Document:

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                                                                    EXHIBIT 10.2

                             SUBSCRIPTION AGREEMENT

         THIS AGREEMENT (the "Agreement") is made and entered into as of the
first day of February, 1999, by and among IMAGE SENSING SYSTEMS, INC., a company
incorporated under the laws of the State of Minnesota ("ISS"); MAX RESOURCES
LIMITED, a company incorporated under the laws of Hong Kong (the "Company");
BERKELEY DEVELOPMENT LIMITED, a company incorporated under the laws of the
British Virgin Islands ("BDL"); and MATS JOHAN BILLOW, an individual residing
in Hong Kong ("Billow") (collectively, the "parties").

         WHEREAS, the Company proposes to allot and issue six (6) ordinary
shares of the Company (the "Shares"), and ISS desires to subscribe for and
purchase the Shares from the Company, on and subject to the terms and
conditions of this Agreement;

         WHEREAS, BDL and Billow are the sole shareholders of the Company, each
owning one (1) ordinary share, and Billow is the sole shareholder of BDL;

         WHEREAS, BDL and Billow are willing to make certain representations and
warranties regarding the business of the Company as a material inducement for
ISS to subscribe for and purchase the Shares under this Agreement; and

         WHEREAS, concurrent with the execution of this Agreement, ISS, BDL and
Billow have entered into a certain Shareholders' Agreement governing the
ownership and management of the Company and other related issues;

         NOW, THEREFORE, in consideration of the premises and the respective
covenants and commitments of the parties set forth herein, the parties hereby
agree as follows:

                                   ARTICLE I
                        ISSUE AND SUBSCRIPTION OF SHARES

         1.1   Issue and Subscription.  Upon the terms and subject to the
conditions set forth in this Agreement, the Company shall allot and issue the
Shares to ISS, and ISS shall subscribe for and purchase the Shares from the
Company.

         1.2   Purchase Price.  In consideration for the Shares, ISS will pay a
total purchase price of US$200,000, or US$33,333 per share, of which US$50,000
shall be payable within three (3) business days after the execution of this
Agreement, and the remaining US$150,000 shall be payable upon the issuance of
the Shares, provided that BDL and Billow have satisfied their obligations under
Section 3.2. Such payments shall be made in cash or by wire transfer to the
Company.

         1.3   Further Assurances.  Each party shall undertake to the other
parties to procure or execute all such documents and to do or procure to be
done all such other acts and things as may be reasonable and necessary to
complete the allotment and issuance of the Shares to ISS.
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         1.4   Delivery of Share Certificates.  As soon as possible after the
execution of this Agreement and in no event prior to satisfaction by BDL and
Billow of their obligations under Section 3.2, the following transactions shall
occur simultaneously: (a) the Company shall issue duly authorized and executed
stock certificates representing the Shares to ISS, and (b) ISS shall pay the
Company the remaining US$150,000 of the purchase price for the Shares.

                                   ARTICLE II
                         REPRESENTATIONS AND WARRANTIES

         Each of the Company, BDL and Billow hereby represent, warrant and
undertake to ISS, jointly and severally, as of the date hereof, and except as
described on the Disclosure Schedule attached hereto as Exhibit A and initialed
by the parties, that each of the following statements is true and accurate to
the best of their knowledge after reasonable investigation (except with respect
to the statements contained in Sections 2.1, 2.2, 2.5 and 2.17, which shall not
be limited to the knowledge of such parties):

         2.1   Due Organization.  Each of BDL and the Company is duly organized
and validly existing under the laws of the jurisdiction of its organization,
has all requisite authority to carry on its business as now being conducted,
and is qualified to do business in each jurisdiction where the nature of its
activities would require such qualification.

         2.2  Authority.  BDL and the Company have each taken all action
necessary for the authorization, execution, delivery and performance of this
Agreement, and when accepted by the other parties hereto, this Agreement will
constitute a valid and binding obligation, enforceable against it in accordance
with its terms.

         2.3  Corporate Records.  The copies of the Memorandum and Articles of
Association of the Company, as previously delivered to ISS, are complete in all
material respects and correct as of the date of this Agreement, and the
statutory books and minute books of the Company, copies of which have been
previously delivered to ISS, are complete and accurately reflect all material
action taken and all meetings held and consents in lieu of meetings obtained
prior to the date of this Agreement by the Company Board of Directors,
committees, if any, and shareholders.

         2.4  Shares.  The Shares, when issued and paid for pursuant to the
terms of this Agreement, will be duly authorized, validly issued and
outstanding, fully paid, non-assessable and free and clear of all security
interests, claims, liens, preemptive rights or other restrictions or
encumbrances of any kind.

         2.5  Authorized Capital of the Company.  The capital of the Company is
HK$10,000, divided into 10,000 shares with a nominal value of HK$1.00 each, of
which, as of the date of this Agreement, two (2) shares are issued and
outstanding (not including the Shares to be purchased by ISS hereunder), all of
which are fully paid or credited as fully paid and owned in the manner
described in the preamble to this Agreement. The Company has no other equity
securities or

                                      -2-

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securities containing equity features authorized, issued or outstanding. There
are no agreements or other rights or arrangements existing which provide for
the sale or issuance of shares by the Company, and there are no rights,
subscriptions, warrants, options, conversion rights or agreements of any kind
outstanding to purchase or otherwise acquire from the Company any shares or
other securities of the Company of any kind. There are no agreements or other
obligations (contingent or otherwise) which may require the Company to
repurchase or otherwise acquire any of its shares.

         2.6   Subsidiaries.  The Company does not own any stock, partnership
interest, joint venture interest or any other security or ownership interest
issued by any other corporation, organization or entity.

         2.7   Financial Statements.  For purposes of this Section 2.7, the
term "Financial Statements" shall mean the unaudited income statements and
balance sheets for the seven-month period ending 31 December, 1998. The Company
has previously provided to ISS copies of the Financial Statements, which have
been prepared in accordance with good accounting practices in Hong Kong,
consistently applied with prior periods, and which comply with all relevant
Statements of Standard Accounting Practice issued by the Hong Kong Society of
Accountants for the time being in force. The Financial Statements accurately
reflect the books and accounts of the Company and present fairly the financial
position of the Company as of the dates indicated and the results of operations
of, and the changes in financial positions for the periods indicated. The
Financial Statements are not affected by any unusual items, and disclose all
liabilities of the Company (whether actual or contingent) in accordance with
good accounting practice in Hong Kong.

         2.8   Absence of Undisclosed Liabilities.  Except as reflected in the
Financial Statements, the Company has no liabilities (whether accrued,
absolute, contingent, unliquidated or otherwise, whether due or to become due,
whether known or unknown, and regardless of when asserted) arising out of
transactions or events heretofore entered into, or any action or inaction, or
any state of facts existing, with respect to or based upon transactions or
events heretofore occurring, except (i) liabilities which have arisen after the
date of the Financial Statements in the ordinary course of business (none of
which is a material uninsured liability for breach of contract, breach of
warranty, tort, infringement, claim or lawsuit), or (ii) as otherwise set forth
in the Disclosure Schedule under the caption referencing this Section 2.8.

         2.9   Real Properties.  The Company neither owns nor leases any real
property other than the properties leased under the lease agreements identified
on the Disclosure Schedule, copies of which have been previously provided to
ISS (the "Leases"). All leasehold properties are held under the Leases, none of
which have been modified or amended. No party to any lease has given it notice
of or made a claim with respect to any breach or default.

         2.10  Contracts.

         (a)   The Disclosure Schedule contains a copy of all contracts of the
Company which (i) involve the expenditure of U.S. $10,000 or more or (ii) have
a term of six months or longer or are not subject to termination on thirty (30)
days' notice ("Material Contracts"). The Company is not

                                      -3-
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delayed in the performance of or in default under any of its Material
Contracts, which delay or default would have a material adverse effect on its
business or financial condition. All of its Material Contracts are in full
force and effect and are legal, valid and binding on it and, to the best
knowledge of the Company and Billow, the Company has not knowingly waived any
material right under such Material Contracts, and there has been no material
breach or anticipatory breach by any other party or any dispute or disagreement
between the parties thereto in relation to such Material Contracts. The Company
has no contract bid currently outstanding which, if accepted, will result in
any loss to it.

         (b)  A complete description of the Company's product warranties is
set forth on the Disclosure Schedule under the caption referencing this Section
2.10. There are no claims outstanding, pending or, to the best knowledge of the
Company or Billow, threatened for breach of any warranty relating to any
products sold by the Company prior to the date hereof.

         (c)  Except as described on the Disclosure Schedule:

               (i)   The Company is not a party to any written agreement or
         arrangement or under any obligation under which it is or may become
         liable to make any investment with, or to deposit any money with, or to
         provide any loan or financial accommodation or credit (other than
         normal trade credit) to any person, or to subscribe, convert, acquire,
         dispose of or underwrite any investment.

               (ii)  The Company has no liability (present or future) under any
         letters of credit, credit sale or conditional sale agreements.

               (iii) The Company has no obligation or liability, either accrued,
          accruing or contingent, as guarantor, surety, cosigner, endorser,
          co-maker or indemnitor in respect of the obligation of any third
          party.

               (iv)  The Company has not entered into any contract, agreement or
         commitment which by its terms permits the other party to terminate such
         contract, agreement or commitment upon a sale or transfer of or a
         change of control over its business.

               (v)   No agreement restricts the ability of the Company to
         conducts its business or compete in any line of business.

         2.11  Litigation.  The Company has not been or is engaged in or
subject to any litigation, arbitration, prosecution, administration or criminal
or other proceeding or investigation and no litigation, arbitration,
prosecution, administrative, or criminal or other proceeding against or, so far
as the Company and Billow are aware, investigation with respect to its business
is pending, threatened or expected and, so far as the Company and Billow are
aware, there is no fact or circumstance likely to give rise to any litigation,
arbitration, prosecution, administrative or criminal or other proceeding or
investigation or to any proceedings against it.

                                      -4-

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         2.12  Intellectual Property.  The Company has not received any notice
of any infringement, misappropriation or violation by the Company of any
intellectual property rights of any third parties, nor has the Company
infringed, misappropriated or otherwise violated any such intellectual property
rights; and no infringement, illicit copying, misappropriation or violation has
occurred or will occur with respect to products currently being sold by the
Company or with respect to the conduct of the business of the Company as now
conducted.

         2.13  Consents.  No consent of any third party is required for the
execution, delivery or performance of this Agreement.

         2.14  No Conflict.  Neither the execution nor delivery of this
Agreement, nor the consummation of the transactions herein contemplated, nor
the fulfillment of or compliance with the terms and conditions hereof will
conflict with the Company's Memorandum and Articles of Association or result in
a breach of or constitute a default under or conflict with any material
contract, agreement or instrument to which the Company, BDL or Billow are a
party or by which the Company, BDL or Billow are bound.

         2.15  Compliance with Laws. The Company is operating its business in
compliance with all laws, rules, regulations, codes of practice and orders
applicable to it and has all the permits, licenses or other authorizations
required by federal, state, county, local or foreign governmental agencies for
the conduct of its business. All such permits, licenses and other governmental
authorizations are in full force and effect. The Company is not in violation of
any of the terms or conditions of any such permits, licenses or authorizations.

         2.16  Employee Benefits Plans.  Except as described on the Disclosure
Schedule, the Company does not maintain or contribute, nor is subject to, any
non-governmental retirement, pension, superannuation allowance, incentive
compensation, deferred compensation, profit-sharing, stock purchase or stock
option plans; multi-employer pension plan; life, health, disability or other
insurance plans; severance or separation plans; or any other employees benefit
plans, practices or arrangements of any kind, whether written or oral, with
respect to all of its employees and former employees and all dependents and
beneficiaries of such employees and former employees.

         2.17  Tax Matters.

         (a)   The Company has: (i) timely filed all returns, declarations,
reports, estimates, information returns and statements ("Returns") required to
be filed or sent by it in respect of any "Taxes" (as defined in subsection (d)
below) or required to be filed or sent by it by any taxing authority having
jurisdiction; (ii) timely and properly paid all Taxes shown to be due and
payable on such Returns; (iii) established on its latest balance sheet, in
accordance with generally accepted accounting principles, reserves that are
adequate for the payment of any Taxes not yet due and payable; and (iv)
complied with all applicable laws, rules, and regulations relating to the
withholding of Taxes and the payment thereof, and timely and properly withheld
from individual employee wages

                                      -5-

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and paid over to the proper governmental authorities all amounts required to be
so withheld and paid over under all applicable laws.

         (b)  There are no liens for Taxes upon any of the assets of the
Company, except liens for Taxes not yet due.

         (c)  No material deficiency for any Taxes has been proposed, asserted
or assessed against the Company which has not been resolved and paid in full. No
waiver, extension or comparable consent given by the Company regarding the
application of the statute of limitations with respect to any Taxes or Returns
is outstanding, nor is any request for any such waiver or consent pending. There
has been no Tax audit or other administrative proceeding or court proceeding
with regard to any Taxes or Returns, nor is any such Tax audit or other
proceeding pending, nor has there been any notice to it by any Taxing authority
regarding any such Tax, audit or other proceeding, or, to the best of its
knowledge, is any such Tax audit or other proceeding threatened with regard to
any Taxes or Returns. There is no basis for any assessment of any additional
Taxes on the Company and it is not aware of any unresolved questions, claims or
disputes concerning the liability for Taxes on the Company which would exceed
the estimated reserves established on its books and records.

         (d)  For purposes of this Agreement, the term "Taxes" means all taxes,
charges, fees, levies, or other assessments, including, without limitation, all
net income, gross income, gross receipts, sales, use, ad valorem, value-added,
transfer, franchise, profits, license, withholding, payroll, employment, social
security, unemployment, excise, estimated, severance, stamp, occupation,
property, or other taxes, customs duties, fees, assessments, or charges of any
kind whatsoever, including, without limitation, all interest and penalties
thereon, and additions to tax or additional amounts imposed by any taxing
authority, domestic or foreign, upon the Company.

         2.18 Labor Matters.  (a) To the best knowledge of the Company and
Billow, no employee or no group of employees of the Company has any plans to
terminate their employment; (b) the Company has complied with all laws relating
to the employment of labor, including provisions relating to wages, hours,
equal opportunity, collective bargaining and the payment of taxes; (c) the
Company has no material labor relations problems or grievances pending, and the
labor relations are satisfactory; (d) there are no workers' compensation claims
pending against the Company nor is the Company or Billow aware of any facts that
would give rise to such a claim; (e) to the best knowledge of the Company and
Billow, no such employee is subject to any secrecy or non-competition agreement
or any other agreement or restriction of any kind that would impede in any way
the ability of such employee to carry out fully all activities of such employee
in furtherance of its business; and (f) no employee or former employee has any
claim with respect to any intellectual property rights of the Company.

         2.19 Officers and Directors; Bank Accounts.  The Disclosure Schedule,
under the caption referencing this Section 2.19, lists all officers and
directors of the Company and all of the Company's bank accounts (designating
each authorized signer).

                                      -6-
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         2.20  Debt. Except for loans in the amount of HK$552,478.76 from BDL
to the Company bearing interest at a rate of 0% annually and payable on demand
(the "Shareholder Loans"), the Company is not a party to nor has any liability
(present or future) under any contract which is a loan agreement, debenture,
guarantee, indemnity or letter of credit or leasing, hiring, hire purchase,
credit sale or conditional sale agreement nor has it entered into any contract
or commitment involving, or likely to involve, obligations or expenditure of an
unusual or exceptional nature or magnitude.

         2.21  Bankruptcy; Liquidation. No involuntary proceeding exists or
involuntary petition has been filed in a court of competent jurisdiction or
with any other authority with jurisdiction seeking (i) relief in respect of the
Company under any bankruptcy, insolvency, receivership or similar law, (ii) the
appointment of a receiver, trustee, custodian, conservator or similar official
for the Company or for part of its property or assets, or (iii) the winding-up
or liquidation of the Company. There is no unsatisfied judgment outstanding
against the Company and none of its financial obligations is due but unpaid,
except for trade payables in the ordinary course of business and financial
commitments disclosed in the Disclosure Schedule.

         2.22  Insurance.  The Disclosure Schedule lists and briefly describes
each insurance policy maintained by the Company and sets forth the term and
limits of coverage of each such insurance policy. All of such insurance
policies are in full force and effect and are issued by insurers of recognized
responsibility. The Company is not in default with respect to its obligations
under any of any insurance policies. No claim is outstanding either by the
insurer or the insured under any of such policies and no claim by any third
party is outstanding against the Company in respect of any risk covered by any
of such policies or any prior insurance policies.

         2.23  Accuracy and Adequacy of Information. All information contained
in this Agreement and in any other document, certificate, exhibit, statement or
schedule furnished or to be furnished by the Company, BDL or Billow to ISS or
its advisors under this Agreement, or in connection with the transactions
contemplated hereby, is complete and accurate in all material respects, and the
Company and Billow have no knowledge of any fact or matter or circumstances not
disclosed in writing to ISS or its advisors which renders any such information
untrue, inaccurate or misleading in any material respect.

                                  ARTICLE III
                            AUDIT: SHAREHOLDER LOANS

         3.1  New Balance Sheet. As soon as practical after the date of this
Agreement, the Company shall prepare and deliver to ISS a new balance sheet of
the Company as of the date of this Agreement (the "New Balance Sheet"). The
Company, BDL and Billow jointly and severally represent and warrant to ISS that
the New Balance Sheet, when delivered to ISS pursuant to this Section 3.1, will
(a) have been prepared in accordance with good accounting practice in Hong
Kong, consistently applied with prior periods; (b) comply with all relevant
Statements of Standard Accounting Practice issued by the Hong Kong Society of
Accountants for the time being in force; (c) accurately reflect the books and
accounts of the Company; (d) present fairly the financial position

                                      -7-
<PAGE>
of the Company as of the dates indicated; and (e) disclose all liabilities of
the Company (whether actual or contingent) in accordance with good accounting
practice in Hong Kong. ISS may, in its sole discretion, conduct an audit of the
New Balance Sheet at ISS's sole expense, in which case the Company, BDL and
Billow shall use their best efforts to cooperate with the audit.

         3.2   Forgiveness of Shareholder Loans.  If and to the extent that the
New Balance Sheet reveals a negative net worth of the Company, BDL and/or
Billow shall, within thirty (30) days after the date of this Agreement, sign
documentation acceptable to ISS to forgive the outstanding Shareholder Loans in
a sufficient amount to eliminate the deficit.

                                   ARTICLE IV
                                INDEMNIFICATION

         4.1   Indemnification by the Company, BDL and Billow.  The Company,
BDL and Billow shall jointly and severally indemnify and hold harmless ISS
against any loss, liability or expense (including, but not limited to,
reasonable legal fees and expenses) (collectively, a "Loss"), which ISS may
directly or indirectly incur or suffer by reason of, or which results, arises
out of or is based upon (a) the inaccuracy of any representation or warranty
made by the Company, BDL or Billow in this Agreement, or (b) the failure of the
Company, BDL or Billow to comply with any covenants or other commitments made
any of them in this Agreement.

         4.2   Indemnification by ISS.  ISS shall indemnify and hold harmless
the Company, BDL and Billow against any Loss which the Company, BDL or Billow
may directly or indirectly incur or suffer by reason of, or which results,
arises out of or is based upon the failure of ISS to comply with any covenants
or other commitments made by ISS in this Agreement.

         4.3   Legal Proceedings.  In the event any party (the "Indemnified
Party") hereto becomes involved in any legal, governmental or administrative
proceeding which may result in indemnification claims hereunder, the
Indemnified Party shall promptly notify the party from which it is entitled to
indemnification hereunder (the "Indemnifying Party"), in writing and in full
detail, of the filing and of the nature of such proceeding. The Indemnifying
Party may, at its option and expense, defend any such proceeding if the
proceeding could give rise to an indemnification obligation hereunder. If the
Indemnifying Party elects to defend any proceeding, it shall have full control
over the conduct of such proceeding, although the Indemnified Party shall have
the right to retain legal counsel at its own expense and shall have the right
to approve any settlement of any dispute giving rise to such proceeding,
provided that such approval may not be withheld unreasonably by the Indemnified
Party. The Indemnified Party shall reasonably cooperate with the Indemnifying
Party in such proceeding.

         4.4   Right of Offset.  In the event that a party has a claim for
indemnification against another party pursuant to this Agreement, such party
shall be entitled to offset the amount of such claim against any amounts due
and payable under this Agreement or any other agreement between the relevant
parties. The offset right granted by this Section 4.4 is in addition to a
party's right to

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<PAGE>
seek indemnification directly from another party and shall not be deemed to
limit any party's indemnification rights in any respect.

                                   ARTICLE V
                                 MISCELLANEOUS

     5.1  Disputes. Disagreements between any parties relating to this
Agreement that cannot be resolved through mutual consultation shall be
submitted to arbitration. The place of arbitration will be the Hong Kong
Special Administrative Region. An independent expert arbitrator shall be
appointed by a unanimous decision of the board of directors of the Company, or,
failing a unanimous decision of the board, by the Hong Kong Chamber of Commerce.

     5.2  Governing Law and Construction. The validity, construction and
performance of this Agreement shall be governed by and be interpreted in
accordance with the laws of the Hong Kong Special Administrative Region,
notwithstanding any rules of conflict of laws or private international law under
which any other law would be made applicable.

     5.3  Entire Agreement. This Agreement and Exhibit A attached hereto
constitute and express the entire agreement between the parties relating to the
purchase of the Shares by ISS, superseding in all respects any and all prior
oral or written agreements or understandings between them pertaining to the
transactions contemplated by this Agreement, including without limitation the
Letter of Intent dated January 28, 1999 by and among ISS, BDL, Billow, Anthony
H. Gould and Grove Place Limited.

     5.4  Amendment. This Agreement may be amended or modified only by a
written instrument executed by all the parties hereto.

     5.5  Notices. Any notice or demand provided for hereunder shall be deemed
sufficiently given if sent by telex, telefax (facsimile), internationally
recognized courier or receipted mail (in each case prepaid) to the address
specified in writing by the party to which it is sent and shall be deemed
effective on the date of delivery specified in the telex, telefax (facsimile)
or the courier or mail receipt. Unless and until a party receives written
notice to the contrary from another party, it shall be entitled to consider the
following to be proper addresses of the other parties respectively:

                                      -9-

<PAGE>
         As to ISS:                Image Sensing Systems, Inc.
                                   500 Spruce Tree Centre
                                   1600 University Avenue West
                                   St. Paul, Minnesota 55104-3825
                                   U.S.A.
                                   Attention: President
                                   Telefax No.: 1-651-603-7795

          As to the Company,       MAX Resources Limited
          BDL or Billow:           2001 Central Plaza
                                   18 Harbour Road
                                   Wanchai, Hong Kong
                                   Attention: Mats Johan Billow
                                   Telefax No.: 852-2827-0056

         5.6   Waiver.  No failure on the part of any party to exercise and no
delay in exercising any right or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise or any right or remedy
hereunder preclude any other or further exercise thereof or the exercise of any
other right or remedy granted hereby or by any related document or at law or in
equity.

         5.7   Assignment.  This Agreement shall be binding upon and inure to
the benefit of the parties and their respective successors and permitted
assigns; provided, however, that no party shall have the right to assign this
Agreement in whole or in part without the prior written consent of the other
parties hereto, which consent may be granted or withheld in the sole and
absolute discretion of such other parties.

         5.8   Severability.  Wherever possible, each provision of this
Agreement and each related document shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this
Agreements or any related document, shall be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity without invalidating the remainder of such provision
or the remaining provisions of this Agreement or such related documents.

         5.9   Counterparts.  This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, and all of which
shall constitute together one and the same agreement.

                  [remainder of page intentionally left blank]

                                      -10-
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have executed this Subscription
Agreement as of the date set forth in the first paragraph.

IMAGE SENSING SYSTEMS, INC                       MAX RESOURCES LIMITED

By   /s/ William L. Russell                       By   /s/ Johan Billow
  -------------------------------------             ----------------------------
  William L. Russell                                Mats Johan Billow
  President and Chief Executive Officer             President

BERKELEY DEVELOPMENT LIMITED

By   /s/ Johan Billow                                  /s/ Johan Billow
  -------------------------------------           ------------------------------
  Mats Johan Billow                               MATS JOHAN BILLOW
  President

                                      -11-<PAGE>
                                                                    EXHIBIT 10.3

                            SHAREHOLDERS' AGREEMENT

         THIS AGREEMENT (the "Agreement") is made and entered into as of the
first day of February, 1999, by and among IMAGE SENSING SYSTEMS, INC., a company
incorporated under the laws of the State of Minnesota ("ISS"); BERKELEY
DEVELOPMENT LIMITED, a company incorporated under the laws of the British Virgin
Islands ("BDL"); MATS JOHAN BILLOW, an individual residing in Hong Kong
("Billow"); GROVE PLACE LIMITED, a company incorporated under the laws of the
British Virgin Islands ("GPL"); ANTHONY H. GOULD, an individual residing in
Thailand ("Gould"); and MAX RESOURCES LIMITED, a company incorporated under the
laws of Hong Kong (the "Company"), (collectively, the "parties").

         WHEREAS, ISS, which is in the business of developing, manufacturing and
selling traffic control products throughout the world, desires to expand its
business in Asia by acquiring a majority equity interest in the Company, which
is a distributor of traffic control products in Asia;

         WHEREAS, BDL and Billow are the sole shareholders of the Company, each
owning one (1) ordinary share, and Billow is the sole shareholder of BDL;

         WHEREAS, on and subject to the terms of a certain Subscription
Agreement by and among ISS, the Company, BDL and Billow (the "Subscription
Agreement"), which shall be signed concurrently with this Agreement, ISS shall
acquire six (6) ordinary shares of the Company;

         WHEREAS, GPL, a consulting firm with expertise in selling traffic
control products in Asia, which is wholly owned by Gould, is willing to render
services to the Company, and the Company is willing to issue two (2) shares of
the Company to GPL and pay such other consideration to GPL as shall be agreed
upon by GPL, ISS and the Company; and

         WHEREAS, the parties desire to protect their respective interests from
dilution and to provide a mechanism for the transfer and valuation of their
respective shares by entering into this Agreement;

         NOW, THEREFORE, in consideration of the premises and the respective
covenants and commitments of the parties set forth herein, the parties hereby
agree as follows:

<PAGE>
                                   ARTICLE I
                                   MANAGEMENT

         1.1  Principal Management Responsibilities.

         (a)  Billow, pursuant to a certain Service Agreement with the Company
executed as of the date of this Agreement (the "Service Agreement"), shall be
appointed as General Manager of the Company and be responsible for the
management of the Company's day-to-day operations in the ordinary course of
business, subject to powers and duties reserved to the Board of Directors and
the shareholders under applicable law, the Company's Memorandum and Articles of
Association, and the terms and conditions of this Agreement. The Company shall
also enter into a consulting agreement with BDL under which BDL will provide
consulting services to the Company regarding operations outside of Hong Kong
(the "BDL Consulting Agreement").

         (b)  Gould, acting through GPL and under a certain Consultancy
Agreement dated as of December 1, 1998 between GPL and ISS (the "Consultancy
Agreement"), shall assist with the management of the Company in the manner
determined by mutual agreement of GPL and the Company. As partial compensation
to GPL for making Gould available to assist the Company, the Company shall
issue two (2) ordinary shares of Company to GPL, and GPL shall subscribe for
such shares, as soon as possible after the date of this Agreement. The Company
shall also negotiate a service agreement with GPL or ISS regarding services to
be provided to the Company by Gould.

         1.2  Board of Directors.  The Board of Directors of the Company shall
consist of five (5) persons, three (3) of whom shall be nominated by ISS, one
(1) of whom shall be nominated by GPL, and one (1) of whom shall be nominated
by BDL. The chairman of the Board of Directors shall at all times be selected
from among the directors nominated by ISS. The parties shall vote their shares
in a manner to ensure that each party's nominee(s) are elected as director(s).

         1.3  Board Meetings.  The Board of Directors shall annually determine
the timing, frequency and location for regularly scheduled meetings; provided,
however, that they shall meet at least once during each fiscal year. Any
meeting of the Board of Directors may be conducted by telephone or video
conference, provided that each of the directors can hear all of the other
directors. Any action to be taken by the Board of Directors may be taken
without a meeting if all members of the Board of Directors consent in writing
to such action. For purpose of conducting business, a quorum shall consist of
three (3) directors, including those attending by telephone conference. Special
meetings of the Board of Directors, if any, may be called by one of the
signatories hereto or by any director with not less than 30 days prior written
notice of any such meeting and the subject thereof. Only subjects proposed may
be acted upon at such special meetings, should any become necessary to the
conduct of the Company's business.

                                      -2-

<PAGE>
                                   ARTICLE II
                                    FINANCE

         2.1  Consolidation of Financial Statements.  The parties understand
that it is desirable for ISS to be able to consolidate the operations of the
Company with those of ISS for financial statement reporting purposes. The
parties agree to cooperate with ISS to achieve this objective. Notwithstanding
any such cooperative action by the shareholders pursuant to a reasonable
request by ISS, no such action shall modify the effective ownership ratio of
20% to GPL, 20% to BDL and 60% to ISS for purpose of the election of directors,
the application of the valuation formula to the purchase of shares or the
distribution of dividends, including a final distribution of the proceeds of
liquidation, if any.

         2.2  Fiscal Year End.  It is understood that the current financial
year end for the Company is 30 September, 1999. The current financial year end
for ISS is 31 December, 1999. It may be desirable or, if required by ISS's
certified public accountants, necessary, to change the financial year of the
Company to coincide with that of ISS. Whether or not the Company's fiscal year
end is changed, for purposes of applying the valuation formula and termination
provisions in this Agreement, the first financial year of operations for the
Company shall be the eleven months ending 31 December, 1999. Subsequent years
shall be reported for the twelve-month period ending on the 31st of each
succeeding December.

         2.3  Annual Budget.  Prior to 30 November of each year, the Board of
Directors of the Company shall adopt a budget for the ensuing financial year.

         2.4  Annual Audit.  A certified accounting firm acceptable to ISS
shall conduct an annual audit of the financial statements and operations of the
Company. The audit shall be conducted as of 31 December of each year, or such
other date as may be requested by ISS in the event that the Company has a
financial year end other than 31 December.

         2.5  Additional Capital Contributions. The parties may provide
additional working capital to the Company in the form of loans or advances,
subject to mutual agreement of the parties as to the terms of repayment.
Neither Gould nor Billow, nor their respective companies, shall be required to
make any such loans or advances.

                                  ARTICLE III
                                CONFIDENTIALITY

         3.1  Protection of Confidential Information. During the term of this
Agreement and for a period of five (5) years thereafter, each party shall
maintain in strict confidence all "Confidential Information" (as such term is
defined in Section 3.2 below) obtained from another party hereto. None of the
parties shall use, disclose or grant the use of such Confidential Information
except as expressly authorized by this Agreement, and shall procure that its
officers, directors, agents and employees maintain such Confidential
Information in strictest confidence. Each of the parties agrees

                                      -3-

<PAGE>
to promptly notify the others if it is required by law or judicial authority to
disclose any Confidential Information of another party.

         3.2   Confidential Information.  For purposes of this Agreement, the
term "Confidential Information" shall mean, with respect to each of the
parties, information that is proprietary to it, including, without limitation,
patents, know-how, designs, formulas, processes, technology, manufacturing
information, specifications, plans, drawings and data, trade secrets,
inventions, discoveries, improvements and ideas or works of authorship or
other information relating to its business; information concerning any of its
past, current or possible future products or projects; information about its
research, development, purchasing, accounting, marketing, or selling of
products; and information concerning any of its past, current or possible
future customers or business prospects. Confidential Information shall not
include (a) any information lawfully in any person's possession prior to the
date of disclosure thereof by any other party, (b) any information which is in
the public domain or hereafter becomes a part thereof through no fault of the
person to whom such Confidential Information has been disclosed, (c) any
information that becomes available to a person on a non-confidential and lawful
basis from a source other than a party, or (d) any information disclosed from
one party to another that is expressed in writing by the disclosing party to be
non-confidential.

                                   ARTICLE IV
                          SHARE TRANSFER RESTRICTIONS

         4.1   Prohibition on Transfer.  Except to the extent expressly
provided below in this Article IV, no party that is a shareholder of the
Company (hereinafter referred to in this Article IV as a "shareholder") may
directly or indirectly sell, pledge, charge, mortgage, encumber, assign or
otherwise transfer (collectively, "transfer") its shares in the Company without
the prior approval of the Board of Directors of the Company and unless and
until the rights of purchase conferred under this Article IV have been
exhausted. Each shareholder shall procure that the members of the Board of
Directors nominated by it in accordance with this Agreement shall take all such
action as shall be required to approve any transfer of the shares of the
Company in accordance with the terms of this Article IV and to prohibit any
purported transfer of the shares of the Company which does not comply with the
terms of this Article IV. Any attempted transfer of Company shares in a manner
contrary to the terms of this Article IV shall be null and void.

         4.2   Issuance of Shares.  The Company shall not issue or allot any
new shares without the unanimous consent of the parties.

         4.3   First Refusal Rights.  In the event any shareholder wishes to
transfer all or part of its shares in the Company pursuant to a bona fide
purchase offer from a third party, such shareholder shall first offer such
shares to the Company for repurchase on the same terms as the bona fide
purchase offer. If the Company fails to purchase all of the shares to be sold,
any remaining shares shall in turn be offered for sale to the remaining
shareholders in proportion to their then current ownership percentages in the
share capital of the Company. In the event the Company and/or the

                                      -4-
<PAGE>
other shareholders do not acquire all of the shares offered, then the offering
shareholder shall be permitted to transfer such remaining shares to the bona
fide third party purchaser within ninety (90) days on the same terms presented
to the other shareholders. If the transfer is not completed within the 90-day
period, the requirements of this Section 4.3 shall once again apply.

         4.4   Buy/Sell Provisions.  In the event of termination of the
Consultancy Agreement, the Service Agreement or the BDL Consulting Agreement,
ISS shall purchase (or have the option to purchase), and Billow, BDL and/or
GPL, as the case may be, shall sell their shares of the Company in the manner
described below:

         (a)   If Billow terminates the Service Agreement or if BDL terminates
the BDL Consulting Agreement prior to 31 December 2000, ISS may purchase all of
BDL's shares of the Company at par value (HK$1.00 per share). If GPL terminates
the Consultancy Agreement prior to 31 December 2000, ISS may purchase all of
GPL's shares of the Company at par value (HK$1.00 per share).

         (b)   If the Company terminates the Service Agreement or the BDL
Consulting Agreement prior to 31 December 2000, ISS shall purchase all of BDL's
shares of the Company for US$200,000 (US$100,000 per share). If ISS terminates
the Consultancy Agreement prior to 31 December 2000, ISS shall purchase all of
GPL's shares of the Company for US$200,000 (US$100,000 per share).

         (c)   If Billow terminates the Service Agreement or if BDL terminates
the BDL Consulting Agreement between 1 January 2001 and 31 December 2001, ISS
shall purchase all of BDL's shares of the Company from BDL at the lesser of
US$200,000 or the Formula Price (as defined in Section 4.5 below). If GPL
terminates the Consultancy Agreement between 1 January 2001 and 31 December
2001, ISS shall purchase all of GPL's shares of the Company from GPL at the
lesser of US$200,000 or the Formula Price.

         (d)   If the Company terminates the Service Agreement or the BDL
Consulting Agreement between 1 January 2001 and 31 December 2001, ISS shall
purchase all of BDL's shares of the Company from BDL at the higher of
US$200,000 or the Formula Price. If ISS terminates the Consultancy Agreement
between 1 January 2001 and 31 December 2001, ISS shall purchase all of GPL's
shares of the Company at the higher of US$200,000 or the Formula Price.

         (e)   If the Service Agreement or the BDL Consulting Agreement, or
both, are terminated by the Company, BDL or Billow after 31 December 2001, ISS
shall purchase all of BDL's shares of the Company at the Formula Price. If the
Consultancy Agreement is terminated by either party after 31 December 2001, ISS
shall purchase all of GPL's shares of the Company at the Formula Price.

         (f)   If the Company terminates the Service Agreement or the BDL
Consulting Agreement at any time because Billow or BDL has been found guilty by
a court of a criminal offense or other offense that directly affects his or its
capacity to properly conduct his or its duties under the agreement, or if BDL
undergoes a change of control as defined in Section 6.2(b) below, ISS may

                                      -5-
<PAGE>

purchase all of BDL's shares of the Company at par value. If ISS terminates the
Consultancy Agreement because Gould or GPL has been found guilty by a court of
such an offense, or if GPL undergoes a change of control as defined in Section
6.2(b) below, ISS may purchase all of GPL's shares of the Company at par value.

         (g)   ISS may purchase all shares of the Company owned by BDL at the
Formula Price in the event of the death or disability of Billow, or if Billow
or BDL files a petition of any type as to his or its bankruptcy, or is declared
bankrupt, becomes insolvent, makes an assignment for the benefit of creditors,
goes into liquidation or receivership or otherwise loses legal control of its
business or is wound up (an "Event of Bankruptcy"). BDL may require ISS to
purchase all shares of the Company owned by BDL at the Formula Price in the
event of the death or disability of Billow.

         (h)   ISS may purchase all shares of the Company owned by GPL at the
Formula Price in the event of the death or disability of Gould, or an Event of
Bankruptcy of Gould or GPL. GPL may require ISS to purchase all shares of the
Company owned by GPL at the Formula Price in the event of the death or
disability of Gould.

         (i)   For purposes of this Section 4.4, references to shares of the
Company owned by BDL shall also include any Company shares held by Billow
individually, and references to shares of the Company owned by GPL shall also
include any Company shares held by Gould individually.

         (j)   A party may exercise his or its right to purchase or sell shares
of the Company under this Section 4.4, as the case may be, by providing written
notice of such exercise (the "Notice of Exercise") to the other party or
parties within thirty (30) days after becoming aware of the event or events
giving rise to such right of purchase or sale. Except as otherwise provided in
Section 4.4(k), full payment for all purchases of shares under this Section 4.4
shall be made in cash within ten (10) business days after delivery of the
Notice of Exercise to the purchasing party, unless the price for such shares is
the Formula Price, in which case the purchase price shall be payable in two
installments. A first installment equal to 50% of the Company's reasonable
estimate of the Formula Price shall be payable within 10 business days after
delivery of the Notice of Exercise. The balance of the purchase price shall be
payable within ten (10) business days after completion of an audit of the
Company's results for the current calendar year by the Company's auditor. The
Company shall use its best efforts to complete the audit within ninety (90)
days after the Company's year end.

         (k)   If ISS elects or is obligated to purchase shares of the Company
from BDL or GPL hereunder, ISS may pay up to 50% of the purchase price by
issuing shares of ISS' common stock to BDL or GPL, as the case may be, with an
aggregate value equal to the portion of the purchase price not paid in cash.
The value of such ISS common shares shall be equal to the average closing price
of ISS common shares for the 20 trading days immediately preceding the date on
which the Notice of Exercise if delivered. ISS' rights under this Section
4.4(k) shall be available so long as ISS' common shares are traded on Nasdaq or
another recognized stock exchange in the United States.

                                      -6-

<PAGE>
         4.5  Formula Price.  For purposes of this Agreement, the "Formula
Price" of shares of the Company shall be determined as follows:

         (a)  The fair market value of the Company for purposes of this Section
shall be computed in two parts. The first part shall be equal to average annual
sales over a three year period, multiplied by 150% and then divided by two,
which shall represent 50% of the formula value of the Company. The second part,
comprising the remaining 50% of the formula value of the Company, shall be
equal to the average annual profits before taxes over a three year period,
multiplied by ten, and then divided by two. In each instance, the three year
averaging period shall include the two years immediately preceding the
valuation date, plus the current year. Financial performance for the current
year shall be estimated pending completion of a year end audit and final
adjustments to the purchase price shall reflect the actual operating results
for the current year. For purposes of this formula, the current year shall be
that year during which an event requiring application of the formula occurs,
and annual profit shall not have a value less than zero.

         (b)  To determine the value of particular ownership interest, the sum
of the two valuation components shall be multiplied by the percentage ownership
of the Company which the shares in question represent.

         4.6  Liquidation of the Company.  No action shall be undertaken by any
party to cause the winding up or liquidation of the Company without the
unanimous consent of all of the parties.

                                   ARTICLE V
                   REPRESENTATIONS, WARRANTIES AND COVENANTS

         5.1  Representations and Warranties of ISS.  ISS represents and
warrants to the other parties as follows:

         (a)  ISS is duly organized and validly existing under the laws of the
State of Minnesota, has all requisite authority to carry on its business as now
being conducted, and is qualified to do business in each jurisdiction where the
nature of its activities would require such qualification.

         (b)  ISS has taken all action necessary for the authorization,
execution, delivery and performance of this Agreement, and when accepted by the
other parties hereto, this Agreement shall constitute a valid and binding
obligation, enforceable against it in accordance with its terms.

         5.2  Representations and Warranties of Gould and GPL. Gould and GPL
represent and warrant to the other parties as follows:

         (a)  GPL is duly organized and validly existing under the laws of the
British Virgin Islands, has all requisite authority to carry on its business as
now being conducted, and is qualified to do business in each jurisdiction where
the nature of its activities would require such qualification.

                                      -7-

<PAGE>
         (b)  GPL has taken all action necessary for the authorization,
execution, delivery and performance of this Agreement, and when accepted by the
other parties hereto, this Agreement shall constitute a valid and binding
obligation, enforceable against it in accordance with its terms.

         (c)  Gould is the beneficial owner of all of the issued and outstanding
shares of GPL.

         5.3  Representations and Warranties of Billow and BDL. Billow and BDL
represent and warrant to the other parties as follows:

         (a)  Each of BDL and the Company is duly organized and validly
existing under the laws of the jurisdiction of its organization, has all
requisite authority to carry on it business as now being conducted, and is
qualified to do business in each jurisdiction where the nature of its
activities would require such qualification.

         (b)  Each of BDL and the Company has taken all action necessary for
the authorization, execution, delivery and performance of this Agreement, and
when accepted by the other parties hereto, this Agreement shall constitute a
valid and binding obligation, enforceable against it in accordance with its
terms.

         (c)  Billow is the beneficial owner of all of the issued and
outstanding shares of BDL.

         5.4  Joint and Several Liability.

         (a)  For purposes of this Agreement, Gould and GPL shall be deemed one
and the same party and shall be jointly and severally liable for the
obligations of the other under this Agreement, and any breach by Gould or GPL
of any of his or its obligations hereunder shall be deemed a breach of both
Gould and GPL.

         (b)  For purposes of this Agreement, Billow and BDL shall be deemed
one and the same party and shall be jointly and severally liable for the
obligations of the other under this Agreement, and any breach by Billow or BDL
of any of his or its obligations hereunder shall be deemed a breach of both
Billow and BDL.

                                   ARTICLE VI
                                  TERMINATION

         6.1  Term.  This Agreement shall take effect on the date first above
written and shall continue in full force and effect until terminated in
accordance with Section 6.2 hereof.

         6.2  Termination.  Notwithstanding anything to the contrary contained
herein, this Agreement may be terminated in accordance with the following
provisions:

                                      -8-

<PAGE>

         (a)  This Agreement may be terminated at any time by the mutual
agreement of the parties in writing; or

         (b)  The rights of BDL, Billow, GPL and/or Gould may be terminated by
ISS if BDL or GPL undergoes a change in control. For purposes of this Agreement,
"change of control" means the occurrence of any sale, transfer, pledge or other
encumbrance, the issuance of shares or any other event, including, without
limitation, merger or consolidation, which gives effective control, including
the ability to direct the management, of such party to any third party not
theretofore an affiliate of such party, or any sale of substantially all of the
assets of a party to a buyer that is not a direct or indirect subsidiary of
such party. For purposes of this Agreement, "affiliate" means mean any
association, corporation, partnership, limited liability company, trust or
other entity of any kind or nature whatsoever (excluding any individual) that
controls, is controlled by, or is under common control with a party hereto.

                                  ARTICLE VII
                                 MISCELLANEOUS

         7.1  Disputes.  Disagreements between any parties relating to this
Agreement that can not be resolved through mutual consultation shall be
submitted to arbitration. The place of arbitration shall be the Hong Kong
Special Administrative Region. An independent expert arbitrator shall be
appointed by a unanimous decision of the board of directors of the Company, or,
failing a unanimous decision of the board, by the Hong Kong Chamber of Commerce.

         7.2  Governing Law and Construction.  The validity, construction and
performance of this Agreement shall be governed by and be interpreted in
accordance with the laws of the Hong Kong Special Administrative Region.

         7.3  Entire Agreement.  This Agreement constitutes and expresses the
entire agreement between the parties relating to its subject matter, superseding
in all respects any and all prior oral or written agreements or understandings
between them pertaining to the transactions contemplated by this Agreement,
including without limitation the Letter of Intent dated January 28, 1999 by and
among ISS, BDL, Billow, GPL and Gould.

         7.4  Amendment.  This Agreement may be amended or modified only by a
written instrument executed by all the parties hereto.

         7.5  Further Assurances.  The parties agree to execute such other
instruments and documents and to take such other action as may be necessary to
effect the purposes of this Agreement.

         7.6  Conflict with Memorandum and Articles of Association.  In the
event of any conflict between the terms of this Agreement and the terms of the
Memorandum and Articles of Association of the Company, it is the intention of
the parties that the provisions of this Agreement shall prevail,

                                      -9-
<PAGE>

and the shareholders hereby agree to exercise all voting and other rights and
powers available to them so as to give effect of the terms of this Agreement
and shall, if necessary, take all action necessary to amend the Memorandum and
Articles of Association so as to give effect to the intents and purposes of
this Agreement. As soon as reasonably possible after the execution of the
Agreement, the parties shall cause the Memorandum and Articles of Association
of the Company to be amended to conform to the terms of this Agreement.

         7.7  Notices.  Any notice or demand provided for hereunder shall be
deemed sufficiently given if sent by telex, telefax (facsimile), internationally
recognized courier or receipted mail (in each case prepaid) to the address
specified in writing by the party to which it is sent and shall be deemed
effective on the date of delivery specified in the telex, telefax (facsimile) or
the courier or mail receipt. Unless and until a party receives written notice to
the contrary from another party, it shall be entitled to consider the following
to be proper addresses of the other parties respectively:

         As to ISS:                Image Sensing Systems, Inc.
                                   500 Spruce Tree Centre
                                   1600 University Avenue West
                                   St. Paul, Minnesota 55104-3825
                                   U.S.A.
                                   Attention: President
                                   Telefax No.: 1-651-603-7795

         As to GPL or Gould:       Mr. Anthony H. Gould
                                   ISS Asia Regional Office
                                   99/49 Chuan Chuen Floraville
                                   Paturn Thani 12000
                                   Thailand
                                   Telefax No.: 662-598-2780

         As to the Company,        MAX Resources Limited
         BDL or Billow:            2001 Central Plaza
                                   18 Harbour Road
                                   Wanchai, Hong Kong
                                   Attention: Mats Johan Billow
                                   Telefax No.: 852-2827-0056

         7.8  Waiver.  No failure on the part of any party to exercise and no
delay in exercising any right or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise or any right or remedy
hereunder preclude any other or further exercise thereof or the exercise of any
other right or remedy granted hereby or by any related document or at law or in
equity.

         7.9  Assignment.  This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and permitted assigns;
provided, however, that no party shall

                                      -10-

<PAGE>
have the right to assign this Agreement in whole or in part without the prior
written consent of the other parties hereto, which consent may be granted or
withheld in the sole and absolute discretion of such other parties.

     7.10 Severability. Wherever possible, each provision of this Agreement
and each related document shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this
Agreements or any related document, shall be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity without invalidating the remainder of such provision
or the remaining provisions of this Agreement or such related documents.

     7.11 Distribution Agreement. Within thirty (30) days after the date of
this Agreement, ISS and the Company shall enter into a distribution agreement
under which ISS shall appoint the Company as the exclusive distributor of ISS
products in Asia; provided, that such an agreement will not conflict with the
Company's then-current distribution agreement with Peek Traffic Limited.

     7.12 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, and all of which
shall constitute together one and the same agreement.

                                      -11-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Shareholders'
Agreement as of the date set forth in the first paragraph.

IMAGE SENSING SYSTEMS, INC                        MAX RESOURCES LIMITED

By   /s/ WILLIAM L. RUSSELL                       By   /s/ MATS JOHAN BILLOW
     -------------------------                         -----------------------
     William L. Russell                                Mats Johan Billow
     President and Chief Executive Officer             President

BERKELEY DEVELOPMENT LIMITED

By   /s/ MATS JOHAN BILLOW                        /s/ MATS JOHAN BILLOW
     -------------------------                    ----------------------------
     Mats Johan Billow                            MATS JOHAN BILLOW
     President

GROVE PLACE LIMITED

By   /S/ ANTHONY H. GOULD                         /S/ ANTHONY H. GOULD
     -------------------------                    ----------------------------
     Anthony H. Gould                             ANTHONY H. GOULD
     President

                                      -12-

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