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                                                                  EXHIBIT 10.6

                       DEVELOPMENT AND LICENSING AGREEMENT

         THIS DEVELOPMENT AND LICENSING AMENDMENT (referred to hereinafter as
this "Agreement") is entered into this 21st day of November, 2000 by and
between:

         TEIJIN LIMITED (a corporation duly organized under the laws of Japan
         and having its registered office and principal place of business at
         6-7, Minami-honmachi 1-chome, Chuo-ku, Osaka 541, Japan) and its
         successors, subsidiaries, and assigns (hereinafter referred to as
         "Teijin")
                                       and

         AKSYS, LTD. (a corporation duly organized under the laws of the State
         of Delaware, USA, and having its principal place of business at 2
         Marriott Drive, Lincolnshire, Illinois 60069, USA) and its successors,
         subsidiaries, and assigns (hereinafter referred to as "Aksys")

                                    RECITALS

         WHEREAS, both parties have entered into a Joint Development Agreement,
Stock Purchase Agreement and Registration Agreement dated January 7, 1998 for
the joint development of certain automated Hemodialysis systems and to
strengthening business relationship between both parties;

         WHEREAS, both parties have entered a Codevelopment and Licensing
Agreement date June 21, 1999 to amend their respective responsibilities for the
joint development and manufacturing licensing by Aksys to Teijin (herein
referred to as the "Original Agreement");

         WHEREAS, Aksys wishes to postpone developing Version C (as defined in
the Original Agreement) and Teijin wishes to expedite the development of Version
C;

         WHEREAS, both parties wish to change the terms and conditions of the
collaboration between them and the terms of the license granted to Teijin by
Aksys under the Original Agreement; and

         WHEREAS, both parties agree to amend the Original Agreement;

         NOW THEREFORE, in consideration of the mutual covenants and premises
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, accepted and agreed to, Teijin and
Aksys, intending to be legally bound, hereby agree as follows.

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                             ARTICLE 1: DEFINITIONS

         For purposes of this Agreement, the following terms (when used herein
with initial capital letters) shall have the respective meanings specified or
referred to in this Article 1:

1.1.     MHW: The term "MHW" shall mean the Japanese Ministry of Health and
Welfare and other agencies through which submissions are made to the Japanese
Ministry of Health and Welfare including, for example and without limitation,
the Tokyo Metropolitan Government (i.e. TOCHO) and the Japan Association for the
Advancement of Medical Equipment (i.e. IRYO KIKI CENTER).

1.2.     IMPORT APPROVAL: The term "Import Approval" (I.E. YUNYU SHONIN) shall
mean the approval granted by the MHW to import a drug or medical device for sale
in Japan.

1.3.     MANUFACTURING  APPROVAL:  The term  "Manufacturing  Approval" (I.E.
SEIZO SHONIN) shall mean the approval granted by the MHW to manufacture a drug
or medical device for sale in Japan.

1.4.     APPROVAL: The term "Approval" (I.E. SHONIN) shall refer to either
Manufacturing Approval, Import Approval, or both, as defined herein.

1.5.     AKSYS APPROVAL DATE: The term "Aksys Approval Date" shall mean the date
on which the MHW first grants an Approval to Aksys for any of the Products.

1.6.     SYSTEM: The term "System" shall mean Aksys' PHD(TM)Personal
Hemodialysis System, including any and all versions thereof and improvements and
modifications thereto which are existing during the Term of this Agreement and
prior to the Aksys Approval Date.

1.7.     VERSION C: The term "Version C" shall mean that version of the System
which shall be jointly developed by Aksys and Teijin in accordance with Article
3 hereof.

1.8.     PRODUCTS: The term "Products" shall mean all permanent, disposable,
consumable and other items which comprise or are used in conjunction with the
System.

1.9.     TECHNOLOGY: The term "Technology" shall mean inventions, works of
authorship and other intellectual property, whether or not patentable,
copyrightable or subject to other forms of protection, and wherever developed,
protected or maintained, which are existing during the Term of this Agreement
and prior to the Aksys Approval Date and which are related and necessary to the
design, development, manufacture, use, promotion, marketing, distribution,
lease, rent, offer for sale, or sale of the Products. The term "Technology"
shall not include any trade name, trade dress, trademark, service mark or
similar symbols identifying a party or any intellectual property concerning
semiconductor materials, semiconductor manufacturing processes, methods or
techniques except as specifically identified in this or another agreement in
writing by the parties.

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1.10.    AKSYS TECHNOLOGY: The term "Aksys Technology" shall mean and include
Technology which: (i) is owned or controlled by Aksys or (ii) can be sublicensed
by Aksys to Teijin without additional cost to Aksys.

1.11.    TEIJIN TECHNOLOGY: The term "Teijin Technology" shall mean and include
Technology which: (i) is owned or controlled by Teijin or (ii) can be
sublicensed by Teijin to Aksys without additional cost to Teijin.

1.12.    REIMBURSEMENT: The term "Reimbursement" shall mean any and all
payment(s) which health care providers and/or patients are entitled to receive
under Japan's medical insurance system with respect to any medical procedure
which is performed using the Products and/or with respect to the sale or use of
the Products PER SE.

1.13.    FIRST COMMERCIAL SALE: The term "First Commercial Sale" shall mean the
first time that a health care provider or patient in Japan agrees to purchase,
lease, rent or otherwise acquire a Product and then uses such Product in the
performance of a Hemodialysis procedure for which the health care provider or
patient is entitled to receive any Reimbursement, or is otherwise compensated
for having performed or undergone such procedure.

1.14.    GROSS REVENUE: The term "Gross Revenue" shall mean all revenue of any
kind which accrues or is owed to Teijin prior to the termination of the license
granted to Teijin hereunder and is derived from or in any way related to the
sale or use of the Products. Gross Revenue shall not include any Japanese
consumption tax (i.e. SHOHIZEI) collected by Teijin.

1.15.    NET REVENUE: The term "Net Revenue" shall mean Gross Revenue minus any
portion of such Gross Revenue which: (i) will not be received by Teijin due to
discounts granted by Teijin to any unrelated customers or (ii) has been refunded
by Teijin to unrelated customers who have returned Products.

1.16.    TERRITORY: The term "Territory" shall mean Japan.

1.17.    FDA: The term "FDA" shall mean the Food and Drug Administration of the
US Department of Health and Human Services.

1.18.    EFFECTIVE DATE: The term "Effective Date" shall mean the date of the
last signature hereto, as entered on the first page of this Agreement.

1.19.    AKSYS LAUNCH DATE: The term "Aksys Launch Date" shall mean the date on
which any Product for which the MHW has granted an Approval to Aksys is first
purchased, leased, rented, or otherwise obtained by a healthcare provider or
patient in the Territory.

1.20.    ROYALTY DATE: The term "Royalty Date" shall mean the date on which the
cumulative amount of Teijin's Net Revenue has reached the amount of Twenty-five
Billion Japanese Yen ((Y)25,000,000,000).

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                          ARTICLE 2: TERM; TERMINATION

2.1.     TERM AND TERMINATION BY EITHER PARTY: Unless earlier terminated as
provided herein, this Agreement shall be in effect from the Effective Date and
continue in effect for ten (10) years following the First Commercial Sale (the
"Term" of this Agreement). Thereafter, the Term of this Agreement shall be
automatically extended for successive period(s) of ten (10) years each unless
either party gives the other party written notice of termination at least two
(2) years prior to the expiration of the original Term or any extended ten (10)
year Term of this Agreement; provided however, that Aksys has not unreasonably
exercised this termination right if Teijin continues to manufacture and/or sell
the Product in the Territory.

2.2.     TERMINATION PURSUANT TO BREACH: In the event that either party, at any
time during the Term of this Agreement, commits a material breach of any
provision hereof, and fails to rectify such material breach within sixty (60)
days following receipt from the other party of written notice that such a
material breach has been committed, then such other party may terminate this
Agreement forthwith by giving written notice to the breaching party. Such
termination shall not prejudice any cause of action or claim of such other
party.

2.3.     TERMINATION EFFECT: Articles 1, 8, 10, 11, 12, and 13 (excluding
Article 13.11) hereof shall survive termination of this Agreement. Upon
termination of this Agreement, the parties shall discuss in good faith and seek
to determine the terms and conditions (if any) under which either party may use
the Technology owned by the other party.

                             ARTICLE 3: DEVELOPMENT

3.1.     BACKGROUND: Both parties have been co-developing Version C under the
program plan which was initially agreed to by the parties in March 1999 prior to
the execution of the Original Agreement and which was modified from time to
time. The AK2K is a new code name of the Version C. Aksys proposed postponing
the development of the AK2K to commit itself to an interim version of the
product ("PHD+") for introduction in the United States prior to the end of June
2001. Teijin rejected the postponement proposal by Aksys because the PHD+ would
not meet the needs of the Japanese market and because the proposal would
significantly delay Teijin's launch plan of the Product. Additionally, Aksys and
Teijin recognize that the PHD+ would not be the world wide standard version of
the Product. The PHD+ and the AK2K have many common factors but differ in some
respects, including tank size, chemical loader configuration, fluidics manifold
and other areas. Therefore, Teijin proposed and Aksys agreed, that Aksys would
develop the PHD+ and Teijin would develop the AK2K in parallel, taking advantage
of synergies between the products. Further Teijin requested and Aksys agreed,
that Aksys will provide Teijin with mutually agreed upon utility services and
technical supports for the development by Teijin at the Aksys facility, as
provided in Article 3.2 below.

3.2.     OBJECTIVES: Teijin plans to start manufacturing and marketing the AK2K
in the Territory in

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April 2003. In order to obtain the necessary Approval(s) for AK2K by that time,
Teijin intends to conduct clinical trials in the Territory the second calendar
quarter of 2001 and, therefore, it is intended that samples of the AK2K which
are sufficient for the performance of such clinical trials be available by the
end of the first calendar quarter of 2001. Teijin plans to develop AK2K in
parallel at Aksys and will make samples of the clinical trial version of AK2K
for the clinical trials in the Territiory beginning in the second calendar
quarter of 2001. These overall plans are detailed in Exhibit A, attached hereto.
Aksys plans to develop the PHD+ and complete the development phase according to
the schedule in Exhibit B hereto attached. Each of the parties shall perform its
duties set forth in Exhibit C attached hereto, until the development programs
have been completed in accordance with Article 3.4 hereof. Aksys shall provide
Teijin and Teijin shall provide Aksys with necessary information in accordance
with Article 9. The development schedule for the two (2) years following the
execution of this Amendment shall be set forth on Exhibit D attached hereto.
Aksys shall provide Teijin, free of charge, with necessary utility services and
technical support for Teijin's development at the Aksys facility. The details of
such services and support shall be separately agreed upon between Parties.

3.3      DEVELOPMENT PROGRAM: Each of the development programs for PHD+ and AK2K
shall be jointly determined and agreed to by the Parties based in writing on
Exhibits A and B. The programs shall include the milestones set forth in
Exhibits A and B and each such milestone be deemed to have been achieved when
both parties have acknowledged such achievement in writing.

3.4      COMPLETION OF THE DEVELOPMENT PROGRAM: Unless otherwise agreed by the
parties in writing, the development programs for PHD+ and AK2K shall continue
until the final milestone set forth on Exhibit D attached hereto (i.e. "Approval
for Shipment") has been achieved.

3.5      PATENT RIGHTS IN THE TERRITORY: Aksys shall use its best efforts to
obtain the issuance of patents based on the patent applications that Aksys has
applied in the Territory, which patent applications are set forth in Exhibit E
attached hereto.

3.6      RIGHT TO ATTEND BOARD MEETINGS: Until the development program for AK2K
has been completed in accordance with Article 3.4 hereof, an individual named by
Teijin shall have the right (but not the obligation) to attend those portions of
the regular meetings of the Aksys Board of Directors which are related to the
discussion and review of Aksys' product development activities.

3.7      FDA APPROVAL FOR AK2K: Aksys shall use its best effort to obtain 510
(k) approval for AK2K and Teijin shall cooperate with Aksys in obtaining such
approvals by Aksys.

                         ARTICLE 4: DEVELOPMENT EXPENSES

4.1.     USE OF DEVELOPMENT FUNDS MADE BY TEIJIN: Aksys received the amount of
Seven Million US Dollars ($7,000,000) from Teijin under Article 7.1. The parties
shall review the amount spent for the development of Version C as of June 6,
2000 and shall determine whether Aksys has spent the full amount of the Seven
Million US Dollars (US$7,000,000) received from Teijin. If any amount remains
unspent (the "Unspent Amount"), such Unspent Amount shall be used by both
parties'

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development activities under the development programs specified in Article 3 as
set forth above this Amendment. Aksys and Teijin agree that Aksys may use twenty
percent (20%) of the Unspent Amount for its development activities for PHD+ as
specified in Article 3 set forth hereof and that Teijin may use the remainder of
the Unspent Amount for its development activities for AK2K as specified in
Article 3 hereof. Within thirty (30) days following the end of each quarter,
each party shall provide the other with a written report describing in
reasonable detail the manner in which the Unspent Amount allocated to each party
has been spent on its development activity under Article 3 hereof.
4.2.     OTHER DEVELOPMENT EXPENSES: Except as provided in Article 4.1 hereof,
neither party shall be obligated to reimburse any costs or expenses which the
other party incurs in connection with the performance of its duties under
Article 3 hereof. Each party shall be solely responsible for: (i) all salary,
benefits, and other compensation paid to its own employees and contractors, (ii)
all transportation, lodging, meals, and other expenses incurred by its own
employees and contractors, (iii) all costs and expenses which it incurs to
establish, maintain, equip, and operate its own facilities, and (iv) all other
costs and expenses which it incurs to support development activities which take
place in its own facilities.

4.3.     REGULATORY EXPENSES. Article 4.2. notwithstanding, each party shall be
solely responsible for all costs and expenses related to obtaining any
regulatory approvals which are required prior to beginning its own manufacturing
and marketing activities, including without limitation the cost of any samples
required to perform preclinical or clinical testing for purposes of obtaining
such approval. Should one party request assistance from the other party in
obtaining regulatory approvals, then the party requesting such assistance shall
reimburse the other party for all costs and expenses reasonably incurred to
provide such assistance.

4.4.     MANUFACTURING AND MARKETING EXPENSES: Article 4.2. notwithstanding,
each party shall be solely responsible for all costs and expenses related to its
own manufacturing and marketing activities. Should one party request assistance
from the other party in establishing its own manufacturing and marketing
capabilities, then the party requesting such assistance shall reimburse the
other party for all costs and expenses reasonably incurred to provide such
assistance.

                       ARTICLE 5: RIGHTS IN THE TERRITORY

5.1.     TEIJIN'S RIGHT: During the Term of this Agreement, Teijin shall have
the exclusive right to develop, make, use, promote, market, distribute, lease,
rent, offer for sale, and sell the Products in the Territory; provided however
that, unless otherwise agreed by the parties in writing: (i) Aksys shall have
the option to develop, make, use, promote, market, distribute, lease, rent,
offer for sale, and sell the Products in the Territory, in accordance with
Article 5.2 hereof; (ii) Teijin shall not develop, make, use, promote, market,
distribute, lease, rent, offer for sale, or sell the Products outside the
Territory; and (iii) Teijin shall not enable or assist any third-party to
develop, make, use, promote, market, distribute, lease, rent, offer for sale, or
sell the Products, except as provided in Articles 5.3 and 5.4 hereof.

5.2.     AKSYS' OPTION IN THE TERRITORY: During the Term of this Agreement,
Aksys shall have the

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option to develop, make, use, promote, market, distribute, lease, rent, offer
for sale, and sell the Products in the Territory; provided however that, unless
otherwise agreed by the parties in writing: (i) Aksys shall not enable or assist
any third-party to develop, make, use, promote, market, distribute, lease, rent,
offer for sale, or sell the Products in the Territory, except as provided in
Articles 5.3 and 5.4 hereof; (ii) Aksys shall not submit an application to the
MHW for an Approval for any of the Products until after the earlier of the
second (2nd) anniversary of the First Commercial Sale or December 31, 2006;
(iii) at least ninety (90) days prior to submitting its first application to the
MHW for Approval of any of the Products, Aksys shall give written notice thereof
to Teijin; (iv) following the receipt by Teijin of such notice, the parties
shall discuss and amicably seek to address any regulatory, reimbursement,
commercial, or other issues which could arise if and when the MHW grants such an
Approval to Aksys; and (v) notwithstanding the nature or outcome of the
aforesaid discussions, upon being granted an Approval for any of the Products,
Aksys shall have the right to develop, make, use, promote, market, distribute,
lease, rent, offer for sale, and sell the Products in the Territory.

5.3.     CONTRACT MANUFACTURERS: This Agreement shall not prevent either party
from entering into agreements with contract manufacturers or other third-parties
in the Territory under which such third- parties will develop and/or make the
Products in the Territory; provided however, that neither party shall enter into
any such agreement without the prior written consent of the other party, which
consent shall not be unreasonably withheld.

5.4.     WHOLESALERS AND DISTRIBUTORS: This Agreement shall not prevent either
party from promoting, marketing, distributing, leasing, renting, offering for
sale, or selling the Products in the Territory through wholesalers and
distributors (i.e. DAIRITEN); provided however that: (i) neither party shall
enable or assist any third-party to obtain an Approval for any of the Products
and (ii) Teijin shall exercise its reasonable efforts to ensure that any
third-party which obtains the Products from Teijin shall not sell or otherwise
transfer the Products outside the Territory, to any party other than Aksys.

                     ARTICLE 6: RIGHTS OUTSIDE THE TERRITORY

         During the Term of this Agreement, Aksys shall have the exclusive right
to develop, make, use, promote, market, distribute, lease, rent, offer for sale,
and sell the Products outside the Territory. This Agreement shall not prevent
Aksys from entering into agreements of any kind with any third-parties outside
the Territory; provided however that Aksys shall exercise its reasonable efforts
to ensure that no third-party outside the Territory which obtains the Products
from Aksys shall sell or otherwise transfer the Products into the Territory, to
any party other than Aksys or Teijin.

                               ARTICLE 7: PAYMENTS

7.1      RESEARCH AND DEVELOPMENT FUNDS: Teijin has paid to Aksys the amount of
Seven Million US Dollars ($US7,000,000) as a non refundable fund for
expenditures to be made by Aksys and/or Teijin in accordance with Article 4.1
hereof.

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7.2      LICENSING FEE: In addition to the payment made in accordance with
Article 7.1 hereof, Teijin has paid to Aksys the amount of Seven Million US
Dollars (US$7,000,000) as a licensing fee. 7.3.

7.3      ROYALTIES PAID TO AKSYS: After the Royalty Date, Teijin will pay
royalties to Aksys as follows:

         (i)      Tejin will pay to Aksys as royalties ten percent (10%) of
                  the Net Revenue which Teijin earns after the Royalty Date and
                  before the Aksys Launch Date.

         (ii)     Teijin will pay to Aksys as royalties five percent (5%) of the
                  Net Revenue which Teijin earns after the Royalty Date and
                  after the Aksys Launch Date.

         (iii)    Teijin will pay such royalties to Aksys within sixty (60) days
                  following the end of each calendar quarter in which Net
                  Revenue is earned.

         (iv)     Unless otherwise agreed by the parties in writing, all
                  royalties will be paid to Aksys in US Dollars at the rate of
                  exchange prevailing at the time such payment is made.

7.4.     POSSIBLE REDUCTION OF ROYALTY RATES: The royalty rates set forth in
Article 7.3 hereof may be reduced by mutual written consent of the parties.

7.5.     JAPANESE TAXES:

         (i)      ON ORIGINAL PAYMENTS: .Notwithstanding Article 4.1 or any
                  provision of this Agreement, the payment made by Teijin in
                  accordance with Articles 7.1 and 7.2 hereof, shall be
                  non-refundable and paid without any required set off or any
                  deduction for Japanese taxes or withholding. It is understood
                  that if any deductions or withholdings were required they were
                  addressed by Teijin.

         (ii)     ON ROYALTY PAYMENTS: Should any withholding tax be levied by
                  the fiscal authorities of Japan on royalty payments to be made
                  by Teijin to Aksys under Article 7.3 hereof, then after having
                  paid such withholding tax to the fiscal authorities of Japan,
                  Teijin shall be entitled to deduct such withholding tax from
                  payments to be made to Aksys hereunder. In such case, Teijin
                  shall procure proper tax receipts and shall forward such tax
                  receipts to Aksys in order to enable Aksys to obtain
                  withholding tax credit. Should a tax exemption for withholding
                  tax purposes be available under the laws of Japan or under any
                  international tax treaty or similar agreement, then Teijin
                  shall use commercially reasonable efforts to enable Aksys to
                  obtain such exemption.

                         ARTICLE 8: RIGHTS TO TECHNOLOGY

         8.1.     TECHNOLOGY DEVELOPED BY TEIJIN: All Technology made in the
performance of any development solely by Teijin personnel shall be the sole and
exclusive property of Teijin and Teijin

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shall retain any and all rights to file any applications for intellectual
property rights thereon. Any and all such technology shall be included in the
definition of the term "Teijin Technology." For the Term of this Agreement,
Teijin hereby grants to Aksys a non-transferable sole license, without the right
to sublicense, to utilize Teijin Technology to develop, make, have made, use,
promote, market, distribute, lease, rent, offer for sale and sell the Products
worldwide.

8.2.     TECHNOLOGY DEVELOPED BY AKSYS: All Technology made in the performance
of any development solely by Aksys personnel shall be the sole and exclusive
property of Aksys and Aksys shall retain any and all rights to file any
applications for intellectual property rights thereon. Any and all such
technology shall be included in the definition of the term "Aksys Technology."
For the Term of this Agreement, Aksys hereby grants to Teijin a non-transferable
sole license, without the right to sublicense, to utilize Aksys Technology to
develop, make, have made, use, promote, market, distribute, lease, rent, offer
for sale and sell the Products in the Territory.

8.3.     TECHNOLOGY DEVELOPED JOINTLY BY TEIJIN AND AKSYS: All Technology made
in the performance of any development jointly by Teijin and Aksys personnel
shall be the property jointly of Teijin and Aksys ("Jointly Owned Technology").
In the case of any Jointly Owned Technology, the parties shall mutually
determine: (i) whether an application or applications for intellectual property
rights should be filed, (ii) which party which will prepare, file, and prosecute
such application(s) (the "Filing Party"), and (iii) the country or countries in
which such application(s) shall be filed. Regardless of which party is the
Filing Party, all costs and expenses related to obtaining and defending
intellectual property rights for Jointly Owned Technology shall be borne equally
by the parties, and, to the extent permitted by applicable law, both parties
shall be owners or assignees of record of such intellectual property rights.

8.4.     ABANDONMENT OF JOINTLY OWNED TECHNOLOGY: Notwithstanding Article 8.3.
hereof, if either party declines to obtain, maintain, or defend any particular
intellectual property right for any Jointly Owned Technology or fails to pay its
share of the cost of obtaining, defending, or maintaining such intellectual
property right, then the party wishing to obtain and defend such intellectual
property right may do so independently, at its sole expense, and the other party
shall forthwith relinquish its right, title, and interest in such intellectual
property right.

                 ARTICLE 9: RIGHTS TO OBTAIN AND USE INFORMATION

9.1.     IN GENERAL: Prior to the Aksys Approval Date during the Term of this
Agreement, each party shall provide the other party with such documents,
information, and data related and necessary to the design, development,
manufacture, use, promotion, marketing, distribution, lease, rent, offer for
sale, or sale of the Products, as may be reasonably requested by the other
party, including without limitation as provided in this Article 9.

9.2.     US REGULATORY DOCUMENTS, INFORMATION, AND DATA: Prior to the Aksys
Approval Date during the Term of this Agreement, and within thirty (30) days
following its submission to or receipt from the FDA of any document pertaining
to the Products, Aksys shall deliver a copy of each such document to Teijin.
Aksys shall comply with Teijin's reasonable requests to review information and

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data supporting such documents, whether or not such information or data has been
submitted to the FDA.

9.3.     RESULTS OF US CLINICAL TRIALS: Prior to the Aksys Approval Date, during
the Term of this Agreement, Aksys will inform Teijin prior to beginning any
clinical trial which involves the use of the Products and provide Teijin with a
copy of the protocol to be used for each such trial. The results of such trials,
including information regarding adverse reactions or other problems which may
arise or be identified during the trial, will be reported to Teijin on a timely
basis. Aksys will comply with Teijin's reasonable requests for additional
information concerning such trials.

9.4.     JAPANESE REGULATORY DOCUMENTS, INFORMATION, AND DATA: Prior to the
Aksys Approval Date during the Term of this Agreement, and within thirty (30)
days following its submission to or receipt from the MHW of any document
pertaining to the Products, Teijin shall deliver a copy of each such document to
Aksys. Teijin shall comply with Aksys' reasonable requests to review information
and data supporting such documents, whether or not such information or data has
been submitted to the MHW.

9.5.     RESULTS OF JAPAN CLINICAL TRIALS: Prior to the Aksys Approval Date,
during the Term of this Agreement, Teijin will inform Aksys prior to beginning
any clinical trial which involves the use of the Products and provide Aksys with
a copy of the protocol to be used for each such trial. The results of such
trials, including information regarding adverse reactions or other problems
which may arise or be identified during the trial, will be reported to Aksys on
a timely basis. Teijin will comply with Aksys' reasonable requests for
additional information concerning such trials.

9.6.     USE OF DOCUMENTS, INFORMATION, AND DATA: Either party shall have the
right to refer to and use documents, information, and data received under this
Article 9 in the performance of its duties under Article 3 hereof and in
developing its applications for Approval; provided however that Aksys shall not
have the right to submit to the MHW any clinical or other experimental data
which Teijin has previously submitted to the MHW, unless such data were: (i)
developed by Aksys or (ii) obtained by Aksys from a third-party without breach
of this Agreement. Aksys shall in any case have the right to refer to and use
all documents, information, and data received under this Article 9 in developing
its submissions to the FDA and other regulatory agencies outside Japan.

9.7.     COST OF DOCUMENTS, INFORMATION, AND DATA: Article 4 hereof
notwithstanding, neither party shall be entitled to compensation from the other
party for documents, information, or data provided in accordance with this
Article 9.

9.8      LANGUAGE: All documents, information, and data provided by either party
in accordance with this Article 9 shall be provided in the language (e.g.
Japanese or English) in which such items were originally created, and neither
party shall be obligated to translate any item into another language.

9.9      ADDITIONAL INFORMATION: Aksys shall provide Teijin with all Version A,
AK2K and PHD+ design documents, Operation and Service manuals for, as well as
applicable information on therapy

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work and task modification from time to time. Teijin will provide Aksys with all
design documentation created during the development of AK2K at the completion of
the design phase of the project as well as Operation and Service Manuals used
during pre-clinical and clinical evaluation, and any therapy work and task
modification created from time to time.

                           ARTICLE 10: CONFIDENTIALITY

10.1.    CONFIDENTIAL INFORMATION: Aksys and Teijin acknowledge that, in the
course of performing their respective obligations under this Agreement, each
will receive information which is confidential and proprietary to the disclosing
party and which the disclosing party wishes to protect from public disclosure.
The term "Confidential Information" shall mean any information and data relating
to Technology or which shall be disclosed between the parties and marked
"Confidential" relating to their respective businesses, customers, products,
development results, marketing plans, financial status, intellectual property
rights, the terms of this Agreement, and technical information. In addition any
and all of the information, data and samples, which Teijin or Aksys acquires
pursuant to Articles 3 and 9 hereof, shall be considered Confidential
Information.

10.2.    RESTRICTIONS: Confidential Information shall remain the sole and
exclusive property of the disclosing party. The party receiving Confidential
Information shall use it only for the purpose of performing its obligations
under this Agreement, including its responsibilities under Article 3 and as
provided in Article 9 hereof, and shall not disclose or provide access to the
Confidential Information to any third party without the prior written consent of
the disclosing party except as required by applicable law. Each party shall
exercise the same degree of care to safeguard the confidentiality of the other
party's Confidential Information as it would exercise in protecting the
confidentiality of similar property of its own, and shall use its diligent
efforts to prevent inadvertent or unauthorized disclosure of all Confidential
Information. The foregoing shall not apply to information that a party can show:

(i)      was already in the possession of such party prior to disclosure;

(ii)     has become publicly available without breach of this Agreement by such
         party;

(iii)    has been rightfully received by such party from a third party not under
         an obligation of confidence to the other party with respect thereto;

(iv)     was released for disclosure by the other party with its written
         consent; or,

(v)      was disclosed to the public pursuant to the requirement of a
         governmental agency or operation of law, provided that such party is
         obligated to use its best efforts to prevent or limit disclosure under
         such circumstances.

10.3.    INJUNCTIVE RELIEF: The parties understand and agree that the disclosing
party will suffer immediate, irreparable harm in the event the receiving party
fails to comply with any of its obligations under this Article 10, that monetary
damages will be inadequate to compensate the

                                       - 11 -

<Page>

disclosing party for such breach, and that the disclosing party shall have the
right to enforce this Article 10 by injunctive or other equitable remedies. In
the event that one party brings legal action pursuant to this Article 10 and
successfully obtains injunctive relief, then the other party shall pay the
attorneys' fees and other reasonable costs of the party bringing such action.
(The provisions of this Article 10.3 shall not be limited in any way by the
provisions of Articles 12 or 13.2 hereof.)

            ARTICLE 11: INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS

11.1.    REPRESENTATIONS AND WARRANTIES: Neither Teijin nor Aksys is currently
aware of any third-party's intellectual property that would be infringed,
misappropriated, or otherwise violated by Version C as currently envisaged.

11.2     INDEMNIFICATION: Aksys hereby agrees to protect, defend, hold harmless
and indemnify Teijin from and against any and all claims, damages, liabilities,
losses and expenses arising out of any alleged or actual infringement of the
intellectual property of any third-party by Products sold by Aksys outside the
Territory. Teijin hereby agrees to protect, defend, hold harmless and indemnify
Aksys from and against any and all claims, damages, liabilities, losses and
expenses arising out of any alleged or actual infringement of the intellectual
property of any third-party by Products sold by Teijin in the Territory.

11.3.    INDEMNITY RESTRICTION: Notwithstanding Article 11.2 hereof, the
indemnifying party shall have no obligations for any claim under this Article 11
unless: (i) the indemnified party notifies the indemnifying party of such claim
as soon as practicable, but in no event less than fifteen (15) days after the
indemnified party receives notice thereof, (ii) the indemnified party tenders
control of the defense of such claim to the indemnifying party, and (iii) the
indemnified party provides the indemnifying party with all reasonable
cooperation in such defense of such claim. Furthermore, the indemnifying party
shall have no obligation for any claim under this Agreement if the Indemnified
Party makes any admission, settlement or other communication regarding such
claim without the prior written consent of the Indemnifying Party, which consent
shall not be unreasonably withheld. The indemnified party shall have the right
(but not the obligation) to participate in such defense or settlement, in which
event each party shall pay its respective attorneys' fees.

                       ARTICLE 12: LIMITATION OF LIABILITY

12.1.    DISCLAIMER OF WARRANTY: EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, THE PARTIES MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY
KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THE PARTIES EXPRESSLY
DISCLAIM ANY REPRESENTATION, WARRANTY, COVENANT OR CONDITION REGARDING THE
COMPLETION OR FAILURE TO COMPLETE VERSION C.

12.2     INDEMNIFICATION BY AKSYS: Aksys shall indemnify and hold harmless
Teijin, its officers, agents, employees, and affiliates from any loss, claim,
action, damage, expense, or liability

                                       - 12 -

<Page>

(including defense costs and attorneys' fees) arising out of or related to: (i)
any injury to Aksys' employees or agents while at Teijin's facilities, (ii) the
handling, use or sale by Aksys of any product (including but not limited to any
of the Products) which Aksys has purchased or otherwise obtained from Teijin and
(iii) the use in commerce of any product (including but not limited to any of
the Products) which Aksys has purchased or otherwise obtained from Teijin.

12.3     INDEMNIFICATION BY TEIJIN: Teijin shall indemnify and hold harmless
Aksys, its officers, agents, employees, and affiliates from any loss, claim,
action, damage, expense, or liability (including defense costs and attorneys'
fees) arising out of or related to: (i) any injury to Teijin employees or agents
while at Aksys facilities, (ii) the handling, use or sale by Teijin of any
product (including but not limited to any of the Products) which Teijin has
purchased or otherwise obtained from Aksys and (iii) the use in commerce of any
product (including but not limited to any of the Products) which Teijin has
purchased or otherwise obtained from Aksys.

12.4.    EXCLUSION OF CONSEQUENTIAL DAMAGES: In no event shall either party be
liable or responsible to the other party for the loss of any actual or
anticipated profits, loss of time, inconvenience, commercial loss, or any other
damages arising from or related to either party's performance or failure to
perform under this Agreement.

                            ARTICLE 13: MISCELLANEOUS

13.1.    GOVERNING LAW: This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Illinois, USA, provided, however, that
the federal Arbitration Act shall apply in lieu of any arbitration provisions of
the laws of Illinois.

13.2.    ARBITRATION: The parties shall initially endeavor to resolve any
disputes by good-faith negotiations. If they are unable to resolve any
differences relating to or arising from this Agreement or alleged breach of this
Agreement, the matter(s) shall be submitted to arbitration in accordance with
the International Rules of the American Arbitration Association ("A.A.A.") then
in force. The number of arbitrators shall be three (3), with one (1) to be
appointed by each party and the third to be designated by the two
party-appointed arbitrators. Each party shall be responsible for their own costs
and expenses, including attorneys' fees, the fees for each party-appointed
arbitrator, disbursements, and filing fees. The place of arbitration shall be
Chicago, Illinois, USA. The decision of the arbitrators shall be final and
binding and the award may be entered in any court of competent jurisdiction.

13.3.    COUNTERPARTS: For convenience of the parties, this Agreement may be
executed in one or more counterparts, each of which shall be deemed an original
for all purposes, and all of which taken together shall constitute but one and
the same instrument.

13.4.    NOTICES: All notices, requests, demands, consents, waivers, approvals,
and other communications hereunder shall be in writing and shall be deemed to
have been duly given: (i) if delivered personally with receipt acknowledged,
(ii) if transmitted by telex, telefax, telegraph, or other like method (with
receipt acknowledged), or (iii) if mailed, postage prepaid, by certified mail,

                                       - 13 -

<Page>

return receipt requested, addressed as follows:

         IF TO TEIJIN:     Teijin Limited
                           Home Health Care Division
                           Tokyo Sakurada Bldg.
                           1-1-3, Nishi-Shimbashi
                           Minato-ku, Tokyo 105, Japan
                           Attn: General Manager, Planning Department
                           Telefax:  81-3-3506-4060

         IF TO AKSYS:      Aksys Limited
                           Two Marriott Drive
                           Lincolnshire, Illinois  60069, USA
                           Attn: Chief Executive Officer
                           Telefax:  1-847-229-2080

                           with a copy (which shall not constitute notice) to:

                           Aksys Japan, KK
                           2-28-1 Nihonbashi-Hamacho
                           Chuo-ku, Tokyo 103, Japan
                           Attn: President
                           Telefax:  81-3-3662-5040

or such other address as either party may designate for itself by written notice
given to the other party from time to time in the manner hereinabove provided.
Except as otherwise expressly provided herein, all communications hereunder
shall be deemed to be given, received, and dated on the date when delivered
personally, on the date of receipt of telex or telefax, or on the date of
delivery or refusal (if refused) of certified or registered mail.

13.5.    SEVERABILITY: In the event that any one or more of the provisions of
this Agreement is held invalid or unenforceable, such unenforceability shall not
affect any other provision, but this Agreement shall then be construed as if
such unenforceable provision or provisions had never been contained herein.

13.6.    HEADINGS: Headings and titles used herein are for convenience of
reference only and shall not control the construction or interpretation of any
provision hereof.

13.7.    INTEGRATION: This Agreement embodies the entire understanding and
agreement of the parties hereto with respect to the subject matter contained
herein, and supersedes all prior oral or written understandings and agreements
relating thereto except as expressly otherwise provided, and may not be altered,
modified, or waived in whole or in part, except in writing, signed by duly
authorized representatives of the parties.

                                       - 14 -

<Page>

13.8.    FORBEARANCE: The failure of either party to insist upon the performance
of any of the terms, covenants, conditions, or provisions of this Agreement
shall not be considered a waiver or relinquishment of continued compliance
therewith; nor shall a waiver by either party of any breach of any term,
covenant, condition, agreement, or provision constitute a waiver of any
subsequent breach of that term, covenant, condition, agreement or provision.

13.9.    ASSIGNMENT: The rights granted to and the obligations imposed upon the
parties under this Agreement shall not be assignable, or otherwise delegable,
transferable, or subject to encumbrance in any manner or degree to or in favor
of any person for any purpose by any act of either party or by operation of law
or otherwise, without the prior written consent of the other party, and any
attempt to assign, delegate, transfer, or encumber such rights or duties, in the
absence of the other party's prior written consent, shall be void and of no
force and effect; provided however that this Agreement may be assigned to any
third-party which has acquired all or substantially all of the business or
assets of either party to this Agreement. Notwithstanding the foregoing, this
Agreement shall be binding on any successors of the parties.

13.10.   RELATIONSHIP: This Agreement supersedes and replaces the Joint
Development Agreement dated January 8, 1998 by and between Teijin and Aksys. The
parties acknowledge that this Agreement constitutes a fair and equitable basis
for their relationship. However in the event that during the term of this
Agreement the general situation and/or data upon which this Agreement is based
are substantially changed so that either party suffers severe and unforeseeable
hardship which it could not reasonably be expected to bear, the parties will
consult in good faith to find a solution acceptable to both parties. The parties
shall be independent contractors, and nothing herein shall be deemed to make
them partners, co-venturers or principal and agent.

13.11.   AUDIT PROVISIONS: Aksys shall comply with Teijin's reasonable requests
to inspect Aksys' accounting records in order to determine Aksys' compliance
with Article 4.1 hereof. Teijin shall comply with Aksys' reasonable requests to
inspect Teijin's accounting records in order to determine Teijin's compliance
with Article 7 hereof. Either party may use a Certified Public Accountant or
other qualified third-party to perform on its behalf the inspections allowed
under this Article 13.11.

13.12.   PUBLIC RELEASE: Except as required by law, neither party shall issue a
press release or make any other public statement or disclosure regarding this
Agreement, without the prior written consent of the other party.

13.13.   GOOD FAITH DISCUSSIONS: Aksys shall hold good-faith discussions with
Teijin before concluding any agreement with a third-party which would foreclose
to Teijin the possibility of marketing the Products in the Republic of China,
Korea, Taiwan, Singapore, Malaysia, Thailand, or Indonesia.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the day and year first above written.

                                       - 15 -

<Page>

TEIJIN LIMITED                                   AKSYS, LTD.

BY:   /s/ Toshio Naito                           BY:   /s/ WILLIAM C. DOW
   -----------------------------                    -------------------------

        Toshio Naito                                William C. Dow
        Senior Executive Officer                    President
        Deputy General Manager of Medical           and Chief Executive Officer
        Pharmaceutical Group,
        General Manager
        Home Healthcare Division
        Teijin Limited

        Hereunto Duly Authorized                    Hereunto Duly Authorized

DATE:   November 16, 2000                   DATE:   November 21, 2000

                                       - 16 -

<Page>

<Table>
<Caption>

Exhibit A
           CURRENT KEY MILESTONES IN THE DEVELOPMENT PROGRAM FOR AK2K

                                                                          TARGET
<S>                                                             <C>

1. Final Engineering Prototype produced                         2000, October 30

2. Final manufacturing Prototype produced                       2001, February 28

3. First Clinical Unit Available                                2001, March 15

*        The dates specified above represent the consensus of the parties, as of
         the Effective Date of this Agreement, regarding when each milestone was
         or probably will be achieved.
</Table>

                                       - 17 -

<Page>

<Table>
<Caption>

Exhibit B
           CURRENT KEY MILESTONES IN THE DEVELOPMENT PROGRAM FOR PHD+

                                                                                Current Estimated Date
<S>                                                                    <C>

1. AFM (Approval for Manufacturing):                                   2001, March -2001 April
   Aksys finished development activities for PHD+ with
Double Ultrafiltration

2. AFS (Approval for Shipment):                                        2001, June - 2001, July
   First commercial unit available for shipment

3. AFS (Approval for Shipment):                                        2001, July - 2001, August
   First commercial unit with dialyzer labeled for reuse

* The dates specified above represent the consensus of the parties, as of the
Effective Date of this Agreement, regarding when each milestone was a probably
will be achieved.
</Table>

                                       - 18 -

<Page>

<Table>
<Caption>

Exhibit C
                              DUTIES OF EACH PARTY

---------------------------------- ------------------------------------------------ ----------------------------------
                                                        Aksys                                    Teijin
                                                       (PHD+)                                    (AK2K)
---------------------------------- ------------------------------------------------ ----------------------------------
<S>                                <C>                                              <C>

Subsystem Development              *UF Tank subsystem (with Loadcell)               UF Tank subsystem (add shower
                                   *Air Trap Control subsystem                      nozzle)
                                   *NIPM (Improved accuracy/range)
                                   *BTS (Improved flow rate accuracy)
                                   *BLP (Improved accuracy/torque)
                                   * Double RO subsystem
                                   52 L Dialysate Tank subsystem (Improved          60L Dialysate tank subsystem
                                   reliability)                                     New Chem Loader subsystem
                                   Chem Loader subsystem (Improved reliability)
                                   *Dialyzer labeled for reuse
                                   *Double UF subsystem (if required by reuse
                                   dialyzer)                                        100 V Heater subsystem
                                   Heater subsystem
                                   *Skins and Frame
---------------------------------- ------------------------------------------------ ----------------------------------
Electronics                        *New Control Module
                                   *New Power Supply                                100V Power Adaptation
                                   Wire harness for PHD+                            Wire Harness for AK2K
---------------------------------- ------------------------------------------------ ----------------------------------
System Software                    *TCL Task Conversion to C
                                   Modification for                                 Modification for
                                   *Aksys Subsystem                                 Teijin subsystem
                                   *New Electronics                                 New fluidics path
                                   *Issues from US Clinical
                                   *Robustness
---------------------------------- ------------------------------------------------ ----------------------------------
Machine Build                      PHD+ Prototypes                                  AK2K Clinical Prototypes
                                   PHD+ Commercial Machines                         JP Clinical Machines
---------------------------------- ------------------------------------------------ ----------------------------------
V&V                                *Subsystem Verification (for AKSY subsystems)    Subsystem Verification (for
                                   Mode Verification                                Teijin subsystems)
                                   PHD+ system Validation                           Mode Verification
                                                                                    AK2K System Validation
---------------------------------- ------------------------------------------------ ----------------------------------
Regulatory Testing                 Applicable Standards for PHD+                    Applicable Standards for AK2K
                                                                                    **Micro studies for AK2K
                                   Micro studies                                    **Biocompatability studies for
                                   Biocompatability studies for PHD+                AK2K
---------------------------------- ------------------------------------------------ ----------------------------------
</Table>

* = AK2K includes these modifications    ** = Aksys will provide facilities and
                                         technical consultation but
                                         study conducted by Teijin.

                                       - 19 -

<Page>

Exhibit D
            CURRENT DEVELOPMENT SCHEDULE FOR JAPANESE CLINICAL TRIAL

[Graphical Information Displayed]

                                       - 20 -

<Page>

<Table>

Exhibit E
                       AKSYS PATENT APPLICATIONS FOR JAPAN

<S>                              <C>                       <C>
-------------------------------- ------------------------- ----------------------------------------- -----------------
Japanese Application No.         Aksys Case No.
-------------------------------- ------------------------- ----------------------------------------- -----------------
Aksys Case                       94,1230-PP                Modular Home Dialysis System
No. 94,1230-PP
-------------------------------- ------------------------- ----------------------------------------- -----------------
JP9625705                                                  Artificial Kidney System
-------------------------------- ------------------------- ----------------------------------------- -----------------
Aksys Case                       96,965-B                  Dialysate Conductivity Adjustment in a
No. 96,965-B                                               Batch Dialysate Preparation System
JP97337214
-------------------------------- ------------------------- ----------------------------------------- -----------------
</Table>QuickLinks
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Exhibit 4.10  

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY GAMING OR OTHER REGULATORY AUTHORITY. THIS NOTE
IS BEING OFFERED PURSUANT TO EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF FEDERAL AND STATE SECURITIES LAW AND CANNOT BE RESOLD UNLESS IT IS SUBSEQUENTLY REGISTERED UNDER SUCH LAWS OR UNLESS
EXEMPTIONS FROM REGISTRATION ARE AVAILABLE. NEITHER THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION, ANY GAMING OR OTHER REGULATORY AUTHORITY HAS PASSED ON, RECOMMENDED, OR
ENDORSED THE MERITS OF THIS NOTE. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

8.0% PROMISSORY NOTE
  ("Interest Note") 

Aggregate
Principal Amount: $2,474,400 

Principal
Amount of This Note: $ 

Issue
Date:                        , 200 

No. 1
of            Notes for the Aggregate Principal Amount 

        FOR VALUE RECEIVED, Trans World Corporation, a Nevada corporation ("TWC"), and TWG International U.S. Corporation, a wholly-owned
subsidiary of TWC and a Nevada corporation (which, together with TWC, is hereinafter collectively referred to, and obligated as, "Borrower"), hereby jointly and severally promise to pay to the order
of                        , whose address
is                        ("Lender"), the principal sum of
                        Dollars and            cents
($                        ) (the "Principal Amount"), together with interest as set forth below, payable in lawful money of the
United States of America in
accordance with the terms of this 8.0% Promissory Note (the "Note"). 

        1.    Payments.    

        (a)  (i) During
the period beginning on the Issue Date hereof and ending 36 months after the Issue Date on                        ,
200    (the "Maturity
Date"), interest shall accrue on the outstanding Principal Amount at the simple rate of eight percent (8.0%) per annum. 

        (ii)  Any
payment of the Principal Amount or accrued but unpaid interest which is not paid when due hereunder shall bear interest at the Highest Lawful Rate until such
payment and the said interest thereon is paid. If the entire unpaid Principal Amount and accrued but unpaid interest is not paid on or before the earlier to occur of the Maturity Date (as defined
below) or any acceleration of payment permitted hereby, all unpaid amounts of this Note, including principal and interest, shall thereafter bear interest at the Highest Lawful Rate until paid. For
purposes of this Note, "Highest Lawful Rate" shall mean at the particular time in question the lesser of seventeen percent (17%) or the maximum rate of interest which, under Applicable Law, Lender is
then permitted to charge Borrower on this Note. If the maximum rate of interest which, under Applicable Law, Lender is permitted to charge Borrower on this Note shall change after the date hereof, the
Highest Lawful Rate shall be automatically increased or decreased, as the case may be, from time to time as of the effective date of each change in the Highest Lawful Rate upon notice by Lender to
Borrower. For purposes of this Note, "Applicable Law" shall mean the laws of the United States of America applicable to contracts made or performed in the State of New York, now or at any time
hereafter prescribing maximum rates of interest or eliminating maximum rates of interest on loans and extensions of credit. Interest shall be calculated on the basis of a 360 day year
consisting of twelve 30 day months. 

        (c)  Commencing
on the first day of the month immediately following the Issue Date and continuing on the first day of each month thereafter, the Borrower shall make 36
consecutive equal 

 

monthly installment payments of principal and interest until the Maturity Date. Each monthly installment payment of principal and interest for the term of this Note is
$                        . 

        (d)  The
amount so payable on any such payment date shall be made by the Borrower by check and mailed by U.S. mail, postage prepaid, to the Lender at the address of the
Lender set forth above, or to the last known address as set forth in the Note register maintained by the Borrower, provided that such
payment date is a Business Day, and if it is not a Business Day, payment shall be made on the next Business Day thereafter. For purposes of this Note, a "Business Day" is any day that commercial banks
in the City of New York, New York are open for business, other than a Saturday or Sunday. 

        2.    Maturity Date.    All accrued and unpaid principal and interest and all accrued and unpaid expenses, if any,
shall be due and payable on the Maturity Date, if a Business Day, and if not a Business Day, then on the next Business Day occurring thereafter. The Principal Amount of this Note at any time shall be
the unpaid Principal Amount thereof at such time, which may be less than the original Principal Amount set forth on the face of this Note. Upon the payment of the entire Principal Amount and all
accrued but unpaid interest thereon and any expenses due and owing hereunder, this Note shall automatically, without the act of any party, be cancelled, terminated and rendered null and void.

 

        3.    Prepayments.    

        (a)  Subject
to the provisions of Section 4 of this Note, Borrower may, without premium or penalty, prepay all or any portion of the outstanding Principal Amount plus
accrued and unpaid interest to the date of payment of this Note at any time, or from time to time, prior to the Maturity Date. 

        (b)  The
Lender may not compel the Borrower to prepay all or any portion of the Principal Amount or any interest thereon unless an Event of Default shall have occurred and be
continuing and then, only in accordance with Section 6 hereof. 

        (c)  Any
prepayment permitted by this Section 3 may only be made by Borrower if (i) such prepayment is not prohibited by the terms governing a specific Senior
Debt Obligation (as defined in Section 4); and (ii) Borrower has paid, or will pay with such prepayment, all interest on the outstanding Principal Amount of this Note accrued through the
date of prepayment. 

        4.    Ranking.    This Note shall be ranked equally with all other debt of the Borrower except that upon the express
request of any financial institution lender, the indebtedness evidenced by this Note shall be subordinate and junior to Borrower's indebtedness for money borrowed from time to time from such financial
institution (which shall be defined as any bank, finance company, pension fund, insurance company or other institutional lender) which by its terms is designated as Senior Debt, whether or not such
indebtedness is secured by any assets of Borrower (the "Senior Debt"). Unless otherwise agreed by the holder hereof, this Note will be subordinate to the Senior Debt to the extent and in the manner
hereinafter set forth: 

        (a)  All
indebtedness, obligations and liabilities owing by Borrower pursuant to, or in respect of, this Note shall be, and remain, junior and subordinate to any and all
indebtedness, obligations and liabilities owing by Borrower pursuant to, or in respect of, the Senior Debt, whether now existing or hereafter arising, whether direct or indirect, secured or unsecured,
absolute or contingent, joint or several, and howsoever owned, held or acquired whether through discount, purchase, direct loan or as
collateral or otherwise, and to any interest and charges payable pursuant to, or in respect of, the Senior Debt after the commencement of insolvency proceedings by or against the Borrower
(collectively, the "Senior Debt Obligations"). For purposes of this Note, the Variable Rate Promissory Notes
due                        , 20    shall be considered junior in ranking to this Note.
 

2

 

        (b)  So
long as any Senior Debt Obligations shall remain outstanding and unpaid, no payment of principal or interest (notwithstanding the expressed maturity or any time for
the payment of principal of or interest on this Note) shall be made on this Note, and the holder of this Note agrees not to take steps, whether by suit or otherwise, to compel or enforce the
collection of this Note or to use this Note by way of counterclaim, setoff, recoupment or otherwise so as to diminish, discharge or otherwise satisfy in whole or in part any indebtedness or liability
of the holder of this Note to Borrower, whether now existing or hereafter arising and howsoever evidenced; provided, however, that notwithstanding the foregoing, so long as no event of default (under
the terms of the Senior Debt) exists or would be caused thereby, and none of the events hereinafter set forth in Section 4(c) have occurred, Borrower may make regularly scheduled payments of
interest and principal pursuant to the terms of this Note. No prepayment of this Note shall be permitted until Borrower obtains in writing any consents required under any document evidencing, securing
or otherwise relating to the Senior Debt (the "Senior Loan Documents"). 

        (c)  In
the event of any distribution, dividend or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the
assets of Borrower or of the proceeds thereof to the creditors of Borrower or upon any indebtedness of Borrower, occurring by reason of the liquidation, dissolution or other winding up of Borrower, or
by reason of any execution sale, or bankruptcy, receivership, reorganization, arrangement, insolvency, liquidation or foreclosure proceeding of or for Borrower or involving its property (an "Event of
Insolvency"), except as provided above, the holder of this Note shall not be entitled to receive or retain any dividend, distribution or application on or in respect of principal of or interest on
this Note received after written notice of such Event of Insolvency has been provided to Lender by the Borrower or the holder of the Senior Debt unless and until all of the Senior Debt Obligations
shall have been paid and satisfied in full, and any dividend, distribution or application otherwise payable in respect of this Note shall be paid and applied on the Senior Debt Obligations until such
Senior Debt Obligations have been fully paid and satisfied. The holders of the Senior Debt (or their authorized representatives) are irrevocably authorized and empowered, in their discretion, to make
and present for or on their behalf, such proofs of claim against Borrower on account of this Note as they may deem expedient or proper and to vote such proofs of claim in any of the proceedings
described above. 

        (d)  In
case that, despite the provisions above, any payment or distribution shall be paid or delivered to the holder of this Note in violation or contravention of the terms
hereof before all Senior Debt Obligations shall have been paid in full, such payment or distribution shall be held in trust for and immediately paid and delivered to the holders of the Senior Debt (or
their duly authorized representatives), until the Senior Debt obligations shall have been paid in full. 

        (e)  Except
as otherwise set forth herein, neither the Borrower nor the holders of the Senior Debt need at any time to give the holder of this Note notice of the creation or
existence of any Senior Debt Obligations, nor of the amount or terms thereof, all such notice being expressly waived. The holders of the Senior Debt shall be permitted at any time, from time to time,
without the consent of or notice to the holder of this Note, without incurring responsibility to the holder of this Note, and without impairing or releasing the obligation of the holder of this Note
hereunder, to (i) renew, refund, assign or extend the maturity of any Senior Debt, or any part thereof, or otherwise revise, amend or alter the terms and conditions thereof; (ii) sell,
exchange, release or otherwise deal with any property by whomsoever at any time pledged, mortgaged or otherwise hypothecated or subjected to a lien to secure any Senior Debt; and (iii) exercise
or refrain from exercising any rights against Borrower and otherwise, including the holders of the Notes, including the holder of this Note. 

        (f)    The
provisions of Section 4 are for the purpose of defining the relative rights of the holders of the Senior Debt on the one hand and the holder of this Note on
the other hand. Nothing herein will impair Borrower's obligation to the holder of this Note to pay to such holder both principal and interest in accordance with the terms of this Note. No provision of
this Section 4 shall be deemed to 

3

 

subordinate, to any extent, any claim or right of the holder of this Note to any claim against Borrower by any creditor or any other person, including any other holder of a Note, except to the extent
expressly provided in this Section 4. 

        5.    Security.    This Note, and the indebtedness evidenced hereby, shall be unsecured. 

        6.    Lender's Rights Upon Default.    

        (a)  The
occurrence of any of the following events, whether such occurrence is voluntary or involuntary or comes about or is affected by operation of law or in compliance
with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental authority, shall constitute an "Event of Default:" 

        (i)    Borrower
shall fail to pay the Principal Amount of the Note or accrued and unpaid interest and accrued and unpaid expenses, if any, thereon on any payment date set forth
in Section 1(c) hereof or on the Maturity Date and such sum shall remain unpaid for a period of 15 days after the date payment is due; 

        (ii)  Borrower
shall be in default under any Senior Debt Obligation, which default is not cured within the time allowed by such Senior Debt Obligation and such default
effectuates the enforcement of the subordination provisions of this Note by the holder of the Senior Debt Obligation; 

        (iii)  Borrower
shall admit an inability to pay its debts as they mature, or shall make a general assignment for the benefit of any of its creditors; 

        (iv)  Proceedings
in bankruptcy, or for reorganization of Borrower for the readjustment of any of its debts, under the United States Bankruptcy Code, as amended, or any part
thereof, or under any other laws, whether state or federal, for the relief of debtors, now or hereafter existing, shall be commenced by Borrower or shall be commenced against Borrower and shall not be
dismissed within 30 days of their commencement; or 

        (v)  A
receiver or trustee shall be appointed for Borrower or for any substantial part of its assets, or any proceedings shall be instituted for the dissolution or the full
or partial liquidation of Borrower, and if such appointment or proceedings are involuntary, such receiver or trustee shall not be discharged within 30 days of appointment, or such proceedings
shall not be discharged within 30 days of their commencement, or Borrower shall discontinue its business(es) or materially change the nature of its business(es). 

        (b)  Each
Event of Default or default under this Note shall be as to this Note only and shall not be considered to be an event of default under: (i) any other Interest
Note, any Replacement Note or any junior or pari passu debt, unless and only to the extent that, Borrower has actually incurred an Event of Default or
has defaulted under the individual subject Interest Note, Replacement Note or junior or pari passu debt, or (ii) except as otherwise provided in
the Senior Debt Obligation, any Senior Debt. Notwithstanding the above, Borrower shall give prompt notice to Lender of the occurrence of any Event of Default under any Interest Note, any Replacement
Note, any junior or pari passu debt or any Senior Debt. 

        (c)  Time
is of the essence in the performance of this Note. If an Event of Default exists and is not cured within the time permitted above, then the Principal Amount under
this Note at the time outstanding shall immediately become due and payable, together with unpaid interest then accrued thereon without presentment, demand, protest or notice of any kind, including
notice of intent to accelerate the payment of the unpaid Principal Amount of this Note or of notice of acceleration, all of which are hereby waived by the Borrower. Lender may also proceed to protect
and enforce its rights either by suit in equity and/or by action at law, or by other appropriate proceedings, whether for the specific performance (to the extent permitted by law) of any covenant or
agreement contained in this 

4

 

Note, or in aid of the exercise of any power granted in this Note, or may proceed to enforce the payment of this Note or to enforce any other legal or equitable right of the holder of this Note. 

        7.    Application of Funds.    All sums realized by Lender on account of this Note, from whatever source received,
shall be applied first to any fees, costs and expenses (including reasonable and documented attorney's fees) incurred by Lender under this Note only, second to accrued and unpaid interest, and then to
the repayment of the Principal Amount. 

        8.    Attorney's Fees and Costs.    If an Event of Default shall occur, and in the event that thereafter this Note is
placed in the hands of an attorney for collection, or in the event this Note is collected in whole or in part through legal proceedings of any nature, then and in any such case Borrower promises to
pay, and there shall be added to the unpaid Principal Amount hereof, all reasonable and documented costs of collection, including but not limited to reasonable attorneys' fees incurred by the Lender,
on account of such collection, whether or not suit is filed. 

        9.    Governing Law.    THIS NOTE IS MADE AND DELIVERED IN THE STATE OF NEW YORK AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

        10.    No Recourse Against Individual.    No recourse under or upon any obligation, covenant or agreement contained in
this Note or because of any indebtedness evidenced hereby, shall be had against any incorporator, or against any past, present or future stockholder, officer, director, employee or creditor, as such,
of the Borrower or any subsidiary or affiliate of the Borrower, whether directly or through the Borrower under any constitution, statute or regulation or by the due enforcement of any assessment or by
any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the Lender by the acceptance of this Note and as a part of the consideration for its issuance. 

        11.    Miscellaneous.    

        (a)  The
rights and privileges of Lender under this Note shall inure to the benefit of its successors and permitted assigns. All representations, warranties and agreements of
Borrower made in connection with this Note shall bind Borrower's successors and permitted assigns. 

        (b)  Borrower
may not assign this obligation to any subsidiary of Borrower without Lender's prior written consent. Nothing shall prevent this Note from being assigned by
operation of law to any entity or person that acquires control of Borrower by merger, a sale of all or substantially all of its assets and liabilities or otherwise. 

        (c)  This
Note has not been registered under the Securities Act of 1933, as amended, with the Securities and Exchange Commission and cannot be sold, transferred, assigned,
pledged or disposed of by Lender unless it is so registered or unless exemptions from registration are available and unless the Lender provides to the Borrower an opinion of counsel satisfactory to
Borrower. 

        (d)  If
any provision of this Note shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision
hereof, but this Note shall be construed as if such invalid or unenforceable provision had never been contained herein. 

        (e)  The
waiver of any Event of Default or the failure of Lender to exercise any right or remedy to which it may be entitled shall not be deemed to be a waiver of any
subsequent Event of Default or of Lender's right to exercise that or any other right or remedy to which Lender is entitled. No waiver by the Lender of any Event of Default under this Note shall serve
as a waiver as to any Event of Default under any other Interest Note and no waiver by any other lender under any other Interest Note shall serve as a waiver of an Event of Default under this Note. No
delay on the part of the Lender in the exercise of any power or right under this Note shall operate as a waiver thereof, nor 

5

 

shall a single or partial exercise of any power or right preclude other or further exercise thereof or the exercise of any other power or right. Enforcement by the Lender of any security for the
payment hereof shall not constitute any election by it of remedies so as to preclude the exercise of any other remedy available to it. 

        (f)    All
notices, requests, demands, and other communications required or permitted under this Note shall be in writing and shall be (as elected by the party giving such
notice) hand delivered by messenger or overnight courier service, or mailed by United States mail (postage prepaid), registered or certified, return receipt requested, addressed as follows: 

	To Borrower:	 	Trans World Corporation

TWG International U.S. Corporation

545 Fifth Avenue

Suite 940

New York, New York 10017

Attn: Rami S. Ramadan, Chief Executive Officer

Telephone Number: (212) 983-3355

Telecopier Number: (212) 983-8129
	

With copies to (which shall not constitute notice):
	

 	
 	

Elias, Matz, Tiernan & Herrick L.L.P

734 15th Street, N.W., 12th Floor

Washington, D.C. 20005

Attn: Jeffrey A. Koeppel, Esq.

Telephone Number: 202-347-0300

Telecopier Number: 202-347-2172
	

To Lender:	
 	
[Name]
 [Street Address]

[City, State Zip]

Attn:

Telephone Number:

Telecopier Number:

        Each
notice shall be deemed delivered (x) on the date delivered if by personal delivery or by overnight courier, or (y) on the date shown on the return receipt as the date
of delivery in the United States mail (postage prepaid) by registered or certified mail or (z) on the date of the signature release if sent by overnight courier. By giving to the other party at
least 15 days' written notice, the parties to this Note and their respective successors and permitted assigns shall have the right from time to time and at any time during the term of this Note
to change their respective addresses. 

        (g)  All
agreements between Borrower and the Lender, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency,
whether by reason of demand or acceleration of the final maturity date of this Note or otherwise, shall the interest contracted for, charged, received, paid or agreed to be paid to Lender exceed the
maximum amount permissible under Applicable Law. If, from any circumstance whatsoever, interest would otherwise be payable to the Lender in excess of the maximum amount permissible under Applicable
Law, the interest payable to the Lender shall be reduced to the maximum amount permissible under Applicable Law, and if from any circumstance Lender shall ever receive anything of value deemed
interest by the Applicable Law in excess of the maximum amount permissible under the Applicable Law, an amount equal to the excessive interest shall be applied to the reduction of the Principal Amount
hereof and not to the
payment of interest, or if such excessive amount of interest exceeds the unpaid Principal Amount hereof, such excess shall be refunded to Borrower. All interest paid or agreed to be paid to the Lender 

6

 

shall, to the extent permitted by the Applicable Law, be amortized, prorated, allocated and spread throughout the full period (including any renewal or extension) until payment in full of the
Principal Amount so that the interest hereon for such full period shall not exceed the maximum amount permissible under the Applicable Law. The Lender expressly disavows any intent to contract for,
charge or receive interest in an amount which exceeds the maximum amount permissible under the Applicable Law. 

        (h)  Nothing
contained in this Note shall in any manner be construed as creating any relationship between Lender and Borrower other than as creditor and debtor. 

        (i)    The
terms of this Note, are intended by the parties hereto as a final expression of their agreement with respect to the subject matter hereof, and may not be construed
by evidence of any prior or contemporaneous instrument. This Note constitutes the complete and exclusive statement of its terms, and no extrinsic evidence whatsoever may be introduced in any
proceedings, if any (judicial or otherwise), involving this Note, except for evidence of a written modification entered into subsequent to the date of this Note which is signed by the Borrower and the
Lender. 

        (j)    Headings
of the sections of this Note are inserted for convenience only and shall not be deemed to constitute a part hereof. 

        IN WITNESS WHEREOF, Borrower has duly executed this Note the day and year first above written. 

	 	 	TRANS WORLD CORPORATION
	

 	
 	

By:	

 Name: Rami S. Ramadan

Title: Chief Executive Officer
	

 	
 	
TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	

 Name: Rami S. Ramadan

Title: Chief Executive Officer

	 	 	Agreed and accepted as of the Issue Date:
	

 	
 	
LENDER:	

 
	 	 	 	

	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	 
	 	 	 	

	 	 	Title:	 
	 	 	 	

7

 
  NOTICE AND CERTIFICATION OF
  NO ORAL AGREEMENTS
  (Interest Note)    
  

        This Notice and Certification of No Oral Agreements (this "Agreement") is made by and among Value Partners, Ltd., a Texas Limited Partnership ("Lender"),
and Trans World Corporation, a Nevada corporation and TWG International U.S. Corporation, a Nevada corporation (collectively, the "Borrower"), as of                ,
200    . 

        Lender
hereby gives the following notice to Borrower and Borrower hereby acknowledges and agrees with such notice: 

THE
WRITTEN NOTE WITH ISSUE DATE OF                        , 200    FROM BOROWER TO LENDER REPRESENTS THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. 

THERE
ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES RELATING TO THE SUBJECT MATTER OF THE NOTE. 

FOR
PURPOSES OF THIS NOTICE, THE WRITTEN LOAN DOCUMENTS ARE COMPRISED OF THE FOLLOWING (both of which are
dated                        , 200    ): 

	1.
	8.0%
Promissory Note; and,

	2.
	Notice
and Certification of No Oral Agreements. 

        This
Agreement may be executed in separate or multiple counterparts by the parties, and all of such counterparts shall be considered as one and the same instrument notwithstanding the
fact that various counterparts are signed by only one or more of the parties, and all of such Agreements shall be deemed but one and the same Agreement. 

[THE REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY.

SIGNATURES APPEAR ON NEXT PAGE.]

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

	 	 	LENDER:
	

 	
 	

VALUE PARTNERS, LTD.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	Timothy G. Ewing
	 	 	Title:	Managing Partner of Ewing & Partners

General Partner of Value Partners, Ltd.
	

 	
 	
BORROWER:
	

 	
 	

TRANS WORLD CORPORATION,

A NEVADA CORPORATION
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	 
	 	 	 	

	 	 	Title:	 
	 	 	 	

	

 	
 	

TWG INTERNATIONAL U.S. CORPORATION,

A NEVADA CORPORATION
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	 
	 	 	 	

	 	 	Title:	 
	 	 	 	

	STATE OF TEXAS	 	§
	 	 	§
	COUNTY OF DALLAS	 	§

        BEFORE
ME, the undersigned authority, on this day personally appeared                        , the Managing Partner of Ewing &
Partners, general partner of Value Partners, Ltd. who
stated that he has read the foregoing, and that the information contained therein is within his personal knowledge and is true and correct. 

        SUBSCRIBED
AND SWORN TO BEFORE ME, on this the            day
of                        , 2003 to certify with my hand and seal of office. 

	 	 	

	 	 	Notary Public in and for the State of Texas

My Commission Expires:
	

 	
 	

	 	 	Printed Name of Notary Public
	

 	
 	
[Notarized Seal]

	STATE OF NEW YORK	 	§
	 	 	§
	COUNTY OF NEW YORK	 	§

        BEFORE
ME, the undersigned authority, on this day personally appeared                        ,
the                        of Trans World Gaming Corp. who stated that he has read the foregoing, and that
the information contained therein is within his personal knowledge and is true and correct. 

        SUBSCRIBED
AND SWORN TO BEFORE ME, on this the            day
of                        , 2003 to certify with my hand and seal of office. 

	 	 	

	 	 	Notary Public in and for the State of New York

My Commission Expires:
	

 	
 	

	 	 	Printed Name of Notary Public
	

 	
 	
[Notarized Seal]

	STATE OF NEW YORK	 	§
	 	 	§
	COUNTY OF NEW YORK	 	§

        BEFORE
ME, the undersigned authority, on this day personally appeared                        ,
the                        of TWG International U.S. Corporation who stated that he has read the
foregoing, and that the information contained therein is within his personal knowledge and is true and correct. 

        SUBSCRIBED
AND SWORN TO BEFORE ME, on this the            day
of                        , 2003 to certify with my hand and seal of office. 

	 	 	

	 	 	Notary Public in and for the State of New York

My Commission Expires:
	

 	
 	

	 	 	Printed Name of Notary Public
	

 	
 	
[Notarized Seal]

QuickLinks

NOTICE AND CERTIFICATION OF NO ORAL AGREEMENTS (Interest Note)

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