Document:

Exhibit
        10.6

    

     

    

      EMPLOYMENT
        AGREEMENT

       

      This
        Agreement (this “Agreement”),
        dated
        as of March
        4,
        2005 (sometimes the “Effective Date”), by and between INNOVIVE PHARMACEUTICALS,
        INC., a Delaware corporation with principal executive offices at 787 Seventh
        Avenue, 48th
        Floor,
        New York, NY 10019 (the “Company”),
        and
        ERIC POMA,
        residing at 165 Christopher Street, #4I, New York New York 10014 (the
        “Executive”).

       

      W
        I T N E S S E T H:

       

      WHEREAS,
        the Company desires to employ the Executive as Vice President of Business
        Development of the Company, and the Executive desires to serve the Company
        in
        those capacities, upon the terms and subject to the conditions contained
        in this
        Agreement;

       

      NOW,
        THEREFORE, in consideration of the mutual covenants and agreements herein
        contained, the parties hereto hereby agree as follows:

       

      1.  Employment.

       

      (a)  Services.
        The
        Executive will be employed by the Company as its Vice President of Business
        Development. The Executive will report to the Chief Executive Officer of
        the
        Company and shall perform such duties as are consistent with your position
        as
Vice
        President of Business Development (the “Services”).
        The
        Executive agrees to perform such duties faithfully, to devote all of his
        working
        time, attention and energies to the business of the Company, and while he
        remains employed, not to engage in any other business activity that is in
        conflict with your duties and obligations to the Company. 

       

      (b)  Acceptance.
        Executive hereby accepts such employment and agrees to render the
        Services.

       

      2.  Term.

       

      The
        Executive's employment under this Agreement (the "Term") shall commence as
        of
        the Effective Date and shall continue for a term of three (3) years, unless
        sooner terminated pursuant to Section 8 of this Agreement. Notwithstanding
        anything to the contrary contained herein, the provisions of this Agreement
        governing protection of Confidential Information shall continue in effect
        as
        specified in Section 5 hereof and survive the expiration or termination hereof.
        This
        Agreement may be renewed for additional one-year terms if the Company and
        the
        Executive agree in writing prior to the expiration or other termination of
        the
        Term.

       

      3.  Best
        Efforts; Place of Performance.

       

      (a)  The
        Executive shall devote substantially all of his business time, attention
        and
        energies to the business and affairs of the Company and shall use
        his best
        efforts to advance the best interests of the Company and shall not during
        the
        Term be actively engaged in any other business activity, whether or not such
        business activity is pursued for gain, profit or other pecuniary advantage,
        that
        will interfere with the performance by the Executive of his duties hereunder
        or
        the Executive’s availability to perform such duties or that will adversely
        affect, or negatively reflect upon, the Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (b)  The
        duties to be performed by the Executive hereunder shall be performed primarily
        at the office of the Company in New York, New York, subject to reasonable
        travel
        requirements on behalf of the Company, or
        such
        other place as the Board of Directors of the Company may reasonably designate.
        Notwithstanding the foregoing, the Company may be relocated to another city
        within the United States with consent of the Board of Directors of the
        Company.

       

      4.  Compensation.
        As full
        compensation for the performance by the Executive of his duties under this
        Agreement, the Company shall pay the Executive as follows:

       

      (a)  Base
        Salary.
        The
        Company shall pay Executive a salary (the “Base Salary”) equal to One Hundred
        Eighty Thousand Dollars ($180,000.00) per year. Payment shall be made in
        accordance with the Company’s normal payroll practices.

       

      (b)  Discretionary
        Bonus. At the sole discretion of the Company, the Executive shall receive
        an
        additional annual bonus (the “Discretionary Bonus”) in an
        amount equal to up to thirty-five percent (35)% of his Base Salary, based
        upon
        his performance on behalf of the Company during the prior year. The
        Discretionary Bonus shall be payable either as a lump-sum payment or in
        installments as determined by the the Company in its sole discretion. In
        addition, the the Company shall annually review the Bonus to determine whether
        an increase in the amount thereof is warranted.

       

      (c)  Withholding.
        The
        Company shall withhold all applicable federal, state and local taxes and
        social
        security and such other amounts as may be required by law from all amounts
        payable to the Executive under this Section 5. 

       

      (d)  Restricted
        Shares.
        As
        additional compensation for the services to be rendered by the Executive
        pursuant to this Agreement, the Company shall grant the Executive 63,160
        shares
        of Common Stock of the Company (the "Restricted Shares") representing two
        percent (2%) of the outstanding Common Stock of the Company. The Restricted
        Shares shall be held in escrow at Paramount BioCapital Investments, LLC.
        On each
        of the first two (2) anniversaries of this Agreement, Twenty-One Thousand
        Fifty-Three (21,053) Restricted Shares shall vest, subject to the terms of
        this
        Agreement, and all vested shares will be released from the escrow account
        to the
        Executive. On the third anniversary of this Agreement the remaining Twenty-One
        Thousand Fifty-Four (21,054) Restricted Shares shall vest, subject to the
        terms
        of this Agreement, and all vested shares will be released from the escrow
        account to the Executive. No Restricted Shares shall vest until the first
        anniversary of this Agreement. In connection with such grant, the Executive
        shall enter into the Company’s standard restricted stock agreement and the
        escrow agreement and stock powers attached hereto as Exhibit “A” which will
        incorporate the foregoing provisions regarding the lapsing of the risk of
        forfeiture with respect to such shares and the relevant provisions contained
        in
        Section 9 below. No Restricted Shares granted hereunder shall vest unless
        the
        Executive is a current employee of the Company, unless specifically stated
        herein.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (e)  Expenses.
        The
        Company shall reimburse the Executive for all normal, usual and necessary
        expenses incurred by the Executive in furtherance of the business and affairs
        of
        the Company, including reasonable travel and entertainment, upon timely receipt
        by the Company of appropriate vouchers or other proof of the Executive’s
        expenditures and otherwise in accordance with any expense reimbursement policy
        as may from time to time be adopted by the Company.

       

      (f)  Other
        Benefits.
        The
        Executive shall be entitled to all rights and benefits for which he shall
        be
        eligible under any benefit or other plans (including, without limitation,
        dental, medical, medical reimbursement and hospital plans, pension plans,
        employee stock purchase plans, profit sharing plans, bonus plans and other
        so-called "fringe" benefits) as the Company shall make available to its senior
        executives from time to time. 

       

      (g) 
           Vacation. The Executive
        shall,
        during the Term, be entitled to a vacation of three (3) weeks per annum,
        in
        addition to holidays observed by the Company. The Executive shall not be
        entitled to carry any vacation forward to the next year of employment and
        shall
        not receive any compensation for unused vacation days.

       

      5.  Confidential
        Information and Inventions.

       

      (a)  The
        Executive recognizes and acknowledges that in the course of his duties he
        is
        likely to receive confidential or proprietary information owned by the Company,
        its affiliates or third parties with whom the Company or any such affiliates
        has
        an obligation of confidentiality. Accordingly, during and after the Term,
        the
        Executive agrees to keep confidential and not disclose or make accessible
        to any
        other person or use for any other purpose other than in connection with the
        fulfillment of his duties under this Agreement, any Confidential and Proprietary
        Information (as defined below) owned by, or received by or on behalf of,
        the
        Company or any of its affiliates. “Confidential and Proprietary Information”
        shall include, but shall not be limited to, confidential or proprietary
        scientific or technical information, data, formulas and related concepts,
        business plans (both current and under development), client lists, promotion
        and
        marketing programs, trade secrets, or any other confidential or proprietary
        business information relating to development programs, costs, revenues,
        marketing, investments, sales activities, promotions, credit and financial
        data,
        manufacturing processes, financing methods, plans or the business and affairs
        of
        the Company or of any affiliate or client of the Company. The Executive
        expressly acknowledges the trade secret status of the Confidential and
        Proprietary Information and that the Confidential and Proprietary Information
        constitutes a protectable business interest of the Company. The Executive
        agrees: (i) not to use any such Confidential and Proprietary Information
        for
        himself or others; and (ii) not to take any Company material or reproductions
        (including but not limited to writings, correspondence, notes, drafts, records,
        invoices, technical and business policies, computer programs or disks) thereof
        from the Company’s offices at any time during his employment by the Company,
        except as required in the execution of the Executive’s duties to the Company.
        The Executive agrees to return immediately all Company material and
        reproductions (including but not limited, to writings, correspondence, notes,
        drafts, records, invoices, technical and business policies, computer programs
        or
        disks) thereof in his possession to the Company upon request and in any event
        immediately upon termination of employment.

       

      (b)  Except
        with prior written authorization by the Company, the Executive agrees not
        to
        disclose or publish any of the Confidential and Proprietary Information,
        or any
        confidential, scientific, technical or business information of any other
        party
        to whom the Company or any of its affiliates owes an obligation of confidence,
        at any time during or after his employment with the Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (c)  The
        Executive agrees that all inventions, discoveries, improvements and patentable
        or copyrightable works (“Inventions”)
        initiated, conceived or made by him, either alone or in conjunction with
        others,
        during the Term shall be the sole property of the Company to the maximum
        extent
        permitted by applicable law and, to the extent permitted by law, shall be
“works
        made for hire” as that term is defined in the United States Copyright Act (17
        U.S.C.A., Section 101). The Company shall be the sole owner of all patents,
        copyrights, trade secret rights, and other intellectual property or other
        rights
        in connection therewith. The Executive hereby assigns to the Company all
        right,
        title and interest he may have or acquire in all such Inventions; provided,
        however, that the the Company may in its sole discretion agree to waive the
        Company’s rights pursuant to this Section 6(c) with respect to any Invention
        that is not directly or indirectly related to the Company’s business. The
        Executive further agrees to assist the Company in every proper way (but at
        the
        Company’s expense) to obtain and from time to time enforce patents, copyrights
        or other rights on such Inventions in any and all countries, and to that
        end the
        Executive will execute all documents necessary:

       

      (i)  to
        apply
        for, obtain and vest in the name of the Company alone (unless the Company
        otherwise directs) letters patent, copyrights or other analogous protection
        in
        any country throughout the world and when so obtained or vested to renew
        and
        restore the same; and

      

      (ii)  to
        defend
        any opposition proceedings in respect of such applications and any opposition
        proceedings or petitions or applications for revocation of such letters patent,
        copyright or other analogous protection.

       

      (d)  The
        Executive acknowledges that while performing the services under this Agreement
        the Executive may locate, identify and/or evaluate patented or patentable
        inventions having commercial potential in the fields of pharmacy,
        pharmaceutical, biotechnology, healthcare, technology and other fields which
        may
        be of potential interest to the Company or one of its affiliates (the “Third
        Party Inventions”). The Executive understands, acknowledges and agrees that all
        rights to, interests in or opportunities regarding, all Third-Party Inventions
        identified by the Company, any of its affiliates or either of the foregoing
        persons’ officers, directors, employees (including the Executive), agents or
        consultants during the Employment Term shall be and remain the sole and
        exclusive property of the Company or such affiliate and the Executive shall
        have
        no rights whatsoever to such Third-Party Inventions and will not pursue for
        himself or for others any transaction relating to the Third-Party Inventions
        which is not on behalf of the Company.

       

      (e)  Executive
        agrees that he will promptly disclose to the Company, or any persons designated
        by the Company, all improvements, Inventions made or conceived or reduced
        to
        practice or learned by him, either alone or jointly with others, during the
        Term.

       

      (f)  The
        provisions of this Section 5 shall survive any termination of this
        Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      6.  Non-Competition,
        Non-Solicitation and Non-Disparagement.

       

      (a)  The
        Executive understands and recognizes that his services to the Company are
        special and unique and that in the course of performing such services the
        Executive will have access to and knowledge of Confidential and Proprietary
        Information (as defined in Section 6) and the Executive agrees that, during
        the
        Term and for a period of twelve (12) months thereafter, he shall not
        in any
        manner, directly or indirectly, on behalf of himself or any person, firm,
        partnership, joint venture, corporation or other business entity
        (“Person”), enter into or engage in any business which is
        engaged in any business directly or indirectly competitive with the business
        of
        the Company, either as an individual for his own account, or as a partner,
        joint
        venturer, owner, executive, employee, independent contractor, principal,
        agent,
        consultant, salesperson, officer, director or shareholder of a Person in
        a
        business competitive with the Company within the geographic area of the
        Company’s business, which is deemed by the parties hereto to be worldwide. The
        Executive acknowledges that, due to the unique nature of the Company’s business,
        the loss of any of its clients or business flow or the improper use of its
        Confidential and Proprietary Information could create significant instability
        and cause substantial damage to the Company and its affiliates and therefore
        the
        Company has a strong legitimate business interest in protecting the continuity
        of its business interests and the restriction herein agreed to by the Executive
        narrowly and fairly serves such an important and critical business interest
        of
        the Company. For purposes of this Agreement, the Company shall be deemed
        to be
        actively engaged on the date hereof in the development and commercialization
        of
        drugs, including therapeutics and vaccines, in the medical fields of the
        Company's products. Notwithstanding the foregoing, nothing contained in this
        Section 6(a) shall be deemed to prohibit the Executive from (i) acquiring
        or
        holding, solely for investment, publicly traded securities of any corporation,
        some or all of the activities of which are competitive with the business
        of the
        Company so long as such securities do not, in the aggregate, constitute more
        than four percent (4%) of any class or series of outstanding securities of
        such
        corporation.

       

      (b)  During
        the Term and for a period of 12 months thereafter, the Executive shall not,
        directly or indirectly, without the prior written consent of the
        Company:

       

      (i)  solicit
        or induce any employee of the Company or any of its affiliates to leave the
        employ of the Company or any such affiliate; or hire for any purpose any
        employee of the Company or any affiliate or any employee who has left the
        employment of the Company or any affiliate within one year of the termination
        of
        such employee’s employment with the Company or any such affiliate or at any time
        in violation of such employee’s non-competition agreement with the Company or
        any such affiliate; or

       

      (ii)  solicit
        or accept employment or be retained by any Person who, at any time during
        the
        term of this Agreement, was an agent, client or customer of the Company or
        any
        of its affiliates where his position will be related to the business of the
        Company or any such affiliate; or

       

      (iii)  solicit
        or accept the business of any agent, client or customer of the Company or
        any of
        its affiliates with respect to products, services or investments similar
        to
        those provided or supplied by the Company or any of its affiliates.

       

      (c)  The
        Company and the Executive each agree that both during the Term and at all
        times
        thereafter, neither party shall directly or indirectly disparage, whether
        or not
        true, the name or reputation of the other party or any of its affiliates,
        including but not limited to, any officer, director, employee or shareholder
        of
        the Company or any of its affiliates.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (d)    
          In the event that the Executive breaches any provisions of
        Section 5
        or this Section 6 or there is a threatened breach, then, in addition to any
        other rights which the Company may have, the Company shall (i) be entitled,
        without the posting of a bond or other security, to injunctive relief to
        enforce
        the restrictions contained in such Sections and (ii) have the right to require
        the Executive to account for and pay over to the Company all compensation,
        profits, monies, accruals, increments and other benefits (collectively
“Benefits”) derived or received by the Executive as a result of
        any transaction constituting a breach of any of the provisions of Sections
        5 or
        6 and the Executive hereby agrees to account for and pay over such Benefits
        to
        the Company. The Executive agrees that in an action pursuant to clause 6(d)(i),
        that if the Company makes a prima facie showing that the Executive has violated
        or apparently intends to violate any of the provisions of this Section 6,
        the
        Company need not prove either damage or irreparable injury in order to obtain
        injunctive relief. The Company and the Executive agree that any such action
        for
        injunctive or equitable relief shall be heard in a state or federal court
        situated in the County and State of New York and each of the parties hereto
        agrees to accept service of process by registered or certified mail and to
        otherwise consent to the jurisdiction of such courts.

       

      (e)  Each
        of
        the rights and remedies enumerated in Section 6(d) shall be independent of
        the
        others and shall be in addition to and not in lieu of any other rights and
        remedies available to the Company at law or in equity. If any of the covenants
        contained in this Section 6, or any part of any of them, is hereafter construed
        or adjudicated to be invalid or unenforceable, the same shall not affect
        the
        remainder of the covenant or covenants or rights or remedies which shall
        be
        given full effect without regard to the invalid portions. If any of the
        covenants contained in this Section 6 is held to be invalid or unenforceable
        because of the duration of such provision or the area covered thereby, the
        parties agree that the court making such determination shall have the power
        to
        reduce the duration and/or area of such provision and in its reduced form
        such
        provision shall then be enforceable. No such holding of invalidity or
        unenforceability in one jurisdiction shall bar or in any way affect the
        Company’s right to the relief provided in this Section 6 or otherwise in the
        courts of any other state or jurisdiction within the geographical scope of
        such
        covenants as to breaches of such covenants in such other respective states
        or
        jurisdictions, such covenants being, for this purpose, severable into diverse
        and independent covenants.

       

      (f)  In
        the
        event that an actual proceeding is brought in equity to enforce the provisions
        of Section 5 or this Section 6, the Executive shall not urge as a defense
        that
        there is an adequate remedy at law nor shall the Company be prevented from
        seeking any other remedies which may be available. The Executive agrees that
        he
        shall not raise in any proceeding brought to enforce the provisions of Section
        5
        or this Section 6 that the covenants contained in such Sections limit his
        ability to earn a living.

       

      (g)  The
        provisions of this Section 6 shall survive any termination of this
        Agreement.

       

      7.  Representations
        and Warranties by the Executive.

       

      The
        Executive hereby represents and warrants to the Company as follows:

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (i)  Neither
        the execution or delivery of this Agreement nor the performance by the Executive
        of his duties and other obligations hereunder violate or will violate any
        statute, law, determination or award, or conflict with or constitute a default
        or breach of any covenant or obligation under (whether immediately, upon
        the
        giving of notice or lapse of time or both) any prior employment agreement,
        contract, or other instrument to which the Executive is a party or by which
        he
        is bound.

       

      (ii)  The
        Executive has the full right, power and legal capacity to enter and deliver
        this
        Agreement and to perform his duties and other obligations hereunder. This
        Agreement constitutes the legal, valid and binding obligation of the Executive
        enforceable against him in accordance with its terms. No approvals or consents
        of any persons or entities are required for the Executive to execute and
        deliver
        this Agreement or perform his duties and other obligations
        hereunder.

       

      8.  Termination.
        The
        Executive’s employment hereunder shall be terminated upon the Executive’s death
        and may be terminated as follows:

       

      (a)  The
        Executive’s employment hereunder may be terminated by the Chief Executive
        Officer of the Company for Cause. Any of the following actions by the Executive
        shall constitute “Cause”:

       

      (i)  The
        willful failure, disregard or refusal by the Executive to perform his duties
        hereunder;

      

      (ii)  Any
        willful, intentional or grossly negligent act by the Executive having the
        effect
        of injuring, in a material way (whether financial or otherwise and as determined
        in good-faith by the Chief Executive Officer of the Company), the business
        or
        reputation of the Company or any of its affiliates, including but not limited
        to, any officer, director, executive or shareholder of the Company or any
        of its
        affiliates; 

       

      (iii)
             Willful misconduct by the Executive in respect
        of the
        duties or obligations of the Executive under this Agreement, including, without
        limitation, insubordination with respect to directions received by the Executive
        from the Chief Executive Officer of the Company;

       

      (iv)  The
        Executive’s indictment of any felony or a misdemeanor involving moral turpitude
        (including entry of a nolo contendere plea);

       

      (v)    
          The determination by the Company, after a reasonable and
        good-faith
        investigation by the Company following a written allegation by another employee
        of the Company, that the Executive engaged in some form of harassment prohibited
        by law (including, without limitation, age, sex or race discrimination),
        unless
        the Executive’s actions were specifically directed by the Chief Executive
        Officer of the Company;

       

      (vi)  Any
        misappropriation or embezzlement of the property of the Company or its
        affiliates (whether or not a misdemeanor or felony);

       

      (vii)     
        Breach by the Executive of any of the provisions of Sections 5,6 or 7 of
        this Agreement; and

      

      (viii)   
         Breach by the Executive of any provision of this Agreement other
        than
        those contained in Sections 5, 6, or 7 which is not cured by the Executive
        within thirty (30) days after notice thereof is given to the Executive by
        the
        Company.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (b)  The
        Executive’s employment hereunder may be terminated by the Chief Executive
        Officer of the Company due to the Executive’s Disability. For purposes of this
        Agreement, a termination for “Disability”
        shall
        occur (i) when the Company has provided a written termination notice to the
        Executive supported by a written statement from a reputable independent
        physician to the effect that the Executive shall have become so physically
        or
        mentally incapacitated as to be unable to resume, within the ensuing twelve
        (12)
        months, his employment hereunder by reason of physical or mental illness
        or
        injury, or (ii) upon rendering of a written termination notice by the Chief
        Executive Officer of the Company after the Executive has been unable to
        substantially perform his duties hereunder for 90 or more consecutive days,
        or
        more than 120 days in any consecutive twelve month period, by reason of any
        physical or mental illness or injury. For purposes of this Section 8(b),
        the
        Executive agrees to make himself available and to cooperate in any reasonable
        examination by a reputable independent physician retained by the
        Company.

       

      (c)  The
        Executive’s employment hereunder may be terminated by the Chief Executive
        Officer of the Company (or its successor) upon the occurrence of a Change
        of
        Control. For purposes of this Agreement, “Change
        of Control”
        means
        (i) the acquisition, directly or indirectly, following the date hereof by
        any
        person (as such term is defined in Section 13(d) and 14(d)(2) of the Securities
        Exchange Act of 1934, as amended), in one transaction or a series of related
        transactions, of securities of the Company representing in excess of fifty
        percent (50%) or more of the combined voting power of the Company’s then
        outstanding securities if such person or his or its affiliate(s) do not own
        in
        excess of 50% of such voting power on the date of this Agreement, or (ii)
        the
        future disposition by the Company (whether direct or indirect, by sale of
        assets
        or stock, merger, consolidation or otherwise) of all or substantially all
        of its
        business and/or assets in one transaction or series of related transactions
        (other than a merger effected exclusively for the purpose of changing the
        domicile of the Company).

       

      (d)  The
        Executive’s employment hereunder may be terminated by the Executive for Good
        Reason. For purposes of this Agreement, “Good
        Reason”
        shall
        mean any material breach of Section 4 of this Agreement that is not cured
        by the
        Company within 30 days after receipt of written notice by Executive to the
        Company of such material breach.

       

      (e)  The
        Executive’s employment may be terminated by the Company for any reason or no
        reason.

       

      9.  Compensation
        upon Termination.

       

      (a)    If
        the Executive’s
        employment is terminated as a result of his death or Disability, the Company
        shall pay to the Executive or to the Executive’s estate, as applicable, his
        Base Salary and any accrued but unpaid Bonus and expense reimbursement amounts
        through the date of his Death or Disability. All Restricted Shares that are
        scheduled to vest on the next succeeding anniversary of the Effective Date
        shall
        be accelerated and deemed to have vested as of the termination date. All
        Restricted Shares that have not vested (or been deemed pursuant to the
        immediately preceding sentence to have vested) as of the date of termination
        shall be forfeited to the Company as of such date. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (b)    If
        the Executive’s
        employment is terminated by the Chief Executive Officer of the Company for
        Cause, then the Company shall pay to the Executive his Base Salary through
        the
        date of his termination and the Executive shall have no further entitlement
        to
        any other compensation or benefits from the Company. All Restricted Shares
        and
        Stock Options that have not vested as of the date of termination shall be
        forfeited to the Company as of such date. Stock Options that have vested
        as of
        the Executive’s termination shall remain exercisable fro 90 days following such
        termination.

       

      (c)    If
        the Executive’s
        employment is terminated by the Company (or its successor) upon the occurrence
        of a Change of Control and on the date of termination pursuant to this Section
        9(c) the fair market value of the Company’s Common Stock, in the aggregate, as
        determined in good faith by the Board of Directors on the date of such Change
        of
        Control, is less than $40,000,000, then the Company (or its successor, as
        applicable) shall continue to pay to the Executive his Base Salary and benefits
        for a period of six months following such termination as well as any expense
        reimbursement amounts owed through the date of termination All Restricted
        Shares
        that are scheduled to vest by the end of the calendar year in which such
        termination occurs shall be accelerated and deemed to have vested as of the
        termination date. All Restricted Shares that have not vested (or been deemed
        pursuant to the immediately preceding sentence to have vested) as of the
        date of
        termination shall be forfeited to the Company as of such date. 

       

      (d)    If
        the Executive’s
        employment is terminated by the Company other than as a result of the
        Executive’s death or Disability and other than for reasons specified in Sections
        9(b) or (c), then the Company shall (i) continue to pay to the Executive
        his
        Base Salary for a period of twelve months following such termination, (ii)
        pay
        the Executive any expense reimbursement amounts owed through the date of
        termination, and (iii)) all Restricted Shares that are scheduled to vest
        during
        the Term shall be accelerated and deemed to have vested as of the termination
        date. The Company’s obligation under clauses (i) and (ii) in the preceding
        sentence shall be subject to offset by any amounts otherwise received by
        the
        Executive from any employment during the one-year period following the
        termination of his employment. All Stock Options that are scheduled to vest
        during the Term shall be accelerated and deemed to have vested as of the
        termination date. Any Stock Options that have vested as of the date of the
        Executive’s termination shall remain exercisable for a period of 90
        days.

       

      (e)  This
        Section 9 sets forth the only obligations of the Company with respect to
        the
        termination of the Executive’s employment with the Company, and the Executive
        acknowledges that, upon the termination of his employment, he shall not be
        entitled to any payments or benefits which are not explicitly provided in
        Section 9.

       

      (f)  Upon
        termination of the Executive’s employment hereunder for any reason, the
        Executive shall be deemed to have resigned as director of the Company, effective
        as of the date of such termination.

       

      (g)  The
        provisions of this Section 9 shall survive any termination of this
        Agreement.

       

      10.  
        Miscellaneous.

       

      (a)  This
        Agreement shall be governed by, and construed and interpreted in accordance
        with, the laws of the State of New York, without giving effect to its principles
        of conflicts of laws.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (b)  Any
        dispute arising out of, or relating to, this Agreement or the breach thereof
        (other than Sections 5 or 6 hereof), or regarding the interpretation thereof,
        shall be finally settled by arbitration conducted in New York City in accordance
        with the rules of the American Arbitration Association then in effect before
        a
        single arbitrator appointed in accordance with such rules. Judgment upon
        any
        award rendered therein may be entered and enforcement obtained thereon in
        any
        court having jurisdiction. The arbitrator shall have authority to grant any
        form
        of appropriate relief, whether legal or equitable in nature, including specific
        performance. For the purpose of any judicial proceeding to enforce such award
        or
        incidental to such arbitration or to compel arbitration and for purposes
        of
        Sections 5 and 6 hereof, the parties hereby submit to the non-exclusive
        jurisdiction of the Supreme Court of the State of New York, New York County,
        or
        the United States District Court for the Southern District of New York, and
        agree that service of process in such arbitration or court proceedings shall
        be
        satisfactorily made upon it if sent by registered mail addressed to it at
        the
        address referred to in paragraph (g) below. The
        costs
        of such arbitration shall be borne proportionate to the finding of fault
        as
        determined by the arbitrator. Judgment on the arbitration award may be entered
        by any court of competent jurisdiction.

       

      (c)  This
        Agreement shall be binding upon and inure to the benefit of the parties hereto,
        and their respective heirs, legal representatives, successors and
        assigns.

       

      (d)  This
        Agreement, and the Executive’s rights and obligations hereunder, may not be
        assigned by the Executive. The Company may assign its rights, together with
        its
        obligations, hereunder in connection with any sale, transfer or other
        disposition of all or substantially all of its business or assets.

       

      (e)  This
        Agreement cannot be amended orally, or by any course of conduct or dealing,
        but
        only by a written agreement signed by the parties hereto.

       

      (f)  The
        failure of either party to insist upon the strict performance of any of the
        terms, conditions and provisions of this Agreement shall not be construed
        as a
        waiver or relinquishment of future compliance therewith, and such terms,
        conditions and provisions shall remain in full force and effect. No waiver
        of
        any term or condition of this Agreement on the part of either party shall
        be
        effective for any purpose whatsoever unless such waiver is in writing and
        signed
        by such party.

       

      (g)  All
        notices, requests, consents and other communications, required or permitted
        to
        be given hereunder, shall be in writing and shall be delivered personally
        or by
        an overnight courier service or sent by registered or certified mail, postage
        prepaid, return receipt requested, to the parties at the addresses set forth
        on
        the first page of this Agreement, and shall be deemed given when so delivered
        personally or by overnight courier, or, if mailed, five days after the date
        of
        deposit in the United States mails. Either party may designate another address,
        for receipt of notices hereunder by giving notice to the other party in
        accordance with this paragraph (g).

       

      (h)  This
        Agreement sets forth the entire agreement and understanding of the parties
        relating to the subject matter hereof, and supersedes all prior agreements,
        arrangements and understandings, written or oral, relating to the subject
        matter
        hereof. No representation, promise or inducement has been made by either
        party
        that is not embodied in this Agreement, and neither party shall be bound
        by or
        liable for any alleged representation, promise or inducement not so set
        forth.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      (i)  As
        used
        in this Agreement, “affiliate” of a specified Person shall mean and include any
        Person controlling, controlled by or under common control with the specified
        Person.

       

      (j)  The
        section headings contained herein are for reference purposes only and shall
        not
        in any way affect the meaning or interpretation of this Agreement.

       

      (k)  This
        Agreement may be executed in any number of counterparts, each of which shall
        constitute an original, but all of which together shall constitute one and
        the
        same instrument.

       

       

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

       

      
        	 	 	 
	 	INNOVIVE
                PHARMACEUTICALS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
                Steven Kelly
	 	Title:
                President and Chief Executive Officer

      

       

       

      
        	 	 	 
	 	EXECUTIVE
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: Eric
                PomaUnassociated Document

    

      Exhibit
        10.7

    

     

    

      SUBLEASE

       

      
        	Dated:	March 14, 2005
	 	 
	“Sublandlord”: 	FRIEDMAN, BILLINGS, RAMSEY
                GROUP,
                INC.,
                a Virginia corporation
	 	 
	“Subtenant”:	INNOVIVE PHARMACEUTICALS,
                INC.,
                a Delaware corporation
	 	 
	“Sublease Premises”:	The entire twenty-fifth (25th) floor
                of the
                Building containing five thousand five hundred twenty-six (5,526)
                rentable
                square feet of space as stipulated and agreed to by Sublandlord and
                Subtenant.
	 	 
	“Sublease
                Term”:	The Sublease Term shall mean the period
                commencing on the first business day after the Master Landlord’s consent
                to this Sublease is obtained as required by Section 3.02 below and
                delivered to Sublandlord and Subtenant (the “Sublease Commencement Date”),
                and expiring on August 30, 2012 (the “Sublease Expiration
                Date”).
	 	 
	“Building”:	555 Madison Avenue, New York, New
                York
	 	 
	“Master Landlord”:	Rodney Company, N.V., Inc.
	 	 
	“Master Lease”:	The Agreement of Lease dated April
                26, 2002,
                a copy of which is attached hereto as Exhibit
                A.

      

         

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      RECITALS:

       

      A.   Sublandlord,
        as tenant, leases the Sublease Premises from Master Landlord under the Master
        Lease.

       

      B.   Subtenant
        wants to sublease from Sublandlord, and Sublandlord wants to sublease to
        Subtenant, the Sublease Premises.

       

      NOW,
        THEREFORE,
        in consideration of the recitals above and the promises below, the parties
        hereto agree as follows:

       

      SUBLEASE
        AGREEMENT

       

      ARTICLE
        I

      INCORPORATION
        OF MASTER LEASE

       

      1.01   Incorporation
        of Master Lease.   The
        definitions set forth
        on the first page of this Sublease as well as the Recitals set forth above
        hereby are incorporated into this Sublease by this reference. In addition,
        the
        terms and provisions of the Master Lease hereby are incorporated into this
        Sublease by this reference (such terms and provisions to be construed with
        necessary modifications as the context requires). As between Sublandlord
        and
        Subtenant only, all provisions of the Master Lease are subject to the express
        provisions of this Sublease, and any inconsistency between a provision of
        this
        Sublease and a provision of the Master Lease shall be resolved by reference
        to
        this Sublease unless otherwise stated. Notwithstanding the foregoing,
        Sublandlord and Subtenant expressly agree that the following terms, covenants
        and conditions of the Master Lease are expressly excluded from this Sublease:
        Articles 34, 41, 48, 49, 53, 56, 60, 67, Exhibit C, and Exhibit D. In addition,
        with respect to Subtenant’s obligations under Section 57 of the Master Lease,
        Sublandlord and Subtenant expressly acknowledge and agree that (i) Subtenant
        shall not be required to pay more than Fifty Thousand Dollars ($50,000.00)
        with
        respect to any one alteration or capital improvement for which the “Tenant” is
        required to pay its Proportionate Share (a “Qualified Alteration”), and (ii)
        Subtenant shall not be required to pay more than One Hundred Thousand Dollars
        in
        the aggregate with respect to Qualified Alterations during the Sublease
        Term.

       

      1.02   Binding
        Effect of Master Lease.   Subtenant
        agrees, for the
        benefit of Sublandlord and Master Landlord, to abide by and perform all of
        the
        terms and provisions set forth in the Master Lease pertaining to the Sublease
        Premises, except as otherwise expressly provided by this Sublease. Subtenant
        shall neither commit nor permit to be committed on the Sublease Premises
        any act
        or omission that in any way violates any term or condition of the Master
        Lease.

       

      1.03   Maintenance
        of Master Lease.   Sublandlord
        agrees to
        maintain the Master Lease in full force and effect during the Sublease Term,
        subject however to any earlier termination of all or any part of the Master
        Lease without the fault or voluntary acts or omissions of Sublandlord. If
        the
        Master Lease is terminated for any reason, then this Sublease shall terminate
        as, when, and to the extent the Master Lease is terminated.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      1.04   Obligations
        of Master Landlord.   Subtenant
        agrees that no
        failure or delay on the part of Master Landlord to supply any service, make
        any
        repair or take any action required under the Master Lease shall constitute
        a
        default by Sublandlord under this Sublease, constitute a constructive eviction,
        give rise to a claim against Sublandlord for damages or otherwise constitute
        a
        breach of this Sublease by Sublandlord.

       

      Notwithstanding
        anything in this Sublease to the contrary, Sublandlord agrees to cooperate
        with
        Subtenant, at no cost or expense to Sublandlord other than those costs or
        expenses paid by Subtenant, in (i) obtaining for Subtenant any consent of
        Master
        Landlord sought by Subtenant for any action for which the Master Lease requires
        Master Landlord’s consent and (ii) delivering any notice to Master Landlord as
        required by any provision of the Master Lease including, without limitation,
        promptly forwarding any request made by Subtenant to Master Landlord for
        services, or consent or approval, and upon receipt from Subtenant, providing
        Master Landlord with all information required (or that Master Landlord may
        reasonably request) regarding such request. In the event Subtenant shall
        obtain
        the consent of Master Landlord with respect to a matter requiring the consent
        of
        Master Landlord under the Master Lease, then provided such matter does not
        impose any additional obligation, duty or liability upon Sublandlord, then,
        and
        in such event, Sublandlord shall automatically be deemed to have given its
        consent to such matter under this Sublease. In the event such matter does
        impose
        any additional obligation, duty or liability upon Sublandlord, Sublandlord
        shall
        not unreasonably withhold, delay or condition its consent provided that
        Subtenant agrees as a condition of such consent, at its sole cost and expense,
        to fulfill any such obligation or duty and incur any such
        liability.

       

      If
        Master Landlord defaults in any obligation to Sublandlord regarding the Sublease
        Premises, then Sublandlord shall not, except as and to the extent set forth
        in
        this paragraph, be obligated to bring any action or proceeding or to take
        any
        other steps to enforce Sublandlord’s rights against Landlord. Sublandlord shall
        cooperate, at no cost to Sublandlord, in seeking to obtain Master Landlord’s
        performance under the Master Lease. Upon Subtenant’s written request,
        Sublandlord shall make written demand upon Master Landlord to perform Master
        Landlord’s obligations regarding the Master Lease as it pertains to the Sublease
        Premises. If, after Subtenant makes such demand, Master Landlord’s grace period,
        if any, under the Master Lease expires and Master Landlord fails or refuses
        to
        perform Master Landlord’s obligations under the Master Lease, then Subtenant
        shall have the right to proceed against the Master Landlord in Subtenant’s own
        name. All rights of Sublandlord under the Master Lease necessary for that
        purpose shall be, and hereby are, conferred upon and transferred to Subtenant.
        Subtenant shall be subrogated to such rights to the extent that they apply
        to
        the Sublease Premises. If Subtenant cannot proceed against Master Landlord
        in
        Subtenant’s name because of lack of privity, nonassignability, or any other
        reason, Subtenant shall have the right, at its sole cost and expense, to
        proceed
        against Master Landlord in Sublandlord’s name. Sublandlord shall execute all
        documents and take all actions that Subtenant reasonably requests in connection
        therewith. To the extent that, as a result of Master Landlord’s default under
        the Master Lease affecting the Sublease Premises, Sublandlord recovers any
        sum
        from Master Landlord or is entitled to any abatement, credit, set-off, or
        offset, such recovery, or the benefit thereof, then such sum, abatement,
        credit,
        set-off or offset applicable to the Subleased Premises shall belong exclusively
        to Subtenant.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ARTICLE
        2

      SUBLEASE
        PREMISES

       

      2.01   Sublease
        Premises.   Sublandlord
        hereby
        subleases to Subtenant, and Subtenant hereby subleases from Sublandlord,
        the
        Sublease Premises, subject to the terms and conditions herein
        contained.

       

      2.02   Condition
        of Sublease Premises.   On
        the Sublease
        Commencement Date, Sublandlord shall deliver the Sublease Premises to Subtenant
        in its “as-is”“where-is” condition as of the date hereof.

       

      2.03   Building
        Common Areas.   Subtenant
        shall have the
        right, in common with others, to reasonable use of the common areas of the
        Building (including, without limitation, elevators, corridors, restrooms
        and
        walkways), as and to the extent permitted, and subject to the rules and
        regulations imposed, by Master Landlord under the Master Lease.

       

      ARTICLE
        3

      TERM

       

      3.01   Term.   This Sublease
        shall
        be in full force and effect as of the date first written above. The Sublease
        Term shall commence on the Sublease Commencement Date and shall expire on
        the
        Sublease Expiration Date, unless this Sublease is sooner terminated as provided
        herein. For purposes of this Sublease, the term “Sublease
        Year”
        shall mean each period of twelve (12) full calendar months beginning on the
        first day of the month in which the Rent Commencement Date (defined below)
        occurs (“Commencement
        Month”)
        and ending on the last day of the twelfth (12th)
        month following the Commencement Month. However, the Expiration Date shall
        not
        change, and the last Sublease Year of the Sublease Term shall end on the
        Expiration Date, regardless of whether the last Sublease Year is thereby
        less
        than twelve (12) full calendar months.

       

      3.02   Master
        Landlord Consent to Sublease.   Sublandlord
        and Subtenant
        each acknowledge and agree that this Sublease is subject to the written consent
        of Master Landlord in the form attached hereto as Exhibit “D”. If such written
        consent shall not be obtained on or before March 15, 2005, at anytime prior
        to
        receipt of such written consent, either Sublandlord or Subtenant shall have
        the
        right to terminate this Sublease in which event Sublandlord shall promptly
        return any deposits and prepaid rents to Subtenant and this Sublease shall
        be
        deemed cancelled and terminated and neither of the parties hereto shall have
        any
        liability to the other. Sublandlord shall be solely responsible for the Sublease
        Premium (as defined in Section 46J. of the Master Lease), if any, due to
        Master
        Landlord in connection with this Sublease.

       

      ARTICLE
        4

      RENT

       

      4.01   Base
        Rent.   Commencing
        on April l,
        2005 (the “Rent Commencement Date”) and continuing for the remainder of the
        Sublease Term, Subtenant covenants and agrees to pay to Sublandlord annual
        “Base
        Rent”
        for the Sublease Premises in accordance with the schedule set forth
        below:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Sublease
                  Year

              	
                Base
                  Rent 

                Annual

              	
                Base
                  Rent 

                Monthly

              
	 	 	 
	
                One

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Two

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Three

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Four

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Five

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Six

                 

              	
                $221,040.00

                 

              	
                $18,420.00

                 

              
	
                Seven

                 

              	
                $221,040.00

                 

              	
                $18,420.00

                 

              
	
                Eight*

                 

              	
                $221,040.00

                 

              	
                $18,420.00

                 

              

      

      

      *The
        Eighth Sublease Year is a partial Sublease Year expiring on August 30,
        2012.

       

      The
        term “Rent”
        as used in this Sublease, unless otherwise stated, shall mean the Base Rent
        set
        forth in this Section 4.01, plus all additional amounts payable by Subtenant
        hereunder (“Additional
        Rent”),
        and Sublandlord shall have all rights and remedies for nonpayment of Additional
        Rent as it has for non-payment of Base Rent.

       

      4.02   Prorated
        Rent.   In
        the event this
        Sublease commences or ends on some date other than the first or last day
        of a
        calendar month, all rent for that month shall be prorated on the basis of
        a
        thirty (30) day month to reflect the actual number of days during that month
        in
        the Sublease Term.

       

      4.03   Payment
        of Rent.   Base
        Rent hereunder shall
        be payable in equal monthly installments, in advance, on or before the first
        (1st)
        day of each calendar month during the Sublease Term, and shall be payable
        to
        Sublandlord in lawful money of the United States at the address stated in
        this
        Sublease (or at such other place as Sublandlord may designate in writing).
        Concurrent with the execution of this Sublease, Subtenant shall deposit with
        Sublandlord the Base Rent for the initial full calendar month during the
        Sublease Term.

       

      4.04   Additional
        Rent Under the Master Lease.   Commencing
        on January 1,
        2006 and continuing for the remainder of the Sublease Term, Subtenant shall
        pay
        to Sublandlord as Additional Rent (x) the amount by which Tenant’s Operating
        Payment for each Escalation Year (as such terms are defined in Section 40
        of the
        Master Lease) exceeds Tenant’s Operating Payment for the 2005 calendar year and
        (y) the amount by which Tenant’s Tax Payment for each Escalation Year exceeds
        Tenant’s Tax Payment for the 2005 calendar year. Subtenant shall pay such
        amounts to Sublandlord within ten (10) days of billing therefor by Sublandlord,
        which invoice shall be accompanied by a copy of Master Landlord’s annual
        statement under the Master Lease. In the event Master Landlord shall bill
        Sublandlord for increases in Operating Expenses and Real Estate Taxes under
        the
        Master Lease on an estimated basis, Subtenant shall pay its prorata share
        of the
        estimated payment on a monthly basis (adjusted to reflect the calendar year
        2005
        base) concurrent with the payment of the Monthly Base Rent for such month.
        In
        the event that Master Landlord shall refund to Sublandlord any overpayment
        of
        Tenant’s Operating Payment or Tenant’s Tax Payment which relate to payments made
        during the Sublease Term, such refunds shall be taken into consideration
        in
        determining the Tenant’s Operating Payment and the Tenant’s Tax Payment for
        purposes of this Section 4.04 and the parties shall promptly make such
        adjustments as appropriate. Subtenant’s and Sublandlord’s obligations hereunder
        shall expressly survive any expiration or termination of this
        Sublease.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      4.05   Security
        Deposit.   Concurrent
        with its
        execution of this Sublease Agreement, Subtenant shall deliver to Sublandlord,
        as
        security for Subtenant’s faithful payment of rent and performance of all
        Subtenant’s other obligations hereunder, a security deposit in an amount equal
        to One Hundred Four Thousand Nine Hundred Ninety-Four and No/100 Dollars
        ($104,994.00) (the “Security
        Deposit”).
        Sublandlord shall not be required to pay any interest on the Security Deposit.
        Sublandlord shall be entitled to draw upon the Security Deposit, and use,
        apply
        and retain the proceeds thereof, to satisfy any of Subtenant’s unperformed
        monetary and/or non-monetary obligations under the Sublease in cases where
        the
        Subtenant has failed to remedy or cure such obligation within any applicable
        cure periods provided under this Sublease or the Master Lease (as the case
        may
        be). If Sublandlord so draws upon the Security Deposit, or uses, applies
        or
        retains the proceeds thereof, Subtenant shall, within ten (10) days following
        demand, tender to Sublandlord cash in an amount sufficient to restore the
        Security Deposit to the full amount required under this Section 4.05.
        Sublandlord shall return any unapplied proceeds of the Security Deposit to
        Subtenant within thirty (30) days after the expiration or earlier termination
        of
        this Sublease.

       

      Subtenant
        shall have the right to deliver to Sublandlord an unconditional, irrevocable
        letter of credit (the “Letter of Credit”) in substitution for the cash Security
        Deposit, subject to the following terms and conditions. Such letter of credit
        shall be (a) in form and substance substantially in the form attached hereto
        as
Exhibit
        C;
        (b) at all times in the amount of the Security Deposit, and shall permit
        multiple draws without a corresponding reduction in the aggregate amount
        of the
        Letter of Credit; (c) issued by a commercial bank reasonably acceptable to
        Sublandlord from time to time and located in the New York, New York metropolitan
        area; (d) payable at sight upon presentment to a local branch of the issuer
        of a
        simple sight draft or certificate stating that Subtenant is in default under
        this Sublease beyond the applicable cure period (provided, however that in
        the
        event that a notice of default to Subtenant may not be lawfully given by
        Sublandlord, then Sublandlord shall be entitled to draw thereunder upon
        presentment of a certificate stating that a notice of default cannot be lawfully
        given and that Subtenant has failed to timely pay or perform an obligation
        of
        the Subtenant under this Sublease); (e) of a term not less than one year;
        and
        (f) at least thirty (30) days prior to the then-current expiration date of
        such
        letter of credit, either (1) renewed (or automatically and unconditionally
        extended) from time to time through the thirtieth (30th) day after the
        expiration of the Sublease Term, or (2) replaced with cash in the amount
        of the
        Security Deposit. Notwithstanding anything in this Sublease to the contrary,
        any
        cure or grace periods set forth in this Sublease shall not apply to any of
        the
        foregoing, and, specifically, if Subtenant fails to timely comply with the
        requirements of subsection (f) above, then Sublandlord shall have the right
        to
        immediately draw upon the letter of credit without notice to Subtenant and
        apply
        the proceeds to the Security Deposit. Each Letter of Credit shall be issued
        by a
        commercial bank that has a credit rating with respect to certificates of
        deposit, short term deposits or commercial paper of at least P-2 (or equivalent)
        by Moody’s Investor Service, Inc., or at least A-2 (or equivalent) by Standard
& Poor’s Corporation, and shall be otherwise acceptable to Sublandlord in
        its sole and absolute discretion. Each Letter of Credit contemplated hereunder
        shall be issued by a commercial bank that has a credit rating with respect
        to
        certificates of deposit, short term deposits or commercial paper of at least
        P-2
        (or equivalent) by Moody’s Investor Service, Inc., or at least A-2 (or
        equivalent) by Standard & Poor’s Corporation, and shall be otherwise
        acceptable to Sublandlord in its reasonable discretion. If the issuer’s credit
        rating is reduced below P-2 (or equivalent) by Moody’s Investors Service, Inc.
        or below A-2 (or equivalent) by Standard & Poor’s Corporation, or if the
        financial condition of such issuer changes in any other materially adverse
        way,
        then Sublandlord shall have the right to require that Subtenant obtain from
        a
        different issuer a substitute letter of credit that complies in all respects
        with the requirements of this section, and Subtenant’s failure to obtain such
        substitute Letter of Credit within ten (10) days following Sublandlord’s written
        demand therefor (with no other notice or cure or grace period being applicable
        thereto, notwithstanding anything in this Sublease to the contrary) shall
        entitle Sublandlord to immediately draw upon the then-existing Letter of
        Credit
        in whole or in part, without notice to Subtenant. In the event the issuer
        of any
        Letter of Credit held by Sublandlord is placed into receivership or
        conservatorship by the Federal Deposit Insurance Corporation, or any successor
        or similar entity, then, effective as of the date such receivership or
        conservatorship occurs, said Letter of Credit shall be deemed to not meet
        the
        requirements of this section, and, within ten (10) days thereof, Subtenant
        shall
        replace such Letter of Credit with a Letter of Credit issued by an institution
        which satisfies the foregoing requirements (and Subtenant’s failure to do so
        within said ten (10) days shall, notwithstanding anything in this Sublease
        to
        the contrary, constitute a Default under the Sublease without the requirement
        for any further notice hereunder). Any failure or refusal of the issuer to
        honor
        the Letter of Credit shall be at Subtenant’s sole risk and shall not relieve
        Subtenant of its obligations hereunder with respect to the Security
        Deposit.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      Notwithstanding
        anything in this Sublease to the contrary (including, without limitation,
        any
        cure or grace periods set forth in this Sublease), any failure by Subtenant
        to
        timely renew or replace said Letter of Credit and any failure by Subtenant
        to
        timely deliver to Sublandlord in writing proof of such renewal or replacement
        shall be deemed a Default hereunder by Subtenant, without the necessity for
        further notice to Subtenant, entitling Sublandlord to immediately draw upon
        such
        Letter of Credit in the full amount thereof. At all times during the Sublease
        Term, Sublandlord shall be entitled to draw upon the entire amount of such
        Letter of Credit to cure any outstanding Default. In the event that Sublandlord
        draws upon the Letter of Credit by reason of Subtenant’s failure to timely renew
        or replace the Letter of Credit, the proceeds thereof (except for any portion
        thereof necessary to cure any other Default by Subtenant, if any) shall
        constitute a cash Security Deposit hereunder, and shall be held in accordance
        with the terms of the foregoing provisions.

       

      In
        the event Sublandlord transfers or assigns the Sublease, Sublandlord shall
        simultaneously transfer the security deposit to the transferee or assignee
        along
        with such transfer or assignment. In the event the security deposit is in
        the
        form of a Letter of Credit, Subtenant shall pay all transfers costs imposed
        by
        the issuer of such Letter of Credit.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      4.06   Late
        Payments.   In
        the event any monthly
        Base Rent payment, Additional Rent payment or any other payment due from
        Subtenant hereunder is not paid within ten (10) days after it is due, Subtenant
        shall also pay to Sublandlord a late fee of five percent (5%) of such delinquent
        payment. Unpaid monthly Base Rent and Additional Rent shall also bear interest
        at the rate of twelve percent (12%) per annum from the date due until paid
        in
        the event any such sums are not paid within five (5) days from the date due
        hereunder. The aforesaid late charges and interest are intended to compensate
        Sublandlord for its costs arising by reason of any such late payment and
        are not
        intended to constitute a waiver by Sublandlord of any other right or remedy
        available to Sublandlord arising by reason of Subtenant’s failure to timely
        perform its monetary obligations hereunder.

       

      ARTICLE
        5

      SERVICES
        AND ELECTRICITY

       

      5.01   Services.   The
        Sublease Premises
        will be supplied with the services described in the Master Lease, to the
        extent
        applicable to the Sublease Premises, at the times and in the manner provided
        by
        Master Landlord, subject to the limitations and restrictions stated in the
        Master Lease. Sublandlord shall not be liable for any interruption or failure
        of
        utility services to the Sublease Premises (including, without limitation,
        heating, ventilation and air conditioning (“HVAC”))
        resulting from any cause beyond the reasonable control of Sublandlord and
        Subtenant shall not be entitled to an abatement of rent under this Sublease
        or
        permitted to offset against the rent under this Sublease, except to the extent
        that Sublandlord is entitled to an abatement of rent under the Master Lease
        or
        is permitted to offset the rent under the Master Lease, as applicable; provided,
        however, if the cause of such interruption or failure is the act or omission
        of
        Master Landlord, Sublandlord agrees to use reasonable efforts to cause Mater
        Landlord to cure such interruption or failure in accordance with the terms
        and
        provisions of Section 1.04 of this Sublease.

       

      5.02   Electricity.   Subtenant
        expressly
        recognizes and agrees that Subtenant shall be required to pay for all
        electricity consumed in the Sublease Premises in accordance with the provisions
        of Section 44 of the Master Lease.

       

      ARTICLE
        6

      MAINTENANCE
        AND REPAIRS

       

      6.01   Maintenance
        and Repairs.   Subtenant
        shall assume
        all of Sublandlord’s obligations under the Master Lease first accruing after the
        Sublease Commencement Date in relation to maintenance and repair of the Sublease
        Premises, payment of taxes relating to Subtenant’s business and compliance with
        all laws, ordinances, rules and regulations. Subtenant shall not be responsible
        for any restoration obligations arising by reason of the installation of
        any
        alterations by Sublandlord within the Sublease Premises, but shall be
        responsible for any restoration obligations arising by reason of any alterations
        installed by Subtenant in the Sublease Premises.

       

      6.02   Surrender
        of Sublease Premises.   At
        the expiration or
        sooner termination of the Sublease Term, Subtenant shall surrender the Sublease
        Premises in the same condition as they were in on the Sublease Commencement
        Date, except that Subtenant shall not be required to remove any alterations
        to
        the Sublease Premises which Master Landlord has agreed expressly in writing
        do
        not require removal at the expiration of the Master Lease. Subtenant shall
        arrange for a joint inspection of the Sublease Premises by Sublandlord,
        Subtenant and Master Landlord prior to Subtenant vacating the Sublease
        Premises.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ARTICLE
        7

      USE
        OF SUBLEASE PREMISES

       

      7.01   Use.   Subtenant
        shall use the
        Sublease Premises for general office purposes, executive and administrative
        offices and for uses ancillary thereto only, and shall comply with all laws,
        rules and requirements applicable to Subtenant’s conduct of its business and its
        use and occupancy of the Sublease Premises. Subtenant shall not conduct any
        activities in the Sublease Premises that would materially increase Sublandlord’s
        risks, liabilities (in relation to Hazardous Materials (as defined in the
        Master
        Lease) or otherwise) or insurance rates, without first obtaining Sublandlord’s
        consent in writing, and shall neither commit nor permit waste or nuisance
        on or
        about the Sublease Premises.

       

      7.02   Condition
        of Sublease Premises.   Sublandlord
        shall provide
        the Sublease Premises to Subtenant at the Sublease Commencement Date in
“broom-clean” condition, and Subtenant otherwise accepts the Sublease Premises
        in the “as-is, where-is” condition existing as of the date hereof, and
        acknowledges that Sublandlord has made no representations or warranties as
        to
        the suitability of the Sublease Premises for the conduct of Subtenant’s business
        and acknowledges further that Sublandlord is under no obligation to construct
        or
        install any alterations or improvements in or to the Sublease
        Premises.

       

      7.03   Compliance
        with Laws Regarding Use.   Subtenant
        shall, at its
        own expense, promptly comply with all applicable Federal, state and local
        laws,
        statutes, rules and regulations of any kind (collectively, “Laws”) in effect
        during the Sublease Term regulating Subtenant’s use of the Sublease Premises.
        Subtenant shall be solely responsible for obtaining or maintaining any and
        all
        permits, licenses and/or approvals necessary to the conduct of its business
        in
        the Sublease Premises, except that Subtenant shall not be responsible for
        obtaining a certificate of occupancy for the Building. Subtenant shall neither
        use nor permit the use of the Sublease Premises in any manner that will or
        could
        violate any applicable Federal, state and local laws, statutes, rules and
        regulations or the provisions of the Master Lease. Sublandlord represents
        and
        warrants that as of the date hereof it has not received any notices of
        violations (the “Violation Notices”) of any Laws, including, without limitation,
        any Laws governing Hazardous Materials (as defined in the Master Lease) with
        respect to the Sublease Premises.

       

      7.04   Modification
        of Sublease Premises.   Subtenant
        shall not make,
        install, alter, construct, remove or demolish any alterations or any other
        installations, additions, improvements or modifications of any kind in the
        Sublease Premises or the Building (collectively, “Modifications”)
        without the prior written consent of Sublandlord and Master Landlord, it
        being
        expressly recognized and agreed that Sublandlord’s consent shall not be required
        for the initial alterations Subtenant intends to install in the Sublease
        Premises. Any such Modifications made by Subtenant shall be made in accordance
        with the Master Lease.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      7.05   Right
        of Entry.   Subtenant
        shall permit
        Master Landlord and Sublandlord or their respective representatives to enter
        the
        Sublease Premises at all reasonable times, upon reasonable prior notice except
        in case of emergency, when no notice shall be required, to inspect, make
        necessary repairs without unreasonable disruption of Subtenant’s
        business.

       

      7.06   Covenants
        of Subtenant.   Subtenant
        agrees to pay
        the rent herein reserved, to abide by, observe and perform all of the terms,
        covenants and conditions of this Sublease, and to surrender the Sublease
        Premises to Sublandlord on the expiration or sooner termination of this Sublease
        in the condition required hereunder. Subtenant shall abide by the provisions
        of
        the Master Lease as applicable, and by the rules and regulations established
        by
        Master Landlord from time to time.

       

      7.07   Hazardous
        Materials.   Subtenant
        shall not bring
        nor allow to be brought into the Building or the Sublease Premises any hazardous
        or toxic materials (including, without limitation, any Hazardous Materials
        (as
        defined in the Master Lease)). Subtenant shall comply with, observe and be
        bound
        by, and assume all responsibility for, all of the covenants of Sublandlord
        as
        tenant under the Master Lease concerning any hazardous and/or toxic materials
        brought to the Sublease Premises during the Sublease Term by Subtenant or
        any of
        its officers, employees, agents, contractors, subcontractors, consultants,
        representatives or guests (collectively, the “Subtenant Parties”). Subtenant
        shall indemnify, defend and hold Sublandlord harmless from any claims, loss,
        expenses or damages resulting from or arising out of any breach of the
        provisions of this Section 7.07 by any Subtenant Parties. Subtenant’s
        obligations under this Section 7.07 shall survive the expiration or earlier
        termination of this Sublease.

       

      7.08   Mechanic’s
        Liens.   If
        any mechanic’s lien is
        filed against the Sublease Premises, or the real property of which the Sublease
        Premises are a part, for work claimed to have been done for or materials
        claimed
        to have been furnished to Subtenant, within twenty (20) days after Subtenant
        receives written notice thereof, Subtenant shall discharge such lien by the
        payment in full thereof or by posting a bond under applicable law. If Subtenant
        shall fail to discharge such mechanic’s lien on time, Sublandlord may, at its
        option, discharge such lien, in which event Subtenant shall reimburse
        Sublandlord upon demand for the reasonable cost of doing so, and any such
        amount
        shall be Additional Rent and may be collected and enforced in same manner
        as
        rent. Subtenant shall indemnify and hold Sublandlord harmless from and against
        any and all claims, loss, reasonable expenses and damages resulting from
        or
        arising out of any alterations, additions or improvements in the Sublease
        Premises by or on behalf of Subtenant or the related filing of any mechanic’s
        lien against the Sublease Premises or the Building (including, without
        limitation, any claims asserted by Master Landlord against Sublandlord in
        respect thereof).

       

      ARTICLE
        8

      INDEMNITIES,
        INSURANCE AND CASUALTY

       

      8.01   Subtenant’s
        Indemnity.   Subtenant
        shall indemnify
        and hold Sublandlord and Master Landlord harmless from and against liabilities,
        penalties, losses, damages, costs and reasonable expenses (including reasonable
        attorneys’ fees), demands, causes of action, claims or judgments (collectively,
“Claims”)
        arising out of personal injury, death or property damage occurring in, on,
        or
        about the Sublease Premises or any part thereof or occasioned by any act
        or
        omission of Subtenant, its officers, employees, agents, licensees, contractors
        or invitees. The foregoing indemnity of Sublandlord by Subtenant shall also
        extend to Claims made by Master Landlord against Sublandlord as a result
        of any
        breach of this Sublease or the Master Lease by Subtenant.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      8.02   Subtenant’s
        Insurance.

       

      (a)   Subtenant
        shall, at its own expense, obtain and keep in force at all times during Sublease
        Term the insurance required to be maintained by the tenant under Section
        61.13.
        of the Master Lease in relation to the Sublease Premises and Subtenant’s
        activities in or around the Sublease Premises and the Building.

       

      (b)   Sublandlord
        shall be named as additional insured on all policies required to be carried
        by
        Subtenant under this capitalized section.

       

      (c)   Upon
        the approval of this Sublease by Master Landlord (and thereafter upon request
        of
        Sublandlord), Subtenant shall deliver to Sublandlord certificates of insurance
        evidencing the insurance required to be maintained hereunder.

       

      (d)   If
        Subtenant fails to procure and maintain the insurance required under this
        Section 8.02, Sublandlord shall have the option, but not the obligation,
        to
        procure and maintain such insurance at Subtenant’s expense. Subtenant shall
        reimburse Sublandlord within ten (10) days following demand for the costs
        of
        said insurance and any such amount shall be Additional Rent and may be collected
        and enforced in same manner as rent. Subtenant acknowledges that Sublandlord
        will not carry insurance on Subtenant’s furnishings, fixtures or equipment, and
        Subtenant agrees that Sublandlord will not be obligated to repair any damage
        thereto or replace the same whether or not such damage is caused by the acts
        or
        omissions of Sublandlord or otherwise.

       

      ARTICLE
        9

      DEFAULTS

       

      9.01   Subtenant
        Default.
        Subtenant shall be in default under this Sublease (“Default”)
        if:

       

      (a)   Subtenant
        fails to pay any rent or other amount due under this Sublease within ten
        (10)
        days after notice that the same is due;

       

      (b)   Subtenant
        fails to comply with any provisions of the Master Lease or this Sublease
        regarding the permitted use of the Sublease Premises and fails to cure such
        failure within three (3) business days following delivery of notice from
        Sublandlord or Master Landlord;

       

      (c)   Subtenant
        fails to comply with any other provision of this Sublease and does not cure
        such
        failure within twenty (20) days after delivery of notice from Sublandlord,
        provided, however, if the nature of such default is such that it cannot be
        completed cured or remedied within said twenty (20) day period, provided
        Subtenant diligently commences a cure of such default within said twenty
        (20)
        day period and thereafter pursues such cure in good faith and with reasonable
        diligence, such 20 day cure period shall be extended for such reasonable
        period
        of time necessary to cure such default;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (d)   Subtenant
        violates any of the provisions of Section 10.04; or

       

      (e)   Subtenant
        commits or permits any default as defined in Article 17 of the Master Lease
        which is not cured within any notice and/or cure period provided for in said
        Article 17.

       

      9.02   Remedies
        for Subtenant Default.

       

      (a)   In
        the case of a Default by Subtenant, Sublandlord may:

       

      (i)   Terminate
        this Sublease, recover the Sublease Premises and collect from Subtenant any
        and
        all rent remaining to be paid for the entire Sublease Term less any amounts
        Subtenant proves could reasonably be recouped by re-subletting the Sublease
        Premises, which difference shall be discounted at a rate equal to one (1)
        whole
        percentage point above the discount rate in effect on the date of payment
        at the
        Federal Reserve Bank nearest the Building;

       

      (ii)   Elect
        not to terminate this Sublease and continue to collect all Rent and other
        sums
        under this Sublease as they come due;

       

      (iii)   Collect
        from Subtenant any other actual and reasonable amount of damages (not
        consequential) resulting from such Default by Subtenant, such as brokerage
        fees,
        buildout costs and/or improvement allowances;

       

      (iv)   Cure
        such Default for or on behalf of Subtenant after five (5) business days’ written
        notice to Subtenant, whereupon Subtenant shall reimburse to Sublandlord any
        and
        all costs and expenses of doing so within ten (10) days of demand, and such
        amounts shall be deemed to be rent hereunder for all purposes;
        and/or

       

      (v)   Avail
        itself of any and all other remedies provided by law, at equity or
        otherwise.

       

      (b)   The
        above remedies shall be cumulative and not exclusive.

       

      In
        the event of a Default by Subtenant hereunder, following Subtenant’s delivery of
        sole and exclusive possession of the Sublease Premises to Sublandlord,
        Sublandlord agrees to use commercially reasonable efforts to mitigate its
        damages, provided, however, Sublandlord shall not be required to expend any
        amount of money either (a) to alter, remodel or otherwise make the Sublease
        Premises suitable for use by a proposed Substitute Tenant or (b) for brokerage
        commissions, so long as Sublandlord has requested and Subtenant has refused
        to
        pay any such sum to Sublandlord in advance of Sublandlord’s execution of a
        substitute sublease with a subtenant (which payment shall not be in lieu
        of any
        damages or other sums to which Sublandlord may be entitled as a result of
        Subtenant’s default under this Sublease).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      9.03   Holding
        Over.   If
        Subtenant fails to
        surrender the Sublease Premises upon the expiration or sooner termination
        of the
        Sublease Term, this Sublease shall nevertheless terminate as of the expiration
        or termination date, and Subtenant shall become a tenant at sufferance of
        Master
        Landlord. Subtenant shall indemnify and hold Sublandlord harmless from any
        and
        all holdover rent or other charges, penalties, damages or costs charged to,
        imposed upon, suffered or incurred by Sublandlord (including, without
        limitation, claims made against Sublandlord by Master Landlord or any parties
        claiming under or through Master Landlord) as a result of Subtenant’s failure to
        surrender the Sublease Premises on time.

       

      ARTICLE
        10

      OTHER
        PROVISIONS

       

      10.01   Notices.   Any
        notice required or
        permitted to be given hereunder shall be in writing and shall be sent by
        hand
        delivery, or by nationally recognized overnight express carrier addressed
        to the
        respective parties at the respective addresses noted below. Any such notice
        shall be deemed to be delivered upon actual receipt (or refusal to accept
        delivery) thereof. Either party may, by notice in writing so delivered to
        the
        other, specify a different address for notice purposes.

       

      
        	Sublandlord:	Subtenant:
	 	 
	c/o Friedman, Billings Ramsey & Co.,
                Inc.	Innovive Pharmaceuticals, Inc.
	1001 19th Street North, Suite 700	787 Seventh Avenue, 48th Floor
	Arlington, Virginia 22209	New York, New York 10019
	 	Attention: Mr. John Knox
	 	 
	With a copy of default notices to:	With a copy of default notices
                to:
	 	 
	Richard F. Levin, Esq.	Gary J. Strauss, Esq.
	Grossberg, Yochelson, Fox & Beyda,
                LLP	Gerstein Strauss & Rinaldi
                LLP
	2000 L Street, NW, Suite 675	57 West 38th Street, 9th Floor
	Washington, D.C. 20036	New York, New York
                10018

      

       

      10.02   Signs.   Subtenant
        shall place no
        sign, advertisement or notice visible from outside the Sublease Premises
        without
        prior written consent of Master Landlord. The size, color, style and design
        of
        any such signage shall be acceptable to Master Landlord and Sublandlord (in
        their sole discretion), and such signage shall be at the sole cost and expense
        of Subtenant. Sublandlord shall cooperate with Subtenant in transferring
        the 20
        building directory listings provided Sublandlord in Section 73 of the Master
        Lease, recognizing that Subtenant shall be responsible for all costs and
        expenses charged by Master Landlord in transferring (or changing) such building
        listings.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      10.03   Transfers.

       

      (a)   Sublandlord
        may assign, transfer or convey this Sublease without any need to obtain the
        consent or approval of Subtenant, provided, however, that Sublandlord shall
        provide written notice to Subtenant of such assignment, transfer or conveyance
        promptly following the same.

       

      (b)   Subtenant
        shall not assign, encumber or in any way transfer this Sublease, nor further
        sublet all or any part of the Sublease Premises, whether voluntarily,
        involuntarily or by operation of law, nor permit the use or occupancy of
        all or
        art of the Sublease Premises by anyone other than Subtenant (collectively,
        “Transfer”),
        without Sublandlord’s prior written consent (not to be unreasonably withheld,
        delayed or conditioned). Subject to Master Landlord’s consent, Subtenant shall
        have the right to permit up to twenty percent (20%) of the rentable area
        of the
        Sublease Premises to be occupied, or used for desk space, mailing privileges,
        or
        otherwise to any person or entity which has a business relationship with
        Subtenant.

       

      (c)   If
        Subtenant shall sublease the Sublease Premises or assign this Sublease to
        anyone
        for rents, additional charges related to the value of the Sublease or other
        consideration which for any period shall exceed the Rent payable under this
        Sublease for the same period, Subtenant shall pay to Sublandlord, as Additional
        Rent hereunder, fifty percent (50%) of any such rents, additional charges,
        fees
        or other consideration (net of any expenses of Subtenant reasonably related
        to
        making the Sublease Premises available for the sublessee or the assignee
        such as
        brokerage fees, reasonable attorneys’ fees, work improvements and improvement
        allowances) which is in excess of the Rent accruing during the Sublease Term
        (the “Transfer Premium”), recognizing that any sums payable by Subtenant to
        Master Landlord under the Master Lease shall also be subtracted from the
        Transfer Premium. The sums payable under this Section 10.04(c) shall be paid
        to
        Sublandlord as Additional Rent as and when payable by the subtenant or assignee
        to Subtenant. It is expressly recognized and agreed that the terms and
        provisions of this Section 10.03(c) shall not be applicable in connection
        with a
        Permitted Transfer (defined below) or to a sale of stock described in the
        last
        sentence of Section 10.03(d) below.

       

      (d)   So
        long as Subtenant is not entering into the Permitted Transfer (defined below)
        for the purpose of avoiding or otherwise circumventing the remaining terms
        of
        this Article, Subtenant may assign its entire interest under this Sublease
        or
        sublease all or a portion of the Sublease Premises, without the consent of
        Sublandlord, to (i) an affiliate, subsidiary, or parent of Subtenant, or
        a
        corporation, partnership or other legal entity controlled by Subtenant
        (collectively, an “Affiliated Party”), (ii) a successor to Subtenant by asset
        acquisition, capital stock purchase, merger, consolidation or reorganization,
        (iii) during the first two (2) Sublease Years, Paramount Biocapital Investments,
        LLC, a Delaware limited liability company (“Paramount”), an Affiliated Party of
        Paramount, a successor to Paramount by asset acquisition, capital stock
        purchase, merger, consolidation or reorganization, or an Affiliated Party
        of any
        such successor, or (iv) Lindsay Rosenwald or any entity in which Lindsay
        Rosenwald has at least a fifty-one percent (51%) ownership interest in, provided
        that all of the following conditions are satisfied (each such transfer a
        “Permitted Transfer”): (1) Subtenant is not in default under this Sublease
        beyond the expiration of any applicable cure period; (2) Subtenant shall
        give
        Sublandlord written notice at least ten (10) days prior to the effective
        date of
        the proposed commencement of the assignment (except in any instance where
        such
        prior notice would violate applicable laws, particularly those promulgated
        by
        the Securities Exchange Commission, in which case notice shall be given as
        soon
        as permissible after such public notice is permissible); (3) with respect
        to a
        proposed Permitted Transfer to an Affiliated Party (defined below), Subtenant
        continues to have a net worth which is at least equal to the greater of
        Subtenant’s net worth at the date of this Sublease or Subtenant’s net worth as
        of the day prior to the Permitted Transfer; and (4) with respect to a purchase,
        merger, consolidation or reorganization or any Permitted Transfer which results
        in Subtenant ceasing to exist as a separate legal entity, (a) Subtenant’s
        successor shall own all or substantially all of the assets of Subtenant,
        and (b)
        Subtenant’s successor shall have a net worth which is at least equal to the
        greater of Subtenant’s net worth at the date of this Sublease or Subtenant’s net
        worth as of the day prior to the proposed purchase, merger, consolidation
        or
        reorganization. Subtenant’s notice to Sublandlord shall include information and
        documentation showing that each of the above conditions has been satisfied.
        If
        requested by Sublandlord, Subtenant’s successor shall sign a commercially
        reasonable form of assumption agreement, which assumption agreement shall
        not
        obligate such successor to assume any additional obligations as the Subtenant
        hereunder beyond those provided for in this Sublease. As used herein, (A)
        “parent” shall mean a company which owns a majority of Subtenant’s voting
        equity; (B) “subsidiary” shall mean an entity wholly owned by Subtenant or at
        least thirty-three percent (33.0%) of whose voting equity is owned by Subtenant;
        and (C) “affiliate” shall mean an entity controlled by, controlling or under
        common control with Subtenant. Notwithstanding the foregoing, if any parent,
        affiliate or subsidiary to which this Sublease has been assigned or transferred
        subsequently sells or transfers its voting equity or its interest under this
        Sublease other than to an entity permitted above for which no consent is
        required, such sale or transfer shall be deemed to be a transfer requiring
        the
        consent of Sublandlord hereunder. Notwithstanding anything in this Sublease
        to
        the contrary, Subtenant shall be permitted to sell its stock in connection
        with
        private placement offerings or on a recognized security exchange (i.e NYSE,
        AMEX
        or NASDAQ) without the consent of Sublandlord.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (e)   In
        no event shall the original named Tenant hereunder or the Guarantors (defined
        below) be relieved of any liability hereunder by reason of any assignment
        of
        this Sublease, provided, however, the foregoing is not intended to modify
        the
        provision under which Paramount (as defined in the Guaranty) may be relieved
        of
        liability under the Guaranty.

       

      (f)   Notwithstanding
        Sublandlord’s consent, any proposed Transfer shall also be subject to the
        consent of Master Landlord under applicable provisions of the Master
        Lease.

       

      10.04   Attorney’s
        Fees.   In
        the event of any
        action or proceeding brought by either party hereto against the other based
        upon
        or arising out of any breach of the terms and conditions hereof, the prevailing
        party shall be entitled to recover all costs, including reasonable attorneys’
        fees, from the other.

       

      10.05   Quiet
        Enjoyment.   Sublandlord
        represents
        that the Master Lease is in full force and effect and that, to the best of
        Sublandlord’s knowledge, there are no defaults on Sublandlord’s part under the
        Master Lease as of the date of this Sublease. Sublandlord agrees that, subject
        to the provisions of this Sublease and the Master Lease, so long as Subtenant
        is
        not in default hereunder or breach hereof, Subtenant shall quietly enjoy
        the
        Sublease Premises for the Sublease Term.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      10.06   Waiver.   The
        waiver by a party of
        a breach of any term in this Sublease shall not be deemed to be a waiver
        of any
        subsequent breach of the same or any other term of this Sublease. The subsequent
        acceptance of rent by Sublandlord or payment of rent by Subtenant shall not
        be
        deemed to be a waiver of any preceding breach by the other party of any term
        of
        this Sublease, other than the failure of Subtenant to pay the particular
        rental
        so accepted, regardless of Sublandlord’s knowledge of such preceding breach at
        the time Sublandlord accepts such rent.

       

      10.07   Brokers’
        Fees.   Subtenant
        warrants and
        represents that it has not dealt with any real estate broker or agent in
        connection with this Sublease other than CB Richard Ellis (“Sublandlord’s
        Broker”) and Winoker Realty Company, Inc. (“Subtenant’s Broker”). Subtenant
        shall indemnify and hold Sublandlord harmless from any cost, reasonable expense
        or liability (including, without limitation, costs of suit and reasonable
        attorneys’ fees) for any compensation, commission or fees claimed by any real
        estate broker or agent on behalf of Subtenant in connection with this Sublease
        other than Sublandlord’s Broker and Subtenant’s Broker. Sublandlord shall
        indemnify and hold Subtenant harmless from any cost, reasonable expense or
        liability (including, without limitation, costs of suit and reasonable
        attorneys’ fees) for any compensation, commission or fees claimed by any real
        estate broker or agent on behalf of Sublandlord in connection with this Sublease
        other than Sublandlord’s Broker and Subtenant’s Broker. Sublandlord agrees to
        compensate Sublandlord’s Broker and Subtenant’s Broker pursuant to the terms and
        conditions of a separate written agreement.

       

      10.08   Entire
        Agreement.   This
        Sublease, including
        all exhibits hereto, contains the entire agreement between the parties with
        respect to the subject matter herein, and no representations, inducements,
        promises or agreements, oral or otherwise, not expressly stated herein shall
        be
        of any force or effect.

       

      10.09   Submission.   Submission
        of this
        instrument for examination or signature by Subtenant shall not be construed
        as
        an offer and shall not be effective as a Sublease or otherwise until executed
        by
        both Subtenant and Sublandlord, and a fully-executed original delivered to
        Subtenant.

       

      10.10   Authority
        and Counterparts.   Each
        party represents and
        warrants that its respective signatory is duly authorized to execute and
        deliver
        this Sublease, and to bind the person for which such signatory signs. This
        Sublease may be signed in counterparts, each of which shall be equivalent
        to a
        signed original, and which together shall form one and the same
        instrument.

       

      10.11   Successors
        and Assigns.   Each
        provision hereof
        shall be binding on and inure to the benefit of the parties and their respective
        agents, employees, successors and permitted assigns, provided that other
        than in
        connection with a Permitted Transfer this Sublease shall not inure to the
        benefit of any assignee or transferee of Subtenant except with Sublandlord’s and
        Master Landlord’s written consent.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      10.12   Governing
        Law and Jurisdiction.   This
        Sublease shall be
        governed by the laws of the State of New York (without regard to conflicts
        of
        laws principles).

       

      10.13   Guaranty.   Paramount,
        and Steven
        Kelly (collectively, the “Guarantors”) have joined in the execution and delivery
        to Sublandlord of that certain Guaranty in the form attached hereto and made
        a
        part hereof being designated as Exhibit “B” (herein the “Guaranty”), for the
        purpose of guaranteeing certain of the obligations, duties and covenants
        of the
        Subtenant under this Sublease, subject to the limitations set forth in such
        Guaranty. Subtenant represents and warrants to Sublandlord that both of the
        Guarantors are materially benefited by reason of the provision of this Sublease
        to Subtenant. The parties recognize and agree that Sublandlord has materially
        relied upon such Guaranty and the financial statements of Guarantors heretofore
        delivered to Sublandlord in its execution and delivery of this Sublease.
        Subtenant hereby represents and warrants to Sublandlord that such financial
        statement is true and correct in all material respects as of the date designated
        therein and that to its knowledge, no change has occurred to the assets or
        liabilities of the Guarantor since the date of such statement which would
        render
        such statement to be misleading in any material respect.

       

      [signatures
        on next page]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF
        the parties have executed this Sublease as of the date first above
        written.

       

      SUBLANDLORD:

      

      FRIEDMAN,
        BILLINGS, RAMSEY GROUP, INC.,

      a
        Virginia corporation

      

      By:_____________________________

           
        _____________________________

      (print
        name)

      Its:_____________________________

      (print
        title)

      

      Address:

      Friedman
        Billing Ramsey & Co., Inc.

      1001
        19th Street North, Suite 700

      Arlington,
        Virginia 22209

      

      A
        copy of each notice of default shall also be sent to:

      

      Richard
        F. Levin, Esq.

      Grossberg,
        Yochelson, Fox & Beyda, LLP

      2000
        L Street, NW, Suite 675

      Washington,
        D.C. 20036

      

      SUBTENANT:

      

      INNOVIVE
        PHARMACEUTICALS, INC.,

      a
        Delaware corporation

      

      By:_____________________________

      Steven
        Kelly, President

      

      Address:

           
        _____________________________

           
        _____________________________

           
        _____________________________

       

      LIST
        OF EXHIBITS:

      

      Exhibit
        A: Master
        Lease

      Exhibit
        B: Guaranty

      Exhibit
        C: Letter
        of Credit

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      MASTER
        LEASE

       

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      GUARANTY

       

      In
        order to induce FRIEDMAN, BILLINGS, RAMSEY, GROUP, INC., (“Sublandlord”) to
        execute and deliver that certain Sublease (the “Sublease”) between Sublandlord
        and INNOVIVE PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”) for the
        premises (the “Sublease Premises”) more particularly described in the Sublease,
        and in consideration thereof, the undersigned PARAMOUNT BIOCAPITAL INVESTMENTS,
        LLC, a Delaware limited liability company (“Paramount”) and STEVEN KELLY, an
        individual (“Individual Guarantor”)) (Paramount and the Individual Guarantor are
        collectively referred to herein as the “Guarantor”) hereby unconditionally,
        absolutely and irrevocably guaranty to Sublandlord, and its successors and
        assigns, the prompt and full payment by Subtenant of each and every item
        of Base
        Rent, Operating Payments, Tax Payments and Electricity to be paid by Subtenant
        under the Sublease, together with any and all costs and expenses, including
        reasonable attorneys’ fees, which may be incurred by Sublandlord in connection
        with any default beyond any applicable notice or grace period by Subtenant
        under
        the Sublease or enforcing the Sublease and/or this Guaranty (collectively
        the
“Obligations”). Guarantor expressly acknowledges that he, she or it has reviewed
        the Sublease and understands the same. If there is more than one Guarantor,
        the
        terms and conditions of this Guaranty shall apply to all Guarantors jointly
        and
        severally. The liability of Guarantor is coextensive with that of Subtenant
        and
        also joint and several, and legal action may be brought against Guarantor
        and
        carried to final judgment either with or without making Subtenant or any
        assignee or successor thereof as a party thereto.

       

      The
        undersigned further covenants and agrees that Sublandlord may at any time
        or
        from time to time, in its sole and absolute unfettered discretion, without
        notice to the undersigned:

       

      (a)   Extend,
        or provided any change does not accelerate in any material manner the date
        due
        for rental payments, change the time of payment of any rent due under the
        Sublease or any other payment required to be made by Subtenant under said
        Sublease, or the manner, place, or terms of performance or observance of
        any of
        the terms, covenants, conditions, provisions or obligations to be kept, observed
        or performed by Subtenant under the Sublease; and/or

       

      (b)   Modify
        any of the terms, covenants, conditions or provisions of the Sublease, or
        waive
        compliance with any of the terms, covenants, conditions, provisions or
        obligations under the Sublease, provided, however, that in the event there
        are
        any material changes in the financial obligations of Subtenant under the
        Sublease which are not approved in writing by Paramount, Paramount’s liability
        shall be limited to the financial obligations contained in the original Sublease
        and any amendments approved in writing by Paramount.

       

      Payment
        by the undersigned under this Guaranty is to be made without requiring any
        proceedings to be taken against Subtenant for the collection of any amounts
        owed
        by Subtenant under the Sublease. The undersigned hereby completely and fully
        waives (a) notice of acceptance of this Guaranty, (b) presentment for payment,
        (c) notice of dishonor or default of Subtenant under the Sublease, (d) protest
        and notice of protest thereof, (e) any right of setoff, counterclaim or
        deduction against amounts due under this Guaranty, (f) the right to interpose
        all substantive and procedural defenses of the law of guaranty, indemnification
        and suretyship, except the defenses of prior payment or prior performance,
        and
        (g) the benefit of any statute of limitations affecting Guarantor’s liability
        under this Guaranty.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      Without
        limiting the generality of the foregoing, the liability of the undersigned
        under
        this Guaranty shall not be deemed to have been waived, released, discharged,
        impaired or affected by (a) reason of any waiver or failure to enforce or
        delay
        in enforcing any of the Obligations, or (b) the granting of any indulgence
        or
        extension of time to Subtenant, or (c) the assignment of the Sublease, or
        the
        subletting of the Sublease Premises by Subtenant, with or without Sublandlord’s
        consent, or (d) the expiration of the Sublease Term, or (e) if Subtenant
        holds
        over beyond the Sublease Term, or (f) any merger or reorganization of the
        release or discharge of Subtenant or any other guarantor in any voluntary
        or
        involuntary receivership, bankruptcy, winding-up or other creditors’
        proceedings, or (g) the rejection, disaffirmance or disclaimer of the Sublease
        by any party in any action or proceeding, or (h) the release of any collateral
        held for the Obligations or release of the Guarantor or any other guarantor,
        or
        (i) any defect or invalidity of the Sublease. The liability of the Guarantor
        shall not be affected by any repossession, re-entry or re-letting of the
        Sublease Premises by Sublandlord.

       

      This
        Guaranty shall be binding upon the undersigned, his or its respective
        successors, assigns, personal or legal representatives and heirs, and shall
        inure to the benefit of Sublandlord and Sublandlord’s successors and
        assigns.

       

      This
        Guaranty shall remain in full force and effect until the payment of all of
        the
        Obligations (whether or not the Sublease shall have been terminated). Until
        the
        payment of all the Obligations, Guarantor: (a) shall have no right of
        subrogation against Subtenant by reason of any payments or acts of performance
        by the Guarantor in compliance with the obligations of the Guarantor under
        this
        Guaranty; (b) waives any right to enforce any remedy which Guarantor now
        or
        hereafter shall have against Subtenant by reason of any one or more payments
        or
        acts of performance in compliance with the obligations of Guarantor under
        this
        Guaranty; and (c) subordinates any liability or indebtedness of Subtenant
        now or
        hereafter held by Guarantor to the obligations of Subtenant to the Sublandlord
        under the Sublease.

       

      The
        terms, covenants, conditions and obligations contained in this Guaranty may
        not
        be waived, changed, modified, discharged, or abandoned, except by agreement
        in
        writing, signed by the party or parties against whom enforcement of any waiver,
        change, modification, discharge or abandonment is sought. Guarantor agrees
        that
        it will, from time to time, within ten (10) days after Sublandlord’s request,
        execute and deliver a statement certifying that this Guaranty is unmodified
        and
        in full force and effect (if such statement is correct).

       

      All
        notices or other communications to be provided pursuant to this Guaranty
        shall
        be in writing and shall be deemed to be properly served if sent by registered
        or
        certified mail or Federal Express or similar courier service with overnight
        delivery or via professional messenger service (with receipt therefor) or
        by
        certified or registered mail, return receipt requested, (i) if to Sublandlord,
        c/o Friedman Billing Ramsey & Co., Inc., 1001 19th Street North, Suite 700,
        Arlington, Virginia 22209, and (ii) if to Guarantor, at the address set forth
        below, together with a copy of default notices to: Gerstein Strauss &
        Rinaldi LLP, 57 West 38th Street, NY, NY 10018, 9th floor, Attn: Gary J.
        Strauss, Esq. All notices or other communications to be provided pursuant
        to
        this Guaranty sent by certified or registered mail, return receipt requested,
        first-class postage prepaid shall be deemed effective when they are mailed,
        otherwise such notices shall be effective upon receipt.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      Waiver
        of Jury Trial.   GUARANTOR
        HEREBY WAIVES
        ANY RIGHT TO A TRIAL BY JURY ON ANY OR ALL ISSUES ARISING IN ANY ACTION OR
        PROCEEDING BETWEEN SUBLANDLORD AND GUARANTOR OR THEIR SUCCESSORS, ASSIGNS,
        PERSONAL OR LEGAL REPRESENTATIVES AND HEIRS UNDER OR IN CONNECTION WITH THIS
        GUARANTY OR ANY OF ITS PROVISIONS. THIS WAIVER IS KNOWINGLY, INTENTIONALLY
        AND
        VOLUNTARILY MADE BY GUARANTOR, AND GUARANTOR ACKNOWLEDGES THAT SUBLANDLORD
        NOR
        ANY PERSON ACTING ON BEHALF OF SUBLANDLORD HAS MADE ANY REPRESENTATIONS OF
        FACT
        TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY
        ITS
        EFFECT. GUARANTOR FURTHER ACKNOWLEDGES THAT HE, SHE OR IT HAS HAD THE
        OPPORTUNITY TO DISCUSS THIS GUARANTY WITH LEGAL COUNSEL.

       

      Notwithstanding
        anything in this Guaranty to the contrary, the Individual Guarantor liability
        hereunder shall be limited to the payment of

       

      (a)   the
        rentals payable by Subtenant under the Sublease for the period elapsing during
        the Sublease Term through the date of Subtenant’s surrender to Sublandlord of,
        or recovery by Sublandlord of, sole and exclusive possession of the Sublease
        Premises, plus

       

      (b)   the
        reasonable attorneys fees and court costs incurred to enforce the Sublandlord’s
        rights against the Individual Guarantor (the “Enforcement
        Obligation”).

       

      In
        the event of a Transfer, provided Subtenant is not then in default under
        the
        Sublease beyond the expiration of any applicable cure period, Sublandlord
        shall
        release the Individual Guarantor of all further liability hereunder in the
        event
        a principal of the transferee, reasonably acceptable to Sublandlord, agrees
        to
        assume the obligations of the Individual Guarantor hereunder and to execute
        such
        documents as are reasonably necessary in Sublandlord’s reasonable judgment to
        confirm such assumption.

       

      Notwithstanding
        anything in this Guaranty to the contrary, provided there is then no Default
        by
        Subtenant under the Sublease, Paramount shall be fully relieved of all liability
        under this Guaranty upon the earlier of (i) the expiration of the second
        Sublease Year (as defined in the Sublease) or (ii) the date Sublandlord is
        provided reasonably satisfactory evidence that following the date of the
        Sublease Subtenant has closed on financing which provides Subtenant net proceeds
        of not less than Five Million Dollars ($5,000,000.00).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Guaranty under seal as
        of the
        _____ day of February, 2005.

       

      
        	 	 	 
	 	GUARANTOR(S):
	 	 
	 	PARAMOUNT
                BIOCAPITAL INVESTMENTS,
                LLC
	 
 	 
 	 
 
	______________________________	By:  	______________________________
                (SEAL)
	Witness:_______________________	Name:______________________________
	 	Title:______________________________ 
	 	 
	 	
                Address:

                787
                  Seventh Avenue, 48th Floor

                New
                  York, New York 10019

              

      

      
        
           

          
            	 	 	 
	 	 
	 	 
	 
 	 
 	 
 
	______________________________ 	  	______________________________
                    (SEAL)
	Witness:_______________________	Steven Kelly
	 	Social
                    Security #: ###-##-####
	 	Home Address: 83 Mercer Street, #3
	 	New York, New York 10012

          

          
            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      LETTER
        OF CREDIT

       

      FLEET
        NATIONAL BANK

      FLEET
        GLOBAL TRADE OPERATIONS

      STANDBY
        UNIT

      1
        FLEET WAY

      SCRANTON,
        PA 18507-1999

      

      DATE:

      

      IRREVOCABLE
        STANDBY LETTER OF CREDIT NUMBER
        ____________________________________

      

      

      BENEFICIARY:
        FRIEDMAN, BILLINGS, RAMSEY GROUP, INC., a Virginia corporation

      

      

      APPLICANT:
        INNOVIVE PHARMACEUTICALS, INC., a __________ corporation

      

      

      

      

      

      

      AMOUNT:
        $104,994.00

      EXPIRY
        DATE:

      EXPIRE
        PLACE: OUR COUNTERS

      

      GENTLEMEN:

      

      WE
        HEREBY ISSUE THIS IRREVOCABLE LETTER OF CREDIT NO. __________ IN
        YOUR FAVOR, FOR THE ACCOUNT OF __________ FOR UP TO AN AGGREGATE AMOUNT OF
        ONE
        HUNDRED FOUR THOUSAND NINE HUNDRED NINETY-FOUR AND NO/100 U.S. DOLLARS
        ($104,994.00) AVAILABLE BY YOUR DRAFT(S) DRAWN ON US AT SIGHT, ACCOMPANIED
        BY
        THE FOLLOWING:

      

      1.
        THE ORIGINAL OF THIS STANDBY LETTER OF CREDIT AND AMENDMENT(S) IF
        ANY.

       

      2.
        BENEFICIARY’S WRITTEN, DATED STATEMENT ON BENEFICIARY LETTERHEAD PURPORTEDLY
        SIGNED BY AN AUTHORIZED OFFICER/ REPRESENTATIVE READING:

       

      QUOTE

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (A)
        BENEFICIARY IS PERMITTED TO DRAW ON THIS LETTER OF CREDIT UNDER THE EXPRESS
        TERMS OF THE SUBLEASE DATED __________, BY AND BETWEEN __________ AND
        __________, AND (B) THE AMOUNT OF THE ACCOMPANYING SIGHT DRAFT DOES NOT EXCEED
        THE AMOUNT THAT THE BENEFICIARY IS AUTHORIZED TO DRAW UNDER THIS LETTER OF
        CREDIT AS PER THE EXPRESS TERMS OF THE SAID LEASE DUE TO A DEFAULT BT APPLICANT
        UNDER SAID LEASE BEYOND ANY APPLICABLE GRACE AND NOTICE PERIOD.

       

      UNQUOTE

       

      PARTIAL
        DRAWINGS MAY BE MADE UNDER THIS LETTER OF CREDIT, PROVIDED HOWEVER, THAT
        EACH
        SUCH DEMAND THAT IS PAID BY US SHALL REDUCE THE AMOUNT AVAILBLE UNDER THIS
        LETTER OF CREDIT.

       

      IT
        IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED
        WITHOUT AMENDMENT FOR PERIOD(S) OF ONE YEAR EACH FROM THE CURRENT OR ANY
        FUTURE
        EXPIRATION DATE UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO THE THEN CURRENT
        EXPIRATION DATE WE SHALL NOTIFY THE BENEFICIARY IN WRITING, VIA REGISTERED
        MAIL,
        AT THE ABOVE LISTED ADDRESS OF OUR INTENTION NOT TO RENEW THIS LETTER OF
        CREDIT.

       

      IN
        ANY EVENT THIS LETTER OF CREDIT WILL NOT BE AUTOMATICALLY EXTENDED BEYOND
        THE
        FINAL EXPIRATION DATE OF __________

       

      DRAFT(S)
        MUST STATE: “DRAWN UNDER FLEET NATIONAL BANK STANDBY L/C NO. __________ DATED
        _______________.”

       

      THIS
        LETTER OF CREDIT IS TRANSFERABLE IN FULL AND NOT IN PART. ANY TRANSFER MADE
        HEREUNDER MUST CONFORM STRICTLY TO THE TERMS HEREOF AND TO THE CONDITIONS
        OF
        ARTICLE 48 OF THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993
        REVISION) FIXED BY THE INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO.
        500.

       

      SHOULD
        BENEFICIARY WISH TO EFFECT A TRANSFER UNDER THIS CREDIT, SUCH TRANSFER WILL
        BE
        SUBJECT TO THE RETURN TO US OF THE ORIGINAL CREDIT INSTRUMENT, ACCOMPANIED
        BY
        OUR FORM OF TRANSFER, PROPERLY COMPLETED AND SIGNED BY AN AUTHORIZED SIGNATORY
        OF BENEFICIARY’S FIRM, WITH SUCH AUTHORIZED SIGNATORY’S SIGNATURE NOTARIZEDAND
        SUBJECT TO APPLICANT’S PAYMENT OF OUR CUSTOMARY TRANSFER CHARGES OF 1/4 OF 1%
        MINIMUM $ 250.00.

       

      DRAFTS
        AND DOCUMENTS MUST BE PRESENTED AT OUR OFFICE PERSONALLY OR BY FACSIMILE
        ADDRESSED: FLEET NATIONAL BANK, ONE FLEET WAY, SCRANTON, PA 18507-1999, ATTN:
        TRADE SERVICES DEPT. - STANDBY UNIT, FAX NO: ____________.

       

      WE
        HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE
        TERMS
        OF THIS LETTER OF CREDIT SHALL BE DULY HONORED UPON DUE PRESENTATION TO
        US.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        “D”

      MASTER
        LANDLORD CONSENT

       

      

      

      

      

      

      

      

      To
        be attached

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