Document:

OPKO
      HEALTH, INC. 

     

    -
      and
      -

     

    OTI
      HOLDINGS LIMITED

     

    -
      and
      -

     

    EACH
      HOLDER OF EXCHANGEABLE SHARES 

    in
      the
      capital of OTI Holdings Limited

     

     

    
      
        

      

    

     

    

    EXCHANGE
      AND SUPPORT AGREEMENT

    

    

    
      
        

      

     

    DATED:
      November
      28,
      2007

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      TABLE
        OF CONTENTS

      
         

      

       

    

    
      	 	
              Page

            
	 	 
	
              EXCHANGE
                AND SUPPORT AGREEMENT

            	
              
              
3
	 	 
	
              ARTICLE
                1 DEFINITIONS AND INTERPRETATION

            	4 
	
              1.1

            	
              DEFINITIONS

            	
              4

            
	
              1.2

            	
              RULES
                OF INTERPRETATION

            	
              7

            
	
              1.3

            	
              ENTIRE
                AGREEMENT

            	
              8

            
	 	 	 
	
              ARTICLE
                2 REPRESENTATIONS AND WARRANTIES OF OPKO

            	8 
	
              2.1

            	
              REPRESENTATIONS
                AND WARRANTIES OF OPKO

            	
              8

            
	 	 	 
	
              ARTICLE
                3 EXCHANGE RIGHT

            	10
	
              3.1

            	
              GRANT
                OF EXCHANGE RIGHT

            	
              10

            
	
              3.2

            	
              EXERCISE
                OF EXCHANGE RIGHT

            	
              10

            
	
              3.3

            	
              DELIVERY
                OF EXCHANGE RIGHT CONSIDERATION

            	
              11

            
	
              3.4

            	
              EFFECT
                OF EXERCISE

            	11
	
              3.5

            	
              DEEMED
                EXERCISE OF EXCHANGE RIGHT SUBSEQUENT TO RETRACTION

            	12
	
              3.6

            	
              NOTICE
                OF INSOLVENCY EVENT

            	
              12

            
	 	 	 
	
              ARTICLE
                4 AUTOMATIC EXCHANGE RIGHT

            	12
	
              4.1

            	
              NOTICE
                OF OPKO LIQUIDATION EVENT

            	
              12

            
	
              4.2

            	
              AUTOMATIC
                EXCHANGE

            	
              13

            
	
              4.3

            	
              CERTIFICATES

            	
              13

            
	 	 	 
	
              ARTICLE
                5 ECONOMIC EQUIVALENCE

            	
              13

            
	
              5.1

            	
              ECONOMIC
                EQUIVALENCE - OPKO OBLIGATIONS

            	
              
                13

              

            
	
              5.2

            	
              ECONOMIC
                EQUIVALENCE - THE CORPORATION OBLIGATIONS

            	
              
                14

              

            
	
              5.3

            	
              COVENANTS
                REGARDING EXCHANGEABLE SHARES

            	
              
                15

              

            
	
              5.4

            	
              ADDITIONAL
                OPKO COVENANTS

            	
              16

            
	
              5.5

            	
              DELIVERY
                OF OPKO COMMON SHARES

            	
              16

            
	
              5.6

            	
              PROVISION
                OF FUNDS

            	
              17

            
	
              5.7

            	
              OWNERSHIP
                OF COMMON SHARES

            	
              17

            
	
              5.8

            	
              OPKO
                AND AFFILIATES NOT TO VOTE EXCHANGEABLE SHARES

            	
              17

            
	
              5.9

            	
              GRANT
                OF CALL RIGHTS

            	
              18

            
	
              5.10

            	
              NOTIFICATION
                OF CERTAIN EVENTS

            	
              18

            
	
              5.11

            	
              QUALIFICATION
                OF OPKO COMMON SHARES

            	
              18

            
	
              5.12

            	
              TENDER
                OFFERS

            	
              19

            
	 	 	 
	
              ARTICLE
                6 TAX MATTERS

            	19
	
              6.1

            	
              RIGHT
                TO WITHHOLD

            	
              19

            
	
              6.2

            	
              SECTION
                116 CLEARANCE CERTIFICATE FOR NON-RESIDENT HOLDERS

            	
              19

            
	
              6.3

            	
              TRANSFER
                TAXES

            	
              21

            
	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      TABLE
        OF CONTENTS

      (continued)

       

      Page

       

    

    
      	
              ARTICLE
                7 REGISTRATION

            	
              21

            
	
              7.1

            	
              PIGGYBACK
                REGISTRATION.

            	
              
                21

              

            
	
              7.2

            	
              REGISTRATION
                EXPENSES.

            	
              
                22

              

            
	
              7.3

            	
              OBLIGATIONS
                OF OPKO.

            	
              22

            
	
              7.4

            	
              OBLIGATIONS
                OF THE HOLDERS.

            	
              25

            
	
              7.5

            	
              TERMINATION
                OF REGISTRATION RIGHTS.

            	
              25

            
	
              7.6

            	
              DISPOSITIONS.

            	
              25

            
	
              7.7

            	
              SEC
                RULE144 REPORTING.

            	
              25

            
	
              7.8

            	
              INDEMNIFICATION
                AND CONTRIBUTION.

            	
              26

            
	 	 	 
	
              ARTICLE
                8 GENERAL

            	29
	
              8.1

            	
              TRANSFER
                AND ISSUANCE RESTRICTIONS

            	
              29

            
	
              8.2

            	
              LEGENDS

            	
              29

            
	
              8.3

            	
              SELLER
                ACKNOWLEDGEMENTS AND AGREEMENTS

            	
              30

            
	
              8.4

            	
              COMPLIANCE
                WITH OTHER INSTRUMENTS

            	
              30

            
	
              8.5

            	
              CHANGES
                IN CAPITAL OF OPKO AND THE CORPORATION

            	
              31

            
	
              8.6

            	
              TERM

            	
              31

            
	
              8.7

            	
              ENUREMENT

            	
              31

            
	
              8.8

            	
              NOTICES
                TO PARTIES

            	
              31

            
	
              8.9

            	
              NOTICE
                TO HOLDERS

            	
              32

            
	
              8.10

            	
              AMENDMENT

            	
              32

            
	
              8.11

            	
              ASSIGNMENT

            	
              32

            
	
              8.12

            	
              FURTHER
                ASSURANCES

            	
              32

            
	
              8.13

            	
              EXECUTION
                AND DELIVERY

            	
              33

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXCHANGE
      AND
      SUPPORT AGREEMENT

     

    

    THIS
      AGREEMENT
      is made
November
      28,
      2007

    

    AMONG:

     

    OPKO
      HEALTH, INC. , a
      corporation incorporated pursuant to the laws of Delaware

     

    (“Opko”)

     

    -
      and
      -

     

    OTI
      Holdings Limited,
      a
      corporation incorporated under the laws of the Province of Ontario,

     

    (the
      “Corporation”)

     

    -
      and
      -

     

    EACH
      HOLDER OF EXCHANGEABLE SHARES
      in the
      capital of the Corporation listed in Schedule A to this Agreement, as amended
      from time to time

     

    (collectively,
      the “Holders”).

     

    WHEREAS:

     

    
      	
              A.

            	
              The
                parties wish to set out their understanding with respect to certain
                rights
                and obligations in connection with the exchange of shares of the
                Corporation for shares of Opko.

            

    

     

    
      	
              B.

            	
              Schedule
                A shall be automatically amended by the Corporation to include each
                additional investor that executes a counterpart instrument of accession
                to
                this Agreement in the form attached as Schedule
                B.

            

    

     

    NOW
      THEREFORE IN CONSIDERATION of
      the
      premises and the mutual covenants and agreements hereinafter contained and
      for
      other good and valuable consideration (the receipt and adequacy of which are
      hereby acknowledged), the Parties agree as follows:

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    ARTICLE 1

    DEFINITIONS
      AND INTERPRETATION

     

    
      	
              1.1

            	
              Definitions

            

    

     

    Whenever
      used in this Agreement, the following words and terms have the meanings set
      out
      below.

     

    “Affiliate”
      means,
      with respect to any Person, (i) any other Person directly or indirectly
      controlling, controlled by, or under common control with such Person, (ii)
      any
      Person owning or controlling ten percent or more of the outstanding voting
      interests of such Person, (iii) any officer, director, or general partner of
      such Person, (iv) any family member of such Person or any trust, family limited
      partnership or other similar entity controlled by such Person or his or her
      family members, or (v) any Person who is an officer, director, general partner,
      trustee, or holder of ten percent or more of the voting interests of any Person
      described in clauses (i) through (iv). For purposes of this definition, the
      terms “controlling”,
      “controlled
      by,”
or
      “under
      common control with”
shall
      mean the possession, direct or indirect, of the power to direct or cause the
      direction of the management and policies of a Person, whether through the
      ownership of voting securities, by contract or otherwise.

     

    “Agreement”
      means
      this agreement, including all schedules, and all amendments or restatements
      as
      permitted, and references to “Article”,
      “Section”
or
      “Schedule”
mean
      the specified Article, Section or Schedule of this Agreement.

     

    “Articles”
means
      the articles of incorporation of the Corporation, as amended by articles of
      amendment filed on the date of this Agreement, and as may be amended or restated
      from time to time.

     

    “Automatic
      Exchange Right”
means
      the benefit associated with the obligation of Opko or any Permitted Subsidiary
      that may be designated by Opko, to effect the automatic exchange of Exchangeable
      Shares for Opko Common Shares pursuant to Section 4.2.

     

    “Business
      Day”
means
      any day except a Saturday, Sunday or any day on which banks are generally not
      open for business in either of the Cities of Toronto, Ontario and New York,
      New
      York.

     

    “Common
      Shares”
means
      the common shares in the capital of the Corporation.

     

    “Equity
      Split”
and
      “as
      adjusted for Equity Splits”
have
      the meanings given to them in the Exchangeable Share Provisions.

     

    “Exchange
      Right”
has
      the
      meaning given to it in Section 3.1.

     

    “Exchange
      Right Consideration”
means,
      in respect of each Exchangeable Share:

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    
      	 	(a)	one Opko Common Share (as adjusted for Equity Splits);
              and

      	 	 	 

      	 	
              (b)

            	
              an
                amount equal to the Outstanding Dividend Amount on such Exchangeable
                Share
                on the date of exchange. 

            

    

     

    “Exchangeable
      Share Provisions”
means
      the rights, privileges, restrictions and conditions attaching to the
      Exchangeable Shares as set out in the Articles.

     

    “Exchangeable
      Shares”
means
      the exchangeable shares in the capital of the Corporation.

     

    “Opko
      Common Shares”
      means
      the common shares in the capital of Opko and any other securities into which
      such shares may be changed.

     

    “Opko
      Liquidation Event”
has
      the
      meaning given to it in Section 4.1.

     

    “Opko
      Liquidation Event Effective Date”
means
      the effective date of a Opko Liquidation Event.

     

    “Opko
      Sale”
has
      the
      meaning given to it in the Exchangeable Share Provisions.

     

    “GAAP”
means
      United States generally accepted accounting principles in effect from time
      to
      time applied consistently.

     

    “Holder”
means
      a
      registered holder of Exchangeable Shares, other than Opko and its
      Affiliates.

     

    “Insolvency
      Event”
means
      the institution by the Corporation of any proceeding to be adjudicated a
      bankrupt or insolvent or to be dissolved or wound up, or the consent of the
      Corporation to the institution of bankruptcy, insolvency, dissolution or winding
      up proceedings against it, or the filing of a petition, answer or consent
      seeking dissolution or winding up under any bankruptcy, insolvency or analogous
      laws, including without limitation the Companies
      Creditors’ Arrangement Act
      (Canada)
      and the Bankruptcy
      and Insolvency Act
      (Canada), and the failure by the Corporation to contest in good faith any such
      proceedings commenced in respect of the Corporation within 15 days of becoming
      aware thereof, or the consent by the Corporation to the filing of any such
      petition or to the appointment of a receiver, or the making by the Corporation
      of a general assignment for the benefit of creditors, or the admission in
      writing by the Corporation of its inability to pay its debts generally as they
      become due, or the Corporation not being permitted, pursuant to solvency
      requirements of applicable law, to redeem any Retracted Shares pursuant to
      Section 5.6 of the Exchangeable Share Provisions.

     

    “Joint
      Approval”
means
      the prior approval of the Corporation and the prior approval of the Holders
      given in accordance with Section 3.2of
      the
      Exchangeable Share Provisions.

     

    “Law”
means
      any federal, state, provincial, territorial, municipal, local or foreign
      statute, law, by-law, ordinance, regulation, rule, code, order or rule of or
      duty under common law, including any statute, law, by-law, ordinance,
      regulation, rule, code, order or rule of or duty under common law in Canada,
      the
      United States, any province or territory of Canada or any state or territory
      of
      the United States.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    “Liquidation
      Call Right”
has
      the
      meaning given in the Exchangeable Share Provisions.

     

    “Liquidation
      Event”
has
      the
      meaning given in the Exchangeable Share Provisions. 

     

    “Outstanding
      Dividend Amount”
has
      the
      meaning given in the Exchangeable Share Provisions.

     

    “Parties”
means
      the Corporation, Opko and the Holders; and “Party”
means
      any one of them.

     

    “Payer”
      has the
      meaning given to it in Section 6.1.

     

    “Permitted
      Subsidiary”
means
      Ophthalmic Technologies Holdings Limited, or any Subsidiary of Opko designated
      by Opko: (i) to exercise the Liquidation Call Right, Retraction Call Right
      or
      Redemption Call Right; or (ii) to be subject to the obligations of a Holder’s
      Exchange Right.

     

    “Person”
means
      any individual, sole proprietorship, partnership, firm, entity, unincorporated
      association, unincorporated syndicate, unincorporated organization, trust,
      body
      corporate, government, government regulatory authority, governmental department,
      agency, commission, board, tribunal, dispute settlement panel or body, bureau
      or
      court, and where the context requires, any of the above when they are acting
      as
      trustee, executor, administrator or other legal representative.

     

    “Redemption
      Call Right”
has
      the
      meaning given in the Exchangeable Share Provisions.

     

    “Redemption
      Date”
has
      the
      meaning given in the Exchangeable Share Provisions.

     

    “Registrable
      Securities”
      means
      all of the OPKO Common Shares issued pursuant to this Agreement, together with
      any securities issued or issuable pursuant to any stock split, dividend or
      other
      distribution, recapitalization, exchange or similar event with respect to the
      foregoing.

     

    “Retracted
      Shares”
means
      the Exchangeable Shares a Holder has required the Corporation to redeem under
      the Exchangeable Share Provisions. 

     

    “Retraction
      Call Right”
has
      the
      meaning given in the Exchangeable Share Provisions.

     

    “Retraction
      Request”
has
      the
      meaning given in the Exchangeable Share Provisions.

     

    “Share
      Purchase Agreement”
means
      the share purchase agreement made as of the date hereof among Rishard Weitz,
      Carolyn Weiss, 1161983 Ontario Limited, Grall Corporation Limited, Shane Dunne
      and Gerald Weiss, in Trust, Triple Net Properties Limited, the Corporation,
      and
      Opko 

     

    “Subsidiary”
of
      any
      Person means a Person Controlled by:

     

    (a) such
      first Person;

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    (b) such
      first Person and one or more Persons each of which is Controlled by such first
      Person; or

     

    (c) two
      or
      more Persons each of which is Controlled by such first Person,

     

    and
      includes any indirect subsidiaries.

    

    “Transfer”
      includes any sale, transfer, exchange, assignment, gift, bequest, disposition,
      mortgage, charge, pledge, encumbrance, grant of a security interest or other
      arrangement by which possession, legal title or beneficial ownership passes
      from
      one Person to another, or to the same Person in a different capacity, whether
      or
      not voluntarily and whether or not for value, and any agreement to effect any
      of
      the above; but does not include the exchange or redemption of any Exchangeable
      Shares or Opko Voting Shares under
      the
      terms of this Agreement, the Articles or the organizational documents of
      Opko.

     

    “U.S.
      Securities Act”
means
      the United
      States Securities Act of 1933,
      as
      amended.

     

    
      	
              1.2

            	
              Rules
                of Interpretation

            

    

     

    In
      this
      Agreement:

     

    
      	 	
              (a)

            	
              Consent
                -
                Whenever a provision of this Agreement requires an approval or consent
                and
                such approval or consent is not delivered within the applicable time
                limit, then, unless otherwise specified, the Party whose consent
                or
                approval is required will be conclusively deemed to have withheld
                its
                approval or consent.

            

    

     

    
      	 	
              (b)

            	
              Currency
                -
                Unless otherwise specified, all references to money amounts are to
                the
                lawful currency of the United States of
                America.

            

    

     

    
      	 	
              (c)

            	
              Governing
                Law
                -
                This Agreement is a contract made under and is governed by and construed
                in accordance with the law of the Province of Ontario and the federal
                laws
                of Canada applicable in the Province of
                Ontario.

            

    

     

    
      	 	
              (d)

            	
              Headings
                -
                Headings of Articles and Sections are inserted for convenience of
                reference only and do not affect the construction or interpretation
                of
                this Agreement.

            

    

     

    
      	 	
              (e)

            	
              Including
                -
                Where the word “including” or “includes” is used in this Agreement, it
                means “including (or includes) without
                limitation”.

            

    

     

    
      	 	
              (f)

            	
              Number
                and Gender
                -
                Unless the context otherwise requires, words importing the singular
                include the plural and vice versa and words importing gender include
                all
                genders.

            

    

     

    
      	 	
              (g)

            	
              Severability
                -
                If, in any jurisdiction, any provision of this Agreement or its
                application to any party or circumstance is restricted, prohibited
                or
                unenforceable, such provision will, as to such jurisdiction, be
                ineffective only to the extent of such restriction, prohibition or
                unenforceability without invalidating the remaining provisions of
                this
                Agreement and without affecting the validity or enforceability of
                such
                provision in any other jurisdiction or without affecting its application
                to other Parties or circumstances.

            

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    
      	 	
              (h)

            	
              Statutory
                references
                -
                A reference to a statute includes all regulations made pursuant to
                such
                statute and, unless otherwise specified, the provisions of any statute
                or
                regulation that amends, supplements or supersedes any such statute
                or any
                such regulation.

            

    

     

    
      	 	
              (i)

            	
              Time
                -
                Time is of the essence in the performance of the Parties’ respective
                obligations.

            

    

     

    
      	 	
              (j)

            	
              Time
                Periods
                -
                Unless otherwise specified, time periods within or following which
                any
                payment is to be made or act is to be done are calculated by excluding
                the
                day on which the period commences and including the day on which
                the
                period ends and by extending the period to the next Business Day
                if the
                last day of the period is not a Business
                Day.

            

    

     

    
      	
              1.3

            	
              Entire
                Agreement

            

    

     

    This
      Agreement together with the Exchangeable Share Provisions, constitutes the
      entire agreement between the Parties and sets out all the covenants, promises,
      warranties, representations, conditions, understandings and agreements between
      the Parties pertaining to the subject matter of this Agreement and supersedes
      all prior agreements, understandings, negotiations and discussions, whether
      oral
      or written. There are no covenants, promises, warranties, representations,
      conditions, understandings or other agreements, oral or written, express,
      implied or collateral between the Parties in connection with the subject matter
      of this Agreement except as specifically set forth in this Agreement and the
      Exchangeable Share Provisions.

     

    ARTICLE 2

    Representations
      AND WARRANTIES of opko

     

    
      	
              2.1

            	
              Representations
                and warranties of Opko

            

    

     

    Opko
      represents and warrants to the Holders as set out in the following Subsections
      of this Section and acknowledges that the Holders are relying upon such
      representations and warranties in entering into this Agreement: 

    

    
      	 	
              (a)

            	
              Authorized
                and Outstanding Capital
                -
                At October 25, 2007, the authorized capital stock of OPKO consisted
                of
                500,000,000 shares of common stock, $.01 par value per share, of
                which as
                of November 9, 2007 163,214,203 shares were issued or outstanding,
                fully
                paid and non-assessable, and 10,000,000 shares of preferred stock,
                $.01
                par value per share, of which 869,366 shares were issued or outstanding,
                fully paid and non-assessable. OPKO’s common stock has been duly and
                validly registered pursuant to Section 12(b) of the Exchange Act
                which
                registration is in full force and
                effect.

            

    

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              Incorporation
                and Organization
                -
                OPKO is a corporation duly organized, validly existing and in good
                standing under the laws of the State of Delaware and has all necessary
                corporate power to own all of its property and assets, to incur all
                of its
                liabilities and to carry on its business as presently conducted.
                

            

    

     

    
      	 	
              (c)

            	
              Interest
                in each Subsidiary
                -
                All shares of, or interests in, each of OPKO’s wholly-owned subsidiaries,
                held directly or indirectly by Opko are owned free and clear of all
                mortgages, liens, charges, pledges, security interests, encumbrances,
                claims and demands whatsoever and no person has any right, agreement
                or
                option, present or future, contingent or absolute, or any right capable
                of
                becoming a right, agreement or option, for the issue or allotment
                of any
                unissued shares of each of OPKO’s wholly-owned subsidiaries or any other
                security convertible into or exchangeable for any shares of each
                of OPKO’s
                wholly-owned subsidiaries or to require each of OPKO’s wholly-owned
                subsidiaries to purchase, redeem or otherwise acquire any of its
                issued
                and outstanding shares.

            

    

     

    
      	 	
              (d)

            	
              SEC
                Filings
                -
                Except for the Current Report on form 8-K and certain financial statements
                of Ophthalmic Technologies Inc. in connection with the initial investment
                in Ophthalmic Technologies Inc., since March 27, 2007, OPKO has filed
                all reports, documents and other information required of it to be
                filed
                with the SEC (the “OPKO
                SEC Reports”).
                The OPKO SEC Reports were prepared in accordance with the requirements
                of
                the Securities Act or the Exchange Act, as the case may be, and the
                rules
                and regulations of the SEC thereunder applicable to such OPKO SEC
                Reports.
                No disclosure included in any of the Parent SEC Reports included
                any
                statement that, when made or, if such Parent SEC Reports were subsequently
                amended, when amended, contained an untrue statement of a material
                fact or
                omitted to state a material fact necessary in order to make the statements
                therein, in light of the circumstances in which such statements were
                made,
                not materially misleading. 

            

    

     

    
      	 	
              (e)

            	
              Stock
                Exchange Listing
                -
                The outstanding Common Shares of OPKO are listed for trading on the
                American Stock Exchange, and Opko is, and at all times, has been
                in
                material compliance with the by-laws, rules and regulations of the
                American Stock Exchange.

            

    

     

    
      	 	
              (f)

            	
              No
                Material Changes
                -
                Since the date of the latest financial statements included within
                a report
                filed by OPKO with the Securities and Exchange Commission, and except
                as
                disclosed in OPKO’s reports filed with the SEC and other than this
                transaction, there has not been any material change in the assets,
                liabilities or obligations of Opko or any of OPKO’s wholly-owned
                subsidiaries, and to OPKO’s knowledge, there has not been any material
                adverse change in the business, operations or condition (financial
                or
                otherwise) or results of the operations of Opko or any of OPKO’s
                wholly-owned subsidiaries.

            

    

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    ARTICLE 3

    EXCHANGE
      RIGHT

     

    
      	
              3.1

            	
              Grant
                of Exchange Right

            

    

     

    Opko
      and
      each Permitted Subsidiary grants to each Holder the right (the “Exchange
      Right”)
      to
      require Opko or, as designated by Opko, a Permitted Subsidiary, to purchase
      from
      such Holder all or any part of the Exchangeable Shares held by such Holder
      on
      the terms set forth herein for the consideration described in
      Section 3.3.
      The
      Exchange Right may be exercised at any time and from time to time upon the
      occurrence and during the continuance of: 

     

    
      	 	
              (a)

            	
              an
                Insolvency Event;

            

    

     

    
      	 	
              (b)

            	
              the
                failure of Opko or any Permitted Subsidiary to purchase all or any
                part of
                the Exchangeable Shares held by such Holder following exercise of
                the
                Liquidation Call Right as provided in the Exchangeable Share
                Provisions;

            

    

     

    
      	 	
              (c)

            	
              subject
                to Section 3.1(b),
                the failure of the Corporation to redeem all the outstanding Exchangeable
                Shares following a Liquidation Event as provided in the Exchangeable
                Share
                Provisions;

            

    

     

    
      	 	
              (d)

            	
              the
                failure of Opko or any Permitted Subsidiary to purchase all or any
                part of
                the Exchangeable Shares held by such Holder following exercise of
                the
                Redemption Call Right as provided in the Exchangeable Share
                Provisions;

            

    

     

    
      	 	
              (e)

            	
              subject
                to Section 3.2(d),
                the failure of the Corporation to redeem all the outstanding Exchangeable
                Shares held by such Holder on the Redemption Date as provided in
                the
                Exchangeable Share Provisions;

            

    

     

    
      	 	
              (f)

            	
              the
                failure of Opko or any Permitted Subsidiary to purchase all or any
                part of
                the Exchangeable Shares held by such Holder following exercise of
                the
                Retraction Call Right as provided in the Exchangeable Share Provisions;
                or

            

    

     

    
      	 	
              (g)

            	
              subject
                to Section 3.1(f),
                the failure of the Corporation to redeem the Retracted Shares under
                a
                Retraction Request as provided in the Exchangeable Share Provisions.
                

            

    

     

    
      	
              3.2

            	
              Exercise
                of Exchange Right

            

    

     

    To
      exercise the Exchange Right, the Holder must deliver to Opko, in person or
      by
      certified or registered mail, the certificates representing the Exchangeable
      Shares to be exchanged, together with a written notice in the form set out
      in
      Schedule “C” hereto stating:

     

    
      	 	
              (a)

            	
              that
                the Holder is exercising the Exchange
                Right;

            

    

     

    
      	 	
              (b)

            	
              the
                number of Exchangeable Shares in respect of which the Exchange Right
                is
                being exercised; 

            

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              that
                the Holder has good title to and owns all the Exchangeable Shares
                free and
                clear of all encumbrances, other than those stipulated under the
                Share
                Purchase Agreement or the Articles;

            

    

     

    
      	 	
              (d)

            	
              whether
                the Holder is a non-resident of Canada for the purposes of the
                Income
                Tax Act
                (Canada) (the “Tax Act”);

            

    

     

    
      	 	
              (e)

            	
              the
                names in which the new certificates representing the Opko Common
                Shares
                are to be issued; and 

            

    

     

    
      	 	
              (f)

            	
              the
                name and address of the Person to whom such new certificates are
                to be
                delivered.

            

    

     

    If
      only a
      part of the Exchangeable Shares represented by any certificate or certificates
      delivered to Opko are to be purchased by Opko or, as applicable, a Permitted
      Subsidiary under the Exchange Right, a new certificate for the balance of such
      Exchangeable Shares shall be issued to the Holder at the expense of the
      Corporation.

     

    
      	
              3.3

            	
              Delivery
                of Exchange Right
                Consideration

            

    

     

    Opko
      or a
      Permitted Subsidiary, as the case may be, will, as soon as reasonably practical
      and, in any event, no later than five Business Days following receipt of the
      notice of exercise of the Exchange Right and the certificates representing
      the
      Exchangeable Shares to be exchanged, deliver or cause to be delivered to the
      Holder (or any other Persons properly designated by the Holder) the Exchange
      Right Consideration for each Exchangeable Share in respect of which the Exchange
      Right is exercised (i.e., certificates representing the Opko Common Shares
      constituting the Exchange Right Consideration (which Opko Common Shares are
      to
      be duly issued as fully paid and non-assessable and free and clear of any lien,
      claim, encumbrance, security interest or adverse claim) and a cheque of Opko
      or,
      as applicable, a Permitted Subsidiary, payable at par at any branch of the
      bankers of the Corporation totalling the Outstanding Dividend
      Amount).

     

    
      	
              3.4

            	
              Effect
                of Exercise

            

    

     

    Immediately
      upon receipt by Opko of the notice of the exercise of the Exchange Right and
      the
      certificates representing the Exchangeable Shares to be exchanged, the exchange
      is deemed to have occurred, the Holder is deemed to be the holder of the Opko
      Common Shares comprising the Exchange Right Consideration and the Holder of
      such
      Exchangeable Shares shall be deemed to have transferred to Opko or, as
      applicable, a Permitted Subsidiary all of its interest in such Exchangeable
      Shares and shall cease to be a holder of such Exchangeable Shares and shall
      not
      be entitled to exercise any of the rights of a holder in respect thereof, other
      than the right to receive its proportionate part of the total purchase price
      therefor, unless such Exchange Right Consideration is not delivered to the
      Holder (or to such other Persons, if any, properly designated by such Holder),
      within three Business Days of the date of the giving of such notice by the
      Holder, in which case the rights of the Holder shall remain unaffected until
      such Exchange Right Consideration is so delivered to the Holder. Concurrently
      with such Holder ceasing to be a holder of Exchangeable Shares, the Holder
      shall
      be considered and deemed for all purposes to be the holder of the Opko Common
      Shares delivered to it pursuant to the Exchange Right.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    
      	
              3.5

            	
              Deemed
                Exercise of Exchange Right Subsequent to
                Retraction

            

    

     

    If
      a
      Holder requires that the Corporation redeem the Holder’s Retracted Shares and is
      notified by the Corporation that the Corporation is not permitted, as a result
      of solvency requirements or other provisions of applicable Law, to redeem all
      such Retracted Shares, then, if the Retraction Call Right has not been exercised
      with respect to such Retracted Shares and the Holder has not revoked the
      Retraction Request in accordance with the Exchangeable Share Provisions, the
      Retraction Request will constitute the exercise of the Exchange Right with
      respect to those Retracted Shares that the Corporation is unable to redeem.
      In
      any such event, the Corporation will immediately notify Opko (with a copy to
      the
      Holder) of the prohibition against the Corporation redeeming all of the
      Retracted Shares and of the exercise of the Exchange Right (which notice will
      constitute the notice of exercise of the Exchange Right for purposes of Section
      3.2)
      and
      forward or cause to be forwarded to Opko all relevant materials delivered by
      the
      Holder to the Corporation (including without limitation a copy of the Retraction
      Request in connection with such proposed redemption of the Retracted Shares)
      and
      Opko or such Permitted Subsidiary as may be designated by Opko , will thereupon
      purchase the Retracted Shares that the Corporation is not permitted to redeem
      in
      accordance with the provisions of this Article 2.

     

    
      	
              3.6

            	
              Notice
                of Insolvency Event

            

    

     

    Immediately
      upon the occurrence of an Insolvency Event or any event which with the giving
      of
      notice or the passage of time or both would be an Insolvency Event, each of
      the
      Corporation and Opko shall give written notice thereof to the Holders. As soon
      as practicable after receiving notice from the Corporation, Opko or from any
      other Person of the occurrence of an Insolvency Event, the Corporation will
      mail
      to each Holder, at the expense of the Corporation, a notice of such Insolvency
      Event, which notice shall contain a brief statement of the right of the Holders
      with respect to the Exchange Right.

     

    ARTICLE 4

    AUTOMATIC
      EXCHANGE RIGHT

     

    
      	
              4.1

            	
              Notice
                of Opko Liquidation Event

            

    

     

    
      	 	
              (a)

            	
              Opko
                will give the Holders notice of each of the following events at the
                time
                set forth below:

            

    

     

    
      	 	
              (i)

            	
              in
                the event of any determination by Opko to institute voluntary liquidation,
                dissolution or winding-up proceedings with respect to Opko or to
                effect
                any other distribution of assets of Opko among its shareholders for
                the
                purpose of winding up its affairs, at least 60 days prior to the
                proposed
                effective date of such liquidation, dissolution, winding-up or other
                distribution; and

            

    

     

    
      	 	
              (ii)

            	
              immediately,
                upon the earlier of (A) receipt by Opko of notice of and (B) Opko
                otherwise becoming aware of any threatened or instituted claim, suit,
                petition or other proceedings with respect to the involuntary liquidation,
                dissolution or winding up of Opko or to effect any other distribution
                of
                assets of Opko among its shareholders for the purpose of winding
                up its
                affairs.

            

    

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              Notice
                of any event (an "Opko
                Liquidation Event")
                contemplated by Section 4.1(a)(i)
                or
                4.1(a)(ii)
                above shall include a brief description of the automatic exchange
                of
                Exchangeable Shares for Opko Common Shares provided for in Section
                4.2
                below.

            

    

     

    
      	
              4.2

            	
              Automatic
                Exchange

            

    

     

    On
      the
      fifth Business Day prior to the Opko Liquidation Event Effective Date, all
      of
      the then outstanding Exchangeable Shares held by the Holders shall be
      automatically exchanged with Opko or such Permitted Subsidiary as may be
      designated by Opko, for the Exchange Right Consideration. To effect such
      automatic exchange, effective the fifth Business Day prior to the Opko
      Liquidation Event Effective Date:

     

    
      	 	
              (a)

            	
              Opko
                or such Permitted Subsidiary, as applicable, will deliver or cause
                to be
                delivered to each Holder the Exchange Right Consideration for each
                Exchangeable Share held by the
                Holder;

            

    

     

    
      	 	
              (b)

            	
              each
                Holder will be deemed to have transferred to Opko or such Permitted
                Subsidiary, as applicable, all of the Holder’s interest in the
                Exchangeable Shares (which shall be free and clear of all liens and
                encumbrances, other than those stipulated under the Share Purchase
                Agreement, or the Articles) and will cease to be a Holder of those
                Exchangeable Shares;

            

    

     

    
      	 	
              (c)

            	
              the
                Holder will be deemed to be the holder of the Opko Common Shares
                delivered
                to it; and

            

    

     

    
      	 	
              (d)

            	
              the
                certificates held by the Holder previously representing the Exchangeable
                Shares will be deemed to represent the Opko Common Shares and other
                Exchange Right Consideration delivered to the Holder.
                

            

    

     

    
      	
              4.3

            	
              Certificates

            

    

     

    Upon
      the
      request of a Holder and the surrender by the Holder of Exchangeable Share
      certificates deemed to represent Opko Common Shares as provided in Section
      4.2,
      Opko or
      the applicable Permitted Subsidiary, as the case may be, will deliver to the
      Holder certificates issued by Opko representing the Opko Common
      Shares.

     

    ARTICLE 5

    ECONOMIC
      EQUIVALENCE

     

    
      	
              5.1

            	
              Economic
                Equivalence - Opko
                Obligations

            

    

     

    Opko
      will
      not, without Joint Approval:

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    
      	 	
              (a)

            	
              declare
                or pay or make any distribution (other than a distribution consisting
                of
                an issuance referred to in Section 5.1(b))
                on the Opko Common Shares unless the Corporation forthwith declares,
                pays
                or makes, as the case may be, the same per share dividend or distribution
                on the Exchangeable Shares as provided in Section 4.1
                of
                the Exchangeable Share Provisions;

            

    

     

    
      	 	
              (b)

            	
              issue
                or distribute to all of the Holders of the then outstanding Opko
                Common
                Shares in respect of the Opko Common Shares held by such
                holders:

            

    

     

    
      	 	
              (i)

            	
              Opko
                Common Shares (or securities exchangeable for or convertible into
                or
                carrying rights to acquire Opko Common Shares) by way of a share
                distribution or other distribution;
                or

            

    

     

    
      	 	
              (ii)

            	
              rights,
                options or warrants entitling them to subscribe for or to purchase
                Opko
                Common Shares (or securities exchangeable for or convertible into
                or
                carrying rights to acquire Opko Common
                Shares),

            

    

     

    unless
      the economic equivalent on a per share basis of such rights, options, securities
      or shares, is issued or distributed forthwith by the Corporation to Holders
      (as
      determined in good faith by the board of directors of the Corporation);
      or

     

    
      	 	
              (c)

            	
              effect:

            

    

     

    
      	 	
              (i)

            	
              a
                subdivision or change of the then outstanding Opko into a greater
                number
                of Opko Common Shares;

            

    

     

    
      	 	
              (ii)

            	
              a
                reduction, combination, consolidation or change of the then outstanding
                Opko Common Shares into a lesser number of Opko Common
                Shares;

            

    

     

    
      	 	
              (iii)

            	
              a
                reclassification or other change of the Opko Common Shares;
                or

            

    

     

    
      	 	
              (iv)

            	
              an
                amalgamation, merger, reorganization or other transaction affecting
                the
                Opko Common Shares, other than in the event of an Opko Sale pursuant
                to
                which a Redemption right is exercised,

            

    

     

    unless
      the same or an economically equivalent change is forthwith made by the
      Corporation to the Exchangeable Shares, or to the rights of the Holders (if
      any
      such change is necessary to retain economic equivalence), as determined in
      good
      faith by the board of directors of the Corporation.

     

    
      	
              5.2

            	
              Economic
                Equivalence - the Corporation
                Obligations

            

    

     

    The
      Corporation will not, without Joint Approval:

     

    
      	 	
              (a)

            	
              declare
                or pay any dividend or make any other distribution (other than a
                dividend
                or distribution consisting of an issuance referred to in Section
                5.2(b))
                on the Exchangeable Shares unless Opko forthwith declares, pays or
                makes,
                as the case may be, the same per unit distribution on the Opko Common
                Shares;

            

    

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (b)

            	
              issue
                to all of the Holders in respect of the Exchangeable Shares held
                by such
                Holders:

            

    

     

    
      	 	
              (i)

            	
              Exchangeable
                Shares (or securities exchangeable for or convertible into or carrying
                rights to acquire Exchangeable Shares) by way of stock dividend or
                other
                distribution; or

            

    

     

    
      	 	
              (ii)

            	
              rights,
                options or warrants entitling them to subscribe for or to purchase
                Exchangeable Shares (or securities exchangeable for or convertible
                into or
                carrying rights to acquire Exchangeable
                Shares),

            

    

     

    unless
      the economic equivalent on a per unit basis of such rights, options, or in
      the
      rights of the holders of, securities or shares, is issued or distributed
      forthwith by the Corporation to holders of Opko Common Shares (as determined
      in
      good faith by Opko ); or

     

    
      	 	
              (c)

            	
              effect:

            

    

     

    
      	 	
              (iii)

            	
              a
                subdivision or change of the then outstanding Exchangeable Shares
                into a
                greater number of Exchangeable
                Shares;

            

    

     

    
      	 	
              (iv)

            	
              a
                reduction, combination, consolidation or change of the then outstanding
                Exchangeable Shares into a lesser number of Exchangeable
                Shares;

            

    

     

    
      	 	
              (v)

            	
              a
                reclassification or other change of the Exchangeable Shares;
                or

            

    

     

    
      	 	
              (vi)

            	
              an
                amalgamation, merger, reorganization or other transaction affecting
                the
                Exchangeable Shares, other than in the event of an Opko Sale pursuant
                to
                which a Redemption right is
                exercised,

            

    

     

    unless
      the same or an economically equivalent change is forthwith made to the Opko
      Common Shares (if any such change is required to retain economic equivalence),
      as determined in good faith by Opko .

     

    
      	
              5.3

            	
              Covenants
                Regarding Exchangeable
                Shares

            

    

     

    Opko
      and
      the Corporation will:

     

    
      	 	
              (a)

            	
              ensure
                that the declaration date, record date and payment date for a dividend
                on
                the Exchangeable Shares will be the same as the declaration date,
                record
                date and payment date for the corresponding dividend on Opko Common
                Shares;

            

    

     

    
      	 	
              (b)

            	
              advise
                each Holder sufficiently in advance of any Company Sale or Liquidation
                Event to allow each Holder to exercise its rights of retraction pursuant
                to the Exchangeable Share Provisions to receive Opko Common Shares
                immediately prior to any such event or date;

            

    

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              duly
                and timely perform all of their respective obligations, and take
                all
                actions and do all things as are necessary or desirable to enable
                and
                permit each other to perform their respective obligations, under
                the
                Exchangeable Share Provisions; and

            

    

     

    
      	 	
              (d)

            	
              ensure
                that any redemption of Exchangeable Shares of a Holder in connection
                with
                a Company Sale, if requested by such Holder, shall be effective only
                upon,
                and will be conditional upon, the closing of the Company Sale.
                

            

    

     

    
      	
              5.4

            	
              Additional
                Opko Covenants

            

    

     

    Opko
      will:

     

    
      	 	
              (a)

            	
              not
                exercise its vote as a shareholder of the Corporation, nor allow
                any
                direct or indirect Subsidiary to exercise its own vote as a shareholder
                of
                the Corporation, to initiate the voluntary liquidation, dissolution
                or
                winding-up of the Corporation nor take any action or omit to take
                any
                action that is designed to result in the liquidation, dissolution
                or
                winding-up of the Corporation, other than in circumstances where
                such vote
                is necessary in order to enable the Corporation to fulfill its obligations
                under this Agreement or pursuant to the Exchangeable Share Provisions;
                and

            

    

     

    
      	 	
              (b)

            	
              take
                all such commercially reasonable actions and do all such commercially
                reasonable things as are necessary or desirable to enable and permit
                Opko,
                the Corporation, or a Permitted Subsidiary, as applicable, in accordance
                with applicable law, to perform its obligations arising upon the
                exercise
                by it of the Liquidation Call Right, the Retraction Call Right or
                the
                Redemption Call Right, including without limitation all such actions
                and
                all such things as are necessary or desirable to enable and permit
                Opko,
                the Corporation, or a Permitted Subsidiary, as applicable, to cause
                to be
                delivered Opko Common Shares to the holders of Exchangeable Shares
                in
                accordance with the provisions of the Liquidation Call Right, the
                Retraction Call Right or the Redemption Call Right, as the case may
                be.

            

    

     

    
      	
              5.5

            	
              Delivery
                of Opko Common Shares

            

    

     

    Upon
      notice from a Holder, the Corporation or a Permitted Subsidiary of any event
      that requires the Corporation or such Permitted Subsidiary to deliver Opko
      Common Shares to any Holder of Exchangeable Shares, Opko will, within five
      (5)
      Business Days, or upon the automatic exchange of Opko Common Shares for
      Exchangeable Shares pursuant to Section 4.2,
      Opko
      will on the fifth Business Day prior to the Opko Liquidation Event Effective
      Date, issue and deliver or cause the delivery of the requisite number of Opko
      Common Shares Holder or to the former Holder of the surrendered Exchangeable
      Shares, as the Corporation or such Permitted Subsidiary directs. All such Opko
      Common Shares will be, when issued and delivered, duly issued, fully paid and
      non-assessable, and will be free and clear of any lien, claim, encumbrance,
      security interest or adverse claim (other than resale restrictions arising
      under
      applicable securities Laws.) 

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    
      	
              5.6

            	
              Provision
                of Funds

            

    

     

    Opko
      shall provide, or cause the provision of, the Corporation and each Permitted
      Subsidiary with sufficient funds, assets or other property as and when necessary
      to enable the Corporation and each such Permitted Subsidiary to pay or otherwise
      satisfy its obligations under the Exchangeable Share Provisions and this
      Agreement, including without limitation, the payment of dividends by the
      Corporation and any and all obligations arising under the exercise by a
      Permitted Subsidiary of the Liquidation Call Right, the Retraction Call Right,
      the Redemption Call Right or under Articles 2 and 3 hereof.

     

    
      	
              5.7

            	
              Ownership
                of Common Shares

            

    

     

    Opko,
      or
      one of its wholly-owned Subsidiaries, will be and will remain the direct or
      indirect beneficial owner of all issued and outstanding voting shares in the
      capital of the Corporation (including without limitation, the Common Shares),
      except: (i) any change in ownership in connection with a transaction that
      constitutes a Company Sale; or (ii) with Joint Approval and the prior written
      approval of Opko.

     

    
      	
              5.8

            	
              Opko
                and Affiliates Not to Vote Exchangeable
                Shares

            

    

     

    
      	 	
              (a)

            	
              Subject
                to Section 5.4,
                Section 5.8(b)
                and Section 5.8(c),
                Opko will appoint and cause to be appointed proxyholders with respect
                to
                all Exchangeable Shares from time to time held by it and its Affiliates
                for the sole purpose of attending each meeting of Holders in order
                to be
                counted as part of the quorum for each
                meeting.

            

    

     

    
      	 	
              (b)

            	
              Opko
                will not, and will cause its Affiliates not to, exercise any voting
                rights
                that may be exercisable by holders of the Exchangeable Shares from
                time to
                time in respect of any matter considered at any meeting of Holders
                of
                Exchangeable Shares.

            

    

     

    
      	 	
              (c)

            	
              Where
                Holders (excluding Opko and its Affiliates) of more than two-thirds
                of the
                Exchangeable Shares approve the adding to or changing of restrictions
                or
                conditions, or the removing or changing of rights or privileges,
                attaching
                to the Exchangeable Shares, and such Holders of the Exchangeable
                Shares do
                not hold a sufficient number of Exchangeable Shares to cause such
                action
                to be approved by written consent of such Holders (as prescribed
                by
                applicable Law), Opko will, if it is a holder of Exchangeable Shares,
                and
                will cause its Affiliates who are holders of Exchangeable Shares,
                to
                execute any resolutions in writing which are executed by such other
                Holders or to exercise its votes in the same manner as exercised
                by the
                Holders of more than two-thirds of the Exchangeable Shares (excluding
                Opko
                and its affiliates).

            

    

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    
      	
              5.9

            	
              Grant
                of Call Rights

            

    

     

    The
      Corporation and each Holder grants to Opko and each Permitted Subsidiary, the
      Liquidation Call Right, the Redemption Call Right and the Retraction Call
      Right.

     

    
      	
              5.10

            	
              Notification
                of Certain Events

            

    

     

    In
      order
      to assist Opko to comply with its obligations hereunder, the Corporation will
      give Opko notice of each of the following events set forth below:

     

    
      	 	
              (a)

            	
              in
                the event of any determination by the board of directors of the
                Corporation to institute voluntary liquidation, dissolution or winding
                up
                proceedings with respect to the Corporation or to effect any other
                distribution of the assets of the Corporation among its shareholders
                for
                the purpose of winding up its affairs, at least 60 days prior to
                the
                proposed effective date of such liquidation, dissolution, winding
                up or
                other distribution;

            

    

     

    
      	 	
              (b)

            	
              immediately,
                upon the earlier of (i) receipt by the Corporation of notice of,
                and (ii)
                the Corporation otherwise becoming aware of, any threatened or instituted
                claim, suit, petition or other proceedings with respect to the involuntary
                liquidation, dissolution or winding up of the Corporation or to effect
                any
                other distribution of the assets of the Corporation among its shareholders
                for the purpose of winding up its
                affairs;

            

    

     

    
      	 	
              (c)

            	
              immediately,
                upon receipt by the Corporation of a Retraction Request;
                and

            

    

     

    
      	 	
              (d)

            	
              as
                soon as practicable upon the issuance by the Corporation of any
                Exchangeable Shares or rights to acquire Exchangeable
                Shares.

            

    

     

    
      	
              5.11

            	
              Qualification
                of Opko Common Shares

            

    

     

    If
      any
      Opko Common Shares (or other shares or securities into which Opko Common Shares
      may be reclassified or changed) to be issued and delivered hereunder or pursuant
      to the Exchangeable Share Provisions require registration or qualification
      with
      or approval of or the filing of any document, including any prospectus or
      similar document, with or the taking of any proceeding with or the obtaining
      of
      any order, ruling or consent from, any governmental or regulatory authority
      under any Canadian or United States federal, provincial or state securities
      or
      other law or regulation or pursuant to the rules and regulations of any
      securities or other regulatory authority or the fulfillment of any other United
      States or Canadian legal requirement before such shares (or such other shares
      or
      securities) may be issued by Opko and delivered by Opko at the direction of
      a
      Permitted Subsidiary or the Corporation, if applicable, to the holders of
      surrendered Exchangeable Shares, Opko will in good faith and expeditiously
      take
      all such commercially reasonable actions and do all such commercially reasonable
      things as are necessary or desirable to cause such Opko Common Shares (or such
      other shares or securities) to be and remain duly registered, qualified or
      approved under United States and/or Canadian law, as the case may
      be.

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    
      	
              5.12

            	
              Tender
                Offers

            

    

     

    In
      the
      event that a tender offer, share exchange offer, issuer bid, take-over bid
      or
      similar transaction with respect to Opko Common Shares (an "Offer") is proposed
      by Opko or otherwise occurs and the Exchangeable Shares are not purchased by
      a
      Permitted Subsidiary pursuant to the Redemption Call Right, Opko will use
      commercially reasonable efforts and expeditiously and in good faith to take
      all
      such commercially reasonable actions and do all such things as are necessary
      or
      desirable to enable and permit the Holders (other than Opko and its Affiliates)
      to participate in such Offer to the same extent and on an economically
      equivalent basis as the holders of Opko Common Shares, without discrimination.
      Without limiting the generality of the foregoing, Opko will use commercially
      reasonable efforts and expeditiously and in good faith to ensure that Holders
      may participate in all such Offers without being required to retract
      Exchangeable Shares as against the Corporation.

     

    ARTICLE 6

    TAX
      MATTERS

     

    
      	
              6.1

            	
              Right
                to Withhold

            

    

     

    The
      Corporation, Opko and each Permitted Subsidiary (each, as the case may be,
      a
“Payer”)
      may
      deduct and withhold from any amount otherwise payable to any Holder such amounts
      as the Payer is required to deduct and withhold with respect to such payment
      under the
      Tax
      Act,
      the
United
      States Internal Revenue Code of 1986
      or any
      provision of provincial, state, territorial, municipal, local or foreign tax
      Law, in each case as amended or succeeded. To the extent that amounts are so
      withheld, such withheld amounts are to be treated for all purposes as having
      been paid to the Holder of the shares or shares in respect of which such
      deduction and withholding was made, provided that such withheld amounts are
      actually remitted to the appropriate taxing authority. To the extent that the
      amount so required or permitted to be deducted or withheld from any payment
      to a
      Holder exceeds the cash portion of the amounts otherwise payable to the Holder,
      the Holder will be notified in writing thereof by the Payer, and the Holder
      must
      pay the difference (up to the amount required to be withheld by the Payer)
      in
      cash to the Payer; failing payment of such difference within five Business
      Days
      after notice is provided to the Holder, the Payer is hereby authorized to sell
      or otherwise dispose of such portion of the amounts otherwise payable to the
      Holder as is necessary to provide sufficient funds to the Payer to enable it
      to
      comply with such deduction or withholding requirement, and the Payer will notify
      the Holder thereof and remit to such Holder any unapplied balance of the net
      proceeds of such sale. The Payer shall endeavour in good faith to maximize
      the
      proceeds realized from any such sale or disposition of the
      consideration.

     

    
      	
              6.2

            	
              Section
                116 Clearance Certificate for Non-Resident
                Holders

            

    

     

    
      	 	
              (a)

            	
              Each
                Holder that is a non-resident of Canada for purposes of the Tax Act
                (a
                “Non-resident
                Holder”)
                and to whom the Exchangeable Shares are “taxable Canadian property” and
                not “excluded property” for purposes of the Tax Act must, prior to a
                disposition of such shares to the Corporation, Opko or any Permitted
                Subsidiary as may be designated by Opko, deliver to the Payer an
                amount in
                Canadian dollars equal to 25% of the fair market value of the Exchangeable
                Shares to be disposed of, as determined on the date of disposition
                (the
                “Up-front
                Amount”).
                The Up-front Amount shall be released by the Payer or remitted to
                the
                Canada Revenue Agency (the “CRA”)
                as set forth below. 

            

    

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              If
                the Up-front Amount has not been delivered to the Payer on, or prior
                to,
                the date of disposition of the Exchangeable Shares (the “Effective
                Date”),
                the Non-resident Holder must, prior to a disposition of such shares
                to the
                Corporation, Opko or any Permitted Subsidiary as may be designated
                by
                Opko, deliver a section 116 clearance certificate (a “Clearance
                Certificate”)
                to the Payer. 

            

    

     

    
      	 	
              (c)

            	
              If
                a Clearance Certificate having a certificate limit as
                defined in subsection 2 of Section 116 of the Tax Act (the “Certificate
                Limit”)
                at least equal to the fair market value for the Exchangeable Shares
                being
                disposed of has not been delivered to the Payer on or prior to the
                Effective Date, the Payer shall withhold 50%
                of
                the proceeds of disposition otherwise deliverable to the Non-resident
                Holder. If a Clearance Certificate has been delivered to the Payer
                on or
                before the Effective Date and the Certificate Limit is less than
                the 50%
                of the fair market value of the Exchangeable Shares being disposed
                of, the
                Payer shall withhold 50% of the amount by which the proceeds of
                disposition otherwise payable to the Non-resident Holder exceeds
                the
                Certificate Limit. Any
                amount so withheld (the “Withheld
                Amount”)
                shall be released by the Payer or remitted to the Canada Revenue
                Agency
                (the “CRA”)
                as set forth below. 

            

    

     

    
      	 	
              (d)

            	
              If
                on or before the 27th day of the month following the calendar month
                which
                includes the Effective Date (the “Remittance
                Date”),
                the Payer receives from the Non-resident Holder a Clearance Certificate
                with a Certificate Limit at
                least equal to the fair market value of the Exchangeable Shares disposed
                of, the Payer shall, promptly after receipt of such Clearance Certificate,
                deliver to the Non-resident Holder the Withheld Amount or the Up-front
                Amount, as may be applicable, plus any interest earned thereon (less
                any
                applicable withholding taxes). 

            

    

     

    
      	 	
              (e)

            	
              If
                on or before the Remittance Date, the Payer does not receive from
                the
                Non-resident Holder a Clearance Certificate, or receives a Clearance
                Certificate with a Certificate Limit that is less than the fair market
                value of the Exchangeable Shares being disposed of, then, unless
                the CRA
                has issued a letter confirming that the CRA will not enforce the
                remittance of funds as is normally required under subsection 116(5)
                of the
                Tax Act and that the Payer will not be charged interest or penalties
                if it
                delays the remittance of amounts in respect of the disposition of
                the
                Exchangeable Shares until further instructed by the CRA (a “Comfort
                Letter”),
                the Payer shall remit to the Receiver General for Canada (the
                “Receiver
                General”)
                from the Withheld Amount or the Up-front Amount, as may be applicable,
                an
                amount equal to 25% of the fair market value of the Exchangeable
                Shares
                disposed of (or, if a Clearance Certificate is received but with
                a
                Certificate Limit less than the fair market value of the Exchangeable
                Shares disposed of, an amount equal to 25% of the difference between
                the
                fair market value of the Exchangeable Shares disposed of and the
                Certificate Limit) and shall remit to the Non-resident Holder such
                portion
                of the Withheld Amount or the Up-front Amount, as may be applicable,
                not
                required to be remitted to CRA (if any), together with any interest
                earned
                thereon (less applicable withholding taxes).

            

    

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    
      	 	
              (f)

            	
              If
                the CRA has issued a Comfort Letter, the Payer shall not make any
                remittance to the Receiver General on the date that would otherwise
                be the
                Remittance Date and if a Clearance Certificate is subsequently received
                while the Comfort Letter remains in effect, with a Certificate Limit
                at
                least equal to the fair market value of the Exchangeable Shares being
                disposed of, the Payer shall, promptly after receipt of such certificate,
                remit to the Non-resident Holder the Withheld Amount or the Up-front
                Amount, as may be applicable, together with any interest earned thereon,
                less any applicable withholding taxes. If notification from the CRA
                is
                received that the Comfort Letter is no longer in effect, the date
                of
                receipt of such notification shall be deemed to be the Remittance
                Date for
                the purposes of this section.

            

    

     

    
      	 	
              (g)

            	
              Any
                amount that the Payer withholds from the proceeds of disposition
                otherwise
                payable to the Non-resident Holder pursuant to the provisions hereof
                shall
                be treated as having been paid to the Non-resident Holder on account
                of
                the proceeds of disposition on the date of
                disposition.

            

    

     

    
      	
              6.3

            	
              Transfer
                Taxes

            

    

     

    Each
      Holder will pay any documentary, stamp, transfer or other similar taxes that
      may
      be payable in respect of any Transfer involved in the issuance or delivery
      of
      Opko Common Shares.

     

    ARTICLE 7
      

    REGISTRATION

     

    
      	
              7.1

            	
              Piggyback
                Registration. 

            

    

     

    
      	 	
              (a)

            	
              Beginning
                on the date of this Agreement, OPKO will notify all Holders of Registrable
                Securities in writing at least 10 days prior to the filing of any
                registration statement under the Securities Act for purposes of a
                public
                offering of OPKO Common Shares by OPKO (including, but not limited
                to,
                registration statements relating to secondary offerings of OPKO Common
                Shares, but excluding registration statements relating to employee
                benefit
                plans or with respect to corporate reorganizations or other transactions
                under SEC Rule 145) and will afford each such Holder an opportunity
                to
                include in such registration statement up to 100% of such Registrable
                Securities held by such Holder, subject to Section 7.1(b).
                Each Holder desiring to include in any such registration statement
                part of
                the Registrable Securities held by it will, within 5 days after the
                above-described notice from OPKO (the “Holder Notice Period”), so notify
                OPKO in writing. Such notice will state the intended method of disposition
                of the Registrable Securities by such Holder as well as the number
                of
                Registrable Securities proposed by such Holder to be included in
                such
                registration statement. 

            

    

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              If
                the registration statement under which OPKO gives notice under this
                Section 7.1(b)
                is
                for an underwritten offering, OPKO will so advise the Holders of
                Registrable Securities as a part of such notice. In such event, the
                right
                of any Holder to be included in a registration pursuant to this
                Section  7.1(b)
                will be conditioned upon such Holder’s participation in such underwriting
                and the inclusion of such Holder’s Registrable Securities in the
                underwriting to the extent provided herein. All Holders proposing
                to
                distribute their Registrable Securities through such underwriting
                will
                enter into an underwriting agreement in customary form with the
                underwriter or underwriters selected for such underwriting by OPKO.
                Notwithstanding any other provision of this
                Section  7.1(b),
                if
                the underwriter determines that marketing factors require a limitation
                of
                the number of shares to be underwritten, the number of shares that
                may be
                included in the underwriting will be allocated first to OPKO.
                

            

    

     

    
      	 	
              (c)

            	
              OPKO
                will have the right to terminate or withdraw any registration initiated
                by
                it under this Section 7.1
                prior to the effectiveness of such registration whether or not any
                Holder
                has elected to include securities in such registration.
                

            

    

     

    
      	
              7.2

            	
              Registration
                Expenses. 

            

    

     

    OPKO
      shall pay all fees and expenses incident to the performance of or compliance
      with this ARTICLE 7including
      without limitation: (a) all registration and filing fees and expenses,
      including without limitation those related to filings with the SEC, and in
      connection with applicable state securities or Blue Sky Laws, (b) printing
      expenses (including without limitation expenses of printing certificates for
      Registrable Securities), (c) messenger, telephone and delivery expenses,
      (d) fees and disbursements of counsel for OPKO, (e) fees and expenses
      of all other Persons retained by OPKO in connection with a registration
      statement and (f) all listing fees to be paid by OPKO. Holders shall pay
      all fees and disbursements of counsel retained for Holders in connection with
      a
      registration statement as well as all underwriter discounts associated with
      any
      public offering conducted on such Holder’s behalf. 

     

    
      	
              7.3

            	
              Obligations
                of OPKO. 

            

    

     

    Whenever
      required to effect the registration of any Registrable Securities, OPKO will,
      as
      soon as practicable: 

     

    
      	 	
              (a)

            	
              prepare
                and file with the SEC a registration statement with respect to such
                Registrable Securities and use its reasonable efforts to cause such
                registration statement to become effective and keep such registration
                statement effective for at least 180 days or, if earlier, until
                (i) the participating Holder or Holders have completed the
                distribution related thereto or (ii) the Registrable Securities are
                no longer required to be
                registered;

            

    

     

    
      	 	
              (b)

            	
              prepare
                and file with the SEC such amendments and supplements to such registration
                statement and the prospectus used in connection with such registration
                statement as may be necessary to comply with the provisions of the
                Securities Act with respect to the disposition of all securities
                covered
                by such registration statement; 

            

    

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              in
                the event of any underwritten public offering, enter into and perform
                its
                obligations under an underwriting agreement, in usual and customary
                form,
                with the managing underwriter or underwriters of such offering. Each
                Holder participating in such underwriting will also enter into and
                perform
                its obligations under such an agreement;

            

    

     

    
      	 	
              (d)

            	
              promptly
                notify each Holder of Registrable Securities covered by such registration
                statement at any time when a prospectus relating thereto is required
                to be
                delivered under the Securities Act upon learning of the happening
                of any
                event as a result of which the prospectus included in such registration
                statement, as then in effect, includes an untrue statement of a material
                fact or omits to state a material fact required to be stated therein
                or
                necessary to make the statements therein not misleading and, at the
                request of the Holders, OPKO shall prepare a supplement or amendment
                to
                such prospectus so that, as thereafter delivered to the purchasers
                of such
                Registrable Securities, such prospectus shall not contain an untrue
                statement of a material fact or omit to state any fact necessary
                to make
                the statements therein not misleading in the light of the circumstances
                then existing; 

            

    

     

    
      	 	
              (e)

            	
              furnish
                to each Holder and to each underwriter such number of copies of the
                registration statement and the prospectus included therein (including
                each
                preliminary prospectus) as such Persons reasonably may request in
                order to
                facilitate the intended disposition of the Registrable Securities
                covered
                by such registration statement;

            

    

     

    
      	 	
              (f)

            	
              use
                its best efforts (i) to
                register or qualify the Registrable Securities covered by such
                registration statement under the securities or “blue sky” laws of such
                jurisdictions as the sellers of Registrable Securities or, in the
                case of
                an underwritten public offering, the managing underwriter reasonably
                shall
                request, (ii) to
                prepare and file in those jurisdictions such amendments (including
                post
                effective amendments) and supplements, and take such other actions,
                as may
                be necessary to maintain such registration and qualification in effect
                at
                all times for the period of distribution contemplated thereby and
                (iii) to
                take such further action as may be necessary or advisable to enable
                the
                disposition of the Registrable Securities in such jurisdictions,
                provided,
                that OPKO shall not for any such purpose be required to qualify generally
                to transact business as a foreign corporation in any jurisdiction
                where it
                is not so qualified or to consent to general service of process in
                any
                such jurisdiction;

            

    

     

    
      	 	
              (g)

            	
              permit
                a single firm of counsel designated as selling stockholders' counsel
                by
                the Holders to review the registration statement and all amendments
                and
                supplements thereto for a reasonable period of time prior to their
                filing.

            

    

     

    
      	 	
              (h)

            	
              if
                such registration involves an underwritten offering, furnish a legal
                opinion of the Corporation’s counsel, dated the date of the closing under
                the underwriting agreement, with respect to the registration statement,
                each amendment and supplement thereto, the prospectus included therein
                (including the preliminary prospectus) and other documents relating
                thereto, in customary form and covering such matters as are customarily
                covered by legal opinions of issuers’ counsel in such public
                offerings. 

            

    

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    
      	 	
              (i)

            	
              if
                such registration involves an underwritten offering, furnish a legal
                opinion of the Corporation’s counsel, dated the date of the closing under
                the underwriting agreement, with respect to the registration statement,
                each amendment and supplement thereto, the prospectus included therein
                (including the preliminary prospectus) and other documents relating
                thereto, in customary form and covering such matters as are customarily
                covered by legal opinions of issuers’ counsel in such public
                offerings

            

    

     

    
      	 	
              (j)

            	
              make
                available for inspection by each seller of Registrable Securities,
                any
                underwriter participating in any distribution pursuant to such
                registration statement, and any attorney, accountant or other agent
                retained by such seller or underwriter, all relevant financial and
                other
                records, pertinent corporate documents and properties of OPKO, and
                cause
                OPKO's officers, directors and employees to supply all information
                reasonably requested by any such seller, underwriter, attorney, accountant
                or agent in connection with such registration statement;
                

            

    

     

    
      	 	
              (k)

            	
              provide
                a transfer agent and registrar, which may be a single entity for
                the
                Registrable Securities not later than the effective date of the
                Registration Statement; 

            

    

     

    
      	 	
              (l)

            	
              take
                all actions reasonably necessary to facilitate the timely preparation
                and
                delivery of certificates (not bearing any legend restricting the
                sale or
                transfer of such securities) representing the Registrable Securities
                to be
                sold pursuant to the Registration Statement and to enable such
                certificates to be in such denominations and registered in such names
                as
                the Sellers or any underwriters may reasonably
                request;

            

    

     

    
      	 	
              (m)

            	
              take
                all other reasonable actions necessary to expedite and facilitate
                the
                registration of the Registrable Securities pursuant to the Registration
                Statement; and

            

    

     

    
      	 	
              (n)

            	
              advise
                each Holder of Registrable Securities covered by such registration
                statement and, if requested by any such Holder, confirm such advice
                in
                writing: 

            

    

     

    
      	 	
              (i)

            	
              when
                such registration statement, and any amendment thereto, has been
                filed
                with the SEC and when the registration statement or any post-effective
                amendment thereto has become effective;

            

    

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    
      	 	
              (ii)

            	
              of
                any request by the SEC for amendments or supplements to such registration
                statement or the prospectus included therein or for additional
                information; 

            

    

     

    
      	 	
              (iii)

            	
              of
                the issuance by the SEC of any stop order suspending effectiveness
                of the
                registration statement or the initiation of any proceedings for that
                purpose; and 

            

    

     

    
      	 	
              (iv)

            	
              of
                the receipt by OPKO of any notification with respect to the suspension
                of
                the qualification of the securities included in the registration
                statement
                for sale in any jurisdiction or the initiation of any proceeding
                for such
                purpose. 

            

    

     

    

    7.4 Obligations
      of the Holders.  

     

    Each
      Holder desiring to include in any such registration statement all or any part
      of
      the Registrable Securities held by such Holder will reasonably cooperate with
      OPKO in connection with the preparation and filing of any registration statement
      and each amendment thereof and, upon OPKO’s reasonable request, will in a timely
      manner furnish in writing to OPKO accurate and complete information regarding
      the Holder, the distribution of the Registrable Securities and other matters
      as
      may be required by applicable Law, rule or regulation for inclusion in the
      registration statement and each amendment; the provision of such information
      by
      such Holders to OPKO shall be a condition precedent to OPKO’s obligations under
ARTICLE 7
      hereof.

    

    7.5 Termination
      of Registration Rights.  

     

    All
      registration rights granted under this ARTICLE 7
      will
      terminate and be of no further force and effect as to any Holder on the earlier
      of (a) five years from the date hereof and (b)  such time as all of
      the Registrable Securities held by such Holder (together with its affiliates,
      partners and former partners) may be sold under SEC Rule 144 during any
      90-day period. 

    

    7.6 Dispositions.  

     

    Each
      Holder agrees that it will comply with the prospectus delivery requirements
      of
      the Securities Act as applicable to it in connection with sales of Registrable
      Securities pursuant to a registration statement. 

    

    7.7 SEC
      Rule 144 Reporting.  

    

    With
      a
      view to making available to the Holders the benefits of certain rules and
      regulations of the SEC that may permit the sale of the Registrable Securities
      to
      the public without registration, OPKO will use its reasonable best efforts
      to:

    

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    
      	 	
              (a)

            	
              Make
                and keep public information available, as those terms are understood
                and
                defined in SEC Rule 144 or any similar or analogous rule promulgated
                under the Securities Act. 

            

    

     

    
      	 	
              (b)

            	
              File
                with the SEC, in a timely manner, all reports and other documents
                required
                of OPKO under the Exchange Act; 

            

    

     

    
      	 	
              (c)

            	
              As
                long as a Holder owns any Registrable Securities, furnish to such
                Holder
                promptly upon request: a written statement by OPKO as to its compliance
                with the reporting requirements of SEC Rule 144, the Securities Act,
                and the Exchange Act, a copy of the most recent annual or quarterly
                report
                of OPKO and such other reports and documents so filed by OPKO; and
                such
                other reports and documents as a Holder may reasonably request in
                availing
                itself of any rule or regulation of the SEC allowing it to sell any
                such
                securities without registration. 

            

    

     

    

    7.8 Indemnification
      and Contribution.  

     

    
      	 	
              (a)

            	
              In
                the event of a registration of any of the Registrable Securities
                under the
                Securities Act pursuant to Section 7.1,
                OPKO will indemnify and hold harmless each seller of such Registrable
                Securities thereunder, any underwriter (as defined in the Securities
                Act)
                for such seller, and each other Person, if any, who controls such
                seller
                or underwriter within the meaning of the Securities Act or the Exchange
                Act, from and against, and pay or reimburse them for, any losses,
                claims,
                reasonable expenses, damages or liabilities to which such seller,
                underwriter or controlling Person may become subject under the Securities
                Act, the Exchange Act or otherwise, insofar as such losses, claims,
                expenses, damages or liabilities (or actions in respect thereof)
                arise out
                of or are based upon any untrue statement or alleged untrue statement
                of
                any material fact contained in any registration statement under which
                such
                Registrable Securities were registered under the Securities Act pursuant
                to Section 7.1,
                any preliminary prospectus or final prospectus contained therein,
                or any
                amendment or supplement thereof, or arise out of or are based upon
                the
                omission or alleged omission to state therein a material fact required
                to
                be stated therein or necessary to make the statements therein not
                misleading, or any violation or alleged violation of the Securities
                Act,
                the Exchange Act, any state securities or blue sky laws and specifically
                will reimburse each such seller, underwriter and controlling Person
                for
                any legal or other expenses reasonably incurred by it in connection
                with
                investigating or defending any such loss, claim, damage, liability
                or
                action; provided,
                that OPKO will not be liable in any such case if and to the extent
                that
                any such loss, claim, expense, damage or liability arises out of
                or is
                based upon OPKO's reliance on an untrue statement or alleged untrue
                statement or omission or alleged omission so made in conformity with
                information furnished by any such seller, underwriter or controlling
                Person in writing specifically for use in such registration statement
                or
                prospectus; and provided further,
                that OPKO shall not be liable to the extent that any such loss, claim,
                expense, damage or liability (or action in respect thereof) arises
                out of
                or is based upon an untrue statement or alleged untrue statement
                or
                omission in such registration statement corrected in an amendment
                or
                supplement to the registration statement, such amendment or supplement
                was
                delivered to the indemnified party in sufficient quantities and a
                reasonable period of time prior to the closing of any offering and
                the
                indemnified party failed to deliver or failed to cause to be delivered
                such registration statement as so amended or supplemented to the
                Person
                asserting such loss, claim, expense, damage or
                liability.

            

    

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              In
                the event of a registration of any of the Registrable Securities
                under the
                Securities Act pursuant to Section 7.1,
                each seller of such Registrable Securities thereunder, severally
                and not
                jointly, will indemnify and hold harmless OPKO, each Person, if any,
                who
                controls OPKO within the meaning of the Securities Act, each officer
                of
                OPKO who signs the registration statement, each director of OPKO
                and any
                underwriter and any controlling Person of such underwriter from and
                against all losses, claims, reasonable expenses, damages or liabilities,
                joint or several, to which OPKO or such officer, director, underwriter or
                controlling Person may become subject under the Securities Act, Exchange
                Act or otherwise, insofar as such losses, claims, expenses, damages
                or
                liabilities (or actions in respect thereof) arise out of or are based
                upon
                reliance on any untrue statement or alleged untrue statement of any
                material fact contained in the registration statement under which
                such
                Registrable Securities were registered under the Securities Act,
                any
                preliminary prospectus or final prospectus contained therein, or
                any
                amendment or supplement thereof, or arise out of or are based upon
                the
                omission or alleged omission to state therein a material fact required
                to
                be stated therein or necessary to make the statements therein not
                misleading, and will reimburse OPKO and each such officer, director,
                underwriter and controlling Person for any legal or other expenses
                reasonably incurred by them in connection with investigating or defending
                any such loss, claim, expense, damage, liability or action; provided,
                that such seller will be liable hereunder in any such case if and
                only to
                the extent that any such loss, claim, expense, damage or liability
                arises
                out of or is based upon an untrue statement or alleged untrue statement
                or
                omission or alleged omission made in reliance upon and in conformity
                with
                information pertaining to such seller, as such, furnished in writing
                to
                OPKO by such seller specifically for use in such registration statement
                or
                prospectus; and provided,
                further,
                that the liability of each seller hereunder shall be limited to the
                proportion of any such loss, claim, expense, damage or liability
                which is
                equal to the proportion that the public offering price of the Registrable
                Securities sold by such seller under such registration statement
                bears to
                the total public offering price of all securities sold
                thereunder

            

    

     

    
      	 	
              (c)

            	
               Notwithstanding
                the foregoing, the indemnity provided in this ARTICLE 7
                shall not apply to amounts paid in settlement of any such loss, claim,
                expense, damage or liability if such settlement is effected without
                the
                consent of such seller;

            

    

     

    
      	 	
              (d)

            	
              Promptly
                after receipt by an indemnified party hereunder of notice of the
                commencement of any action (including any governmental action), such
                indemnified party shall, if a claim in respect thereof is to be made
                against the indemnifying party hereunder, notify the indemnifying
                party in
                writing thereof, but the delay so to notify the indemnifying party
                shall
                not relieve it from any liability which it may have to such indemnified
                party other than under this Section 7.8
                and shall only relieve it from any liability which it may have to
                such
                indemnified party under this Section 7.8
                if
                and to the extent the indemnifying party is materially prejudiced
                by such
                delay. In case any such action shall be brought against any indemnified
                party and it shall notify the indemnifying party of the commencement
                thereof, the indemnifying party shall be entitled to participate
                in and,
                to the extent it shall wish, to jointly with any other indemnifying
                party
                similarly notified, assume and undertake the defence thereof with
                counsel
                satisfactory to such indemnified party, and, after notice from the
                indemnifying party to such indemnified party of its election so to
                assume
                and undertake the defence thereof, the indemnifying party shall not
                be
                liable to such indemnified party under this Section 7.8
                for any legal expenses subsequently incurred by such indemnified
                party in
                connection with the defence thereof provided,
                that if the defendants in any such action include both the indemnified
                party and the indemnifying party and the indemnified party shall
                have
                reasonable defences available to it which are different from or additional
                to those available to the indemnifying party or if the interests
                of the
                indemnified party reasonably may be deemed to conflict with the interests
                of the indemnifying party, the indemnified party shall have the right
                to
                select a separate counsel and to assume such legal defences and otherwise
                to participate in the defence of such action, with the reasonable
                expenses
                and fees of such separate counsel and other expenses related to such
                participation to be reimbursed by the indemnifying party as incurred.
                

            

    

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    
      	 	
              (e)

            	
              If
                the indemnification provided for in this Section 7.8
                is
                held by a court of competent jurisdiction to be unavailable to an
                indemnified party with respect to any loss, claim, expense, damage
                or
                liability referred to therein, then the indemnifying party, in lieu
                of
                indemnifying such indemnified party hereunder, shall contribute to
                the
                amount paid or payable by such indemnified party as a result of such loss,
                claim, expense, damage or liability in such proportion as is appropriate
                to reflect the relative fault of the indemnifying party on the one
                hand
                and of the indemnified party on the other in connection with the
                untrue
                statement or alleged untrue statement or omission or alleged omission
                or
                violation or alleged violation that resulted in such loss, claim,
                expense,
                damage or liability as well as any other relevant equitable
                considerations. The relative fault of the indemnifying party and
                of the
                indemnified party shall be determined by reference to, among other
                things,
                whether the untrue statement or alleged untrue statement or omission
                or
                alleged omission or violation or alleged violation relates to information
                supplied or acts or omissions by the indemnifying party or by the
                indemnified party and the parties’ relative intent, knowledge, access to
                information, and opportunity to correct or prevent such statement,
                omission or violation; provided further,
                that, in no event shall any contribution of a holder or Registrable
                Securities under this Section 7.8
                exceed the net proceeds from the offering received by such holder.
                

            

    

     

    
      	 	
              (f)

            	
              (e)
                The obligations of the Parties under this Section 7.8
                shall survive the completion of any offering of Registrable Securities
                in
                a registration statement under Section 7.1;
                provided
                that any such indemnification obligations shall not extend beyond
                the
                period proscribed by the applicable statute of limitations (and all
                extensions thereof) with respect to such action or claim; and provided further,
                that if notice is given under this Section 7.8
                with respect to any matter entitling a party to indemnification hereunder
                prior to the applicable expiration date, such indemnification obligation
                shall continue indefinitely in respect of the applicable claim until
                it is
                finally resolved.

            

    

     

    

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    ARTICLE 8

    GENERAL

     

    
      	
              8.1

            	
              Transfer
                and Issuance Restrictions

            

    

     

    Notwithstanding
      any of other provision of this Agreement:

     

    
      	 	
              (a)

            	
              no
                Exchangeable Shares may be Transferred unless, in addition to such
                Transfer complying with all provisions related to Transfers set forth
                in
                this Agreement and in the constating documents of the Corporation,
                concurrently with such transfer the transferee enters into this Agreement
                by executing a counterpart instrument of accession in the form attached
                as
                Schedule B; and

            

    

     

    
      	 	
              (b)

            	
              no
                additional Exchangeable Shares may be issued by the Corporation to
                any
                Person who is not a Holder without Joint Approval, and if Joint Approval
                is obtained unless, concurrently with such issuance, the Person to
                whom
                such shares are issued enters into this Agreement by executing a
                counterpart instrument of accession in the form attached as Schedule
                B.

            

    

     

    
      	
              8.2

            	
              Legends

            

    

     

    The
      Corporation will cause each certificate representing its Exchangeable Shares
      to
      bear the following language either as an endorsement or on the face of such
      share certificate:

     

    The
      shares represented by this certificate are subject to all the terms and
      conditions of an exchange and support agreement made _______,
      ______________,
      2007
      as it
      may be amended, which agreement contains, among other things, restrictions
      on
      the right of the holder hereof to transfer or sell the shares. A copy of such
      exchange and support agreement is on file at the registered office of the
      Corporation.

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    
      	
              8.3

            	
              Seller
                Acknowledgements and
                Agreements

            

    

     

    Each
      Holder hereby acknowledges, certifies and agrees that:

    

    (a) The
      Opko
      Common Shares contained in the Exchange Right Consideration have not been and
      will not be registered under the US Securities Act of 1933, as amended (the
      “U.S. Securities Act”);

    

    (b) Such
      Holder shall not sell, transfer or otherwise dispose of such Opko Common Shares
      unless in accordance with Regulation S under the US Securities Act (“Regulation
      S”), pursuant to registration under the U.S. Securities Act or pursuant to an
      applicable exemption from the registration requirement of the US Securities
      Act
      and any applicable state securities law, and shall not engage in any hedging
      transactions with regard to the Opko Common Shares unless in compliance with
      the
      US Securities Act;

    

    (c) The
      Opko
      Common Shares constitute “restricted securities,” as defined in Rule 144 under
      the U.S. Securities Act (“Rule 144”), and, accordingly, will be subject to the
      holding period, volume limitations, manner of sale, notice of proposed sale
      and
      other compliance requirements, as applicable, of Rule 144 for purposes of any
      resale of the Opko Common Shares into the U.S. public securities markets;

    

    (d) Any
      certificate representing Opko Common Shares shall bear a transfer restriction
      legend referring to the U.S. Securities Act, including a reference to Regulation
      S, and applicable state securities law; 

    

    (e) Such
      Holder has such knowledge and experience in financial and business matters
      that
      such Holder is capable of evaluating the risks of an investment an Opko Common
      Shares and for purposes of the investment decision from time to time related
      to
      any exercise of the Exchange Right is relying solely on the reports and other
      information filed by Opko with the U.S. Securities and Exchange Commission
      and
      not on any material nonpublic information about Opko;

    

    (f) Such
      Holder as of the date hereof and the date of exercise of the Exchange Right,
      is
      not a “distributor” (as defined in Regulation S) and is not exercising the
      Exchange Right with an intent to effect, and will not undertake, a distribution
      of the Exchange Right Consideration; and

    

    (g) Such
      Holder at the time of the exercise the Exchange Right is not a U.S. person
      (as
      defined in Regulation S), is outside the United States, and is not acquiring
      the
      Exchange Right Consideration for the account or benefit of a U.S.
      person.

    

    
      	
              8.4

            	
              Compliance
                with other Instruments

            

    

     

    Each
      Party confirms that it will comply, and Opko will cause each Permitted
      Subsidiary to comply, with the Exchangeable Share Provisions and this
      Agreement.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    
      	
              8.5

            	
              Changes
                in Capital of Opko and the
                Corporation

            

    

     

    At
      all
      times after the occurrence of any event as a result of which the Opko Common
      Shares or the Exchangeable Shares are in any way changed, this Agreement will
      be
      amended and modified as necessary in order that it will apply with full force
      and effect to all new securities into which the Opko Common Shares or the
      Exchangeable Shares are so changed.

     

    
      	
              8.6

            	
              Term

            

    

     

    This
      Agreement is effective as of the date of this Agreement and terminates when
      no
      Exchangeable Shares (or securities or rights convertible into or exchangeable
      for or carrying rights to acquire Exchangeable Shares) are held by any Person
      (other than Opko and its Affiliates).

     

    
      	
              8.7

            	
              Enurement

            

    

     

    This
      Agreement enures to the benefit of and is binding upon the Parties and their
      respective successors (including any successor by reason of merger or
      amalgamation of any Party) and permitted assigns as contemplated in Section
      8.10.

     

    
      	
              8.8

            	
              Notices
                to Parties

            

    

     

    Any
      notice, certificate, consent, determination or other communication required
      or
      permitted to be given or made under this Agreement shall be in writing and
      shall
      be effectively given and made if (i) delivered personally, (ii) sent by prepaid
      courier service or mail, or (iii) sent prepaid by fax or other similar means
      of
      electronic communication, in each case to the applicable address set out
      below:

     

    
      	 	
              (a)

            	
              if
                to the Corporation, to Opko, any Permitted Subsidiary, or their
                Affiliates, to:

            

    

     

    4400
      Biscayne Boulevard

    Miami,
      Florida 31337

    Attention: Steven
      D.
      Rubin

    Fax:  <>

    

    with
      a
      copy to:

    

    Fraser
      Milner Casgrain 

    First
      Canadian Place

    100
      King
      Street West

    P.O.
      Box
      100

    Toronto,
      Ontario M5X 1B2

    

    Attention: Laurence
      Geringer 

    Fax:  416.863.4592

    

    
      	 	
              (b)

            	
              and
                if to the Holders in accordance with Section 8.9.

            

    

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              Any
                such communication so given or made shall be deemed to have been
                given or
                made and to have been received on the day of delivery if delivered,
                or on
                the day of faxing or sending by other means of recorded electronic
                communication, provided that such day in either event is a Business
                Day
                and the communication is so delivered, faxed or sent before 4:30
                p.m. on
                such day. Otherwise, such communication shall be deemed to have been
                given
                and made and to have been received on the next following Business
                Day. Any
                such communication sent by mail shall be deemed to have been given
                and
                made and to have been received on the fifth Business Day following
                the
                mailing thereof; provided however that no such communication shall
                be
                mailed during any actual or apprehended disruption of postal services.
                Any
                such communication given or made in any other manner shall be deemed
                to
                have been given or made and to have been received only upon actual
                receipt.

            

    

     

    
      	 	
              (d)

            	
              Any
                Party may from time to time change its address under this Section
                by
                notice to the other Party given in the manner provided by this
                Section.

            

    

     

    
      	
              8.9

            	
              Notice
                to Holders

            

    

     

    Any
      and
      all notices to be given and any documents to be sent to any Holder shall be
      given or sent to such Holder at its address as shown on the register of holders
      of Exchangeable Shares (or, if not available, on the register of holders of
      Opko
      Common Shares or as provided by the Holder) in any manner permitted by the
      by-laws of the Corporation from time to time in force in respect of notices
      to
      shareholders (with a copy to each of the persons set out in Section 8.8)
      and
      shall be deemed to be received (if given or sent in such manner) at the time
      specified in such by-laws, the provisions of which by-laws shall apply
mutatis
      mutandis
      to
      notices or documents as aforesaid sent to such Holders. 

     

    
      	
              8.10

            	
              Amendment

            

    

     

    No
      amendment, supplement, modification, waiver or termination of this Agreement
      is
      binding without Joint Approval and the prior written approval of Opko and no
      consent or approval by any Party will be binding unless delivered in writing
      to
      the other Parties hereto. The Corporation, at the request of Opko , shall call
      a
      meeting or meetings of the Holders for the purpose of considering any proposed
      amendment or modification requiring approval pursuant to this Section
8.10.
      Any
      such meeting or meetings shall be called and held in accordance with the by-laws
      of the Corporation, the Exchangeable Share Provisions and all applicable
      Laws.

     

    
      	
              8.11

            	
              Assignment

            

    

     

    Any
      Holder may assign its rights and obligations under this Agreement to any
      permitted transferee of any of such Holder’s Exchangeable Shares. Otherwise, no
      party may assign any rights or obligations under this Agreement without Joint
      Approval.

     

    
      	
              8.12

            	
              Further
                Assurances

            

    

     

    The
      Parties will, with reasonable diligence, do all such things and provide all
      such
      reasonable assurances as may be required to consummate the transactions
      contemplated by this Agreement, and each party will provide such further
      documents or instruments required by any other Party as may be reasonably
      necessary or desirable to effect the purpose of this Agreement and carry out
      its
      provisions.

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    
      	
              8.13

            	
              Execution
                and Delivery

            

    

     

    This
      Agreement may be executed by the Parties in counterparts and may be executed
      and
      delivered by fax, and all such counterparts and faxes together constitute one
      agreement.

     

    [THE
      REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

     

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS OF WHICH
      the
      Parties have duly executed this Exchange and Support Agreement.

    

    Opko:

    

    OPKO
      HEALTH, INC.

    

    By:_______________________________

    Name:

    Title:

    

    

    

    The
      Corporation:

    

    OTI
      Holdings Limited

    

    By:______________________________

    Name:

    Title:

    

    

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS OF WHICH
      the
      Parties have duly executed this Exchange and Support Agreement.

    

    

    Holders: 

    

    

    
      	
              SIGNED
                IN THE PRESENCE OF:

            	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	
              Witness

            	
              )

            	
              RISHARD
                WEITZ

            
	 	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	
              Witness

            	
              )

            	
              CAROLYN
                WEISS

            
	 	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	
              Witness

            	
              )

            	
              GERALD
                WEISS, IN TRUST

            
	 	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	 	
              )

            	 
	
              Witness

            	
              )

            	
              SHANE
                DUNNE

            

    

    

     

     

    1161983
      ONTARIO LIMITED.

    

    

    By:____________________________

    Name:

    Title:

    

    

    GRALL
      CORPORATION LIMITED.

    

    

    By:____________________________

    Name:

    Title:

    

    

    TRIPLE
      NET PROPERTIES LIMITED.

    

    

    By:______________________________

    Name:

    Title:

    

     

    

    
      
        
        

      

      
        -35-STOCK
      PURCHASE AGREEMENT

    

    This
      Stock Purchase Agreement is dated as of December 4, 2007 (this "Agreement"),
      between OPKO Health, Inc., a Delaware corporation (the "Company"),
      and
      the members of The Frost Group, LLC, as listed on Annex
      A
      hereto
      (collectively, the "Purchasers").

     

    WHEREAS,
      the Company desires to sell to Purchasers, and Purchasers desire to purchase
      from the Company, shares of the Company's common stock, par value $.01 per
      share
      (the "Common
      Stock"),
      on
      the terms and subject to the conditions set forth in this
      Agreement.

     

    WHEREAS,
      the Purchase Price and the Shares issued shall be allocated among the Purchasers
      in accordance with Annex
      A. 

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants contained
      in this Agreement and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, and intending to be legally bound,
      the parties agree as follows:

     

    Article
      1 

     

    Purchase
      and Sale of Common Stock

     

    1.1    Purchase
      and Sale of the Shares.
      Subject
      to the terms and conditions hereof, the Company hereby agrees to issue and
      sell
      to Purchasers, and Purchasers hereby agree to purchase from the Company,
10,869,565
      shares of Common Stock (the "Shares") at a purchase price of $1.84 per share
      for
      an aggregate purchase price of $20 million (the "
      Purchase Price"). 

     

    1.2    Closing.

     

    The
      closing of the issuance and sale of the Shares (the "Closing")
      shall
      take place at the Company’s offices in Miami, Florida concurrently with the
      execution of this Agreement. As payment in full for the Shares being purchased
      by them at the Closing, Purchasers shall pay to the Company the Purchase Price
      by wire transfer no later than December 7, 2007. Upon the receipt of the
      Purchase Price, the Company shall instruct the Company’s transfer agent to issue
      and deliver to Purchasers, stock certificates in definitive form, registered
      in
      the names of Purchasers, representing the number of Shares purchased at the
      Closing in accordance with Annex
      A.
      

     

    Article
      2 

     

    Additional
      Agreements

     

    The
      Company and Purchasers shall cooperate with each other and use their respective
      commercially reasonable best efforts to take or cause to be taken all actions,
      and do or cause to be done all things, necessary, proper or advisable under
      this
      Agreement and applicable laws and regulations to consummate and make effective
      the sale of the Shares (the "Sale")
      and
      the other transactions contemplated by this Agreement as soon as practicable,
      including preparing and filing as promptly as practicable all documentation
      to
      effect all necessary applications, notices, petitions, filings and other
      documents and to obtain as promptly as practicable all permits, consents,
      approvals and authorizations necessary or advisable to be obtained from any
      third party and/or any governmental entity in order to consummate the Sale
      or
      any of the other transactions contemplated by this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Article
      3 

     

    Representations
      and Warranties of the Company

     

    The
      Company represents and warrants to Purchasers as of the date hereof as
      follows:

     

    3.1    Authorization
      of Agreements, etc.
      The
      execution and delivery by the Company of this Agreement, the performance by
      the
      Company of its obligations hereunder, and the issuance, sale and delivery of
      the
      Shares have been duly authorized by all requisite corporate action and will
      not
      result in any violation of, be in conflict with, or constitute a default under,
      with or without the passage of time or the giving of notice: (a) any provision
      of the Company's Certificate of Incorporation, as amended, or Bylaws, as
      amended; (b) any provision of any judgment, decree or order to which the Company
      is a party or by which it is bound; (c) any material contract or agreement
      to
      which the Company is a party or by which it is bound; or (d) any statute, rule
      or governmental regulation applicable to the Company, except where such
      violation, conflict, or default would not have a material adverse effect on
      the
      Company.

     

    3.2    Valid
      Issuance of Common Stock.
      The
      Shares have been duly authorized and, when issued, sold and delivered in
      accordance with this Agreement for the consideration expressed herein will
      be
      validly issued, fully paid and nonassessable with no personal liability
      attaching to the ownership thereof and will be free and clear of all liens,
      charges and encumbrances of any nature whatsoever except for restrictions on
      transfer under this Agreement and under applicable Federal and state securities
      laws.

     

    3.3    Validity.
      This
      Agreement has been duly executed and delivered by the Company and constitutes
      the legal, valid and 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 generally, and (ii) as limited by
      laws relating to the availability of specific performance, injunctive relief,
      or
      other equitable remedies.

     

    3.4    Brokers
      and Finders.
      Neither
      the Company nor any of its subsidiaries, officers, directors or employees has
      employed any broker or finder or incurred any liability for any brokerage fees,
      commissions or finders' fees in connection with the Sale or the other
      transactions contemplated by this Agreement.

     

    Article
      4 

     

    Representations
      and Warranties of Purchasers

     

    Each
      of
      the Purchasers hereby severally and not jointly represents and warrants to
      the
      Company as of the date hereof as follows:

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    4.1    Validity.
      This
      Agreement has been duly executed and delivered by Purchaser and constitutes
      the
      legal, valid and binding obligation of Purchaser, enforceable in accordance
      with
      its terms except:

     

    (a)    as
      limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
      other laws of general application affecting enforcement of creditors' rights
      generally; and

     

    (b)    as
      limited by laws relating to the availability of specific performance, injunctive
      relief, or other equitable remedies.

     

    4.2    Investment
      Representations.

     

    (a)    Purchaser
      is an "accredited investor" within the meaning of Rule 501 of Regulation D
      under
      the Securities Act of 1933, as amended (the "Securities
      Act")
      and
      was not organized for the specific purpose of acquiring the Shares;

     

    (b)    Purchaser
      has sufficient knowledge and experience in investing in companies similar to
      the
      Company in terms of the Company's stage of development so as to be able to
      evaluate the risks and merits of its investment in the Company and it is able
      financially to bear the risks thereof;

     

    (c)    it
      is the
      present intention that the Shares being purchased by Purchaser are being
      acquired for Purchaser's own account for the purpose of investment and not
      with
      a present view to or for sale in connection with any distribution
      thereof;

     

    (d)    Purchaser
      understands that:

     

    (i) the
      Shares have not been registered under the Securities Act by reason of their
      issuance in a transaction exempt from the registration requirements of the
      Securities Act pursuant to Section 4(2) thereof or Rule 505 or 506 promulgated
      under the Securities Act;

     

    (ii) the
      Shares must be held indefinitely unless a subsequent disposition thereof is
      registered under the Securities Act or is exempt from such
      registration;

     

    (iii) the
      Shares will bear a legend to such effect; and

     

    (iv) the
      Company will make a notation on its transfer books to such effect;
      and

     

    (e)    the
      Company has made available to Purchaser all documents and information that
      the
      Purchaser has requested relating to an investment in the Company.

     

    4.3    Brokers
      and Finders.
      The
      Purchaser has not employed any broker or finder or incurred any liability for
      any brokerage fees, commissions or finders' fees in connection with the Sale
      or
      the other transactions contemplated by this Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Article
      5 

     

    Miscellaneous

     

    5.1    Lock-Up.
      Each of
      the Purchasers hereby irrevocably agrees that until the second anniversary
      of
      the date of this Agreement, he she or it will not, without the prior written
      consent of the Company, directly or indirectly: 

     

    (a)    Offer
      for
      sale, sell, pledge or otherwise dispose of (or enter into any transaction or
      device that is designed to, or could be expected to, result in the disposition
      by any person at any time in the future, of any of the Shares;

     

    (b)    Enter
      into any swap or other derivatives transaction that transfers to another, in
      whole or in part, any of the economic benefits or risks of ownership of the
      Shares, or 

     

    (c)    Publicly
      disclose the intention to do any of the foregoing, for a period commencing
      on
      the date hereof and ending on the second anniversary of the date hereof.

     

    5.2    Legend.
      Each
      certificate that represents Shares shall have conspicuously endorsed thereon
      the
      following legends:

     

    THIS
      STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE
      "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THIS STOCK MAY NOT BE OFFERED
      OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE UNLESS (A) A
      REGISTRATION STATEMENT FOR THE STOCK UNDER THE SECURITIES ACT IS IN EFFECT
      OR
      (B) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS
      SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT
      REQUIRED UNDER THE SECURITIES ACT OR THE RELEVANT STATE SECURITIES
      LAWS.

     

    THIS
      STOCK IS SUBJECT TO RESTRICTIONS ON RESALE PURSUANT TO THAT CERTAIN STOCK
      PURCHASE AGREEMENT WITH THE COMPANY DATED DECEMBER 4, 2007 AND MAY NOT BE
      OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE UNTIL DECEMBER
      4, 2009, WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

    5.3    Brokerage.
      Each
      party hereto will indemnify and hold harmless the other against and in respect
      of any claim for brokerage or other commissions relative to this Agreement
      or to
      the transactions contemplated hereby, based in any way on agreements,
      arrangements or understandings made or claimed to have been made by such party
      with any third party.

     

    5.4    Parties
      in Interest.
      All
      representations, covenants and agreements contained in this Agreement by or
      on
      behalf of any of the parties hereto shall bind and inure to the benefit of
      the
      respective successors and assigns of the parties hereto whether so expressed
      or
      not.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    5.5    Notices.
      All
      notices, requests, consents, demands, and other communications under this
      Agreement shall be in writing and shall be deemed to have been duly given on
      the
      date of service if served personally on the party to whom notice is to be given,
      on the date of transmittal of services via telecopy to the party to whom notice
      is to be given (with a confirming copy delivered within 24 hours thereafter),
      or
      on the third day after mailing if mailed to the party to whom notice is to
      be
      given, by first class mail, registered or certified, postage prepaid, or
      overnight mail via a nationally recognized courier providing a receipt for
      delivery and properly addressed as follows:

     

    
      	If
              to the Company:	
              OPKO
                Health, Inc. 

            

    

    4400
      Biscayne Blvd. 

    Suite
      1180 

    Miami,
      FL
      33137

    Attn:
      Kate Inman, Esq. 

     

    
      	If
              to any of the Purchasers:	
              The
                Frost Group, LLC

            

    

    4400
      Biscayne Blvd. 

    Suite
      1500 

    Miami,
      FL
      33137

    Attn:
      Steven Rubin

     

    Any
      party
      may change its address for purposes of this paragraph by giving notice of the
      new address to each of the other parties in the manner set forth
      above.

     

    5.6    Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Florida for all purposes and in all respects, without regard to the
      conflict of law provisions of such state.

     

    5.7    Entire
      Agreement.
      This
      Agreement constitutes the sole and entire agreement of the parties with respect
      to the subject matter hereof.

     

    5.8    Counterparts.
      This
      Agreement may be executed in two or more counterparts (including facsimiles),
      each of which shall be deemed an original, but all of which together shall
      constitute one and the same instrument.

     

    5.9    Amendments
      and Waivers.
      This
      Agreement may be amended or modified, and provisions hereof may be waived,
      only
      with the written consent of the Company and the Purchasers.

     

    5.10    Severability.
      If any
      provision of this Agreement shall be declared void or unenforceable by any
      judicial or administrative authority, the validity of any other provision and
      of
      the entire Agreement shall not be affected thereby.

     

    5.11    Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are for convenience only and are
      not
      to be considered in construing or interpreting any term or provision of this
      Agreement.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    NOW
      THEREFORE, the Company and Purchasers have executed this Stock Purchase
      Agreement as of the date first above written.

     

    OPKO
      HEALTH, INC. 

     

    By:_________________________________

    Name:

    Title:

     

    FROST
      GROUP, LLC 

    

    By:_________________________________

    Its:
      

    

    

    FROST
      GAMMA INVESTMENTS TRUST,

    Member
      of
      the Frost Group, LLC

    

    By:_________________________________

    Name:

    Title:

     

    _______________________________

    Jane
      Hsiao,
      Member
      of the Frost Group, LLC 

    

    _______________________________

    Steven
      Rubin, Member of the Frost Group, LLC

    

    _______________________________

    Rao
      Uppaluri,
      Member
      of the Frost Group, LLC 

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    ANNEX
      A

    

    
      	
              Member

            	
              Investment

            	
              Number
                of Shares 

            
	 	 	 
	
              Jane
                Hsiao 

            	
              $7,500,000

            	
              4,076,087
                

            
	
              Steve
                Rubin 

            	
              $25,000

            	
              13,587

            
	
              Rao
                Uppaluri 

            	
              $25,000
                

            	
              13,587

            
	
              Frost
                Gamma Investments Trust

            	
              $12,450,000
                

            	
              6,766,304

            
	
              Total

            	
              
                $20,000,000

              

            	
              
                10,869,565

              

            

    

     

    
      
         

      

      
        7

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