Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Imvision Theraputics Inc. - Exhibit 10.1

EXHIBIT 10.1 

 

 

NEXTECH VENTURE LP 

 

 

and 

 

 

IMVISION THERAPEUTICS INC. 

 

 

and 

 

 

IMVISION GmbH

 

 

 

 

 

	 
	EQUITY SHARE PURCHASE AGREEMENT 
	 
	June 30, 2006 
	 

 

 

Lang Michener LLP

EQUITY SHARE PURCHASE AGREEMENT

THIS AGREEMENT is made effective as of June 30, 2006,

AMONG:

NEXTECH VENTURE LP, a Delaware
limited partnership, whose 
principal office is at 47 Hulfish Street, Suite
420, Princeton, New Jersey, 
08542, United States

(“Vendor”) 

AND:

IMVISION THERAPEUTICS INC., a
Nevada corporation with 
an address at Feodor-Lynen Str. 5, 30625, Hannover,
Germany 

(the “Purchaser”)

AND:

IMVISION GMBH, a German limited
liability company with an 
address at Feodor-Lynen Str. 5, 30625, Hannover,
Germany

(“ImVision”) 

WHEREAS:

(A)                   
The Vendor owns all outstanding equity share capital of ImVision;

(B)                   
The Purchaser wishes to purchase all of the issued and outstanding equity share
capital of ImVision from the Vendor on the terms and subject to the conditions
set out in this Agreement.

THIS AGREEMENT WITNESSES THAT the Parties, intending to
be legally bound, covenant and agree as follows:

PART 1

DEFINITIONS AND INTERPRETATION

Definitions

1.1                   
In this Agreement, including the recitals and schedules, the following words and
phrases have the following meanings:

(a)         
 “Affiliate” means any officer, director, shareholder or employee of
any company or any member of the immediate family (limited to a spouse, parent
or child) of any such officer, director, shareholder or employee, and any
corporation;

(b)         
 “Assets” means all property or assets of any nature or kind,
whether real property or personal property, tangible or intangible;

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(c)          
“Business Day” means any day other than a Saturday, Sunday or public
holiday in Vancouver, British Columbia or Hannover, Germany;

(d)          
“Closing” means the completion of the purchase and sale of the ImVision
Share Capital as well as the subscription and issuance of the Purchaser Shares
on the terms and subject to the conditions contained in this Agreement by and to
the Vendor respectively;

(e)           “Closing
Date” means the date of Closing, as determined in accordance with §2.3 of
this Agreement;

(f)          
“Company” means ImVision;

(g)           “Consents
and Approvals” means all necessary consents and approvals required to be
obtained in connection with the execution and delivery by ImVision and the
Vendor of this Agreement and the consummation of the transactions described
herein, as listed in the Disclosure Schedule, which consents and approvals will
include all consents and approvals required to be obtained under all licenses
and permits held by ImVision for the conduct and operation of its business in
order that the Company, through its subsidiaries, will have the full benefit of
such licenses and permits following Closing;

(h)           “Disclosure
Schedule” means the disclosure schedule attached as Schedule 1. The
Disclosure Schedule will be arranged in sections corresponding to the numbered
and lettered sections contained in this Agreement and the disclosure in any
section qualifies other sections in this Agreement only to the extent that such
disclosure specifically references the fact that it also qualifies or applies to
such other specified sections;

(i)           “Employees
and Contractors” means all individuals who are full-time, part-time or
temporary employees or individuals engaged on contract to provide employment or
similar services in respect of ImVision;

(j)           “Encumbrance”
means any lien, claim, charge, pledge, hypothecation, security interest,
mortgage, title retention agreement, option, assignment, license or other
encumbrance or adverse claim of any nature or kind whatsoever;

(k)          
“Financial Statements” means the audited financial statements of ImVision
for the period ended December 31, 2005 and the unaudited interim financial
statements of ImVision for the three months ended March 31, 2006, each attached
as Schedule 2; 

(l)           “GAAP”
means German generally accepted accounting principles (according to HGB
–Handelsgesetzbuch). All determinations of an accounting nature in respect of
ImVision will be made in a manner consistent with GAAP and past practice with no
changes in the method of application of the Company’s accounting policies or
changes in the method of applying the Company’s use of estimates;

(m)           “Government
Entity” means (i) any international, multinational, national, federal,
provincial, state, municipal, local or other government or public department,
central bank, court, commission, board, bureau, agency or instrumentality,
domestic or foreign, (ii) any subdivision or authority of any of the foregoing,
or (iii) any quasi-government or private body, in each case, having jurisdiction
on behalf of any nation, province, territory, state or other geographic
subdivision thereof and exercising any regulatory, judicial, legislative,
expropriation or taxing authority;

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(n)          
“ImVision Share Capital” means all outstanding equity share capital of
ImVision;

(o)          
“Intellectual Property” means, in respect of a Person, all patents
(including utility patents, design patents, registered industrial designs,
utility models and certificates of addition), patent applications, copyright,
trade marks (including trade names, business names and service marks),
semiconductor topography rights, information rights in computer software and
databases, internet domain names, know-how, trade secrets, other similar
instruments or rights, whether registered or unregistered, and all rights in
relation to any of the foregoing which are recognized in any jurisdiction, of
the Person;

(p)          
“Material Contracts” means all agreements, whether oral or written, to
ImVision is a party, which are currently in effect and are material to the
operation of the Company’s business, including the following agreements, without
limitation: (i) license agreement or agreement providing for the payment or
receipt of royalties or other compensation by ImVision in connection with the
Intellectual Property of the Company used in the operation of its business; (ii)
stock purchase or stock option plan; (iii) contract for the employment of any
officer, individual employee or other person on a full-time or consulting basis
or relating to severance pay for any such person; (iv) contract, agreement or
understanding relating to the voting of the Company’s capital stock or the
election of directors; (v) agreement or indenture relating to the borrowing of
money or to mortgaging, pledging or otherwise placing a lien on any of the
assets of the Company; (vi) guaranty of any obligation for borrowed money or
otherwise; (vii) lease or agreement under which ImVision is lessee of, or holds
or operates any property, real or personal, owned by any other party; (viii)
contract which prohibits the Company from freely engaging in business anywhere
in the world; (ix) contract or commitment for capital expenditures in excess of
€25,000; (x) agreement for the sale of any capital asset; (xi) contracts,
understandings, arrangements or commitments with respect to the acquisition
and/or use by ImVision of in connection with the Intellectual Property of the
Company used in the operation of its business; or (xii) other agreement which is
either material to the Company’s business or was not entered into in the
ordinary course of business;

(q)          
“Party” means each party to this Agreement individually and
“Parties” mean each Party collectively;

(r)          
“Person” includes an individual, corporation, limited liability
corporation, unlimited liability company, body corporate, partnership, limited
partnership, joint venture, association, trust or unincorporated organization or
any trustee, executor, administrator or other legal representative thereof or
any other entity (including a Government Entity);

(s)          
“Purchase Price” has the meaning ascribed to it in §2.2;

(t)          
“Purchaser Shares” has the meaning ascribed to it in §2.2; 

(u)          
“Purchaser’s Closing Documents” means the closing documents set forth in
§9.3 to be delivered by the Purchaser on or before the Closing Date;

(v)          
“Purchaser’s Solicitors” means Lang Michener LLP;

(w)          
“SEC” means the United States Securities and Exchange Commission;

(x)          
“Securities Act” means the United States Securities Act of 1933, as
amended;; and

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(y)          
“Vendor’s Closing Documents” means the closing documents set forth in
§9.2 to be delivered by the Vendor and ImVision on or before the Closing
Date.

Schedules

1.2                   
The following schedules are attached to, form part of, and are hereby
incorporated by reference into this Agreement:

Schedule 1 – Disclosure Schedule

Schedule 2 – Financial Statements

PART 2

PURCHASE AND SALE

Purchase and Sale of ImVision Share Capital 

2.1                   
In reliance on the representations and warranties, and on the terms and subject
to the conditions contained in this Agreement, at the Closing, the Purchaser
will purchase from the Vendor, and the Vendor will sell, assign and transfer to
the Purchaser, all outstanding ImVision Share Capital, free and clear of all
Encumbrances. 

Purchase Price and Subscription of Shares in Purchaser by
Vendor

2.2                   
The total purchase price payable by the Purchaser to the Vendor for all of the
ImVision Share Capital in a total nominal amount of EUR 3,330,000.— (three
million three hundred thirty thousand Euro) will be USD 4,228,920.— (four
million two hundred twenty eight thousand nine hundred twenty US Dollars) (the
“Purchase Price”) and shall be paid by the Purchaser by the issuance and
the delivery of the Purchaser Shares (as defined hereafter) to the Vendor upon
Closing. In reliance upon the representations and warranties, and on the terms
and subject to the conditions contained in this Agreement, at Closing, the
Vendor will subscribe for 20,400,000 (twenty million four hundred thousand)
newly issued shares of common stock of the Purchaser with a nominal value of USD
0.001 (zero point zero zero one US Dollar) each (the “Purchaser Shares”)
for a subscription and issue price of USD 0.2073 (zero point two zero seven
three US Dollars ) each, representing an aggregate Subscription and Issue Price
for all Purchaser Shares of USD 4,228,920 (four million two hundred twenty eight
thousand nine hundred twenty US Dollars) (the “Aggregate Subscription and
Issue Price”).

Closing and Issuance of Shares in Purchaser 

2.3                   
The Closing will take place as soon as possible following satisfaction of the
conditions precedent to Closing set forth in this Agreement, including the
satisfaction by the Vendor of the condition precedent set forth in Section
7.1(c) and satisfaction by the Purchaser of the condition precedent set forth in
Section 8.1(c) of this Agreement, provided that in no event will the Closing
Date be later than June 30, 2006. At Closing, the Vendor shall be deemed to have
fully paid the Aggregate Subscription and Issue Price for the Purchaser Shares
by having duly executed this Agreement, having fulfilled the conditions
precedent in Section 7.1 (c) hereof and the delivery of the documents set forth
in Section 9.2 hereof, and the Purchaser shall, based on the representations,
warranties, and on the terms and subject to the conditions contained in this
Agreement, deliver to the Vendor all and not less than all of the documents and
funds set forth in Section 9.3 hereof against the Vendor consideration as stated
in Sections 2.1 and 2.2 hereof.

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Issuance of the Purchaser Shares

2.4                   
The Vendor acknowledges and agrees that the Purchaser Shares will be offered and
sold to the Vendor without such offer and sale being registered under the
Securities Act and will be issued to the Vendor in a transaction exempt from the
registration requirements of the Securities Act pursuant to Section 4(2) and
Rule 506 of Regulation D of the Securities Act based on the representations and
warranties of the Vendor in this Agreement. As such, the Vendor further
acknowledges and agrees that the Purchaser Shares will, upon issuance, be
“restricted securities” within the meaning of the Securities Act. The Vendor
acknowledges and agrees that all certificates representing the Purchaser Shares
will be endorsed with the following legend, or such similar legend as deemed
advisable by legal counsel for the Purchaser, to ensure compliance with the
Securities Act and to reflect the status of the Purchaser Shares as restricted
securities:

  
    “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”),
      AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR
      RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS
      OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR
      PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT.”

  

The Vendor acknowledges that the Purchaser Shares may not be
offered, resold, pledged or otherwise transferred except through an exemption
from registration under the Securities Act or pursuant to an effective
registration statement under the Securities Act and in accordance with all
applicable state securities laws and the laws of any other jurisdiction. The
Vendor agrees to resell the Purchaser Shares only in accordance with the
provisions of Regulation S of the Securities Act, pursuant to registration under
the Securities Act, or pursuant to an available exemption from registration
pursuant to the Securities Act. The Vendor agrees that the Company may refuse to
register any transfer of the Purchaser Shares not made in accordance with the
provisions of Regulation S of the Securities Act, pursuant to registration under
the Securities Act, pursuant to an available exemption from registration. The
Vendor agrees that the Purchaser may require the opinion of legal counsel
reasonably acceptable to the Purchaser in the event of any offer, sale, pledge
or transfer of any of the Purchaser Shares by the Vendor pursuant to an
exemption from registration under the Securities Act. 

Piggyback Registration Rights

2.5                   
The Purchaser shall notify the Vendor in writing at least thirty (30) days prior
to (i) the filing of any registration statement under the Securities Act for
purposes of a public offering of securities of the Purchaser (including, but not
limited to, registration statements relating to secondary offerings of
securities of the Purchaser) or (ii) the first step of a listing at any non-US
stock exchange, as the case may be, and will offer the Vendor an opportunity to
include in such registration statement all or part of such Purchaser Shares held
by the Vendor. In case the Vendor desires to include in any such registration
statement all or any part of the Purchaser Shares held by the Vendor, the Vendor
shall so notify the Purchaser in writing within fifteen (15) business days after
the above-described notice from the Purchaser. Such notice shall state the
intended method of disposition of the Purchaser Shares by the Vendor. If the
Vendor decides not to include all of its Purchaser Shares in any registration
statement thereafter filed by the Purchaser, the Vendor shall nevertheless
continue to have the right to include any of its Purchaser Shares in any
subsequent registration statement or registration statements as may be filed by
the Purchaser with respect to offerings of its securities, all upon the terms
and conditions set forth 

- 6 -

herein. The Purchaser shall have the right to terminate or
withdraw any registration initiated by it pursuant to this Section 2.5 prior to
the effectiveness of such registration whether or not the Vendor has elected to
include any Purchaser Shares in such registration. The expenses of such
withdrawn registration shall be borne by the Purchaser.

Underwritten Public Offering

2.6                   
If the registration statement under which the Purchaser gives notice under
Section 2.5 is for an underwritten public offering, the Purchaser shall so
advise the Vendor. In such event, the right of the Vendor to be included in a
registration pursuant to Section 2.5 shall be conditioned upon the Vendor’s
agreement to comply with all of the terms of such underwritten public offering,
and the Vendor’s agreement to sign an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwritten public
offering by the Purchaser. If the Vendor disapproves of the terms of any such
underwritten public offering, the Vendor may elect to withdraw therefrom by
written notice to the Purchaser and the underwriter, delivered at least ten (10)
business days prior to the effective date of the registration statement or its
equivalent in the case of a non-US listing.

Registration Expenses

2.7                   
The Purchaser undertakes to bear all expenses incurred by it in complying with
this Article, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of its own legal and other counsel,
reasonable fees and disbursements of a special legal counsel for the Vendor,
blue sky fees and expenses and the expense of any special audits incident to or
required by any such registration.

PART 3

REPRESENTATIONS AND WARRANTIES IN RESPECT OF THE
VENDOR

Representations and Warranties in Respect of the
Vendor

3.1                   
The Vendor represents and warrants to the Purchaser that, as at both the
effective date of this Agreement and the Closing Date,

(a)          
Capacity – the Vendor has all necessary legal right and capacity to
execute and deliver this Agreement, to transfer the legal and beneficial title
and ownership of the ImVision Share Capital owned by the Vendor to the
Purchaser, to perform all of the Vendor’s obligations hereunder and to comply
with the terms and provisions of this Agreement, and this Agreement constitutes
a valid and binding obligation of the Vendor in accordance with its terms,

(b)          
No Approvals Required – no authorization, approval, order, license permit
or consent of any Government Entity nor the registration, declaration or filing
by the Vendor with any such Government Entity is required in order for the
Vendor

(i)           to
execute and deliver this Agreement or any other agreement, certificate or
instrument to be executed or delivered by the Vendor pursuant to or contemplated
by this Agreement,

(ii)          
to incur the obligations expressed to be incurred by the Vendor pursuant to this
Agreement, or

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(iii)         to duly
perform and observe the terms and provisions of this Agreement,

(c)          
No Conflict – the Vendor is not a party to, bound by or subject to any
indenture, mortgage, lease, agreement, instrument, statute, regulation, order,
judgment, decree or law which would be violated, contravened or breached by, or
under which any default would occur or which gives rise to a requirement to
obtain any authorization, consent, approval or waiver from any third Person as a
result of, and there are no actions, claims, suits, litigation, investigations
or proceedings pending or threatened against or affecting the Vendor which would
prevent

(i)          
the execution and delivery by the Vendor of this Agreement or any other
agreement, certificate or instrument to be executed or delivered by the Vendor
pursuant to or contemplated by this Agreement, or

(ii)          
the performance by the Vendor of its obligations pursuant to, or the observance
by the Vendor of any of the terms and provisions of, this Agreement,

(d)          
No Other Agreements – no Person (other than the Purchaser) has any
agreement, option or right, present or future, contingent, absolute or capable
of becoming an agreement, option or right to require the Vendor to, sell,
transfer, assign or otherwise dispose of the ImVision Share Capital,

(e)          
No Fees Payable – , no broker, investment banker, financial advisor or
other Person is entitled to any broker’s, finder’s, financial advisor’s or other
similar fee or commission, or the reimbursement of expenses, in connection with
the transactions contemplated by this Agreement based upon arrangements made by
or on behalf of the Vendor,

(f)          
Title to Share Capital – the Vendor owns and has good and marketable
title to the ImVision Share Capital as the legal and beneficial owner thereof,
free of all Encumbrances, 

(g)          
Company Assets – the Vendor does not have any right or interest in or to
any Intellectual Property or other Asset owned by or used by ImVision in its
business as presently conducted or as currently proposed by ImVision to be
conducted,

(h)          
Legal Advice – the Vendor acknowledges and agrees that the Purchaser’s
Solicitors have acted as counsel only to the Purchaser and that the Purchaser’s
Solicitors are not protecting the rights and interests of any other Party and
that the Vendor has had the opportunity to seek and were not prevented from
seeking independent legal advice before the execution and delivery of this
Agreement and all other agreements, certificates or instruments to be executed
or delivered by the Vendor pursuant to or contemplated by this Agreement. In
this respect, the Purchaser acknowledges and agrees to be aware that the Vendor
did not avail itself of the opportunity to seek independent legal advice under
the laws of Nevada before signing this Agreement, but only had revised it by a
foreign lawyer not qualified to act under the laws of Nevada.

(i)          
Accredited Investor Status - the Vendor is an “accredited investor”, as
defined in Rule 501(a) of Regulation D of the Securities Act,

(j)          
Status as a Sophisticated Purchaser – the Vendor has such knowledge,
sophistication and experience in business and financial matters such that it is
capable of evaluating the merits and risks of the investment in the Purchaser
Shares. The Vendor has evaluated the merits and risks of an investment in the
Purchaser Shares. The Vendor can bear the economic risk of this investment, and
is able to afford a complete loss of this investment, 

- 8 -

(k)          
Acquisition for Investment – the Purchaser Shares to be issued to the
Vendor will be acquired by the Vendor for investment for the Vendor’s own
account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Vendor has no present intention
of selling, granting any participation in, or otherwise distributing the same.
The Vendor does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to
any third person, with respect to any of the Purchaser Shares,

(l)          
Information Regarding the Purchaser – the Vendor has had full opportunity
to ask questions and receive answers from representatives of the Purchaser
regarding the business, properties, prospects and financial condition of the
Purchaser, each as is necessary to evaluate the merits and risks of investing in
the Purchaser Shares. The Vendor believes it has received all the information it
considers necessary or appropriate for deciding whether to purchase the
Purchaser Shares. The Vendor has had full opportunity to discuss this
information with the Vendor’s legal and financial advisers before execution of
this Agreement, and 

(m)          
Reliance by Purchaser on Representations – the Vendor acknowledges that
the Purchaser will rely on these representations in completing the issuance of
the Purchaser Shares to the Vendor.

Survival

3.2                   
The representations and warranties of the Vendor contained in this Agreement
will survive the Closing and continue in full force and effect for a period of
twelve (12) months after the Closing Date.

PART 4

REPRESENTATIONS AND WARRANTIES IN RESPECT OF IMVISION

Representations and Warranties in Respect of
ImVision

4.1                   
The Vendor represents and warrants to the Purchaser that, as at both the
effective date of this Agreement and the Closing Date, and except to the extent
set forth in the Disclosure Schedule,

(a)          
Organization and Good Standing – ImVision is duly incorporated and is
validly existing and in good standing under the laws of its jurisdiction of
incorporation, and has all necessary legal and corporate power and authority to
own its property and assets and to carry on its business as presently conducted.
ImVision has delivered to the Purchaser complete and correct copies of its
constating documents including its certificate of incorporation and its articles
and bylaws, all as may be amended, and the minute books of ImVision which
contain complete and correct copies of all proceedings and actions taken at all
meetings of, or effected by written consent of, the shareholders and the board
of directors (including any committees thereof) of ImVision. ImVision is duly
qualified, licensed or registered to carry on business in the jurisdictions
where it owns, leases or operates its property,

(b)          
No Approvals Required – except as has been or will be obtained before the
Closing Date, no vote or consent of the holders of any class or series of shares
of ImVision is necessary to approve and adopt this Agreement or to consummate
any of the transactions contemplated hereby, and no authorization, approval,
order, license, permit or consent of any Government 

- 9 -

Entity nor the registration,
declaration or filing by ImVision with any such Government Entity is required in
order for ImVision

(i)           to
execute and deliver this Agreement or any other agreement, certificate or
instrument to be executed or delivered by ImVision pursuant to or contemplated
by this Agreement,

(ii)          
to incur the obligations expressed to be incurred by ImVision pursuant to this
Agreement, or

(iii)          to
duly perform and observe the terms and provisions of this Agreement,

(c)          
No Conflict – subject to obtaining the Consents and Approvals, no Company
is a party to, bound by or subject to any indenture, mortgage, lease, agreement,
instrument, statute, regulation, order, judgment, decree or law which would be
violated, contravened or breached by, or under which any default would occur, or
which could be terminated, cancelled or accelerated, in whole or in part, or
which allows any Person to exercise any rights or gives rise to a requirement to
obtain any authorization, consent, approval or waiver from any third Person, as
a result of the execution and delivery of this Agreement or the consummation of
any of the transactions provided for herein,

(d)          
No Litigation – there is no claim, suit, action, litigation, arbitration
proceeding or Government Entity proceeding, including any appeal or application
for review, in progress, pending or to the knowledge of the Vendor and ImVision,
threatened against, or relating to ImVision or affecting ImVision’s Assets or
business,

(e)          
Compliance with Laws – ImVision and its Assets, operations and business
have been and are being operated and have been and are in material compliance
with all laws or orders applicable to its business or operations. No Company has
received a notice or other communication alleging a possible violation of any
law or order applicable to its business or operations,

(f)          
Oustanding Equity Capital – the outstanding equity capital of ImVision is
comprised of €25,000 in nominal equity share capital of ImVision and of
€2,780,000 in additional capital paid-in to the capital reserves as of the date
of this Agreement, all of which equity share capital has been contributed by and
is registered in the name of the Vendor in accordance with German law,

(g)          
No Other Agreements – no Person has any agreement, option or right,
present or future, contingent, absolute or capable of becoming an agreement,
option or right, or which with the passage of time or the occurrence of any
event could become an agreement, option or right, to require ImVision to

(i)          
allot or issue any further or other share in its capital or any other security
convertible or exchangeable into any share in its capital,

(ii)          
convert or exchange any security into or for any share in its capital, or

(iii)         
purchase, redeem or otherwise acquire any issued and outstanding share in its
capital,

(h)          
Financial Statements – the Financial Statements (i) have been derived
from and are in accordance with the books and records of ImVision, (ii) have
been prepared in accordance with 

- 10 -

GAAP consistently applied with past
practice, and (iii) fairly present the financial position of ImVision as at each
date and the results of operations, cash flows and the changes in shareholder’s
equity for each period reported,

(i)          
Accuracy of Records – all financial transactions of ImVision have been
fairly reflected in the accounting and financial books and records of ImVision,
and such books and records are stated in reasonable detail and fairly reflect
the basis for the Financial Statements,

(j)          
Bankruptcy – ImVision has not made an assignment in favour of its
creditors or a proposal in bankruptcy to its creditors or any class thereof, and
no petition for a receiving order has been presented in respect of it. ImVision
has not initiated proceedings with respect to a compromise or arrangement with
its creditors, or for its winding-up, liquidation or dissolution. No receiver or
interim receiver has been appointed in respect of ImVision or its Assets and no
execution or distress has been levied on any of ImVision’s Assets, nor have
proceedings been commenced in respect of any of the foregoing,

(k)          
Absence of Undisclosed Liabilities – except to the extent disclosed,
reflected or reserved against in the Financial Statements or incurred in the
ordinary and normal course of the business since March 31, 2006, ImVision does
not have any outstanding indebtedness or any liabilities or obligations (whether
accrued, accruing, absolute, contingent or otherwise) and all such reserve
amounts are adequate based on the past experience of ImVision and are consistent
with the accounting procedures used by ImVision in previous fiscal periods and
there is nothing which indicates that such reserves are not adequate or that
higher reserves should be taken,

(l)          
Absence of Changes – since March 31, 2006 there have not been

(i)          
any changes in the condition or operations of the business, Assets or financial
affairs of ImVision which are, individually or in the aggregate, materially
adverse, or

(ii)          
any damage, destruction or loss, labour unrest or other event, development or
condition, of any character (whether or not covered by insurance) which is not
generally known or which has not been disclosed to the Purchaser in writing, or
which to the knowledge of the Vendor, may materially adversely affect the Assets
or the business of ImVision,

(m)          
Absence of Unusual Transactions – since March 31, 2006, ImVision has not

(i)          
transferred, assigned, sold or otherwise disposed of any Asset shown or
reflected in the Financial Statements or forgiven, cancelled or released any
debt or claim, except in the ordinary and normal course of its business,

(ii)         
incurred or assumed any obligation or liability (fixed or contingent), except
unsecured current obligations and liabilities incurred in the ordinary and
normal course of its business,

(iii)         issued
or sold any share in its capital or any warrant, bond, debenture or other
corporate security or issued, granted or delivered any right, option or other
commitment for the issuance of any such or other security,

(iv)         discharged or
satisfied any Encumbrance, or paid any obligation or liability (fixed or
contingent), other than current liabilities or the current portion of long-term

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liabilities disclosed in the Financial
Statements or current liabilities incurred since the date thereof in the
ordinary and normal course of its business,

(v)          
declared or made any payment of any dividend or other distribution in respect of
any of its shares other than in the ordinary and normal course, nor purchased,
redeemed, subdivided, consolidated, or reclassified any share in its
capital,

(vi)          entered
into any transaction not in the ordinary and normal course of its business,

(vii)         made any
gift of money or of any Asset to any Person,

(viii)         amended
or changed or taken any action to amend or change its constating documents,

(ix)          
increased or agreed to increase the remuneration of, or paid or agreed to pay
any pension, share of profits or other similar benefit to any of its directors,
officer or Employees and Contractors or former directors, officers or Employees
and Contractors, other than in the ordinary and normal course of its business
consistent with past practice and disclosed in writing to the Purchaser,

(x)          
made any payment of any kind to or on behalf of the Vendor or any of its
Affiliates, other than business related expenses, salaries and bonuses in the
ordinary and normal course of its business consistent with past practice and as
disclosed in the Financial Statements or in writing to the Purchaser,

(xi)          
mortgaged, pledged, subjected to any lien, granted an option or a security
interest in respect of or otherwise encumbered any of its Assets, or

(xii)         authorized
or agreed or otherwise become committed to do any of the foregoing,

(n)          
Title to Assets – ImVision has legal and beneficial ownership of and good
and marketable title to all its Assets and in its financial books and records,
free and clear of all Encumbrances and none of such Assets is in the possession
of or under the control of any other Person. The Assets owned by ImVision
represent all assets used by ImVision in the conduct of its business and as are
necessary for the conduct by ImVision of its business. No other person has any
interest in any Asset used by ImVision in the conduct of its business,

(o)          
Bank Accounts and Powers of Attorney – the Disclosure Schedule sets out a
correct and complete list showing (i) the name of each bank or other financial
institution with which ImVision has an account or safe deposit box and the names
of all Persons authorized to draw on the account or to have access to the safe
deposit box, and (ii) the names of all Persons holding powers of attorney from
ImVision. True and complete copies of such powers of attorney, if any, have been
provided to the Purchaser,

(p)          
Leased Property – ImVision does not own any real property. ImVision is
not a party to or bound by any leases of real property other than those set out
in the Disclosure Schedule and all interests held as lessee are free and clear
of all Encumbrances. All rental and other payments required to be paid by
ImVision under such leases have been duly paid and there is not otherwise any
default by Imvision in meeting its obligations under any such lease,

(q)          
Material Contracts – all current Material Contracts are set out in the
Disclosure Schedule along with each party thereto, and

- 12 -

(i)          
each such Material Contract is in full force and effect and is a valid and
binding agreement of ImVision,

(ii)         
ImVision has performed or is performing all obligations required to be performed
by it under each such Material Contract and are not in breach or default
thereunder and no other party to any such Material Contract is in breach or
default thereunder, and

(iii)         the Vendor
does not know of any circumstances that are reasonably likely to occur that
could reasonably be expected to adversely affect ImVision’s ability, up to
Closing, to perform its obligations under any Material Contract, 

(r)          
Shareholder Loans – there are shareholder or other loans outstanding in
respect of ImVision,

(s)          
Employees and Contractors – the Disclosure Schedule contains a complete
and accurate list of the Employees and Contractors, together with their date of
hire, title or classification, current wages, salaries or hourly rate of pay,
benefits, vacation entitlement, commissions and bonus or other material
compensation paid since the beginning of the most recently completed fiscal year
or payable to each such Employee and Contractor as of the date of this
Agreement. Except as disclosed in the Disclosure Schedule, ImVision is not a
party to any written or oral contract, agreement or other commitment with any
Employee and Contractor other than contracts of indefinite duration which are
terminable by the respective Company without cause on reasonable notice as
determined in accordance with applicable law. The Vendor is not aware of the
intention of any Employee and Contractor, who is an executive or senior officer,
to terminate his or her employment,

(t)          
Insurance – ImVision maintains insurance in force against loss on such
Assets, against such risks, in such amounts and to such limits as is in
accordance with prudent business practices prevailing in its business,

(u)          
Corporate Records – ImVision has kept all records required to be kept by
applicable corporate legislation,

(v)          
Permits and Licences – ImVision holds all authorizations, approvals,
orders, licenses, permits or consents issued by any Government Entity which are
necessary in connection with the conduct and operation of its business as it is
currently conducted and the ownership, leasing or use of its Assets as the same
are now owned, leased, used conducted or operated. ImVision is not in material
breach of or in default under any of the terms or conditions thereof, and all
such authorizations, approvals, orders, licences, permits and consents issued by
a Government Entity are listed in the Disclosure Schedule,

(w)          
Tax Filings and Payments – ImVision

(i)          
has filed or caused to be filed within the time prescribed

(A)          
all income tax returns and election forms and the income tax returns of each
jurisdiction required to be filed and all such returns and forms are true,
complete and accurate in all material respects and the amounts of tax payable
shown in all such returns prepared by ImVision are correct in all material
respects, and

- 13 -

(B)          
all returns, reports, and information required to be filed with any Government
Entity with respect to sales tax, property tax, property transfer tax, and every
other tax (by whatever name) that ImVision is required to file and all such
returns, reports, and information are true, complete and accurate in all
material respects,

(ii)          
has paid or caused to be paid all taxes due and payable (including all federal,
provincial and local taxes, assessments or other imposts in respect of its
income or Assets), and all interest and penalties thereon, if any, for all
previous years and all required instalments of taxes due and payable for the
current fiscal year have been paid, and

(iii)          
has withheld all amounts required to be withheld by ImVision from salary and
other payments to its Employees and Contractors including pursuant to any taxing
laws to which it is subject, and has remitted all such amounts, including all
interest and penalties thereon, to the relevant Government Entity,

(x)          
Indebtedness to Related Parties – except for the payment of salaries and
other compensation payable in the ordinary and normal course and reimbursement
for out-of-pocket expenses in the ordinary and normal course and amounts
disclosed in the Financial Statements or the Disclosure Schedule, ImVision is
not indebted to the Vendor, Employees and Contractors, or any Affiliate
thereof,

(y)          
Conduct of Business – to the knowledge of the Vendor, ImVision is not
conducting its business in material contravention of any Material Contract, law,
regulation or of any direction of a Government Entity,

(z)          
Condition of Assets – all tangible Assets used by ImVision in connection
with its business are in good operating condition and in a good state of
maintenance and repair, reasonable wear and tear excepted,

(aa)         Intellectual
Property –

(i)          
the Disclosure Schedule lists all Intellectual Property (other than unregistered
copyrights, know-how, trade secrets and off-the-shelf office productivity
software) and all registration applications therefor owned by or licensed to
ImVision that is material to their business. The Vendor has delivered to the
Purchaser complete and correct copies of all license agreements to which
ImVision is a party relating to such Intellectual Property. The conduct of the
business of ImVision, as presently conducted and as currently proposed by
ImVision to be conducted, does not, to the best knowledge of the Vendor,
conflict with, or result in any violation of, or default under, or give rise to
any right, license or encumbrance relating to, Intellectual Property owned by
ImVision or with respect to which ImVision now has or has had any contract with
any third party, or any right of termination, cancellation or acceleration of
any Intellectual Property right or obligation set forth in any contract to which
ImVision is a party, or the loss or encumbrance of any Intellectual Property or
benefit related thereto, or result in the creation of any Encumbrance in or upon
any Intellectual Property or right owned or used by ImVision,

(ii)          
ImVision uses all Intellectual Property that it does not own only in the manner
and for the purposes authorized and specified by the owner or licensor of such

- 14 -

Intellectual Property, and to the
extent ImVision has granted exclusive rights to Intellectual Property to another
Person, ImVision has not used such Intellectual Property for any purpose,
including for development purposes or sale or distribution, except to such other
Person,

(iii)          
ImVision owns, or is licensed or otherwise has the right to use, in each case,
without ongoing payments to third parties except as disclosed in the Disclosure
Schedule, and free and clear of any Encumbrances, all Intellectual Property used
in or necessary to carry on its business as presently conducted or as currently
proposed by ImVision to be conducted,

(iv)          
ImVision has not been notified by any Person that its planned products and
services infringe upon or otherwise violate the rights of any Person with regard
to any Intellectual Property owned by, licensed to or otherwise used by such
Person,

(v)           to
the best knowledge of the Vendor, no Person is infringing on or otherwise
violating any right of ImVision with respect to any Intellectual Property owned
by, licensed to or otherwise used by ImVision,

(vi)          
each current or former officer, Employee and Contractor or consultant of
ImVision has assigned and transferred, or on or before the Closing Date will
have assigned and transferred, to ImVision all ownership and other rights of any
nature whatsoever of such Person in any Intellectual Property claimed to be
owned by the Company, no current or former director of ImVision has any
ownership or other rights of any nature whatsoever in any Intellectual Property
claimed to be owned by ImVision and no current or former director, officer,
Employee and Contractor or consultant of ImVision (or any member of their
immediate families) has a valid claim against ImVision in connection with the
involvement of such Persons in the conception and development of any computer
software or other Intellectual Property of ImVision, and

(vii)          
ImVision does not own title to or uses any registered service mark, trade name
or trademark, or, to the best knowledge of the Vendor, any service mark, trade
name or trademark in which a third Person has any legal interest, except with
the consent of such third person,, and

(bb)         Undisclosed
Information – the Vendor does not have any material information which is not
generally known or which has not been disclosed in writing to the Purchaser by
the Vendor and which if known could reasonably be expected to have a material
adverse effect on the value of the ImVision Share Capital, or the Assets or
business of ImVision.

Other Representations

4.2                   
All statements contained in any written certificate or other written instrument
delivered by or on behalf of the Vendor or ImVision pursuant to this Agreement
will be deemed to be representations and warranties by the Vendor hereunder.

Reliance

4.3                   
The Vendor acknowledges and agrees that the Purchaser has entered into this
Agreement relying on the warranties and representations and other terms and
conditions of this Agreement.

- 15 -

Survival

4.4                   
The representations and warranties of the Vendor contained in this Agreement
will survive the Closing and continue in full force and effect for a period of
twelve (12) months after the Closing Date.

PART 5

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

Representations and Warranties in Respect of the
Purchaser

5.1                   
The Purchaser represents and warrants to the Vendor that as at both the
effective date of this Agreement and the Closing Date

(a)          
Organization and Good Standing – the Purchaser is duly incorporated under
the laws of its jurisdictions of incorporation and is validly existing and in
good standing with respect to the filing of annual returns under such laws,

(b)          
Authority – the Purchaser has all necessary corporate right, authority,
power and capacity to execute and deliver this Agreement, to acquire the
ImVision Share Capital, to perform all of its obligations hereunder and to
comply with the terms and provisions of this Agreement and this Agreement
constitutes a valid and binding obligation of the Purchaser in accordance with
its terms,

(c)          
No Approvals Required – relying upon the representations and warranties
of the Vendor set forth in this Agreement and except for filings required by
applicable securities legislation, no authorization, approval, order, license,
permit or consent of any Government Entity, regulatory body or court nor the
registration, declaration or filing by the Purchaser with any such Government
Entity, regulatory body or court is required in order for the Purchaser

(i)           to
execute and deliver this Agreement or any other agreement, certificate or
instrument to be executed or delivered by the Purchaser pursuant to or
contemplated by this Agreement,

(ii)          
to incur the obligations expressed to be incurred by the Purchaser pursuant to
this Agreement, or

(iii)          
to duly perform and observe the terms and provisions of this Agreement,

(d)          No
Conflict – the Purchaser is not a party to, bound by or subject to any
indenture, mortgage, lease, agreement, instrument, statute, regulation, order,
judgment, decree or law which would be violated, contravened or breached by, or
under which any default would occur as a result of

(i)          
the execution and delivery by the Purchaser of this Agreement or any other
agreement, certificate or instrument to be executed or delivered by the
Purchaser pursuant to or contemplated by this Agreement, or

(ii)          
the performance by the Purchaser of its obligations pursuant to, or the
observance by the Purchaser of any of the terms and provisions of, this
Agreement,

- 16 -

(e)          
Validity and Enforceability. The obligations of the Purchaser according
to this Agreement are valid, binding and enforceable against the Purchaser under
their respective terms and conditions subject only to bankruptcy, insolvency,
reorganization, composition or similar laws affecting creditor’s rights in
general.

(f)          
Capitalization – the authorized share capital of the Purchaser consists
of 100,000,000 (one hundred million) shares of common stock, with a par value of
$0.001 (zero point zero zero one) per share each and 5,000,000 (five million)
shares of preferred stock with a par value of $0.001 (zero point zero zero one)
per share each, of which only 7,575,000 shares of common stock and no shares of
preferred stock are outstanding as at June 30, 2006, and the Purchaser
undertakes, for so long as the Vendor is the owner of a majority of the
Purchaser’s issued and outstanding shares of common stock, not to issue any
shares of preferred stock in the future without the prior written consent of the
Vendor.

(g)          
Purchaser Shares – upon issuance to the Vendor in accordance with this
Agreement, the Purchaser Shares will be validly issued, fully paid and
non-assessable shares of the common stock of the Purchaser,

(h)          
Outstanding Rights to Purchase Shares – other than pursuant to the letter
agreement between the Purchaser and Debondo Capital Ltd. dated June 12, 2006,
the Purchaser has not issued or committed to issue any shares, common share
purchase warrants or options to purchase common Shares prior to Closing and the
Purchaser undertakes, for so long as the Vendor is the owner of a majority of
the Purchaser’s issued and outstanding shares of common stock, not to adopt any
Share Option Plan without the prior written consent of the Vendor in the
future.

(i)          
Other Interests – the Purchaser does not own any share in or other
security of, or have any equity, partnership or proprietary interest in the
Assets or business of, any other Person,

(j)          
No Litigation – there is no claim, suit, action, litigation, arbitration
proceeding or Government Entity proceeding, including any appeal or application
for review, in progress, pending or to the knowledge of the Purchaser threatened
against, or relating to the Purchaser or affecting the Purchaser’s Assets or
business, and

(k)          
Financial Statements. The Purchaser was incorporated on June 15, 2006 and
has not prepared any financial statements to date. The Purchaser has not
incurred any liabilities other than (i) professional fees in connection with its
incorporation, organization and the preparation of this Agreement, and (ii)
those liabilities set forth in this Agreement. The Purchaser has not issued any
shares of its common stock other than 7,575,000 shares of common stock issued at
a price of $0.001 per share and has not issued any shares of its 5,000,000 (five
million) shares of preferred stock with a par value of $0.001 (zero point zero
zero one) per preferred share each.

(l)          
Compliance with Laws – the Purchaser and its Assets, operations
and business have been and are being operated and have been and are in material
compliance with all laws or orders applicable to its business or operations. In
particular, the Purchaser has filed all tax and social security returns when due
and paid or accrued all taxes, social security contributions or other public
duties which it is owing or for which it is liable. The Purchaser has not
received a notice or other communication alleging a possible violation of any
law or order applicable to its business or operation. In particular, it is in
possession of all public and other permits, consents and authorizations
necessary according to existing law for the purpose of operating its business as
currently conducted.

- 17 -

Other Representations

5.2                   
All statements contained in any written certificate or other written instrument
delivered by or on behalf of the Purchaser pursuant to this Agreement will be
deemed to be representations and warranties by the Purchaser hereunder.

Reliance

5.3                   
The Purchaser acknowledges and agrees that the Vendor have entered into this
Agreement relying on the warranties and representations and other terms and
conditions of this Agreement.

Survival

5.4                   
The representations and warranties of the Purchaser contained in this Agreement
will survive the Closing and continue in full force and effect for a period of
twelve (12) months after the Closing Date.

PART 6

PRE-CLOSING COVENANTS

Conduct of Business

6.1                   
The Vendor and ImVision covenant and agree with the Purchaser that until the
Closing Date or termination of this Agreement, except as otherwise contemplated
in this Agreement or agreed to in writing by the Purchaser, they will

(a)          
Conduct Business in Ordinary and Normal Course – to conduct its business
in the ordinary and normal course thereof, including the payment of all current
liabilities and accounts in the ordinary and normal course, and not negotiate or
execute any new Material Contracts or terminate, cancel or modify in any
material respect any existing Material Contracts, and

(b)          
Necessary Steps – to take all actions, steps and proceedings that are
necessary or desirable to approve or authorize, or to validly and effectively
undertake, the execution, delivery and performance of this Agreement and the
completion of the transactions, including completion of the advance to ImVision
of the additional ImVision Share Capital required in order to satisfy the
condition precedent under Section 7.1(c) of this Agreement.

PART 7

PURCHASER’S CONDITIONS PRECEDENT

Purchaser’s Conditions

7.1                   
The obligations of the Purchaser to complete the purchase of the ImVision Share
Capital are subject to the satisfaction of or compliance with each of the
following conditions precedent on or before the Closing Date

- 18 -

(a)          
Truth and Accuracy of Representations and Warranties of the Vendor and
ImVision – the representations and warranties of the Vendor and ImVision
contained herein are true and correct in all material respects as at the Closing
Date with the same effect as if made on the Closing Date,

(b)          
Performance of Obligations – the Vendor and ImVision have, in all
material respects, performed and complied with all the obligations, covenants
and agreements to be performed and complied with by each of them on or before
the Closing Date, 

(c)          
Contribution of Share Capital – the Vendor will have advanced an
additional €510,000 to ImVision as an equity share capital contribution such
that the amount of the ImVision Share Capital will equal €2,780,000 in
additional paid in capital and €25,000 in capital as of Closing, and

(d)          
Waiver of Rights under Employment Agreements – the Purchaser will have
received written waivers executed by each of Dr. Steiner and Dr. Rose of their
rights under their respective employment agreements with ImVision GmbH to
receive the special payment resulting from an “Exit”, as defined under paragraph
6(1) of the employment agreements.

Waiver

7.2                   
The conditions precedent set forth in this Part 7 are for the exclusive benefit
of the Purchaser and may be waived by the Purchaser in writing in whole or in
part on or before the Closing Date. The waiver by the Purchaser of any condition
set forth in this Part 7, the acknowledgement or agreement by the Purchaser that
any such condition has been satisfied and the completion of the purchase and
sale transaction contemplated by this Agreement will be without prejudice to the
Purchaser’s rights in respect of the warranties, representations, covenants and
indemnities of the Vendor and ImVision contained in this Agreement.

PART 8

VENDOR’S CONDITIONS PRECEDENT

Vendor’s Conditions

8.1                   
The obligations of the Vendor to complete the sale of the ImVision Share Capital
are subject to the satisfaction of or compliance with each of the following
conditions precedent on or before the Closing Date

(a)          
Truth and Accuracy of Representations and Warranties of the Purchaser –
the representations and warranties of the Purchaser contained herein are true
and correct in all material respects as at the Closing Date with the same effect
as if made on the Closing Date,

(b)          
Performance of Obligations – the Purchaser has, in all material respects,
performed and complied with all the obligations, covenants and agreements to be
performed and complied with by it on or before the Closing Date,

(c)          
Issuance of Purchaser Shares – the Purchaser has duly completed all
corporate action necessary or advisable for the issuance of the Purchaser Shares
hereunder.

- 19 -

8.2                   
The conditions precedent set forth in this Part 8 are for the exclusive benefit
of the Vendor and may be waived by the Vendor in writing in whole or in part on
or before the Closing Date. The waiver by the Vendor of any condition set forth
in this Part 8, the acknowledgement or agreement by the Vendor that any such
condition has been satisfied and the completion of the purchase and sale
transaction contemplated by this Agreement will be without prejudice to the
Vendor’s rights in respect of the warranties, representations, covenants and
indemnities of the Purchaser contained in this Agreement.

PART 9

CLOSING

Closing Date and Location

9.1                   
The Closing will take place on the Closing Date at the offices of ImVision in
Hannover, Germany, or at such other time, date or location as may be agreed to
in writing by the Parties.

Vendor’s Closing Documents

9.2                   
On or before the Closing Date, the Vendor will deliver, or cause to be
delivered, to the Vendor’s Solicitors, in trust, the following documents: 

(a)          
the equity share capital transfer agreement, duly executed by the Vendor and
notarized in accordance with German law;

(b)           a
copy of the submitted notification of the equity share capital transfer to the
Trade Register at Hannover Court; and

(c)          
such other documents and instruments, other than those set out above, as may be
reasonably requested by the Purchaser’s Solicitors in order to complete the
transactions set out in this Agreement;

and delivery of such documents by the Vendor in accordance with
this §9.2 will be deemed to satisfy the conditions precedent set forth in
§9.2.

Purchaser’s Closing Documents

9.3                   
On or before the Closing Date, the Purchaser will deliver, or cause to be
delivered, to the Purchaser’s Solicitors, in trust, the following documents and
funds:

(a)          
the equity share capital transfer agreement, duly executed by the Purchaser and
notarized in accordance with German law,

(b)           a
share certificate, carrying a legend and provided for in this Agreement,
registered in the name of the Vendor representing the Purchaser Shares;

(c)           a
certified copy of resolutions of the directors of the Purchaser authorizing the
execution, delivery and performance of this Agreement by the Purchaser; and

(d)          
such other documents and instruments, other than those set out in above, as may
be reasonably requested by Vendor’s Solicitors in order to complete the
transactions set out in this Agreement; 

- 20 -

and delivery of such documents and funds by the Purchaser in
accordance with this §9.3 will be deemed to satisfy the conditions precedent set
forth in §8.1.

PART 10

TERMINATION

Termination Rights

10.1                   
This Agreement may, by notice in writing given before or on the Closing, be
terminated:

(a)           by
mutual consent of the Vendor and the Purchaser;

(b)           by
the Purchaser if any of the conditions precedent in Part 7 have not been
satisfied at or before Closing and the Purchaser has not waived such condition
precedent at or before Closing;

(c)          by the
Vendor if any of the conditions precedent in Part 8 have not been satisfied at
or before Closing and the Vendor has not waived such condition precedent at or
before Closing; or

(d)           by
any Party if the Closing has not occurred on or before June 30, 2006, or such
later date as the Parties may agree to in writing, unless the Closing has not
occurred by such date because the Party seeking to terminate this Agreement has
failed to perform any one or more of its obligations or covenants under this
Agreement to be performed at or before Closing.

Effect of Termination

10.2                   
Each Party’s right of termination under this Part is in addition to any other
rights it may have under this Agreement or otherwise, and the exercise of a
right of termination will not be an election of remedies. Nothing in this Part
limits or affects any other rights or causes of action any Party may have with
respect to the representations, warranties, covenants and indemnities in its
favour contained in this Agreement. If a Party waives compliance with any of the
conditions, obligations or covenants contained in this Agreement, the waiver
will be without prejudice to any of its rights of termination in the event of
non-fulfillment, non-observance or non-performance of any other condition,
obligation or covenant in whole or in part.

10.3                   
If this Agreement is terminated pursuant to any provision of §10.1, all
obligations of the Parties under this Agreement will terminate, except if this
Agreement is terminated by a Party because of a breach of this Agreement by the
another Party or because a condition for the benefit of the terminating Party
has not been satisfied because the other Party has failed to perform any of its
obligations or covenants under this Agreement which are reasonably capable of
being performed or caused to be performed by such Party, and the terminating
Party’s right to pursue all legal remedies will survive such termination
unimpaired.

PART 11

GENERAL

Acknowledgement of Confidentiality

11.1                   
The Vendor acknowledges and agrees that 

- 21 -

(a)           it
has had access to information and trade secrets pertaining to the business,
services and Intellectual Property of ImVision and the Purchaser, (collectively,
the “Confidential Information”), 

(b)          
the disclosure of any of the Confidential Information to competitors of ImVision
or the Purchaser, to others or to the public, would be highly detrimental to the
best interests of the Purchaser and ImVision, and

(c)          
the right to maintain the Confidential Information constitutes a proprietary
right which the Purchaser and ImVision are entitled to protect.

Covenant on Confidentiality

11.2                   
The Vendor covenants and agrees that at all times hereafter it will 

(a)          
hold all of the Confidential Information in secrecy, as the trustee or custodian
for the Purchaser and ImVision, and for the Purchaser and ImVision’s exclusive
benefit and use,

(b)          
faithfully do all in its power to assist the Purchaser and ImVision in
maintaining the secrecy of the Confidential Information, and

(c)          
not at any time without the prior written consent of the Purchaser, 

(i)          disclose
or divulge, directly or indirectly, to any person, firm or corporation any of
the Confidential Information, or

(ii)          
practise or use, other than for the benefit of the Purchaser or ImVision, any of
the Confidential Information.

Exceptions 

11.3                   
Notwithstanding §11.1(a), nothing will be deemed to be Confidential Information
which:

(a)           is
known to the party receiving the information at the time of disclosure, unless
any individual who knows the information is under an obligation to keep that
information confidential;

(b)          
becomes publicly known or available without the disclosure thereof by the party
receiving the information in violation of this Agreement; or

(c)           is
received by the party receiving the information from a third party not under an
obligation to keep that information confidential.

11.4                   
The provisions of §11.2 will not prohibit the disclosure of information required
to be made under federal or state securities laws, rules and regulations or by
order of any federal, state or local regulatory agency or as otherwise required
to be disclosed under applicable law. If any disclosure is so required, the
party making such disclosure will consult with the other party before making
such disclosure, and the parties will use all reasonable efforts, acting in good
faith, to agree upon a text for such disclosure which is satisfactory to both
parties.

- 22 -

Governing Law and Attornment

11.5                   
This Agreement will be exclusively governed by, and interpreted and construed in
accordance with, the laws prevailing in the State of Nevada and the parties
irrevocably and unconditionally attorn to the jurisdiction of the courts of the
State of Nevada and all courts having appellate jurisdiction thereover. Each
party hereby irrevocably waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any litigation
directly or indirectly arising out of, under or in connection with this
Agreement.

Notices

11.6                   
Every notice, request, demand or direction to be given pursuant to this
Agreement must be in writing and must be delivered by hand (e.g. Federal Express
or other reputable courier service) or sent by facsimile transmission or other
similar form of written transmission by electronic means, in each case addressed
as follows:

(a)           if
to the Purchaser:

ImVision Therapeutics,
Inc.
Feodor-Lynen Str. 5, 30625, Hannover, Germany

Facsimile:
+49-511-538-896-66
Attention: Dr. Martin Steiner, Chief Executive Officer

with a copy to:

Lang Michener LLP
1500 – 1055 West
Georgia Street 
Vancouver, British Columbia 
Canada V6E 4N7

Facsimile: (604) 893-2356

Attention: Michael Taylor

(b)           if
to the Vendor:

Nextech Venture
LP
Scheuchzerstrasse 35, CH-8006 Zurich, Switzerland 
Facsimile: +41 (0)44
366 66 10 
Attention: Alfred Scheidegger and Sven Rohmann

with a copy to:

RKS Rinderknecht Klein &
Stadelhofer
Beethovenstrasse 7, CH-8022 Zurich, Switzerland 
Facsimile:
+41 (0)44 287 24 00 
Attention: Thomas Rinderkencht and Jeannette Wibmer

(c)           if
to ImVision:

ImVisioN GmbH

- 23 -

Feodor-Lynen Str. 5, 30625 Hannover,
Germany 
Facsimile: +49-511-538-896-66 
Attention: Dr. Martin Steiner,
Chief Executive Officer

with a copy to:

CMS Hasche Sigle

Brienner Str. 11, 80333 Munich,
Germany 
Facsimile: +49-89-23807-172 
Attention: Stefan-Ulrich Müller

or to such other address or transmission receiving station in
as specified by a party by notice to each other party. Any notice delivered by
hand or sent by facsimile transmission will be deemed conclusively to have been
effectively given on the day notice was delivered or sent as aforesaid if it was
delivered or sent on a day that was a Business Day at the place of the intended
recipient, or on the next day that is a Business Day at such place if it was
delivered or sent on a day that was not a Business Day at such place.

Time of Essence

11.7                   
Time is of the essence in the performance of each obligation under this
Agreement.

Public Notices

11.8                   
The Parties agree that all notices to third parties and all other publicity
concerning the transactions contemplated by this Agreement will be jointly
planned and co-ordinated and no Party will act unilaterally in this regard
without the prior approval of the others, such approval not to be unreasonably
withheld.

Public Disclosure

11.9                   
Before and after Closing, none of the Parties will disclose the terms of this
Agreement, except as reasonably required for income tax purposes or as otherwise
may be required by law including all securities laws and applicable stock
exchange rules and policies. Notwithstanding the foregoing, in the case of any
public filing of this Agreement under applicable securities laws the Parties
will use reasonable efforts to jointly plan and coordinate such filings.

Entire Agreement

11.10                  
This Agreement constitutes the entire agreement between the Parties and
supersedes all prior agreements and understandings, oral or written, by and
between any of the Parties with respect to the subject matter hereof.

Waiver and Consent

11.11                  
No delay or failure by a party to exercise any of its rights under this
Agreement constitutes a waiver of any such right. No consent or waiver, express
or implied, by a party to, or of any breach or default by any other party of,
any or all of its obligations under this Agreement will,

(a)           be
valid unless it is in writing and stated to be a consent or waiver pursuant to
this section, 

- 24 -

(b)           be
relied upon as a consent to or waiver of any other breach or default of the same
or any other obligation, 

(c)          
constitute a general waiver under this Agreement, or

(d)          
eliminate or modify the need for a specific consent or waiver pursuant to this
section in any other or subsequent instance.

Severability

11.12                  
If a court of other tribunal of competent jurisdiction determines that any one
or more of the provisions contained in this Agreement is invalid, illegal or
unenforceable in any respect in any jurisdiction, the validity, legality and
enforceability of such provision or provisions will not in any way be affected
or impaired thereby in any other jurisdiction and the validity, legality and
enforceability of the remaining provisions contained herein will not in any way
be affected or impaired thereby, unless in either case as a result of such
determination this Agreement would fail in its essential purpose.

Amendments

11.13                  
This Agreement may not be amended except in writing signed by each Party.

Further Assurances

11.14                  
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 the other Party as may be reasonably
necessary or desirable to give effect to the purpose of this Agreement and carry
out its provisions whether before or after the Closing Date.

Assignment

11.15                  
No Party may assign this Agreement or any rights or obligations under this
Agreement without the prior written consent of the other Parties.

Enurement

11.16                  
This Agreement and each of the terms and provisions hereof will enure to the
benefit of and be binding upon the Parties and their respective heirs,
executors, administrators, personal representatives, successors and assigns.

- 25 -

Counterparts

11.17                  
This Agreement may be executed in any number of counterparts, in original form
or by facsimile, each of which will together, for all purposes, constitute one
and the same instrument, binding on the parties, and each of which will together
be deemed to be an original, notwithstanding that each party is not a signatory
to the same counterpart.

IN WITNESS WHEREOF the Parties have duly executed this
Agreement effective as of the day and year first above written.

NEXTECH VENTURE LP

	Per: 	/s/ Sven Rohmann 	           
           /s/ Alfred Scheidegger 
	  	Managing and General Partner 	 
                     Founding Partner
      and CEO 
	  	Authorized Signatory 	  
	  	 	  
	  	 	  
		IMVISION THERAPEUTICS INC. 	  
	  	 	  
	  	 	  
	Per: 	/s/
      Martin Steiner /s/ Horst Rose 	  
	  	President and CEO COO 	  
	  	Authorized Signatory 	  
	  	 	  
	  	 	  
		IMVISION GmbH 	  
	  	 	  
	  	 	  
	Per: 	/s/
      Martin Steiner 	/s/
      Horst Rose 
	  	Geschäftsführer/CEO 	Geschäftsführer / COO 
	  	Authorized Signatory 	  

SCHEDULE 1

Disclosure Schedule

Section 1.1(i) – Consents and Approvals

Nil.

Section 4.1(u) – Bank Accounts and Powers of
Attorney

Sparkasse Hannover, Account number: ######### (Signatories: Prof.
  H. Rose, Dr. M. Steiner)

Dresdner Bank, Account number: ######### (Signatories: Prof.
  H. Rose, Dr. M. Steiner)

Section 4.1(p) – Leased Property

Service agreement between ImVision GmbH and Digilab
Biovision

Section 4.1(q) – Material Contracts

	(i): 	Patent and Know-How Purchase Agreement with
      BioVisioN AG 
	  	Patent Purchase and Backlicense Agreement with
      Productomics AG 
	  	Exclusive License Agreement with MannKind
      Corporation 

	 	i. 	
      Nill

	 	 	 
	 	ii. 	
      Employment Agreement with Dr. Martin Steiner
      
Employment Agreement with Prof. Horst Rose 
Employment Agreement
      with Heike Rohweder 
Employment Agreement with Dr. Jens van de
      Flierdt

	 		
      Consulting Agreement with SK Research AG (Thomas Kündig)
      
Consulting Agreement with SK Research AG (Gabriela Senti)
      
Consulting Agreement with Productomics AG (Reto Crameri)
      
Consulting Agreement with Dr. Andrea Hofmann 
Consulting Agreement
      with Dr. Stephanie Plassmann 
Consulting Agreement with HST Consulting
      Network Ltd. 
Consulting Agreement Diekmann Consulting

	 	 	 
	 	iii. 	
      Nill

	 	 	 
	 	iv. 	
      Nill

	 	 	 
	 	v. 	
      Nill

	 	 	 
	 	vi. 	
      Service contract with Digilab BioVisioN

	 	 	 
	 	vii. 	
      Nill

- 2 -

	 	viii. 	 Manufacturing Contract with Strathmann Biotech 

        Master Service Agreement IKFE (CAT-001b) 

        Collaboration Agreement Therapeomic AG

	 	 	 
	 	ix. 	
      Nill

	 	 	 
	 	x. 	
      See (i) above

	 	 	 
	 	xi. 	
      Nill

Section 4.1(s) – Employees and Contractors

Dr. Martin Steiner, 1.4.2005, Geschäftsführer /CEO, monthly
salary € 12.500, 30 days vacation 

Prof. Horst Rose, 1.4.2005, Geschäftsführer/COO, monthly salary
€ 10.000, 30 days vacation 

Heike Rohweder, 1.4.2006, Technical Assistant, monthly salary €
2.600, 30 days vacation 

Dr. Jens van de Flierdt, 1.5.2006, Scientist, monthly salary €
3.800, 30 days vacation 

Section 4.1(v) – Permits and Licenses

Permit to operate a Biological Laboratory of Safety Class 1
from the National Industrial Inspection Board of Hannover

Section 4.1(aa) – Intellectual Property

Patent application EP 1 408 114 « Modular Antigen Transporter
(MAT) Molecules for modulation of the immune reactions, associated constructs,
methods and uses thereof »

Patent application WO 2004/035793 « Modular Antigen Transporter
(MAT) Molecules for modulating immune reactions associated constructs, methods
and uses thereof “

Patent application EP 05026476.1 ”Modulation of the Immune
Response by Administration of Intralymphatic Transduction AllerGen (ITAG)
Molecules”

Patent applications GB 0309345.7 and WO 2004/094639 “A
recombinant Allergen”

US Patent 6,773,695 and patent application WO 02/028429
“Modulation of allergic response”

SCHEDULE 2

Financial Statements

(Attach)Filed by Automated Filing Services Inc. (604) 609-0244 - Imvision Therapeutics Inc. - Exhibit 10.2

EXHIBIT 10.2 

Employment Contract

Concluded between

ImVisioN GmbH, Feodor-Lynen-Straße 5, 30625 Hanover,

     - hereinafter referred to as the
Company -

and 

Dr. Martin Steiner, Gautinger Straße 41, 82061 Neuried

- hereinafter referred to as the General Manager -

subject to the provisions of the Shareholders’ Resolution of
January 28, 2005, the following employment contract is concluded for the
position of General Manager.

Article 1 Responsibilities, business management,
representation 

	(1) 	
      The General Manager was appointed as General Manager of
      the Company by the resolution of the General Meeting of Shareholders of
      January 28, 2005, as of January 28, 2005. This contract becomes effective
      by such appointment.

	 	 
	(2) 	
      The General Manager shall perform operations in keeping
      with the legal regulations, with the provisions hereof and with the
      Memorandum of Association, exercising the due diligence specific of a
      businessman. To this effect, he is bound to observe the instructions
      issued by the General Meeting of Shareholders.

	 	 
	(3) 	
      Provided that the General Manager is the sole holder of
      this position, all issues regarding the Company are part of his remit. If
      several persons are appointed as General Managers, the competence of the
      General Manager is settled according to the tasks set by the General
      Meeting of Shareholders based on the task allocation plan.

	 	 
	(4) 	
      The content and volume of the representation right and of
      the signature right of the General Manager are settled by the relevant
      resolutions of the General Meeting of Shareholders, as well as by the
      Company’s Articles of Association.

	 	 
	(5) 	
      In relation to the General Manager, the Company is
      represented by a person appointed by the General Meeting of
      Shareholders.

Article 2 Approval of shareholders 

	(1) 	
      Separately from other provisions of the Memorandum of
      Association, the General Manager should secure the approval of the
      shareholders for the following operations:

	 	 	 
		a) 	
      appointment of attorneys and cancellation of powers of
      attorneys;

	 	 	 
		b) 	
      approval for conclusion or amendment of employment
      contracts, if they should provide for an annual gross salary of more than
      EURO 100,000.00, including current extra payments; agreements on profit
      sharing or turnover distribution;

	 	 	 
		c) 	
      procurement, alienation or encumbrance of land or real
      estate rights;

	 	 	 
		d) 	
      procurement and alienation of stakes and exercise of
      other rights of use thereon;

	 	 	 
		e) 	
      procurement or alienation of items of fixed assets, if
      the value of an individual business operation exceeds EURO
    100,000.00;

	 	 	 
		f) 	
      conclusion or amendment of long-term indebtedness
      relations, for instance management consulting or lease contracts, if the
      debts arising for the Company exceed the value of EURO 10,000.00 in a
      month or of EURO 100,000.00 in a year;

	 	 	 
		g) 	
      conclusion or amendment of contracts regarding current or
      future intellectual property rights or sales structures of the Company
      (for instance, license or Know-How agreements), and in case subsidiaries
      of the Company or of shareholders are concerned (group
    coordination);

	 	h) 	
      set-up of guarantees, statements of guarantee or
      undertaking of debts or participation in debit or similar forms of
      liability, if the individual value thereof exceeds EURO
  100,000.00;

	 	 	 	 
	 	i) 	
      issuance and acceptance of bills of exchange, as well as
      taking out short-term loans, if they exceed a credit limit to be approved
      on a short term each year; taking out long-term loans, for instance
      mortgages and loans for car purchasing;

	 	 	 	 
	 	j) 	
      legal operations between the Company and

	 	 	 	 
	 		
      -
	
      a shareholder or

	 		
      -
	
      the General Manager or

	 		
      -
	
      another company or another institution equally
      represented by the General Manager.

	(2) 	
      The General Meeting of Shareholders may at any time
      change or add, by a resolution, operations requiring approval.
      Additionally, the approval of the General Meeting of Shareholders is
      required for all decisions exceeding the limits of current business
      operations.

Article 3 Reporting obligations, financial
plan

	(1) 	
      The General Manager shall promptly inform the General
      Meeting of Shareholders, completely and continuously, on the evolution of
      the business activity, on planning and individual operations of special
      interest.

	 	 	 
	(2) 	
      Provided that there are no special statutory provisions
      or instructions of the shareholders or if the task allocation plan or the
      job description fails to include provisions to the contrary, the following
      obligations shall be applicable:

	 	 	 
		a) 	
      The General Manager shall inform the General Meeting of
      Shareholders on the evolution of operations and the Company’s
    standing.

	 	 	 
		b) 	
      The General Manager shall submit to the General Meeting
      of Shareholders for approval purposes by November 30 of the relevant
      calendar year an annual financial plan for the next calendar
  year.

	 	 	 
	(3) 	
      If, for any reasons, the relevant resolutions of the
      General Meeting of Shareholders are not adopted, if they are adopted with
      delay or if there may be a danger in case of delay, the General Manager
      shall make a decision by applying the principles of a diligent
      businessman, for the benefit of the Company.

	 	 	 
	(4) 	
      If the Company were to further appoint an advisory board
      or a supervisory board, the reporting obligations shall be settled
      again.

Article 4 Confidentiality 

	(1) 	
      The General Manager shall be bound to observe the
      confidentiality obligation regarding all operations and activities of the
      Company, in particular regarding trade and operational secrets he may
      become aware of throughout and within his activity performed for the
      Company. This confidentiality obligation shall also apply to the content
      hereof and to all agreements regarding this contractual relationship, as
      well as to the cessation and termination causes thereof.

	 	 
	(2) 	
      Such obligation shall also apply after discharge from the
      management position and termination of this contract. Additionally, the
      General Manager undertakes in case of activity termination to return to
      the Company all documents related to his activity.

Article 5 Working hours and secondary
activities

	(1) 	
      The General Manager shall undertake to employ his entire
      working capacity for the benefit of the Company.

	 	 
	(2) 	
      Performance of secondary activities requires the prior
      written consent of the General Meeting of Shareholders. The same clause
      shall apply to the practice of public functions or of other functions
      requiring longstanding efforts.

Article 6 Wages 

	(1) 	
      The General Manager shall receive for its activity as of
      April 1, 2005 an annual gross salary of EURO 150,000.00, paid in 12
      non-cash gross monthly installments, amounting to EURO 12,500.00, by
      deducting all legal and other taxes that must be withheld or paid, with a
      due date for payment at month end. With respect to any activities
      performed by the General Manager before April 1, 2005, there is no right
      to payment of a fee or refund of costs from the Company. This provision
      shall not affect any existing rights against third parties.

	 	 
		
      The General Manager shall receive a special payment if
      one of the following events occurs: 

      The investors wish to alienate in full or in part the
      Company or shares of the Company during the Asset-Deal or Share-Deal
      procedure throughout the validity period of the employment contract
      concluded with the General Manager, therefore by March 31, 2008, or later
      on (“Exit“). For an Exit case, the General Manager shall receive a special
      payment to be calculated in keeping with the provisions in Appendix 1, by
      deducting the applicable wage tax. This amount is due within 10 bank days
      as of conclusion of the contracts underlying the Exit
  arrangement.

	 	 
	(2) 	
      The payments set forth under paragraph 1 cover the entire
      activity in keeping with the provisions of articles 1 and 2. If
      performance if additional activities exceeding the reasonable limits are
      unavoidable or in case special activities need to be performed, payment of
      special fees may be agreed upon.

	 	 
	(3) 	
      If the Company dismisses the General Manager and / or
      requests ordinary termination and / or releases the General Manager from
      the liability to perform its contractual obligations, the parties
      irrevocably give their consent to continuing to pay the wages agreed upon
      hereunder as per article 1 until expiry of the termination notice period.
      The obligation to continue to pay the wages shall not apply to the valid
      extraordinary termination of the contract requested by the
  Company.

	 	 
		
      Another fee of the General Manager shall be calculated on
      the payments to be further made.

Article 7 Payments in case of sickness, accident, decease

	(1) 	
      In case of a temporary inability of the General Manager
      to perform his activity following a sickness, a disability or other
      circumstances that are not attributable to him, the General Manager is
      entitled to benefit from the difference between the net wages and the
      payments made under the statutory and/ or private health insurance for a
      period of six months.

	 	 
	(2) 	
      In case of the General Manager’s decease throughout the
      employment contract, his dependants are entitled to benefit from the
      payment of his fixed salary, including bonuses and other benefits for the
      month of death, as well as for the two months following that when the
      death occurred. The dependants should reach an agreement on the percentage
      they are entitled to from the monthly salary of the General Manager. In
      case the Company is not notified of a decision adopted based on an
      agreement regarding the person that shall receive the maximum 2 monthly
      salaries for the benefit of all dependants, the Company is entitled to
      make such payments at the registration office of the competent court of
      law or to the consignment account of the lawyer or of the notary, such
      payment meaning that the obligation has been performed. Any rights arising
      under the pension insurance granted by the Company shall not apply for
      this period of time.

	 	 
	(4) 	
      For the General Manager, the Company shall underwrite an
      accident insurance within the regular limits, of a minimum value of EURO
      500,000.00 in case of disability and of EURO 250,000.00 in case of death
      caused by an accident. The person that shall benefit from the insured
      amounts in case of disability is the General Manager and in case of death,
      the person designated by the latter, and if there is no such provision or
      if the indicated person deceased, the General Manager’s successors. The
      insurance shall be no longer valid upon cessation hereof.

	 	 
	(5) 	
      Throughout the validity period of this contract, the
      Company shall grant to the General Manager a subsidy for the health
      insurance of a value equal to the employer’s contribution, as it would
      apply in case of the obligation of the General Manager to underwrite the
      health insurance, without exceeding however half of the value spent by the
      General Manager for his health insurance.

Article 8 Leave 

	(1) 	
      The General Manager shall benefit from an annual leave of
      30 business days that he shall use so as to preserve his working capacity.
      The year when the leave is granted is the calendar year.

	 	 
	(2) 	
      The period of the annual leave shall be set according to
      the business-specific needs, as well as, if applicable, in accordance with
      the other general managers. If on commercial grounds or for reasons
      related to him, by the year end the General Manager cannot use his leave
      in full or in part, the relevant leave days may be used by March 31 the
      next year.

	 	 
	(3) 	
      If the leave cannot be granted in full or in part
      following termination of the employment contract, the same shall be
      compensated to the General Manager, unless release is granted followed by
      the additional calculation of leave rights. The compensation agreement
      should be made in writing.

Article 9 Entertainment expenses, charges, company
car

	(1) 	
      For his business trips, the General Manager is entitled
      to request the refund of pro rata travel expenses, having to
      produce detailed supporting documents in this respect. If using public
      transportation, including trips by airplane or by sea, he is entitled to
      choose the Economy or Business class. Separately from all of the above,
      the General Manager may entertain certain guests, at the Company’s
      expense, according to its specific remit.

	 	 
	(2) 	
      In case of business trips, the General Manager is
      entitled to also request the refund of the charges incurred by such trips.
      The charges are to be refunded by the Company only against detailed
      supporting documents.

Article 10 Pension insurance

	(1) 	
      In keeping with the provisions of an insurance contract,
      the Company shall undertake the payment of the direct insurance amounts
      for the pension insurance underwritten by the Company with an annual value
      of EURO 2,400.00.

	 	 
	(2) 	
      The relevant details shall be settled by means of a
      separate contract.

Article 11 Activity for other companies and holding of
stakes in other companies 

Throughout the validity period of this
contract, the General Manager is forbidden to perform his activity
independently, as an employee or otherwise for another company, regardless
whether there are direct competition relations with such company. The General
Meeting of Shareholders may decide in each individual case whether to allow
exceptions. Furthermore, throughout the validity period of this contract, the
General Manager is forbidden to set up, buy out a business or secure stakes in a
company. An exception is the current acquisition of shares in companies listed
with stock exchanges as personal investments.

Article 12 Other provisions 

	(1) 	
      The inventions achieved by the General Manager throughout
      the validity period of the employment contract within its activity for the
      benefit of the Company are under the sole ownership of the Company. Any
      claims of the General Manager shall be set off by his salary. The
      regulations of the Law on Employees’ Inventions shall not apply in this
      case.

	 	 
	(2) 	
      The activity shall be based in Hanover.

	 	 
	(3) 	
      The activity shall begin on April 1,
  2005.

Article 13 Validity period of the contract, termination

	(1) 	
      Initially, the contract between the General Manager and
      the Company is concluded for a fixed period of three years, which means by
      March 31, 2008. Either of the parties may request ordinary termination of
      the contract, subject to a 6-month termination notice. The employment
      contract is extended with all its rights and obligations by an additional
      period of 12 months unless either of

		
      the parties requests termination subject to a 6-month
      notice, calculated after the expiry date of the validity period of this
      contract.

	 	 	 
	(2) 	
      The right to request extraordinary termination remains
      unaffected subject to the legal requirements (article 626 of the Civil
      Code). The category of material reasons includes in particular

	 	 	 
		
      -
	
      the breach of the interdiction to perform additional
      activities and / or failure to observe the non-competition
  clause,

		
      -
	
      serious breaches of the instructions issued by the
      General Meeting of Shareholders,

		
      -
	
      preparation of an affidavit by the General
  Manager.

	 	 	 
	(3) 	
      In addition to termination, the employment contract
      ceases at the end of the month when the General Manager turns
65.

	 	 	 
	(4) 	
      Any form of termination must be made in writing. The
      competence for the receipt of the termination application drawn up by the
      General Manager falls upon another General Manager of the Company or, if
      there is no other person filling this position, upon the shareholder
      holding the highest share of equity.

	 	 	 
	(5) 	
      In case of termination of the work relationship or if the
      General Manager is discharged from his duties, at the request of the
      General Meeting of Shareholders, the General Manager should promptly
      return to the Company all goods that have been delivered to him in
      connection with his activity (keys, notebook, documents of any nature,
      files). A lien on such goods is excluded.

	 	 	 
	(6) 	
      In case of termination of the work relationship, the
      Company is entitled to request the General Manager to immediately cease
      his activity, while continuing to pay his wages. Throughout the validity
      period of the release, at the request of the Company, the General Manager
      shall perform all activities required for the transfer of his term of
      office.

Article 14 Final provisions 

	(1) 	
      All disputes arising out of and in connection with this
      contract shall be governed by the German law. The competent court of law
      for dispute settlement is based in Hanover.

	 	 
	(2) 	
      Any amendments or supplementations to this contract,
      which include the removal of the clause regarding the obligatory written
      format, should be made in writing and adopted by a resolution of the
      General Meeting of Shareholders.

	 	 
	(3) 	
      In case certain provisions of this contract are invalid,
      the validity of all other provisions shall not be affected. Replacing any
      invalid provision or filling any contractual gaps requires adopting such
      appropriate provision as would have been stipulated by the parties should
      they have known that such provision was valid or that there was a
      contractual gap.

 

 

	Hannover, date 30.03.2005 	 	Neuried, date 30.03.2005 
	 	 	 
	  	 	  
	  	 	  
	/s/ Peter Schulz-Knappe           /s/
      Wolfgang Trefzger 	 	           
         /s/ Martin Steiner 
	 	 	 
	Vorstand                                              
      Vorstand	 	 
    
	The Company 	 	General Manager 

Appendix 1 to the General Manager Employment Contract concluded
between ImVisioN GmbH and Dr. Martin Steiner on ______________

	1. 	
      In case of Exit, the General Manager shall receive a
      bonus of a value depending on the Company’s evolution in the period
      comprised between the conclusion of this contract and Exit. Exit includes
      any transaction whereby Nextech Venture LP alienates at least 80 % of the
      shares held in the Company, for which an adequate compensation shall be
      given. Exceptions are the alienations to the affiliates of Nextech Venture
      LP (article 15 AktG – Share Law) or to companies receiving consulting
      services from Nextech Venture AG, Zürich (hereinafter collectively
      referred to as “Nextech Venture“). In case of alienation to an
      aforementioned company, payment of the bonus is determined by the
      alienation of such company.

	 	 
	2. 	
      Payment of the bonus should confer upon the General
      Manager (prior to taxation) the position related to the case where (i) the
      Company would have held at the beginning of its activity a core capital
      amounting to EURO 550,000, (ii) with respect to such core capital, the
      General Manager would have held a share of 33 % = EURO 181,500 (iii) and
      the General Manager would alienate during the Exit operation his shares on
      the same terms as Nextech Venture. Any form of financing of the Company’s
      business by Nextech Venture (regardless whether this includes special
      loans or subsidies related to the equity capital reserves) shall be taken
      into account as a relevant increase in the core capital of the Company
      made by Nextech Venture and shall lead to a decrease in the stake of the
      General Manager.

	 	 
		
      Example: If upon Exit Nextech Venture provided a
      total amount of EURO 550,000 for the financing of the current business
      activity, the calculation base for the bonus shall be diminished,
      according to the total profit following Exit, by 1/2 to 16.5 %.

	 	 
	3. 	
      It is estimated that until Exit is performed other
      shareholders should receive stakes in the Company by means of capital
      increases by contributions in cash or in kind. In case of such forms of
      holdings (financing operation), the calculated shares due to the General
      Manager are diminished to the same extent as in the case of equity
      acquisition by Nextech Venture, also including the financing made by
      latter by that date.

	 	 
		
      Example: If on the effective date of the relevant
      capital increase, Nextech Venture had provided a total amount of EURO
      550,000 for the financing of the Company’s business, and the new investor,
      based on an assessment prior to the capital increase amounting to EURO
      2,200,000 had made a capital contribution of EURO 4,400,000 (core capital
      or reserve increases), holding thus a stake of 2/3 of the Company’s
      shares, the calculation base for the bonus according to the total income
      shall be diminished by 2/3, to 5.5 %.

	 	 
	4. 	
      If contracts stipulate making payments in advance for one
      or several financing operations performed prior to Exit (so-called
      liquidation preferences) from the profit related to the Exit operation for
      other shareholders apart from Nextech Venture LP or its legal successors,
      the right to bonus payment shall be decreased to the same degree as the
      share of Nextech Venture from the initial stake in the profit resulting
      from the Exit operation.

	 	 
		
      Example: If, based on the example under 3, the
      profit of the Exit operation had a total value of EURO 26.4 million, and
      the investor performing the financing operation were to own a right to an
      advance payment equal to the double of its initial investment (EURO 8.8
      million), the calculation base or the bonus shall be diminished according
      to the total income following the Exit operation by 1/3, to 3.67 %, in
      particular a value of EURO 968,000.

	 	 
	5. 	
      If the General Manager ceases his activity for the
      Company prior to Exit, he shall actually preserve the right to bonus
      payment. This shall be reduced, however, according to the termination date
      of the employment contract, as follows:

	 	Termination 0-6 months prior to Exit 	100 % 

	 	Termination 6-12 months prior to Exit 	75 % 
	 	Termination 12-24 months prior to Exit 	50 % 
	 	Termination 24-36 months prior to Exit 	25 % 
	 	Termination more than 36 months prior to
      Exit 	0 % 

		
      In case of a termination agreement, the parties shall
      adopt the adequate regulation by means of negotiations.

	 	 
	6. 	
      If the compensation granted upon Exit is not paid in cash
      or if it is paid in cash only in part (for instance by granting shares of
      the acquirer) (“material compensation“), the General Manager shall
      actually receive the compensation in the same form as it shall be secured
      by Nextech Venture. The Company shall be however entitled, at its
      discretion, on the Exit date to decide whether to grant a compensation in
      cash, determined according to the actual value of the material
      compensation due to the General Manager on the Exit date. In case of
      disputes, the value of the compensation in kind is to be determined by a
      neutral auditor. The General Manager shall undertake any auxiliary
      obligations following receipt of the compensation in kind (for instance
      the holding obligation specific to the market conditions).

	 	 
	7. 	
      If the compensation granted upon Exit is not immediately
      paid or if it is paid in installments or according to the achievement of
      certain goals or upon occurrence of certain events, payment of the bonus
      shall be due to the same degree and on the same date as the payment to be
      made to Nextech Venture.

	 	 
	8. 	
      On the date when the structure of an Exit is determined,
      the parties shall inform each other on the applicable liquidation
      procedure, which shall put into practice the aforementioned principles,
      subject to the interests of the parties and of the
  shareholders.

	Hannover, date 30.03.2005 	 	Neuried, date 30.03.2005 
	  	 	  
	  	 	  
	/s/ Peter Schulz-Knappe                /s/
      Wolfgang Trefzger 	 	           
         /s/ Martin Steiner 
	 	 	 
	Vorstand                                                    Vorstand	 	 
    
	The Company 	 	General Manager 

	/s/ Felix Hofstetter 	/s/ Alfred Scheidegger 
	Managing Partner
    	 
         Founding Partner and CEO 
	Nextech Venture AG

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