Document:

exv10w14

Exhibit
10.14

AMENDMENT AND RESTATEMENT OF

THE LICENSE AGREEMENT BETWEEN

UNIVERSITY OF UTAH RESEARCH FOUNDATION

AND

TECHNISCAN, INC., SUCCESSOR-IN-INTEREST TO

DR. STEVEN A. JOHNSON

DATED AUGUST 28,1984

     THIS AMENDMENT AND RESTATEMENT, hereinafter referred to as “AGREEMENT,” of a certain License
Agreement is made and is effective as of January 10, 2002, by and between the University of Utah
Research Foundation, having a principal place of business at 615 Arapeen Dr., Suite 110, Salt Lake
City, UT 84108, hereinafter referred to as “LICENSOR” and TECHNISCAN, INC., a Utah corporation, as
successor in interest to STEVEN A. JOHNSON, having its principal place of business at 350 West 800
North, Suite 100, Salt Lake City, UT 84103, hereinafter referred to as “LICENSEE.”

W I T N E S S E T H:

     WHEREAS, LICENSOR and STEVEN A. JOHNSON have entered into a License Agreement dated August 28,
1984, in which TECHNISCAN, INC. is the successor-in-interest to STEVEN A. JOHNSON, and

     WHEREAS, LICENSOR AND LICENSEE would both like to amend and restate this License Agreement to
better reflect the interests of LICENSOR and LICENSEE;

     WHEREAS, LICENSOR desires that the PATENT RIGHTS as defined in the Agreement be developed and
utilized to the fullest extent so that its benefits can be enjoyed by the general public;

     WHEREAS, the PATENT RIGHTS were developed in the course of research sponsored in part by the
U.S. Government, and as a consequence may be subject to overriding obligations of LICENSOR to the
U.S. Government;

     NOW THEREFORE, for and in consideration of the covenants, conditions and undertakings
hereinafter set forth, the parties hereby agree as follows:

     1. In consideration for this AGREEMENT and payment in full satisfaction of any and all
royalties, fees or other charges due, owing or otherwise payable to LICENSOR by LICENSEE, now or in
the future, LICENSEE shall issue to LICENSOR 357,143 shares of its voting common stock. This
AGREEMENT shall be in full force and effect from the date of payment of said stock (hereinafter
“EFFECTIVE DATE”).

     2. In acquiring said shares of stock LICENSOR acknowledges that it is a long standing
shareholder of LICENSEE, that it is familiar with the history and business of LICENSEE, that it has
had an opportunity to ask questions and receive answers from representatives of LICENSEE regarding
the terms and conditions of this investment, including the opportunity to inspect LICENSEE’S
organizational documents, books and records, that LICENSOR is experienced and knowledgeable in
financial, investment and business matters and can bear the economic risk, including the total
loss, of this investment, that it understands that said stock has not been and will not be
registered under the Securities Act of 1933 but is being issued in reliance on exemptions for
private offerings under said Act and applicable state laws, and that it is acquiring said stock for
its own account, for investment purposes only, and not with a view to the resale or distribution of
said stock. LICENSOR understands that there is no public market for said shares and that a public
market may never develop. LICENSOR further understands that LICENSEE is under no obligation to
register said shares on its behalf or to assist LICENSOR in complying with any exemption from
registration under Federal or state securities laws.

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     3. The parties agree that this AGREEMENT amends and restates in its entirety the License
Agreement dated August 28, 1984, and that this AGREEMENT shall now govern the relationship between
LICENSOR and LICENSEE, as follows:

AMENDED AND RESTATED LICENSE AGREEMENT 

     THIS AGREEMENT is entered into as of the 10th
day of January 2002 by and between the UNIVERSITY OF UTAH RESEARCH FOUNDATION, a Utah non-profit
corporation, having its principal place of business at 615 Arapeen Drive, Suite 110, Salt Lake
City, UT 84108, hereinafter referred to as “LICENSOR,” and TECHNISCAN, INC., having its principal
place of business at 350 West 800 North, Suite 100, Salt Lake City, UT 84103, hereinafter referred
to as “LICENSEE.”

ARTICLE 1. DEFINITIONS

     Section 1.1 “PATENT RIGHTS” shall mean all of the intellectual property included in
EXHIBIT “A,” together with (a) all pending applications, reissues, renewals, divisions,
continuations or extensions thereof, regardless of whether applied for or issued by the United
States Patent Office, or any successor thereto, or applied for or issued by any foreign government
or any agency or instrumentality thereof having competent jurisdiction and (b) all discoveries,
ideas, know-how or substantive improvements of or enhancements to processes, procedures, technology
and/or devices used in connection with or related to such intellectual property, developed by
LICENSEE, regardless of whether they are patentable or not.

     Section 1.2 “LICENSED PRODUCT” means any product, apparatus, kit or component
part thereof, or any other subject matter, the manufacture, use or sale of which is covered by any
claim or claims included within PATENT RIGHTS.

     Section 1.3 “LICENSED METHOD” means any method, procedure, process or other
subject matter, the use or practice of which is covered by any claim or claims included within
PATENT RIGHTS.

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     Section 1.4 “AFFILIATE” of LICENSEE means any entity in which LICENSEE has a
direct or indirect ownership interest exceeding twenty percent (20%) or any entity which directly
or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with LICENSEE. By “control” is meant in excess of fifty percent (50%) voting equity
ownership.

ARTICLE 2. LICENSE GRANT

     Section 2.1 Subject to the terms and conditions set forth herein, LICENSOR hereby grants
to LICENSEE and its AFFILIATES an exclusive, irrevocable, permanent, fully-paid, transferable,
unrestricted and unlimited worldwide license under LICENSOR’S PATENT RIGHTS, including the right to
sublicense others, to make, have made, use, sell and otherwise dispose of any LICENSED PRODUCT and
to use, practice, sell or otherwise dispose of any LICENSED METHOD.

     Section 2.2 The license granted in Section 2.1 hereof is expressly made subject
to a possible non-exclusive, irrevocable, royalty-free license heretofore granted to the U.S.
Government.

     Section 2.3 The license granted in Section 2.1 hereof is expressly made subject
to LICENSOR’S reservation of the right to practice under LICENSOR’S PATENT RIGHTS for academic
purposes.

ARTICLE 3. CONFIDENTIALITY

     Section 3.1 LICENSEE and LICENSOR acknowledge that either party may provide
certain information to the other about the PATENT RIGHTS that is considered to be confidential.
LICENSEE and LICENSOR shall take reasonable precautions to protect such confidential information.
Such precautions shall involve at least the same degree of care and precaution that the recipient
customarily uses to protect its own confidential information. Nothing contained in this Article 3
shall limit LICENSEE’s rights under the license granted under Section 2.1.

     Section 3.2 LICENSEE acknowledges that LICENSOR is subject to the Utah
Governmental Records Access and Management Act (“GRAMA”),
Section 63-2-101 et. seq., Utah
Code Ann. (1953), as

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amended. LICENSOR shall keep confidential any information provided to LICENSOR by LICENSEE that
LICENSEE considers confidential, to the extent allowable under GRAMA and as provided in Section
53B-16-301 et seq., Utah Code Ann. In order to be eligible for such protection under GRAMA,
confidential information of LICENSEE disclosed to LICENSOR must be in written or other tangible
form, marked as proprietary, and accompanied by a written claim by LICENSEE stating the reasons
that such information must be kept confidential.

ARTICLE 4. PATENT PROSECUTION AND MAINTENANCE

     Section 4.1 LICENSEE, at its sole discretion, may diligently prosecute and
maintain PATENT RIGHTS with legal counsel of its choice. LICENSEE shall provide LICENSOR with
copies of all relevant documentation and keep LICENSEE informed and apprized of the continuing
prosecution. LICENSOR shall keep any such documentation and information confidential.

     Section 4.2 LICENSEE shall pay all costs and legal fees incurred by LICENSEE in
the preparation, prosecution and maintenance of PATENT RIGHTS. All patent applications and
resulting patents from such prosecution and maintenance of LICENSOR’s PATENT RIGHTS shall be
applied for and issued in the name of LICENSOR, subject in all instances to the license granted
under Section 2.1. Should LICENSEE desire to abandon any specific patent application or patent
included among LICENSOR’s PATENT RIGHTS, LICENSEE shall give LICENSOR timely written notice, and
LICENSOR may hereafter, at its own expense, assume control of the continued prosecution and/or
maintenance of that application or patent.

ARTICLE 5. PATENT MARKING

     LICENSEE shall mark all LICENSED PRODUCTS made, used or sold under the terms of this
AGREEMENT, or their containers, in accordance with all applicable patent marking laws.

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ARTICLE 6. WARRANTY BY LICENSOR

     Section 6.1 LICENSOR warrants that it has the lawful right to grant the license
set forth in this AGREEMENT.

     Section 6.2
EXCEPT AS EXPRESSLY PROVIDED IN SECTION 7.1, THE PARTIES ACKNOWLEDGE
AND AGREE THAT LICENSOR HAS MADE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING
BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT
SHALL EITHER PARTY BE HELD RESPONSIBLE TO THE OTHER FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL
DAMAGES ARISING OUT OF THE USE OF PATENT RIGHTS, EVEN IF THE PARTY IS ADVISED IN ADVANCE OF THE
POSSIBILITY OF SUCH DAMAGES.

     Section 6.3 Nothing in this AGREEMENT shall be construed as:

	 	(a)	 	a warranty or representation by LICENSOR as to the validity or
scope of any PATENT RIGHTS.

	 	(b)	 	a warranty or representation by LICENSOR that anything made,
used, sold or otherwise disposed of pursuant to any license granted under
this AGREEMENT is or will be free from infringement of patents of third
parties, unless it is proven by LICENSEE that LICENSOR knew of any such
third party patent.

	 	(c)	 	an obligation by LICENSOR to bring or prosecute actions or suits
against third parties for patent infringement, except as expressly
provided in Article 7 hereof.

	 	(d)	 	conferring by implication, estoppel or otherwise any license or
rights under any patents of LICENSOR other than PATENT RIGHTS.

     Section 6.4 Any breach of the representations or warranties made in this Article
6 shall entitle LICENSEE to a refund of all payments made to LICENSOR as consideration for the
rights granted under this Agreement, and said refund shall be the sole remedy available to LICENSEE
for breach or violation of any provisions contained in this Article 6.

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ARTICLE 7. INFRINGEMENT

     Section 7.1 If either party learns of a claim of infringement of any of
LICENSOR’S PATENT RIGHTS licensed under this AGREEMENT, that party shall give written notice of
such claim to the other party. LICENSEE may, at its option, prosecute such infringer in its own
name or in the name of a sublicensee or AFFILIATE or in LICENSOR’s name, and if in LICENSOR’s name,
will coordinate its legal action with the Attorney General of the State of Utah. Should LICENSEE
initiate such a suit, then LICENSOR shall have the right fully to participate therein at its own
expense to protect its interests, and both parties and their attorneys shall cooperate with one
another to this end.

     Section 7.2 If LICENSEE institutes suit against an infringer in accordance with
Section 7.1, LICENSEE shall have the entire responsibility and authority for the conduct of such
suit, shall bear the costs of such suit, and any proceeds therefrom shall belong exclusively to
LICENSEE.

     Section 7.3 LICENSOR agrees upon request of LICENSEE and at LICENSEE’s expense,
to provide all reasonable assistance in connection with any such suit brought by LICENSEE and shall
make its agents and employees available to testify on LICENSEE’s behalf. If LICENSEE shall
determine not to pursue legal action against a potential infringer, LICENSEE shall offer the
opportunity to do so to LICENSOR, in which event LICENSOR may prosecute the case at its own expense
and may retain any recovery obtained by it.

ARTICLE 8. ASSIGNABILITY 

     This AGREEMENT is binding upon and shall inure to the
benefit of the parties, their successors and assigns.

ARTICLE 9. INDEMNIFICATION BY LICENSEE

     LICENSEE shall indemnify, hold harmless and defend LICENSOR, the University of Utah, and their
respective officers, employees and agents, against any and all claims, suits, losses, damages,
costs, liabilities, fees

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and expenses (including reasonable fees of attorneys) resulting from or arising out of exercise of:
a) the license granted under this AGREEMENT; or b) any act, error, or omission of LICENSEE, its
agents, employees or sublicensees except where such claims, suits, losses, damages, costs, fees, or
expenses result solely from the negligent acts or omissions, or willful misconduct of the LICENSOR,
its officers, employees or agents. LICENSEE shall give LICENSOR timely notice of any claim or suit
instituted of which LICENSEE has knowledge that in any way, directly or indirectly, affects or
might affect LICENSOR, and LICENSOR shall have the right at its own expense to participate in the
defense of the same.

ARTICLE 10. INDEMNIFICATION BY LICENSOR 

     The LICENSOR is a governmental entity and is
subject to the Utah Governmental Immunity Act, Section 63-30-1 et seq., Utah Code Ann. (1997 and
Supp. 2000)(the “Act”). Section 63-30-34 of the Act expressly limits judgments against the
LICENSOR, its officers and employees to $250,000 per person and $500,000 per occurrence for bodily
injury and death and to $100,000 per occurrence for property damage. Subject to the provisions of
the Act, LICENSOR shall indemnify, defend and hold harmless LICENSEE, its officers, agents, and
employees against any and all claims, suits, losses, damages, costs, liabilities, fees, and
expenses (including reasonable fees of attorneys) resulting solely from the negligent acts or
omissions of LICENSOR, its officers, agents or employees in connection with this AGREEMENT. Nothing
in this AGREEMENT shall be construed as a waiver of any rights or defenses applicable to LICENSOR
under the Act, including without limitation, the provisions of Section 63-30-34 regarding
limitation of judgments. LICENSOR shall give LICENSEE timely notice of any claim or suit instituted
of which LICENSOR has knowledge that in any way, directly or indirectly, affects or might affect
LICENSEE, and LICENSEE shall have the right at its own expense to participate in the defense of the
same.

ARTICLE 11. NOTICES

     Any payment, notice or other communication required or permitted to be given to either party
hereto shall be in writing and shall be deemed to have been properly given and effective: (a) on
the date of delivery if

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delivered in person during recipient’s normal business hours; or (b) on the date of attempted
delivery if delivered
by courier, express mail service or first-class mail, registered or certified. Such notice shall be
sent or delivered
to the respective addresses given below, or to such other address as either party shall designate
by written notice
given to the other party as follows:

     In the case of LICENSEE:

TECHNISCAN, INC.

350 West 800 North, Suite 100

Salt Lake City, UT 84103

     In the case of LICENSOR:

UNIVERSITY OF UTAH RESEARCH FOUNDATION

Technology Transfer Office

615 Arapeen Drive, Suite 110

Salt Lake City, UT 84108

ARTICLE 12. GOVERNING LAW

     This AGREEMENT shall be interpreted and construed in accordance with the laws of the State of
Utah, without application of any principles of choice of laws.

ARTICLE 13. RELATIONSHIP OF PARTIES

     In assuming and performing the obligations of this AGREEMENT, LICENSEE and LICENSOR are each
acting as independent parties and neither shall be considered or represent itself as a joint
venturer, partner, agent or employee of the other.

ARTICLE 14. NON-USE OF NAMES

     LICENSEE shall not use the names or trademarks of the University of Utah, or its employees,
nor any adaptation thereof, nor the names of any of their employees, in any advertising,
promotional or sales literature without prior written consent obtained from LICENSOR, or said
employee, in each case, except that LICENSEE

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may state that it is licensed by LICENSOR under one or more of the patents and/or applications
comprising the PATENT RIGHTS.

ARTICLE 15. DISPUTE RESOLUTION

     Except for the right of either party to apply to a court of competent jurisdiction for a
temporary restraining order, a preliminary injunction, or other equitable relief to preserve the
status quo or prevent irreparable harm, any and all claims, disputes or controversies arising
under, out of, or in connection with the AGREEMENT, including any dispute relating to patent
validity or infringement, which the parties shall be unable to resolve within sixty (60) days shall
be mediated in good faith. The party raising such dispute shall promptly advise the other party of
such dispute. By not later than five (5) business days after the recipient has received such notice
of dispute, each party shall have selected for itself a representative who shall have the authority
to bind such party, and shall additionally have advised the other party in writing of the name and
title of such representative. By not later than ten (10) days after the date of such notice of
dispute, the party against whom the dispute shall be raised shall select a mediator in the Salt
Lake City area and such representative shall schedule a date with such mediator for a hearing. The
parties shall enter into good faith mediation and shall share the costs equally. If the
representative of the parties have not been able to resolve the dispute within fifteen (15)
business days after such mediation hearing, then any and all claims, disputes or controversies
arising under, out of, or in connection with this AGREEMENT, including any dispute relating to
patent validity or infringement, shall be resolved by final and binding compulsory arbitration in
Salt Lake City, Utah, pursuant to Title 78, Chapter 31a, Utah Code Ann. (1953), as amended, and
shall be determined in accordance with the Commercial Arbitration Rules of the American Arbitration
Association to the extent such rules are not in conflict with such law. The arbitrators shall have
no power to add to, subtract from or modify any of the terms or conditions of this AGREEMENT, nor
to award punitive damages. Any award rendered in such arbitration may be enforced by either party
in either the courts of the State of Utah or in the United States District Court for the District
of Utah,

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to whose jurisdiction for such purposes LICENSEE and LICENSOR do each hereby irrevocably consent
and submit. All costs and expenses, including reasonable attorneys’ fees, of the prevailing party
in connection with arbitration of such controversy or claim shall be borne by the other party.

ARTICLE 16. REMEDY IN THE EVENT OF BANKRUPTCY 

     In the event LICENSEE should file a
voluntary petition in bankruptcy, fail to contest the filing of such a petition against it, make an
assignment of substantially all its assets for the  benefit of creditors, be adjudicated by a court
of competent jurisdiction as bankrupt or insolvent, or seek, consent to or acquiesce in the
appointment of a receiver, then LICENSOR may give written notice of default to LICENSEE. If
LICENSEE should fail to cure such default within thirty (30) days of such notice, LICENSOR may
declare this license, and the rights and privileges granted hereunder, terminated.

ARTICLE 17. GENERAL PROVISIONS

     Section 17.1 The headings of the several sections are inserted for convenience of
reference only and are not intended to be a part of or to affect the meaning or interpretation of
this AGREEMENT.

     Section 17.2 This AGREEMENT shall not be binding upon the parties until it has been
signed herein below by or on behalf of each party, and as of the EFFECTIVE DATE.

     Section 17.3 No amendment or modification of this AGREEMENT shall be valid or
binding upon the parties unless made in writing and signed by both parties.

     Section 17.4 This AGREEMENT embodies the entire understanding of the parties and
supersedes all previous communications, representations or understandings, either oral or written,
between the parties relating to the subject matter hereof.

     Section 17.5 The provisions of this AGREEMENT are severable, and in the event that
any provision of this AGREEMENT shall be determined to be invalid or unenforceable under any
controlling body of the law,

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such invalidity or unenforceablility shall not in any way affect the validity or enforceability of
the remaining provisions hereof.

     Section 17.6 This AGREEMENT may be signed in counterparts, each of which when taken
together shall constitute one fully executed document. Each individual executing this AGREEMENT on
behalf of a legal entity does hereby represent and warrant to each other person so signing that he
or she has been duly authorized to execute this AGREEMENT on behalf of such entity.

     Section 17.7 In the event of any litigation, arbitration, judicial reference or
other legal proceeding
involving the Parties to this Agreement to enforce any provision of this Agreement, to enforce any
remedy
available upon default under this Agreement, or seeking a declaration of the rights of either Party
under this
Agreement, the prevailing Party shall be entitled to recover from the other such attorney’s fees
and costs as may
be reasonably incurred, including the costs of reasonable investigation, preparation and
professional or expert
consultation incurred by reason of such litigation, arbitration, judicial reference, or other legal
proceeding.

     IN WITNESS WHEREOF, LICENSOR and LICENSEE have executed this AGREEMENT by their respective
officers hereunto duly authorized, on the day and year hereinafter written.

	 	 	 	 	 	 	 
	“LICENSEE” 

TECHNISCAN, INC.	 	“LICENSOR”

UNIVERSITY OF UTAH
RESEARCH FOUNDATION
	 

	By:

	 	
	 	By:	 	
	 

	 	          (Signature)
	 	 	 	          (Signature)
	 
	

	 	Name: David C. Robinson
            President
	 	 
	 	Name: Raymond F. Gesteland 
            President
	 

	 	
	 	 	 	 
	 

	 	Date:  3/29/02
	 	 
	 	Date:   03/21/02

11exv10w15

Exhibit 10.15

PROFESSIONAL SERVICES AGREEMENT

     THIS PROFESSIONAL SERVICES AGREEMENT (this “Agreement”), dated as of October 9, 2009
(“Effective Date”), is by and between TECHNISCAN, INC., a Delaware corporation (the
“Company”), and PCOF PARTNERS, LLC, a Delaware limited liability company
(“Phoenix”).

R E C I T A L S:

     WHEREAS, Phoenix desires to serve as a non-exclusive consultant and advisor to the Company;

     WHEREAS, the Company desires to engage Phoenix on a non-exclusive basis to act as a consultant
and advisor to the Company, according to the terms and conditions contained herein; and

     WHEREAS, the parties hereto desire to make certain representations, warranties, covenants and
agreements in connection with the services to be provided pursuant to this Agreement.

     NOW, THEREFORE, for the reasons set forth hereinabove, and in consideration of the foregoing
premises and of the mutual promises, representations, warranties, covenants and agreements
contained herein, and other good and valuable consideration, the receipt of which are hereby
acknowledged, the parties do hereby agree as follows:

     1. Non-Exclusive Engagement. The Company hereby retains Phoenix to perform consulting
and advisory services on a non-exclusive basis, and Phoenix hereby accepts such retention and
agrees to do and perform consulting and advisory services upon the terms and conditions set forth
herein.

     2. Services.

          (a) Basic Services. During the Term (as defined below), Phoenix shall provide the
following services to the Company (“Services”):

               (i) guidance and advice on developing relationships with potential market makers;

               (ii) guidance and advice with regard to investor and/or public relation matters;

               (iii) guidance and advice in evaluating financing proposals;

               (iv) guidance and advice with regard to debt and equity structures;

               (v) guidance and advice in evaluating acquisitions;

               (vi) guidance and advice with regard to future financing strategy; and

 

 

               (v) such other services as reasonably requested by the Company from time to time.

          (b) Location of Service. The Services shall be rendered by Phoenix in consultation
with the Company at such time and place and in such manner (whether by conference, telephone,
letter or otherwise) as mutually agreed to between the parties.

          (c) Information. The Company shall furnish Phoenix such information, including
financial statements related to the business, operations, assets and liabilities of the Company, as
Phoenix may reasonably request in connection with the performance of its Services. Notwithstanding
the above, the Company agrees that it will not at any time provide Phoenix with any information
that is not at the time of such disclosure public knowledge and/or in the public domain.

          (d) No Broker-Dealer Services. The Company acknowledges, understands and agrees that
Phoenix is not a licensed broker-dealer, as that term is defined under federal and/or state laws,
and no Services provided by Phoenix would require Phoenix to be licensed or registered as a
broker-dealer to lawfully perform such Services.

     3. Compensation. As compensation for the Services, and subject to the terms and
conditions of this Agreement, the Company shall issue Phoenix 1,000,000 shares of the Company’s
common stock, par value $.001 per share (“Shares”). Upon both parties proper execution of
this Agreement, the Company will promptly issue and deliver to Phoenix a newly issued stock
certificate(s) evidencing the Shares directly in Phoenix’s name. The Shares are deemed to be
earned as of the Effective Date, and as payment in full for any and all Services rendered by
Phoenix to the Company prior to, and/or after, the Effective Date.

     4. Term; Termination.

          (a) Term. The term of the Agreement shall commence on the Effective Date, and shall
terminate 12 months from the date hereof (the “Term”), unless otherwise terminated pursuant
to the terms hereof. Upon termination, except for the covenants made by Phoenix under Section 6
hereof, all rights, duties and obligations of the parties shall immediately terminate and be of no
further force or effect.

          (b) Termination. Either party can terminate this Agreement for any reason or no
reason or cause at all, upon 30 days written notice to the other party any time after six months
following the Effective Date, without any further liability on the part of either party, except for
the covenants made by Phoenix under Section 6 hereof. Notwithstanding anything to the contrary set
forth in this Agreement, upon termination of this Agreement at anytime for any reason, Phoenix
shall have no obligation to return to the Company any or all of the Shares, nor pay or provide any
monetary consideration or otherwise to the Company for the Shares.

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     5. Representations, Warranties and Covenants of the Company. The Company hereby
represents, warrants and covenants to Phoenix as follows, each of which is true and correct in all
material respects at Closing:

          (a) Valid Corporate Existence; Qualification. The Company is duly organized, validly
existing and in good standing under the laws of the State of Delaware. The Company has the
corporate power to carry on its businesses as now conducted and to own its assets. The Company is
duly qualified to conduct business and is in good standing as a foreign corporation in those
jurisdictions in which the Company is required to qualify in order to own its assets or properties
or to carry on its businesses as now conducted, except where the failure to qualify would not have
a material adverse effect on the business of the Company taken as a whole, and, to the best of the
Company’s knowledge, there has not been any claim by any other jurisdiction to the effect that the
Company is required to qualify or otherwise be authorized to do business as a foreign corporation
therein.

          (b) Capitalization. The authorized capital stock of the Company consists of
150,000,000 shares of common stock, and no shares of preferred stock, par value $.001 per share, of
which there are approximately 94,000,000 shares of common stock issued and outstanding. All of
such outstanding shares are duly authorized, validly issued, fully paid and nonassessable. There
are no subscriptions, options, warrants, rights or calls or other commitments or agreements to
which the Company is a party or by which such persons are bound, calling for the issuance,
transfer, sale or other disposition of any class of securities of the Company. There are no
outstanding securities of the Company convertible or exchangeable, actually or contingently, into
shares of common stock, or any other securities of the Company.

          (c) Consents. There are no consents of governmental or other regulatory agencies,
foreign or domestic or of other parties required to be received by or on the part of the Company to
enable it to enter into and carry out this Agreement in all material respects.

          (d) Corporate Authority; Binding Nature of Agreement; Title to the Common Stock, etc.
The Company has the power to enter into this Agreement and to carry out its obligations hereunder.
The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly authorized by the Company’s Board of Directors. Upon execution of this
Agreement by the Company, no other corporate proceeding on the part of the Company is necessary to
authorize the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby. This Agreement constitutes the valid and binding agreement of the Company
and, assuming that this Agreement constitutes the legal, valid and binding agreement of Phoenix, is
enforceable in accordance with its terms subject to applicable bankruptcy, reorganization,
insolvency and similar laws affecting the rights of creditors and subject to general principles of
equity.

     6. Representations, Warranties and Covenants of Phoenix. Phoenix hereby represents,
warrants and covenants to the Company as follows, each of which is true and correct in all material
respects at Closing:

          (a) Review and Evaluation of Information Regarding the Company. Phoenix has had an
opportunity to examine material disclosures and other documents and records of the Company. Phoenix
has had an opportunity to ask questions and receive answers from the

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representatives of the Company concerning the information provided, and to obtain such other
information that Phoenix has deemed necessary to make a fully informed decision.

          (b) Phoenix’s Financial Experience. Phoenix is sufficiently experienced in financial
and business matters to be capable of evaluating the merits and risks of its investment in the
Shares. Phoenix is familiar with the nature and risks of investments involving equity in a
company.

          (c) Suitability of Investment. Phoenix understands that the Shares are speculative
investments and involve a high degree of risk, including but not limited to: there is no guarantee
of success of the business of the Company; it may not receive any return (economic or otherwise) on
its investment, and management and the majority stockholders of the Company have extreme latitude
and generally, the sole discretion, to determine the financial picture, operations and potential
dissolution of the Company. Phoenix has evaluated the merits and risks of Phoenix’s proposed
investment in the Shares, including those risks particular to Phoenix’s situation, and it has
determined that this investment is suitable for Phoenix. Phoenix has adequate financial resources
for an investment of this character, and, at this time, Phoenix could bear a complete loss of its
investment. Further, Phoenix will continue to have, after making its investment in the Shares,
adequate means of providing for its current needs, the needs of those dependent on it, and possible
contingencies.

          (d) Investment Intent. Phoenix is purchasing the Shares for investment purposes only
and for Phoenix’s own account, and it has no present commitment, agreement or intention to sell,
distribute or otherwise dispose of any of them or enter into any such commitment or agreement.

          (e) Accredited Investor. Phoenix is an accredited investor as that term is defined in
Section 501(a) of Regulation D as promulgated under the Securities Act of 1933, as amended.

          (f) Unregistered Securities; Limitations on Disposition. Phoenix understands that the
Shares are “restricted securities” under the Securities Act of 1933, as amended (the “Act”)
and are being sold without registration under federal or any state securities laws (“Securities
Laws”) by reason of specific exemptions from registration and that the Company is relying on
the information given herein in its determination of whether such specific exemptions are
available. Phoenix understands that because the Shares have not been and will not be registered
under the Securities Laws, they cannot be sold unless and until they are subsequently registered or
an exemption from registration is available. Phoenix acknowledges and understands that the Company
is not under any obligation to register the Shares. Phoenix acknowledges and understands that the
certificates evidencing the Shares will bear a restrictive legend similar to that set forth in
Section 6(g) below. Phoenix represents that it can afford to hold the Shares for an indefinite
period of time.

4

 

          (g) Legends. Certificates representing the Shares will bear a restrictive legend
substantially as follows:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE “ACT”) AND ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN RULE 144 UNDER
THE ACT. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE REASONABLE SATISFACTION OF THE
COMPANY.

          (h) Consents. Phoenix has obtained all requisite and required consents in order to
acquire the Shares. Further, the person signing this Agreement on behalf of Phoenix has all
requisite authority to execute this Agreement on behalf of Phoenix.

          (i) Non-Reliance. Phoenix is not relying on the Company or any representation
contained herein with respect to the tax effect of its investment in the Company.

     7. Indemnification. Phoenix shall indemnify the Company and hold the Company
harmless, upon demand, from and against any losses, damages, expenses or liabilities, including
without limitation reasonable attorneys’ fees and expenses, which the Company may sustain, suffer
or incur arising from or in connection with Phoenix’s breach of any representation, warranty,
covenant, agreement, obligation or undertaking hereunder. This indemnity shall survive the closing
of the transaction hereunder. The Company shall indemnify Phoenix and hold Phoenix harmless, upon
demand, from and against any losses, damages, expenses or liabilities, including without limitation
reasonable attorneys’ fees and expenses, which Phoenix may sustain, suffer or incur arising from or
in connection with the Company’s breach of any representation, warranty, covenant, agreement,
obligation or undertaking hereunder. This indemnity shall survive the closing of the transaction
hereunder.

     8. Relationship. Nothing herein shall constitute Phoenix, or its members or managers,
as an employee, partner or agent of the Company. It is understood and agreed that Phoenix is an
independent contractor with respect to the performance of the Services, and that Phoenix shall
perform the Services under the control of the Company as to the results of the Services only, and
not as to the means by which such results are accomplished. Phoenix shall not have the authority
to obligate or commit the Company in any manner whatsoever.

     9. Expenses. Phoenix shall be solely responsible for all costs and expenses incurred
by Phoenix in connection with providing the Services, and the Company shall have no obligation or
responsibility to reimburse Phoenix for such costs and expenses.

     10. Notices. All notices and other communications required or permitted hereunder
shall be in writing and be: (a) delivered personally by hand or a nationally-recognized overnight
courier; (b) mailed by registered or certified mail (postage prepaid), return receipt requested to
the address set forth below; or (c) sent via email delivery of a “.pdf” format data file to the
appropriate party at the email address set forth below. All such notices and other written

5

 

communication will be effective: (i) if delivered personally or mailed, upon delivery; and
(ii) if sent via email delivery of “.pdf” format data file, upon confirmation of receipt:

     If to the Company:

     TechniScan Medical Systems, Inc.

     3216 South Highland Drive, Suite 200

     Salt Lake City, UT 84106

     Attn: David Robinson

     Email: drobinson@techniscanmedical.com

     If to Phoenix:

     Phoenix Capital Partners, LLC

     1630 Ringling Blvd.

     Sarasota, FL 34236

     Attn: David Rosenberg

     Email: drphoenixcapital@yahoo.com

     11. Governing Law. The validity, interpretation and enforcement of this Agreement
shall be governed by, and construed and enforced in accordance with the local laws of the State of
Delaware without giving effect to its conflicts of laws provisions, and to the exclusion of the law
of any other forum, without regard to the jurisdiction in which any action or special proceeding
may be instituted.

     12. Waiver of Jury Trial. AS A MATERIAL INDUCEMENT FOR THIS AGREEMENT, EACH PARTY
HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY
OF ANY ISSUES SO TRIABLE.

     13. Entire Agreement; Amendment. This Agreement contains and represents the entire
and complete understanding and agreement concerning and in reference to the transaction hereunder.
The parties hereto agree that no prior statements, representations, promises, agreements,
instructions, or understandings, written or oral, pertaining to this Agreement, other than those
specifically set forth and stated herein, shall be of any force or effect. This Agreement may not
be, and shall not be construed to have been modified, amended, rescinded, canceled, or waived, in
whole or in part, except if done so in writing and executed by the parties hereto.

     14. Non-Assignability; Binding Effect. Neither this Agreement, nor any of the rights
or obligations of the parties hereunder, shall be assignable by any party hereto without the prior
written consent of the other party hereto, which such consent may be granted or withheld in such
other party’s sole and absolute discretion. The rights and obligations of this Agreement shall be
binding upon and inure to the benefit of the parties and their respective legal representatives,
successors and permitted assigns. Nothing expressed or implied herein shall be construed to give
any other person any legal or equitable rights hereunder.

6

 

     15. Severability. In the event that any of the provisions of this Agreement, or
portions thereof, are held to be unenforceable or invalid by any court of competent jurisdiction,
the validity and enforceability of the remaining provisions, or portions thereof, shall not be
affected thereby.

     16. Section Headings. The titles to the numbered sections in this Agreement and the
ordering or position thereof are solely for the convenience of the parties and shall not be used to
explain, modify, simplify, or aid in the interpretation of said covenants or provisions set forth
herein.

     17. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which taken together shall be deemed to
constitute one and the same. Signatures delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, will be given the same legal force and effect as original signatures.

     IN WITNESS WHEREOF, this Professional Services Agreement has been duly executed by the parties
hereto as of the date first above written.

	 	 	 	 	 	 	 	 	 
	PHOENIX:	 	 	 	COMPANY:
	 
	 	 	 	 	 	 	 	 
	PCOF Partners, LLC, a Delaware limited 

liability company	 	 	 	TechniScan, Inc., a Delaware
corporation
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ David Rosenberg
	 	 	 	By:
	 	/s/ David Robinson
	 

	 	 
	 	 	 	 	 	 
	 

	 	David Rosenberg, Manager
	 	 	 	 	 	David Robinson, President & CEO
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Roger Tichenor
 

Roger Tichenor, Manager
	 	 	 	 	 	 

7

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