Document:

Exhibit 4.2, Connelly Invoice

    
      

      

    

    Exhibit
      4.2

     

    
      
        	
                Invoice
                  Summary

                Invoice:
                  Summary
                  06/01/06 - 10/15/2006  

                 

                Date:
                  October 15, 2006 

                 

              	
                 

                Brian
                  Connelly

                2919
                  Cape Sebastian Place

                Cardiff,
                  CA 92007

              
	 
	
                 

                To:

                Cobalis
                  Corp.

                2445
                  McCabe Way

                Irvine,
                  CA 92614

                949-757-0001

                 

              	
                 

                For:

                Consulting
                  services 6/01/06- 10/15/06 @ $10,417.00/month

              
	 
	 
	
                HOURS

              	
                DESCRIPTION

              	
                UNIT
                  PRICE

              	
                TOTAL

              
	 	
                Consulting:
                  06/01/2006 - 10/15/2006 

                 

                Including:

                 

                Clinical
                  Development:

                 

                Evaluation
                  of existing Clinical Development plan, design of Twin PIII pivotal
                  trials
                  and statistical analysis plan, working with management, Statistician
                  and
                  trial CRO. 

                 

                Business
                  Development:

                 

                Evaluation
                  of partnering opportunities; development of go-it-alone/non-large
                  Pharma
                  and large Pharma partnering strategy; Qualifying existing expressions
                  of
                  partnering interest.

                 

                Accounts
                  Payable Management:

                 

                Worked
                  with management to schedule or negotiate vendor account payables,
                  including trial CRO, clinical sites, FDA consultants, Database
                  Management
                  company, and other service providers. 

                 

                Corporate
                  Development:

                 

                Formulate
                  initial strategy for augmenting corporate governance through expansion
                  of
                  Board of Directors and initiating search through outside search
                  agency.

                 

              	
                 

                $10,417
                  per month

              	
                 

                $46,875.00

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

                 

              
	
                Sub
                  Total 

                 

              	
                $46,875.00

                 

              
	
                TOTAL
                  DUE 

                 

              	
                $46,875.00

                 

              

      

      
1Exhibit 4.3, Brian Connelly Conversion Agreement, 10/17/2006

    
      

      

    

    Exhibit
      4.3

    
 

    
      CONVERSION
        AGREEMENT

      

      This
        Agreement executed on October 17, 2006 is made by and between Cobalis
        Corp.,
        a
        Nevada corporation (the “Company”) with its principal place of business located
        at 2445 McCabe Way, Suite 150, Irvine CA 92614 and Brian
        Connelly
        (the
“Consultant”), with an address at 2919 Cape Sebastian Place, Cardiff, CA
        92007.

      

      NOW
        THEREFORE, in consideration of the foregoing recitals and the covenants and
        obligations set forth below and for other good and valuable consideration,
        the
        receipt and sufficiency of which are hereby acknowledged, the Parties agree
        as
        follows:

      

      Consulting
        Fees Conversion:
        The
        Consultant has rendered 1 (one) invoice to the Company totaling $67,969
        (sixty-seven thousand nine hundred sixty-nine) for his professional services
        relating to business development and assistance to Company’s CEO from June 1,
        2006 to October 15, 2006 and applicable taxes. The Parties hereby agree to
        convert this obligation of the Company into 71,546
        (seventy-one thousand five hundred forty-six) fully-paid and non-assessable
        free
        trading shares upon the execution of this Agreement. This shall be at the
        conversion rate of $0.95
        per share.
        The
        Company shall immediately issue an S-8 registration with the Securities and
        Exchange Commission in order to fulfill its obligation to the
        Consultant.

      

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

       

       

      
        	The Company (Cobalis,
                Corp.)	 	 	The Consultant (Brian
                Connelly)
	 	 	 	 
	 	 	 	 
	/s/ Chaslav
                Radovich	 	 	/s/ 
	
                
                  

                

                Chaslav Radovich

                President

              	 	 	
                
Brian
                Connelly

1Exhibit 4.4, Nenad Bogdanovich Invoice, 10/17/2006

    
      

      

    

    Exhibit
      4.4

     

    
       

      NENAD
        BOGDANOVIC

      Sekspirova
        2

      21000
        Novi Sad

      Serbia

      phone
        381
        64 116 4303

      bness021@gmail.com

      
 

      
        	
                INVOICE

              	 

                

              

      

       

      
        	 	TO:	Cobalis
                Corp.

        	 	 	
                2445
                  McCabe Way, Suite 150, Irvine, CA
                  92614

              

      

      

      
        	 	
                DATE:

              	
                September
                  30, 2006

              

      

      

      
        	 	
                PROJECT:

              	
                MAINTAINING
                  THE COBALIS.COM

              

      

      
        	 	 	
                Maintenance
                  of cobalis.com website from October 1, 2006 till October 1,
                  2007

              

      

      

      
        	 	
                TOTAL
                  DUE:

              	
                $1425

              

      

      
 

      
        	 	 	
                This
                  invoice is payable upon receipt.

              

      

      

       

      

      THANK
        YOU

      

      

      1Exhibit 4.5, Nenad Bogdanovich Conversion Agreement, 10/17/2006

    
      

      

    

    Exhibit
      4.5

     

     

     

    
      CONVERSION
        AGREEMENT

      

      This
        Agreement executed on October 17, 2006 is made by and between Cobalis Corp.,
        a
        Nevada corporation (the “Company”) with its principal place of business located
        at 2445 McCabe Way, Suite 150, Irvine CA 92614 and Nenad Bogdanovic (the
        “Consultant”), with an address at Sekspirova 2, 21000 Novi Sad,
        Serbia.

      

      NOW
        THEREFORE, in consideration of the foregoing recitals and the covenants and
        obligations set forth below and for other good and valuable consideration,
        the
        receipt and sufficiency of which are hereby acknowledged, the Parties agree
        as
        follows:

      

      Consulting
        Fees Conversion:
        The
        Consultant has rendered 1 (one) yearly invoice to the Company totaling $1,425
        (one thousand four hundred twenty-five) for his professional services of
        maintaining the corporate website from October 1, 2006 to October 1, 2007.
        The
        Parties hereby agree to convert this obligation of the Company into 1,500
        (one
        thousand five hundred) fully-paid and non-assessable free trading shares
        upon
        the execution of this Agreement. This shall be at the conversion rate of
        $0.95
        per share. The Company shall immediately issue an S-8 registration with the
        Securities and Exchange Commission in order to fulfill its obligation to
        the
        Consultant.

      

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

       

      
        	The Company
                (Cobalis,
                Corp.)	 	 	The Consultant
                (Nenad
                Bogdanovic)
	 	 	 	 
	 	 	 	 
	/s/ Chaslav
                Radovich	 	 	/s/ 
	
                
                  

                

                Chaslav Radovich

                President

              	 	 	
                
Nenad
                Bogdanovic

      

       

       

      1Exhibit 10.1

    
      

    

     

    EXHIBIT
      10.1

    EXECUTIVE
      BONUSES 2007

     

    
      	
              A.

            	
              There
                is a primary 2007
                milnacipran related corporate objective:

            

    

     

    
      	 	
              1.

            	
              Statistical
                significance achieved on MD-02, milnacipran Phase III trial.
                (100%)

            

    

     

    A
      100%
      weighting percentage is assigned to this objective. The bonus payable is equal
      to the weighting percentage multiplied by the ‘Target Bonus’ amount as defined
      below. The bonus is payable upon achievement of the objective (top-line data
      announcement). 

     

    
      	
              B.

            	
              In
                addition, the 2007
                annual corporate
                objectives
                include:

            

    

     

    
      	 	
              1.

            	
              Major
                corporate event, such as an in-license or product acquisition.
                (70%)

            

    

     

    
      	 	
              2.

            	
              Increase
                shareholder value (defined as an increase in stock price of 50% or
                more
                versus 12-31-06 close on average for 20 consecutive trading days
                as well
                as closing price on 12-31-07). (30%).

            

    

     

     

    Specific
      weighting percentages are assigned to each of the objectives - these are noted
      in parenthetical after each objective. The bonus payable is equal to the
      weighting percentage multiplied by the ‘Target Bonus’ amount as defined below.
      The bonus is payable upon achievement of either
      objective and with respect to objective 1, is payable upon the public
      announcement of such event and with respect to objective 2, is payable on the
      first business day of 2008. Note that whether or not a particular transaction
      qualifies as a 'major corporate event' is left to the discretion of the
      Compensation Committee. In addition, a bonus is payable to an individual only
      if
      such individual is employed by the Company on the date the applicable bonus
      is
      payable.

     

    HOWEVER,
      the maximum aggregate bonus (taking into account A1, B1 and B2) is equal to
      125%
      of the Target Bonus.

     

    The
      ‘Target Bonus’ amounts are defined as:

     

    For
      Srinivas Rao, Mike Gendreau, Denise Wheeler:

     

    25%
      x
      annual base salary*

     

    *
      For
      Denise Wheeler, prorated to reflect her part-time status

     

    For
      Sabrina Johnson:

     

    35%
      x
      annual base salary

     

    For
      Jay Kranzler:

     

    66
      2/3% x
      annual base salary

     

    The
      bonus amounts are calculated based on annual base salaries as of the earlier
      of
      the achievement of the objective or December 31, 2007.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Example
      to illustrate bonus calculation formula:

     

    Assuming
      only objective B1 is met, the bonus to Jay Kranzler would be 70% x 66 2/3%
      x
      annual base salary. 

     

    Assuming
      only objective B2 is met, the bonus to Jay Kranzler would be 30% x 66 2/3%
      x
      annual base salary. 

     

    Assuming
      only objectives B1 and B2 are met, the bonus to Jay Kranzler would be 100%
      x 66
      2/3% x annual base salary.

     

    Assuming
      only objective A1 is met, the bonus to Jay Kranzler would be 100% x 66 2/3%
      x
      annual base salary.

     

    Assuming
      all objectives are met (A1, B1 and B2), or A1 and B1 are met, or A1 and B2
      are
      met, the bonus to Jay Kranzler would be 125% x 66 2/3% x annual base salary.
      

     

     

    2

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