Document:

Exhibit
10.1

       

      EMPLOYMENT
AGREEMENT

       

      This employment agreement (“Agreement”)
is made and entered into effective as of January 1, 2010 (the “Effective Date”),
by and between Neoprobe Corporation, a Delaware Corporation with a place of
business at 425 Metro Place North, Suite 300, Dublin, Ohio 43017-1367 (the
“Company”) and David C. Bupp of Dublin, Ohio (the “Employee”).

       

      WHEREAS, the Company and the Employee
entered into a series of employment agreements effective as of January 1, 1996
and for subsequent periods, including an employment agreement that was generally
effective commencing as of January 1, 2009 through December 31, 2009;
and

       

      WHEREAS, the Company and the Employee
wish to establish terms, covenants, and conditions for the Employee’s continued
employment effective as of January 1, 2010, as set forth in this
Agreement.

       

      NOW, THEREFORE, in consideration of the
mutual agreements herein set forth, the parties hereto agree as
follows:

       

      
        
          	
                   
      

                	
                  1.

                	
                  Duties.  From
      and after the Effective Date, and based upon the terms and conditions set
      forth herein, the Company agrees to employ the Employee and the Employee
      agrees to be employed by the Company, as President and Chief Executive
      Officer of the Company and in such equivalent, additional or higher
      executive level position or positions as shall be assigned to him by the
      Company’s Board of Directors.  While serving in such executive
      level position or positions, the Employee shall report to, be responsible
      to, and shall take direction from the Board of Directors of the
      Company.  The Board of Directors shall not require the Employee
      to perform any task that is inconsistent with the office of President or
      the position of Chief Executive Officer.  During the Term of
      this Agreement (as defined in Section 2 below), the Employee agrees to
      devote substantially all of his working time to the position he holds with
      the Company and to faithfully, industriously, and to the best of his
      ability, experience and talent, perform the duties which are assigned to
      him.  The Employee shall observe and abide by the reasonable
      corporate policies and decisions of the Company in all business
      matters.

                

        

      

       

      The
Employee represents and warrants to the Company that Exhibit A attached hereto
sets forth a true and complete list of (a) all offices, directorships and other
positions held by the Employee in corporations and firms other than the Company
and its subsidiaries and (b) any investment or ownership interest in any
corporation or firm other than the Company beneficially owned by the Employee
(excluding investments in life insurance policies, bank deposits, publicly
traded securities that are less than five percent (5%) of their class and real
estate). The Employee will promptly notify the Board of Directors of the Company
of any additional positions undertaken or investments made by the Employee
during the Term of this Agreement if they are of a type which, if they had
existed on the date hereof, should have been listed on Exhibit A
hereto.  As long as the Employee’s other positions or investments in
other firms do not create a conflict of interest, violate the Employee’s
obligations under Section 7 below or cause the Employee to neglect his duties
hereunder, such activities and positions shall not be deemed to be a breach of
this Agreement.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                2.

              	
                Term of this
      Agreement.  Subject to Sections 4 and 5 hereof, the Term
      of this Agreement shall be for a period of Thirty-Six (36) months,
      commencing January 1, 2010 and terminating December 31,
    2012.

              

      

       

      
        	
                 
      

              	
                3.

              	
                Compensation.  During
      the Term of this Agreement, the Company shall pay, and the Employee agrees
      to accept as full consideration for the services to be rendered by the
      Employee hereunder, compensation consisting of the
    following:

              

      

       

      
        	
                 
      

              	
                A.

              	
                Salary.  Beginning
      on the first day of the Term of this Agreement, the Company shall pay the
      Employee a salary of Three Hundred Fifty-Five Thousand Dollars ($355,000)
      per year, payable in semi-monthly or monthly installments as requested by
      the Employee. The Committee (as hereinafter defined) shall review the
      Employee’s annual salary on an annual basis and may increase, but not
      decrease, the salary at its
discretion.

              

      

       

      
        	
                 
      

              	
                B.

              	
                Bonus.  The
      Compensation, Nominating and Governance Committee (the “Committee”) of the
      Board of Directors will, on an annual basis, review the performance of the
      Company and of the Employee and will pay such bonus as it deems
      appropriate, in its discretion, to the Employee based upon such
      review.  Such review and bonus shall be consistent with any
      bonus plan adopted by the Committee, which covers the executive officers
      and employees of the Company generally. For the calendar year ending
      December 31, 2010, the Committee has determined that the maximum bonus
      payment to the Employee will be One Hundred Twenty Five Thousand Dollars
      ($125,000). The Employee shall be eligible for the payment of the pro rata
      portion of the bonus for the calendar year ending December 31, 2010 in the
      event the employment of the Employee terminates (other than a termination
      of employment by the Company for Cause or a resignation of Employee
      subject to paragraph B of Section 4) before December 31,
      2010.  Any bonus payment to Employee for the calendar year
      ending December 31, 2010 will be consistent with the guidelines
      established by the Committee for other officer employees of the Company
      for the payment of any bonus to officer employees of the Company for the
      same period, including compliance with Section 162(m) of the Internal
      Revenue Code (the “Code”).  The maximum bonus payment to the
      Employee for subsequent calendar years during the term of this Agreement
      shall be determined at the discretion of the Committee, (but with a target
      bonus of not less than $125,000) and shall be payable consistent with the
      provisions set forth above regarding the payment of the bonus for the year
      ending December 31, 2010.

              

      

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                C.

              	
                Benefits.  During
      the Term of this Agreement, the Employee will receive such employee
      benefits as are generally available to all employees of the
      Company.  In addition, following the Employee’s termination of
      employment with the Company at any time, other than a termination by the
      Company for Cause or a resignation by the Employee without Good Reason,
      the Company shall provide continuation of health coverage for the Employee
      on the same terms and conditions as such coverage is available to other
      Company executive employees for a period of Thirty-Six (36)
      months.  Notwithstanding the foregoing, if the Company
      reasonably determines that such a continuation of health coverage may not
      be exempt from federal income tax, then for a period of six (6) months
      after the date of the Employee’s termination, the Employee shall pay to
      the Company an amount equal to the stated taxable cost of such coverage.
      After the expiration of the six-month period, the Employee shall receive
      from the Company a reimbursement of the amounts paid by the
      Employee.  Further notwithstanding the foregoing, in the event
      that such a continuation of coverage cannot be made available after the
      end of the period during which continuation coverage is generally
      available under the Company’s group health plan (which normally would
      extend for only eighteen (18) months following a termination of
      employment), the Company shall assist the Employee in finding other
      comparable coverage and shall reimburse the Employee for the costs of such
      coverage so as to make the net benefit to the Employee of such other
      continued coverage consistent, to the extent possible, with the coverage
      that was available under the Company’s  group health plan during
      the period such coverage was permitted to be continued.  Any
      such reimbursements shall be subject to the following
      conditions:  (i) the benefits or payments provided during any
      taxable year of the Executive may not affect the benefits or payments to
      be provided to the Executive in any other taxable year; (ii) reimbursement
      of any eligible expense must be made on or before the last day of the
      Executive’s taxable year following the taxable year in which the expense
      was incurred; and (iii) the right to such benefits or payments is not
      subject to liquidation or exchange for another benefit or
      payment.

              

      

       

      
        	
                 
      

              	
                D.

              	
                Stock Options and Stock Based
      Awards.  The Committee of the Board of Directors may,
      from time-to-time, grant stock options, restricted stock purchase
      opportunities and such other forms of stock-based incentive compensation
      as it deems appropriate, in its discretion, to the Employee under the
      Company’s Stock Option and Restricted Stock Purchase Plan and the 1996 and
      2002 Stock Incentive Plan or any successor plan or plans (the “Stock
      Plans”).  The terms of the Stock Plans and the relevant award
      agreements shall govern the rights of the Employee and the Company
      thereunder in the event of any conflict between such terms and this
      Agreement.  In addition, the Company and the Employee
      specifically agree that (a) the 300,000 shares of restricted stock
      previously granted to the Employee remain outstanding and subject to the
      terms of the original award agreement and plan under which such award was
      granted, without change, and (b) nothing in this Agreement shall create
      any limitation on or after the Effective Date on grants that may be made,
      from time to time, to the Employee under the terms of the Stock Plans, or
      under any other plan permitting grants of equity based
      compensation.

              

      

       

      
        	
                 
      

              	
                E.

              	
                Vacation.  The
      Employee shall be entitled to thirty (30) days of vacation during each
      calendar year during the Term of this
Agreement.

              

      

       

      
        	
                 
      

              	
                F.

              	
                Expenses.  The
      Company shall reimburse the Employee for all reasonable out-of-pocket
      expenses incurred by him in the performance of his duties hereunder,
      including expenses for travel, entertainment and similar items, promptly
      after the presentation by the Employee, from time-to-time, of an itemized
      account of such expenses.

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                4.

              	
                Termination.

              

      

       

      
        	
                 
      

              	
                A.

              	
                For Cause. The Company
      may terminate the employment of the Employee prior to the end of the Term
      of this Agreement “for cause.” Termination “for cause” shall be defined as
      a termination by the Company of the employment of the Employee occasioned
      by (i) the Employee being formally charged with a felony (other than a
      traffic offense), or a crime involving moral turpitude, that in the
      reasonable good faith judgment of the Board of Directors, would result in
      material damage to the Company or its reputation, or would materially
      interfere with the performance of Employee’s obligations under this
      Agreement, (ii) acts by the Employee of  fraud, embezzlement,
      theft or other material dishonesty directed against the Company; or (iii)
      the failure by the Employee to cure a willful breach of a material duty
      imposed on the Employee under this Agreement within 15 days after written
      notice thereof by the Company or the continuation by the Employee after
      written notice by the Company of a willful and continued neglect of a duty
      imposed on the Employee under this Agreement.  In the event of
      termination by the Company “for cause,” all salary, benefits and other
      payments shall cease at the time of termination, and the Company shall
      have no further obligations to the
Employee.

              

      

       

      
        	
                 
      

              	
                B.

              	
                Resignation. If the
      Employee resigns for any reason, all salary, benefits and other payments
      (except as otherwise provided in paragraph G of this Section 4 below)
      shall cease at the time such resignation becomes effective.  At
      the time of any such resignation, the Company shall pay the Employee the
      value of any accrued but unused vacation time, and the amount of all
      accrued but previously unpaid base salary through the date of such
      termination.  The Company shall promptly reimburse the Employee
      for the amount of any expenses incurred prior to such termination by the
      Employee as required under paragraph F of Section 3
  above.

              

      

       

      
        	
                 
      

              	
                C.

              	
                Disability, Death. The
      Company may terminate the employment of the Employee prior to the end of
      the Term of this Agreement if the Employee has been unable to perform his
      duties hereunder or a similar job for a continuous period of Twelve (12)
      months due to a physical or mental condition that, in the opinion of a
      licensed physician, will be of indefinite duration or is without a
      reasonable probability of recovery for a period of at least Six (6)
      months.  The Employee agrees to submit to an examination by a
      licensed physician of his choice in order to obtain such opinion, at the
      request of the Company, made after the Employee has been absent from his
      place of employment for at least six (6) months.  Any requested
      examination shall be paid for by the Company.  However, this
      provision does not abrogate either the Company’s or the Employee’s rights
      and obligations pursuant to the Family and Medical Leave Act of 1993, and
      a termination of employment under this paragraph C shall not be deemed to
      be a termination for Cause.

              

      

       

      If during
the Term of this Agreement, the Employee dies or his employment is terminated
because of his disability, all salary, benefits and other payments shall cease
at the time of death or disability, provided, however, that the Company shall
provide such health, dental and similar insurance or benefits as were provided
to Employee immediately before his termination by reason of death or disability,
to Employee or his family for the longer of Thirty-six (36) months after such
termination or the full unexpired Term of this Agreement on the same terms and
conditions (including cost) as were applicable before such
termination.  In addition, for the first six (6) months of disability,
the Company shall pay to the Employee the difference, if any, between any cash
benefits received by the Employee from a Company-sponsored disability insurance
policy and the Employee’s salary hereunder.  At the time of any such
termination, the Company shall pay the Employee, the value of any accrued but
unused vacation time, and the amount of all accrued but previously unpaid base
salary through the date of such termination.  The Company shall
promptly reimburse the Employee for the amount of any expenses incurred prior to
such termination by the Employee as required under paragraph F of Section 3
above.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      Notwithstanding
the foregoing, if the Company reasonably determines that any of the benefits
described in this paragraph C may not be exempt from federal income tax, then
for a period of six (6) months after the date of the Employee’s termination, the
Employee shall pay to the Company an amount equal to the stated taxable cost of
such coverages. After the expiration of the six-month period, the Employee shall
receive from the Company a reimbursement of the amounts paid by the
Employee.

       

      
        	
                 
      

              	
                D.

              	
                Termination without
      Cause. A termination without Cause is a termination of the
      employment of the Employee by the Company that is not “for cause” and not
      occasioned by the resignation, death or disability of the
      Employee.  If the Company terminates the employment of the
      Employee without Cause, (whether before the end of the Term of this
      Agreement or, if the Employee is employed by the Company under paragraph E
      of this Section 4 below, after the Term of this Agreement has ended) the
      Company shall, at the time of such termination, pay to the Employee the
      severance payment provided in paragraph F of this Section 4 below together
      with the value of any accrued but unused vacation time and the amount of
      all accrued but previously unpaid base salary through the date of such
      termination and shall provide him with all of his benefits under paragraph
      C of Section 3 above for the longer of Thirty-six (36) months or the full
      unexpired Term of this Agreement.  The Company shall promptly
      reimburse the Employee for the amount of any expenses incurred prior to
      such termination by the Employee as required under paragraph F of Section
      3 above.

              

      

       

      If the
Company terminates the employment of the Employee because it has ceased to do
business or substantially completed the liquidation of its assets or because it
has relocated to another city and the Employee has decided not to relocate also,
such termination of employment shall be deemed to be without Cause.

       

      
        	
                 
      

              	
                E.

              	
                End of the Term of this
      Agreement.  Except as otherwise provided in paragraphs F
      and G of this Section 4 below, the Company may terminate the employment of
      the Employee at the end of the Term of this Agreement without any
      liability on the part of the Company to the Employee but, if the Employee
      continues to be an employee of the Company after the Term of this
      Agreement ends, his employment shall be governed by the terms and
      conditions of this Agreement, but he shall be an employee at will and his
      employment may be terminated at any time by either the Company or the
      Employee without notice and for any reason not prohibited by law or no
      reason at all.  If the Company terminates the employment of the
      Employee at the end of the Term of this Agreement, the Company shall, at
      the time of such termination, pay to the Employee the severance payment
      provided in paragraph F of this Section 4 below together with the value of
      any accrued but unused vacation time and the amount of all accrued but
      previously unpaid base salary through the date of such
      termination.  The Company shall promptly reimburse the Employee
      for the amount of any reasonable expenses incurred prior to such
      termination by the Employee as required under paragraph F of Section 3
      above.

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                F.

              	
                Severance.   At
      such time as the employment of the Employee is terminated for any reason,
      whether during the Term of this Agreement or thereafter (and including a
      termination that occurs as of the expiration of the Term of this
      Agreement), other than by the Company for Cause or by the Employee without
      Good Reason, as hereinafter defined, the Employee shall be paid, as a
      severance payment, the amount of Five Hundred Thirty-Two Thousand Five
      Hundred Dollars ($532,500) together with the value of any accrued but
      unused vacation time. If the termination is by the Company other than for
      Cause or by the Employee for Good Reason during the Term of this
      Agreement, such amount shall be paid ratably over the balance of the Term;
      otherwise it shall be paid in a single payment at the time of termination.
      For these purposes, the Employee shall be treated as having terminated for
      Good Reason only if (I) the Employee’s resignation occurs within six
      months following the initial existence of one or more of the following
      conditions arising without the Employee’s consent:  (1) A
      material diminution in the service provider’s base compensation; (2) a
      material diminution in the service provider’s authority, duties, or
      responsibilities; (3) a requirement that the Employee report to a person
      or body in authority other than the Board of Directors of the Company or a
      committee comprised of members of the Board of Directors; (4) a material
      diminution in the budget over which the Employee retains authority; (5) a
      material change in the geographic location that constitutes the Employee’s
      principal place of business; or (6) any other action or inaction that
      constitutes a material breach by the Company of this Agreement, and (II)
      the Employee has provided notice to the Company of the existence of the
      condition forming the basis for the Employee’s intent to resign for Good
      Reason within 90 days of the initial existence of such condition, and the
      Company has failed to remedy the condition within 30 days of such
      notice.

              

      

       

      
        	
                 
      

              	
                G.

              	
                Change of Control
      Severance.  In addition to the rights of the Employee
      under the Company’s employee benefit plans (paragraphs C of Section 3
      above) but in lieu of any severance payment under paragraph F of this
      Section 4 above, if there is a Change in Control of the Company (as
      defined below) and the employment of the Employee is concurrently
      terminated, or subsequently terminated within six months, (a) by the
      Company without Cause, (b) by the expiration of the Term of this
      Agreement, or (c) by the resignation of the Employee because he has
      reasonably determined in good faith that his titles, authorities,
      responsibilities, salary, bonus opportunities or benefits have been
      materially diminished, that a material adverse change in his working
      conditions has occurred, that his services are no longer required in light
      of the Company’s business plan, or the Company has breached this
      Agreement, the Company shall pay the Employee, as a severance payment, at
      the time of such termination, the greater of the amount equal to Thirty
      (30) months of the Employee’s Salary as defined in Section 3 (A) above or
      Eight Hundred Eighty-Seven Thousand Five Hundred Dollars ($887,500)
      together with the value of any accrued but unused vacation time, and the
      amount of all accrued but previously unpaid base salary through the date
      of termination and shall provide him with all of the Employee benefits
      under paragraph C of Section 3 above for the longer of Thirty-six (36)
      months or the full unexpired Term of this Agreement.  The
      Company shall promptly reimburse the Employee for the amount of any
      expenses incurred prior to such termination by the Employee as required
      under paragraph F of Section 3 above. Notwithstanding the foregoing,
      before the Employee may resign pursuant to Section 4(G)(c) above, the
      Employee shall deliver to the Company a written notice of the Employee’s
      intent to terminate his employment pursuant to Section 4(G)(c), and the
      Company shall have been given a reasonable opportunity to cure any such
      act, omission or condition within Thirty (30) days after the Company’s
      receipt of such notice.

              

      

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      For the
purpose of this Agreement, a Change in Control of the Company has occurred
when:  (a) any person (defined for the purposes of this paragraph G to
mean any person within the meaning of Section 13(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”)), other than Neoprobe, an employee benefit plan
created by its Board of Directors for the benefit of its employees, or a
participant in a transaction approved by its Board of Directors for the
principal purpose of raising additional capital, either directly or indirectly,
acquires beneficial ownership (determined under Rule 13d-3 of the Regulations
promulgated by the Securities and Exchange Commission under Section 13(d) of the
Exchange Act) of securities issued by Neoprobe having thirty percent (30%) or
more of the voting power of all the voting securities issued by Neoprobe in the
election of Directors at the next meeting of the holders of voting securities to
be held for such purpose; (b) a majority of the Directors elected at any meeting
of the holders of voting securities of Neoprobe are persons who were not
nominated for such election by the Board of Directors or a duly constituted
committee of the Board of Directors having authority in such matters; (c) the
stockholders of Neoprobe approve a merger or consolidation of Neoprobe with
another person other than a merger or consolidation in which the holders of
Neoprobe’s voting securities issued and outstanding immediately before such
merger or consolidation continue to hold voting securities in the surviving or
resulting corporation (in the same relative proportions to each other as existed
before such event) comprising eighty percent (80%) or more of the voting power
for all purposes of the surviving or resulting corporation; or (d) the
stockholders of Neoprobe approve a transfer of substantially all of the assets
of Neoprobe to another person other than a transfer to a transferee, eighty
percent (80%) or more of the voting power of which is owned or controlled by
Neoprobe or by the holders of Neoprobe’s voting securities issued and
outstanding immediately before such transfer in the same relative proportions to
each other as existed before such event.  The parties hereto agree
that for the purpose of determining the time when a Change of Control has
occurred that if any transaction results from a definite proposal that was made
before the end of the Term of this Agreement but which continued until after the
end of the Term of this Agreement and such transaction is consummated after the
end of the Term of this Agreement, such transaction shall be deemed to have
occurred when the definite proposal was made for the purposes of the first
sentence of this paragraph G of this Section 4.

       

      Notwithstanding
anything in this paragraph G of this Section 4 to the contrary, in the event it
shall be determined that any payment or distribution by the Company to or for
the benefit of the Employee is treated as compensation that is contingent on a
change in “the ownership or effective control of” the Company, or on a change
“in the ownership of a substantial portion of the assets of” the Company (as
these phrases are used for purposes of Code Section 280G(b) (regarding “excess
parachute payments”), and that these amounts, when aggregated for purposes of
Code Section 280G would result in all or a portion of such payments being
treated as an “excess parachute payment” (as that phrase is defined in Code
Section 280G(b), then a reduction in the amounts payable as severance under this
paragraph G of this Section 4 shall be made (such reduction being referred to
hereinafter as a “280G Cutback”) to the extent necessary, and only if possible,
so that no portion of any compensation provided to the Employee is treated as an
“excess parachute payment” for purposes of Code Section 280G.  In the
event that the amount payable to the Employee as severance under this Agreement
must be reduced under this Paragraph G, such amounts are intended to be reduced
or modified in a manner so as not to change the time and form of any payment to
the Employee in a manner that causes the Employee to incur excise tax,
penalties, or interest under Code Section 409A.

      
        
           

        

        
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                H.

              	
                Release.  Notwithstanding
      the provisions of paragraphs F. and G. of this Section 4, the Employee
      will not be deemed to be entitled to any severance payment upon
      termination of employment unless Employee executes a release of claims in
      a form substantially similar to the form attached as Exhibit B hereto and
      does not revoke his execution within the 7 day period as provided
      therein.

              

      

       

      
        	
                 
      

              	
                I.

              	
                Benefit and Stock
      Plans.  In the event that a benefit plan or Stock Plan
      which covers the Employee has specific provisions concerning termination
      of employment, or the death or disability of an employee (e.g., life
      insurance or disability insurance), then such benefit plan or Stock Plan
      shall control the disposition of the benefits or stock
      options.

              

      

       

      
        	
                 
      

              	
                5.

              	
                Proprietary Information
      Agreement.  Employee has executed a Proprietary
      Information Agreement as a condition of employment with the
      Company.  The Proprietary Information Agreement shall not be
      limited by this Agreement in any manner, and the Employee shall act in
      accordance with the provisions of the Proprietary Information Agreement at
      all times during the Term of this
Agreement.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Non-Competition.  Employee
      agrees that for so long as he is employed by the Company under this
      Agreement and for one (1) year thereafter, the Employee will
      not:

              

      

       

      
        	
                 
      

              	
                A.

              	
                enter
      into the employ of or render any services to any person, firm, or
      corporation, which is engaged, in any part, in a Competitive Business (as
      defined below);

              

      

       

      
        	
                 
      

              	
                B.

              	
                engage
      in any directly Competitive Business for his own
  account;

              

      

       

      
        	
                 
      

              	
                C.

              	
                become
      associated with or interested in through retention or by employment any
      Competitive Business as an individual, partner, shareholder, creditor,
      director, officer, principal, agent, employee, trustee, consultant,
      advisor, or in any other relationship or
  capacity;

              

      

       

      
        	
                 
      

              	
                D.

              	
                solicit,
      interfere with, or endeavor to entice away from the Company, any of its
      customers, strategic partners, or sources of supply;
  or

              

      

       

      
        	
                 
      

              	
                E.

              	
                hire
      any person who is an employee of the Company or any subsidiary, or
      otherwise induce or attempt to induce any employee of the Company or any
      subsidiary to leave the employ of the Company or such subsidiary, or in
      any way interfere with the relationship between the Company or any
      subsidiary and any employee
thereof.

              

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      Nothing
in this Agreement shall preclude Employee from taking employment in the banking
or related financial services industries nor from investing his personal assets
in the securities or any Competitive Business if such securities are traded on a
national stock exchange or in the over-the-counter market and if such investment
does not result in his beneficially owning, at any time, more than one percent
(1%) of the publicly-traded equity securities of such Competitive
Business.  “Competitive Business” for purposes of this Agreement shall
mean any business or enterprise which:

       

      
        	
                 
      

              	
                (a)

              	
                is
      engaged in the development and/or commercialization of products and/or
      systems for use in intraoperative detection of cancer,
  or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                reasonably
      understood to be competitive in the relevant market with products and/or
      systems described in clause a above,
or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      Company engages in during the Term of this Agreement pursuant to a
      determination of the Board of Directors and from which the Company derives
      a material amount of revenue or in which the Company has made a material
      capital investment.

              

      

       

      The
covenant set forth in this Section 6 shall terminate immediately upon the
substantial completion of the liquidation of assets of the Company or the
termination of the employment of the Employee by the Company without cause or at
the end of the Term of this Agreement.

       

      
        	
                 
      

              	
                7.

              	
                Arbitration.  Any
      dispute or controversy arising under or in connection with this Agreement
      shall be settled exclusively by arbitration in Columbus, Ohio, in
      accordance with the non-union employment arbitration rules of the American
      Arbitration Association (“AAA”) then in effect.  If specific
      non-union employment dispute rules are not in effect, then AAA commercial
      arbitration rules shall govern the dispute.  If the amount
      claimed exceeds $100,000, the arbitration shall be before a panel of three
      arbitrators.  Judgment may be entered on the arbitrator’s award
      in any court having jurisdiction.  The Company shall indemnify
      the Employee against and hold him harmless from any attorney’s fees, court
      costs and other expenses incurred by the Employee in connection with the
      preparation, commencement, prosecution, defense, or enforcement of any
      arbitration, award, confirmation or judgment in order to assert or defend
      any right or obtain any payment under paragraph C of Section 4 above or
      under this sentence; without regard to the success of the Employee or his
      attorney in any such arbitration or
proceeding.

              

      

       

      
        	
                 
      

              	
                8.

              	
                Withholding of
      Taxes.  The Company may withhold from any amounts payable
      under this Agreement all federal, state, city, or other taxes or
      withholding obligations as allowed or required by law.  If the
      amounts payable under this Agreement are not large enough to allow the
      Company to satisfy any such withholding obligation, the Company may
      require the Employee to pay cash to the Company in an amount necessary to
      satisfy its withholding obligation.

              

      

       

      
        	
                 
      

              	
                9.

              	
                Right of
      Offset.  The parties agree that by this Agreement Company
      shall have the right, during or after Employee’s employment, to offset
      from any compensation or severance owed to Employee, the amounts of any
      monies and/or the value of any property due and owed to Company by
      Employee.  The Company will discuss and/or notify Employee of
      any such offset prior to implementing the same and will provide Employee
      with a written accounting of any such
offset.

              

      

       

      
        	
                 
      

              	
                10.

              	
                Governing
      Law.  The Agreement shall be governed by and construed in
      accordance with the laws of the State of Ohio without regard to its
      principles of conflicts of laws.

              

      

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                11.

              	
                Validity.  The
      invalidity or unenforceability of any provision or provisions of this
      Agreement shall not affect the validity or enforceability of any other
      provision of the Agreement, which shall remain in full force and
      effect.

              

      

       

      
        	
                 
      

              	
                12.

              	
                Compliance with Section 409A of
      the Code.  If, when the Employee's employment with the
      Company terminates, the Employee is a "specified employee" as defined in
      Code Section 409A(a)(2)(B)(i), and if any payments under this Agreement,
      including payments under Section 4, will result in the inclusion of any
      amounts in the Employee’s gross income pursuant to Code Section 409A(a),
      then despite any provision of this Agreement to the contrary, the Employee
      will not be entitled to payments until the earliest date that such payment
      can be made without violating the requirements of Code Section
      409A(a)(2)(B) (generally requiring that payments of deferred compensation
      by reason of a specified employee’s separation from service be made no
      earlier than the date which is six months after such separation from
      service).  As soon as practicable after the end of the period
      during which payments are delayed under this provision, the entire amount
      of the delayed payments shall be paid to the Employee in a lump
      sum.  All payments to be made upon a termination of employment
      under this Agreement may only be made upon a “separation from service” as
      defined under Section 409A of the Code. Additionally, if
      any provision of this Agreement could violate any requirements of Code
      Section 409A, the Company will interpret and apply such provision, to the
      extent possible, in a manner consistent with the requirements of Code
      Section 409A.

              

      

       

      
        	
                 
      

              	
                13.

              	
                Entire
      Agreement.

              

      

       

      
        	
                 
      

              	
                A.

              	
                All
      prior employment agreements are terminated as of the Effective
      Date.  Notwithstanding the foregoing, any previously granted
      equity based compensation awards shall continue in full force and effect
      under the terms of the applicable grant or award agreements and the
      applicable Stock Plan.

              

      

       

      
        	
                 
      

              	
                B.

              	
                This
      Agreement and the Proprietary Information Agreement constitute the entire
      understanding between the parties with respect to the subject matter
      hereof, superseding all negotiations, prior discussions, and preliminary
      agreements.  This Agreement may not be amended except in writing
      executed by the parties hereto.

              

      

       

      
        	
                 
      

              	
                14.

              	
                Effect on Successors of
      Interest.  This Agreement shall inure to the benefit of
      and be binding upon heirs, administrators, executors, successors and
      assigns of each of the parties hereto.  Notwithstanding the
      above, the Employee recognizes and agrees that his obligation under this
      Agreement may not be assigned without the consent of the
      Company.

              

      

       

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

       

      
        
          	
                  NEOPROBE CORPORATION

                	
                  EMPLOYEE

                	 
      
	 
      	 
      	 
      
	
                  By: 

                	
                  /s/ Carl J. Aschinger, Jr.

                	 
      	
                  /s/ David C. Bupp

                	 
      
	 
      	
                  Carl J. Aschinger, Jr.

                	
                  David C. Bupp

                	 
      
	 
      	
                  Chairman Board of Directors

                	 
      	 
      

        

      

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      Exhibit
A

       

      None

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      Exhibit
B

       

      Form of Release of
Claims

       

      In
consideration for the severance pay and benefits to be provided by Neoprobe
Corporation (“Neoprobe”) to David C. Bupp (the “Employee”) under paragraphs F.
and G. of Section 4 of the Employment Agreement between the parties effective as
of January 1, 2010 (the “Employment Agreement”), the Employee, individually
and  on behalf of Employee’s heirs, executors, administrators,
beneficiaries, and assigns hereby releases and discharges Neoprobe, its past and
present subsidiaries and affiliates, and any of their officers, directors,
agents, employees, successors, and assigns (separately and collectively
“Releasees”), jointly and individually, from any and all claims, liabilities,
demands, and causes of action, known or unknown, of any nature whatsoever,
including but not limited to those arising under the Civil Rights Acts of
1866,1964, and 1991, as amended, the Age Discrimination in Employment act of
1967, as amended, the Employee Retirement Income Security Act of 1974, as
mended, the Americans with Disabilities Act of 1990, as amended, the Family and
Medical Leave Act, all Medical Leave Acts, all state civil rights and fair
employment laws, and all state common law claims which Employee may have or
claim to have against Releasees with regard to or arising out of Employee’s
separation from employment with Neoprobe.  Nothing herein shall act to
release Employee’s vested or unvested rights pertaining to (a) any severance pay
or benefits due under the Employment Agreement; (b) any post-employment
entitlement to any pay or benefits under any benefit or incentive pay plan
administered or sponsored by Employer in effect during Employee’s employment;
(c) any post-employment entitlement to coverage under any applicable Directors’
and Officers’ Liability policy and any similar policy, including any right or
legal requirement to be indemnified, defended and held harmless for any acts or
omissions committed while acting within the scope of Employee’s employment with
Neoprobe; (d) any claim Employee may have under Ohio’s Worker’s Compensation
laws, or (e) any claim that cannot be released as a matter of law.

       

      Neoprobe,
in turn, agrees to release and discharge Employee, individually and on behalf of
Employee’s heirs, executors, administrators, beneficiaries, and assigns, jointly
and individually (“Employee Releasees”), from any and all claims, liabilities,
demands, and causes of action, known or unknown, of any nature whatsoever,
whether arising under any federal, state or local law, statute or ordinance,
which Neoprobe may have or claim to have against Employee Releasees with regard
to or arising out of Employee’s employment with or separation from Neoprobe,
except that Neoprobe expressly does not release or discharge Employee Releasees
from any claims or actions arising out of Employee’s breach of any obligation
under the Employment Agreement (or the Proprietary Information Agreement
referenced therein) or Employee’s intentional violation of any civil or criminal
laws which Employee committed while acting outside the scope and authority of
his employment with Neoprobe.

       

      The
severance payments and the undertakings under this Release are the compromise of
alleged and disputed claims and neither the undertakings nor the severance
payments are to be construed as an admission of liability of Releasees, by whom
liability is expressly denied.

       

      Employee
is hereby advised to consult an attorney before signing this
Release.  Employee hereby acknowledges that:

       

      
        	
                 
      

              	
                ·

              	
                Employee
      has been given the opportunity to read and review this Release and fully
      understands the meaning and intent of
it;

              

      

       

      
        	
                 
      

              	
                ·

              	
                Employee
      has been given a period of at least 21 days within which to consider
      whether to execute this Release;

              

      

       

      
        	
                 
      

              	
                ·

              	
                Employee
      has been advised in writing to consult an attorney before signing and
      returning this Release;

              

      

       

      
        	
                 
      

              	
                ·

              	
                Employee
      has received valuable and good consideration to which Employee is not
      otherwise entitled in exchange for Employee’s execution of this
      Agreement;

              

      

       

      
        	
                 
      

              	
                ·

              	
                Employee
      was not coerced in any manner into signing this Release;
    and

              

      

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                ·

              	
                Employee
      is competent to execute this
Release.

              

      

       

      
        	
                 
      

              	
                ·

              	
                Employee
      may revoke this Release within seven days after Employee signs it by so
      indicating in writing to the Chief Human Resources Officer or
      Neoprobe.  This Release shall not become effective until the
      expiration of the seven day revocation
period.

              

      

       

      
        	
                EMPLOYEE:

              	 
      
	 
      	 
      
	 
      	 
      	 
      	 
      
	
                David
      C. Bupp

              	
                Date

              

      

      
        
           

        

        
          13Exhibit 10.1

     

    AFTERSOFT
GROUP, INC.

    Second
Floor, 9 Lower Bridge Street

    Chester,
UK CH1 1RS

    

    December
31, 2009

    

    Commonwealth
Associates, LP

    830 Third
Avenue, 8th
Floor

    New York,
NY 10022

     

    Re:    
Consulting
Agreements

     

    Gentlemen:

    

    Reference
is made to that certain Engagement Agreement dated July 23, 2009, between
Aftersoft Group, Inc. (the “Company”) and Commonwealth Associates, LP
(“Commonwealth”), pursuant to which the Company retained Commonwealth on an
exclusive basis to provide certain financial advisory and investment banking
services to the Company and its subsidiaries or affiliates, as described therein
(the “2009 Agreement”), which, except as set forth in the 2009 Agreement,
replaced that certain Consulting Agreement dated June 3, 2008 between the
Company and Commonwealth (the “2008 Agreement,” and, together with the 2009
Agreement, the “Consulting Agreements”). Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Agreements, as
applicable.

     

    This
letter agreement (this “Letter Agreement”) is to confirm the understanding
between the Company and Commonwealth.  In consideration of the
issuance by the Company to Commonwealth of warrants to purchase an aggregate of
seven hundred thousand (700,000) shares of the Company’s common stock, $0.0001
par value per share, at an exercise price of $0.08 per share, for a period of
five (5) year(s), substantially in the form of Exhibit A attached
hereto (the “Warrants”), and in consideration of the mutual covenants and
agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed, the
parties hereto hereby agree as follows:

     

    
      	
               
      

            	
              1.

            	
              Commonwealth
      hereby surrenders its right to receive from the Company or any party any
      fees, compensation or remuneration, including, but not limited to, unpaid
      past and/or future monthly fees, M&A fees, success fees, and
      reimbursement of expenses, whether in cash, debt, equity or any other
      form, to which it may be entitled under the terms of the Consulting
      Agreements, including, but not limited to, in connection with any services
      that Commonwealth has provided or may provide under the terms of the
      Consulting Agreements, and any Transaction which has been or may be
      consummated by the Company in the future.  Commonwealth
      acknowledges and agrees that the Warrants constitute payment in full of
      any such fees, compensation or remuneration to which it is or may be
      entitled under the Consulting
Agreements.

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      Consulting Agreements are hereby terminated, and the parties agree that no
      provisions of the Consulting Agreements shall survive this Letter
      Agreement.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              3.

            	
              The
      Company represents and warrants to Commonwealth that this Letter Agreement
      has been duly authorized, executed and delivered by the Company, and
      constitutes a legal, valid and binding obligation of the Company
      enforceable against the Company in accordance with its
    terms.

            

    

     

    
      	
               
      

            	
              4.

            	
              Commonwealth
      represents and warrants the Company that this Letter Agreement has been
      duly authorized, executed and delivered by Commonwealth, and constitutes a
      legal, valid and binding obligation of Commonwealth enforceable against
      Commonwealth in accordance with its
terms.

            

    

     

    
      	
               
      

            	
              5.

            	
              THIS
      LETTER AGREEMENT CONSTITUTES THE ENTIRE UNDERSTANDING AND REPRESENTS THE
      FINAL AGREEMENT AMONG THE PARTIES REGARDING THE MATTERS SET FORTH HEREIN
      AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL
      AGREEMENTS OF THE PARTIES.  ALL PRIOR OR CONTEMPORANEOUS ORAL
      AGREEMENTS, UNDERSTANDINGS, DISCUSSIONS, REPRESENTATIONS AND STATEMENTS
      ARE SUPERSEDED BY THIS LETTER
AGREEMENT.

            

    

     

    
      	
               
      

            	
              6.

            	
              This
      Letter Agreement shall be governed by and construed in accordance with the
      laws of the State of New York without giving effect to conflict of laws
      rules of such state. Any action, proceeding or claim against any of the
      parties hereto arising out of, or relating in any way to, this Letter
      Agreement shall be brought and enforced in the courts of the State of New
      York or the federal court for the Southern District of New York, and the
      parties hereto irrevocably submit to such jurisdiction, which jurisdiction
      shall be exclusive. The parties hereto hereby waive any objection to such
      exclusive jurisdiction and that such courts represent an inconvenient
      forum. The parties agree that the prevailing party(ies) in any such action
      shall be entitled to recover from the other party(ies) all of its
      reasonable attorneys' fees and expenses relating to such action or
      proceeding and/or incurred in connection with the preparation
      therefor.

            

    

     

    
      	
               
      

            	
              7.

            	
              This
      Letter Agreement may be executed in counterparts, and all parties need not
      execute the same counterpart; however, no party shall be bound by this
      Letter Agreement until a counterpart hereof has been executed by the
      Company and Commonwealth.  Facsimiles or other electronic
      transmission (e.g., pdf) shall be
      effective as originals.

            

    

    

    [Remainder
of page intentionally left blank.]

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Please
evidence your agreement to each of the provisions of this Letter Agreement by
executing a counterpart hereof where indicated and returning to Aftersoft Group,
Inc.

    

    Very
truly yours,

    

    AFTERSOFT
GROUP, INC.

    

    
      
        	
                By:

              	
                  
       /s/ Ian Warwick

              	 
      
	 
      	
                Name:
      Ian Warwick

              	 
      
	 
      	
                Title:  Chief
      Executive Officer

              	 
      

      

    

    

    Accepted
as of the date first above written:

    

    COMMONWEALTH
ASSOCIATES, L.P.

    

    
      
        	
                By:

              	
                  
      /s/ Robert A.
    O’Sullivan

              	 
      
	 
      	
                Name:
      Robert A. O’Sullivan

              	 
      
	 
      	
                Title:
      CEO & President

              	 
      

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Exhibit
A

    [Forms of
Warrants]

     

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

     

     

    
      

      Form of
Warrant

      (with
cashless exercise provision)

      

      THE
WARRANT EVIDENCED HEREBY, AND THE SECURITIES ISSUABLE HEREUNDER, HAVE BEEN AND
SHALL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE APPLICABLE STATE SECURITY LAWS.  THE WARRANT AND SUCH
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION
OR RESALE, AND SHALL NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
THE PROPOSED DISPOSITION IS THE SUBJECT OF A CURRENTLY EFFECTIVE REGISTRATION
STATEMENT UNDER SAID ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER SAID ACT AND SUCH STATE SECURITIES LAWS IN CONNECTION WITH SUCH
DISPOSITION.

       

      AFTERSOFT
GROUP, INC.

       

      COMMON
STOCK PURCHASE WARRANT

       

      Original
Issue Date:  December 31, 2009

       

      Void
After:  11:59 P.M., December 31, 2014

       

      This
Warrant is Issued to

       

      [_______________________]

       

      (hereinafter
called the “Holder,” which term
shall include the Holder’s legal representatives, heirs, successors and assigns)
by Aftersoft Group, Inc., a Delaware corporation (hereinafter referred to as the
“Company”).  This
Warrant may be transferred by the Holder only in accordance with the provisions
of Section 12.

       

      1.           Exercise of
Warrant.  For value received and subject to the terms and
conditions hereinafter set forth, the Holder is entitled, upon surrender of this
Warrant at any time on or after December 31, 2009 and on or prior to December
31, 2014 (the “Exercise Date”) (with
the subscription form annexed hereto (the “Subscription Form”)
duly executed) at the office of the Company c/o Gersten Savage LLP, 600
Lexington Avenue, 9th Floor,
New York, New York 10022, or such other office in the United States of which the
Company shall notify the Holder hereof in writing, to purchase from the Company,
at the purchase price hereinafter specified (as adjusted from time to time, the
“Exercise
Price”), [________] shares (the “Warrant Shares”) (as
adjusted from time to time) of the Common Stock, $0.0001 par value per share, of
the Company (the “Common
Stock”).  The initial Exercise Price shall be $0.08 per
share.

       

      2.           Issuance of Stock
Certificates.  As promptly as practicable after surrender of
this Warrant and receipt of payment of the Exercise Price, the Company shall
issue and deliver to the Holder a certificate or certificates for the shares
purchased hereunder, in certificates of such denominations and in such names as
the Holder may specify.

      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

      3.           Payment of Exercise
Price.  Payment of the Exercise Price shall be made by check
made payable to the order of the Company or wire transfer of immediately
available funds to a bank account designated by the Company.

       

      4.           Cashless
Exercise.  The Holder may notify the Company in a Subscription
Form of its election to utilize cashless exercise, in which event the Company
shall issue to the Holder the number of Warrant Shares determined as
follows:

       

      X = Y
[(A-B)/A]

       

      where:

       

      X = the
number of Warrant Shares to be issued to the Holder.

       

      Y = the
number of Warrant Shares with respect to which this Warrant is being
exercised.

       

      A = the
volume weighted average of the closing prices for the five trading days
immediately prior to (but not including) the Exercise Date.

       

      B = the
Exercise Price.

       

      For
purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued.

       

      5.           Limitation on
Exercise.  Notwithstanding anything to the contrary contained
herein, the number of Warrant Shares that may be acquired by the Holder upon any
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), the total number of shares of Common Stock then beneficially owned by
such Holder and its affiliates and any other persons whose beneficial ownership
of Common Stock would be aggregated with the Holder’s for purposes of Section
13(d) of the Exchange Act, does not exceed 4.999% of the total number of issued
and outstanding shares of Common Stock (including for such purpose the shares of
Common Stock issuable upon such exercise).  For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder.

       

      6.           Adjustment for Dividends,
Distributions, Subdivisions, Combinations, Mergers, Consolidations or Sale of
Assets.

       

      6.1        
Manner of
Adjustment.

       

      (a)           Stock Dividends,
Distributions or Subdivisions.  In the event the Company shall
issue shares of Common Stock in a stock dividend, stock distribution or
subdivision, the Exercise Price in effect immediately before such stock
dividend, stock distribution or subdivision shall, concurrently with the
effectiveness of such stock dividend, stock distribution or subdivision, be
proportionately decreased and the number of shares of Common Stock purchasable
by exercise of this Warrant shall be proportionately increased.

       

      
        
           

        

        
          A-3

          
            

          

        

        
           

        

      

      (b)           Combinations or
Consolidations.  In the event the outstanding shares of Common
Stock shall be combined or consolidated, by reclassification or otherwise, into
a lesser number of shares of Common Stock, the Exercise Price in effect
immediately prior to such combination or consolidation shall, concurrently with
the effectiveness of such combination or consolidation, be proportionately
increased and the number of shares of Common Stock purchasable by exercise of
this Warrant shall be proportionately decreased.

       

      (c)           Adjustment for
Reclassification, Exchange or Substitution.  In the event that
the class of securities issuable upon the exercise of this Warrant shall be
changed into the same or a different number of shares of any class or classes of
stock, whether by capital reorganization, reclassification or otherwise (other
than any event addressed by Sections 6.1(a), 6.1(b) or 6.1(d)), then and in
each such event the Holder shall have the right thereafter to exercise this
Warrant for the kind and amount of shares of stock and other securities and
property receivable upon such reorganization, reclassification, or other change,
by holders of the number of shares of the class of securities into which such
Warrant might have been exercisable for immediately prior to such
reorganization, reclassification, or change, all subject to further adjustment
as provided herein.

       

      (d)           Adjustment for Merger,
Consolidation or Sale of Assets.  In the event that the Company
shall merge or consolidate with or into another entity or sell all or
substantially all of its assets, this Warrant shall thereafter be exercisable
for the kind and amount of shares of stock or other securities or property to
which a holder of the number of shares of Common Stock of the Company
deliverable upon exercise of this Warrant would have been entitled upon such
consolidation, merger or sale; and, in such case, appropriate adjustment (as
determined in good faith by the Company’s Board of Directors) shall be made in
the application of the provisions set forth in this Section 6 with respect
to the rights and interest thereafter of the Holder of this Warrant, to the end
that the provisions set forth in this Section 6 shall thereafter be
applicable, as nearly as reasonably may be, in relation to any shares of stock
or other property thereafter deliverable upon the exercise of this
Warrant.

       

      6.2         Certificate as to
Adjustments.  Upon the occurrence of each adjustment or
readjustment of the Exercise Price pursuant to this Section 6, the Company
at its expense shall promptly compute such adjustment or readjustment in
accordance with the terms hereof and furnish to the Holder a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based.

       

      6.3         Closing of
Books.  The Company shall at no time close its transfer books
against the transfer of any shares of Common Stock issued or issuable upon the
exercise of this Warrant in any manner which interferes with the timely and
proper issuance of such shares.

       

      7.           Covenants of the
Company.  During the period within which the rights represented
by this Warrant may be exercised, the Company shall at all times have authorized
and reserved for the purpose of issue upon exercise of the rights evidenced
hereby, a sufficient number of shares of the class of securities issuable upon
exercise of this Warrant to provide for the exercise of such
rights.  All securities which may be issued upon the exercise of the
rights represented by this Warrant shall, upon issuance, be duly authorized,
validly issued, fully paid and non-assessable and free from all taxes, liens and
charges with respect to the issue thereof.  Upon surrender for
exercise, this Warrant shall be canceled and shall not be reissued; provided, however, that upon
the partial exercise hereof a substitute Warrant of like tenor and date
representing the rights to subscribe for and purchase any such unexercised
portion hereof shall be issued.

      
        
           

        

        
          A-4

          
            

          

        

        
           

        

      

      8.           No Rights as Shareholder
Until Exercise.  This Warrant shall not entitle the Holder to
any voting rights or any other rights as a stockholder of the Company but upon
presentation of this Warrant with the Subscription Form duly executed and the
tender of payment of the Exercise Price at the office of the Company pursuant to
the provisions of this Warrant, the Holder shall forthwith be deemed a
stockholder of the Company in respect of the securities for which the Holder has
so subscribed and paid.

       

      9.           No Change
Necessary.  The form of this Warrant need not be changed
because of any adjustment in the Exercise Price or in the number of shares
issuable upon its exercise.  A Warrant issued after any adjustment or
any partial exercise or upon replacement may continue to express the same
Exercise Price and the same number of shares (appropriately reduced in the case
of partial exercise) as are stated on this Warrant as initially issued, and that
Exercise Price and that number of shares shall be considered to have been so
changed as of the close of business on the date of adjustment.

       

      10.         Addresses for
Notices.  All notices, requests, consents and other
communications hereunder shall be in writing, either delivered in hand or mailed
by registered or certified mail, return receipt requested, or sent by facsimile,
and shall be deemed to have been duly made when delivered:

       

      If to the
Holder, to the Holder’s address as shown on the books of the Company;
or

       

      If to the
Company, to the address set forth on the first page of this
Warrant.

       

      11.         Substitution.  In
the case this Warrant shall be mutilated, lost, stolen or destroyed, the Company
shall issue a new Warrant of like tenor and denomination and deliver the same
(a) in exchange and substitution for and upon surrender and cancellation of
any mutilated Warrant, or (b) in lieu of any Warrant lost, stolen or
destroyed, upon receipt of evidence satisfactory to the Company of the loss,
theft, or destruction of such Warrant (including, without limitation, a
reasonably detailed affidavit with respect to the circumstances of any loss,
theft or destruction), and of indemnity (or, in the case of the initial Holder
or any other institutional holder, an indemnity agreement) satisfactory to the
Company.

       

      12.         Transfer
Restrictions.  This Warrant shall be freely transferable by the
Holder, and may be assigned, pledged or hypothecated in any way (whether by
operation of law or otherwise).

       

      13.         Taxes.  The
Company makes no representation about tax treatment to the Holder with respect
to receipt or exercise of the Warrant or acquiring, holding or disposing of the
Common Stock, and the Holder represents that the Holder has had the opportunity
to discuss such treatment with the Holder’s tax advisers.

       

      14.         Remedies.  Each
party stipulates that the remedies at law in the event of any default or
threatened default by the other party in the performance or compliance with any
of the terms of this Warrant are and shall not be adequate, and that such terms
may be specifically enforced by a decree for that specific performance of any
agreement contained herein or by an injunction against a violation of any of the
terms hereof or otherwise.

       

      15.         Governing
Law.  This Warrant shall be construed and enforced in
accordance with, and governed by, the laws of the State of New York without
regard to its principles of conflicts of laws.

       

      16.         Miscellaneous.  This
Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the Holder and the
Company.

       

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          A-5

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the parties have
caused this Warrant to be executed this 31st day of
December, 2009.

       

      
        
          
            	 	
                    AFTERSOFT
      GROUP, INC.

                  
	 	 
      	 
      
	 	
                    By:

                  	
                          

                  
	 	
                    Name:
      

                  	
                          

                  
	 	
                    Title:

                  	
                          

                  

          

        

      

       

      
        
           

        

        
          A-6

          
            

          

        

        
           

        

      

      
        

        Form of
Warrant

        (without
cashless exercise provision)

         

        THE
WARRANT EVIDENCED HEREBY, AND THE SECURITIES ISSUABLE HEREUNDER, HAVE BEEN AND
SHALL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE APPLICABLE STATE SECURITY LAWS.  THE WARRANT AND SUCH
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION
OR RESALE, AND SHALL NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
THE PROPOSED DISPOSITION IS THE SUBJECT OF A CURRENTLY EFFECTIVE REGISTRATION
STATEMENT UNDER SAID ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER SAID ACT AND SUCH STATE SECURITIES LAWS IN CONNECTION WITH SUCH
DISPOSITION.

         

        AFTERSOFT
GROUP, INC.

         

        COMMON
STOCK PURCHASE WARRANT

         

        Original
Issue Date:  December 31, 2009

        Void
After:  11:59 P.M., December 31, 2014

         

        This
Warrant is Issued to

        [_______________________]

         

        (hereinafter
called the “Holder,” which term
shall include the Holder’s legal representatives, heirs, successors and assigns)
by Aftersoft Group, Inc., a Delaware corporation (hereinafter referred to as the
“Company”).  This
Warrant may be transferred by the Holder only in accordance with the provisions
of Section 12.

         

        1.           Exercise of
Warrant.  For value received and subject to the terms and
conditions hereinafter set forth, the Holder is entitled, upon surrender of this
Warrant at any time on or after December 31, 2009 and on or prior to December
31, 2014 (the “Exercise Date”) (with
the subscription form annexed hereto (the “Subscription Form”)
duly executed) at the office of the Company c/o Gersten Savage LLP, 600
Lexington Avenue, 9th Floor,
New York, New York 10022, or such other office in the United States of which the
Company shall notify the Holder hereof in writing, to purchase from the Company,
at the purchase price hereinafter specified (as adjusted from time to time, the
“Exercise
Price”), [________] shares (the “Warrant Shares”) (as
adjusted from time to time) of the Common Stock, $0.0001 par value per share, of
the Company (the “Common
Stock”).  The initial Exercise Price shall be $0.08 per
share.

         

        2.           Issuance of Stock
Certificates.  As promptly as practicable after surrender of
this Warrant and receipt of payment of the Exercise Price, the Company shall
issue and deliver to the Holder a certificate or certificates for the shares
purchased hereunder, in certificates of such denominations and in such names as
the Holder may specify.

         

        
          
             

          

          
            A-7

            
              

            

          

          
             

          

        

        3.           Payment of Exercise
Price.  Payment of the Exercise Price shall be made by check
made payable to the order of the Company or wire transfer of immediately
available funds to a bank account designated by the Company.

         

        4.           [Reserved.]

         

        5.           Limitation on
Exercise.  Notwithstanding anything to the contrary contained
herein, the number of Warrant Shares that may be acquired by the Holder upon any
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), the total number of shares of Common Stock then beneficially owned by
such Holder and its affiliates and any other persons whose beneficial ownership
of Common Stock would be aggregated with the Holder’s for purposes of Section
13(d) of the Exchange Act, does not exceed 4.999% of the total number of issued
and outstanding shares of Common Stock (including for such purpose the shares of
Common Stock issuable upon such exercise).  For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder.

         

        6.           Adjustment for Dividends,
Distributions, Subdivisions, Combinations, Mergers, Consolidations or Sale of
Assets.

         

        6.1         Manner of
Adjustment.

         

        (a)           Stock Dividends,
Distributions or Subdivisions.  In the event the Company shall
issue shares of Common Stock in a stock dividend, stock distribution or
subdivision, the Exercise Price in effect immediately before such stock
dividend, stock distribution or subdivision shall, concurrently with the
effectiveness of such stock dividend, stock distribution or subdivision, be
proportionately decreased and the number of shares of Common Stock purchasable
by exercise of this Warrant shall be proportionately increased.

         

        (b)           Combinations or
Consolidations.  In the event the outstanding shares of Common
Stock shall be combined or consolidated, by reclassification or otherwise, into
a lesser number of shares of Common Stock, the Exercise Price in effect
immediately prior to such combination or consolidation shall, concurrently with
the effectiveness of such combination or consolidation, be proportionately
increased and the number of shares of Common Stock purchasable by exercise of
this Warrant shall be proportionately decreased.

         

        (c)           Adjustment for
Reclassification, Exchange or Substitution.  In the event that
the class of securities issuable upon the exercise of this Warrant shall be
changed into the same or a different number of shares of any class or classes of
stock, whether by capital reorganization, reclassification or otherwise (other
than any event addressed by Sections 6.1(a), 6.1(b) or 6.1(d)), then and in
each such event the Holder shall have the right thereafter to exercise this
Warrant for the kind and amount of shares of stock and other securities and
property receivable upon such reorganization, reclassification, or other change,
by holders of the number of shares of the class of securities into which such
Warrant might have been exercisable for immediately prior to such
reorganization, reclassification, or change, all subject to further adjustment
as provided herein.

         

        
          
             

          

          
            A-8

            
              

            

          

          
             

          

        

        (d)           Adjustment for Merger,
Consolidation or Sale of Assets.  In the event that the Company
shall merge or consolidate with or into another entity or sell all or
substantially all of its assets, this Warrant shall thereafter be exercisable
for the kind and amount of shares of stock or other securities or property to
which a holder of the number of shares of Common Stock of the Company
deliverable upon exercise of this Warrant would have been entitled upon such
consolidation, merger or sale; and, in such case, appropriate adjustment (as
determined in good faith by the Company’s Board of Directors) shall be made in
the application of the provisions set forth in this Section 6 with respect
to the rights and interest thereafter of the Holder of this Warrant, to the end
that the provisions set forth in this Section 6 shall thereafter be
applicable, as nearly as reasonably may be, in relation to any shares of stock
or other property thereafter deliverable upon the exercise of this
Warrant.

         

        6.2         Certificate as to
Adjustments.  Upon the occurrence of each adjustment or
readjustment of the Exercise Price pursuant to this Section 6, the Company
at its expense shall promptly compute such adjustment or readjustment in
accordance with the terms hereof and furnish to the Holder a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based.

         

        6.3         Closing of
Books.  The Company shall at no time close its transfer books
against the transfer of any shares of Common Stock issued or issuable upon the
exercise of this Warrant in any manner which interferes with the timely and
proper issuance of such shares.

         

        7.           Covenants of the
Company.  During the period within which the rights represented
by this Warrant may be exercised, the Company shall at all times have authorized
and reserved for the purpose of issue upon exercise of the rights evidenced
hereby, a sufficient number of shares of the class of securities issuable upon
exercise of this Warrant to provide for the exercise of such
rights.  All securities which may be issued upon the exercise of the
rights represented by this Warrant shall, upon issuance, be duly authorized,
validly issued, fully paid and non-assessable and free from all taxes, liens and
charges with respect to the issue thereof.  Upon surrender for
exercise, this Warrant shall be canceled and shall not be reissued; provided, however, that upon
the partial exercise hereof a substitute Warrant of like tenor and date
representing the rights to subscribe for and purchase any such unexercised
portion hereof shall be issued.

         

        8.           No Rights as Shareholder
Until Exercise.  This Warrant shall not entitle the Holder to
any voting rights or any other rights as a stockholder of the Company but upon
presentation of this Warrant with the Subscription Form duly executed and the
tender of payment of the Exercise Price at the office of the Company pursuant to
the provisions of this Warrant, the Holder shall forthwith be deemed a
stockholder of the Company in respect of the securities for which the Holder has
so subscribed and paid.

         

        9.           No Change
Necessary.  The form of this Warrant need not be changed
because of any adjustment in the Exercise Price or in the number of shares
issuable upon its exercise.  A Warrant issued after any adjustment or
any partial exercise or upon replacement may continue to express the same
Exercise Price and the same number of shares (appropriately reduced in the case
of partial exercise) as are stated on this Warrant as initially issued, and that
Exercise Price and that number of shares shall be considered to have been so
changed as of the close of business on the date of adjustment.

         

        10.         Addresses for
Notices.  All notices, requests, consents and other
communications hereunder shall be in writing, either delivered in hand or mailed
by registered or certified mail, return receipt requested, or sent by facsimile,
and shall be deemed to have been duly made when delivered:

         

        If to the
Holder, to the Holder’s address as shown on the books of the Company;
or

         

        If to the
Company, to the address set forth on the first page of this
Warrant.

         

        
          
             

          

          
            A-9

            
              

            

          

          
             

          

        

        11.           Substitution.  In
the case this Warrant shall be mutilated, lost, stolen or destroyed, the Company
shall issue a new Warrant of like tenor and denomination and deliver the same
(a) in exchange and substitution for and upon surrender and cancellation of
any mutilated Warrant, or (b) in lieu of any Warrant lost, stolen or
destroyed, upon receipt of evidence satisfactory to the Company of the loss,
theft, or destruction of such Warrant (including, without limitation, a
reasonably detailed affidavit with respect to the circumstances of any loss,
theft or destruction), and of indemnity (or, in the case of the initial Holder
or any other institutional holder, an indemnity agreement) satisfactory to the
Company.

         

        12.           Transfer
Restrictions.  This Warrant shall be freely transferable by the
Holder, and may be assigned, pledged or hypothecated in any way (whether by
operation of law or otherwise).

         

        13.           Taxes.  The
Company makes no representation about tax treatment to the Holder with respect
to receipt or exercise of the Warrant or acquiring, holding or disposing of the
Common Stock, and the Holder represents that the Holder has had the opportunity
to discuss such treatment with the Holder’s tax advisers.

         

        14.           Remedies.  Each
party stipulates that the remedies at law in the event of any default or
threatened default by the other party in the performance or compliance with any
of the terms of this Warrant are and shall not be adequate, and that such terms
may be specifically enforced by a decree for that specific performance of any
agreement contained herein or by an injunction against a violation of any of the
terms hereof or otherwise.

         

        15.           Governing
Law.  This Warrant shall be construed and enforced in
accordance with, and governed by, the laws of the State of New York without
regard to its principles of conflicts of laws.

         

        16.           Miscellaneous.  This
Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the Holder and the
Company.

         

        [Remainder
of page intentionally left blank.]

         

        
          
             

          

          
            A-10

            
              

            

          

          
             

          

        

         

        IN
WITNESS WHEREOF, the parties have caused this Warrant to be executed this
31st
day of December, 2009.

         

        
          
            
              
                	 
      	
                        AFTERSOFT
      GROUP, INC.

                      
	 
      	 
      
	 
      	
                        By:

                      	 
      
	 
      	
                        Name:

                      	 
      
	 
      	
                        Title:

                      	 
      

              

            

          

        
  

    

    
      
         

      

      
        A-11

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