Document:

Exhibit 10.96

  

  

    	 

    	 

    
  

 

    	 

    	 

    
  

 

    	 

    	 

    
 

  

    	 

    	 

    
  

		
        

Vehicle Lease Service
        Agreement

        Schedule “A”
	

Schedule “A” No.	 
	 	 
	Date of Preparation	2/24/12
	 	 
	Page	1 of 2

 

	Penske Location:  	 	 	City, State and Zip Code:  	 
	 	 	 	 	 

 

THIS AMENDMENT is made
this _________ day of February, 2012 to the Vehicle Lease Service Agreement dated as of the February 6, 2012 (the "VLSA")
between PENSKE TRUCK LEASING CO., L.P. ("Penske") and REGIONAL ENTERPRISES, INC.
("Customer").

 

Intending to be legally
bound, the parties agree that the VLSA is amended as follows:

 

		1.	Article 7 is amended by adding the new subparagraph e:

 

“e.
       Lease Premium for Purchase of Equipment. Customer desires a Cyntrx (the “On-Board
Technology”) be installed on the Vehicles described on Unit Numbers ____________. Penske has agreed to acquire such On-Board
Technology from a seller or manufacturer for the amount of $542.00 per Vehicle (“Acquisition Price”) and have such
On-Board Technology installed on the Vehicle(s).

 

As a result of
Penske purchasing the On-Board Technology, Customer agrees to fully repay Penske an increased amount of $7.26 (“Lease Premium”),
inclusive of interest, per normal billing cycle during the term and, in addition thereto, agrees as follows:

 

		1.	The Lease Premium shall be included within the definition of “Lease Charges” under
this VLSA;

 

		2.	In the event this VLSA terminates prior to the expected termination date; whether as a result of
Customer or Penske default or Customer or Penske election, or otherwise, the unamortized balance of the Payment shall become immediately
due and payable to Penske (“Accelerated Payment”);

 

		3.	Customer shall remain responsible for all repair and maintenance of the On-Board Technology during
the term of the VLSA;

 

		4.	At the expiration of the lease term and upon final payment to Penske, Customer shall be the owner
of the On-Board Technology and Penske agrees to prepare and execute all reasonable documentation to evidence Customer’s ownership;

 

		5.	Upon expiration of the lease term, Customer shall be responsible, at its sole cost and expense,
for the removal of the On-Board Technology from the Vehicle and for any damage to the Vehicle resulting from removal of the On-Board
Technology and the On-Board Technology shall be returned to Customer and the Vehicle shall be returned to Penske;

 

		6.	The Accelerated Payment shall not be construed as a “penalty” and Customer hereby waives
any and all rights, claims or issues that such amount can or should be characterized as a penalty; and

 

		7.	In the event Customer (a) files for bankruptcy; (b) is adjudged bankrupt; (c) has a receiver appointed
to control or oversee its assets or property; or (d) makes a general assignment for the benefit of creditors and seeks “debtor
in possession” or similar status or financing in connection therewith, Customer agrees to pay the Accelerated Payment and
any and all other charges payable under the applicable law.”

 

 

 

Schedule “A” annexed
to and made a part of Vehicle Lease Service Agreement dated ______________ between

 

Regional Enterprises,
Inc. and PENSKE TRUCK LEASING CO., L.P. effective on the ________  day of February,
2012.

 

Addition(s) _____________ and shall
be in addition to any Schedule “A” attached hereto and made a part of said Agreement hereto.

(Initial)

 

Deletion(s)_____________ and shall supersede Schedule
“A”(s) Number ________ dated ________ attached hereto.

(Initial)

 

	
         

        Regional Enterprises,
        Inc.
	
         

        Signature
	
         

        Title
	
         

        Date

         

	
         

        PENSKE TRUCK LEASING CO., L.P.  

         
	

Signature   	

Title	 

Date

wmm/VLSA12/Amend-48/Regional Enterprises

 

    	 

    	 

    

   

		
        

Vehicle Lease Service
        Agreement

        Schedule “A”
	

Schedule “A” No.	 
	 	 
	Date of Preparation	2/24/12
	 	 
	Page	2 of 2

 

	Penske Location:  	 	 	City, State and Zip Code:  	 
	 	 	 	 	 

   

		2.	Article 11, third line, by inserting the words “, if billed,” after the word “Penske”
and before the word “for”.

 

		3.	Article 14.a. is amended as follows:

 

		·	First sentence, by deleting the words
“sixty (60) days” and replacing them with the words “one hundred twenty (120) days.”

 

		·	By adding the following to the end thereof:

 

“Notwithstanding anything
contained above to the contrary, if Penske terminates this VLSA and Customer is not then in default, Customer shall have the right,
but not the obligation to purchase the Vehicles so terminated. However, in the event of such termination, Customer shall pay all
outstanding Lease Charges through and including the date of termination, together with the amounts described in clauses (ii), (iii),
and (iv) of paragraph b of this Article 14.”

 

		4.	Article 14.b., first sentence, clause (iii), by inserting the words “Unless Customer purchases
such Vehicle from Penske per paragraph a of this Article 14,” after the parenthetical “(iii)”
and before the word “the.”

 

		5.	Article 17.a., first sentence, by inserting the following immediately before the first instance
of the word “CUSTOMER”:

 

"Without
the prior written consent of Penske which consent shall not be unreasonably withheld,"

 

 

 

Schedule “A” annexed
to and made a part of Vehicle Lease Service Agreement dated ______________ between

 

Regional Enterprises,
Inc. and PENSKE TRUCK LEASING CO., L.P. effective on the ________  day of February,
2012.

 

Addition(s) _____________ and shall
be in addition to any Schedule “A” attached hereto and made a part of said Agreement hereto.

(Initial)

 

Deletion(s)_____________ and shall supersede Schedule
“A”(s) Number ________ dated ________ attached hereto.

(Initial)

 

	
         

        Regional Enterprises,
        Inc.
	
         

        Signature
	
         

        Title
	
         

        Date

         

	
         

        PENSKE TRUCK LEASING CO., L.P.  

         
	

Signature   	

Title	 

Date

wmm/VLSA12/Amend-48/Regional Enterprises

  

    	 

    	 

    
 

		
        

Vehicle Lease Service Agreement

        Schedule “A”
	

Schedule “A” No	

12-01
	 	 
	Date of Preparation	2/24/12
	 	 
	Page	1 of 1

 

	Penske Location:  	 	 	City, State and Zip Code:  	 
	 	 	 	 	 

  

THIS AMENDMENT
is made this 6th day of February, 2012 to the Vehicle Lease Service Agreement dated as of February 6, 2012 (the “VLSA”)
between PENSKE TRUCK LEASING CO., L.P. (“Penske”) and Regional Enterprises,
Inc.

(“Customer”).

 

Intending to be legally
bound, the parties agree that the VLSA is amended as follows:

 

		1.	Article 1.a. is amended by adding the following to the end thereof:

 

“Notwithstanding the foregoing,
Penske is ordering Vehicle Numbers _______________ and the anticipated dates that the Vehicles will be ready for delivery to Customer
may be different dates, therefore Penske is agreeable, for the purposes of this VLSA, that the Vehicles shall have a common anniversary
date based on the In-Service Date of the last Vehicle on the first Schedule ‘A’ signed hereunder (“Common Anniversary
Date”) and any future additions to Customer’s fleet shall have the same Common Anniversary Date.”

 

		2.	Article 14 is amended by adding the following to the end thereof as a new paragraph c:

 

“c.
Business Downturn. Notwithstanding the foregoing, in the event Customer suffers a significant documented downturn in
business that as a result eliminates Customer’s need for one or more of the Vehicles described on Schedule ‘A’
No.12-01, Customer shall, after the first (1st) anniversary of the Common Anniversary Date, have the one-time option
of terminating up to five (5) of such Vehicles, without the obligation
to purchase such Vehicle(s) or to make the Alternative Payment with respect thereto, provided: (i) Customer shall provide Penske
with written notice not less than 120 days prior to the effective date of termination, documenting the business downturn and setting
forth the effected Vehicle(s) as to which this VLSA is to be terminated and the effective date of such termination; (ii) Customer
may not exercise this termination right if Customer is then in default under this VLSA or is in default at the time of termination;
and (iii) Customer shall not renew, replace, extend or add any like equipment with any vendor in any location during the original
term of any terminated Vehicle(s) without first utilizing these Vehicles for those requirements. However, in the event of such
termination, Customer shall pay all outstanding Lease Charges through and including the date of termination,
together with the amounts described in clauses (ii), (iii), and (iv) of paragraph b of this Article 14.”

 

		3.	Article 15 is amended by deleting the fourth sentence and replacing it with the following:

 

“Adjustments shall be implemented annually on January
1, with the first adjustment on January 1, 2013.”

  

 

  

Schedule “A” annexed to and made a part of Vehicle
Lease Service Agreement dated ____February 6, 2012___________ between

 

REGIONAL ENTERPRISES, INC. and PENSKE TRUCK LEASING
CO., L.P. effective on the ________ day of February, 2012.

 

Addition(s) ____________ and shall be in addition
to any Schedule “A” attached hereto and made a part of said Agreement hereto.

(Initial)

 

Deletion(s) ____________ and shall supersede
Schedule “A”(s) Number _______ dated ________ attached hereto.

(Initial)

 

	
         

        REGIONAL ENTERPRISES, INC.

         
	
         

        Signature
	
         

        Title
	
         

        Date

         

	
         

        PENSKE TRUCK LEASING CO., L.P.

         
	
         

        Signature
	
         

        Title
	
         

        Date

         

wmm/VLSA12/Amend-347/Regional Enterprises

 

    	 

    	 

    
 

 

		
        

Vehicle Lease Service
        Agreement

        Schedule “A”
	

Schedule “A” No.	 
	 	 
	Date of Preparation	 
	 	 
	Page	1

 

	Penske Location:  	 	 	City, State and Zip Code:  	 
	 	 	 	 	 

 

THIS AMENDMENT is made this 6th
day of February, 2012 to the Vehicle Lease Service Agreement dated February 6, 2012 (the “VLSA”) between PENSKE TRUCK
LEASING CO., L.P. (“PENSKE TRUCK LEASING”) and Regional Enterprises, Inc. (“CUSTOMER”).

 

The parties agree that the VLSA is
amended as follows:

 

1. The following is added to the end
of Article 13:

“Notwithstanding anything contained
in the VLSA to the contrary, with respect to all Vehicles currently leased to CUSTOMER under the VLSA or any other agreement, CUSTOMER
agrees to pay all invoices on the _________ of the month through an Automated Clearing House (“ACH”). CUSTOMER consents
to PENSKE TRUCK LEASING’s debiting CUSTOMER’s account through the ACH.

 

If CUSTOMER fails to pay PENSKE TRUCK
LEASING in accordance with the provisions of Article 7 of the VLSA, or if CUSTOMER does not meet the payment terms outlined in
the preceding paragraph with respect to ACH payments, then such failure shall be considered an “Event of Default” and
PENSKE TRUCK LEASING shall be able to pursue all of its remedies as outlined in this Article 13.”

 

 

 

 Schedule “A” annexed
to and made a part of Vehicle Lease Service Agreement dated February 6, 2012 between

 

Regional Enterprises, Inc. and PENSKE TRUCK
LEASING CO., L.P., effective on the ________  day of ________, 200_.

 

Addition(s) _____________ and shall
be in addition to any Schedule “A” attached hereto and made a part of said Agreement hereto.

(initial)

 

Deletion(s)_____________ and shall supercede Schedule
“A”(s) Number ________dated _______ attached hereto.

(Initial)

 

	
         

        Regional Enterprises, Inc.
	
         

        Signature
	
         

        Title
	
         

        Date

         

	
         

        PENSKE TRUCK LEASING CO., L.P.  

         
	   	   	   

	Form 1358-980  (3/01)	wmm/VLSA/Amend-80.kav

 

    	 

    	 

    
  

 

		
        

Vehicle Lease Service
        Agreement

        Schedule “A”
	

Schedule “A” No.	

Permanent
	 	 
	Date of Preparation	2/24/12
	 	 
	Page	1

 

	Penske Location:  	 	 	City, State and Zip Code:  	 
	 	 	 	 	 

 

THIS AMENDMENT
is made this _______ day of ______________, 2009 to the Vehicle Lease Service Agreement dated as of February 6, 2012 (the “VLSA”)
between PENSKE TRUCK LEASING CO., L.P. (“PENSKE TRUCK LEASING”) and Regional Enterprises, Inc. (“CUSTOMER”).

 

The parties agree
that the VLSA is amended as follows:

 

		1.	Article 8 is amended by adding the following sentence to the end thereof:

 

“Notwithstanding
the foregoing, Penske consents to the transportation of the below list of “hazardous materials” only, provided Customer
is in strict compliance with the provisions of Article 9 of this VLSA:

 

Name of Material

 

Class
3 Combustible Liquids hauled in tanker quantities and smaller

Class
8 Corrosive Materials hauled in tanker quantities and smaller

 

Any proposed change in the class types
or transportation modes or containers used by CUSTOMER shall require prior PENSKE TRUCK LEASING review and approval.

 

		2.	Article 9c, first sentence, fourth line is amended by deleting the words “One Million Dollars
($1,000,000.00)” and replacing them with the words “Ten Million Dollars ($10,000,000.00)”.

  

 

 

 Schedule “A” annexed
to and made a part of Vehicle Lease Service Agreement dated February 6, 2012 between

 

Regional Enterprises,
Inc. and PENSKE TRUCK LEASING CO., L.P., effective on the ________  day of ________,
200_.

 

Addition(s) _____________ and shall
be in addition to any Schedule “A” attached hereto and made a part of said Agreement hereto.

(initial)

 

Deletion(s)_____________ and shall supercede Schedule
“A”(s) Number _________ dated _________ attached hereto.

(Initial)

 

	
         

        Regional Enterprises,
        Inc.
	
         

        Signature
	
         

        Title
	
         

        Date

         

	
         

        PENSKE TRUCK LEASING CO., L.P.  

         
	   	   	   

	Form 1358-980  (3/01)	wmm/VLSA/Amend-65.KavAttorney
Work Product

Privileged
and Confidential

 

	 
	 
	ASSET PURCHASE AGREEMENT
	 
	
        by and between

         

        AMERICAN SCIENTIFIC RESOURCES, INC.

	 
	 
	 
	And
	 
	NEWCO, INC.
	 
	Dated as of February 23, 2012
	 
	 

 

    	 

    	 

    

 

ASSET PURCHASE AGREEMENT

 

THIS ASSET PURCHASE AGREEMENT is made and entered
into and binding as of the 23rd day of February, 2012 (this "Agreement"), by
and among American Scientific Resources, Inc., a Nevada corporation ("Seller"), and American Scientific Resources, Inc.,
a Delaware corporation ("Purchaser").

 

RECITALS

 

WHEREAS, as of the date of this Agreement, Seller
is the owner of certain assets, certain receivables
and certain intellectual property of Seller, all of which are specifically set forth on Schedule A hereto (the “Assets”),
which are utilized to manufacture and market consumer driven products in the healthcare/medical device industry.

 

WHEREAS, Seller desires to sell and to transfer
to Purchaser, and Purchaser desires to purchase and accept from Seller, the Assets, upon the terms and subject to the conditions
set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing,
the representations, warranties, covenants and agreements set forth in this Agreement, and other good and valuable consideration,
the adequacy and receipt of which are hereby acknowledged, the parties hereby agree as follows:

 

Article
I

 

DEFINITIONS

 

Section 1.1           Definitions.
The following terms, when used in this Agreement, shall have the meanings assigned to them in this Section 1.1.

 

"Affiliate" means a Person that
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, a specified
Person. For the purposes of this definition, "control" means the ownership, directly or indirectly, of more than 50%
of the voting shares or other voting equity interest of the relevant person, provided that a Person shall be deemed to control
another Person if such first Person possesses, directly or indirectly, the power to direct, or cause the direction of, the management
and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

 

"Agreement" shall have the meaning
set forth in the first paragraph of this Agreement.

 

"Assets" shall have the meanings
set forth in the Recitals hereto.

 

“Assumed Seller Liabilities” shall
mean those liabilities of the Seller set forth on Schedule B hereto.

 

    	 

    	 

    
 

"Closing" shall have the meaning
set forth in Section 2.3.

 

"Closing Date" shall have the
meaning set forth in Section 2.3.

 

"Seller" shall have the meaning
set forth in the recitals to this Agreement.

 

"Competing Business" means any
business which directly markets products which compete with the Seller Products.

 

"Confidential Information" means
information with respect to the terms of the transactions contemplated by this Agreement, and trade secrets, discoveries, ideas,
concepts, know-how, techniques, designs, specifications, data, computer programs, pricing information, interpretations, financial
statements, forecasts, reports, records, plans, studies, information regarding potential acquisitions or the target companies or
assets, and other technical and business information of the disclosing party, and any Seller in which the disclosing party is contemplating
an investment, joint venture, acquisition or business combination, whether in oral, written, graphic, electronic or other form
as well as analyses, compilations, studies or other documents, whether or not prepared by the receiving party or its representatives,
which contain or otherwise reflect such information. Notwithstanding the foregoing, the following information shall not be Confidential
Information: information which has become generally available to the general public or industry other than as a result of a disclosure
by the receiving party or its representatives.

 

"Damages" shall have the meaning
set forth in Section 8.2(a).

 

"Deductible" shall have the meaning
set forth in Section 8.2.

 

"Effective Time" means 11:59
p.m., New York City time, on the Closing Date.

 

"Encumbrance" means any lien,
encumbrance, security interest, option right, adverse ownership interest, pledge, mortgage or similar third party rights or restrictions
on transfer of title, except for any Encumbrances relating to limitations on the transfer or ownership of the Assets arising under
applicable Laws, including securities Laws.

 

"Fundamental Reps" shall have
the meaning set forth in Section 9.1.

 

"GAAP" means generally accepted
accounting principles in the United States as in effect from time to time.

 

"Governmental Entity" means any
governmental or quasi-governmental, national, federal, state, municipal, local or multinational (including the European Union),
judicial, court, legislative, regulatory or administrative authority, agency, bureau, department, tribunal, or commission or similar
body or instrumentality thereof.

 

"Governmental Filings" shall
have the meaning set forth in Section 4.6.

 

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"Intellectual Property" means:

 

a.           patents,
trade marks, service marks, registered designs, applications and rights to apply for any of those rights, trade, business and Seller
names, internet domain names and e-mail addresses, unregistered trade marks and service marks, copyrights, database rights, rights
in software, knowhow, rights in designs and inventions;

 

b.           rights
under licenses, consents, orders, common law, statutes or otherwise in relation to a right in paragraph (a);

 

c.           rights
of the same or similar effect or nature as or to those in paragraphs (a) and (b) which now or in the future may subsist; and

 

d.           the
right to sue for past infringements of any of the foregoing rights.

 

"Intellectual Property Rights"
means all Intellectual Property owned or used by the Seller.

 

"Knowledge of Seller" (or similar
phrases) means the actual knowledge of: Seller, in each case after reasonable inquiry of relevant senior officers of the Seller
who are responsible for the management and operation of the Seller.

 

"Law" means any statute, law,
code, judicial decision, judgment, rule, regulation, ordinance, order, decree, injunction or other pronouncement of any Governmental
Entity having the effect of law.

 

"Liability" means any liability
or obligation (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued,
whether liquidated or unliquidated, and whether due or to become due), including any liability for taxes.

 

"Material Adverse Effect" means
any event or occurrence that, when taken individually or in the aggregate with all other events and occurrences, has a material
adverse effect on the business, results of operations or financial condition of the Seller.

 

"Ordinary Course of Business"
means, with respect to the Seller, the ordinary course of commercial operations customarily engaged in by the Seller, consistent
with past practices.

 

"Permitted Encumbrances" means
,Factor and hedge fund liens will be removed.

 

"Person" means an association,
a corporation, an individual, a partnership, a limited liability Seller, an unlimited liability Seller, a trust or any other entity
or organization, including a Governmental Entity.

 

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“Purchase Price” means the
aggregate of: (i) assumption of the Assumed Liabilities plus (ii) $50,000 cash to be advanced at Closing against the first $50,000
in royalties due underplus (iii) a royalty for up to five years from the date of execution of the Agreement equal to five percent
(5%) of the net revenue less returns less direct costs and joint marketing money up to a maximum of $4 million,. Royalty payments
will be remitted on the 15th day of each month seventy-five days in arrears for the calendar month ended Additionally,
if within five years from the date of this Agreement either (a) all of the issued and outstanding shares of Common Stock of Purchaser
are sold to a third party, or (b) all or substantially all of the assets of Purchaser are sold to a third party, then Purchaser
shall pay to Seller the sum of $4 million (in the same form of consideration as received by Purchaser and when paid to Purchaser
on a pro rata basis based upon the percentage equal to $4 million divided by the total purchase price being paid) less any amounts
already paid by Purchaser to Seller as a part of the Purchase Price formula set forth in this paragraph.

 

"Purchaser"
shall have the meaning set forth in the first paragraph of this Agreement.

 

"Seller" shall have the meaning
set forth in the first paragraph of this Agreement.

 

“Seller Products”
shall mean those healthcare/medical device products which are currently being marketed and sold by the Seller or those which are
developed and marketed and sold in the future by the Seller.

 

"Taxes" shall have the meaning
set forth in Section 3.11.

 

"Tax Returns" shall have the
meaning set forth in Section 3.11.

 

"Third Party Claim" shall have
the meaning set forth in Section 8.2(c).

 

Article
II

 

PURCHASE AND SALE OF ASSETS

 

Section 2.1           Purchase
and Sale of Assets. Upon the terms set forth herein, Seller hereby agrees to sell
to Purchaser, and Purchaser hereby agrees to purchase and accept from Seller, the Assets free and clear of any Encumbrances, except
the Permitted Encumbrances, in consideration of payment of the Purchase Price.

 

Section 2.2           Closing.
The closing of the transactions contemplated by this Agreement (the "Closing") shall take place out of an escrow
closing to be held by Jolie Kahn, Esq.. The Closing shall take place on February 23, 2012 at 3:00EST at Presidential Place, 800
South Ocean Drive, Boca Raton, Florida or such other date and time as mutually agreed to by Seller and Purchaser but no later
than March 31, 2012 (the "Closing Date”). Seller and Purchaser agree that the Closing shall be effective as
of the Effective Time.

 

Section 2.3           Closing
Deliveries.

 

(a)          At
Closing, Seller shall deliver, or cause to be delivered:

 

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(i)          to
Purchaser, full warranty bills of sale and documents of assignment for transfer of all of the Assets;

 

(ii)         written
evidence of consent, as required as obtained by Seller, from any third parties prior to or in connection with the consummation
of the transactions contemplated by this Agreement;

 

(iii)        the
written release of all Encumbrances (if any), other than Permitted Encumbrances, relating to the assets and properties of the Seller,
executed by the holder of or parties to each such Encumbrance, in form and substance satisfactory to Purchaser;

 

(iv)        the
certificate referred to in Section 7.1;

 

(v)         certified
true copies of resolutions of the board of directors or similar governing body of the Seller, authorizing and approving this Agreement
and the transactions contemplated hereby; and

 

(vi)        such
other documents as may be reasonably required to transfer good title to the Assets and to enable Purchaser to become the registered
holder thereof; and

 

(b)          At
Closing, Purchaser shall deliver, or cause to be delivered, to Seller:

 

(i)          Assignment
by the Seller and assumption by the Purchaser of the Assumed Seller Liabilities;

 

(ii)         a
true and complete copy, certified by the Secretary of the Purchaser, of the resolutions duly and validly adopted by the Board of
Directors of the Purchaser evidencing its authorization of the execution and delivery of this Agreement and the agreements related
thereto and the consummation of the transactions contemplated hereby and thereby; and

 

(iii)        the
certificate referred to in Section 7.2.

 

Article
III

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and warrants
to the Purchaser as follows. Notwithstanding anything to the contrary contained herein, disclosure of items in the Seller SEC Reports
(as defined below) shall be deemed to be disclosure of such items for all purposes under this Agreement, including, without limitation,
for all applicable representations and warranties of Seller:

 

    	5

    	 

    
 

Section 3.1           Corporate
Status.

 

(a)          Seller
has all requisite power and authority to enter into this Agreement and to perform his obligations hereunder.

 

(b)          The
Seller (i) is duly incorporated, organized, validly existing and in good standing as a corporation in the State of Nevada, (ii)
has all requisite power and authority required to own, operate or lease the properties and assets now owned, operated or leased
by it as of the date of this Agreement and to carry on its business as it is being conducted as of the date of this Agreement;
and (iii) the Seller is duly licensed or qualified to do business in each of the jurisdictions in which the ownership, operation
or leasing of its properties and assets and the conduct of its business requires it to be so licensed or qualified.

 

Section 3.2           Authorization.
The execution and delivery by Seller of this Agreement and the agreements related hereto to which Seller is a party, and the consummation
by Seller of the transactions contemplated hereby and thereby, have been duly and validly authorized by Seller. Each of this Agreement
and the agreements related hereto to which Seller is a party has been duly executed and delivered by Seller, and (assuming due
authorization, execution and delivery by Purchaser) this Agreement and the agreements related hereto to which Seller is a party
constitute valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar Laws relating to or affecting
creditors' rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding
in equity or at Law).

 

Section 3.3           Ownership
of the Assets. Seller is the owner of the Assets and holds valid title to the Assets,
free and clear of any Encumbrances except for the Permitted Encumbrances.

 

Section 3.4           No
Conflict. The execution, delivery and performance by Seller of this Agreement and
the agreements related hereto to which Seller is a party and the consummation by Seller of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or result in a violation or breach of any provision of any Law or judgment,
order, writ, injunction or decree of any court or other Governmental Entity to which Seller or the Seller is subject, (ii) require
the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default
or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration
of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which Seller or the Seller is a
party or by which Seller or the Seller is bound or to which any of their respective properties and assets are subject or any permit,
license or other authorization affecting the properties, assets or business of the Seller, (iii) conflict with or result
in a violation or breach of, or default under, any provision of the organizational documents of Seller or the Seller, or (iv)
result in the creation or imposition of any Encumbrance on any properties or assets of the Seller.

 

Section 3.5           Governmental
Filings. No filing or registration with, notification to, or authorization, consent,
permit, waiver or approval of, any Governmental Entity (collectively, "Governmental Filings") is required in
connection with the execution, delivery and performance of this Agreement by Seller or the consummation by Seller of the transactions
contemplated hereby.

 

    	6

    	 

    
  

Section 3.6           Books
and Records. The books of account and other financial records of the Seller, all
of which have been made available to Purchaser, are complete and correct and represent actual, bona fide transactions and have
been maintained in accordance with sound business practices and, where applicable, GAAP. The minute books of the Seller, all of
which have been made available to Purchaser, contain accurate and complete records of all meetings held of, and action taken by,
the shareholders and the board of directors or similar governing bodies of the Seller, and no meeting of any such shareholders
or governing body has been held for which minutes are not contained in such minute books.

 

Section 3.7           Absence
of Material Adverse Effect; Ordinary Course of Business; Material Transactions.
Except as set forth in the Seller’s required reports, schedules and forms with the Securities and Exchange Commission (collectively,
and in each case including all amendments, exhibits and schedules thereto and documents incorporated by reference therein, the
“SEC Reports”), there has not been with respect to the Seller or its properties or assets:

 

(a)          any
adverse change in the business, condition, financial or otherwise, or operations of the Seller or the condition of the Seller’s
properties or assets, and, to the Knowledge of Seller, no such change will arise from the consummation of the transactions contemplated
by this Agreement;

 

(b)          any
declaration, setting aside or payment of any dividend or any distribution (in cash or in kind) to any Person or entity with respect
to any securities of the Seller;

 

(c)          any
transaction entered into or carried out by the Seller other than in the Ordinary Course of Business;

 

(d)          any
material modification or termination of, or the occurrence of an event that could reasonably give rise to any material modification
or termination of, any material oral or written contract or agreement of the Seller or any material term thereof or any Governmental
Entity license, permit or other authorization;

 

(e)          any
change in any method of accounting or accounting policies of the Seller, or any write-down in the accounts receivable of the Seller
other than in the Ordinary Course of Business; or

 

(f)          any
binding commitment or agreement by Seller or the Seller to do any of the foregoing.

 

Section 3.8           Affiliate
Transactions. No director, manager, officer, employee, shareholder or Affiliate
of the Seller or any individual related by blood, marriage or adoption to any such individual or any entity in which any such
individual or entity owns any beneficial interest is a party to any agreement, contract, commitment or other form of transaction
or arrangement with the Seller, written or oral, or has any interest in any of the Seller's assets or properties, except as set
forth in the SEC Reports.

 

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Section 3.9           Pending
Litigation.

 

(a)          There
are no actions, proceedings or investigations pending against Seller before any Governmental Entity or threatened in writing against
Seller which would reasonably be expected to restrict Seller's ability to perform its obligations under the Agreement or consummate
the transactions contemplated hereby.

 

(b)          Except
as set forth in the SEC reports, there is no, and since January 1, 2008 there has not been, any suit, claim, litigation, proceeding
(administrative, judicial, or in arbitration, mediation or alternative dispute resolution), Governmental Entity or grand jury investigation,
or other action (any of the foregoing, "Action") pending or, to the Knowledge of Seller, threatened and, to the
Knowledge of Seller, there have been no incidents, actions or omissions that can reasonably be expected to result in the commencement
of any such suit, claim, litigation, proceeding, investigation or other action, against the Seller or involving its business, assets
or properties, or, in connection with the Seller's business, any Seller shareholder or representative, including without limitation
any Action challenging, enjoining or preventing this Agreement or any agreement related hereto or the consummation of the transactions
contemplated hereby or thereby.

 

Section 3.10         Permits;
Compliance with Law.

 

(a)          The
Seller, its directors and its employees have all governmental authorizations, consents, licenses, permits (whether temporary or
otherwise), approvals, orders, waivers, registrations and other rights necessary, and have provided all notices required, for the
conduct of its business as it is being conducted as of the date of this Agreement, and all of such authorizations, consents, licenses,
permits, approvals, orders, waivers, registrations, rights and notices are in full force and effect. The Seller is not in default
or violation under any such authorizations, consents, licenses, permits, approvals, orders, waivers, registrations and rights and
notices.

 

(b)          The
Seller is and has been at all times in compliance in all material respects with all applicable Law. The Seller has not received
any notice alleging such default, breach or violation. Neither the execution of this Agreement nor the consummation of the transactions
contemplated hereby does or will constitute or result in any such breach, default or violation by the Seller.

 

Section 3.11         Tax.

 

(a)          The
Seller has timely filed all Tax Returns required by Law, taking into account any extension of time to file granted to or obtained
on behalf of the Seller. All such Tax Returns filed by or with respect to the Seller are true, correct and complete and were prepared
in compliance with all applicable Law. The Seller has paid (or caused to be paid on its behalf) all Taxes due and owing, whether
or not shown on its Tax Returns. The Seller has not filed any Tax Return that is, or would be, subject to penalties for underpayment
of tax, understatement of income, negligence or disregard of rules, valuation misstatements or other tax shelter transaction.

 

(b)          The
Seller is currently not a beneficiary of any extension of time within which to file any Tax Return. The Seller has not waived any
statute of limitations with respect to Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency,
nor is any such waiver or extension pending.

 

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(c)          No
Governmental Entity is asserting, or has asserted in the last six (6) years as of the Closing any deficiency or claim for any amount
of additional Taxes against the Seller.

 

(d)          Within
the last six (6) years, no claim has ever been made by any Governmental Entity in a jurisdiction where the Seller does not file
Tax Returns that the Seller is or may be subject to taxation in that jurisdiction except in the State of New York which a settlement
had been reached.

 

(e)          The
Seller has withheld and paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to
any employee, independent contractor, creditor, shareholder, or other third party.

 

(f)          No
federal, state, local or foreign audits, administrative, court or other proceedings is pending as of the Closing with regard to
any Taxes or Tax Returns of the Seller.

 

(g)          For
the purposes of this Agreement:

 

(i)          "Taxes"
shall mean any and all taxes, charges, regulated by law and imposed by any Governmental Entity or taxing authority, fees, levies,
interest or other assessments, or impositions of any kind payable to the relevant Governmental Entity, including all interest and
penalties thereon, and additions to tax or additional amounts attributable to, imposed upon, or with respect to such tax, charges,
custom duties, social security payments, duties regulated by public law and imposed by any Governmental Entity, fees, levies, interest,
assessments or impositions, as transferee or successor, by contract or otherwise. The term "Income Tax" means
any tax measured by net income or gross income.

 

(ii)         "Tax
Returns" shall mean any report, return, document, declaration, report, claim for refund, information return or statement,
or other filing relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

Section 3.12         Brokers'
Fees. No broker, investment banker, financial advisor or other Person is entitled
to any broker's, finder's, financial advisor's or other similar fee or commission in connection with this Agreement or the transactions
contemplated hereby based upon arrangements made by or on behalf of Seller or any of its Affiliates.

 

Section 3.13         Title
and Condition to Assets. The Seller has good and indefeasible fee title to, or
a valid leasehold interest in, all of its tangible assets, free and clear of all Encumbrances except for Permitted Encumbrances.
Immediately following the Closing, the Seller shall continue to be vested with good and indefeasible title to, or a valid leasehold
interest in, the Seller’s assets.

 

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Section 3.14         Material
Contracts.

 

(a)          Except
as set forth in the SEC Reports, the Seller is not a party to or otherwise obligated under or has made (and under which any party
thereto still has remaining rights or obligations) any of the following, whether written or oral:

 

(i)          promissory
notes, loans, agreements, indentures, evidences of Indebtedness or other instruments relating to the lending of money, whether
as borrower, lender or guarantor, in excess of $10,000;

 

(ii)         license
agreements, consulting services agreements with customers or software support agreements that either provide for payments
in excess of $1,000 or cannot be terminated in one (1) year or less at no cost;

 

(iii)        lease
and leasing agreements which provide for annual payments in excess of $15,000;

 

(iv)        agreements
with suppliers, clients and customers either with a remaining term of more than one year or an annual contract value of more than
$25,000;

 

(v)         consignment,
distributorship and agency agreements;

 

(vi)        guarantees
and sureties granted with respect to any obligation of third parties (including Seller and its Affiliates);

 

(vii)       services,
joint venture and cooperation agreements;

 

(viii)      agreements
concerning confidentiality or non-competition;

 

(ix)         agreements
or commitments (other than those types covered above by subsection (a) through (h)) in excess of $35,000 or which cannot be terminated
on three (3) months' notice or less at no cost;

 

(x)          any
and all outstanding bids, proposals or other offers to customers which individually have values in excess of $25,000;

 

(xi)         any
contract or commitment not made in the Ordinary Course of Business; and

 

(xii)        any
other agreement that is material to the Seller's business, operations or prospects.

 

(b)          With
respect to each contract referenced in this Section 3.14:

 

(i)          the
contract is legal, valid, binding, enforceable and in full force and effect;

 

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(ii)         the
Seller and, to the Seller’s Knowledge, the other parties to the contract have performed, in all material respects, all of
their material respective obligations required to be performed under the contract; and

 

(iii)        the
contract is not under negotiation (nor has written demand for any renegotiation been made) and no party has repudiated any portion
of the contract.

  

Section 3.15         Intellectual
Property.

 

(a)          To
the Knowledge of Seller, each of the Intellectual Property Rights used by the Seller is:

 

(i)          valid
and enforceable and nothing has been done or omitted to be done by which it may cease to be valid and enforceable;

 

(ii)         legally
and beneficially owned by, or licensed to, the Seller; and

 

(iii)        not
the subject of a claim or opposition from a Person (including, without limitation, an employee of the Seller) as to title, validity,
enforceability, entitlement or otherwise.

 

(b)          To
the Knowledge of Seller, the Seller owns or possesses all of the Intellectual Property Rights necessary for the conduct of its
business as currently conducted, and such Intellectual Property Rights and conduct are not in conflict with, or infringement of,
the rights of others.

 

(c)          The
Seller has not granted or is obliged to grant a license, assignment, consent, undertaking, security interest or other right in
respect of any of the Intellectual Property Rights owned by the Seller.

 

(d)          The
Seller does not use or operate its business under a name other than its corporate name.

 

Section 3.16         Insurance.
The Seller maintains insurance with reputable insurance companies in at least such
amounts and against at least such risks as usually insured against by companies engaged in the same or similar business. There
are no pending claims existing under any existing insurance policies of the Seller.

 

Section 3.17         Disclosure
of all Material Matters. None of this Agreement, any of the schedules, attachments
or exhibits hereto, or any agreements or other documentation contemplated hereby contain any untrue statement of material fact
or omit a material fact necessary to make each statement contained herein or therein, in light of the circumstances under which
they were made, not misleading. There is no fact that has not been disclosed to Purchaser of which Seller has Knowledge which
has had or could reasonably be anticipated to have a Material Adverse Effect.

 

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Article
IV

 

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser represents and warrants to Seller that
the statements contained in this Article IV are true, correct and complete as of the date hereof, and will be true, correct and
complete as of the Closing Date.

 

Section 4.1           Corporate
Status. Purchaser is duly organized as a corporation under the Law of Delaware
and validly existing under the Laws of its governing jurisdiction and has all requisite power and authority to enter into this
Agreement and to perform its obligations hereunder.

 

Section 4.2           Authorization.
The execution and delivery of this Agreement and the agreements related hereto by Purchaser
and the consummation by Purchaser of the transactions contemplated hereby and thereby have been duly and validly authorized by
Purchaser and no other proceedings of Purchaser are necessary to authorize this Agreement or the agreements related hereto or
to consummate the transactions contemplated hereby and thereby. Each of this Agreement and the agreements related hereto has been
duly executed and delivered by Purchaser and (assuming due authorization, execution and delivery by Seller) this Agreement and
the agreements related hereto constitute a valid and binding obligations of Purchaser enforceable against Purchaser in accordance
with their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar
Laws relating to or affecting creditors' rights generally or by general equitable principles (regardless of whether such enforceability
is considered in a proceeding in equity or at Law).

 

Section 4.3           No
Conflict. The execution and delivery of this Agreement and the agreements related
hereto by Purchaser and the consummation by Purchaser of the transactions contemplated hereby and thereby will not (i) violate
any applicable Law to which Purchaser is subject, (ii) conflict with, result in a violation or breach of, or constitute a
default under, result in the acceleration of or create in any party the right to accelerate, terminate or cancel any contract
or agreement by which Purchaser is bound or (iii) violate the organizational documents of Purchaser other than, in the case
of clauses (i) and (ii) above, any such violations, conflicts, breaches, defaults, accelerations or rights that would
not materially impair or delay Purchaser's ability to perform its obligations under this Agreement or the agreements related hereto
or consummate the transactions contemplated hereby or thereby.

 

Section 4.4           Government
Filings. No Governmental Filings are required in connection with the execution
and delivery of this Agreement by Purchaser or the consummation by Purchaser of the transactions contemplated hereby, except such
Governmental Filings, the failure of such Governmental Filings to be made or obtained would not materially impair or delay Purchaser's
ability to perform its obligations under this Agreement or consummate the transactions contemplated hereby.

 

Section 4.5           Brokers'
Fees. No broker, investment banker, financial advisor or other Person is entitled
to any broker's, finder's, financial advisor's or other similar fee or commission from Seller or the Seller in connection with
this Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of Purchaser or any of its
Affiliates.

 

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Article
V

 

COVENANTS

 

Section 5.1           Publicity.
Purchaser and Seller agree that no public release or announcement concerning the terms
of the transactions contemplated hereby shall be issued by any party without the prior written consent of Purchaser, Seller and
the Seller, except as a party has determined may be required by Law, legal process or the rules and regulations of any stock exchange
upon which the securities of a party or one of its Affiliates are listed, or as may be required or requested by any Governmental
Entity.

 

Section 5.2           Confidentiality.
From and after the Closing, Seller will treat and hold as confidential all of the Confidential
Information of the Seller and its business, refrain from using any of the Confidential Information of the Seller and its business,
and deliver promptly to Purchaser or destroy, at the request and option of Purchaser, all tangible embodiments (and all copies)
of the Confidential Information of the Seller and its business which are in its possession. In the event that Seller is requested
or required (by oral question or request for information or documents in any legal proceeding, interrogatory, subpoena, civil
investigative demand, or similar process) to disclose any Confidential Information of the Seller and its business, Seller will
notify Purchaser promptly of the request or requirement so that Purchaser may seek an appropriate protective order or waive compliance
with the provisions of this Section 5.2. If, in the absence of a protective order or the receipt of a waiver hereunder,
Seller is, on the advice of counsel, compelled to disclose any Confidential Information of the Seller and its business to any
tribunal or else stand liable for contempt, Seller may disclose the Confidential Information of the Seller and its business, as
the case may be, to the tribunal; provided, however, that Seller shall use its reasonable best efforts to obtain, at the reasonable
request of Purchaser and at the sole expense of Purchaser, an order or other assurance that confidential treatment will be accorded
to such portion of the Confidential Information of the Seller and its business, as the case may be, required to be disclosed as
Purchaser shall designate.

 

Section 5.3           Non-Competition.
For a period starting as of the Closing and ending on the second (2nd) anniversary
of such date, without the prior written consent of Purchaser, Seller and its subsidiaries, officers, directors and affiliates
shall not invest in, own, manage, operate or control any Competing Business; provided, however, that the foregoing shall not restrict
Seller or any of its subsidiaries from (i) acquiring in the aggregate up to 10% of the outstanding capital stock of any publicly
traded company or (ii) acquiring, merging with, or entering into a collaboration or joint venture with a diversified business
engaged in part (such part not to be more than 25% of the aggregate revenues or net income of such business) in a Competing Business.
Notwithstanding the foregoing, Seller may sell its remaining Disintegrator inventory and retain all proceeds therefrom.

 

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Article
VI

 

CONDITIONS TO CLOSING

 

Section 6.1           Conditions
Precedent to Obligations of Purchaser. Purchaser’s obligation to effect the
Closing and to take the other actions required to be taken by Purchaser at the Closing is subject to the satisfaction, at or prior
to the Closing, of each of the following conditions (any of which may be waived by Purchaser in writing, in whole or in part):

 

(a)          All
representations and warranties made by Seller in this Agreement shall be true and correct
on and as of the Closing Date as if made at and as of the Closing Date, except that any such representation made as of a specific
date (other than the date hereof) shall only need to have been true on and as of such date;

 

(b)          The
covenants and obligations that Seller is required to perform or to comply with pursuant to this Agreement at or prior to the Closing
must have been duly performed and complied with;

 

(c)          There
shall not be threatened, instituted or pending any action or proceeding, before any court or Governmental Entity, (i) challenging
or seeking to make illegal, or to delay or otherwise directly or indirectly restrain or prohibit, the consummation of the transactions
contemplated hereby or seeking to obtain material damages in connection with such transactions, (ii) seeking to prohibit direct
or indirect ownership or operation by Purchaser of the Assets, (iii) seeking to invalidate or render unenforceable any material
provision of this Agreement, or (iv) otherwise relating to and materially adversely affecting the transactions contemplated
hereby;

 

(d)          The
Seller shall have not suffered a Material Adverse Effect;

 

(e)          Representatives
of Purchaser shall have completed the due diligence review of the operations, condition (financial and other), prospects, assets
and liabilities of, and other matters related to, the Seller and its business to Purchaser’s satisfaction;

 

(f)          All
consents and approvals contemplated in Section 2.4(a)(iv) shall have been obtained;

 

(g)          Seller
shall have delivered to Buyer all of the deliverables described in Section 2.4(a); and

 

(h)          Seller
shall have executed and delivered to Purchaser a certificate of an appropriate officer of Seller dated the Closing Date, stating
that the conditions set forth in Section 6.1(a) and Section 6.1(b) have been satisfied.

 

Section 6.2           Conditions
Precedent to Obligations of Seller. Seller’s obligation to effect the Closing and to take the other
actions required to be taken by Seller at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the
following conditions (any of which may be waived by Seller in writing, in whole or in part):

 

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(a)          All
representations and warranties made by Purchaser in this Agreement shall be true and correct on and as of the Closing Date as if
made at and as of the Closing Date, except that any such representation made as of a specific date (other than the date hereof)
shall only need to have been true on and as of such date;

 

(b)          The
covenants and obligations that Purchaser is required to perform or to comply with pursuant to this Agreement at or prior to the
Closing must have been duly performed and complied with;

 

(c)          There
shall not be threatened, instituted or pending any action or proceeding, before any court or Governmental Entity, (i) challenging
or seeking to make illegal, or to delay or otherwise directly or indirectly restrain or prohibit, the consummation of the transactions
contemplated hereby or seeking to obtain material damages in connection with such transactions, (ii) seeking to prohibit direct
or indirect ownership or operation by Purchaser of the Assets, (iii) seeking to invalidate or render unenforceable any material
provision of this Agreement, or (iv) otherwise relating to and materially adversely affecting the transactions contemplated
hereby;

 

(d)          Representatives
of Seller shall have completed the due diligence review of the operations, condition (financial and other), prospects, assets and
liabilities of, and other matters related to, the Purchaser and its business to Seller’s satisfaction;

 

(e)          Purchaser
shall have delivered to Seller all of the deliverables described in Section 2.4(b); and

 

(f)          Purchaser
shall have executed and delivered to Seller a certificate of an appropriate officer of Purchaser dated the Closing Date, stating
that the conditions set forth in Section 6.2(a) and Section 6.2(b) have been satisfied.

 

Article
VII

 

Termination

 

Section 7.1           Termination
of Agreement. The parties may terminate this
Agreement as provided below:

 

(a)          Purchaser
and Seller may terminate this Agreement by mutual written consent at any time prior to the Closing;

 

(b)          By
Seller in writing, without liability, if Purchaser shall (i) fail to perform in any material respect its agreements contained
herein required to be performed by it on or prior to the Closing Date, or (ii) materially breach any of its representations,
warranties or covenants contained herein, which failure or breach is not cured within ten (10) days after Seller has notified Purchaser
of its intent to terminate this Agreement pursuant to this subparagraph (b);

 

(c)          By
Purchaser in writing, without liability, if either Seller or the Seller shall (i) fail to perform in any material respect
their agreements contained herein required to be performed by them on or prior to the Closing Date, or (ii) materially breach
any of their representations, warranties or covenants contained herein, which failure or breach is not cured within ten (10) days
after Purchaser has notified Seller and the Shareholders of its intent to terminate this Agreement pursuant to this subparagraph
(c);

 

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Section 7.2           Effect
of Termination. If any party terminates this
Agreement pursuant to this Article VII, all rights and obligations of the parties hereunder shall terminate, except for
the obligations under Section 7.2 and Sections 8.4 through 8.14; provided, that termination pursuant to subparagraphs (b)
or (c) of Section 7.1 hereof shall not relieve a defaulting or breaching party from any liability to the other party hereto.

 

Article VIII

 

MISCELLANEOUS

 

Section 8.1           Survival
of Representations and Warranties. The representations and warranties in
this Agreement shall survive the Closing until the three year anniversary of the date hereof.

 

Section 8.2           Indemnification.

 

Seller's Agreement to Indemnify.
Subject to Section 8.1, upon the terms and subject to conditions of this Section 8.2, from and after the Closing, Seller shall
indemnify, defend and hold harmless Purchaser, its Affiliates, the Seller and their respective officers, directors, shareholders
and successors and assigns from and against any and all losses, damages, demands, claims, actions or causes of action, assessments,
awards, penalties, fines, costs, expenses and liabilities (including reasonable attorneys' fees and expenses but excluding punitive
or exemplary damages, except in the case of fraud or to the extent actually awarded to a Governmental Entity or other third party)
(collectively, "Damages") incurred or to be incurred by any of them to the extent resulting from or arising out
of:

 

(i)          any
breach by Seller of any representation or warranty contained in this Agreement, the schedules hereto, or other certificate or document
delivered by Seller pursuant to this Agreement;

 

(ii)         any
breach by Seller of any covenant, agreement or obligation contained in this Agreement or other document delivered by Seller pursuant
to this Agreement; 

 

    	16

    	 

    

 

(iii)        all
and any Taxes affecting, and to be borne by, the Seller for the time up to (and including) the Closing Date if and to the extent
the specific Tax in question has not been paid on or prior to the date hereof, or has not been provided for in the annual accounts,
or has not been fully disclosed by Seller to Purchaser. Such indemnity or hold-harmless shall apply irrespective and regardless
of whether or not on the Closing Date the Seller had knowledge or should have had knowledge of such obligation to pay Taxes. For
the avoidance of doubt, it is the intention of the parties that, in the case of any such Taxes for any period in which the determination
of the amount of such Taxes due for such period does not coincide with or end on the Closing Date, the amount of such Taxes deemed
a liability of the Seller for the time up to (and including) the Closing Date shall be determined as if a separate Tax Return was
due for a period ending on the Closing Date and the amount of such Taxes due on that separate Tax Return is determined based on
actual events occurring up through and including the Closing Date. In the event that any Taxes are assessed once annually, for
example, property taxes, then in lieu of the rules for proration in the previous sentence, if such Tax is not yet been paid for
the annual period that includes the Closing Date, then liability of the Seller for such Tax under this section shall be equal to
the amount of such Tax times a ratio of the days in such period before and including the Closing date divided by 365. 

 

(b)          Purchaser's
Agreement to Indemnify. Subject to Section 8.1, upon the terms and subject to conditions of this Section 8.2, from and after
the Closing, Purchaser shall indemnify, defend and hold harmless Seller, its Affiliates, and their respective officers, directors
and successors and assigns from and against any and all Damages incurred or to be incurred by any of them to the extent resulting
from or arising out of

 

(i)          any
breach by Purchaser of any representation or warranty contained in this Agreement or other certificate or document delivered by
Purchaser pursuant to this Agreement; and

 

(ii)         any
breach by Purchaser of any covenant, agreement or obligation contained in this Agreement. 

 

(c)          Third-Party
Claims. The obligations and liabilities of Seller and Purchaser with respect to any claims made by an indemnified party which
arise or result from claims for Damages made by third parties or for which liability may be asserted by any third party including
any Governmental Entity (a "Third-Party Claim"), shall be subject to the following terms and conditions:

 

(i)          The
indemnified parties shall give the indemnifying party prompt written notice of any such Third-Party Claim; provided, however, that
failure to give such notification shall not affect the indemnification provided hereunder except to the extent the indemnifying
party shall have been prejudiced as a result of such failure and provided that the indemnifying party shall not be responsible
for any costs or expenses incurred prior to the giving of such notice or that arise as a result of such failure to give notice.
The indemnifying party shall have the right to undertake the defense of any Third Party Claim by counsel reasonably satisfactory
to the indemnified parties at the indemnifying party's sole expense; provided, that if the indemnifying party assumes such defense
the indemnifying party shall control such defense and any contacts with third parties with respect to such Third Party Claim, however,
the indemnified parties shall have the right to participate in the defense thereof and to employ counsel, at their own expense,
separate from the counsel employed by the indemnifying party, it being understood that the indemnifying party shall control such
defense and all parties shall be afforded access to all information pertinent to the defense; provided, further, that the reasonable
fees and expenses of one counsel to the indemnified parties will be indemnifiable hereunder if, in the reasonable view of counsel
to the indemnified party, (x) a conflict of interest exists between the indemnifying party and the indemnified parties or (y) there
may be legal defenses available to the indemnified parties which are different from or additional to those available to the indemnifying
party; and

 

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(ii)         Notwithstanding
any provision in this Section 8.2(c) to the contrary, without the prior written consent of the indemnified parties (which consent
shall not be unreasonably conditioned, withheld or delayed), the indemnifying party shall not admit any liability with respect
to, or settle, compromise or discharge, any Third-Party Claim or consent to the entry of any judgment with respect thereto. In
addition, if notice of a Third Party Claim has not been provided, or if notice has been provided and the indemnifying party shall
have assumed the defense of the Third-Party Claim, the indemnified party shall not admit any liability with respect to, or settle,
compromise or discharge, any Third-Party Claim or consent to the entry of any judgment with respect thereto, without the prior
written consent of the indemnifying party (which consent shall not be unreasonably conditioned, withheld or delayed), and the indemnifying
party will not be subject to any liability for any such admission, settlement, compromise, discharge or consent to judgment made
by an indemnified party without such prior written consent of the indemnifying party.

 

(d)          Other
Claims. In the event any indemnified party should have a claim against any indemnifying party under Section 8.2(a) or (iv)
hereof that does not involve a Third-Party Claim being asserted against or sought to be collected from such indemnified party,
the indemnified party shall, as promptly as practicable after discovery of such claim, deliver written notice of such claim to
the indemnifying party. The failure by any indemnified party to so notify the indemnifying party shall not relieve the indemnifying
party from any liability which it may have to such indemnified party under Section 8.2(a) or (iv) hereof, except to the extent
that the indemnifying party shall have been materially prejudiced by such failure.

 

(e)          Limitations;
Sole Remedy, etc.

 

(i)          Notwithstanding
any provision in this Agreement to the contrary, the obligation of any indemnifying party to indemnify an indemnified party pursuant
to this Section 8.2 shall be limited to claims which an indemnified party has given the indemnifying party written notice pursuant
to Section 8.2(c) or 8.2(d), as applicable, setting forth therein in reasonable detail the basis for such claim.

 

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(ii)         Notwithstanding
anything to the contrary contained in this Agreement: (a) an indemnifying party shall not be liable for any claim for indemnification
unless and until the aggregate amount of indemnifiable Damages which may be recovered from the indemnifying party (taking into
account clause (i) hereof) equals or exceeds a one-time deductible amount of $25,000 (the "Deductible"),
in which case the indemnified party entitled to such indemnification shall be entitled to recover all such Damages to which such
indemnified party is entitled in excess of the Damages constituting the Deductible, and (b) in no event shall the aggregate amount
of all claims for which Seller or Purchaser is liable pursuant to Section 8.2(a) or Section 8.2(a)(iv), as applicable, exceed an
amount equal to the Purchase Price; except in each case with respect to (i) Damages arising from fraud, willful misconduct or intentional
breach of covenants or other agreements herein by Purchaser or Seller, as applicable, or (ii) a breach of a Fundamental Rep by
Seller or by Purchaser.

 

(iii)        Each
of Seller and Purchaser acknowledges and agrees that its sole and exclusive remedy (other than for fraud or intentional misconduct)
following the Closing with respect to any and all claims (whether Third-Party Claims or otherwise) relating to the subject matter
of this Agreement shall be pursuant to the provisions set forth in this Section 8.2; provided, however, that nothing contained
herein shall prevent (A) an indemnified party from pursuing remedies as may be available to such party under applicable Law in
the event of an indemnifying party's failure to comply with its indemnification obligations hereunder or (B) any party from pursuing
a claim for specific performance pursuant to Section 8.15 hereof.

 

(iv)        Any
liability for indemnification hereunder shall be determined without duplication of recovery by reason of the state of facts giving
rise to such liability constituting a breach of more than one representation, warranty, covenant or agreement. 

 

(v)         
Any indemnity payment made hereunder shall be treated by the parties as an adjustment to the Purchase Price. Any indemnification
obligation under this Agreement shall be net of any tax benefits realized by the indemnified parties or its Affiliates, and any
insurance or indemnity, contribution or similar amount received by the indemnified party or its Affiliates from any third party
with respect thereto. To the extent that any indemnity is not treated as a Purchase Price adjustment and is subject to tax, such
payment shall be increased so that on an after-tax basis, the payment shall equal the amount of the indemnity provided in Section
8.2. To the extent that Seller owes an indemnity payment hereunder to Purchaser, Purchaser may set off such payment against any
royalty payments due by it Seller as part of the Purchase Price.

 

(vi)        For
purposes of determining the amount of any Damages under this Section 8.2 (but not for purposes of determining whether a breach
of any representation or warranty has occurred) each of the representations and warranties that contains any "Material Adverse
Effect," "in all material respects," or other materiality (or correlative meaning) qualification shall be deemed
to have been given as though there were no such qualification.

 

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Section 8.3           Choice
of Law and Binding Effect. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF FLORIDA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE
OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF FLORIDA TO BE APPLIED.
IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF FLORIDA WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF
THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER
JURISDICTION WOULD ORDINARILY APPLY. EACH PARTY HERETO AGREES AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY COURT SITTING
IN FLORIDA, FLORIDA AND ANY UNITED STATES DISTRICT COURT IN THE SOUTHERN DISTRICT OF FLORIDA (IF FEDERAL JURISDICTION EXISTS),
AND ANY APPLICABLE APPELLATE COURTS, WITH RESPECT TO ALL MATTERS RELATING TO THIS AGREEMENT AND TO THE TRANSACTIONS CONTEMPLATED
HEREBY, WAIVES ALL OBJECTIONS BASED ON LACK OF VENUE AND FORUM NON CONVENIENS, AND IRREVOCABLY CONSENTS TO THE PERSONAL JURISDICTION
OF ALL SUCH COURTS. This Agreement and the rights hereunder are not assignable unless such assignment is consented to in writing
by both Purchaser and Seller and, subject to the preceding clause, this Agreement and all the provisions hereof shall be binding
upon and shall inure to the benefit of the parties and their respective successors and permitted assigns.

 

Section 8.4           Waiver
of Jury Trial. Each of the parties hereto hereby waives to the fullest extent
permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising
out of, under or in connection with this Agreement or the transactions contemplated by this Agreement. .

 

Section 8.5           Notices.
All notices and other communications provided for herein shall be dated and in writing and shall be deemed to have
been duly given when delivered, if delivered personally or sent by registered or certified mail, return receipt requested, postage
prepaid and when received if delivered otherwise, to the party to whom it is directed:

 

If to Seller, to:

 

American
Scientific Resources, Inc. of Nevada

1112
Weston Road, Unit 278

Weston,
Florida 33326

Fax:866.471.3819

Attention:
Robert Faber

 

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If to Purchaser, to: 

American
Scientific Resources, Inc. of Delaware

2234
North Federal Highway, Suite 481

Boca Raton, Florida 33431

 

Section 8.6           Headings.
The headings contained in this Agreement are inserted for convenience only and shall not be considered in interpreting
or construing any of the provisions contained in this Agreement.

 

Section 8.7           Fees
and Expenses. Except as otherwise provided herein, Seller shall pay all
cost and expenses of Seller associated with the negotiation, preparation and execution of this Agreement, and consummation of
the transactions contemplated hereby. Purchaser shall pay all costs and expenses incurred
on its behalf in connection with the negotiation, preparation and execution of this Agreement, and consummation of the transactions
contemplated hereby.

 

Section 8.8           Entire
Agreement. This Agreement (including the Exhibits and schedules hereto)
and the agreements related hereto constitute the entire agreement between the parties with respect to the subject matter hereof
and supersedes all prior agreements and understandings between the parties with respect to such subject matter; provided,
however, this Agreement shall not supersede the terms and provisions of the Confidentiality Agreement, which shall survive
and remain in effect until expiration or termination thereof in accordance with its terms and this Agreement.

 

Section 8.9           Waiver
and Amendment. This Agreement may be amended, modified or supplemented only
by a written mutual agreement executed and delivered by Seller and Purchaser. Except as otherwise provided in this Agreement,
any failure of any party to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled
to the benefits thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist
upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure.

 

Section 8.10         Counterparts;
Language; Facsimile Signatures. This Agreement may be executed in any number
of counterparts, each of which when executed, shall be deemed to be an original and all of which together shall be deemed to be
one and the same instrument binding upon all of the parties notwithstanding the fact that all of the parties are not signatory
to the original or the same counterpart. For purposes of this Agreement, facsimile signatures or electronic .pdf copies shall
be deemed originals.

 

Section 8.11         Third-Party
Beneficiaries. This Agreement is for the sole benefit of the parties and
their successors and permitted assigns and nothing herein express or implied shall give or be construed to give to any Person,
other than the parties and such successors and permitted assigns, any legal or equitable rights hereunder, it being understood
that the foregoing shall not limit the right of any indemnified party to bring claims for indemnification under Section 8.2 in
respect of Damages.

 

    	21

    	 

    

 

Section 8.12         Specific
Performance. The parties agree that if any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate
remedy at Law would exist and damages would be difficult to determine, and that the parties shall be entitled to specific performance
of the terms hereof, in addition to any other remedy at Law or in equity.

 

Section 8.13         Severability.
If any provision of this Agreement or the application of any such provision to any Person or circumstance shall be
held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision hereof.

 

Section 8.14         Further
Assurance. Seller and Purchaser shall and shall procure that their respective Affiliates shall execute and deliver,
or shall cause to be executed and delivered, such documents and other papers and shall take, or shall cause to be taken, such
further actions as may be reasonably required to carry out the provisions of, and give effect to, the transactions contemplated
by, this Agreement.

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed as of the date and year first above written.

 

	AMERICAN SCIENTIFIC RESOURCES, INC. OF NEVADA
	 	 	 
	By:	/s/ Robert Faber
	 	 	Name: Robert Faber
	 	 	Title: President and Chief Executive Officer
	 	 	 
	AMERICAN SCIENTIFIC RESOURCES, INC. OF DELAWARE
	 	 	 
	By:	/s/ Robert Faber
	 	 	Name: Robert Faber
	 	 	Title:

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