Document:

INTELLECTUAL
      PROPERTY SECURITY AGREEMENT

     

    INTELLECTUAL
      PROPERTY SECURITY AGREEMENT (this
      “Agreement”
      dated as
      of February 12, 2007, by and among Optigenex Inc., a Delaware corporation (the
      “Company”),
      and
      the secured parties signatory hereto and their respective endorsees, transferees
      and assigns (collectively, the “Secured
      Party”).

     

    WITNESSETH:

     

    WHEREAS,
      pursuant to a Securities Purchase Agreement, dated the date hereof, between
      Company and the Secured Party (the “Purchase
      Agreement”),
      Company has agreed to issue to the Secured Party and the Secured Party has
      agreed to purchase from Company certain of Company’s 8% Callable Secured
      Convertible Notes, due three years from the date of issue (the “Notes”),
      which
      are convertible into shares of Company’s Common Stock, par value $.001 per share
      (the “Common
      Stock”).
      In
      connection therewith, Company shall issue the Secured Party certain Common
      Stock
      purchase warrants (the “Warrants”);
      and

     

    WHEREAS,
      in order to induce the Secured Party to purchase the Notes, Company has agreed
      to execute and deliver to the Secured Party this Agreement for the benefit
      of
      the Secured Party and to grant to it a first priority security interest in
      certain Intellectual Property (defined below) of Company to secure the prompt
      payment, performance and discharge in full of all of Company’s obligations under
      the Notes and exercise and discharge in full of Company’s obligations under the
      Warrants; and

     

    NOW,
      THEREFORE, in consideration of the agreements herein contained and for other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereto hereby agree as follows:

     

    1.  Defined
      Terms.
      Unless
      otherwise defined herein, terms which are defined in the Purchase Agreement
      and
      used herein are so used as so defined; and the following terms shall have the
      following meanings:

     

    “Software
      Intellectual Property”
shall
      mean:

     

    (a)  all
      software programs (including all source code, object code and all related
      applications and data files), whether now owned, upgraded, enhanced, licensed
      or
      leased or hereafter acquired by the Company, above;

     

    (b)  all
      computers and electronic data processing hardware and firmware associated
      therewith;

     

    (c)  all
      documentation (including flow charts, logic diagrams, manuals, guides and
      specifications) with respect to such software, hardware and firmware described
      in the preceding clauses (a) and (b); and

     

    (d)  all
      rights with respect to all of the foregoing, including, without limitation,
      any
      and all upgrades, modifications, copyrights, licenses, options, warranties,
      service contracts, program services, test rights, maintenance rights, support
      rights, improvement rights, renewal rights and indemnifications and
      substitutions, replacements, additions, or model conversions of any of the
      foregoing.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Copyrights”
shall
      mean (a) all copyrights, registrations and applications for registration,
issued
      or
      filed, including any reissues, extensions or renewals thereof, by or with the
      United States Copyright Office or any similar office or agency of the United
      States, any state thereof, or any other country or political subdivision
      thereof, or otherwise, including, all rights in and to the material constituting
      the subject matter thereof, including, without limitation, any referred to
      in
Schedule
      B
      hereto,
      and (b) any rights in any material which is copyrightable or which is protected
      by common law, United States copyright laws or similar laws or any law of any
      State, including, without limitation, any thereof referred to in Schedule
      B
      hereto.

     

    “Copyright
      License”
shall
      mean any agreement, written or oral, providing for a grant by the Company of
      any
      right in any Copyright, including, without limitation, any thereof referred
      to
      in Schedule
      B
      hereto.

     

    “Intellectual
      Property”
shall
      means, collectively, the Software Intellectual Property, Copyrights, Copyright
      Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses and Trade
      Secrets.

     

    “Obligations”
means
      all of the Company’s obligations under this Agreement and the Notes, in each
      case, whether now or hereafter existing, voluntary or involuntary, direct or
      indirect, absolute or contingent, liquidated or unliquidated, whether or not
      jointly owed with others, and whether or not from time to time decreased or
      extinguished and later decreased, created or incurred, and all or any portion
      of
      such obligations or liabilities that are paid, to the extent all or any part
      of
      such payment is avoided or recovered directly or indirectly from the Secured
      Party as a preference, fraudulent transfer or otherwise as such obligations
      may
      be amended, supplemented, converted, extended or modified from time to
      time.

     

    “Patents”
shall
      mean (a) all letters patent of the United States or any other country or any
      political subdivision thereof, and all reissues and extensions thereof,
      including, without limitation, any thereof referred to in Schedule
      B
      hereto,
      and (b) all applications for letters patent of the United States and all
      divisions, continuations and continuations-in-part thereof or any other country
      or any political subdivision, including, without limitation, any thereof
      referred to in Schedule
      B
      hereto.

     

    “Patent
      License”
shall
      mean all agreements, whether written or oral, providing for the grant by the
      Company of any right to manufacture, use or sell any invention covered by a
      Patent, including, without limitation, any thereof referred to in Schedule
      B
      hereto.

     

    “Security
      Agreement”
shall
      mean the a Security Agreement, dated the date hereof between Company and the
      Secured Party.

     

    “Trademarks”
shall
      mean (a) all trademarks, trade names, corporate names, company names, business
      names, fictitious business names, trade styles, service marks, logos and other
      source or business identifiers, and the goodwill associated therewith, now
      existing or hereafter adopted or acquired, all registrations and recordings
      thereof, and all applications in connection therewith, whether in the United
      States Patent and Trademark Office or in any similar office or agency of the
      United States, any state thereof or any other country or any political
      subdivision thereof, or otherwise, including, without limitation, any thereof
      referred to in Schedule
      B
      hereto,
      and (b) all reissues, extensions or renewals thereof.

     

    
      
        
        

      

      
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    “Trademark
      License”
shall
      mean any agreement, written or oral, providing for the grant by the Company
      of
      any right to use any Trademark, including, without limitation, any thereof
      referred to in Schedule
      B
      hereto.

     

    “Trade
      Secrets”
shall
      mean common law and statutory trade secrets and all other confidential or
      proprietary or useful information and all know-how obtained by or used in or
      contemplated at any time for use in the business of the Company (all of the
      foregoing being collectively called a “Trade
      Secret”),
      whether or not such Trade Secret has been reduced to a writing or other tangible
      form, including all documents and things embodying, incorporating or referring
      in any way to such Trade Secret, all Trade Secret licenses, including each
      Trade
      Secret license referred to in Schedule
      B
      hereto,
      and including the right to sue for and to enjoin and to collect damages for
      the
      actual or threatened misappropriation of any Trade Secret and for the breach
      or
      enforcement of any such Trade Secret license.

     

    2.  Grant
      of Security Interest.
      In
      accordance with Section 3(m) of the Security Agreement, to secure the complete
      and timely payment, performance and discharge in full, as the case may be,
      of
      all of the Obligations, the Company hereby, unconditionally and irrevocably,
      pledges, grants and hypothecates to the Secured Party, a continuing security
      interest in, a continuing first lien upon, an unqualified right to possession
      and disposition of and a right of set-off against, in each case to the fullest
      extent permitted by law, all of the Company’s right, title and interest of
      whatsoever kind and nature in and to the Intellectual Property (the
“Security
      Interest”).

     

    3.  Representations
      and Warranties.
      The
      Company hereby represents and warrants, and covenants and agrees with, the
      Secured Party as follows:

     

    (a)  The
      Company has the requisite corporate power and authority to enter into this
      Agreement and otherwise to carry out its obligations thereunder. The execution,
      delivery and performance by the Company of this Agreement and the filings
      contemplated therein have been duly authorized by all necessary action on the
      part of the Company and no further action is required by the Company. This
      Agreement constitutes a legal, valid and binding obligation of the Company
      enforceable in accordance with its terms, except as enforceability may be
      limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
      affecting the enforcement of creditor’s rights generally.

     

    (b)  The
      Company represents and warrants that it has no place of business or offices
      where its respective books of account and records are kept (other than
      temporarily at the offices of its attorneys or accountants) or places where
      the
      Intellectual Property is stored or located, except as set forth on Schedule
      A
      attached
      hereto;

     

    
      
        
        

      

      
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    (c)  The
      Company is the sole owner of the Intellectual Property (except for non-exclusive
      licenses granted by the Company in the ordinary course of business), free and
      clear of any liens, security interests, encumbrances, rights or claims, and
      is
      fully authorized to grant the Security Interest in and to pledge the
      Intellectual Property, except as set forth on Schedule
      D.
      There
      is not on file in any governmental or regulatory authority, agency or recording
      office an effective financing statement, security agreement, license or transfer
      or any notice of any of the foregoing (other than those that have been filed
      in
      favor of the Secured Party pursuant to this Agreement) covering or affecting
      any
      of the Intellectual Property, except as set forth on Schedule
      D.
      So long
      as this Agreement shall be in effect, the Company shall not execute and shall
      not knowingly permit to be on file in any such office or agency any such
      financing statement or other document or instrument (except to the extent filed
      or recorded in favor of the Secured Party pursuant to the terms of this
      Agreement), except as set forth on Schedule
      D or
      for a
      financing statement covering assets acquired by the Company after the date
      hereof, provided that the value of the Intellectual Property covered by this
      Agreement along with the Collateral (as defined in the Security Agreement)
      is
      equal to at least 150% of the Obligations.

     

    (d)  The
      Company shall at all times maintain its books of account and records relating
      to
      the Intellectual Property at its principal place of business and its
      Intellectual Property at the locations set forth on Schedule
      A
      attached
      hereto and may not relocate such books of account and records unless it delivers
      to the Secured Party at least 30 days prior to such relocation (i) written
      notice of such relocation and the new location thereof (which must be within
      the
      United States) and (ii) evidence that the necessary documents have been
      filed and recorded and other steps have been taken to perfect the Security
      Interest to create in favor of the Secured Party valid, perfected and continuing
      first priority liens in the Intellectual Property to the extent they can be
      perfected through such filings.

     

    (e)  This
      Agreement creates in favor of the Secured Party a valid security interest in
      the
      Intellectual Property securing the payment and performance of the Obligations
      and, upon making the filings required hereunder, a perfected first priority
      security interest in such Intellectual Property to the extent that it can be
      perfected through such filings.

     

    (f)  
      Upon
      request of the Secured Party, the Company shall execute and deliver any and
      all
      agreements, instruments, documents, and papers as the Secured Party may request
      to evidence the Secured Party’s security interest in the Intellectual Property
      and the goodwill and general intangibles of the Company relating thereto or
      represented thereby, and the Company hereby appoints the Secured Party its
      attorney-in-fact to execute and file all such writings for the foregoing
      purposes, all acts of such attorney being hereby ratified and confirmed; such
      power being coupled with an interest is irrevocable until the Obligations have
      been fully satisfied and are paid in full.

     

    (g)  Except
      as
      set forth on Schedule
      D,
      the
      execution, delivery and performance of this Agreement does not conflict with
      or
      cause a breach or default, or an event that with or without the passage of
      time
      or notice, shall constitute a breach or default, under any agreement to which
      the Company is a party or by which the Company is bound. No consent (including,
      without limitation, from stock holders or creditors of the Company) is required
      for the Company to enter into and perform its obligations
      hereunder.

     

    
      
        
        

      

      
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    (h)  The
      Company shall at all times maintain the liens and Security Interest provided
      for
      hereunder as valid and perfected first priority liens and security interests
      in
      the Intellectual Property to the extent they can be perfected by filing in
      favor
      of the Secured Party until this Agreement and the Security Interest hereunder
      shall terminate pursuant to Section 11. The Company hereby agrees to defend
      the
      same against any and all persons. The Company shall safeguard and protect all
      Intellectual Property for the account of the Secured Party. Without limiting
      the
      generality of the foregoing, the Company shall pay all fees, taxes and other
      amounts necessary to maintain the Intellectual Property and the Security
      Interest hereunder, and the Company shall obtain and furnish to the Secured
      Party from time to time, upon demand, such releases and/or subordinations of
      claims and liens which may be required to maintain the priority of the Security
      Interest hereunder. 

     

    (i)  The
      Company will not transfer, pledge, hypothecate, encumber, license (except for
      non-exclusive licenses granted by the Company in the ordinary course of
      business), sell or otherwise dispose of any of the Intellectual Property without
      the prior written consent of the Secured Party, which consent will not be
      unreasonably withheld.

     

    (j)  The
      Company shall, within ten (10) days of obtaining knowledge thereof, advise
      the
      Secured Party promptly, in sufficient detail, of any substantial change in
      the
      Intellectual Property, and of the occurrence of any event which would have
      a
      material adverse effect on the value of the Intellectual Property or on the
      Secured Party’s security interest therein.

     

    (k)  The
      Company shall permit the Secured Party and its representatives and agents to
      inspect the Intellectual Property at any time, and to make copies of records
      pertaining to the Intellectual Property as may be requested by the Secured
      Party
      from time to time.

     

    (l)  The
      Company will take all steps reasonably necessary to diligently pursue and seek
      to preserve, enforce and collect any rights, claims, causes of action and
      accounts receivable in respect of the Intellectual Property.

     

    (m)  The
      Company shall promptly notify the Secured Party in sufficient detail upon
      becoming aware of any attachment, garnishment, execution or other legal process
      levied against any Intellectual Property and of any other information received
      by the Company that may materially affect the value of the Intellectual
      Property, the Security Interest or the rights and remedies of the Secured Party
      hereunder.

     

    (n)  All
      information heretofore, herein or hereafter supplied to the Secured Party by
      or
      on behalf of the Company with respect to the Intellectual Property is accurate
      and complete in all material respects as of the date furnished.

     

    (o)  Schedule
      A
      attached
      hereto contains a list of all of the subsidiaries of Company.

     

    
      
        
        

      

      
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    (p)  Schedule
      B
      attached
      hereto includes all Licenses, and all Patents and Patent Licenses, if any,
      owned
      by the Company in its own name as of the date hereof. Schedule
      B
      hereto
      includes all Trademarks and Trademark Licenses, if any, owned by the Company
      in
      its own name as of the date hereof. Schedule
      B
      hereto
      includes all Copyrights and Copyright Licenses, if any, owned by the Company
      in
      its own name as of the date hereof. Schedule
      B
      hereto
      includes all Trade Secrets and Trade Secret Licenses, if any, owned by the
      Company as of the date hereof. To the best of the Company’s knowledge, each
      License, Patent, Trademark, Copyright and Trade Secret is valid, subsisting,
      unexpired, enforceable and has not been abandoned. Except as set forth in
Schedule
      B,
      none of
      such Licenses, Patents, Trademarks, Copyrights and Trade Secrets is the subject
      of any licensing or franchise agreement. To the best of the Company’s knowledge,
      no holding, decision or judgment has been rendered by any Governmental Body
      which would limit, cancel or question the validity of any License, Patent,
      Trademark, Copyright and Trade Secrets . Except as set forth in Schedule
      B,
      no
      action or proceeding is pending (i) seeking to limit, cancel or question the
      validity of any License, Patent, Trademark, Copyright or Trade Secret, or (ii)
      which, if adversely determined, would have a material adverse effect on the
      value of any License, Patent, Trademark, Copyright or Trade Secret. The Company
      has used and will continue to use for the duration of this Agreement, proper
      statutory notice in connection with its use of the Patents, Trademarks and
      Copyrights and consistent standards of quality in products leased or sold under
      the Patents, Trademarks and Copyrights.

     

    (q)  With
      respect to any Intellectual Property:

     

    
      	(i) 
                	
              such
                Intellectual Property is subsisting and has not been adjudged invalid
                or
                unenforceable, in whole or in part;

            

    

     

    
      	(ii) 
               	
              such
                Intellectual Property is valid and
                enforceable;

            

    

     

    
      	(iii)  	
              the
                Company has made all necessary filings and recordations to protect
                its
                interest in such Intellectual Property, including, without limitation,
                recordations of all of its interests in the Patents, Patent Licenses,
                Trademarks and Trademark Licenses in the United States Patent and
                Trademark Office and in corresponding offices throughout the world
                and its
                claims to the Copyrights and Copyright Licenses in the United States
                Copyright Office and in corresponding offices throughout the
                world;

            

    

     

    
      	(iv)  	
              other
                than as set forth in Schedule
                B,
                the Company is the exclusive owner of the entire and unencumbered
                right,
                title and interest in and to such Intellectual Property and no claim
                has
                been made that the use of such Intellectual Property infringes on
                the
                asserted rights of any third party;
                and

            

    

     

    
      	(v)  	
              the
                Company has performed and will continue to perform all acts and has
                paid
                all required fees and taxes to maintain each and every item of
                Intellectual Property in full force and effect throughout the world,
                as
                applicable.

            

    

     

    
      
        
        

      

      
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    (r)  Except
      with respect to any Trademark or Copyright that the Company shall reasonably
      determine is of negligible economic value to the Company, the Company
      shall:

     

    (i)  maintain
      each Trademark and Copyright in full force free from any claim of abandonment
      for non-use, maintain as in the past the quality of products and services
      offered under such Trademark or Copyright; employ such Trademark or Copyright
      with the appropriate notice of registration; not adopt or use any mark which
      is
      confusingly similar or a colorable imitation of such Trademark or Copyright
      unless the Secured Party shall obtain a perfected security interest in such
      mark
      pursuant to this Agreement; and not (and not permit any licensee or sublicensee
      thereof to) do any act or knowingly omit to do any act whereby any Trademark
      or
      Copyright may become invalidated;

     

    (ii)  not,
      except with respect to any Patent that it shall reasonably determine is of
      negligible economic value to it, do any act, or omit to do any act, whereby
      any
      Patent may become abandoned or dedicated; and

     

    (iii)  notify
      the Secured Party immediately if it knows, or has reason to know, that any
      application or registration relating to any Patent, Trademark or Copyright
      may
      become abandoned or dedicated, or of any adverse determination or development
      (including, without limitation, the institution of, or any such determination
      or
      development in, any proceeding in the United States Patent and Trademark Office,
      United States Copyright Office or any court or tribunal in any country)
      regarding its ownership of any Patent, Trademark or Copyright or its right
      to
      register the same or to keep and maintain the same.

     

    (s)  Whenever
      the Company, either by itself or through any agent, employee, licensee or
      designee, shall file an application for the registration of any Patent,
      Trademark or Copyright with the United States Patent and Trademark Office,
      United States Copyright Office or any similar office or agency in any other
      country or any political subdivision thereof or acquire rights to any new
      Patent, Trademark or Copyright whether or not registered, report such filing
      to
      the Secured Party within five business days after the last day of the fiscal
      quarter in which such filing occurs.

     

    (t)  The
      Company shall take all reasonable and necessary steps, including, without
      limitation, in any proceeding before the United States Patent and Trademark
      Office, United States Copyright Office or any similar office or agency in any
      other country or any political subdivision thereof, to maintain and pursue
      each
      application (and to obtain the relevant registration) and to maintain each
      registration of the Patents, Trademarks and Copyrights, including, without
      limitation, filing of applications for renewal, affidavits of use and affidavits
      of incontestability.

     

    
      
        
        

      

      
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    (u)  In
      the
      event that any Patent, Trademark or Copyright included in the Intellectual
      Property is infringed, misappropriated or diluted by a third party, promptly
      notify the Secured Party after it learns thereof and shall, unless it shall
      reasonably determine that such Patent, Trademark or Copyright is of negligible
      economic value to it, which determination it shall promptly report to the
      Secured Party, promptly sue for infringement, misappropriation or dilution,
      to
      seek injunctive relief where appropriate and to recover any and all damages
      for
      such infringement, misappropriation or dilution, or take such other actions
      as
      it shall reasonably deem appropriate under the circumstances to protect such
      Patent, Trademark or Copyright. If the Company lacks the financial resources
      to
      comply with this Section 3(t), the Company shall so notify the Secured Party
      and
      shall cooperate fully with any enforcement action undertaken by the Secured
      Party on behalf of the Company.

     

    4.  Defaults.
      The
      following events shall be “Events
      of Default”:

     

    (a)  The
      occurrence of an Event of Default (as defined in the Notes) under the
      Notes;

     

    (b)  Any
      representation or warranty of the Company in this Agreement or in the Security
      Agreement shall prove to have been incorrect in any material respect when made;
      

     

    (c)  The
      failure by the Company to observe or perform any of its obligations hereunder
      or
      in the Security Agreement for ten (10) days after receipt by the Company of
      notice of such failure from the Secured Party; and

     

    (d)  Any
      breach of, or default under, the Warrants.

     

    5.  Duty
      To Hold In Trust.
      Upon
      the occurrence of any Event of Default and at any time thereafter, the Company
      shall, upon receipt by it of any revenue, income or other sums subject to the
      Security Interest, whether payable pursuant to the Notes or otherwise, or of
      any
      check, draft, note, trade acceptance or other instrument evidencing an
      obligation to pay any such sum, hold the same in trust for the Secured Party
      and
      shall forthwith endorse and transfer any such sums or instruments, or both,
      to
      the Secured Party for application to the satisfaction of the
      Obligations.

     

    6.  Rights
      and Remedies Upon Default.
      Upon
      occurrence of any Event of Default and at any time thereafter, the Secured
      Party
      shall have the right to exercise all of the remedies conferred hereunder and
      under the Notes, and the Secured Party shall have all the rights and remedies
      of
      a secured party under the UCC and/or any other applicable law (including the
      Uniform Commercial Code of any jurisdiction in which any Intellectual Property
      is then located). Without limitation, the Secured Party shall have the following
      rights and powers:

     

    (a)  The
      Secured Party shall have the right to take possession of the Intellectual
      Property and, for that purpose, enter, with the aid and assistance of any
      person, any premises where the Intellectual Property, or any part thereof,
      is or
      may be placed and remove the same, and the Company shall assemble the
      Intellectual Property and make it available to the Secured Party at places
      which
      the Secured Party shall reasonably select, whether at the Company’s premises or
      elsewhere, and make available to the Secured Party, without rent, all of the
      Company’s respective premises and facilities for the purpose of the Secured
      Party taking possession of, removing or putting the Intellectual Property in
      saleable or disposable form.

     

    
      
        
        

      

      
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    (b)  The
      Secured Party shall have the right to operate the business of the Company using
      the Intellectual Property and shall have the right to assign, sell, lease or
      otherwise dispose of and deliver all or any part of the Intellectual Property,
      at public or private sale or otherwise, either with or without special
      conditions or stipulations, for cash or on credit or for future delivery, in
      such parcel or parcels and at such time or times and at such place or places,
      and upon such terms and conditions as the Secured Party may deem commercially
      reasonable, all without (except as shall be required by applicable statute
      and
      cannot be waived) advertisement or demand upon or notice to the Company or
      right
      of redemption of the Company, which are hereby expressly waived. Upon each
      such
      sale, lease, assignment or other transfer of Intellectual Property, the Secured
      Party may, unless prohibited by applicable law which cannot be waived, purchase
      all or any part of the Intellectual Property being sold, free from and
      discharged of all trusts, claims, right of redemption and equities of the
      Company, which are hereby waived and released.

     

    7.  Applications
      of Proceeds.
      The
      proceeds of any such sale, lease or other disposition of the Intellectual
      Property hereunder shall be applied first, to the expenses of retaking, holding,
      storing, processing and preparing for sale, selling, and the like (including,
      without limitation, any taxes, fees and other costs incurred in connection
      therewith) of the Intellectual Property, to the reasonable attorneys’ fees and
      expenses incurred by the Secured Party in enforcing its rights hereunder and
      in
      connection with collecting, storing and disposing of the Intellectual Property,
      and then to satisfaction of the Obligations, and to the payment of any other
      amounts required by applicable law, after which the Secured Party shall pay
      to
      the Company any surplus proceeds. If, upon the sale, license or other
      disposition of the Intellectual Property, the proceeds thereof are insufficient
      to pay all amounts to which the Secured Party is legally entitled, the Company
      will be liable for the deficiency, together with interest thereon, at the rate
      of 15% per annum (the “Default
      Rate”),
      and
      the reasonable fees of any attorneys employed by the Secured Party to collect
      such deficiency. To the extent permitted by applicable law, the Company waives
      all claims, damages and demands against the Secured Party arising out of the
      repossession, removal, retention or sale of the Intellectual Property, unless
      due to the gross negligence or willful misconduct of the Secured
      Party.

     

    8.  Costs
      and Expenses.The
      Company agrees to pay all out-of-pocket fees, costs and expenses incurred in
      connection with any filing required hereunder, including without limitation,
      any
      financing statements, continuation statements, partial releases and/or
      termination statements related thereto or any expenses of any searches
      reasonably required by the Secured Party. The Company shall also pay all other
      claims and charges which in the reasonable opinion of the Secured Party might
      prejudice, imperil or otherwise affect the Intellectual Property or the Security
      Interest therein. The Company will also, upon demand, pay to the Secured Party
      the amount of any and all reasonable expenses, including the reasonable fees
      and
      expenses of its counsel and of any experts and agents, which the Secured Party
      may incur in connection with (i) the enforcement of this Agreement, (ii) the
      custody or preservation of, or the sale of, collection from, or other
      realization upon, any of the Intellectual Property, or (iii) the exercise or
      enforcement of any of the rights of the Secured Party under the Notes. Until
      so
      paid, any fees payable hereunder shall be added to the principal amount of
      the
      Notes and shall bear interest at the Default Rate.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    9.  Responsibility
      for Intellectual Property.
      The
      Company assumes all liabilities and responsibility in connection with all
      Intellectual Property, and the obligations of the Company hereunder or under
      the
      Notes and the Warrants shall in no way be affected or diminished by reason
      of
      the loss, destruction, damage or theft of any of the Intellectual Property
      or
      its unavailability for any reason. 

     

    10.  Security
      Interest Absolute.
      All
      rights of the Secured Party and all Obligations of the Company hereunder, shall
      be absolute and unconditional, irrespective of: (a) any lack of validity or
      enforceability of this Agreement, the Notes, the Warrants or any agreement
      entered into in connection with the foregoing, or any portion hereof or thereof;
      (b) any change in the time, manner or place of payment or performance of, or
      in
      any other term of, all or any of the Obligations, or any other amendment or
      waiver of or any consent to any departure from the Notes, the Warrants or any
      other agreement entered into in connection with the foregoing; (c) any exchange,
      release or nonperfection of any of the Intellectual Property, or any release
      or
      amendment or waiver of or consent to departure from any other Intellectual
      Property for, or any guaranty, or any other security, for all or any of the
      Obligations; (d) any action by the Secured Party to obtain, adjust, settle
      and
      cancel in its sole discretion any insurance claims or matters made or arising
      in
      connection with the Intellectual Property; or (e) any other circumstance which
      might otherwise constitute any legal or equitable defense available to the
      Company, or a discharge of all or any part of the Security Interest granted
      hereby. Until the Obligations shall have been paid and performed in full, the
      rights of the Secured Party shall continue even if the Obligations are barred
      for any reason, including, without limitation, the running of the statute of
      limitations or bankruptcy. The Company expressly waives presentment, protest,
      notice of protest, demand, notice of nonpayment and demand for performance.
      In
      the event that at any time any transfer of any Intellectual Property or any
      payment received by the Secured Party hereunder shall be deemed by final order
      of a court of competent jurisdiction to have been a voidable preference or
      fraudulent conveyance under the bankruptcy or insolvency laws of the United
      States, or shall be deemed to be otherwise due to any party other than the
      Secured Party, then, in any such event, the Company’s obligations hereunder
      shall survive cancellation of this Agreement, and shall not be discharged or
      satisfied by any prior payment thereof and/or cancellation of this Agreement,
      but shall remain a valid and binding obligation enforceable in accordance with
      the terms and provisions hereof. The Company waives all right to require the
      Secured Party to proceed against any other person or to apply any Intellectual
      Property which the Secured Party may hold at any time, or to marshal assets,
      or
      to pursue any other remedy. The Company waives any defense arising by reason
      of
      the application of the statute of limitations to any obligation secured
      hereby.

     

    11.  Term
      of Agreement.
      This
      Agreement and the Security Interest shall terminate on the date on which all
      payments under the Notes have been made in full and all other Obligations have
      been paid or discharged. Upon such termination, the Secured Party, at the
      request and at the expense of the Company, will join in executing any
      termination statement with respect to any financing statement executed and
      filed
      pursuant to this Agreement. 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    12.  Power
      of Attorney; Further Assurances.

     

    (a)  The
      Company authorizes the Secured Party, and does hereby make, constitute and
      appoint it, and its respective officers, agents, successors or assigns with
      full
      power of substitution, as the Company’s true and lawful attorney-in-fact, with
      power, in its own name or in the name of the Company, to, after the occurrence
      and during the continuance of an Event of Default, (i) endorse any notes,
      checks, drafts, money orders, or other instruments of payment (including
      payments payable under or in respect of any policy of insurance) in respect
      of
      the Intellectual Property that may come into possession of the Secured Party;
      (ii) to sign and endorse any UCC financing statement or any invoice, freight
      or
      express bill, bill of lading, storage or warehouse receipts, drafts against
      debtors, assignments, verifications and notices in connection with accounts,
      and
      other documents relating to the Intellectual Property; (iii) to pay or discharge
      taxes, liens, security interests or other encumbrances at any time levied or
      placed on or threatened against the Intellectual Property; (iv) to demand,
      collect, receipt for, compromise, settle and sue for monies due in respect
      of
      the Intellectual Property; and (v) generally, to do, at the option of the
      Secured Party, and at the Company’s expense, at any time, or from time to time,
      all acts and things which the Secured Party deems necessary to protect, preserve
      and realize upon the Intellectual Property and the Security Interest granted
      therein in order to effect the intent of this Agreement, the Notes and the
      Warrants, all as fully and effectually as the Company might or could do; and
      the
      Company hereby ratifies all that said attorney shall lawfully do or cause to
      be
      done by virtue hereof. This power of attorney is coupled with an interest and
      shall be irrevocable for the term of this Agreement and thereafter as long
      as
      any of the Obligations shall be outstanding.

     

    (b)  On
      a
      continuing basis, the Company will make, execute, acknowledge, deliver, file
      and
      record, as the case may be, in the proper filing and recording places in any
      jurisdiction, including, without limitation, the jurisdictions indicated on
      Schedule
      C,
      attached hereto, all such instruments, and take all such action as may
      reasonably be deemed necessary or advisable, or as reasonably requested by
      the
      Secured Party, to perfect the Security Interest granted hereunder and otherwise
      to carry out the intent and purposes of this Agreement, or for assuring and
      confirming to the Secured Party the grant or perfection of a security interest
      in all the Intellectual Property.

     

    (c)  The
      Company hereby irrevocably appoints the Secured Party as the Company’s
      attorney-in-fact, with full authority in the place and stead of the Company
      and
      in the name of the Company, from time to time in the Secured Party’s discretion,
      to take any action and to execute any instrument which the Secured Party may
      deem necessary or advisable to accomplish the purposes of this Agreement,
      including the filing, in its sole discretion, of one or more financing or
      continuation statements and amendments thereto, relative to any of the
      Intellectual Property without the signature of the Company where permitted
      by
      law.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    13.  Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing, with copies to all the other parties hereto, and shall be deemed to
      have been duly given when (i) if delivered by hand, upon receipt, (ii) if sent
      by facsimile, upon receipt of proof of sending thereof, (iii) if sent by
      nationally recognized overnight delivery service (receipt requested), the next
      business day or (iv) if mailed by first-class registered or certified mail,
      return receipt requested, postage prepaid, four days after posting in the U.S.
      mails, in each case if delivered to the following addresses:

     

     

    
      	
              If
                to the Company:

            	
              Optigenex
                Inc.

              750
                Lexington Avenue, 6th
                Floor

              NY,
                NY 10022

              Attention:
                Chief Executive Officer

              Telephone:
                (212) 905-0189  

              Facsimile:
                (212) 905-0191

            	 
	 	 	 
	 	 	 
	 	 	 
	With a copy to:	
              Anslow
                & Jaclin, LLP

              195
                Route 9 South, Suite 204

              Manalapan,
                NJ 07726

              Attention:
                Richard I. Anslow, Esq.

              Telephone:
                (732) 409-1212

              Facsimile:
                (732) 577-1188

            	 
	 	 	 
	 	 	 
	 	 	 
	If to the Secured Party:	
              AJW
                Partners, LLC

              AJW
                Offshore, Ltd.

              AJW
                Qualified Partners, LLC

              New
                Millennium Capital Partners, II, LLC

              1044
                Northern Boulevard

              Suite
                302

              Roslyn,
                New York 11576

              Attention:
                Corey Ribotsky

              Facsimile:
                516-739-7115

            	 
	 	 	 
	 	 	 
	 	 	 
	With copies to:	Ballard Spahr Andrews &
              Ingersoll, LLP
              1735
                Market Street, 51st
                Floor

              Philadelphia,
                Pennsylvania 19103

              Attention:
                Gerald J. Guarcini, Esquire

              Facsimile:
                215-864-8999

            	 
	 	 	 

    

    14.  Other
      Security.
      To the
      extent that the Obligations are now or hereafter secured by property other
      than
      the Intellectual Property or by the guarantee, endorsement or property of any
      other person, firm, corporation or other entity, then the Secured Party shall
      have the right, in its sole discretion, to pursue, relinquish, subordinate,
      modify or take any other action with respect thereto, without in any way
      modifying or affecting any of the Secured Party’s rights and remedies
      hereunder.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    15.  Miscellaneous.

     

    (a)  No
      course
      of dealing between the Company and the Secured Party, nor any failure to
      exercise, nor any delay in exercising, on the part of the Secured Party, any
      right, power or privilege hereunder or under the Notes shall operate as a waiver
      thereof; nor shall any single or partial exercise of any right, power or
      privilege hereunder or thereunder preclude any other or further exercise thereof
      or the exercise of any other right, power or privilege.

     

    (b)  All
      of
      the rights and remedies of the Secured Party with respect to the Intellectual
      Property, whether established hereby or by the Notes or by any other agreements,
      instruments or documents or by law shall be cumulative and may be exercised
      singly or concurrently.

     

    (c)  This
      Agreement and the Security Agreement constitute the entire agreement of the
      parties with respect to the subject matter hereof and is intended to supersede
      all prior negotiations, understandings and agreements with respect thereto.
      Except as specifically set forth in this Agreement, no provision of this
      Agreement may be modified or amended except by a written agreement specifically
      referring to this Agreement and signed by the parties hereto.

     

    (d)  In
      the
      event that any provision of this Agreement is held to be invalid, prohibited
      or
      unenforceable in any jurisdiction for any reason, unless such provision is
      narrowed by judicial construction, this Agreement shall, as to such
      jurisdiction, be construed as if such invalid, prohibited or unenforceable
      provision had been more narrowly drawn so as not to be invalid, prohibited
      or
      unenforceable. If, notwithstanding the foregoing, any provision of this
      Agreement is held to be invalid, prohibited or unenforceable in any
      jurisdiction, such provision, as to such jurisdiction, shall be ineffective
      to
      the extent of such invalidity, prohibition or unenforceability without
      invalidating the remaining portion of such provision or the other provisions
      of
      this Agreement and without affecting the validity or enforceability of such
      provision or the other provisions of this Agreement in any other
      jurisdiction.

     

    (e)  No
      waiver
      of any breach or default or any right under this Agreement shall be considered
      valid unless in writing and signed by the party giving such waiver, and no
      such
      waiver shall be deemed a waiver of any subsequent breach or default or right,
      whether of the same or similar nature or otherwise.

     

    (f)  This
      Agreement shall be binding upon and inure to the benefit of each party hereto
      and its successors and assigns.

     

    (g)  Each
      party shall take such further action and execute and deliver such further
      documents as may be necessary or appropriate in order to carry out the
      provisions and purposes of this Agreement.

     

    (h)  This
      Agreement shall be construed in accordance with the laws of the State of New
      York, except to the extent the validity, perfection or enforcement of a security
      interest hereunder in respect of any particular Intellectual Property which
      are
      governed by a jurisdiction other than the State of New York in which case such
      law shall govern. Each of the parties hereto irrevocably submit to the exclusive
      jurisdiction of any New York State or United States Federal court sitting in
      Manhattan county over any action or proceeding arising out of or relating to
      this Agreement, and the parties hereto hereby irrevocably agree that all claims
      in respect of such action or proceeding may be heard and determined in such
      New
      York State or Federal court. The parties hereto agree that a final judgment
      in
      any such action or proceeding shall be conclusive and may be enforced in other
      jurisdictions by suit on the judgment or in any other manner provided by law.
      The parties hereto further waive any objection to venue in the State of New
      York
      and any objection to an action or proceeding in the State of New York on the
      basis of forum non conveniens.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (i)  EACH
      PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF
      ANY
      CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. THE SCOPE
      OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY DISPUTES THAT MAY
      BE
      FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATER OF THIS AGREEMENT,
      INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS
      AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES
      THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO A
      BUSINESS RELATIONSHIP, THAT EACH PARTY HAS ALREADY RELIED ON THIS WAIVER IN
      ENTERING INTO THIS AGREEMENT AND THAT EACH PARTY WILL CONTINUE TO RELY ON THIS
      WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY FURTHER WARRANTS AND
      REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
      SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHTS TO A JURY TRIAL
      FOLLOWING SUCH CONSULTATION. THIS WAIVER IS IRREVOCABLE, MEANING THAT,
      NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IT MAY NOT BE MODIFIED EITHER
      ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
      RENEWALS AND SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF
      A
      LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY
      THE
      COURT. 

     

    (j)  This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

     

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

    
 

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed on the day and year first above written.

     

     

    OPTIGENEX
      INC.

     

    By:       
      /s/
      Daniel Zwiren

     
      Daniel Zwiren

     
      Chief Executive Officer

     

    AJW
      PARTNERS, LLC

    By:
      SMS
      Group, LLC

     

    By:       
      /s/
      Corey S. Ribotsky 

                 
      Corey S. Ribotsky

                 
      Manager

     

    AJW
      OFFSHORE, LTD.

    By:
      First
      Street Manager II, LLC

     

    By:       
      /s/
      Corey S. Ribotsky

                 
      Corey S. Ribotsky 

                 
      Manager

     

    AJW
      QUALIFIED PARTNERS, LLC

    By:
      AJW
      Manager, LLC

    

    By:        
      /s/
      Corey S. Ribotsky

                  
      Corey S. Ribotsky

                  
      Manager

     

    NEW
      MILLENNIUM CAPITAL PARTNERS II, LLC

    By:
      First
      Street Manager II, LLC

     

    By:         
      /s/
      Corey S. Ribotsky

    Corey
      S.
      Ribotsky

    Manager

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    Principal
      Place of Business of the Company:

     

    

    Locations
      Where Intellectual Property is Located or Stored:

     

    

    List
      of Subsidiaries of the Company:

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

     

    

      
        	 	 	 	 
	A.  
                Licenses,
                Patents and Patent Licenses	 	 
	 	 	 	 
	
              	 	 	Registration
                or 
	
                       
                  Patent

              	
                Application
                  or Registration No.

              	
                Country

              	
                Filing
                  Date

              
	 	 	 	 
	 	 	 	 
	B.  
Trademarks
                and Trademark Licenses	 	 
	 	 	 	 
	
              	 	 	
                Registration
                  or 

              
	
                      
                  Trademark

              	
                Application
                  or Registration No.

              	
                Country

              	
                Filing
                  Date

              
	 	 	 	 
	 	 	 	 
	C.  
Copyrights
                and Copyright Licenses	 	 
	 	 	 
	
              	 	 	
                Registration
                  or 

              
	
                      
                  Name

              	
                Application
                  or Registration No.

              	
                Country

              	
                Filing
                  Date

              
	 	 	 	 
	 	 	 	 
	
                D.  
                  Trade
                  Secrets and Trade Secret Licenses

              	 	 
	 	 	 
	
              	 	 	
                Registration
                  or 

              
	
                      
                  Name

              	
                Application
                  or Registration No.

              	
                Country

              	
                Filing
                  Date

              

      

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

 

    SCHEDULE
      C

    Jurisdictions:The
      security represented by this certificate was originally issued on February
      15,
      2007, and has not been registered under the Securities Act of 1933, as amended.
      The transfer of such security is subject to the conditions specified herein,
      and
      the Company reserves the right to refuse the transfer of such security until
      such conditions have been fulfilled with respect to such transfer. Upon written
      request, a copy of such conditions shall be furnished by the Company to the
      holder hereof without charge.

     

    NEXCEN
      BRANDS, INC.

     

    STOCK
      PURCHASE WARRANT

     

    
      	
              Date
                of Issuance: February 15, 2007 (the “Issue
                Date”)

            	
              Certificate
                No. W-00000174

            
	 	 

    

     

    FOR
      VALUE
      RECEIVED, NexCen Brands, Inc., a Delaware corporation (the “Company”),
      hereby grants to Designer
      Equity Holding Company, LLC, a New York limited liability company,
      or its
      registered assigns (the “Holder”)
      the
      right to purchase from the Company 400,000 shares of the Company’s Common Stock
      at a price per share of $8.89 (as adjusted from time to time in accordance
      herewith, the “Exercise
      Price”)
      on the
      terms and subject to the conditions set forth herein. Certain capitalized terms
      used herein are defined in Section
      5
      hereof.
      The amount and kind of securities obtainable pursuant to the rights granted
      hereunder and the purchase price for such securities are subject to adjustment
      pursuant to the provisions contained in this Warrant. 

     

    1. 
Exercise
      of Warrant.

     

    1.1. 
Exercise
      Period.
      From
      and after a Vesting Date through and including the tenth (10th) anniversary
      of
      the Issue Date (the “Expiration
      Date”),
      the
      Holder hereof shall be entitled to receive, upon exercise of this Warrant shares
      of Common Stock of the Company, subject to adjustment pursuant to Section
      2.

     

    1.2. 
Vesting.
      The
      Warrant shall be unvested at issuance and shall vest in equal installments
      (1/3rd) on the last day of the applicable fiscal quarter set forth in the
      following table (“Vesting
      Date”)
      if and
      only to the extent that the royalty income of Bill Blass International LLC,
      as
      determined based on the income statement included in the consolidated financial
      statements of the Company (which shall include all royalty income of Bill Blass
      Holding Co., Inc. and its direct subsidiaries), equals or exceeds the target
      royalty income (the “Target
      Royalty”)
      for
      the period set forth in the following table (such vested amount, if any, the
      “Vested
      Warrant”).
      Any
      portion of the Warrant that is eligible to become vested on a Vesting Date
      but
      does not become vested because the applicable Target Royalty was not achieved
      as
      provided in this Section 1.2 shall be forfeited and not eligible for exercise.
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Vesting
                Date

            	 	
              Target
                Royalty

            
	
              December
                31, 2008

            	 	
              $10,000,000
                for the 18-month period beginning ending September 30,
                2008

            
	 	 	 
	
              March
                31, 2009

            	 	
              $12,000,000
                for the 12-month period ending 

              December
                31, 2008

            
	 	 	 
	
              March
                31, 2010

            	 	
              $14,000,000
                for the 12-month period ending December 31,
                2009

            

    

     

    1.3.            Exercise.
      

     

    (a) The
      Vested Warrant may be exercised in full by the Holder hereof by delivery of
      an
      original or facsimile copy of the form of subscription attached as Exhibit
      A
      hereto (the “Subscription
      Form”)
      duly
      executed by such Holder and surrender of the original Warrant within four (4)
      days of exercise, to the Company at its principal office, accompanied by
      payment, in cash, wire transfer of immediately available funds or by certified
      or official bank check payable to the order of the Company, in the amount
      obtained by multiplying the number of shares of Common Stock for which this
      Warrant is then exercisable by the Exercise Price then in effect.

     

    (b) This
      Warrant shall be deemed to have been exercised and such certificate or
      certificates shall be deemed to have been issued, and the Holder or any other
      person so designated to be named therein shall be deemed to have become the
      Holder of record of such shares for all purposes, as of the date the Warrant
      has
      been exercised by payment to the Company of the Exercise Price and all taxes
      required to be paid by the Holder, if any, prior to the issuance of such shares,
      have been paid, notwithstanding that the stock transfer books of the Company
      shall then be closed or that certificates representing such shares of Common
      Stock shall not then be physically delivered to the Holder. No deduction shall
      be made from the amount paid by the Holder for any commissions, discounts or
      other expenses incurred by the Company for any underwriting of the issue or
      otherwise in connection therewith

     

    (c) The
      Company shall pay all documentary stamp taxes attributable to the issuance
      of
      shares of Common Stock underlying this Warrant upon the exercise as provided
      herein; provided, however, that the Company shall not be required to pay any
      tax
      which may be payable in respect of any transfer involved in the registration
      of
      any certificate for shares of Common Stock underlying this Warrant in a name
      other that of the Holder. The Holder is responsible for all other tax liability
      that may arise as a result of holding or transferring this Warrant or receiving
      shares of Common Stock underlying this Warrant upon exercise
      hereof.

     

    1.4. 
Partial
      Exercise.
      The
      Vested Warrant may be exercised in part (but not for a fractional share) by
      surrender of this Warrant in the manner and at the place provided in subsection
      1.3 except that the amount payable by the Holder on such partial exercise shall
      be the amount obtained by multiplying (a) the number of whole shares of Common
      Stock designated by the Holder in the Subscription Form by (b) the Exercise
      Price then in effect. On any such partial exercise, the Company, at its expense,
      will forthwith issue and deliver to or on the order of the Holder hereof a
      new
      Warrant of like tenor, in the name of the Holder hereof or as such Holder (upon
      payment by such Holder of any applicable transfer taxes) may request, the whole
      number of shares of Common Stock for which such Warrant may still be
      exercised.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.5. 
Fair
      Market Value.
“Fair
      Market Value” of a share of Common Stock as of a particular date (the
“Determination
      Date”)
      shall
      mean:

     

    (a) If
      the
      Company’s Common Stock is traded on an exchange, then the closing or last sale
      price, respectively, reported for the last Business Day immediately preceding
      the Determination Date;

     

    (b) If
      the
      Company’s Common Stock is not traded on an exchange as set forth in clause (a)
      above, but is traded on the over-the-counter market, then the average of the
      closing bid and ask prices reported for the last Business Day immediately
      preceding the Determination Date;

     

    (c) Except
      as
      provided in clause (d) below, if the Company’s Common Stock is not publicly
      traded, then as the Holder and the Company agree, or in the absence of such
      an
      agreement, by arbitration in accordance with the rules then in effect of the
      American Arbitration Association, before a single arbitrator to be chosen
      mutually by the Holder and the Company from a panel of persons qualified by
      education and training to pass on the matter to be decided; or

     

    (d) If
      the
      Determination Date is the date of a liquidation, dissolution or winding up,
      or
      any event deemed to be a liquidation, dissolution or winding up pursuant to
      the
      Company’s charter, then all amounts to be payable per share to holders of the
      Common Stock pursuant to the charter in the event of such liquidation,
      dissolution or winding up, plus all other amounts to be payable per share in
      respect of the Common Stock in liquidation under the charter, assuming for
      the
      purposes of this clause (d) that all of the shares of Common Stock then issuable
      upon exercise of all of the Warrants are outstanding at the Determination
      Date.

     

    1.6 
Delivery
      of Stock Certificates, etc. on Exercise.
      The
      Company agrees that the shares of Common Stock purchased upon exercise of this
      Warrant shall be deemed to be issued to the Holder hereof as the record owner
      of
      such shares as of the close of business on the date on which this Warrant shall
      have been surrendered and payment made for such shares as aforesaid. As soon
      as
      practicable after the exercise of the Vested Warrant in full or in part, and
      in
      any event within ten (10) Business
      Days
      thereafter, the Company at its expense (including the payment by it of any
      applicable issue taxes) will cause to be issued in the name of and delivered
      to
      the Holder hereof, or as such Holder (upon payment by such Holder of any
      applicable transfer taxes) may direct in compliance with applicable securities
      laws, a certificate or certificates for the number of duly and validly issued,
      fully paid and nonassessable shares of Common Stock (or Other Securities) to
      which such Holder shall be entitled on such exercise, plus, in lieu of any
      fractional share to which such Holder would otherwise be entitled, cash equal
      to
      such fraction multiplied by the then Fair Market Value of one full share of
      Common Stock, together with any other stock or other securities and property
      (including cash, where applicable) to which such Holder is entitled upon such
      exercise pursuant to Section 1 or otherwise.

     

    1.7 
Cashless
      Exercise.
      The
      Vested Warrant may also be exercised in whole or in part by means of a “cashless
      exercise” by tendering this Warrant to the Company to receive a number of shares
      of Common Stock equal in Market Value to the difference between the Market
      Value
      of the shares of Common Stock issuable upon such exercise of the Vested Warrant
      and the total cash exercise price of that part of the Vested Warrant being
      exercised. Certificates for shares purchased hereunder shall be delivered to
      the
      Holder hereof within ten (10) Business Days after the date on which this Warrant
      shall have been exercised as aforesaid. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. 
Adjustment
      of Exercise Price and Number of Warrant Shares.
      The
      Exercise Price in effect and the number and kind of securities purchasable
      upon
      the exercise of this Warrant shall be subject to adjustment from time to time
      upon the happening of certain events as provided in this Section 2.

     

    2.1. 
Reorganization,
      Consolidation, Merger, etc.
      In case
      at any time or from time to time, the Company shall (a) effect a reorganization,
      (b) consolidate with or merge into any other person or (c) transfer all or
      substantially all of its properties or assets to any other person under any
      plan
      or arrangement contemplating the dissolution of the Company, then, in each
      such
      case, as a condition to the consummation of such a transaction, proper and
      adequate provision shall be made by the Company whereby the Holder of this
      Warrant, on the exercise hereof as provided in Section 1, at any time after
      the
      consummation of such reorganization, consolidation or merger or the effective
      date of such dissolution, as the case may be, shall receive, in lieu of the
      Common Stock (or Other Securities) issuable on such exercise prior to such
      consummation or such effective date, the stock and other securities and property
      (including cash) to which such Holder would have been entitled upon such
      consummation or in connection with such dissolution, as the case may be, if
      such
      Holder had so exercised this Warrant, immediately prior thereto, all subject
      to
      further adjustment thereafter as provided in Section 2.

     

    2.2 
Dividends,
      Splits, Reclassifications Etc.
      In
      the
event
      of
      changes in the outstanding Common Stock of the Company by reason of share
dividends,
      splits, recapitalizations, reclassifications, combinations or exchanges of
      shares, reorganizations,
      liquidations, or the like, the number and class of the Warrant Shares available
      under the
      Warrant in the aggregate and the Exercise Price shall be correspondingly
      adjusted to give the Holder
      of
      the Warrant, on exercise for the same aggregate Exercise Price, the total
      number, class, and
      kind
      of shares as
      the
      Holder would have owned had the Warrant been exercised prior to the event
      and
      had the Holder continued to hold such shares until after the event requiring
      adjustment. The
      form
      of this Warrant need not be changed because of any adjustment in the number
      of
the
      Warrant Shares subject to this Warrant.

     

    2.3. 
Continuation
      of Terms.
      Upon
      any reorganization, consolidation, merger or transfer referred to in this
      Section 2, this Warrant shall continue in full force and effect and the terms
      hereof shall be applicable to the Other Securities and property receivable
      on
      the exercise of this Warrant after the consummation of such reorganization,
      consolidation or merger, as the case may be, and shall be binding upon the
      issuer of any Other Securities, including, in the case of any such transfer,
      the
      person acquiring all or substantially all of the properties or assets of the
      Company, whether or not such person shall have expressly assumed the terms
      of
      this Warrant as provided herein. In the event this Warrant does not continue
      in
      full force and effect after the consummation of the transaction described in
      this Section 2, then the Holder of the Warrants shall be entitled to exercise
      this warrant at such time pursuant to Sections 1.3 or 1.6.

     

    3. 
Certificate
      as to Adjustments.
      In each
      case of any adjustment or readjustment in the shares of Common Stock (or Other
      Securities) issuable on the exercise of the Warrants, the Company will cause
      its
      Chief Financial Officer or other appropriate designee to compute such adjustment
      or readjustment in accordance with the terms of the Warrant and prepare a
      certificate setting forth such adjustment or readjustment and showing in detail
      the facts upon which such adjustment or readjustment is based, including a
      statement of (a) the consideration received or receivable by the Company for
      any
      additional shares of Common Stock (or Other Securities) issued or sold or deemed
      to have been issued or sold, (b) the number of shares of Common Stock (or Other
      Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price
      and the number of shares of Common Stock to be received upon exercise of this
      Warrant, in effect immediately prior to such adjustment or readjustment and
      as
      adjusted or readjusted as provided in this Warrant. The Company will mail a
      copy
      of each such certificate to the Holder of the Warrant and
      to
      the Company’s stock transfer agent, if any.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. 
Reservation
      of Stock, etc. Issuable on Exercise of Warrant.
      The
      Company will at all times reserve and keep available, solely for issuance and
      delivery on the exercise of the Warrants, a sufficient number of shares of
      Common Stock (or Other Securities) from time to time issuable on the exercise
      of
      the Warrant.

     

    5. 
Definitions.
      As used
      herein, capitalized terms, in addition to the terms defined elsewhere herein
      and
      unless the context otherwise requires, have the following respective
      meanings:

     

    (a)  
      “Affiliate”
shall
      mean with respect to the Person in question, any other Person that, directly
      or
      indirectly, (i) owns or controls ten percent (10%) or more of the outstanding
      voting and/or equity interests of such Person, or (ii) controls, is controlled
      by or is under common control with, the Person in question, and shall include,
      as applicable, members of the Immediate Family of such Person. For the purposes
      of this definition, the term “control” and its derivations shall mean having the
      power, directly or indirectly, to direct the management, policies or general
      conduct of business of the Person in question, whether by the ownership of
      voting securities, contract or otherwise.

     

    (b) “Business
      Day”
means
      a
      day other than a Saturday, Sunday or other day on which commercial banks in
      the
      State of New York are authorized or required by law to close.

     

    (c) “Company”
means
      NexCen Brands, Inc. and any corporation which shall succeed or assume the
      obligations of NexCen Brands, Inc. hereunder.

     

    (d)  “Commission”
shall
      mean the United States Securities and Exchange Commission or any other federal
      agency at the time administering the Securities Act.

     

    (e) “Common
      Stock”
means
      (i) the Company’s common stock, $0.01 par value per share, and (ii) any other
      securities into which or for which any of the securities described in clause
      (i)
      may be converted or exchanged pursuant to a plan of recapitalization,
      reorganization, merger, sale of assets or otherwise.

     

    (f) “GAAP”
means
      U.S. generally accepted accounting principles as in effect from time to time,
      consistently applied.

     

    (g) “Immediate
      Family”
means
      a
      person’s spouse, parent, child, sibling, mother-in-law, father-in-law,
      son-in-law, daughter-in-law, brother-in-law, sister-in-law and anyone else
      who
      resides in the person’s home.

     

    (h) “Market
      Price”
means
      as to any security the average of the closing prices of such security’s sales on
      all domestic securities exchanges on which such security may at the time be
      listed, or, if there have been no sales on any such exchange on any day, the
      average of the highest bid and lowest asked prices on all such exchanges at
      the
      end of such day, or, if on any day such security is not so listed, the average
      of the representative bid and asked prices quoted in the Nasdaq System as of
      4:00 P.M., New York time, on such day, or, if on any day such security is not
      quoted in the Nasdaq System, the average of the highest bid and lowest asked
      prices on such day in the domestic over-the-counter market as reported by the
      National Quotation Bureau, Incorporated, or any similar successor organization,
      in each such case averaged over a period of 21 days consisting of the day as
      of
      which “Market Price” is being determined and the 20 consecutive business days
      prior to such day; provided that if such security is listed on any domestic
      securities exchange the term “business days” as used in this sentence means
      business days on which such exchange is open for trading. If at any time such
      security is not listed on any domestic securities exchange or quoted in the
      Nasdaq System or the domestic over-the-counter market, the “Market Price” shall
      be the fair value thereof determined by the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (i) “Other
      Securities”
refers
      to any stock (other than Common Stock) and other securities of the Company
      or
      any other person (corporate or otherwise) which the Holder of the Warrant at
      any
      time shall be entitled to receive, or shall have received, on the exercise
      of
      the Warrant, in lieu of or in addition to Common Stock, or which at any time
      shall be issuable or shall have been issued in exchange for or in replacement
      of
      Common Stock or Other Securities pursuant to Section 2 or
      otherwise.

     

    (j)  “Person”
shall
      mean any natural person, corporation, general or limited partnership, limited
      liability company, association, joint venture, trust, estate, governmental
      authority or other legal entity, in each case whether in its own or a
      representative capacity.

     

    (k) “Purchase
      Agreement”
means
      that certain Stock Purchase Agreement dated as of December 19, 2006 by and
      among
      the Company, the Managing Member, Haresh T. Tharani, Mahesh T. Tharani, Michael
      Groveman, Bill Blass Holding, Inc., a Delaware corporation, International,
      and
      Bill Blass Licensing Co., Inc., a New York corporation.

     

    (l) “Registration
      Rights Agreement”
means
      that certain Registration Rights Agreement by and between the Company and the
      stockholders listed on exhibit A thereto, dated the date hereof.

     

    (m) “Securities
      Act”
shall
      mean the U.S. Securities Act of 1933, as amended, or any similar federal statute
      and the rules and regulations of the Commission promulgated thereunder, all
      as
      the same shall be in effect from time to time.

     

    6. 
Assignment;
      Exchange of Warrant.
      Subject
      to compliance with all applicable securities laws, this Warrant, and all rights
      hereunder are transferable or assignable only with prior written consent of
      the
      Company. In
      the
      event the Company consents to such assignment, on
      the
      surrender for exchange of this Warrant, with endorsement of the Holder of this
      Warrant proposing to effect the assignment (a “Transferor”)
      in the
      form of Exhibit
      B
      attached
      hereto (the “Transferor
      Endorsement Form”)
      and
      together with an opinion of counsel reasonably satisfactory to the Company
      that
      the transfer of this Warrant will be in compliance with all applicable
      securities laws, the Company at its expense (once only), but with payment by
      the
      Transferor of any applicable transfer taxes, will issue and deliver to or on
      the
      order of the Transferor thereof a new Warrant or Warrants of like tenor, in
      the
      name of the Transferor and/or the transferee(s) specified in such Transferor
      Endorsement Form (each, a “Transferee”),
      calling in the aggregate on the face or faces thereof for the number of shares
      of Common Stock called for on the face or faces of the Warrant so surrendered
      by
      the Transferor. No such transfers shall result in a public distribution of
      the
      Warrant.

     

    7. 
Replacement
      of Warrant.
      On
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and, in the case of any such loss,
      theft or destruction of this Warrant, on delivery of an indemnity agreement
      or
      security reasonably satisfactory in form and amount to the Company or, in the
      case of any such mutilation, on surrender and cancellation of this Warrant,
      the
      Company at its expense (once only) will execute and deliver, in lieu thereof,
      a
      new Warrant of like tenor.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8. 
No
      Shareholder Rights.
      This
      Warrant shall not entitle the Holder hereof to any voting rights or other rights
      as a shareholder of the Company.

     

    9. 
Registration
      Rights.
      Upon
exercise
      of this Warrant, the shares of Common Stock issued shall constitute Registrable
      Securities, as such term is defined in the Registration Rights Agreement
      attached hereto as Exhibit
      C.
      The
      Holder of this Warrant shall be entitled to all of the benefits afforded to
      a
      holder of such Registrable Securities under the Registration Rights
      Agreement.

     

    10. 
Transfer
      on the Company’s Books.
      Until
      this Warrant is transferred on the books of the Company, the Company may treat
      the Holder hereof as the absolute owner hereof for all purposes, notwithstanding
      any notice to the contrary.

     

    11. 
Representations
      and Covenants of Holder.
      The
      Holder represents and
      warrants that it is acquiring the Warrant and the Warrant Shares solely for
      its
      account for investment
      and not with a view to or for sale or distribution of said Warrant or Warrant
      Shares or any part thereof. The Holder also represents that the entire legal
      and
      beneficial interests of the Warrant and Warrant Shares the Holder is acquiring
      are being acquired for, and will be held for, the
      Holder’s account only. The Holder further represents and warrants as
      follows:

     

    (a) 
Securities
      Are Not Registered.

     

    (i) The
      Holder acknowledges and understands that the Warrant and the Warrant Shares
      have
      not been registered under the Securities Act, on the basis that no distribution
      or public offering of the shares of the Company is to be effected. The Holder
      realizes that the basis for the exemption may not be present if, notwithstanding
      its representations, the Holder has a present intention of acquiring the
      securities for a fixed or determinable period in the future, selling (in
      connection with a distribution or otherwise), granting any participation in,
      or
      otherwise distributing the securities. The Holder has no such present
      intention.

     

    (ii) The
      Holder of this Warrant recognizes that the Warrant and the Warrant Shares must
      be held indefinitely, and that no sale, transfer, assignment, hypothecation
      or
      other disposition of this Warrant or the Warrant Shares shall be made in the
      absence of (A) an effective registration statement under the Securities Act
      as
      to this Warrant or the Warrant Shares and the registration or qualification
      of
      this Warrant or the Warrant Shares under any applicable state securities laws
      is
      then in effect or (B) an opinion of counsel satisfactory to the Company to
      the
      effect that such registration or qualification is not required in reliance
      on an
      exemption therefrom.

     

    (iii) The
      Holder is aware that neither the Warrant nor the Warrant Shares
      may be sold pursuant to Rule 144 adopted under the Securities Act unless certain
      conditions are
      met,
      including, among other things, the existence of a public market for the Warrant
      or the Warrant Shares, the availability of certain current public information
      about the Company, the resale following the required
      holding period under Rule 144 and the number of Warrant Shares being sold during
      any
      three
month
      period not exceeding specified limitations. So
      long
      as the Holder owns any Warrant Shares, the Company agrees to furnish such Holder
      forthwith upon request: a written statement by the Company as to its compliance
      with Rule 144, a copy of the most recent annual or quarterly report of the
      Company filed with the Commission, and such other reports and documents as
      a
      Holder may reasonably request in availing itself of any rule or regulation
      of
      the Commission allowing it to sell any such securities without
      registration.

     

    (b) 
Legended
      Shares.
      The
      Holder understands and agrees that all certificates or other instruments
      evidencing the Common Stock to be issued in connection with the exercise of
      this
      Warrant will bear legends as provided herein, one of which shall be
      substantially in the form set forth below:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
      SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES
      ONLY AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
      HEREOF. THESE SECURITIES MAY NOT BE SOLD, PLEDGED, TRANSFERRED OR ASSIGNED
      EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ALL OTHER APPLICABLE STATE
      SECURITIES LAWS.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) 
Accredited
      Investor Status.
      The
      Holder is an “accredited investor” as defined in Regulation D promulgated under
      the Securities Act.

     

    12. 
Notices.
      All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be in writing and, unless otherwise
      specified herein, shall be (i) personally served, (ii) deposited in the mail,
      registered or certified, return receipt requested, postage prepaid, (iii)
      delivered by reputable air courier service with charges prepaid, or (iv)
      transmitted by hand delivery, telegram, or facsimile, addressed as set forth
      below or to such other address as such party shall have specified most recently
      by written notice. Any notice or other communication required or permitted
      to be
      given hereunder shall be deemed effective (a) upon hand delivery or delivery
      by
      facsimile, with accurate confirmation generated by the transmitting facsimile
      machine, at the address or number designated below (if delivered on a Business
      Day during normal business hours where such notice is to be received), or the
      first Business Day following such delivery (if delivered other than on a
      Business Day during normal business hours where such notice is to be received)
      or (b) on the second Business Day following the date of mailing by express
      courier service, fully prepaid, addressed to such address, or upon actual
      receipt of such mailing, whichever shall first occur. The addresses for such
      communications shall be: (i) if to the Company to: 1330
      Avenue of the Americas, 40th
      Floor,
      New
      York, NY 10019, Attn. Craig J. Hoffman, facsimile: (212) 277-1160, and (ii)
      if
      to the Holder, to the address and facsimile number listed on the first paragraph
      of this Warrant.

     

    13. 
Descriptive
      Headings.The
      description headings of the several sections and paragraphs of this Warrant
      are
      inserted for convenience only, do not constitute a part of this Warrant, and
      shall not limit or otherwise affect any of the terms hereof.

     

    14. 
Governing
      Law; Dispute Resolution.
      This
      Warrant shall be construed and enforced in accordance with, and the rights
      of
      the parties shall be governed by, the laws of the State of New York, without
      regard to its conflicts of law principles. The
      Company and the Holder hereby agree that any dispute arising out of or relating
      to this Warrant, or any action for recognition or enforcement of any judgment,
      shall be adjudicated by any New York State court or federal court of the United
      States sitting in New York City, and any appellate court from any
      thereof.

     

    15. 
Miscellaneous.
      This
      Warrant and any term hereof may be changed, waived, discharged or terminated
      only by an instrument in writing signed by the party against which enforcement
      of such change, waiver, discharge or termination is sought. The invalidity
      or
      unenforceability of any provision hereof shall in no way affect the validity
      or
      enforceability of any other provision.

     

    *    *    *    *    *

    
       

      
        
        

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Company has executed this Warrant as of the date first
      written above.

     

    
      	 	 	
              NEXCEN
                BRANDS, INC.

            
	 	 	 
	 	 	 
	 	 	
              By: /s/
                Robert W. D’Loren

            
	 	 	
              
                

              

              Name: Robert
                W. D’Loren

            
	 	 	
              Its: President
                and Chief Executive Officer

            

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    Exhibit
      A

     

    FORM
      OF
      SUBSCRIPTION

    (to
      be
      signed only on exercise of Warrant)

    TO:
      NEXCEN BRANDS, INC.

     

    (1) 
 ̈ Payment. 
      The
      undersigned, pursuant to the provisions set forth in the attached Warrant (No.
      ____), hereby irrevocably elects to purchase _________
      shares
      of Common
      Stock of NexCen Brands, Inc. (the
      “Company”)
      covered by such Warrant,
      and
      tenders herewith
      payment of the
      full
      exercise price for such shares at the price provided for, and subject to the
      adjustment as provided in, such Warrant, together with all applicable transfer
      taxes, if any. Such payment of the full exercise price in the amount of $_______
      is in lawful money of the United States.

     

     ̈ Cashless
      Exercise.
      The
      undersigned hereby elects to purchase __________ shares of Common Stock of
      the
      Company pursuant
      to the terms of the cashless exercise provisions set forth in Section
      1.7 of the attached Warrant,
      and shall tender payment of all applicable transfer taxes, if any.

     

    (2) 
The
      undersigned requests that the certificates for said shares of Common Stock
      be
      issued in the name of, and delivered to
      _____________________________________________________________________________________________________
      whose address is
      __________________________________________________________

    ____________________________________________________________________________

     

    The
      undersigned represents and warrants that all offers and sales by the undersigned
      of the securities issuable upon exercise of the within Warrant shall be made
      pursuant to registration of the Common Stock under the Securities Act of 1933,
      as amended (the “Securities
      Act”),
      or
      pursuant to an exemption from registration under the Securities
      Act.

     

    
      	
              Dated:
                ___________________

            	
               

                

              

               

              
                

              

               

              
                

              

              (Signature
                must conform to name of holder as specified on the
                face of the Warrant)

               

               

              
                

              

               

              
                

              

               

              
                

              

               

              
                

              

                  

              
                
 

              
                

              

              (Address)

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    Exhibit
      B

     

    FORM
      OF
      TRANSFEROR ENDORSEMENT

    (To
      be
      signed only on transfer of Warrant)

     

    For
      value
      received, the undersigned hereby sells, assigns, and transfers unto the
      person(s) named below under the heading “Transferees” the right represented by
      the within Warrant to purchase the percentage and number of shares of Common
      Stock of NEXCEN BRANDS, INC. to which the within Warrant relates specified
      under
      the headings “Percentage Transferred” and “Number Transferred,” respectively,
      opposite the name(s) of such person(s) and appoints each such person Attorney
      to
      transfer its respective right on the books of NEXCEN BRANDS, INC. with full
      power of substitution in the premises.

     

    
      	
              Transferees

            	 	
              Percentage
                Transferred

            	 	
              Number
                Transferred

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

     

     

    
      	
              Dated:
                ______________, ___________

               

               

               

              Signed
                in the presence of:

               

               

              
                

              

              (Name)

               

               

               

               

              ACCEPTED
                AND AGREED:

              [TRANSFEREE]

               

               

              
                

              

              (Name)

            	 	
               

              
                

              

               

              
                

              

               

              
                

              

              (Signature
                must conform to name of holder as specified on the face of the
                warrant)

               

               

              
                

              

               

              
                

              

               

              
                

              

               

              
                

              

               

              
                

              

               

              
                

              

              (address)

               

              
                
 

              
                
 

              
                
 

              
                
 

              
                
 

              
                

              

              (address)

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      C

     

    REGISTRATION
      RIGHTS AGREEMENT

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