Document:

Exhibit 10.2

    NEITHER
      THIS NOTE NOR ANY SECURITIES THAT MAY BE ISSUED UPON CONVERSION HEREOF HAVE
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR
      QUALIFIED UNDER ANY STATE SECURITIES LAWS. THIS NOTE AND ANY SUCH SECURITIES
      MAY
      NOT BE TRANSFERRED UNLESS SO REGISTERED AND QUALIFIED UNDER ALL APPLICABLE
      SECURITIES LAWS, OR UNLESS SUCH REGISTRATION AND QUALIFICATION ARE NOT
      REQUIRED.

     

    CONVERTIBLE
      UNSECURED PROMISSORY NOTE

     

    $240,000.00                                                                                                                                                                                                                                                                                      
      August
      1,
      2006

     

    FOR
      VALUE
      RECEIVED, the undersigned, Solx,
      Inc.,
      a
      Delaware corporation (the “Company”),
      hereby promises to pay to OccuLogix,
      Inc.,
      a
      Delaware corporation, or its assigns (“OccuLogix”),
      at
      the times set forth below and subject to acceleration or conversion as set
      forth
      herein, the aggregate principal amount of TWO HUNDRED AND FORTY THOUSAND DOLLARS
      ($240,000.00) (the “Principal
      Amount”),
      and
      interest on the unpaid Principal Amount, from time to time outstanding, which
      shall accrue on a daily basis from the date on which the Principal Amount has
      been loaned to the Company through and including the date on which such
      Principal Amount is paid in full (or the Principal Amount and accrued interest
      is converted into Conversion Shares (defined below) in accordance with Section
      3
      hereof),
      at an annual interest rate equal to the “Prime Rate” as announced from time to
      time by Bank of America, N.A., or its successor, plus two percent (2%). Unless
      the indebtedness evidenced by this Convertible Unsecured Promissory Note (this
      “Note”)
      becomes due and payable earlier as provided in Section 4
      below,
      or is converted into Conversion Shares in accordance with Section 3.2
      below,
      the Principal Amount then outstanding, and any interest accrued but unpaid
      thereon, shall be paid in one (1) payment in lawful money of the United States
      of America, on October 2, 2006 (the “Maturity
      Date”).
      

     

    1.  Defined
      Terms.
      For
      purposes of this Note, the terms listed below shall have the respective meanings
      set forth below:

     

    1.1  “Amended
      and Restated Stockholders Agreement”
means
      the Amended and Restated Stockholders Agreement, dated as of June 17, 2004,
      by
      and among the Company, Boston Scientific Corporation, and the stockholders
      listed on Exhibit A thereto, as such agreement may be amended, restated,
      supplemented or replaced from time to time;

     

    1.2  “business
      day”
means
      any day that banks located in Boston, Massachusetts are open for business
      (i.e.,
      not
      Saturdays, Sundays or legal holidays for such banks);

     

    1.3  “Common
      Stock”
means
      the common stock, $.001 par value, of the Company;

     

    1.4  “Conversion
      Shares”
means,
      in the case of any conversion pursuant to Section 3.2
      below,
      shares of the Company’s Common Stock;

     

    1.5  “Due
      Diligence Period”
means
      the time period between March 27, 2006 through and including July 31, 2006
      or
      such other date as the Company and OccuLogix may mutually agree;

     

    1.6  “Fully
      Diluted Basis”
means
      to take into account all issued and outstanding shares of Common Stock and
      all
      issued and outstanding shares of preferred stock of the Company on an
      as-converted basis at their respective conversion prices then in
      effect;

     

    1.7  “Letter
      Agreement”
means
      the Letter of Intent between the Company and OccuLogix dated March 26, 2006,
      as
      amended;

     

    1.8  “Material
      Adverse Effect”
means
      any change or effect that, when taken individually or together with all other
      adverse changes or effects, is or is reasonably likely to be materially adverse
      to the business, results of operations or financial condition of the Company,
      taken as a whole;

     

    1.9  “Merger
      Agreement”
means
      the Agreement and Plan of Merger, dated as of the date hereof, by and among
      OccuLogix, OccuLogix Mergeco, Inc., the Company and Doug P. Adams, John Sullivan
      and Peter M. Adams, acting, in each case, in his capacity as a member of the
      Stockholder Representative Committee referred to therein;

     

    1.10  “OccuLogix
      Transaction”
means
      the merger of the Company with and into OccuLogix Mergeco, Inc. pursuant to
      the
      Merger Agreement or the acquisition of the Company by OccuLogix or any of its
      affiliates by any other means;

     

    1.11  “Original
      Promissory Note”
means
      the Convertible Unsecured Promissory Note of the Company, dated April 4, 2006
      and in the principal amount of $2,000,000.00, issued in favor of
      OccuLogix;

     

    1.12  “Post-Conversion
      Agreement”
has
      the
      meaning attributed to such term in Section 3.3;

     

    1.13  “Sale
      of the Company”
means
      (i) during the Due Diligence Period, any agreement, agreement in principle
      or other commitment (whether or not legally binding or written or oral) relating
      to a sale of the Company in a single or related series of transactions, whether
      by merger, consolidation or other transaction (including, without limitation,
      the sale of outstanding shares of the capital stock of the Company) in which,
      in
      each case, the holders of the Company’s voting securities outstanding
      immediately prior to the consummation of the transaction or transactions own
      securities with less than a majority of the voting power of the Company or
      a
      successor immediately after the transaction (a “Change in Voting Control”), or
      by sale or license of all or substantially all of the Company’s assets, or
      otherwise (a “Competing Transaction”) or (ii) during the Due Diligence
      Period and for a three-month period following the end of the Due Diligence
      Period, the consummation of a Competing Transaction; provided, however, that
      if
      the consummation of a Competing Transaction occurs during the three-month period
      after the Due Diligence Period, then such Competing Transaction shall only
      be a
      Sale of the Company if any discussion regarding such Competing Transaction
      was
      initiated by the Company, or any step in furtherance of it was taken by the
      Company, during the Due Diligence Period. For clarification, the OccuLogix
      Transaction, if consummated, shall not be considered a Sale of the Company.
      For
      further clarification, any offering by the Company of shares of its capital
      stock in exchange for cash in which a Change of Voting Control does not occur,
      shall not be considered a Sale of the Company.

     

    2.  Payment.
      Payment
      of interest and principal hereunder shall be made at the business address of
      the
      holder hereof. All computations of interest payable under this Note shall be
      made on the basis of the actual number of calendar days elapsed. All payments
      hereunder shall be applied first to any unpaid accrued interest, second to
      payment of all, if any, other amounts except principal due under or in respect
      of this Note, and third to repayment of the unpaid Principal
      Amount.

     

    3.  Cancellation;
      Conversion.
      This
      Note shall be cancelled or convertible as follows: 

     

    3.1  Cancellation
      Upon OccuLogix Transaction.
      Notwithstanding anything else to the contrary in this Note, this Note and all
      outstanding obligations and amounts owing by the Company under this Note shall
      automatically (without any action by any party) be cancelled upon the
      consummation of the OccuLogix Transaction, unless OccuLogix should otherwise
      decide that this Note shall not be cancelled.

     

    3.2  Conversion
      Upon a Sale of the Company, etc.
      At the
      sole option of OccuLogix, this Note may be converted immediately upon (with
      such
      conversion made contingent upon) (a) a
      Sale of the Company, (b) a
      breach by the Company of its exclusivity covenant in paragraph 8 of the Letter
      Agreement, (c) the
      Principal Amount remaining outstanding and owing after the Maturity Date,
(d) the
      termination by OccuLogix of the Merger Agreement pursuant to Sections 8.1(b)
      or
      8.1(d) thereof, (e) the
      termination by the Company of the Merger Agreement pursuant to Section 8.1(g)
      thereof, or (f) the
      occurrence of an Event of Default as set forth in Section 4
      below,
      into that number of Conversion Shares as shall be equal to 1.2% of the issued
      and outstanding capital stock of the Company on a Fully Diluted Basis. The
      Company shall give OccuLogix written notice fifteen (15) business days prior
      to
      the consummation of any Sale of the Company, which notice shall describe in
      sufficient detail the terms of such transaction, to enable OccuLogix to make
      a
      decision as to whether to exercise its option under this Section 3.2. 

     

    3.3  Manner
      of Conversion.
      OccuLogix shall be deemed to be the holder of the Conversion Shares:
(a) in
      connection with a conversion pursuant to Section 3.2,
      immediately upon (and contingent upon) the consummation of a Sale of the
      Company, provided that OccuLogix has provided the Company with written notice
      of
      conversion prior to the consummation of the Sale of the Company as provided
      in
      Section 3.2
      above;
(b) in
      connection with the breach by the Company of its exclusivity covenant in
      paragraph 8 of the Letter Agreement, immediately upon (and contingent upon)
      the
      independent determination of a third party arbitrator, or other competent
      decisionmaker mutually acceptable to the Company and OccuLogix, acting
      reasonably, conducted in accordance with procedures mutually acceptable to
      the
      Company and OccuLogix, acting reasonably; (c) in
      the event that the Principal Amount remains outstanding and owing after the
      Maturity Date, immediately upon (and contingent upon) the expiration of the
      cure
      period after receipt of notice as set forth in Section 4(d)
      below
      and provided that OccuLogix has delivered a notice to the Company of its
      intention to convert this Note pursuant to Section 3.2;
      (d) in
      connection with the termination of the Merger Agreement pursuant to Sections
      8.1(b), 8.1(d) or 8.1(g) thereof, immediately upon (and contingent upon) the
      effective time of such termination; and (e) in
      connection with an Event of Default, immediately upon (and contingent upon)
      the
      expiration of the applicable cure period after receipt of notice as set forth
      in
      Section 4
      below.
      At such time, OccuLogix shall have all of the rights of a holder of Common
      Stock
      and, upon its request, shall be entitled to receive a certificate representing
      the Conversion Shares into which this Note converts. Upon conversion of the
      Principal Amount and accrued but unpaid interest on this Note into Conversion
      Shares as provided herein, the provisions of this Note relating to the
      obligation of the Company to pay principal and interest to OccuLogix, set forth
      herein, shall be null and void and no payment of principal and interest shall
      be
      owed or paid by the Company to OccuLogix pursuant to this Note. However, subject
      to the foregoing, this Note shall remain in full force and effect until such
      time as the Company and OccuLogix enter into a separate agreement that shall
      provide OccuLogix with protection substantially equivalent to the protection
      provided to OccuLogix hereunder, including, without limitation, the
      anti-dilutive protection contemplated in Section 3.4
      (the
“Post-Conversion
      Agreement”).
      The
      Company and OccuLogix shall use best efforts to negotiate, execute and deliver
      the Post-Conversion Agreement as soon as practicable following the conversion
      of
      this Note but, in any event, by no later than the end of the 45-day period
      following the conversion of this Note, subject to any mutually agreed extension
      of time. If the Post-Conversion Agreement is not entered into within such 45-day
      period or other agreed time period, then the provisions of Section 3.4
      below of
      this Note shall continue in full force and effect.

     

    3.4  Continuing
      Equity Ownership.
      Until
      the earlier of (i) any merger or consolidation which results in the voting
      securities of the Company outstanding immediately prior thereto representing
      immediately thereafter (either by remaining outstanding or by being converted
      into voting securities of the surviving or acquiring entity) less than a
      majority of the combined voting power of the voting securities of the Company
      or
      such surviving or acquiring entity outstanding immediately after such merger
      or
      consolidation or any sale of all or substantially all of the assets of the
      Company, in each case, with a pre-transaction valuation of the Company equal
      to
      or greater than $5,000,000.00, and (ii) an underwritten public offering of
      shares of common stock of the Company at a pre-offering valuation of the Company
      greater than $5,000,000.00 and net proceeds to the Company of at least
      $1,000,000.00, from time to time, following the conversion of this Note pursuant
      to Section 3.2,
      the
      Company shall issue to OccuLogix, without payment of additional consideration
      by
      OccuLogix, such number of additional shares of Common Stock as shall be
      necessary for OccuLogix always to maintain (solely by reason of its ownership
      of
      Conversion Shares and any shares of Common Stock issued to it pursuant to this
      Section 3.4)
      an
      ownership percentage in the Company equal to 1.2% of the issued and outstanding
      capital stock of the Company on a Fully Diluted Basis. For greater certainty,
      OccuLogix’s rights under this Section 3.4
      are in
      addition to, and not in lieu of or in substitution for, any other applicable
      right that OccuLogix may have, under Section 3.4 of the Original Promissory
      Note
      and/or the Merger Agreement.

     

    4.  Acceleration.
      At
      OccuLogix’s option, the entire unpaid portion of the Principal Amount and all
      accrued but unpaid interest represented by this Note will become due and payable
      upon written notice of acceleration given by OccuLogix to the Company
      immediately prior to or following any of the following (each, an “Event
      of Default”)
      (a) liquidation
      or dissolution of the Company, or any other termination or winding-up of its
      existence or business, (b) appointment
      of any receiver for the Company or its assets, (c) assignment
      by the Company for the benefit of its creditors, (d) material
      breach by the Company of this Note that is not cured within thirty (30) days’
written notice thereof from OccuLogix, in the case of any defaults other than
      payment defaults, or two (2) days’ written notice thereof from OccuLogix, in the
      case of any payment defaults, (e) institution
      by the Company of insolvency, receivership or bankruptcy proceedings or any
      other proceedings for the settlement of a party’s debts, change of control of
      the Company or Sale of the Company, or if any such proceeding shall be filed
      or
      shall be commenced against the Company by a third party and the Company shall
      indicate its approval thereof, consent thereto or acquiescence therein or such
      proceeding shall not have been dismissed within sixty (60) days following the
      filing thereof, (f) an
      event of default under any mortgage, indenture, obligation, instrument or
      indebtedness of the Company, which default results in $50,000 or more (in the
      aggregate) of such indebtedness to become due and payable by the Company prior
      to its stated maturity date (including, without limitation, an Event of Default
      (as such term is defined in the Original Promissory Note) under the Original
      Promissory Note), or (g) a
      Sale of the Company. A breach by the Company of the representation and warranty
      contained in Section 5.3
      shall be
      considered a material breach of this Note.

     

    5.  Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants to OccuLogix as follows:

     

    5.1  Organization,
      Good Standing and Qualification.
      The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and has all requisite corporate power
      and authority to carry on its business as now conducted. The Company is duly
      qualified to transact business and is in good standing in each jurisdiction
      in
      which the failure to so qualify would have a Material Adverse Effect. The
      Company has all requisite corporate power and authority to own and operate
      its
      properties and assets, to issue this Note, the Conversion Shares and any shares
      of Common Stock issuable pursuant to Section 3.4,
      and to
      perform its obligations under, and carry out the provisions of, this
      Note.

     

    5.2  Authorization;
      Binding Obligations; Governmental Consents.

     

    (a)  All
      corporate action on the part of the Company, its officers, directors and
      stockholders necessary for the authorization, execution and issuance of this
      Note, and the performance of all obligations of the Company hereunder, have
      been
      taken prior to the date hereof. This Note is a valid and legally binding
      obligation of the Company, enforceable in accordance with its terms, except
      (i)
      as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
      and
      other laws of general application affecting enforcement of creditors’ rights,
      and (ii) as limited by laws relating to the availability of specific
      performance, injunctive relief, or other equitable remedies. 

     

    (b)  No
      consent, approval, permit, order or authorization of, or registration,
      qualification, designation, declaration or filing with, any federal, state
      or
      local governmental authority on the part of the Company is required in
      connection with the execution and issuance of this Note.

     

    5.3  Compliance
      with Other Instruments.
      The
      Company is not in violation or default of any provision of its certificate
      of
      incorporation or by-laws or similar organizational documents, or, other than
      as
      disclosed in writing to OccuLogix pursuant to the Merger Agreement, of any
      mortgage, indenture, contract, agreement, instrument, judgment, order, writ,
      decree or contract to which it is a party or by which it is bound or, to the
      best of the Company’s knowledge, of any provision of any federal or state
      statute, rule or regulation applicable to the Company, which violation or
      default could reasonably be expected to have a Material Adverse Effect. The
      issuance of this Note and the Conversion Shares will not result in any such
      violation or be in conflict with or constitute, with or without the passage
      of
      time or giving of notice, either a default under any such provision, instrument,
      judgment, order, writ, decree or material contract, or result in the creation
      of
      any mortgage, pledge, lien, charge or encumbrance upon any of the properties
      or
      assets of the Company or the suspension, revocation, impairment, forfeiture,
      or
      nonrenewal of any permit, license, authorization, or approval applicable to
      the
      business, or operations or any of the assets or properties of the
      Company.

     

    5.4  Valid
      Issuance.
      The
      Conversion Shares to be issued sold and delivered upon conversion of this Note,
      in accordance with the terms hereof and for the consideration expressed herein,
      will be duly and validly issued, fully paid and nonassessable. Any additional
      shares of Common Stock issuable, in accordance with the terms of Section
3.4,
      will be
      duly and validly issued, fully paid and nonassessable.

     

    5.5  Seniority
      of Note.
      Until
      cancellation or conversion as provided for in this Note, after the Maturity
      Date
      (or earlier upon and as of an Event of Default), this Note shall be senior
      to
      all other debt obligations of the Company evidenced by any loan agreement,
      note
      or other instrument of any similar kind (other than the Original Promissory
      Note, the Company’s indebtedness under which shall rank pari passu with the
      indebtedness of the Company hereunder), and, after the Maturity Date (or earlier
      upon and as of an Event of Default), no payment(s) shall be made under any
      such
      other debt obligations (other than the Original Promissory Note) until OccuLogix
      has received payment in full of the Principal Amount.

     

    5.6  Current
      Liabilities.
      The
      current liabilities of the Company as of June 30, 2006 do not exceed
      $4,030,400.

     

    6.  Representations
      and Warranties of OccuLogix.
      OccuLogix hereby represents and warrants to the Company as follows:

     

    6.1  Organization.
      OccuLogix is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and has all requisite corporate power
      and authority to carry on its business as now conducted. OccuLogix has all
      requisite corporate power and authority to perform its obligations under, and
      carry out the provisions of, this Note.

     

     

    6.2  Authorization;
      Binding Obligations; Governmental Consents.
      

     

    (a)  All
      corporate action on the part of OccuLogix, its officers, directors and
      stockholders necessary for the performance of all obligations of OccuLogix
      hereunder, have been taken prior to the date hereof. This Note is a valid and
      legally binding obligation of OccuLogix, enforceable in accordance with its
      terms, except (i) as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, and other laws of general application affecting
      enforcement of creditors’ rights, and (ii) as limited by laws relating to the
      availability of specific performance, injunctive relief, or other equitable
      remedies. 

     

    (b)  No
      consent, approval, permit, order or authorization of, or registration,
      qualification, designation, declaration or filing with, any federal, state
      or
      local governmental authority on the part of OccuLogix is required in connection
      with the execution and issuance of this Note.

     

    6.3  Investment
      Representations.
      OccuLogix understands that neither this Note nor the Conversion Shares have
      been
      registered under the Securities Act of 1933, as amended (the “Securities
      Act”).
      OccuLogix also understands that this Note and the Conversion Shares are being
      offered and sold pursuant to an exemption from registration contained in the
      Securities Act based in part upon OccuLogix’s representations contained in this
      Note. OccuLogix hereby represents and warrants as follows:

     

    (a)  Acquisition
      for Own Account.
      OccuLogix is acquiring this Note and would acquire the Conversion Shares for
      OccuLogix’s own account for investment only, and not with a view toward their
      distribution.

     

    (b)  Accredited
      Investor.
      OccuLogix represents that it is an “accredited investor” within the meaning of
      Regulation D under the Securities Act.

     

    7.  Affirmative
      Covenants.
      Unless
      OccuLogix shall otherwise agree in writing, the Company covenants and agrees
      that, so long as this Note is outstanding:

     

    7.1  Punctual
      Payment.
      The
      Company will duly and punctually pay, or cause to be paid, the Principal Amount
      and interest under this Note and all other amounts provided for in this Note,
      all in accordance with the terms hereof;

     

    7.2  Notices.
      

     

    (a)  Defaults.
      The
      Company will, promptly upon becoming aware thereof, notify OccuLogix in writing
      of any Event of Default, together with a reasonably detailed description
      thereof, and the actions the Company proposes to take with respect thereto;
      and

     

    (b)  Notice
      of Litigation and Judgments.
      The
      Company will give notice to OccuLogix in writing within fifteen (15) business
      days of becoming aware of any litigation or proceedings threatened in writing
      or
      any pending litigation and proceedings affecting the Company or to which the
      Company is or becomes a party involving an uninsured claim against the Company
      that could, in each case, reasonably be expected to have a Material Adverse
      Effect and stating the nature and status of such litigation or proceedings;
      and
      the Company will give notice to OccuLogix, in writing, in form and detail
      reasonably satisfactory to OccuLogix, within ten (10) business days of any
      judgment not covered by insurance, final or otherwise, against the
      Company;

     

    7.3  Legal
      Existence and Good Standing.
      The
      Company will do, or cause to be done, all things necessary to preserve and
      keep
      in full force and effect its legal existence and good standing in the State
      of
      Delaware and its good standing and qualification to transact or do business
      in
      each jurisdiction in which the failure to so qualify or be in good standing
      would have a Material Adverse Effect;

     

    7.4  Taxes.
      The
      Company will duly pay and discharge, or cause to be paid and discharged, before
      the same shall become overdue, all taxes, as well as all claims for labor,
      materials, or supplies that if unpaid might by law become a lien or charge
      upon
      any of its property or assets;

     

    7.5  Inspection
      of Properties and Books, etc.
      The
      Company shall permit OccuLogix upon five (5) business days’ written notice to
      the Company and through its designated representatives, to visit and inspect,
      during regular business hours on a business day, any of the properties of the
      Company, to examine the books of account of the Company (and to make copies
      thereof and extracts therefrom), and to discuss the affairs, finances and
      accounts of the Company with, and to be advised as to the same by, its officers,
      all at such reasonable times and intervals as OccuLogix may reasonably request;
      

     

    7.6  Covenant
      of the Company to Reserve Stock.
      At all
      times prior to the earlier of (a) the conversion of this Note into Conversion
      Shares in accordance with the terms hereof, or (b) the Maturity Date, the
      Company shall reserve, out of its authorized and unissued capital stock, an
      adequate number of shares of Common Stock such that the Conversion Shares shall
      be immediately issuable upon conversion of this Note. If at any time the number
      of authorized but unissued shares of capital stock shall not be sufficient
      to
      enable the conversion of this Note into Conversion Shares, the Company will
      take
      such corporate action as may be necessary to increase its authorized but
      unissued shares of capital stock to such number of shares of capital stock
      as
      shall be sufficient for such purpose; 

     

    7.7  Use
      of
      Proceeds.
      The
      Company shall use the Principal Amount for general corporate purposes;
      and

     

    7.8  Exemption
      from Rights of Participation.
      The
      Company shall (a) obtain continuing and effective written waivers, in a form
      reasonably satisfactory to OccuLogix, or (b) cause to be amended, as soon as
      practicable, Section 7.5 of the Amended and Restated Stockholders Agreement,
      so
      as to ensure in either case that the rights of participation of each of Boston
      Scientific Corporation and the Trustees of Boston University, established by
      Section 7 of the Amended and Restated Stockholders Agreement, shall have no
      application to any Conversion Shares to be issued to OccuLogix in the event
      of
      the conversion of this Note pursuant to Section 3.2
      or any
      subsequent issuances of shares of the capital stock of the Company as a result
      of any anti-dilution rights of OccuLogix (as set forth in Section 3.4).
      

     

    8.  Negative
      Covenants.
      Without
      limiting the foregoing, the Company covenants and agrees that it shall not,
      so
      long as this Note is outstanding, directly or indirectly do or cause, or propose
      to do or cause, any of the following without the prior written consent of
      OccuLogix:

     

    8.1  Charter
      Documents.
      Cause
      or permit any amendments to its certificate of incorporation or by-laws or
      similar organizational documents, each as in effect on the date hereof, to
      the
      extent it could reasonably be expected to cause a material impairment of any
      rights of OccuLogix under this Note; 

     

    8.2  Dividends;
      Changes in Capital Stock.
      Except
      as otherwise specifically contemplated in this Note, (a) declare or pay any
      cash
      dividends or dividends of property on, or make any other distributions (in
      cash
      or property) in respect of, any of its capital stock, or (b) repurchase or
      otherwise acquire, directly or indirectly, any shares of its capital stock
      (other than pursuant to repurchase rights of the Company that permit the Company
      to repurchase securities from the holders thereof at the original purchase
      price
      therefor in connection with the termination of services of such holder as an
      employee of or consultant to the Company);

     

    8.3  Dispositions.
      Sell,
      lease, license or otherwise dispose of or encumber any of its properties or
      assets which are material, individually or when aggregating all such
      dispositions taking place in any 12-consecutive-month period, taken as a whole,
      to the conduct of the Company’s business, or that could otherwise be reasonably
      expected to have a Material Adverse Effect, except as part of a Sale of the
      Company;

     

    8.4  Related
      Party Transactions.
      Enter
      into or be a party to any transaction with any director, officer, employee,
      significant stockholder or family member of or consultant to any such person,
      corporation or other entity of which any such person beneficially owns 10%
      or
      more of the equity interests or has 10% or more of the voting power, or
      subsidiary or affiliate of the Company (a “Related-Party
      Transaction”)
      except
      as previously approved by (i) a majority of the independent members of the
      Company’s Board of Directors or (ii) the holders of a majority of the
      Independent Shares. Any Related-Party Transaction shall be fair and reasonable
      to the Company and on terms no less favorable to the Company than those that
      could be obtained from unaffiliated third parties. For purposes of this Section
      8.4,
      “Independent
      Shares”
shall
      mean, with respect to any transaction, the shares of outstanding capital stock
      of the Company held by stockholders who are not directly interested in such
      transaction;

     

    8.5  Breach
      or Violate Note.
      Take any
      action that could reasonably be expected to materially violate or breach, or
      result in a material violation or breach, of the Company’s obligations under
      this Note; 

     

    8.6  No
      Impairment.
      Take
      any action that could reasonably be expected to deny OccuLogix the anticipated
      benefits of the conversion rights provided in this Note in any material respect,
      or, if this Note is not so converted, the payment of the Principal Amount or
      unpaid accrued interest pursuant to the terms of this Note; or

     

    8.7  General.
      Authorize, commit to, agree to take, or permit to occur any of the foregoing
      actions.

     

    9.  Independent
      Obligations.
      The
      Company agrees and acknowledges that each covenant contained in Sections
7
      and
8
      constitutes an independent obligation of the Company, not qualified by any
      other
      clause, and shall be deemed to be cumulative. 

     

    10.  No
      Security Interest.
      This
      Note is unsecured and the Company does not pledge any assets or other collateral
      as security for the payment of the Principal Amount and interest described
      in
      this Note. 

     

    11.  Reasonable
      Estimate of Damages.
      After
      negotiation, the Company and OccuLogix have mutually agreed that, considering
      all of the circumstances existing on the date hereof, the right of OccuLogix
      to
      convert this Note pursuant to Section 3.2,
      and the
      attendant consequences of doing so, represent fair and reasonable compensation
      for damages that OccuLogix would suffer as a result of the existence of the
      conditions giving rise to such right. The granting of such right is not intended
      as a forfeiture or penalty but, rather, is intended to constitute liquidated
      damages to OccuLogix. The Company hereby specifically confirms the accuracy of
      the foregoing and its agreement therewith. Nothing contained in this Section
      11
      shall be
      deemed or construed as a limitation on any other rights or remedies that
      OccuLogix may have hereunder, at law or in equity, or otherwise.

     

    12.  Waiver
      of Presentment, Etc.
      The
      Company hereby, to the fullest extent permitted by applicable law, waives
      presentment, demand, notice, protest, and all other demands and notices in
      connection with delivery, acceptance, performance, default, acceleration or
      enforcement of or under this Note.

     

    13.  Amendment;
      Waivers.
      Neither
      this Note nor any term hereof may be waived, amended, discharged, modified,
      changed, or terminated orally, nor shall any waiver of any provision hereof
      be
      effective except by an instrument in writing signed by the party granting the
      waiver. The failure of the holder hereof to exercise any of its rights,
      remedies, powers, or privileges hereunder in any instance will not constitute
      a
      waiver thereof, or of any other right or remedy, and no single or partial
      exercise of any right or remedy shall preclude any other or further exercise
      thereof or of any other right or remedy.

     

    14.  Payment
      of Collection Costs.
      The
      Company will pay on demand all costs of collection, including all court costs
      and reasonable attorneys’ fees, paid or incurred by OccuLogix in enforcing this
      Note after an Event of Default.

     

    15.  GOVERNING
      LAW.
      THIS
      NOTE WILL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE
      INTERNAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO
      PRINCIPLES OF CHOICE OF LAW). 

     

    16.  Notices.
      All
      notices and other communications required or permitted hereunder shall be in
      writing and shall be deemed to have been duly given when delivered in person
      or
      upon confirmation of receipt when transmitted by facsimile transmission (but
      only if followed by national overnight courier or hand for delivery on the
      next
      business day) or on receipt after dispatch by registered or certified mail,
      post
      prepaid, addressed, or on the next business day if transmitted by national
      overnight courier, in each case as follows:

     

    If
      to the
      Company:

     

    Solx,
      Inc.

    8
      Saint
      Mary’s Street

    Suite
      629

    Boston,
      MA 02215

    Attention:
      President

    Telephone:
      617-353-1277

    Facsimile:
      617-358-1933

     

    with
      a
      copy to:

     

    Rackemann,
      Sawyer & Brewster

    Professional
      Corporation

    One
      Financial Center

    Boston,
      MA 02111

    Attention:
      Jamey A. Wachta, Esq.

    Telephone:
      617-951-1141

    Facsimile:
      617-542-7437

     

    If
      to
      OccuLogix, Inc.:

     

    OccuLogix,
      Inc.

    2600
      Skymark Avenue

    Building
      9

    Suite
      201

    Mississauga,
      ON Canada L4W5B2

    Attention:
      Chief Executive Officer

    Facsimile:
      905-602-7623

     

    With
      a
      copy to:

     

    Torys
      LLP

    Suite
      3000

    79
      Wellington Street West

    Toronto-Dominion
      Centre

    Toronto,
      ON Canada M5K 1N2

    Attention:
      David A. Chaikof

    Facsimile:
      416-865-7380

    

 

    In
      Witness Whereof,
      the
      Company has executed and delivered this Convertible Unsecured Promissory Note
      as
      an instrument under seal as of the date first above written.

    

      
        	 	
                 

                                    SOLX,
                  INC.

                 

              
	
                 

                                    By:

              	
                 

                /s/
                  Doug P. Adams

              
	
                 

                                                                           
                  Name:

              	
                 

                Doug
                  P. Adams

              
	
                 

                                    Title:

              	
                 

                President

              
	 	 

      

    

     

    

      
        	
                 

                Acknowledged
                  and Agreed:

                 

                 

                OCCULOGIX,
                  INC.

                 

              	 
	
                 

                By:

              	
                 

                /s/ Elias Vamvakas

              	 
	
                 

                Name:

              	
                 

                Elias
                  Vamvakas

              	 
	
                 

                Title:

              	
                 

                Chairman
                  and Chief Executive OfficerExhibit 10

Exhibit 10.1

Dated : February 8, 2006

$101,250

135,000 Common Shares

$0.75 per Share

SUBSCRIPTION AGREEMENT

INTELLIGENT BUYING, INC.

A California Corporation

1.

Subscription

a)

The undersigned ("Undersigned" or "Purchaser") hereby agrees to purchase the number of Common Shares (the "Shares") of Intelligent Buying, Inc., A California corporation (the ACompany@) indicated below in accordance with the terms and conditions of this Subscription Agreement.

By completing and signing this Subscription Agreement, the Undersigned is (1) subscribing to purchase the number of Shares indicated below; (2) acknowledging that the undersigned meets the Investor Suitability requirements set forth herein and that the Undersigned has been informed of all pertinent facts relating to the liquidity and marketability of the Shares and the risks inherent in this investment; and (3) agreeing to the terms of Subscription set forth in this Subscription Agreement.

b)

Before this subscription for Shares is considered, the Undersigned must complete, execute, and deliver to the Company the following:

i.

Wire transfer of funds to the Company’s Escrow Account set forth in Schedule “A” attached hereto in an amount equal to $0.75 for each Share purchased (i.e. $3,000.00 for 4,000 Shares); 

ii.

This Subscription Agreement; and.

c)

This Subscription is irrevocable.  It may be rejected in whole or in part by the Company in its sole discretion.  In the event that this Subscription is rejected by the Company all funds and documents tendered by the Undersigned shall be returned.

d)

This Subscription is not transferable or assignable by the Undersigned.

e)

This Subscription, upon acceptance by the Company, shall be binding on the heirs, executors, administrators, successors, and assigns of the Undersigned.

f)

If the Undersigned is more than one person, the obligations of the Undersigned shall be joint and several and the representations and warranties shall be deemed to be made by and be binding on each such person and his heirs, executors, administrators, successors, and assigns.

2.

The Offering

The Company is privately offering for sale 135,000 of its Common Shares at a price of $0.75 per share (the AOffering@).  The proforma, post-financing capital structure of the Company, including all outstanding Common and Preferred Shares, stock options and warrants is described in Schedule AB@ attached hereto.  The Offering is being made in accordance with an exemption from registration pursuant to Regulation D of the Securities Act of 1933 and similar provisions of applicable state law.  The funds from this subscription will be deposited in a specifically designated account of the Company, subject to initial disbursal when a minimum of $50,000 has been deposited with the Company and final disbursal at a time to be determined by the Company when it terminates the Offering..  No further instructions or consent from the Purchaser shall be required in connection with the release or disbursal of the funds.  The Company may make a partial disbursal of funds when a minimum of $50,000 has been deposited with the Company.  Upon disbursal, all funds will be used for working capital and the general corporate purposes of the Company.

3.

Acknowledgments

Special Note Regarding Forward-looking Statements

Information included in this Subscription Agreement may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended (the “Exchange Act”).  This information may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements.  Forward-looking statements, which involve assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology.  These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. The Company’s actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the risk factors described above and elsewhere in this Subscription Agreement. The Company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

a)

The Undersigned understands and acknowledges that the Company's operations and financial results are subject to numerous risks, some of which are beyond the Company's control. The following discussion highlights some of those risks:

Limited Operating History; Limited Management Experience; No Assurance of Commercial Success

The Company commenced operations in 2003 with very limited capital funding.  The Company’s success is highly dependent on its ability to access capital on a continuing basis in order to acquire goods which it resells to its customers.  The market in which the Company operates in highly competitive and there are many other retailers and wholesalers who are selling products and goods identical to those sold by the Company.  The Company’s competitors have an established way of doing business and consumers are accustomed to such established procedures.  The Company’s prospects for success will therefore depend on its ability to successfully market its products and services, demand and market acceptance for which are subject to a high level of uncertainty.  Any failure to attract and maintain customers could have a material, adverse effect on the Company’s financial condition, results of operations or future prospects.  The Company’s management has very limited experience in the Company’s business and there is very limited depth of management.

-2-

The Company has limited cash and if the Company is unable to raise more money it will be required to delay, scale back or eliminate aspects of its business plan. 

As of December 31, 2005, we had limited cash available to fund our operations.  The amounts and timing of our expenditures will depend primarily on our ability to raise additional capital.  We may seek to satisfy our future funding requirements through new offerings of securities or from other sources, including loans from our controlling stockholders and their affiliates.  Additional financing may not be available when needed or on terms acceptable to us.  We have no current commitment for additional financing.  Unavailability of financing may require us to delay, scale back or eliminate some or all of our business plan.  To the extent we raise additional capital by issuing equity securities, your ownership interest would be diluted.

Working Capital Deficit

As of December 31, 2005 and for certain prior periods of operation, the Company had a working capital deficit, and, in the opinion of management of the Company, insufficient cash to fund the operations of the Company as they exist today for another 12 months.   

Concentrated Control Risks.

David Gorodyansky and Eugene Malobrodsky, the Company’s founders, currently own approximately 50% of the outstanding common stock equivalents of the Company and they are the principal officers and directors of the Company.  They therefore have the power to make all major decisions regarding the Company’s affairs, including decisions regarding whether or not to issue stock and for what consideration, whether or not to sell all or substantially all of the Company’s assets and for what consideration and whether or not to authorize more stock for issuance or otherwise amend the Company’s articles of incorporation or bylaws.  They are in a position to elect all of our directors and to dictate all of the Company’s policies.

Reliance on certain Key Persons.  

The business of the Company is highly dependent on the efforts of certain key persons, principally David Gorodyansky and Eugene Malobrodsky.  The Company does not currently have an employment agreement or key man insurance on the life of either of these persons.  The Company’s future success will depend in significant part on its ability to retain and hire key management personnel.  Competition for such personnel is intense and there can be no assurance that the Company will be successful in attracting and retaining such personnel.  The Company’s prospects could be impaired if either or both of these key persons either leave the employ of the Company or are otherwise unable to serve.

No Audited Financial Statements

The Company is not currently a “reporting company” as such term is defined in the Exchange Act and therefore does not file reports, including financial statements, thereunder with the U.S. Securities and Exchange Commission. The Company’s financial statements are currently being reviewed by an independent auditor with a view that audited financial statements will be issued at a later date, although there is no guarantee that this will occur.

-3-

$50,000 Minimum Offering Amount

Because this Offering has only a $50,000 minimum amount required to close, Securities subscribed for will be issued once the minimum offering amount has been received by the Company, subject to provisions relating to release of escrow funds as described above.  Should less than the full amount of the Offering be subscribed for and no other means of raising capital is available, the Company may not be able to adequately fund even its short-term its operations.

Need For Additional Financing; Resulting Dilution

The Company will need to raise additional capital in order to finance its current  business  strategy.  Sources of funds may include the issuance of Shares or preferred stock sold in a public offering or in private placements, debt securities or bank financing. There can be no assurance that the Company will be able to obtain capital on a timely basis or on reasonable terms, if at all. If the Company is unable to obtain such financing, or generate funds from operations sufficient to meet its needs, it may be unable to implement its business strategy or may be required to cease all operations.

The raising of additional financing would in all likelihood result in dilution or reduction in the value of the Shares.  Any sale of the Company’s equity securities, whether of Shares, a security with a priority thereto or a security convertible into Shares, would result in a dilution of your ownership of the Company. 

Rights of Holders of Outstanding Preferred Stock Senior to Holders of the Shares

The rights of preferred stockholders generally take precedence over the rights of common stockholders. The Company recently provided for the issuance of 3,250,000 shares of preferred stock to the Company’s founders, which may convert, according to the rights and preferences related thereto, into common shares at a rate of two common shares for each preferred shares.  The holders of the preferred shares also have certain super-majority voting rights and liquidation preferences.  If the foregoing shares of preferred stock are converted into Shares, you will be diluted; further, the Company’s board of directors could authorize and issue new shares of preferred stock.  No such action will require the approval of the Company’s stockholders. Current or future preferred stockholders could delay, defer or prevent a change of control of the Company, which change of control you may have been in favor of or may have been in your best interests. The Company’s board of directors will also be free to accord any preferred stockholders preferential treatment on matters such as distributions, liquidation preferences and voting, among others.

Illiquidity of the Market for the Shares

The market for the Shares is highly illiquid and the Company cannot assure you that a liquid market will ever develop.  Consequently, holders of the Shares may not be able to sell them in the event of an emergency or at any time, and the Shares offered hereby will not be readily acceptable as collateral for loans.  Although the Company may endeavor to promote a more liquid market, including having the Shares quoted on the Over-the-Counter Bulletin Board (“OTCBB”) or other exchange or quotation service, the Company cannot assure you as to the timing of such event or whether the quotation on the OTCBB, if accomplished, will be sufficiently liquid to enable you to liquidate your investment in the Company.  Further, if a more liquid market is developed for the Shares through a secondary public offering or a quotation on OTCBB, certain holders of the Shares, as a condition to such offering or quotation, may be required to enter into an agreement not to sell or otherwise transfer, pledge, assign or hypothecate their Shares for a significant period of time following the secondary public offering or quotation.  The effect of an illiquid market on the holders of the Shares is to impede the sale thereof in the open market, particularly if considerable blocks are submitted to the broker-dealer.  The broker-dealer may not be able to execute a sale or, if it can, may not be able to execute the sale at an execution price at or above the bid price.

-4-

The Securities Offered Hereby Are Not Eligible For Future Sale

This Offering is being made solely to “accredited investors” pursuant to the exemptions from registration afforded under the Securities Act and pursuant to other statutory exemptions.  The Securities have not been registered under the Securities Act, and accordingly, cannot be sold, transferred, hypothecated, assigned or otherwise disposed of, unless such securities are registered under the Securities Act or an opinion of counsel, reasonably satisfactory to the Company, is received that such sale, transfer, hypothecation, assignment or disposition is exempt from such registration requirements. Moreover, the Securities will be deemed “restricted securities” under the Securities Act, and the public sale thereof, absent registration of such Securities under the Securities Act, may generally only be made in compliance with Rule 144 as promulgated under the Securities Act.  The Shares are not currently traded on any recognized market or quotation service, and therefore, there is no active trading market for the Shares and no market is likely to develop after the Offering.   All purchasers must sign this Subscription Agreement and a Confidential Prospective Investor Questionnaire stating, among other things, that they are purchasing the Shares for investment purposes only and without a view to their resale or distribution.  All the Securities issued hereunder will bear a restrictive legend preventing their transfer, and “stop transfer” instructions will be maintained on the Company's stock transfer records. Investors must be prepared to bear the economic risk of their investment for an indefinite period of time.

Competition; Price Sensitivity. 

The Company faces intense competition in its business. The market in which the Company does business is highly competitive, and is served by a number of well established and well financed companies with recognized brand names, most of which have substantially greater capital resources, technical and manufacturing resources, depth of management, and brand name identification than the Company. To a significant extent, the Company competes with its direct competitors based on price and sales in the Company's targeted mass retail market are highly price-sensitive. As a result of the foregoing factors, the Company generally will not be able to increase its margins by raising prices. In addition, increases in labor, materials, manufacturing or shipping costs could adversely affect the Company's margins and therefore its financial condition. 

Dependence on Discretionary Consumer Spending.

The demand for the Company's products is related to the amount of discretionary spending by consumers and small businesses. Each of these factors may be adversely affected by a downturn in general economic conditions. A decrease in consumer spending on high technology equipment and information systems could have an adverse effect on the Company's business, financial condition, results of operation and prospects.

-5-

b)

The Undersigned has been advised to consult the Undersigned's own attorney concerning  the Company, the Subscription Agreement and an investment in the Company.

c)

The books and records of the Company will be reasonably available for inspection by the Undersigned and/or the Undersigned's representatives, if any, at the Company's place of business.  It is the Undersigned=s sole responsibility to complete any due diligence necessary to facilitate an investment decision.

d)

The Company may not have identified all material facts which may affect its proposed business and accordingly there is no representation that this Subscription Agreement sets forth all of the risks or information necessary in order to make an informed investment decision.  Each subscriber should make such inquiries regarding the business of the Company as the subscriber deems material.

e)

The Offering has not been registered under the Securities Act of 1933 or under the securities laws of any state.

f)

Neither the Securities and Exchange Commission nor any other federal or state agency has passed upon the Offering or made any finding or determination concerning the fairness of this investment and no such agency has recommended or endorsed the Offering.

g)

Since the Shares have not been registered under the Securities Act of 1933 or registered or qualified under any state law, a purchaser of Shares must bear the economic risk of investment until such registration is effected or the Shares may be sold pursuant to an applicable exception to registration.  The Shares may not be sold, pledged, or otherwise transferred in the absence of an effective registration or qualification under federal and applicable state law or an opinion by counsel to the Company that such registration or qualification is not required or otherwise restricted by applicable agreements or regulations.

h)

The Undersigned understands and acknowledges that the Company is under no obligation and has not undertaken to register or qualify the sale, transfer, or other disposition of the Shares by it or on its behalf, to take any other action necessary in order to make compliance with an exemption from registration or qualification available or to register or qualify the Shares any time in the future.

i)

The Undersigned will not make any sale, transfer, or other disposition of the Shares except in compliance with the Securities Act of 1933 and applicable California and other state law.

j)

This Offering may be terminated at any time prior to raising all the funds sought in this Offering. 

4.

Investor Representations and Warranties

The investor represents that he/she has read and understand the legends contained in the Subscription Agreement which are included herein:

THE SECURITIES OFFERED PURSUANT TO THIS SUBSCRIPTION AGREEMENT, HAVE NOT BEEN FILED OR REGISTERED WITH OR APPROVED BY THE COMMISSION, NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS SUBSCRIPTION AGREEMENT.  NO STATE SECURITIES LAW ADMINISTRATOR HAS PASSED ON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR THE ADEQUACY OF THIS SUBSCRIPTION AGREEMENT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

-6-

IT IS INTENDED THAT THE SECURITIES OFFERED HEREBY WILL BE MADE AVAILABLE ONLY TO ACCREDITED INVESTORS, AS DEFINED IN REGULATION D AND RULE 501 PROMULGATED UNDER THE SECURITIES ACT.  THE SECURITIES OFFERED HEREBY ARE BEING OFFERED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS FOR NON-PUBLIC OFFERINGS.  SUCH EXEMPTIONS LIMIT THE NUMBER AND TYPES OF INVESTORS TO WHICH THE OFFERING WILL BE MADE AND RESTRICT SUBSEQUENT TRANSFER OF THE SHARES.

YOUR ATTENTION IS DRAWN TO THE ANTI-FRAUD PROVISIONS OF THE FEDERAL AND STATE SECURITIES LAWS, PARTICULARLY RULE 10b-5 UNDER THE EXCHANGE ACT, WHICH PROHIBITS THE PURCHASE OR SALE OF SECURITIES ON THE BASIS OF MATERIAL NON-PUBLIC INFORMATION.  IN LIGHT OF THESE PROVISIONS, INCLUDING RULE 10b-5, YOU ARE HEREBY ADVISED THAT, IF YOU ARE IN POSSESSION OF MATERIAL INFORMATION RELATING TO THE COMPANY WHICH YOU KNOW OR HAVE REASON TO KNOW IS NON-PUBLIC, YOU SHOULD NOT PURCHASE OR SELL OR CAUSE TO BE PURCHASED OR SOLD ANY OF THE COMPANY'S SECURITIES.  IN ADDITION, YOU SHOULD NOT DISCLOSE ANY OF SUCH INFORMATION UNLESS AND UNTIL SUCH INFORMATION HAS BEEN PUBLICLY DISCLOSED.

CONFIDENTIAL INFORMATION

THE INFORMATION CONTAINED IN THIS SUBSCRIPTION AGREEMENT IS CONFIDENTIAL AND PROPRIETARY TO THE COMPANY AND BEING SUBMITTED TO PROSPECTIVE INVESTORS SOLELY FOR SUCH INVESTORS’ CONFIDENTIAL USE WITH THE EXPRESS UNDERSTANDING THAT, WITHOUT THE PRIOR WRITTEN PERMISSION OF THE COMPANY, SUCH PERSONS WILL NOT RELEASE THIS DOCUMENT OR DISCUSS THE INFORMATION CONTAINED HEREIN OR MAKE REPRODUCTIONS OF OR USE THIS SUBSCRIPTION AGREEMENT FOR ANY PURPOSE OTHER THAN EVALUATING A POTENTIAL INVESTMENT IN THE SECURITIES. 

THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT UNDER APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

THIS SUBSCRIPTION AGREEMENT CONSTITUTES AN OFFER ONLY TO THE OFFEREE TO WHOM THIS SUBSCRIPTION AGREEMENT IS INITIALLY DISTRIBUTED AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY BY ANYONE IN ANY COUNTRY OR STATE IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED, OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION.  THE COMPANY AND THE PLACEMENT AGENT RESERVE THE RIGHT TO ACCEPT OR REJECT ANY SUBSCRIPTION FOR SECURITIES, IN WHOLE OR IN PART, FOR ANY REASON OR FOR NO REASON, OR TO ALLOT TO ANY PROSPECTIVE INVESTOR FEWER THAN THE NUMBER OF SECURITIES SUCH INVESTOR DESIRES TO PURCHASE.

-7-

IN DECIDING WHETHER TO PURCHASE SECURITIES, EACH INVESTOR MUST CONDUCT AND RELY ON ITS OWN EVALUATION OF THE COMPANY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED IN MAKING AN INVESTMENT DECISION WITH RESPECT TO THE SECURITIES.  PROSPECTIVE INVESTORS SHOULD NOT CONSTRUE THE CONTENTS OF THIS SUBSCRIPTION AGREEMENT OR ANY PRIOR OR SUBSEQUENT COMMUNICATIONS FROM THE COMPANY, OR ANY PROFESSIONAL ASSOCIATED WITH THE OFFERING, AS LEGAL OR TAX ADVICE.  THE OFFEREE AUTHORIZED TO RECEIVE THIS SUBSCRIPTION AGREEMENT SHOULD CONSULT HIS OR HER OWN TAX COUNSEL, ACCOUNTANT OR BUSINESS ADVISOR, RESPECTIVELY, AS TO LEGAL, TAX AND RELATED MATTERS CONCERNING HIS OR HER PURCHASE OF THE SECURITIES.

THE INFORMATION PRESENTED HEREIN WAS PREPARED BY THE COMPANY AND IS BEING FURNISHED SOLELY FOR USE BY PROSPECTIVE INVESTORS IN CONNECTION WITH THE OFFERING.  THE INFORMATION CONTAINED IN THIS SUBSCRIPTION AGREEMENT HAS BEEN SUPPLIED BY THE COMPANY AND HAS BEEN INCLUDED HEREIN IN RELIANCE ON THE COMPANY. 

EXCEPT AS OTHERWISE INDICATED, THIS SUBSCRIPTION AGREEMENT SPEAKS AS OF THE DATE HEREOF.  NEITHER THE DELIVERY OF THIS SUBSCRIPTION AGREEMENT NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY AFTER THE DATE HEREOF.

NO GENERAL SOLICITATION WILL BE CONDUCTED AND NO OFFERING  LITERATURE OR ADVERTISING IN ANY FORM WILL OR MAY BE EMPLOYED IN THE OFFERING, EXCEPT FOR THIS SUBSCRIPTION AGREEMENT (INCLUDING AMENDMENTS OR SUPPLEMENTS HERETO) AND THE DOCUMENTS SUMMARIZED HEREIN.  NO PERSON IS AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS SUBSCRIPTION AGREEMENT OR THE DOCUMENTS SUMMARIZED HEREIN AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON.  

BY ACCEPTING DELIVERY OF THIS SUBSCRIPTION AGREEMENT, THE OFFEREE AGREES (I) TO KEEP CONFIDENTIAL THE CONTENTS THEREOF, AND NOT TO DISCLOSE THE SAME TO ANY THIRD PARTY OR OTHERWISE USE THE SAME FOR ANY PURPOSE OTHER THAN EVALUATION BY SUCH OFFEREE OF A POTENTIAL PRIVATE INVESTMENT IN THE COMPANY, AND (II) TO RETURN THE SAME TO THE COMPANY OR THE PLACEMENT AGENT IF (A) THE OFFEREE DOES NOT SUBSCRIBE TO PURCHASE ANY SECURITIES, (B) THE OFFEREE’S SUBSCRIPTION IS NOT ACCEPTED, OR (C) THE OFFERING IS TERMINATED OR WITHDRAWN.

THE COMPANY WILL MAKE AVAILABLE TO ANY PROSPECTIVE INVESTOR, PRIOR TO THE CLOSING, THE OPPORTUNITY TO ASK QUESTIONS OF AND TO RECEIVE ANSWERS FROM REPRESENTATIVES OF THE COMPANY CONCERNING THE COMPANY OR THE TERMS AND CONDITIONS OF THE OFFERING AND TO OBTAIN ANY ADDITIONAL RELEVANT INFORMATION TO THE EXTENT THE COMPANY POSSESSES SUCH INFORMATION OR CAN OBTAIN IT WITHOUT UNREASONABLE EFFORT OR EXPENSE.  INVESTORS AGREE TO ADVISE THE COMPANY IN WRITING IF THEY ARE RELYING UPON ANY SUCH INFORMATION.

-8-

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED.  THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY.  FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT.  ANY REPRESENTATIONS TO THE CONTRARY IS A CRIMINAL OFFENSE.

THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME

The undersigned acknowledges that the Shares being purchased hereunder have not been registered under the Securities Act, or the securities laws of any State, that absent an exemption from registration contained in those laws, the issuance and sale of the Securities would require registration, and that the Company's reliance upon such exemption is based upon the undersigned’s representations, warranties, and agreements contained herein.

1.  The undersigned represents, warrants, and agrees as follows:

a)

The undersigned agrees that this Subscription Agreement is and shall be irrevocable.

b)

The undersigned has carefully read the Subscription Agreement and all documents related thereto (the “Offering Materials”), all of which the undersigned acknowledges have been provided to the undersigned.  The undersigned has been given the opportunity to ask questions of, and receive answers from, the Company concerning the terms and conditions of this Offering and the Offering Materials and to obtain such additional written information, to the extent the Company possesses such information or can acquire it without unreasonable effort or expense, necessary to verify the accuracy of same as the undersigned desires in order to evaluate the investment.  The undersigned further acknowledges that he or she fully understands the Offering Materials, and the undersigned has had the opportunity to discuss any questions regarding any of the Offering Materials with his or her counsel or other advisor.  Notwithstanding the foregoing, the only information upon which the undersigned has relied is that set forth in the Offering Materials and his or her own independent investigation.  The undersigned acknowledges that the undersigned has received no representations or warranties from the Company or its employees or agents in making this investment decision other than as set forth in the Offering Materials.

c)

The undersigned is aware that the purchase of the Securities is a speculative investment involving a high degree of risk and that there is no guarantee that the undersigned will realize any gain from this investment, and that the undersigned could lose the total amount of the undersigned's investment.

d)

The undersigned understands that no federal or state agency has made any finding or determination regarding the fairness of this offering of the Securities for investment, or any recommendation or endorsement of this Offering of the Securities.

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e)

The undersigned is purchasing the Securities for the undersigned's own account, with the intention of holding the Securities, with no present intention of dividing or allowing others to participate in this investment or of reselling or otherwise participating, directly or indirectly, in a distribution of the Securities, and shall not make any sale, transfer, or pledge thereof without registration under the Securities Act and any applicable securities laws of any state or unless an exemption from registration is available under those laws.

f)

The undersigned represents that the undersigned, if an individual, has adequate means of providing for his or her current needs and personal and family contingencies and has no need for liquidity in this investment in the Securities. The undersigned represents that the undersigned is an "Accredited Investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.  The undersigned has no reason to anticipate any material change in his or her personal financial condition for the foreseeable future.

g)

The undersigned is financially able to bear the economic risk of this investment, including the ability to hold the Securities indefinitely or to afford a complete loss of his or her investment in the Securities.

h)

The undersigned represents that the undersigned's overall commitment to investments which are not readily marketable is not disproportionate to the undersigned's net worth, and the undersigned's investment in the Securities will not cause such overall commitment to become excessive.  The undersigned understands that the statutory basis on which they are being sold to the undersigned and others would not be available if the undersigned's present intention were to hold the Securities for a fixed period or until the occurrence of a certain event.  The undersigned will not pledge, transfer or assign this Subscription Agreement.

i)

The undersigned represents that the funds provided for this investment are either separate property of the undersigned, community property over which the undersigned has the right of control, or are otherwise funds as to which the undersigned has the sole right of management.

j)

FOR PARTNERSHIPS, CORPORATIONS, TRUSTS, OR OTHER ENTITIES ONLY: If the undersigned is a partnership, corporation, trust or other entity, (i) the undersigned has enclosed with this Subscription Agreement appropriate evidence of the authority of the individual executing this Subscription Agreement to act on its behalf (e.g., if a trust, a certified copy of the trust agreement; if a corporation, a certified corporate resolution authorizing the signature and a certified copy of the articles of incorporation; or if a partnership, a certified copy of the partnership agreement), (ii) the undersigned represents and warrants that it was not organized or reorganized for the specific purpose of acquiring the Securities, (iii) the undersigned has the full power and authority to execute this Subscription Agreement on behalf of such entity and to make the representations and warranties made herein on its behalf, and (iv) this investment in the Company has been affirmatively authorized, if required, by the governing board of such entity and is not prohibited by the governing documents of the entity.

k)

The address shown under the undersigned's signature at the end of this Subscription Agreement is the undersigned's principal residence if he or she is an individual or its principal business address if a corporation or other entity.

l)

The undersigned has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Securities.

m)

The undersigned acknowledges that the certificates for the Securities which the undersigned will receive will contain a legend substantially as follows:

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THE SECURITIES WHICH ARE REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNTIL A REGISTRATION STATEMENT WITH  RESPECT THERETO IS DECLARED EFFECTIVE UNDER SUCH ACT AND SUCH APPLICABLE STATE LAWS, OR THE COMPANY  RECEIVES AN OPINION OF COUNSEL FOR THE COMPANY THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH APPLICABLE STATE LAWS IS AVAILABLE. 

2.

The undersigned further acknowledges that the Company is under no obligation to aid the undersigned in obtaining any exemption from registration requirements.  

3.

The undersigned expressly acknowledges and agrees that the Company is relying upon the undersigned's representations contained herein.

4.

The undersigned acknowledges that the undersigned understands the meaning and legal consequences of the representations and warranties which are contained herein and hereby agrees to indemnify, save and hold harmless the Company and its officers, directors and counsel, from and against any and all claims or actions arising out of a breach of any representation, warranty or acknowledgment of the undersigned contained herein.  Such indemnification shall be deemed to include not only the specific liabilities or obligations with respect to which such indemnity is provided, but also all reasonable costs, expenses, counsel fees and expenses of settlement relating thereto, whether or not any such liability or obligation shall have been reduced to judgment.  In addition, the undersigned's representations, warranties and indemnification contained herein shall survive the undersigned's purchase of the Securities hereunder.

5.

The Company has been duly and validly incorporated and is validly existing and in good standing as a corporation under the laws of the State of California.  The Company has all requisite power and authority, and all necessary authorizations, approvals and orders required as of the date hereof to own its properties and conduct its business and to enter into this Subscription Agreement and the other Offering Materials and to be bound by the provisions and conditions hereof or therein.

6.

Except as otherwise specifically provided for hereunder, no party shall be deemed to have waived any of his or her or its rights hereunder or under any other agreement, instrument or papers signed by any of them with respect to the subject matter hereof unless such waiver is in writing and signed by the party waiving said right.  Except as otherwise specifically provided for hereunder, no delay or omission by any party in exercising any right with respect to the subject matter hereof shall operate as a waiver of such right or of any such other right.  A waiver on any one occasion with respect to the subject matter hereof shall not be construed as a bar to, or waiver of, any right or remedy on any future occasion.  All rights and remedies with respect to the subject matter hereof, whether evidenced hereby or by any other agreement, instrument, or paper, will be cumulative, and may be exercised separately or concurrently.

7.

The parties have not made any representations or warranties with respect to the subject matter hereof not set forth herein, and this Subscription Agreement, together with any instruments executed simultaneously herewith, constitutes the entire agreement between them with respect to the subject matter hereof.  All understandings and agreements heretofore made between the parties with respect to the subject matter hereof are merged in this Subscription Agreement and any such instrument, which alone fully and completely expresses their agreement.

8.

This Subscription Agreement may not be changed, modified, extended, terminated or discharged orally, but only by an agreement in writing, which is signed by all of the parties to this Subscription Agreement.

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9.

The parties agree to execute any and all such other and further instruments and documents, and to take any and all such further actions reasonably required to effectuate this Subscription Agreement and the intent and purposes hereof.

10.

If any provision or any portion of any provision of this Subscription Agreement or the application of any such provision or any portion thereof to any person or circumstance, shall be held invalid or unenforceable, the remaining portion of such provision and the remaining portion of such provision as is held invalid or unenforceable to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby.

11.

This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of California and the undersigned hereby consents to the jurisdiction of the courts of the State of California and/or the United States District Court for the Central District of California.

5.

Indemnification

The Purchaser agrees to indemnify the Company and its agents, attorneys,   employees and advisors and hold them harmless from and against any and all liability, damage, cost, or expense incurred on account of or arising out of:

a)

Any inaccuracy in the Purchaser's declarations, representations, and warranties set forth in this document or in any other declarations, representations, and warranties in other communications to the Company;

b)

The disposition of any of the Shares that the Purchaser will receive, contrary to the Purchaser's foregoing declarations, representations, and warranties.

c)

The release or disbursal of the funds by the Company in accordance herewith.

6.

Miscellaneous

a)

Purchaser may not assign any of his rights under this Subscription Agreement without the written consent of the Company.

b)

Purchaser may not cancel, terminate or revoke this Subscription Agreement or any other agreement of the Purchaser made herein.

c)

This Subscription Agreement shall be binding upon the heirs, executors, administrators, successors and assigns of the Purchaser.

d)

If the Purchaser is more than one person, the obligations of the Purchaser shall be joint and several and the representations herein contained shall be deemed to be made by and binding upon each such person and their heirs, executors, administrators, successors and assigns.

e)

Throughout this Subscription Agreement, as the context may require, the masculine gender includes the feminine and neuter genders.

-12-

7.

Purchaser’s Prior Business Experience

a)

The Purchaser’s educational background is as follows:

b)

The Purchaser=s prior business investment experience can be described as follows:

8.

Subscription for Shares

The Purchaser subscribes for:

___________ Shares at $0.75 per Share totaling $__________.

Subscriber Information: (The information below should be consistent with the form of ownership selected below.)

Name (please print):

______________________________________

If entity named above,

By___________________________________

Social Security or Taxpayer I.D. Number:

_______________________________________

Address (including zip code)

_____________________________________________

_____________________________________________

Phone

(___)________

Type of Ownership

(select one)

PLEASE INDICATE BY CHECKING THE APPROPRIATE BOX BELOW THE FORM IN WHICH YOU WILL HOLD TITLE TO YOUR INTEREST.  SUBSCRIBERS SHOULD SEEK THE ADVICE OF THEIR ATTORNEYS IN DECIDING IN WHICH OF THE FORMS THEY SHOULD TAKE OWNERSHIP OF THE SHARES BECAUSE DIFFERENT FORMS OF OWNERSHIP CAN HAVE VARYING GIFT TAX, ESTATE TAX, INCOME TAX, AND OTHER CONSEQUENCES, DEPENDING ON THE STATE OF THE INVESTOR'S DOMICILE AND HIS OR HER PARTICULAR PERSONAL CIRCUMSTANCES. FOR EXAMPLE, IN COMMUNITY PROPERTY STATES, IF COMMUNITY PROPERTY ASSETS ARE USED TO PURCHASE SHARES HELD AS SEPARATE PROPERTY, ADVERSE GIFT TAX CONSEQUENCES MAY RESULT.

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___

INDIVIDUAL OWNERSHIP (one signature required)

___

JOINT TENANTS WITH RIGHT OF SURVIVORSHIP AND NOT AS TENANTS IN COMMON (both or all parties must sign)

___

COMMUNITY PROPERTY (one signature required if interest held in one name, i.e., managing spouse; two signatures required if interest held in both names)

___

TENANTS IN COMMON (both or all parties must sign)

___

GENERAL PARTNERSHIP (fill out all documents in the name of the General Partnership, by a PARTNER authorized to sign, and include a copy of the Partnership Agreement)

___

LIMITED PARTNERSHIP (fill out all documents in the name of the LIMITED PARTNERSHIP, by a GENERAL PARTNER authorized to sign, and include a copy of the Limited Partnership Agreement and any other document showing that the investment is authorized)

___

CORPORATION or limited liability company (ALLC@) (fill out all documents in the name of the CORPORATION or the LLC, by the President, Manager or other person authorized to sign, and include a copy of the certified Corporate Resolution authorizing the signature or similar LLC resolution)

___

TRUST (fill out all documents in the name of the TRUST, by the trustee, and include a copy of the instrument creating the trust and any other documents necessary to show that the investment by the trustee is authorized. The date of the trust must appear on the Notarial where indicated)

SUBJECT TO ACCEPTANCE BY THE COMPANY, THE PURCHASER HAS COMPLETED THIS SUBSCRIPTION AGREEMENT TO EVIDENCE HIS/HER SUBSCRIPTION IN THE COMPANY THIS        ____DAY OF                                 , 2006.

Documents to be Returned:

   1.

One copy of this Subscription Agreement completed, dated and signed with the Purchaser's(s') signature(s).

Dated:                                                       

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SUBSCRIBER:

________________________________

(Name)

                                                             

(Authorized Signature) 

   

Name:                                                     

                                                        

        

(Print or type)

Title:________________________

_______________________                                                                                                                                

Social Security or Tax I.D. No.

The Company has accepted this Subscription this ____ day of ___________________, 2006.

INTELLIGENT BUYING, INC.

By:                                                                                 

Name:                                                                            

Title:                                                                               

-15-

SCHEDULE “A”

SILICON VALLEY BANK

WIRE TRANSFER INSTRUCTIONS

The following information is provided to assist clients in routing wire transfers TO Silicon Valley Bank in the most expeditious manner.

DOMESTIC WIRE TRANSFER:

Instruct the paying financial institution or the payor to route all domestic wire transfers via FEDWIRE to the following ABA number:

TO: 

SIL VLY BK SJ

ROUTING & TRANSIT 

121140399

FOR CREDIT OF: 

Intelligent Buying, Inc.

CREDIT ACCOUNT #: 

3300509336

BY ORDER OF:

[NAME OF SENDER]

INTERNATIONAL WIRE TRANSFER:

Instruct the paying financial institution to advise their U.S. correspondent to pay as follows:

PAY TO: 

FC - SILICON VALLEY BANK  

3003 TASMAN DRIVE  

SANTA CLARA, CA 95054, USA 

ROUTING & TRANSIT #: 

121140399 

SWIFT CODE 

SVBKUS6S 

FOR CREDIT OF: 

Intelligent Buying Inc. 

FINAL CREDIT ACCOUNT #: 

3300509336 

BY ORDER OF:

[NAME OF SENDER]

IMPORTANT!!!! 

Wire instructions MUST designate the FULL TEN DIGIT ACCOUNT NUMBER. Wires received by Silicon ValIey Bank with INCOMPLETE or INVALID ACCOUNT NUMBERS may be delayed and could possibly require return to the sending bank due to new regulations.

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SCHEDULE “B”

INTELLIGENT BUYING, INC.

SHARES, OPTIONS AND WARRANTS OUTSTANDING

(Proforma Post Offering)

Shares

Common Stock

135,000

Preferred Stock

2,500,000

Common Stock Equivalents if Preferred Stock Converted

5,000,000

Total Fully-Diluted Common Shares (post-financing

Assuming all offering is fully subscribed)

5,135,000

            

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