Document:

Exhibit 10.7

                              CONSULTING AGREEMENT

This  Agreement  made with effect from 16th day of October 2010 (the  "Effective
Date"), among:

         ADD- ON (Add-on  Exchange Inc.), a company having an office at 410 Park
         Avenue, Suite 1981,New York, NY, 10022 (the "Company")

And:
         0803681 B.C. LTD.., a British Columbia company, having an office at
         REDACTED
         ("0803681BC")

And:
         AARON GREENGRASS, a businessperson of
         REDACTED
         ("GREENGRASS")

         (0803681BC and GREENGRASS referred to as "Consultant")

Whereas:

1.   The Company and  Greengrass  agree that this  agreement  replaces any prior
     agreements  between  them and  previous  termination  clauses are  mutually
     cancelled; and

2.   The Company has agreed to retain  08303681BC to provide certain  consulting
     services  as  outlined  in Appendix 1  ("Service"  or the  "Services")  and
     0803681BC  has agreed to provide such services to the Company in accordance
     with the terms and conditions contained herein;

3.   0803681BC  will,  through  the  services  of the  Contractor,  perform  the
     Services to be provided by 0803681BC to the Company; and

4.   The Company has also requested that 08303681BC and the Contractor commit to
     obligations of  confidentiality  as a condition to being engaged to perform
     the Services and 08303681BC and the Contractor have agreed to do so;

NOW THEREFORE  THIS  AGREEMENT  WITNESSES  THAT in  consideration  of the mutual
promises and covenants herein contained the parties hereby covenant and agree as
follows:

                          GENERAL TERMS AND CONDITIONS

DEFINITIONS

1.   Unless the context requires  otherwise,  the following terms shall have the
     meanings set out below when used in this Agreement:

     A)   "CONFIDENTIAL  INFORMATION" means trade secrets and other information,
          in the possession of or owned by Add-on or companies or  organizations
          affiliated,  associated or related to Add-on,  or by their  respective
          suppliers, customers, or other existing or potential business partners
          and  collaborators,  that is not  generally  known to the  public  and
          including, without limitation, all Developments, research results, and
<PAGE>
          related  documentation,   financial  information,   legal,  corporate,
          marketing, product, technical, manufacturing, personnel, customer, and
          supplier  information and any other  information,  in whatever form or
          media,  specifically  identified as confidential by Add-on, the nature
          of which is such that it would generally be considered confidential in
          the industry in which Add-on operates,  or that Add-on is obligated to
          treat as confidential or proprietary;

     B)   "DELIVERABLE"   means  any  item  delivered  or  to  be  delivered  by
          Consultant  to Add-on  under  this  Agreement  as  further  defined in
          Schedule 1;

     C)   "DEVELOPMENTS"  means  all  inventions,  improvements,   enhancements,
          modifications,  discoveries,  formulae,  processes, ideas, techniques,
          systems, methods, algorithms, Deliverables, computer software, and any
          other  direct  or  indirect  results  of the  Services  or other  work
          performed by Consultant for Add-on; and

     D)   "SERVICES" means the services to be performed by Consultant under this
          Agreement, as may be specified in Schedule "1" to this Agreement,  and
          which shall include, without limitation, the delivery to Add-on of all
          Deliverables.

PARTICULARS OF SERVICES

2.   GENERAL  OBLIGATIONS OF THE PARTIES - Consultant shall perform the Services
     and Add-on shall pay  Consultant  for the Services in  accordance  with the
     terms and conditions set out in this  Agreement,  including in Schedule "1"
     hereto.

3.   NATURE OF DELIVERABLES - "SERVICES" also includes,  without limitation, the
     delivery to Add-on of all  Deliverables.  If the  Deliverables  include any
     item(s) of software,  the Deliverables shall be deemed to include,  in both
     source code and object code forms,  the final  version and all  preliminary
     versions of the software and all routines and  subroutines,  as well as all
     program  material,   flowcharts,  models,  notes,  outlines,  work  papers,
     descriptions,  and other  documents  created  or  developed  in  connection
     therewith,  the resulting  screen  formats and other visual  effects of the
     software.

4.   TERM OF AGREEMENT - This Agreement  shall be deemed to have come into force
     and effect as of the  reference  date set out above and continues in effect
     until the end of the Term  identified  in  Schedule  "1"  unless one of the
     parties  terminates  the  Agreement  in  accordance  with  the  termination
     provisions hereof.

5.   PROJECT MANAGER - The Project Manager (as identified in Schedule "1") shall
     be  Consultant's  primary  contact at Add-on.  The  Project  Manager  shall
     provide  Consultant with general  instructions and guidance with respect to
     the   performance  of  the  Services  and  shall  be  responsible  for  the
     verification and acceptance of any Deliverables.

6.   PAYMENT - As full and complete  consideration  for the  performance  of the
     Services,  Add-on shall pay  Consultant  the Fees set out in Schedule  "1".
     Add-on  shall pay  Consultant  Goods and  Services  Tax only if  Consultant
     provides Add-on with its GST number. Unless otherwise indicated in Schedule
     "1",  Add-on shall pay fees due to  Consultant  within thirty (30) calendar
     days after receipt by Add-on of an invoice which  provides the  information
     required in the following section.

                                       2
<PAGE>
7.   INVOICES - Each invoice  submitted to Add-on by Consultant shall detail the
     nature of the Services performed,  the Fees payable, and the basis on which
     the  calculation  of the Fees has been  made.  In any other  event,  unless
     otherwise  indicated in Schedule "1",  Consultant  shall invoice Add-on for
     the Services that Consultant performs on a monthly basis in arrears.

8.   REIMBURSEMENT   OF  EXPENSES  -  Consultant  may  submit   invoices  for  a
     reimbursable  expense for up to ninety days after the expense is  incurred.
     Each such invoice must be accompanied by the appropriate  receipts.  Add-on
     shall  reimburse  such  expenses  within  thirty (30)  calendar  days after
     receipt by Add-on of proper  invoices  and  receipts.  Add-on shall have no
     obligation to reimburse Consultant for any expense that is not submitted to
     Add-on in accordance with this section.

INDEPENDENT CONTRACTOR STATUS

9.   NATURE OF  RELATIONSHIP  -  Consultant  shall  perform  the  Services as an
     independent  contractor and not as an employee.  Nothing  contained in this
     Agreement   shall  be  construed  to  create  or  imply  a  joint  venture,
     partnership,   principal-agent,  or  employment  relationship  between  the
     parties.  Unless the Project Manager specifically  authorizes Consultant in
     writing to do so,  Consultant  shall not act or purport to be acting as the
     legal agent of Add-on,  and Consultant  shall not enter or purport to enter
     into any agreement on behalf of Add-on or otherwise bind or purport to bind
     Add-on or cause Add-on to incur liability in any manner whatsoever.

WARRANTIES AND INDEMNIFICATION

10.  REPRESENTATIONS AND WARRANTIES - Consultant represents and warrants to, and
     covenants with, Add-on that:

     ABILITY TO PERFORM SERVICES

     a)   Consultant  has the  necessary  knowledge,  experience,  and skills to
          perform the Services which are hereby acknowledged by Add-on;

     b)   Consultant  has the  absolute  right  to make the  assignments  of the
          right, title, and interest in and to the Developments  contemplated in
          this Agreement;

     QUALITY OF PERFORMANCE

     c)   the Services will be performed in a competent and professional manner;

     d)   Consultant   shall,  in  exercising  his  powers  and  performing  his
          functions, act honestly and in good faith and in the best interests of
          the  Company,  shall  exercise  the  care,  diligence  and  skill of a
          reasonably  prudent  person,  shall devote such  business  time to the
          business  and  affairs  of the  Company as may be  required  under the
          conditions  stipulated  in Schedule 1 to  discharge  his  duties,  and
          perform faithfully and efficiently such responsibilities;

     e)   any  Deliverable  supplied under this Agreement shall have no material
          inherent defects,  shall, at the time of its delivery,  conform to and
          operate in accordance with all  specifications for such Deliverable as
          may be set out in Schedule "1" or otherwise  provided to Consultant by
          Add-on  and all  specifications  for  such  Deliverable  generated  by
          Consultant and approved by Add-on;

                                       3
<PAGE>
     PART-TIME BASIS

     f)   the Company  acknowledges  that Consultant  provides services to other
          parties  and  Consultant  covenants  to provide  the  Services  to the
          Company as stipulated in Schedule 1;

     THIRD PARTIES

     g)   the  performance of this Agreement will not breach any other agreement
          entered into by Consultant or by which Consultant is bound;

     h)   Consultant has not brought to Add-on, nor shall use in the performance
          of the Services,  any confidential material or documents of any former
          client or employer of Consultant,  or of any other third party, unless
          Consultant  has received  prior  written  authorization  to do so from
          Add-on and from the owner of the confidential material or documents;

     i)   all  Developments  will be original to Consultant  and, to the best of
          Consultant's  knowledge,  will not infringe the intellectual  property
          rights or other rights of any third party;

11.  INDEMNIFICATION  OF CONSULTANT - Subject to any limitations or restrictions
     relating to Section 12 - Officers Liability Insurance and for the period of
     time hereunder  Greengrass acts as Chief Technical  Officer of the Company,
     Add-on  shall  indemnify  the  Consultant  against  all costs,  charges and
     expenses,  including  an amount  paid to  settle  an  action  or  satisfy a
     judgement,  reasonably  incurred by the Consultant in respect of any civil,
     criminal or administrative  action or proceeding to which the Consultant is
     made a party by reason of being or having been a Consultant to the Company,
     if:

     a)   Consultant  acted  honestly  and in good faith with a view to the best
          interests of the Company; and

     b)   in the case of a  criminal  or  administrative  action or  proceeding,
          including without  limitation a proceeding by a securities  regulatory
          authority  including a stock exchange,  that is enforced by a monetary
          penalty,  the Consultant had reasonable grounds for believing that his
          conduct was lawful.

12.  OFFICERS  LIABILITY  INSURANCE - Throughout the  applicable  portion of the
     term of this  Agreement  that  the  Consultant  acts as an  officer  of the
     Company in the capacity of Chief Technical  Officer,  the Company shall use
     reasonably  commercial  efforts to provide the  Consultant  with  officer's
     liability insurance  appropriate to the stage of development of the Company
     and the nature of the Consultant's responsibilities under this Agreement.

TERMINATION OF AGREEMENT

13.  TERMINATION  OF  AGREEMENT  FOR  CONVENIENCE  -  Notwithstanding  any other
     provision in this Agreement, either Add-on or Consultant may terminate this
     Agreement  at any time for  convenience  provided  that  either  such party
     delivers to the other  written  notice of its  intention  to do so at least
     ninety (90) calendar days prior to the effective date of termination.

14.  PAYMENT UPON  TERMINATION FOR CONVENIENCE - If either party terminates this
     Agreement  for  convenience,  Add-on  shall  pay  Consultant  for  Services
     performed up to the effective date of termination. If the Fees for Services
     under  this  Agreement  are  based  on  Consultant   achieving   identified
     milestones,  Add-on  shall  pay  Consultant  up to and  including  the last

                                       4
<PAGE>
     milestone achieved prior to the effective date of termination. In addition,
     where applicable,  Add-on shall pay to Consultant the hourly rate specified
     in  Schedule  "1"  multiplied  by the  number  of hours of  Services  that,
     Consultant can demonstrate to Add-on's satisfaction, were performed between
     the date such milestone was achieved and the effective date of termination.

15.  TERMINATION OF AGREEMENT WITH CAUSE -  Notwithstanding  any other provision
     in  this   Agreement,   Add-on  may  terminate  this  Agreement   effective
     immediately upon delivery of notice of termination to Consultant if:

     a)   Consultant   commits  a  material   breach  of  this   Agreement,   or
          consistently  fails  to  properly  perform  and  observe  Consultant's
          obligations  under this Agreement,  and fails to rectify the situation
          within thirty (30) calendar days after Add-on delivering notice of the
          breach or consistent failure to perform;

     b)   there is any  material  wrongful or  negligent  act by  Consultant  in
          connection   with  the   performance  or  observance  of  Consultant's
          obligations under this Agreement; or

     c)   Consultant becomes  insolvent,  or a receiver or  receiver-manager  is
          appointed  for any part of the property of  Consultant,  or Consultant
          makes an assignment,  proposal,  or arrangement for the benefit of its
          creditors or  Consultant  files an assignment  in  bankruptcy,  or any
          proceedings  under any  bankruptcy  or  insolvency  laws are commenced
          against Consultant.

16.  PAYMENT UPON  TERMINATION  FOR CAUSE - If Add-on  terminates this Agreement
     for  cause,  it shall pay to  Consultant  any amount  earned  for  Services
     rendered up to the effective date of termination, provided that if the Fees
     for Services are based on  identified  milestones  being  achieved,  Add-on
     shall pay Consultant only for those milestones achieved to the satisfaction
     of Add-on prior to the effective date of  termination  and Add-on shall not
     be liable to pay to Consultant any additional compensation.

17.  RETURN  OF  MATERIALS,  EQUIPMENT,  AND  CONFIDENTIAL  INFORMATION  -  Upon
     termination or expiration of this Agreement, or at any time upon request by
     Add-on,  Consultant shall immediately deliver up to Add-on, at Consultant's
     own expense and risk,

     a)   all  Developments  in Consultant's  possession,  charge,  control,  or
          custody; and

     b)   all  Confidential  Information and all copies  thereof,  and all other
          materials,  documents,  information,  contracts, equipment, materials,
          and property, in Consultant's possession,  charge, control, or custody
          that are owned by, or related in any way to the business or affairs of
          Add-on.

     Consultant shall return any equipment,  materials, or property furnished by
     Add-on to Consultant in the same  condition in which they were furnished by
     Add-on,  reasonable wear and tear excepted.  Add-on agrees to reimburse the
     Consultant  for any  reasonable  shipping costs incurred to comply with the
     foregoing.

CONFIDENTIALITY

18.  CONFIDENTIAL  INFORMATION - Consultant acknowledges that in order to enable
     Consultant to perform the Services,  Add-on will disclose to Consultant, or

                                       5
<PAGE>
     allow Consultant access to,  Confidential  Information.  Consultant further
     acknowledges that such information is of significant value to Add-on.

19.  EXCLUSION  -  The  non-disclosure  obligations  of  Consultant  under  this
     Agreement shall not apply to Confidential  Information  that Consultant can
     establish:

     a)   is, or becomes,  readily  available to the public other than through a
          breach of this Agreement;

     b)   is disclosed,  lawfully and not in breach of any  contractual or other
          legal obligation, to Consultant by a third party; or

     c)   through written records, was known to Consultant, prior to the date of
          first  disclosure  of the  Confidential  Information  to Consultant by
          Add-on.

20.  OWNERSHIP  OF  CONFIDENTIAL  INFORMATION  -  Consultant  acknowledges  that
     Confidential Information is and shall be the sole and exclusive property of
     Add-on or its  designate and that  Consultant  shall not acquire any right,
     title, or interest in or to any Confidential Information.

21.  DISCLOSURE - Consultant  shall keep all Confidential  Information  strictly
     confidential and shall take all necessary  precautions against unauthorized
     disclosure  of  the  Confidential  Information  during  the  term  of  this
     Agreement  and  thereafter.  Without  limitation,   Consultant  shall  not,
     directly or  indirectly,  disclose,  allow access to,  transmit or transfer
     Confidential  Information  to  a  third  party  without  Add-on's  consent.
     Notwithstanding the foregoing,  to the extent that Consultant can establish
     it is required by law to disclose any Confidential Information, it shall be
     permitted to do so, provided that notice of such requirement to disclose is
     first  delivered  to  Add-on,   so  that  it  may  contest  such  potential
     disclosure.

22.  USE AND REPRODUCTION - Consultant  shall not use or reproduce  Confidential
     Information  in any  manner  except as  reasonably  required  to fulfil the
     purposes of this Agreement. Consultant shall ensure that any such copies of
     Confidential  Information  are clearly  marked or otherwise  identified  as
     confidential   and  proprietary  to  Add-on,   and  that  all  Confidential
     Information  and copies  thereof are stored in a secure  location  while in
     Consultant's possession, control, charge, or custody.

23.  BREACH  NOTIFICATION - If for any reason Consultant does not comply with or
     anticipates that it will be unable to comply with the  confidentiality  and
     privacy  provisions  of this  Agreement  in any respect,  or if  Consultant
     becomes aware of an actual,  anticipated,  or threatened breach of security
     of or misuse of any Confidential  Information (an  "INCIDENT"),  Consultant
     shall promptly  notify Add-on of the particulars of the Incident and of the
     steps it proposes to take to prevent the  occurrence  or  recurrence of any
     further Incident.

24.  PERSONAL  INFORMATION - Consultant shall (i) collect,  use,  disclose,  and
     retain  Personal  Information  only as required  to fulfil its  obligations
     hereunder,  (ii) take  appropriate  measures  to  ensure  the  privacy  and
     security of all Personal Information,  including taking measures to prevent
     unauthorized access, collection, use, disclosure, copying, modification, or
     disposal,  and (iii) comply with all applicable laws or regulations related
     to privacy or data protection.  In this Agreement,  "PERSONAL  INFORMATION"
     means information about an identifiable  individual that is transferred to,
     collected or compiled by, or otherwise  held or accessed by Consultant  for
     or on behalf of Add-on.

                                       6
<PAGE>
OWNERSHIP OF DEVELOPMENTS AND LICENSING OF CONSULTANT'S PROPERTY

25.  OWNERSHIP  OF  DEVELOPMENTS  - Add-on shall be the  exclusive  owner of the
     Developments  and of  all  intellectual  property  rights  in  and to  such
     Developments.  Consultant  hereby assigns to Add-on all right,  title,  and
     interest throughout the world, including without limitation, all copyright,
     trade-marks,  trade  secrets,  patent  rights,  and any other  intellectual
     property  right in and to each  Development,  effective at the time each is
     created.  Consultant covenants that Consultant shall not, either during the
     term of this Agreement or thereafter,  directly or indirectly,  contest, or
     assist any third party to contest,  Add-on's  ownership of the Developments
     or of any intellectual  property rights related thereto.  Consultant hereby
     waives his or her moral rights in each  Development,  effective at the time
     any such particular Development is created.

26.  DISCLOSURE  OF  DEVELOPMENTS  -  Consultant  agrees to make full and prompt
     disclosure of all Developments to the Project Manager.

MISCELLANEOUS

27.  RIGHT TO USE  CONSULTANT'S  NAME  AND  LIKENESS  - During  the term of this
     Agreement,  the  Consultant  hereby  grants to Add-on  the right to use the
     Consultant's  name,  likeness  and/or  biography  in  connection  with  the
     Services  performed by the Consultant and in conjunction with acting in the
     capacity of Chief  Financial  Officer of Add-on under this Agreement and in
     connection with the advertising or exploitation of any project with respect
     to which the Consultant performs services for the Company.

28.  ENFORCEMENT - Consultant acknowledges and agrees that damages may not be an
     adequate  remedy  to  compensate  Add-on  for any  breach  of  Consultant's
     obligations contained in this Agreement and, accordingly, Consultant agrees
     that in addition to any and all other  remedies  available  Add-on shall be
     entitled to obtain relief by way of a temporary or permanent  injunction to
     enforce such obligations.

29.  INFORMATION  REGARDING  AGREEMENT - Consultant shall not, without the prior
     written  consent of Add-on,  disclose or advertise in any manner the nature
     of the Services  performed  under this Agreement or the fact Consultant has
     entered into this Agreement with Add-on.

30.  ASSIGNMENT,  SUBCONTRACTING,  AND SUCCESSION - Consultant  shall not assign
     this Agreement or  subcontract  or purport to assign or subcontract  any of
     Consultant's  rights or  obligations  under this  Agreement  without  first
     obtaining  Add-on's  written  consent.  If such  consent  is  given  on any
     particular  occasion,  it  shall  still  be  required  for  all  subsequent
     assignments  and  subcontracts.  Add-on may assign  this  Agreement  or its
     rights hereunder, in whole or in part. This Agreement shall be binding upon
     the parties  hereto and their  respective  lawful  successors and permitted
     assigns.

31.  TIME OF ESSENCE/NO WAIVER - Consultant acknowledges that complying with the
     project  schedule,  if any,  attached hereto is a fundamental  term of this
     Agreement and, therefore, that time is of the essence of this Agreement. No
     waiver by Add-on of a breach or omission by Consultant under this Agreement
     shall be  binding on Add-on  unless it is  expressly  made in  writing  and
     signed by Add-on.  Any waiver by Add-on of a particular  breach or omission
     by Consultant shall not affect or impair the rights of Add-on in respect of
     any subsequent breach or omission of the same or different kind, and in all
     events time shall continue to be of the essence.

                                       7
<PAGE>
32.  SEVERABILITY - If any one or more of the provisions of this Agreement shall
     for any reason be held to be  invalid,  illegal,  or  unenforceable  in any
     respect,  any such  provision  shall be severable from this  Agreement,  in
     which event this  Agreement  shall be  construed as if such  provision  had
     never been contained herein.

33.  NOTICE  -  Any  notices,  reports,  or  other  communications  required  or
     permitted to be given under this Agreement shall be in writing and shall be
     sufficient if delivered by hand or sent by double registered mail, courier,
     or  facsimile  addressed  to  Add-on  or  Consultant  at  their  respective
     addresses  shown on the first page of this  Agreement,  to the attention of
     the  Project  Manager  in the case of Add-on,  or to such other  address or
     individual  as one party  advises  the  other  party in  writing.  Any such
     notices,  reports,  or other  communications  shall be  deemed to have been
     received by the  party(ies)  to whom they were  addressed  upon delivery by
     hand,  double  registered mail,  courier,  or facsimile  (provided that the
     receiver  acknowledges  receipt  of the  facsimile  in some  fashion)  when
     received.

34.  WHOLE AGREEMENT/MODIFICATION - This Agreement is comprised of this document
     and the attached  Schedule "1". In the event of any conflict or discrepancy
     between this document and Schedule  "1", the terms of this  document  shall
     govern  unless  the  language  in  Schedule  "1"  indicates  that it is the
     specific  intent of the parties to overrule a particular  provision of this
     document.  Further,  this Agreement  constitutes  the whole  agreement with
     respect   to  the   matters   contemplated   hereby,   and   there  are  no
     representations,  warranties,  conditions, or collateral agreements between
     the  parties  with  respect to such  matters  except as  expressly  set out
     herein.  No  amendment,   modification,   supplement,  or  other  purported
     alteration  of this  Agreement  shall be  binding  upon a party  unless  in
     writing   signed   by  it  or  on  its   behalf   by  a   duly   authorized
     representative(s).   This  Agreement   supersedes  all  previous  dealings,
     communications, understandings, and expectations of the parties.

35.  SURVIVAL - Any provision of this Agreement  that expressly  states it is to
     continue in effect after  termination or expiration of this  Agreement,  or
     that by its nature would  survive the  termination  or  expiration  of this
     Agreement, shall do so.

36.  GOVERNING  LAW - This  Agreement  shall be governed by and  interpreted  in
     accordance  with the laws of the  province of British  Columbia,  excluding
     rules of private international law that lead to the application of the laws
     of any other  jurisdiction.  The courts of British  Columbia shall have the
     non-exclusive  jurisdiction  to hear any matter arising in connection  with
     this Agreement.

                                       8
<PAGE>
37.  COUNTERPARTS - This Agreement may be executed in counterparts, or facsimile
     counterparts, each of which when executed by either of the parties shall be
     deemed to be an original and such  counterparts  shall together  constitute
     one and the same Agreement.

The parties  executed  this  Agreement on the date(s) set out below after having
the opportunity to discuss this Agreement with their legal advisors.  Each party
represents  and warrants  that its  respective  signatory is duly  authorized to
execute this Agreement on its behalf.

ADD-ON                                     0803681BC B.C. LTD.

By: /s/ John Rafuse                        By: /s/ Aaron Greengrass
    --------------------------------           ---------------------------------

Name: John Rafuse                          Name: Aaron Greengrass
    --------------------------------           ---------------------------------

Title: CEO                                 Title: Principal
    --------------------------------           ---------------------------------

Date: October 16th, 2010                   Date: October 16th, 2010
    --------------------------------           ---------------------------------

                                       9
<PAGE>
                                  SCHEDULE "1"

                       PARTICULARS OF CONSULTING AGREEMENT
                                 BETWEEN ADD-ON
                   AND AARON GREENGRASS AND 0803681 B.C. LTD.

1.   SERVICES:

     (a)  Greengrass  shall act as the Chief  Technical  Officer  ("CTO") of the
          Company,  and the Consultant shall perform such services and duties as
          are  normally  provided  by a CTO of a company in a business  and of a
          size similar to the  Company's,  and such other services and duties as
          may  reasonably  be  assigned  from  time to  time.  The CTO  provides
          leadership  and  coordination  in  the  technical  planning,   systems
          administration  and product  development  and support.  The Consultant
          will provide general consulting  services and undertake such duties as
          requested by the Project Manager.

     (b)  Description of Services:

          Services and duties will include, but are not limited, the following:

          *    Advise the  Project  Manager  and Board of  Directors  on matters
               related to technology, operations and product strategy.
          *    Help  prepare,   implement  and  manage   Product  and  Technical
               Resources and Plans
          *    Development and delivery of improved analytics information to all
               elements of the Company.
          *    Oversee, deploy, manage and tune all systems and technology
          *    Attend and represent the Company at meetings as required

     (c)  Locations(s) where work to be performed:  Initially, the Services will
          be  primarily  performed  at  the  Consultant's   offices  located  in
          Victoria,  BC. When a final  business and product plan is put in place
          the consultant may be directed to work out of a furnished office space
          provided by the company in Victoria for team  collaborative  purposes.

2.   TERM:

     (a)  Start Date: October 16th, 2010
     (b)  Termination Date: October 15th, 2011
     (c)  Renewal:  To be reviewed annually.  Notice of renewal or intent not to
          renew to be provided 90 days in advance of anniversary date

3.   PROJECT MANAGER:

     Mr. John Rafuse, CEO

4.   HOURS CONSULTANT TO PROVIDE SERVICES:

     Minimum of 20 hours per month.
<PAGE>
5.   FEES:

     The "Fees" for the Services  provided will be on a retainer basis of $1,000
     USD per month (plus  applicable  taxes)  with target  hours of 20 hours per
     month.  Any  additional  hours must be  approved  in advance by the Project
     Manager.  Additional  hours based on new  schedules or by written  approval
     (email or facsimile) by the Project Manager will be billed at a rate of $45
     USD per hour.

6.   EXPENSES

     Company shall  reimburse  Consultant  for all reasonable  travel  (airfare,
     accommodation and meals), phone, fax, supplies,  courier, mileage, parking,
     etc.  expenses  incurred  in  relation to  performing  Services  under this
     Agreement,  including  those  relating  to  meetings  with  Add-on or third
     parties and presentations on behalf of Add-on.

     Expenses exceeding $200 must be approved in advance by the Project Manager.FORBEARANCE AGREEMENT

FORBEARANCE AGREEMENT

This Forbearance Agreement (this "Agreement") is entered into as of October 26, 2010 by and between (i) (i) SILICON VALLEY BANK, a California corporation, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 ("Bank") and (ii) NMT MEDICAL, INC., a Delaware corporation ("NMT") and NMT HEART, INC., a Delaware corporation  ("Heart", and together with NMT, individually and collectively, jointly and severally, the "Borrower") each with offices located at 27 Wormwood Street, Boston, Massachusetts 02210.

	DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of June 26, 2009, evidenced by, among other documents, (i) a certain Loan and Security Agreement dated as of June 26, 2009, between Borrower and Bank, as amended by a certain First Loan Modification Agreement dated as of May 3, 2010 (as amended, the "Loan Agreement") and (ii) a certain Export Import Bank Loan and Security Agreement, dated as of June 26, 2009 (the "EXIM Loan Agreement").  As of October 13, 2010, there are no Advances outstanding under the Loan Agreement and no EXIM Advances outstanding under the EXIM Loan Agreement.  Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement.

	DESCRIPTION OF COLLATERAL.  Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement, the EXIM Loan Agreement and in those certain Intellectual Property Security Agreements, each dated as of June 26, 2009, by and between Bank, Heart and NMT (collectively, the "IP Agreements" and together with any other collateral security granted to Bank, the "Security Documents"). 

Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to as the "Existing Loan Documents".

	ACKNOWLEDGMENT OF DEFAULT.  Borrower is currently in default of the Loan Agreement as a result of Borrower's failure to comply with the Liquidity covenant contained in Section 6.9(a) of the Loan Agreement (the "Existing Default").

	FORBEARANCE BY BANK.  

	In consideration of, among other things, Borrower's compliance with each and every term of this Agreement, Bank hereby agrees to forbear from exercising its rights and remedies as a result of the Existing Default until the earlier to occur of (i) a Default or an Event of Default under the Loan Agreement (with the sole exception of the Existing Default), (ii) the failure of Borrower to promptly, punctually, or faithfully perform or comply with any term or condition of this Agreement as and when required, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE, or (iii) 3:00 p.m. (Boston, Massachusetts time) on November 19, 2010 (the period commencing as of the date of the effectiveness of this Agreement and ending on the earlier of (i), (ii) or (iii) above shall be referred to as the "Forbearance Period").

	Borrower hereby acknowledges and agrees that nothing contained in this section or in any other section of this Agreement shall be deemed or otherwise construed as a waiver by Bank of the Existing Default or any other Default or Event of Default (whether now existing or hereafter arising) or of any of its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise.  This Agreement shall only constitute an agreement by Bank to forbear from enforcing its rights and remedies based upon the Existing Default upon the terms and conditions set forth herein.  Upon the expiration of the Forbearance Period, the agreement of Bank to forbear as set forth in this Agreement shall automatically terminate and Bank may immediately commence enforcing its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise, in such order and manner as Bank may determine appropriate.  

	TERMS OF FORBEARANCE.   

	From and after the execution of this Agreement, Borrower agrees that Bank shall have no further obligation to make any Advances to Borrower, or to issue any other Credit Extensions for Borrower's account, or to provide any other extensions of credit of any kind (if an obligation exists in a particular instance) to Borrower.  Notwithstanding the foregoing, during the Forbearance Period and at the request of Borrower, Bank may, in its sole and absolute discretion, continue to make Advances and/or issue Letters of Credit (hereinafter, such financial accommodations shall be referred to collectively as "Discretionary Financial Accommodations" and singly as a "Discretionary Financial Accommodation"), subject, in all events, to the terms and conditions of this Agreement, the Loan Agreement (including but not limited to, all limitations imposed by the Borrowing Base and the Availability Amount), and the other Loan Documents, as affected hereby.  Borrower covenants and agrees that if, in the sole and absolute discretion of Bank, Bank shall make any Discretionary Financial Accommodation during the Forbearance Period, such act shall not constitute (i) a waiver of the Existing Default, or of any other Default or Event of Default which may now exist or which may occur after the date of this Agreement under any of the Loan Documents, or (ii) an agreement on the part of Bank to make any further extensions of credit of any kind to Borrower at a later date.  

	At all times during the Forbearance Period, Borrower shall comply with all terms and conditions of the Loan Agreement and the other Loan Documents including, without limitation, all representations, warranties, affirmative and negative covenants contained in this Agreement, the Loan Agreement and other Loan Documents.  

	During the Forbearance Period, Borrower shall continue to remit all regularly scheduled payments (whether due on account of any Credit Extension or otherwise, including all principal, interest, fees, costs and other amounts) which may become due under the Loan Agreement, as and when such payments are due. As of October 13, 2010, there are no Advances outstanding under the Loan Agreement and no EXIM Advances outstanding under the EXIM Loan Agreement.

	FEES.  Borrower shall pay to Bank a forbearance fee in the amount of Two Thousand Five Hundred Dollars ($2,500), which fee shall be due on the date hereof and shall be deemed fully earned as of the date hereof.  Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this Agreement and all matters related thereto.

	ADDITIONAL COVENANTS: RATIFICATION OF PERFECTION CERTIFICATE.  Borrower shall not, without providing the Bank with thirty (30) days prior written notice: (i) relocate its principal executive office or add any new offices or business locations or keep any Collateral in any additional locations, or (ii) change its jurisdiction of organization, or (iii) change its organizational structure or type, (iv) change its legal name, or (v) change any organizational number (if any) assigned by its jurisdiction of organization.  In addition, the Borrower hereby certifies that no Collateral is in the possession of any third party bailee (such as at a warehouse).  In the event that Borrower, after the date hereof, intends to store or otherwise deliver the Collateral to such a bailee, then Borrower shall first receive, the prior written consent of Bank and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in the Perfection Certificate and acknowledges, confirms and agrees the disclosures and information Borrower provided to Bank in the Perfection Certificate has not changed, as of the date hereof. 

	RATIFICATION OF LOAN DOCUMENTS.  Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all Existing Loan Documents and all security or other Collateral granted to Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations.

	NO DEFENSES OF BORROWER.  Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank or any of its affiliates with respect to the Obligations, or otherwise, arising before the date of this Agreement and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank or any of its affiliates, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank and its affiliates from any liability thereunder.

	CONTINUING VALIDITY.  Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower's representations, warranties, and agreements, as set forth in the Existing Loan Documents.  Except as expressly modified pursuant to this Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect.  Bank's agreement to make modifications to the existing Obligations pursuant to this Agreement in no way shall obligate Bank to make any future modifications to the Obligations.  Nothing in this Agreement shall constitute a satisfaction of the Obligations.  It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing.  No maker will be released by virtue of this Agreement.

	RIGHT OF SET-OFF.  In consideration of Bank's agreement to enter into this Agreement, Borrower hereby reaffirms and hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Silicon Valley Bank  (including a Bank subsidiary) or in transit to any of them.  At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the loan.  ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

	JURISDICTION/VENUE.  Borrower accepts for itself and in connection with its properties, unconditionally, the exclusive jurisdiction of any state or federal court of competent jurisdiction in the Commonwealth of Massachusetts in any action, suit, or proceeding of any kind against it which arises out of or by reason of this Agreement; provided, however, that if for any reason Bank cannot avail itself of the courts of the Commonwealth of Massachusetts, then venue shall lie in Santa Clara County, California.  NOTWITHSTANDING THE FOREGOING, THE BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH THE BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE THE BANK'S RIGHTS AGAINST THE BORROWER OR ITS PROPERTY.

	COUNTERSIGNATURE.  This Agreement shall become effective only when it shall have been executed by Borrower and Bank.

[The remainder of this page is intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a sealed instrument under the laws of the Commonwealth of Massachusetts as of the date first written above.

BORROWER:

	
NMT MEDICAL, INC.

By___/s/ Richard E. Davis_______________

Name:  Richard E. Davis

Title:    President and Chief Executive Officer

NMT HEART, INC.

By___/s/ Richard E. Davis_______________

Name:  Richard E. Davis

Title:    President
	 
	 	 

BANK:

SILICON VALLEY BANK

By__/s/ Michael Quinn_________________

Name:  Michael Quinn

Title:    Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}]]