covenants and agreements herein and under any Formal Agreement agreed to be performed or caused to be performed by the Purchaser on or before the Closing Date;

(b)       all matters which, in the opinion of counsel for the Company and the Vendors, are material in connection with the transactions contemplated by this Agreement and by any Formal Agreement shall be subject to the favourable opinion of such counsel, and all relevant records and information shall be supplied to such counsel for that purpose; and

(c)       the completion by the Company and the Vendors and by the Company's and the Vendors' professional advisors, of a thorough due diligence and operations review of both the business and operations of the Purchaser.

4.3                  Parties' conditions precedent.   The Closing of any Formal Agreement and the rights, obligations and duties of the Parties arising upon and prior to the Closing Date shall also be conditional upon and subject to:

(a)       the specific ratification of the terms and conditions of this Agreement by each of the Board of Directors of the Purchaser, the Company and the Vendors, if applicable, within 30 calendar days of the due and completion execution of this Agreement by each of the Parties hereto (collectively, the "Ratification");

(b)       the completion by each of the Purchaser and the Company of an initial due diligence and operations review of the other Party's respective business and operations within 30 calendar days of the prior satisfaction of the Ratification (the "Initial Due Diligence");

(c)       the execution of a Formal Agreement as between the Company, the Vendor and the Purchaser on or before November 30, 2006;

(d)       if required under applicable corporate and securities laws, the receipt of all necessary approvals from any Regulatory Authority having jurisdiction over the transactions contemplated by this Agreement and by any Formal Agreement on or before December 31, 2006;

          
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(e)       if required under applicable corporate and securities laws, shareholders of the Purchaser and/or the Company passing an ordinary resolution or, where required, a special resolution, approving the terms and conditions of this Agreement and all of the transactions contemplated hereby, and the Purchaser and/or the Company sending all required notice to the Purchaser's and/or the Company's shareholders in connection therewith, or, in the alternative and if allowable in accordance with applicable corporate and securities laws, shareholders of the Purchaser and/or the Company holding over 50% of the issued shares of the Purchaser and the Company providing written consent resolutions evidencing their approval to the terms and conditions of this Agreement and all of the transactions contemplated hereby together with certification of any required notice to all shareholders of the Purchaser and/or Company of such written consent resolutions; and

(f)       the Board of Directors of the Purchaser and/or the shareholders of the Purchaser, if required, approving of the within Issuance by the Purchaser to the order and direction of the Vendors of all of the referenced Shares in accordance with section "1.2" hereinabove, together with such other matters as may be agreed to as between the Parties hereto prior the completion of the transactions contemplated by this Agreement.

Article 5

CLOSING AND EVENTS OF CLOSING

5.1                  Closing and Closing Date.   The Closing of the within purchase and delivery of the Purchased Shares, in conjunction with any Formal Agreement, together with all of the transactions contemplated by this Agreement and by any Formal Agreement, shall occur on the day which is five calendar days following the satisfaction of all of the conditions precedent which are set out in Article "4" hereinabove, or on such earlier or later Closing Date as may be agreed to in advance and in writing by each of the Parties hereto, and will be closed at the offices of counsel for the Purchaser, Lang Michener LLP, Lawyers - Patent & Trade Mark Agents, located at 1500 Royal Centre, 1055 West Georgia Street, Vancouver, British Columbia, Canada, V6E 4N7, at 2:00 p.m. (Vancouver, British Columbia, Canada, time) on the Closing Date.

5.2                  Latest Closing Date.   If the Closing Date has not occurred by January 31, 2007 this Agreement will be terminated and unenforceable unless the Parties hereto agree in writing to grant an extension of the Closing Date.

5.3                  Documents to be delivered by the Company and the Vendors prior to the Closing Date.   Not later than five calendar days prior to the Closing Date, and in addition to the documentation which is required by the agreements and conditions precedent which are set forth hereinabove, the Company and the Vendors shall also execute and deliver or cause to be delivered all such other documents, resolutions and instruments as may be necessary, in the opinion of counsel for the Purchaser, acting reasonably, to transfer all of the Purchased Shares to the Purchaser free and clear of all liens, charges and encumbrances, and in particular including, but not being limited to:

(a)       a certified copy of an ordinary resolution of the shareholders of the Company and/or the Vendors, if applicable, approving the terms and conditions of this Agreement, any Formal Agreement and the transactions contemplated hereby and thereby or, in the alternative, shareholders of the Company and/or the Vendors holding over 50% of the issued shares of the Company and/or the Vendors providing written consent resolutions evidencing their approval to the terms and conditions of this Agreement, any Formal Agreement and all of the transactions contemplated thereunder together with certification of any required notice to all shareholders of the Company and/or the Vendors of such written consent resolutions;

(b)       all documentation as may be necessary and as may be required by counsel for the Purchaser, acting reasonably, to ensure that all of the Purchased Shares have been transferred, assigned and are registerable in the name of and for the benefit of the Purchaser under all applicable corporate and securities laws;

          
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(c)       certificate(s) representing the Purchased Shares registered in the name of the Vendors, duly endorsed for transfer to the Purchaser or irrevocable stock powers transferring the Purchased Shares to the Purchaser;

(d)       a certificate representing the Purchased Shares registered in the name of the Purchaser;

(e)       a certified copy of the resolutions of the Board of Directors (and of the Vendors, if applicable) of the Company authorizing the transfer by the Vendors to the Purchaser of the Purchased Shares;

(f)       a copy of all corporate records and books of account of the Company and its subsidiaries and including, without limiting the generality of the foregoing, a copy of all minute books, share register books, share certificate books and annual reports of the Company and its subsidiaries;

(g)       all necessary consents and approvals in writing to the completion of the transactions contemplated herein;

(h)       a certificate of an officer of the Company, dated as of the Closing Date, acceptable in form to counsel for the Purchaser, acting reasonably, certifying that the warranties, representations, covenants and agreements of the Company and the Vendors contained in, respectively, this Agreement and in any Formal Agreement are true and correct in all respects and will be true and correct as of the Closing Date as if made by the Company and the Vendors on the Closing Date;

(i)       the Company's Audited Financial Statements;

(j)       an opinion of counsel to the Company and the Vendors, dated as at the Closing Date, and addressed to the Purchaser and its counsel, in form and substance satisfactory to the Purchaser's counsel, acting reasonably, and including the following:

(i)       the due incorporation, existence and standing of each of the Company and its qualification to carry on business;

(ii)      the authorized and issued capital of the Company;

(iii)     that all Purchased Shares have been duly authorized and issued and are fully paid and non-assessable;

(iv)      all necessary steps and proceedings have been taken in connection with the execution, delivery and performance of this Agreement, any Formal Agreement and the transactions contemplated herein and therein, respectively; and

(v)       that the Purchased Shares have been duly issued to and registered in the name of the Purchaser in compliance with all applicable corporate and securities laws; and

(k)       all such other documents and instruments as the Purchaser's counsel may reasonably require.

5.4                  Documents to be delivered by the Purchaser prior to the Closing Date.   Not later than five calendar days prior to the Closing Date, and in addition to the documentation which is required by the agreements and conditions precedent which are set forth hereinabove, the Purchaser shall also execute and deliver or cause to be delivered all such documents, resolutions and instruments as are necessary, in the opinion of counsel for the Company and the Vendors, acting reasonably, to issue to the order and to the direction of the Vendors the Purchase Price Shares free and clear of all liens, charges and encumbrances, however, subject to the normal U.S. resale provisions applicable thereto, and in particular including, but not being limited to:

          
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	a certified copy of an ordinary resolution of the shareholders of the Purchaser approving the terms and conditions of this Agreement, any Formal Agreement and the transactions contemplated hereby and thereby or, in the alternative, shareholders of the Purchaser holding over 50% of the issued shares of the Purchaser providing written consent resolutions evidencing their approval to the terms and conditions of this Agreement, any Formal Agreement and all of the transactions contemplated thereunder together with certification of any required notice to all shareholders of the Purchaser of such written consent resolutions;

	a certified copy of the resolutions of the directors of the Purchaser providing for the approval of all of the transactions contemplated hereby and including, without limitation, each of the matters provided for in section "4.3" hereinabove;

	Share certificate(s), subject to the normal U.S. resale provisions applicable thereto, representing all of the Purchase Price Issuance Shares issued and registered to the order and to the direction of the Vendors as notified by the Vendors to the Purchaser prior to Closing in accordance with section "1.2" hereinabove;

	all necessary consents and approvals in writing to the completion of the transactions contemplated herein;

	a certificate of an officer of the Purchaser, dated as of the Closing Date, acceptable in form to counsel for the Company and the Vendors, acting reasonably, certifying that the warranties, representations, covenants and agreements of the Purchaser contained in, respectively, this Agreement and in any Formal Agreement are true and correct and will be true and correct as of the Closing Date as if made by the Purchaser on the Closing Date;

	a form of final and executable employment agreement providing for the proposed Company's Employment of Mr. Vaishnav as contemplated herein;

	written confirmation that the Purchaser has made satisfactory arrangements with all Company institutional creditors respecting the Settlement of the Company's Institutional Indebtedness as contemplated herein;

	written confirmation from the Purchaser as to the extent to which the Purchaser's Plan Administrator intends to attend to the Granting of Stock Options to such key management and employees of the Company as the Company may then designate to the Purchaser; and

	all such other documents and instruments as the Company's and the Vendors' counsel may reasonably require.

Article 6

ARBITRATION

6.1                  Matters for arbitration.   The Parties agree that all questions or matters in dispute with respect to this Agreement shall be submitted to arbitration pursuant to the terms hereof.

          
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6.2                  Notice.   It shall be a condition precedent to the right of any Party to submit any matter to arbitration pursuant to the provisions hereof that any Party intending to refer any matter to arbitration shall have given not less than two calendar days' prior written notice of its intention to do so to the other Parties together with particulars of the matter in dispute.  On the expiration of such two calendar days the Party who gave such notice may proceed to refer the dispute to arbitration as provided in section "6.3" hereinbelow.

6.3                  Appointments.   The Party desiring arbitration shall appoint one arbitrator, and shall notify the other Parties of such appointment, and the other Parties shall, within ten calendar days after receiving such notice, appoint an arbitrator, and the two arbitrators so named, before proceeding to act, shall, within five calendar days of the appointment of the last appointed arbitrator, unanimously agree on the appointment of a third arbitrator, to act with them and be chairperson of the arbitration herein provided for.  If the other Parties shall fail to appoint an arbitrator within ten calendar days after receiving notice of the appointment of the first arbitrator, and if the two arbitrators appointed by the Parties shall be unable to agree on the appointment of the chairperson, the chairperson shall be appointed under the provisions of the Commercial Arbitration Act (British Columbia) (collectively, the "Arbitration Act").  Except as specifically otherwise provided in this section, the arbitration herein provided for shall be conducted in accordance with such Arbitration Act.  The chairperson, or in the case where only one arbitrator is appointed, the single arbitrator, shall fix a time and place in Vancouver, British Columbia, Canada, for the purpose of hearing the evidence and representations of the Parties, and he shall preside over the arbitration and determine all questions of procedure not provided for under such Arbitration Act or this section.  After hearing any evidence and representations that the Parties may submit, the single arbitrator, or the arbitrators, as the case may be, shall make an award and reduce the same to writing, and deliver one copy thereof to each of the Parties.  The expense of the arbitration shall be paid as specified in the award.

6.4                  Award.   The Parties agree that the award of a majority of the arbitrators, or in the case of a single arbitrator, of such arbitrator, shall be final and binding upon each of them.

Article 7

TERMINATION

7.1                  Default.   The Parties hereto agree that if any Party hereto is in default with respect to any of the provisions of this Agreement (herein called the "Defaulting Party"), the non-defaulting Party (herein called the "Non-Defaulting Party") shall give notice to the Defaulting Party designating such default, and within 14 calendar days after its receipt of such notice, the Defaulting Party shall either:

(a)       cure such default, or commence proceedings to cure such default and prosecute the same to completion without undue delay; or

(b)       give the Non-Defaulting Party notice that it denies that such default has occurred and that it is submitting the question to arbitration as herein provided.

7.2                  Arbitration.   If arbitration is sought, a Party shall not be deemed in default until the matter shall have been determined finally by appropriate arbitration under the provisions of Article "6" hereinabove.

7.3                  Curing the default.   If:

(a)       the default is not so cured or the Defaulting Party does not commence or diligently proceed to cure the default; or

(b)       arbitration is not so sought; or

          
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(c)       the Defaulting Party is found in arbitration proceedings to be in default, and fails to cure it within five calendar days after the rendering of the arbitration award,

the Non-Defaulting Parties may, by written notice given to the Defaulting Party at any time while the default continues, terminate the interest of the Defaulting Party in and to this Agreement.

7.4                  Termination.   In addition to the foregoing it is hereby acknowledged and agreed by the Parties hereto that this Agreement will be terminated in the event that:

(a)       the entire Ratification is not received within 30 calendar days of the due and completion execution of this Agreement by each of the Parties hereto;

(b)       a Formal Agreement as between the Company, the Vendor and the Purchaser incorporating terms and conditions similar to those contained in this Agreement is not entered into on or before November 30, 2006;

(c)       either of the Parties hereto has not either satisfied or waived each of their respective conditions precedent prior to Closing in accordance with the provisions of Article "4" hereinabove;

(d)       each of the conditions specified in section "4.3" hereinabove have not been satisfied in the manner and within the time periods as specified therein;

(e)       either of the Parties hereto has failed to deliver or caused to be delivered any of their respective documents required to be delivered by Articles "4" and "5" hereinabove prior to the Closing Date in accordance with the provisions of Articles "4" and "5";

(f)       the final Closing has not occurred on or before January 31, 2007 in accordance with section "5.2" hereinabove; or

(h)       by agreement, in writing, of each of the Company, the Vendor and the Purchaser;

and in such event, unless waived by each Party hereto in advance and in writing, this Agreement will be terminated and be of no further force and effect other than the obligations under Article "8" hereinbelow.

Article 8

GENERAL PROVISIONS

8.1                  Due diligence, confidentiality and non-disclosure.   Each of the Parties shall forthwith conduct such further due diligence examination of the other Parties as it deems appropriate.  Each Party may in a reasonable manner carry out such investigations and due diligence as to the other Parties, at all times subject to the confidentiality provisions hereinbelow, as each Party deems necessary.  In that regard the Parties agree that each shall have full and complete access to the Purchaser's and the Company's books, records, financial statements and other documents, articles of incorporation, by-laws, minutes of Board of Directors' meetings and its committees, investment agreements, material contracts and as well such other documents and materials as the Vendors or the Purchaser, or their respective counsel, may deem reasonable and necessary to conduct an adequate due diligence investigation of each such Party, its respective operations and financial condition prior to the Closing Date.  Subject to the provisions hereinbelow, the Parties, for themselves, their officers, directors, shareholders, consultants, employees and agents agree that they each will not disseminate or disclose, or knowingly allow, permit or cause others to disseminate or disclose to third parties who are not subject to express or implied covenants of confidentiality, without the other Parties' express written consent, either: (i) the fact or existence of this Agreement or discussions and/or negotiations between them involving, inter alia, possible business transactions; (ii) the possible substance or content of those discussions; (iii) the possible terms and conditions of any proposed transaction; (iv) any statements or representations (whether verbal or written) made by either Party in the course of or in connection with those discussions; or (v) any written material generated by or on behalf of any Party and such contacts, other than such disclosure as may be required under applicable securities legislation or regulations, pursuant to any order of a Court or on a "need to know" basis to each of the Parties respective professional advisors.  Notwithstanding the provisions of this section, the Parties agree to make such public announcements of this Agreement promptly upon its execution in accordance with the requirements of applicable securities legislation and regulations.

          
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8.2                  Assignment, amendment and variations.   Save and except as provided herein, no Party may sell, assign, pledge or mortgage or otherwise encumber all or any part of its interest herein without the prior written consent of all of the other Parties hereto.  This Agreement and any provision thereof may only be amended in writing and only by duly authorized signatories of each of the respective Parties hereto.  It is hereby acknowledged and agreed by each of the Parties hereto that where any variation in the terms and/or conditions of this Agreement or any Formal Agreement is reasonably required by any of the Regulatory Authorities as a condition of their respective Regulatory Approval to any of the terms and conditions of this Agreement, any such reasonable variation, having first been notified to all Parties, will be deemed to be accepted by each of the Parties hereto and form part of the terms and conditions of this Agreement.  If any such Party, acting reasonably, deems any such notified variation unreasonable, that Party may, in its sole and absolute discretion, and within a period of not greater than 10 calendar days from its original notification and at its cost, make such further applications or submissions to the relevant Regulatory Authority as it considers necessary in order to seek an amendment to any such variation; provided, however, that the final determination by any such Regulatory Authority to any such application or submission by such objecting Party will be deemed binding upon such Party who must then provide notification to all other Parties as provided for hereinabove.

8.3                  Notice.   Each notice, demand or other communication required or permitted to be given under this Agreement shall be in writing and shall be sent by prepaid registered mail deposited in a post office addressed to the Party entitled to receive the same, or delivered to such Party, at the address for such Party specified above.  The date of receipt of such notice, demand or other communication shall be the date of delivery thereof if delivered, or, if given by registered mail as aforesaid, shall be deemed conclusively to be the third calendar day after the same shall have been so mailed, or 15 calendar days in the case of an addressee with an address for service in a country other than a country in which the Party giving the notice, demand or other communication resides, except in the case of interruption of postal services for any reason whatsoever, in which case the date of receipt shall be the date on which the notice, demand or other communication is actually received by the addressee.  Either Party may at any time and from time to time notify the other Parties in writing of a change of address and the new address to which notice shall be given to it thereafter until further change.

8.4                  Force majeure.   If any Party hereto is at any time prevented or delayed in complying with any provisions of this Agreement by reason of strikes, walk-outs, labour shortages, power shortages, fires, wars, acts of God, earthquakes, storms, floods, explosions, accidents, protests or demonstrations by environmental lobbyists or native rights groups, delays in transportation, breakdown of machinery, inability to obtain necessary materials in the open market, unavailability of equipment, governmental regulations restricting normal operations, shipping delays or any other reason or reasons beyond the control of that Party, then the time limited for the performance by that Party of its respective obligations hereunder shall be extended by a period of time equal in length to the period of each such prevention or delay.  A Party shall, within seven calendar days, give notice to the other Parties of each event of force majeure under this and, upon cessation of such event, shall furnish the other Parties with notice of that event together with particulars of the number of days by which the obligations of that Party hereunder have been extended by virtue of such event of force majeure and all preceding events of force majeure.

8.5                  Entire Agreement.   This Agreement constitutes the entire agreement to date between the Parties hereto and supersedes every previous agreement, communication, expectation, negotiation, representation or understanding, whether oral or written, express or implied, statutory or otherwise, between the Parties with respect to the subject matter of this Agreement.

          
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8.6                  Enurement.   This Agreement will enure to the benefit of and will be binding upon the Parties, their respective heirs, executors, administrators and assigns.

8.7                  Time of the essence.   Time will be of the essence of this Agreement.

8.8                  Representation and costs.   It is hereby acknowledged by each of the Parties hereto that Lang Michener LLP, Lawyers - Patent & Trade Mark Agents, acts solely for the Purchaser, and, correspondingly, that each of the Vendor and the Company has been required by each of Lang Michener LLP and the Purchaser to obtain independent legal advice with respect to their respective reviews and execution of this Agreement.  Each Party to this Agreement will also bear and pay its own costs, legal and otherwise, in connection with its respective preparation, review and execution of this Agreement and, in particular, that the costs involved in the preparation of this Agreement, and all documentation necessarily incidental thereto, by Lang Michener LLP shall be at the cost of the Purchaser.

8.9                  Applicable law.   The situs of this Agreement is Vancouver, British Columbia, Canada, and, subject to the following, the terms and conditions of this Agreement will be governed exclusively by and construed and enforced in accordance with the laws and Courts prevailing in the Province of British Columbia and the federal laws of Canada applicable therein.  In addition, and to the extent required by the laws of India and any government approvals required therefore, the entering into of this Agreement, together with the enforceability and closing of any Formal Agreement, will be subject, at all times, to the laws of the State of Gujarat, India, together with the federal laws of India applicable therein.

8.10               Further assurances.   The Parties hereto hereby, jointly and severally, covenant and agree to forthwith, upon request, execute and deliver, or cause to be executed and delivered, such further and other deeds, documents, assurances and instructions as may be required by the Parties hereto or their respective counsel in order to carry out the true nature and intent of this Agreement.

8.11               Severability and construction.   Each Article, section, paragraph, term and provision of this Agreement, and any portion thereof, shall be considered severable, and if, for any reason, any portion of this Agreement is determined to be invalid, contrary to or in conflict with any applicable present or future law, rule or regulation in a final unappealable ruling issued by any court, agency or tribunal with valid jurisdiction in a proceeding to any of the Parties hereto is a party, that ruling shall not impair the operation of, or have any other effect upon, such other portions of this Agreement as may remain otherwise intelligible (all of which shall remain binding on the Parties and continue to be given full force and agreement as of the date upon which the ruling becomes final).

8.12               Captions.   The captions, section numbers and Article numbers appearing in this Agreement are inserted for convenience of reference only and shall in no way define, limit, construe or describe the scope or intent of this Agreement nor in any way affect this Agreement.

8.13               Counterparts.   This Agreement may be signed by the Parties hereto in as many counterparts as may be necessary, and via facsimile if necessary, each of which so signed being deemed to be an original and such counterparts together constituting one and the same instrument and, notwithstanding the date of execution, being deemed to bear the effective execution date as set forth on the front page of this Agreement.

8.14               Consents and waivers.   No consent or waiver expressed or implied by either Party in respect of any breach or default by the other in the performance by such other of its obligations hereunder shall:

(a)       be valid unless it is in writing and stated to be a consent or waiver pursuant to this section;

          
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(b)       be relied upon as a consent to or waiver of any other breach or default of the same or any other obligation;

(c)       constitute a general waiver under this Agreement; or

(d)       eliminate or modify the need for a specific consent or waiver pursuant to this section in any other or subsequent instance.

ACCEPTANCE AND EXECUTION

                    It is expressly understood and agreed that as soon as practicable after the execution of this Agreement the undersigned will use their best efforts to enter into a Formal Agreement incorporating the terms and conditions hereof, in addition to normal share purchase terms and conditions, and the undersigned hereto hereby, jointly and severally, covenant and agree to forthwith, upon request, execute and deliver, or cause to be executed and delivered, such further and other deeds, documents, assurances and instructions as may be required by the undersigned hereto or their respective counsel in order to carry out the true nature and intent of this Agreement and any such any Formal Agreement.  At all times the undersigned hereto acknowledge and agree that the completion of any such Formal Agreement is subject to the prior ratification and approval of the terms and conditions of any such Formal Agreement by the Board of Directors and, if applicable, shareholders of the Purchaser and the Vendors, each of the Vendors and such Regulatory Authorities as may have jurisdiction over the Purchaser, the Company and the Vendor.

                    Please acknowledge your acceptance of the general terms of this Agreement by kindly executing the same in the space provided hereinbelow.  This offer is only open for acceptance until 5:00 p.m. (Vancouver, British Columbia, time) on October 20, 2006.

Yours very truly,

MIV THERAPEUTICS, INC.

Per:

/s/ Dr. I. Mark Landy

_________________________________________________

Dr. I. Mark Landy, President and a director of the Purchaser

The within offer and terms of this Agreement are hereby accepted by each of the Company and the within Vendor effective on this 17th day of October, 2006 in Mumbai India:

BIOSYNC SCIENTIFIC PVT. LTD.

Per:

/s/ Rajesh Vaishnav

_________________________________________________

Rajesh Vaishnav, Authorized Signatory for the Company

RAJESH VAISHNAV

The Vendor herein

__________Exhibit 4.1

    
      
        

      

    

    Exhibit
      4.1

     

    AMERICA’S
      CAR-MART, INC.

     

    EMPLOYEE
      STOCK PURCHASE PLAN

     

    1.  PURPOSE.
      The purpose of the AMERICA’S CAR-MART Employee Stock Purchase Plan (the “Plan”)
      is to provide eligible employees with an incentive to advance the interests
      of
      AMERICA’S CAR-MART, INC., a Texas corporation (the “Company”) by affording them
      an opportunity to purchase stock of the Company at a favorable
      price.

     

    2.  ADMINISTRATION
      OF THE PLAN. The Plan shall be administered by the Compensation and Stock Option
      Committee of the Company (the “Committee”) as appointed by the Board of
      Directors of the Company (the “Board”). In the absence of such appointment, the
      Board shall serve as the Committee. Subject to the provisions of the Plan,
      the
      Committee shall interpret and construe the Plan and all options granted under
      the Plan, shall make such rules as it deems necessary for the proper
      administration of the Plan, shall make all other determinations necessary or
      advisable for the administration of the Plan, including the determination of
      eligibility to participate in the Plan and the amount of a Participant’s option
      under the Plan, and shall correct any defect or supply any omission or reconcile
      any inconsistency in the Plan or in any option granted under the Plan in the
      manner and to the extent that the Committee deems desirable to carry the Plan
      or
      any option into effect. The Committee shall, in its sole discretion exercised
      in
      good faith, make such decisions or determinations and take such actions as
      it
      deems appropriate, and all such decisions, determinations and actions taken
      or
      made by the Committee pursuant to this and the other paragraphs of the Plan
      shall be conclusive on all parties. The Committee shall not be liable for any
      decision, determination or action taken in good faith in connection with the
      administration of the Plan. The Committee may approve the use of a voice
      response system or on-line administration system through which Eligible
      Employees and the Committee may act under the Plan, as an alternative to written
      forms, notices and elections.

     

    3.  PARTICIPATING
      COMPANIES. Each present and future parent or subsidiary corporation of the
      Company (within the meaning of Sections 424(e) and (f) of the Internal Revenue
      Code of 1986, as amended (the “Code”)) that is eligible by law to participate in
      the Plan shall be a “Participating Company” during the period that such
      corporation is such a parent or subsidiary corporation; provided, however,
      that
      (a) the Committee may at any time and from time to time, in its sole discretion,
      terminate a Participating Company’s Plan participation and (b) any foreign
      parent or subsidiary corporation of the Company shall be eligible to participate
      in the Plan only upon approval of the Committee. Any Participating Company
      may,
      by appropriate action of its Board of Directors, terminate its participation
      in
      the Plan. Transfer of employment among the Company and Participating Companies
      (and among any other parent or subsidiary corporation of the Company) shall
      not
      be considered a termination of employment hereunder.

     

    4.  ELIGIBILITY.
      All employees of the Company and the Participating Companies who are employed
      by
      the Company or any Participating Company (including any predecessor entity)
      for
      the applicable “Service Period” (defined below in this paragraph 4) as of the
      applicable “Date of Grant” (defined below in paragraph 6) and who are
      customarily employed at least 20 hours per week and at least five months per
      year shall be eligible to participate in the Plan as of the first day of the
      next calendar quarter; provided, however, that no option shall be granted to
      an
      employee if such employee, immediately after the option is granted, owns stock
      possessing 5% or more of the total combined voting power or value of all classes
      of stock of the Company or of its parent or subsidiary corporations (within
      the
      meaning of Sections 423(b)(3) and 424(d) of the Code) (“Eligible Employee”).
“Service Period” means the period of service (including any authorized leave of
      absence meeting the requirements of Treasury Regulation §1.421-7(h)(2)) that an
      employee of the Company or a Participating Company must complete to be eligible
      to begin participating in the Plan. The applicable Service Period is 12 months.
      

     

    5.  STOCK
      SUBJECT TO THE PLAN. Subject to the provisions of paragraph 12 (relating to
      adjustment upon changes in stock), the aggregate number of shares which may
      be
      sold pursuant to options granted under the Plan shall not exceed two hundred
      thousand (200,000) shares of the authorized $0.01 par value common stock of
      the
      Company (“Stock”), which shares may be unissued shares or reacquired shares or
      shares bought on the market for purposes of the Plan. Should any option granted
      under the Plan expire or terminate prior to its exercise in full, the shares
      theretofore subject to such option may again be subject to an option granted
      under the Plan. Any shares of Stock which are not subject to outstanding options
      upon the termination of the Plan shall cease to be subject to the
      Plan.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      6.   GRANT
        OF
        OPTIONS. (a)
        GENERAL
        STATEMENT; “DATE OF GRANT”; “OPTION PERIOD”; “DATE OF EXERCISE”. Upon the
        effective date of the Plan and continuing while the Plan remains in force,
        the
        Company shall offer options under the Plan to all Eligible Employees to purchase
        shares of Stock. Except as otherwise determined by the Committee, these options
        shall be granted on the first day of the first payroll period beginning on
        or
        after the first day of January and July of each subsequent year (each of
        which
        dates is herein referred to as a “Date of Grant”). The term of each option
        granted shall be for a six (6) month period ending on June 30 or December
        31
        (each such six (6) month period is herein referred to as an “Option Period”).
        The last day of each Option Period is herein referred to as a “Date of
        Exercise.” The number of whole and fractional shares subject to each option
        shall be the quotient of the sum of the payroll deductions withheld on behalf
        of
        each Participant in accordance with subparagraph 6(b) and the payments made
        by
        such Participant pursuant to subparagraph 6(f) during the Option Period divided
        by the “Option Price” (defined in subparagraph 7(b)) of the Stock.

    

     

    
      (b)    ELECTION
        TO PARTICIPATE; DEDUCTION AUTHORIZATION. Except as provided in subparagraph
        6(f), an Eligible Employee may participate in the Plan only by means of payroll
        deduction. Except as provided in subparagraph 6(g), each Eligible Employee
        who
        elects to participate in the Plan (a “Participant”) shall deliver to the
        Company, within the time period prescribed by the Committee, a written payroll
        deduction authorization on a form proscribed by the Committee whereby he
        gives
        notice of his election to participate in the Plan as of the next following
        Date
        of Grant, and whereby he designates an integral percentage or specific amount
        (as determined by the Committee) of his “Eligible Compensation” (as defined in
        subparagraph 6(d)) to be deducted from his compensation for each pay period
        and
        credited to a book entry account established in his name. The designated
        percentage or specific amount may not result in a deduction during any payroll
        period of an amount less than $20.00. The designated percentage or specific
        amount may not exceed either of the following: (i) 100% of the amount of
        Eligible Compensation (after taxes and any other authorized payroll deductions
        are withheld) from which the deduction is made; or (ii) an amount which will
        result in noncompliance with the limitations stated in subparagraph
        6(e).

    

     

    
      (c)    CHANGES
        IN PAYROLL AUTHORIZATION. Except as provided in subparagraph 8(a), the payroll
        deduction authorization referred to in subparagraph 6(b) may not be changed
        during the Option Period.

    

     

    
      (d)    “ELIGIBLE
        COMPENSATION” DEFINED. The term “Eligible Compensation” means the gross (before
        taxes and other authorized payroll deductions are withheld) total of all
        wages,
        salaries, commissions, overtime and bonuses received during the Option Period,
        but shall not include (i) employer contributions to or payments from any
        deferred compensation program, whether such program is qualified under Section
        401(a) of the Code (other than amounts considered as employer contributions
        under Section 402(e)(3) of the Code) or nonqualified, (ii) amounts realized
        from
        the receipt or exercise of a stock option that is not an incentive stock
        option
        within the meaning of Section 422 of the Code, (iii) amounts realized at
        the
        time property described in Section 83 of the Code is freely transferable
        or no
        longer subject to a substantial risk of forfeiture, (iv) amounts realized
        as a
        result of an election described in Section 83(b) of the Code, and (v) amounts
        realized as a result of a disqualifying disposition within the meaning of
        Section 421(b) of the Code.

    

     

    
      (e)    $25,000
        LIMITATION. No Eligible Employee shall be granted an option under the Plan
        to
        the extent such grant would permit his rights to purchase Stock under the
        Plan
        and under all other employee stock purchase plans of the Company and its
        parent
        and subsidiary corporations (as such terms are defined in Section 424(e)
        and (f)
        of the Code) to accrue at a rate which exceeds, in any one calendar year
        in
        which any such option granted to such employee is outstanding at any time
        (within the meaning of Section 423(b)(8) of the Code) $25,000 of the Fair
        Market
        Value of Stock (determined at the time the option is granted).

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      (f)    LEAVES
        OF
        ABSENCE. The Participant’s employment relationship in respect of any option
        granted under this Plan will be treated as continuing intact while the
        Participant is on military, sick leave or other bona fide leave of absence
        if
        such leave does not exceed ninety (90) days or, if longer, such period during
        which the Participant continues to be guaranteed reemployment rights by statute
        or contract as described in Treasury Regulation Section 1.421-7(h)(2).
        Participant takes an unpaid leave of absence, then such Participant may not
        make
        additional contributions under the Plan while on unpaid leave of absence
        (except
        to the extent of any Eligible Compensation paid during such leave), and the
        Participant’s payroll deductions for the applicable Option Period shall remain
        subject to the Plan and used to exercise options on the next following Date
        of
        Exercise. 

    

     

    
      (g)    CONTINUING
        ELECTION. A Participant (i) who has elected to participate in the Plan pursuant
        to subparagraph 6(b) as of a Date of Grant and (ii) who takes no action to
        change or revoke such election as of the next following Date of Grant and/or
        with respect to any subsequent Date of Grant prior to any such respective
        Date
        of Grant, shall be deemed to have made the same election, including the same
        payroll deduction authorization for such next following and/or subsequent
        date(s) of grant as was in effect for the Date of Grant for which he made
        such
        election to participate. A Participant who wants to discontinue participation
        in
        the Plan for a subsequent Option Period shall deliver to the Company a notice
        of
        withdrawal, on a form proscribed by the Committee, at least thirty (30) days
        prior to the beginning of the Option Period.

    

     

    7.    EXERCISE
      OF OPTIONS. (a)
      General
      Statement. Each Participant in the Plan, automatically and without any act
      on
      his part, shall be deemed to have exercised his option on each Date of Exercise
      to the extent that the cash balance then in his account under the Plan is
      sufficient to purchase at the “Option Price” (as defined in subparagraph 7(b))
      whole shares of Stock. 

     

    
      (b)     “OPTION
        PRICE” DEFINED. The Option Price per share of Stock to be paid by each
        Participant on each exercise of his option shall be an amount equal to 85%
        of
        the Fair Market Value of the Stock on the Date of Exercise. For all purposes
        under the Plan, the “Fair Market Value” of a share of Stock means, for a
        particular day:

    

     

    
      	
            	(i)	
              If
                shares of Stock of the same class are listed or admitted to unlisted
                trading privileges on any national or regional securities exchange
                at the
                date of determining the Fair Market Value, then the last reported
                sale
                price, regular way, on the composite tape of that exchange on that
                business day or, if no such sale takes place on that business day,
                the
                average of the closing bid and asked prices, regular way, in either
                case
                as reported in the principal consolidated transaction reporting system
                with respect to securities listed or admitted to unlisted trading
                privileges on that securities exchange or, if no such closing prices
                are
                available for that day, the last reported sale price, regular way,
                on the
                composite tape of that exchange on the last business day before the
                date
                in question; or

            

    

     

    
      	
            	(ii)	
              If
                subparagraph (i) does not apply and if sales prices for shares of
                Stock of
                the same class in the over-the-counter market are reported by the
                National
                Association of Securities Dealers, Inc. Automated Quotations, Inc.
                (“NASDAQ”) National Market System (or a similar system then in use) at the
                date of determining the Fair Market Value, then the last reported
                sales
                price so reported on that business day or, if no such sale takes
                place on
                that business day, the average of the high bid and low asked prices
                so
                reported or, if no such prices are available for that day, the last
                reported sale price so reported on the last business day before the
                date
                in question; or

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
            	(iii)	
              If
                subparagraphs (i) and (ii) do not apply and if bid and asked prices
                for
                shares of Stock of the same class in the over-the-counter market
                are
                reported by NASDAQ (or, if not so reported, by the National Quotation
                Bureau Incorporated) at the date of determining the Fair Market Value,
                then the average of the high bid and low asked prices on that business
                day
                or, if no such prices are available for that day, the average of
                the high
                bid and low asked prices on the last business day before the date
                in
                question; or

            

    

     

    
      	
            	(iv)	
              If
                subparagraphs (i) (ii), and (iii) do not apply at the date of determining
                the Fair Market Value, then the value determined in good faith by
                the
                Committee, which determination shall be conclusive for all purposes;
                or

            

    

     

    
      	
            	(v)	
              If
                subparagraphs (i), (ii), or (iii) apply, but the volume of trading
                is so
                low that the Board determines in good faith that such prices are
                not
                indicative of the fair value of the Stock, then the value determined
                in
                good faith by the Committee, which determination shall be conclusive
                for
                all purposes notwithstanding the provisions of subparagraphs (i),
                (ii) or
                (iii).

            

    

     

    
      (c)    DELIVERY
        OF SHARE CERTIFICATES. As soon as practicable after each Date of Exercise,
        the
        Company shall issue one or more certificates representing the total number
        of
        whole and fractional shares of Stock respecting options exercised by all
        of the
        Eligible Employees under this Plan during such Option Period. Any such
        certificate shall be held by the Company (or its agent) and may be held in
        street name. If the Company issues a certificate representing the shares
        of more
        than one Eligible Employee, the Company shall keep accurate records of the
        beneficial interests of each Eligible Employee in each such certificate by
        means
        of a Company stock account. Each Eligible Employee shall be provided with
        such
        periodic statements as may be directed by the Committee reflecting all activity
        in any such Company stock account. In the event the Company is required to
        obtain from any commission or agency the authority to issue any such
        certificate, the Company shall seek to obtain such authority. Inability of
        the
        Company to obtain from any such commission or agency the authority which
        counsel
        for the Company deems necessary for the lawful issuance of any such certificate
        shall relieve the Company from liability to any Participant in the Plan except
        to return to him the amount of the balance in his account. A Participant
        may, on
        the form proscribed by the Committee, request the Company to deliver to such
        Participant a certificate issued in his name representing all or a part of
        the
        aggregate whole number of shares of Stock then held by the Company on his
        behalf
        under the Plan. Further, as soon as administratively practicable following
        the
        termination of a Participant’s employment with the Company and its parent or
        subsidiary corporations for any reason whatsoever, the Company shall deliver
        to
        such employee a certificate issued in his name representing the aggregate
        whole
        number of shares of Stock then held by the Company on his behalf under the
        Plan.
        At any time when a certificate is issued to a Participant for shares of Stock
        the Plan shall also send to the Participant a check for fractional shares
        of
        Stock then held on his behalf under the Plan. 

    

     

    While
      shares of Stock are held by the Company (or its agent), such shares may not
      be
      sold, assigned, pledged, exchanged, hypothecated or otherwise transferred,
      encumbered or disposed of by the employee who has purchased such shares;
      provided, however, that such restriction shall not apply to the transfer of
      such
      shares of Stock pursuant to (i) a plan of reorganization of the Company, but
      the
      stock, securities or other property received in exchange therefor shall be
      held
      by the Company pursuant to the provisions hereof or (ii) a divorce.

     

    The
      Committee may cause the Stock certificates issued in connection with the
      exercise of options under the Plan to bear such legend or legends, and the
      Committee may take such other actions, as it deems appropriate in order to
      reflect the provisions of this subparagraph 7(c) and to assure compliance with
      applicable securities laws. Neither the Company nor the Committee shall have
      any
      liability with respect to a delay in the delivery of a Stock certificate
      pursuant to this subparagraph 7(c).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      (d)    HOLDING
        PERIOD. A Participant may not dispose of (in any manner including assignment
        or
        hypothecation) shares of Stock acquired under this Plan until the later of
        twelve (12) months following the Date of Exercise of such shares or twenty-four
        (24) months following the Date of Grant for such shares (the “Holding Period”),
        regardless of whether the Participant is issued the applicable share
        certificates or whether the Company, or its agent, retains the share
        certificates; provided, however, the Holding Period with respect to a
        Participant’s shares of Stock shall expire upon such earlier date and to the
        extent that the Committee determines, in its sole discretion, that such
        Participant would otherwise have qualified for a hardship distribution from
        the
        Company’s 401(k) Plan. Upon the expiration of the Holding Period for any share
        of Stock, the Participant may dispose of such Stock as long as such disposition
        complies with all applicable securities laws. At the sole discretion of the
        Company, share certificates may bear a legend describing the restriction
        set
        forth in this subparagraph 7(d).

    

    

    
      
        (e)    INSUFFICIENCY
          OF SHARES AVAILABLE FOR ISSUANCE. If the total number of shares of Stock
          remaining available for issuance pursuant to paragraph 5 (the “Share
          Availability”) is less than the total number of shares of Stock that could
          otherwise be acquired pursuant to all options for a given Option Period,
          after
          application of the limitations in paragraphs 6(a), 6(b) and 6(e) (but not
          this
          paragraph 7(e)) (the “Total Share Limit”), then the number of shares of Stock
          that could otherwise be acquired pursuant to each option for the given
          Option
          Period shall be reduced such that the ratio of the total number of shares
          of
          Stock that could be acquired pursuant to each option for the given Option
          Period, after adjustments for the limitations in paragraphs 6(a), 6(b)
          and 6(e)
          (but not this paragraph 7(e)), to the Total Share Limit, equals the ratio
          of the
          total number of shares that may be acquired pursuant to each option for
          the
          given Option Period, after adjustments for the limitations in paragraphs
          6(a),
          6(b), 6(e) and this paragraph 7(e), to the Share Availability. If the
          application of the adjustment provided in this paragraph 7(e) entitles
          an
          Eligible Employee to an option for a fraction of a share of Stock, the
          Eligible
          Employee’s payroll deductions that would be used to purchase that fractional
          share of Stock shall be returned to the Eligible Employee as soon as
          administratively practicable.

      

    

    

    8.    WITHDRAWAL
      FROM THE PLAN. (a)
      GENERAL
      STATEMENT. Any Participant may withdraw in whole from the Plan at any time
      prior
      to thirty (30) days before the exercise date relating to a particular Option
      Period. Partial withdrawals shall not be permitted. A Participant who wishes
      to
      withdraw from the Plan must timely deliver to the Company a notice of withdrawal
      on a form proscribed by the Committee. The Company, promptly following the
      time
      when the notice of withdrawal is delivered, shall refund to the Participant
      the
      amount of the cash balance in his account under the Plan; and thereupon,
      automatically and without any further act on his part, his payroll deduction
      authorization and his interest in unexercised options under the Plan shall
      terminate.

     

    
      (b)    ELIGIBILITY
        FOLLOWING WITHDRAWAL. A Participant who withdraws from the Plan shall not
        be
        eligible to participate in the Plan during the then current Option Period,
        but
        shall be eligible to participate again in the Plan in a subsequent Option
        Period
        (provided that he is otherwise eligible to participate in the Plan at such
        time
        and complies with the enrollment procedures).

    

     

    9.    TERMINATION
      OF EMPLOYMENT. If the employment of a Participant terminates for any reason
      whatsoever (including death), his participation in the Plan automatically and
      without any act on his part shall terminate as of the date of the termination
      of
      his employment. The Company shall refund to him the amount of the cash balance
      in his account under the Plan, and thereupon his interest in unexercised options
      under the Plan shall terminate. Notwithstanding the preceding provisions of
      this
      paragraph 9, if a Participant’s employment terminates within the last two weeks
      of an Option Period, the Participant’s participation in the Plan shall not
      automatically terminate until the end of the Option Period and such Participant
      shall be deemed to have exercised his options at the end of the Option Period
      pursuant to paragraph 7, unless the Participant has timely elected to withdraw
      in whole from the Plan as provided in paragraph 8, in which case the preceding
      sentence shall apply.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    10.         
      RESTRICTION
      UPON ASSIGNMENT OF OPTION. An option granted under the Plan shall not be
      transferable otherwise than by will or the laws of descent and distribution.
      Each option shall be exercisable, during his lifetime, only by the employee
      to
      whom granted. The Company shall not recognize and shall be under no duty to
      recognize any assignment or purported assignment by an employee of his option
      or
      of any rights under his option, and any such attempt may be treated by the
      Company as an election to withdraw from the Plan.
      The
      designation of a beneficiary in accordance with paragraph 11 shall not
      constitute an assignment for purposes of this paragraph.

     

    11.     
          DESIGNATION
      OF BENEFICIARY. A Participant may file a written designation of a beneficiary
      who is to receive any shares and cash to the Participant’s credit under the Plan
      in the event of such Participant’s death prior to delivery to him of such shares
      and cash. Such designation of beneficiary may be changed by the Participant
      at
      any time by written notice during Participant’s lifetime. Upon the death of a
      Participant and upon receipt by the Company of proof of the identity and
      existence at the Participant’s death of a beneficiary validly designated by him
      under the Plan, the Company shall deliver such shares and cash to such
      beneficiary. In the event of the death of the Participant and in the absence
      of
      a beneficiary validly designated under the Plan who is living at the time of
      such Participant’s death, the Company shall deliver such shares and cash to the
      executor or administrator of the estate of the Participant, or if no such
      executor or administrator has been appointed (to the knowledge of the Company)
      the Company shall deliver such shares and cash to the applicable court having
      jurisdiction over the administration of such estate. No designated beneficiary
      shall, prior to the death of the Participant by whom he has been designated,
      acquire any interest in the shares or cash credited to the Participant under
      the
      Plan.

     

    12.         
      NO
      RIGHTS
      OF STOCKHOLDER UNTIL CERTIFICATE ISSUES. With respect to shares of Stock subject
      to an option, a Participant shall not be deemed to be a stockholder, and he
      shall not have any of the rights or privileges of a stockholder. A Participant
      shall have the rights and privileges of a stockholder upon, but not until,
      a
      certificate for shares has been issued following exercise of his option. With
      respect to a Participant’s Stock held by the Company (or its agent) pursuant to
      subparagraph 7(c), the Company shall, as soon as practicable and in accordance
      with applicable law, pay the Participant any cash dividends attributable thereto
      and facilitate the Participant’s voting rights attributable
      thereto.

     

    13.          CHANGES
      IN STOCK; ADJUSTMENTS. Whenever any change is made in the Stock, by reason
      of a
      stock dividend or by reason of subdivision, stock split, reverse stock split,
      recapitalization, reorganization, combinations, reclassification of shares,
      or
      other similar change, appropriate action will be taken by the Committee to
      appropriately adjust the number of shares subject to the Plan, the maximum
      number of shares that may be subject to any option, and the number and Option
      Price of shares subject to options outstanding under the Plan. 

     

    Upon
      the
      occurrence of a Change in Control, unless a surviving corporation assumes or
      substitutes new options (within the meaning of Section 424(a) of the Code)
      for
      all options then outstanding or the Committee elects to continue the options
      then outstanding without change, the Date of Exercise for all options then
      outstanding shall be accelerated to a date fixed by the Committee prior to
      the
      effective date of such Change in Control. 

    

    “Change
      in Control” means the occurrence of any of the following events: 

    

    
      (i)    The
        agreement to acquire or tender offer for beneficial ownership (within the
        meaning of Rule
        13d-3
        promulgated under the Securities Exchange Act of 1934 (“Exchange Act”) by any
        individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
        of the Exchange Act) (a “Person”), of 50% or more of either (x) the then
        outstanding shares of Common Stock of the Company (the “Outstanding Company
        Common Stock”) or (y) the combined voting power of the then outstanding voting
        securities of the Company entitled to vote generally in the election of
        directors (the “Outstanding Company Voting Securities”); provided, however, that
        for purposes of this subsection (i), the following acquisitions shall not
        constitute a Change in Control: (A) any acquisition directly from the Company,
        (B) any acquisition by the Company, (C) any acquisition by any employee benefit
        plan (or related trust) sponsored or maintained by the Company or
        any corporation
        controlled by the Company or (D) any acquisition by any corporation pursuant
        to
        a transaction which complies with clauses (A), (B) and (C) of paragraph (iii)
        below; or

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      (ii)        
        Completion
        of a reorganization, merger or consolidation or sale or other disposition
        of all
        or substantially all of the assets of the Company or an acquisition of assets
        of
        another corporation (a “Business Combination”), in each case, unless, following
        such Business Combination, (A) all or substantially all of the individuals
        and
        entities who were the beneficial owners, respectively, of the Outstanding
        Company Common Stock and Outstanding Company Voting Securities immediately
        prior
        to such Business Combination beneficially own, directly or indirectly, more
        than
        50% of, respectively, the then outstanding shares of common stock and the
        combined voting power of the then outstanding voting securities entitled
        to vote
        generally in the election of directors, as the case may be, of the corporation
        resulting from such Business Combination (including, without limitation,
        a
        corporation which as a result of such transaction owns the Company, or all
        or
        substantially all of the Company’s assets either directly or through one or more
        subsidiaries) in substantially the same proportions as their ownership,
        immediately prior to such Business Combination, of the Outstanding Company
        Common Stock and Outstanding Company Voting Securities, as the case may be,
        (B)
        no Person (excluding any employee benefit plan (or related trust) of the
        Company
        or the corporation resulting from such Business Combination) beneficially
        owns,
        directly or indirectly, 20% or more of, respectively, the then outstanding
        shares of common stock of the corporation resulting from such Business
        Combination or the combined voting power of the then outstanding voting
        securities of such corporation except to the extent that such ownership of
        the
        Company existed prior to the Business Combination, and (C) at least a majority
        of the members of the board of directors of the corporation resulting from
        such
        Business Combination were members of the Incumbent Board at the time of the
        execution of the initial agreement, or of the action of the Board, providing
        for
        such Business Combination; or

    

    

    
      (iii)      
         Completion
        of a total liquidation or dissolution of the Company approved by the
        stockholders of the Company. 

    

    

    14.         
      USE
      OF
      FUNDS; NO INTEREST PAID. All funds received or held by the Company under the
      Plan shall be included in the general funds of the Company free of any trust
      or
      other restriction, and may be used for any corporate purpose. No interest shall
      be paid to any Participant or credited to his account under the
      Plan.

     

    15.         
      TERM
      OF
      THE PLAN. Subject to stockholder approval, additional shares of Stock may be
      made available for issuance pursuant to the Plan. Options relating to such
      additional shares may be granted prior to obtaining the requisite stockholder
      approval; provided, however, that no such options shall be exercisable prior
      to
      stockholder approval and if stockholder approval is not obtained within 12
      months of the grant of such options the options shall be cancelled, without
      Participant recourse except that any payroll deductions related to the options
      shall be returned to the applicable Participants.

     

    16.         
      AMENDMENT
      OR TERMINATION THE PLAN. The Board in its discretion may terminate the Plan
      at
      any time with respect to any shares for which options have not theretofore
      been
      granted. The Committee shall have the right to alter or amend the Plan or any
      part thereof from time to time without the approval of the stockholders of
      the
      Company; provided, that no change in any option theretofore granted, other
      than
      a change determined by the Committee to be necessary to comply with applicable
      law, may be made which would impair the rights of the Participant without the
      consent of such Participant; and provided, further, that the Committee may
      not
      make any alteration or amendment which would increase the aggregate number
      of
      shares which may be issued pursuant to the provisions of the Plan (other than
      as
      a result of the anti-dilution provisions of the Plan), change the class of
      individuals eligible to receive options under the Plan, or cause options issued
      under the Plan to fail to meet the requirements for employee stock purchase
      plans as defined in Section 423 of the Code without the approval of the
      stockholders of the Company.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    17.         
      SECURITIES
      LAWS. The Company shall not be obligated to issue any Stock pursuant to any
      option granted under the Plan at any time when the shares covered by such option
      have not been registered under the Securities Act of 1933, as amended, and
      such
      other state and federal laws, rules or regulations as the Company or the
      Committee deems applicable and, in the opinion of legal counsel for the Company,
      there is no exemption from the registration requirements of such laws, rules
      or
      regulations available for the issuance and sale of such shares. Further, all
      Stock acquired pursuant to the Plan shall be subject to the Company’s policy or
      policies, if any, concerning compliance with securities laws and regulations,
      as
      the same may be amended from time to time.

     

    18.         
      NO
      RESTRICTION ON CORPORATE ACTION. Nothing contained in the Plan shall be
      construed to prevent the Company or any subsidiary from taking any corporate
      action which is deemed by the Company or such subsidiary to be appropriate
      or in
      its best interest, whether or not such action would have an adverse effect
      on
      the Plan or any grant made under the Plan. No employee, beneficiary or other
      person shall have any claim against the Company or any subsidiary as a result
      of
      any such action.

     

    EXECUTED
      this ____ day of _______________.

     

    
      	 	 	 
	 	
              AMERICA’S
                CAR MART, INC., a Texas corporation

            
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]