Document:

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THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER THIS NOTE NOR
ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE SECURITIES ACT AND ANY APLICABLE STATE SECURITIES LAWS, OR
(2) SCHESCHUK RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS NOTE, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO SCHESCHUK, THAT THIS NOTE MAY
BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR TRANSFERRED IN THE MANNER CONTEMPLATED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE
SECURITIES LAWS.

                                 BRICE SCHESCHUK
                            SERIES A 10% SECURED NOTE

$25,000.00                                                  DATE: JUNE 25, 2003
                                                            NEW YORK, NEW YORK

         BRICE SCHESCHUK, an individual residing at 285 Silver Birch Avenue,
Toronto, Ontario M4E 3L6 ("Scheschuk"), for value received, hereby promises to
pay to CARTIER FLEMING INTERNATIONAL LIMITED, a British Virgin Islands company
with business address at 2/F., Kam Chung Commercial Building, 19-21 Hennessy
Road, Wanchai, Hong Kong, and LI WING KEI, a Hong Kong resident residing at Flat
B, 20/F., Tower 10, Parc Royale, 8 Hin Tai Street, Shatin, New Territories, Hong
Kong (the "Joint Note Holders"), the principal amount of 25,000.00 United States
Dollars (US$25,000.00) on the Maturity Date (as hereinafter defined), and to pay
interest on the unpaid principal balance hereof at the rate (calculated on the
basis of a 360-day year consisting of twelve 30-day months) of 10% per annum
from the date hereof until the Maturity Date. Accrued interest on the unpaid
principal balance hereof shall be payable on the Maturity Date or upon the
earlier repayment of this Note. In no event shall any interest to be paid
hereunder exceed the maximum rate permitted by law. In any such event, this Note
shall automatically be deemed amended to permit interest charges at an amount
equal to, but no greater than, the maximum rate permitted by law.

         1.       PAYMENTS; PREPAYMENTS.

         (a) Principal of, and any accrued and unpaid interest on, this Note
shall be due and payable in full on the Maturity Date. The "Maturity Date" shall
be July 15, 2003.

         (b) Interest on this Note shall accrue from the date of issuance hereof
to, but excluding, the Maturity Date, and shall be payable in arrears on the
Maturity Date.

         (c) If the Maturity Date falls on a day that is not a Business Day (as
defined below), the payment due on the Maturity Date will be made on the next
succeeding Business Day with

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the same force and effect as if made on the Maturity Date. "Business Day" means
any day which is not a (i) a Saturday or a Sunday, or (ii) a day on which
banking institutions are generally authorized or obligated to close in the City
of New York, New York.

         (d) Scheschuk may, at its option, prepay all or any part of the
principal of this Note, without payment of any premium or penalty. All payments
on this Note shall be applied first to accrued interest hereon and the balance
to the payment of principal hereof.

         (e) Payments of principal and interest on this Note shall be made by
check sent to the either one of the Joint Note Holders' address set forth above
or to such other address as the Joint Note Holders may designate for such
purpose from time to time by written notice to Scheschuk, in such coin or
currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts.

         (f) The obligations to make the payments provided for in this Note are
absolute and unconditional and not subject to any defense, set-off,
counterclaim, rescission, recoupment, or adjustment whatsoever. Scheschuk hereby
expressly waives demand and presentment for payment, notice of non-payment,
notice of dishonor, protest, notice of protest, bringing of suit, and diligence
in taking any action to collect any amount called for hereunder, and shall be
directly and primarily liable for the payment of all sums owing and to be owing
hereon, regardless of and without any notice, diligence, act, or omission with
respect to the collection of any amount called for hereunder.

         3.       RANKING OF NOTE.

         The payment of principal of, and accrued and unpaid interest on, the
Note is secured by a pledge by Scheschuk of all of his right, title, and
interest in and to the 2,500,000 shares, par value $0.001 per share, of Centre
Capital Corp., a Nevada corporation, pursuant to a Pledge Agreement, dated as of
the date hereof (the "Pledge Agreement"), between Scheschuk and the Joint Note
Holders.

         4.       COVENANTS.

                  Scheschuk covenants and agrees with the Joint Note Holders
that, so long as any amount remains unpaid on the Note, Scheschuk:

         (a)      Shall deliver to the Joint Note Holders:

                  (i) promptly after Scheschuk shall obtain knowledge of such,
written notice of all legal or arbitral proceedings, and of all proceedings by
or before any governmental or regulatory authority or agency, and each material
development in respect of such legal or other proceedings, affecting Scheschuk
and his properties and assets, except proceedings which, if adversely
determined, would not have a material adverse effect on Scheschuk or his
properties and assets; and

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                  (ii) promptly after Scheschuk shall obtain knowledge of the
occurrence of any Event of Default (as hereinafter defined) or any event which
with notice or lapse of time or both would become an Event of Default (an Event
of Default or such other event being a "Default"), a notice specifying that such
notice is a "Notice of Default" and describing such Default in reasonable
detail, and, in such Notice of Default or as soon thereafter as practicable, a
description of the action Scheschuk has taken or proposes to take with respect
thereto.

         (b) Shall not permit the creation of any security interest not in
existence on the date hereof to be created or exist covering the assets of
Scheschuk.

         5.       EVENTS OF DEFAULT.

         The occurrence of any of the following events shall constitute an event
of default (an "Event of Default"):

         (a) A default in the payment of the principal amount of any Note, when
and as the same shall become due and payable.

         (b) Subject to paragraph 2(b) hereof, a default in the payment of any
interest on any Note, when and as the same shall become due and payable, which
default shall continue for five business days after the date fixed for the
making of such interest payment.

         (c) A default in the performance, or a breach, of any of the covenants
of Scheschuk contained in Sections 2 or 4 of this Note or contained in the
Pledge Agreement.

         (d) A default in the performance, or a breach, of any other covenant or
agreement of Scheschuk in (i) this Note and continuance of such default or
breach for a period of 10 days after Scheschuk had or should have had knowledge
of such breach or (ii) the Pledge Agreement.

         (e) Any representation, warranty, or certification made by Scheschuk
pursuant to this Note or the Pledge Agreement shall prove to have been false or
misleading as of the date made in any material respect.

         (f) A final judgment or judgments for the payment of money in excess of
$50,000.00 in the aggregate shall be rendered by one or more courts,
administrative or arbitral tribunals or other bodies having jurisdiction against
Scheschuk and the same shall not be discharged (or provision shall not be made
for such discharge), or a stay of execution thereof shall not be procured,
within 60 days from the date of entry thereof and Scheschuk shall not, within
such 60-day period, or such longer period during which execution of the same
shall have been stayed, appeal therefrom and cause the execution thereof to be
stayed during such appeal.

         (g) The entry of a decree or order by a court having jurisdiction
adjudging Scheschuk bankrupt or insolvent, or approving a petition seeking
reorganization, arrangement,

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adjustment, or composition of or in respect of Scheschuk, under federal
bankruptcy law, as now or hereafter constituted, or any other applicable federal
or state bankruptcy, insolvency, or other similar law, and the continuance of
any such decree or order unstayed and in effect for a period of 60 days; or the
commencement by Scheschuk of a voluntary case under federal bankruptcy law, as
now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency, or other similar law, or the consent by it to the
institution of bankruptcy or insolvency proceedings against it, or the filing by
it of a petition or answer or consent seeking reorganization or relief under
federal bankruptcy law or any other applicable federal or state law, or the
consent by it to the filing of such petition or to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator, or similar official of
Scheschuk or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due, or the taking of
corporate action by Scheschuk in furtherance of any such action.

         6.       REMEDIES UPON DEFAULT.

         (a) Upon the occurrence of an Event of Default referred to in Section
5(g), the principal amount then outstanding of, and the accrued interest on,
this Note shall automatically become immediately due and payable without
presentment, demand, protest, or other formalities of any kind, all of which are
hereby expressly waived by Scheschuk. Upon the occurrence of an Event of Default
referred to in Section 5(a) or (b), the Joint Note Holders, by notice in writing
given to Scheschuk, may declare the entire principal amount then outstanding of,
and the accrued interest on, this Note to be due and payable immediately, and
upon any such declaration the same shall become and be due and payable
immediately, without presentation, demand, protest, or other formalities of any
kind, all of which are expressly waived by Scheschuk. Upon the occurrence of an
Event of Default other than one referred to in Sections 5(a), (b) or (g), the
Joint Note Holders may declare the principal amount then outstanding of, and the
accrued interest on, the Notes to be due and payable immediately, and upon such
declaration the same shall become due and payable immediately, without
presentation, demand, protest, or other formalities of any kind, all of which
are expressly waived by Scheschuk.

         (b) The Joint Note Holders may institute such actions or proceedings in
law or equity as he shall deem expedient for the protection of his rights and
may prosecute and enforce his claims against all assets of Scheschuk, and in
connection with any such action or proceeding shall be entitled to receive from
Scheschuk payment of the principal amount of this Note plus accrued interest to
the date of payment plus reasonable expenses of collection, including, without
limitation, attorneys' fees and expenses.

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         7.       TRANSFER.

         Scheschuk shall be entitled to treat the registered holder of any Note
on the Note Register as the owner in fact thereof for all purposes and shall not
be bound to recognize any equitable or other claim to or interest in such Note
on the part of any other person, and shall not be liable for any registration or
transfer of Notes which are registered or to be registered in the name of a
fiduciary or the nominee of a fiduciary unless made with the actual knowledge
that a fiduciary or nominee is committing a breach of trust in requesting such
registration or transfer, or with the knowledge of such facts that its
participation therein amounts to bad faith. This Note shall be transferable only
upon delivery thereof duly endorsed by the Joint Note Holders or by his duly
authorized attorney or representative, or accompanied by proper evidence of
succession, assignment, or authority to transfer. In all cases of transfer by an
attorney, executor, administrator, guardian, or other legal representative, duly
authenticated evidence of his or its authority shall be produced. Upon any
registration of transfer, Scheschuk shall deliver a new Note or Notes to the
person entitled thereto. This Note may be exchanged, at the option of the Joint
Note Holders thereof, for another Note, or other Notes of different
denominations, of like tenor and representing in the aggregate a like principal
amount, upon surrender to Scheschuk or its duly authorized Holder.

         8.       MISCELLANEOUS.

         (a) Any notice or other communication required or permitted to be given
hereunder shall be in writing and shall be mailed by certified mail, return
receipt requested, or by Federal Express, Express Mail or similar overnight
delivery or courier service or delivered (in person or by telecopy, telex or
similar telecommunications equipment) against receipt to the party to whom it is
to be given, (i) if to Scheschuk, at its address set forth on the first page
hereof, (ii) if to any one of the Joint Note Holders, at the address of any one
of the Joint Note Holders set forth on the first page hereof, or (iii) in either
case, to such other address as the party shall have furnished in writing in
accordance with the provisions of this Section 8(a). Notice to the estate of any
party shall be sufficient if addressed to the party as provided in this Section
8(a). Any notice or other communication given by certified mail shall be deemed
given at the time of certification thereof, except for a notice changing a
party's address which shall be deemed given at the time of receipt thereof. Any
notice given by other means permitted by this Section 8(a) shall be deemed given
at the time of receipt thereof.

         (b) Upon receipt of evidence satisfactory to Scheschuk of the loss,
theft, destruction, or mutilation of this Note (and upon surrender of this Note
if mutilated), Scheschuk shall execute and deliver to the Holder a new Note of
like date, tenor, and denomination.

         (c) No course of dealing and no delay or omission on the part of the
Holder in exercising any right or remedy shall operate as a waiver thereof or
otherwise prejudice any Holders' rights, powers or remedies. No right, power, or
remedy conferred by this Note upon the Holder or any Holder shall be exclusive
of any other right, power, or remedy referred to

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herein or now or hereafter available at law, in equity, by statute or otherwise,
and all such remedies may be exercised singly or concurrently.

         (d) This Note may be amended only by a written instrument executed by
Scheschuk and the Holder. Any amendment shall be endorsed upon this Note, and
all future Holders shall be bound thereby.

         (e) This Note has been negotiated and consummated in the State of New
York and shall be governed by, and construed in accordance with, the laws of the
State of New York, without giving effect to principles governing conflicts of
law.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, Scheschuk has caused this Note to be executed and
dated the day and year first above written.

                                                     ---------------------------
                                                     BRICE SCHESCHUK

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         PLEDGE AGREEMENT, dated as of June 25, 2003, between BRICE SCHESCHUK,
an individual residing at 285 Silver Birch Avenue, Toronto, Ontario M4E 3L6
("Scheschuk"), and CARTIER FLEMING INTERNATIONAL LIMITED, a British Virgin
Islands company with business address at 2/F., Kam Chung Commercial Building,
19-21 Hennessy Road, Wanchai, Hong Kong, and LI WING KEI, a Hong Kong resident
residing at Flat B, 20/F., Tower 10, Parc Royale, 8 Hin Tai Street, Shatin, New
Territories, Hong Kong (collectively, the "Joint Note Holders").

                                   BACKGROUND

         WHEREAS, the Joint Note Holders intend to loan or extend credit to
Scheschuk in the amount of $25,000 pursuant to the terms of a 10% Secured Note,
dated as of the date hereof (the "Note"), of Scheschuk; and

         WHEREAS, in order to induce the Joint Note Holders to make such loan
and extend such credit to Scheschuk pursuant to the Note, Scheschuk has agreed
to secure the timely performance of his obligations under the Note by pledging
to the Joint Note Holders 2,500,000 shares of common stock, par value $0.001 per
share (the "Centre Common Stock"), of Centre Capital Corp., a Nevada corporation
("Centre"), all as more fully set forth herein.

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agrees as follows:

I.       PLEDGE

         SECTION 1.01 GRANT OF SECURITY INTEREST. Scheschuk hereby pledges and
grants to the Joint Note Holders a first priority security interest in and to
the following (the "Pledged Collateral"):

                  (a) 2,500,000 shares of Centre Common Stock represented by
         certificate numbers                 owned of record or beneficially by
         Scheschuk as of the date hereof (the "Pledged Shares");

                  (b) all additional shares of stock of owned of record or
         beneficially by Scheschuk or any successor in interest thereto or any
         other securities, options, or rights received by the Scheschuk pursuant
         to any reclassification, reorganization, increase or reduction of
         capital, or stock dividend, attributable to the Pledged Shares, or in
         substitution of, or in exchange for, any of the Pledged Shares;

                  (c) all certificates representing the shares referred to in
         clauses (a) and (b) above; and

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                  (d) all dividends, cash, instruments, and other property or
         proceeds, from time to time received, receivable or otherwise
         distributed in respect of, or in exchange for, any or all of the shares
         referred to in clauses (a) and (b) above.

         SECTION 1.02 SECURITY FOR NOTE. This Agreement secures, and the Pledged
Collateral is security for, the indefeasible payment in full when due, whether
at stated maturity, by acceleration or otherwise, and performance of all
obligations, whether now or hereafter existing, of Scheschuk pursuant to the
Note, whether for principal, premium, interest, fees, expenses, or otherwise.

         SECTION 1.03 DELIVERY OF PLEDGED COLLATERAL. All certificates or
instruments representing or evidencing the Pledged Collateral shall be delivered
to, and held by, the Joint Note Holders and shall be in suitable form for
transfer by delivery or shall be accompanied by duly executed instruments of
transfer or assignment undated and in blank, with medallion signature guarantee,
all in form and substance satisfactory to the Joint Note Holders in their sole
discretion. If Scheschuk shall not satisfy his obligations under the Note, the
Joint Note Holders shall have the right, where permitted by law, in their sole
discretion and without notice to Scheschuk, to transfer to, or to register in
their names or in the name of any of its nominees, any or all of the Pledged
Collateral.

II.      REPRESENTATIONS AND WARRANTIES

         Scheschuk makes the following representations and warranties, each and
all of which shall survive the execution and delivery of this Agreement:

         SECTION 2.01 RESIDENCE OF SCHESCHUK. The principal place of residence
of Scheschuk is located at the address first specified above therefore.

         SECTION 2.02 FORFEITURE; REPURCHASE; OPTIONS. No portion of the Pledged
Collateral (i) is subject to forfeiture pursuant to any vesting requirements,
and (ii) are subject to any repurchase rights. There are no existing options,
warrants, calls, or commitments of any character whatsoever relating to any of
the Pledged Shares.

         SECTION 2.03 OWNERSHIP. Scheschuk is, and at the time of delivery of
the Pledged Shares, will be, the legal and beneficial owner of the portion of
the Pledged Collateral specified as owned by Scheschuk, free and clear of any
lien, security interest, or other charge or encumbrance, except for the lien
created hereby.

         SECTION 2.04 SECURITY INTEREST. The pledge of the Pledged Shares
pursuant hereto creates a valid and perfected first priority security interest
in the Pledged Collateral, securing payment of the Note, so long as the Joint
Note Holders shall remain in possession of certificates representing the Pledged
Shares.

         SECTION 2.05 AUTHORITY. Scheschuk has all requisite power and authority
to execute, deliver, and perform its obligations under this Agreement and the
Note. This Agreement and the Note have duly executed and delivered by Scheschuk,
and constitute

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legal, valid, and binding obligations of Scheschuk, enforceable against
Scheschuk in accordance with their respective terms. No consent of any party to
any contract, arrangement, or understanding to which Scheschuk is a party, or to
which he or any of his assets are subject, is required in connection with the
execution or delivery of, or the performance of his obligations under, this
Agreement or the Note. The execution and delivery of, and the performance by
Scheschuk of his obligations under, this Agreement and the Note will not
violate, result in a breach of, or conflict with, any term of any such contract,
arrangement, or understanding, or violate or result in a breach of, or conflict
with any order, judgment, or decree, or, to the best knowledge of Scheschuk, any
law, rule, or regulation binding upon Scheschuk or to which he or any of his
businesses, properties, or assets are subject. No authorization, approval, or
other action by, and no notice to or filing with, any governmental authority or
regulatory body is required either (i) for the grant by Scheschuk of the
security interest granted hereby, including the Pledge of the Pledged Collateral
specified in Schedule 1.01(a) hereto as owned beneficially and of record by such
Scheschuk or for the execution, delivery, or performance of this Agreement or
the Note thereby or (ii) for the perfection of, or the exercise by Olquist of,
his rights and remedies hereunder.

III.     FURTHER ASSURANCES

         SECTION 3.01 BY SCHESCHUK. Scheschuk hereby agrees that from time to
time, at the sole expense thereof, he will promptly execute and deliver all
further instruments and documents, and take all further action, that may be
necessary or desirable, or that the Joint Note Holders may request, in order to
perfect and protect any security interest granted or purported to be granted
hereby or to enable the Joint Note Holders to exercise and enforce his rights
and remedies hereunder with respect to any of the Collateral.

         SECTION 3.02 FILINGS. Scheschuk hereby authorizes the Joint Note
Holders to file one or more financing or continuation statements, and amendments
thereto, relative to the Pledged Collateral owned by Scheschuk without the
signature of Scheschuk where permitted by law. A carbon, photographic, or other
reproduction of this Agreement or any financing statement covering the
Collateral or any part thereof shall be sufficient as a financing statement
where permitted by law.

         SECTION 3.03 DEFENSE OF TITLE. Scheschuk agrees to defend the title to
the Pledged Collateral and the lien thereon and security interest therein of the
Joint Note Holders created hereby against the claim of any person and to
maintain and preserve such lien and security interest until satisfaction in full
of the obligations of Scheschuk pursuant to the Note.

IV.      VOTING RIGHTS, ETC.

         SECTION 4.01 GENERALLY. Until Scheschuk shall not satisfy his
obligations under the Note, Scheschuk shall be entitled to exercise any and all
voting and other consensual rights pertaining to the portion of the Pledged
Collateral specified as owned thereby for any purpose not inconsistent with the
terms hereof or the Note.

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         SECTION 4.02 DEFAULTS. If Scheschuk shall not satisfy his obligations
under the Note, all rights of Scheschuk to exercise his voting and other
consensual rights which he would otherwise be entitled to exercise pursuant to
Section 4.01 hereof shall cease, and all such rights shall thereupon become
vested in the Joint Note Holders, who shall thereupon have the sole right to
exercise such voting and other consensual rights.

         SECTION 4.03 ADDITIONAL ACTIONS. In order to permit the Joint Note
Holders to exercise the voting and other rights which he may be entitled to
exercise pursuant to Section 4.02 hereof, Scheschuk shall, if necessary, upon
written notice of the Joint Note Holders, from time to time, execute and deliver
to the Joint Note Holders appropriate proxies, dividend payment orders, and
other instruments as the Joint Note Holders may reasonably request.

V.       TRANSFERS AND OTHER LIENS; ADDITIONAL SHARES

         Scheschuk agrees that he or she will not (i) sell, assign, or otherwise
dispose of, or grant any option or warrant with respect to, any of the Pledged
Collateral, or (ii) create or permit to exist any lien, security interest, or
other charge or encumbrance upon or with respect to any of the Pledged
Collateral, except for the lien in favor of the Joint Note Holders pursuant
hereto.

VI.      MR. NILS OLLQUIST APPOINTED ATTORNEY-IN-FACT; JOINT NOTE HOLDERS MAY
         PERFORM

         SECTION 6.01 ATTORNEY-IN-FACT. Scheschuk hereby irrevocably appoints
Mr. Nils Ollquist ("Ollquist") as Scheschuk's attorney-in-fact, with full
authority in the place and stead of Scheschuk and in the name of Scheschuk or
otherwise, from time to time in Ollquist's discretion to take any action and to
execute any instrument which Ollquist may deem necessary or advisable to
accomplish the purposes of this Agreement, including, without limitation, to
receive, endorse, and collect all instruments made payable to the Joint Note
Holders representing any dividend, interest payment, or other distribution in
respect of the Pledged Collateral or any part thereof and to give full discharge
for the same. This power, being coupled with an interest, is irrevocable.
Nothing in this Article VII shall be construed as providing the Joint Note
Holders with any remedies with respect to the Pledged Shares not otherwise
provided for in this Pledge Agreement or under applicable law.

         SECTION 6.02 JOINT NOTE HOLDERS MAY PERFORM. If Scheschuk fails to
perform any agreement contained herein, the Joint Note Holders may, but shall
not be obligated to, itself perform, or cause performance of, such agreement,
and the expenses of the Joint Note Holders incurred in connection therewith
shall be payable by Scheschuk.

VII.     JOINT NOTE HOLDERS' DUTIES; REASONABLE CARE

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         SECTION 7.01 JOINT NOTE HOLDERS' DUTIES. The powers conferred on the
Joint Note Holders hereunder are solely to protect their interest under the Note
and in the Pledged Collateral and shall not impose any duty upon him to exercise
any such powers. Except for the safe custody of any Pledged Collateral in their
possession and the accounting for moneys actually received by them hereunder,
the Joint Note Holders shall have no duty as to any Pledged Collateral or as to
the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to any of the foregoing.

         SECTION 7.02 REASONABLE CARE. The Joint Note Holders shall be deemed to
have exercised reasonable care in the custody and preservation of the Pledged
Collateral in its possession if the Pledged Collateral is accorded treatment
substantially equal to that which the Joint Note Holders accord their own
property.

VIII.    REMEDIES UPON DEFAULT; EXPENSES

SECTION 8.01 REMEDIES UPON DEFAULT. If Scheschuk shall not satisfy his
obligations under the Note, the Joint Note Holders may exercise in respect of
the Pledged Collateral, in addition to other rights and remedies provided for
herein or otherwise available to him, all the rights and remedies of a secured
party in case of a default by a debtor under the Uniform Commercial Code, and
the Joint Note Holders may also, without notice except as specified below, sell
the Pledged Shares or any part thereof in one or more parcels at public or
private sale, at any exchange or broker's board, for cash, on credit or for
future delivery, and upon such other terms as the Joint Note Holders may deem
commercially reasonable. Scheschuk agrees that, to the extent notice of sale
shall be required by law, at least ten (10) days' notice to Scheschuk of the
time and place of any public sale or the time after which any private sale is to
be made shall constitute reasonable notification. The Joint Note Holders shall
not be obligated to make any sale of Pledged Shares regardless of notice of sale
having been given. The Joint Note Holders may adjourn any public or private sale
from time to time by announcement at the time and place fixed therefore and such
sale may, without further notice, be made at the time and place to which it was
so adjourned. Scheschuk hereby waives any claims against the Joint Note Holders
arising by reason of the fact that the price at which any of the Pledged
Collateral may have been sold at such a private sale was less than the price
which might have been obtained at a public sale, even if the Joint Note Holders
accepts the first offer received and does not offer the Pledged Collateral to
more than one offeree.

         Any cash held by the Joint Note Holders as Pledged Shares and all cash
proceeds received by the Joint Note Holders in respect of any sale of,
collection from, or other realization upon all or any part of the Pledged Shares
shall be applied by the Joint Note Holders:

                  First, to the payment of the costs and expenses of such sale,
including, without limitation, reasonable compensation to the Joint Note Holders
and its agent and counsel, and all expenses, liabilities, and advances made or
incurred by the Joint Note Holders in connection therewith;

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                  Next, to the Joint Note Holders, for the payment in full of
Scheschuk's obligations pursuant to the Note; and finally, after payment in full
of Scheschuk's obligations pursuant to the Note, to the payment of Scheschuk, or
his successors or assigns, or to whomsoever may be lawfully entitled to receive
the same or as a court of competent jurisdiction may direct, of any surplus then
remaining from such proceeds.

         Anything contained herein to the contrary notwithstanding, the Joint
Note Holders may exercise all rights and remedies available to him pursuant
hereto or under law, which remedies shall be deemed cumulative and not
exclusive.

         SECTION 8.02 EXPENSES. Scheschuk, shall, upon demand, be responsible to
pay to the Joint Note Holders the amount of any and all expenses, including the
reasonable fees and expenses of its counsel and of any experts and agents, which
the Joint Note Holders may reasonably incur in connection with (a) the custody
or preservation of, or the sale of, collection from, or other realization upon,
any of the Pledged Collateral, (b) the exercise or enforcement of any of the
rights of the Joint Note Holders pursuant hereto, or (c) the failure by
Scheschuk to perform or observe any of the provisions hereof.

IX.      SECURITY INTEREST ABSOLUTE; CONTINUING SECURITY INTEREST

                  SECTION 9.01 SECURITY INTEREST ABSOLUTE. All rights of the
         Joint Note Holders and security interests granted herein, and all
         obligations of Scheschuk pursuant hereto and pursuant to the Note,
         shall be absolute and unconditional irrespective of:

                  (i)      any lack of validity or enforceability of the Note;

                  (ii)     any change in the time, manner, or place of payment
                           of, or in any other term of, all or any of the
                           obligations under the Note or any other amendment or
                           waiver of, or any consent to any departure from, the
                           Note;

                  (iii)    any exchange, release, or non-perfection of any other
                           collateral, or any release or amendment or waiver of,
                           or consent to departure from, the Note or any
                           obligation thereunder; or

                  (iv)     any other circumstance which might otherwise
                           constitute a defense available to, or a discharge of,
                           Scheschuk or a third party grantor of a security
                           interest.

         SECTION 9.02 CONTINUING SECURITY INTEREST. This Agreement shall create
a continuing first priority security interest in the Pledged Collateral and
shall (a) remain in full force and effect until indefeasible payment in full of
the Note, (b) continue to be effective or be reinstated, as the case may be, if
at any time payment of the obligations pursuant to the Note, or any part
thereof, is rescinded or reduced in amount or must

                                      -6-
<PAGE>

otherwise be restored or returned by Scheschuk all as though such payment or
performance had not been made, (c) be binding upon Scheschuk, his successors and
assigns, and (d) inure, together with the rights and remedies of the Joint Note
Holders pursuant hereto, to the benefit of the Joint Note Holders and their
transferees and assigns. Upon the payment in full by Scheschuk of his
obligations pursuant to the Note, Scheschuk shall be entitled to the return,
upon his request and at his expense, of the Pledged Collateral as shall not have
been sold or otherwise applied pursuant to the terms hereof.

X.       MISCELLANEOUS

         SECTION 10.01 AMENDMENTS, ETC. No amendment or waiver of any provision
of this Agreement, nor consent to any departure by Scheschuk herefrom, shall in
any event be effective unless the same shall be in writing and signed by the
Joint Note Holders, and then such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

         SECTION 10.02 NOTICE. All notices and other communications provided for
hereunder shall be in writing (including telegraphic communication) and, if to
Scheschuk, mailed or telegraphed or delivered to it, addressed to it at the
address specified in the introductory paragraph hereof, if to the Joint Note
Holders, mailed or delivered to each of them at the addresses of the Joint Note
Holders specified in the introductory paragraph hereof, or as to any party
hereto at such other address as shall be designated by such party in a written
notice to each other party complying as to delivery with the terms of this
Section. All such notices and other communications shall, when mailed or
telegraphed, respectively, be effective when deposited in the mails or delivered
to the telegraph company, respectively, addressed as aforesaid.

         SECTION 10.03 WAIVER. No failure on the part of the Joint Note Holders
to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right.

         SECTION 10.04 SEVERABILITY. The illegality or unenforceability of any
provision of this Agreement or any instrument or document required pursuant
hereto shall not in any way affect or impair the legality or enforceability of
the remaining provisions of this Agreement or any instrument or document
required pursuant hereto.

         SECTION 10.05 GOVERNING LAW; TERMS. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York, without
giving effect to principles of conflicts of laws. Unless otherwise defined
herein, terms defined in Articles 8 and 9 of the Uniform Commercial Code are
used herein as therein defined.

         SECTION 10.06 COUNTERPARTS. This Agreement may be executed in one or
more counterparts, all of which, when taken together shall constitute one
original.

                                      -7-
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be duly executed and delivered by its officer thereunto duly
authorized as of the date first above written.

                                            -----------------------------------
                                            BRICE SCHESCHUK

                                            CARTIER FLEMING INTERNATIONAL LTD.

                                            BY:
                                               --------------------------------
                                               NAME: NILS OLLQUIST
                                               TITLE: DIRECTOR

                                            -----------------------------------
                                            LI WING KEI

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