Document:

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                                                                    EXHIBIT 10.1

                   FORM OF DIRECTOR INDEMNIFICATION AGREEMENT

     This Agreement, dated as of _____________, ____, is entered into between
IVAX Diagnostics, Inc., a corporation organized under the laws of the State of
Delaware (the "Company"), and _______________ (the "Director").

                                    Recitals

     A.   Highly competent persons are becoming more reluctant to serve
publicly-held corporations as directors or as executive officers unless they are
provided with adequate protection through insurance or adequate indemnification
against inordinate risks of claims and actions against them arising out of their
service to, and activities on behalf of, the corporation.

     B.   The current impracticability of obtaining adequate insurance and the
uncertainties relating to indemnification have increased the difficulty of
attracting and retaining such persons.

     C.   The Bylaws of the Company presently provide, among other things, that
the Company shall indemnify its directors and officers to the full extent
permitted by law.

     D.   The Board of Directors of the Company (the "Board") has determined
that the difficulty in attracting and retaining highly competent persons is
detrimental to the best interests of the Company's stockholders and that the
Company should act to assure such persons that there will be increased certainty
of protection against risks of such claims and actions against them in the
future.

     E.   It is reasonable, prudent, and necessary for the Company contractually
to obligate itself to indemnify such persons to the fullest extent permitted by
applicable law so that they will serve or continue to serve the Company free
from undue concern that they will not be so indemnified.

     F.   The Director is willing to serve or continue to serve as a director of
the Company on the condition that the Director be so indemnified.

                                    AGREEMENT

     In consideration of the recitals and the covenants contained herein, the
Company and the Director covenant and agree as follows:

     1.   Definitions. As used in this Agreement the following terms shall have
the meanings indicated below:

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          (a)  A "Change of Control" shall be deemed to have occurred if (A) any
"Person" (as that term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended), but excluding the Company, any of its
wholly-owned subsidiaries, IVAX Corporation and any of its wholly-owned
subsidiaries, is or becomes (except in a transaction approved in advance by the
Board) the beneficial owner (as defined in Rule 13d-3 under such Act), directly
or indirectly, of securities of the Company representing twenty percent (20%) or
more of the combined voting power of the Company's then outstanding securities
or (B) during any period of two consecutive years, individuals who at the
beginning of such period constitute the Board cease for any reason to constitute
at least a majority thereof unless the election, or the nomination for election
by the Company's stockholders, of each new director was approved by a vote of at
least two-thirds of the directors still in office who were directors at the
beginning of the period, or (C) the stockholders of the Company should approve
any one of the following transactions: (x) any consolidation or merger of the
Company in which the Company is not the surviving corporation, other than a
merger of the Company in which the holders of the Company's common stock
immediately prior to the merger have the same proportionate ownership of the
surviving corporation immediately after the merger; or (y) any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, the assets of the Company.

          (b)  "Expenses" shall refer to all disbursements, costs or expenses of
any nature reasonably incurred by the Director directly or indirectly in
connection with any Indemnified Event, or Witness Liabilities, including, but
not limited to, fees and disbursements of counsel, accountants or other experts
employed by the Director in connection with any Indemnified Event, including all
such expenses, disbursements and costs of investigation in connection with or
prior to the initiation of any Proceeding relating to an Indemnified Event.

          (c)  "Final Disposition" shall refer to any judgment, order or award
rendered in any Proceeding after the expiration of all rights of appeal.

          (d)  "Indemnification Amount" shall refer to the amount of losses,
claims, demands, costs, damages, liabilities (joint and several), judgments,
fines (including any excise tax assessed with respect to an employee benefit
plan), settlements, and other amounts (including Witness Liabilities), including
interest on any of the foregoing, which the Director is liable to pay or has
paid in connection with an Indemnified Event and amounts proposed to be paid in
settlement by the Director in connection with any Indemnified Event.

          (e)  "Indemnified Event" shall mean any claim asserted against the
Director, whether civil, criminal, administrative or investigative in nature,
for monetary or other relief; or any Proceeding to which the Director is named
as a party or is a subject of or witness in, or with respect to which he or she
is threatened to be named as a party, subject or witness, brought against the
Director by reason of his or her serving or acting in any

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Indemnified Position or arising or allegedly arising directly or indirectly out
of, or otherwise relating to, any action, omission, occurrence or event
involving the Director in any Indemnified Position, including any Proceeding,
formal or informal or otherwise, conducted or brought by the Securities and
Exchange Commission or other governmental agency, or The National Association of
Securities Dealers, Inc., a national stock exchange or similar organization.

          (f)  "Indemnified Position" shall refer to any position held by the
Director, or pursuant to which the Director acts, as an officer, director,
employee, partner, trustee, fiduciary, administrator or agent of the Company or
a Related Party.

          (g)  "Indemnify" or "Indemnification" shall refer to the obligation of
the Company herein to pay Expenses or Indemnification Amounts.

          (h)  "Proceeding" shall mean any pending, threatened or completed
action, suit, investigation, inquiry, arbitration, alternative dispute
resolution mechanism or any other proceeding (or any appeals therefrom), whether
civil, criminal, administrative or investigative in nature and whether in a
court or arbitration, or before or involving a governmental, administrative or
private entity (including, but not limited to, an investigation initiated by the
Company, any Related Party or any affiliate thereof, or the board of directors,
fiduciaries or partners of any thereof).

          (i)  "Related Party" shall refer to (i) any other corporation in which
the Company has an equity interest of at least fifty percent (50%) and (ii) any
other corporation or any limited liability company, partnership, joint venture,
trust, employee benefit plan or any other enterprise or association in which the
Director has served in any Indemnified Position, at the request of the Company
or for the convenience of the Company or to represent the Company's interest.
Any entity or plan described in Section l(a)(ii) in which the Company has any
interest or which is established in whole or in part for the benefit of the
Company or any other Related Party or the Company or Related Party's employees
shall be presumed to be a Related Party.

          (j)  "Witness Liabilities" shall mean all Indemnification Amounts
incurred by the Director in connection with his or her preparation to serve or
service as a witness in any Proceeding in any way relating to the Company, any
Related Party or any affiliate (as defined in Rule 405 under the Securities Act
of 1933, as amended) of any of them (a "Securities Act Affiliate"), any
associate (as defined in such Rule 405) of any of them or of any Securities Act
Affiliate, or any Indemnified Event (including, but not limited to, the
investigation, defense or appeal in connection with any such Proceeding).

     2.   Services to the Company. The Director will serve, and/or continue to
serve, as a director of the Company, so long as he or she is duly elected and
qualified in accordance with the provisions of the Certificate of Incorporation
and Bylaws of the Company, or in any other Indemnified Position, at the will of
the Company (or under separate contract, if any); provided that the Director may
at any time and for any reason

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resign from such Indemnified Position (subject to any contractual obligations
which the Director shall have assumed apart from this Agreement) but the
obligations provided for herein shall continue after such termination.

     3.   Indemnity. The Company hereby agrees to indemnify the Director and
hold the Director harmless to the full extent permitted or authorized by the
provisions of current Delaware legislation (including Section 145 of the
Delaware General Corporation Law) or future Delaware legislation or, if broader
indemnification is available, by current or future judicial or administrative
decisions (but, in the case of any such future legislation or decisions, only to
the extent that it permits the Company to provide broader indemnification rights
than permitted prior to such legislation or decisions), and such Indemnification
shall be made unless prohibited by Delaware law. Without limiting the generality
of the foregoing, the Company agrees to indemnify the Director and hold the
Director harmless from and against, and pay any and all, Expenses and
Indemnification Amounts, including Witness Liabilities.

          Notwithstanding the foregoing, except with respect to the
indemnification specified in the second and third sentences of Section 7 or in
Section 10 or Section 13(b) of this Agreement, the Company shall indemnify the
Director in connection with a Proceeding (or part thereof) initiated by the
Director only if authorization for the Proceeding (or part thereof) was not
denied by the Board prior to the earlier of (i) sixty (60) days after receipt of
notice thereof from the Director and (ii) a Change of Control.

     4.   Payment of Expenses. The Company shall advance all Expenses within
thirty (30) days after the receipt by the Company of a statement or statements
from the Director requesting such advance payment or payments from time to time.
Such statement or statements shall identify the nature and amount of the
Expenses to be advanced with reasonable specificity. The Director agrees to
repay any Expenses advanced if it shall ultimately be determined (which shall
only be made after the Final Disposition of the Proceeding related to an
Indemnified Event, as hereinafter provided) that the Director was not entitled
to reimbursement of Expenses in connection with the Indemnified Event for which
such Expenses were made.

     5.   Interval Protection. During the interval between the Company's receipt
of the Director's request for indemnification or advances and the latest to
occur of (a) payment in full to the Director of the indemnification or advances
to which he or she is entitled hereunder, or (b) a final adjudication that the
Director is not entitled to indemnification hereunder, the Company shall provide
"Interval Protection" which, for purposes of this Agreement, shall mean the
taking of the necessary steps (whether or not such steps require expenditures to
be made by the Company at that time) to stay, pending a final determination of
the Director's entitlement to indemnification (and, if the Director is so
entitled, the payment thereof), the execution, enforcement or collection of any
Indemnified Amount or Expenses or any other amounts for which the Director may
be liable (and as to which the Director has requested indemnification hereunder)
in order to avoid the Director's being or becoming in default with respect to
any such amounts (such necessary steps to include, but

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not be limited to, the procurement of a surety bond to achieve such stay or the
loan to the Director (unsecured and with interest payable at the prime rate) of
amounts necessary to satisfy the Indemnified Amount or Expenses or other amounts
for which the Director may be liable and as to which a stay of execution as
aforesaid cannot be obtained, the Company by executing this Agreement having
made the judgment that, in general, such loan or similar assistance may
reasonably be expected to benefit the Company), within three days after receipt
of the Director's written request therefor, together with a written undertaking
by the Director to repay, no later than one hundred twenty (120) days following
receipt of a statement therefor from the Company, amounts (if any) expended by
the Company for such purpose, if it is ultimately determined in a final
adjudication that the Director is not entitled to be indemnified against such
Indemnified Amounts or Expenses or other amounts.

     6.   Indemnification by Court. Notwithstanding any other provision of this
Agreement including without limitation the fourth sentence of Section 7,
indemnification and advances shall also be made to the extent a Delaware Court
of Chancery, or another court of competent jurisdiction, or the court in which a
Proceeding was brought, shall determine that the Director, in view of all the
circumstances of the case, is fairly and reasonably entitled to indemnification
and/or advances for such Expenses as such court shall deem proper.

     7.   Indemnification Procedure. Any Indemnification or advance under this
Agreement (other than Interval Protection) shall be made promptly and in any
event within thirty (30) days upon the written request of the Director delivered
to the Company. The right to Indemnification or advances as granted under this
Agreement shall be enforceable by the Director in any court of competent
jurisdiction if the Company denies such request, in whole or in part, or if no
disposition thereof is made within thirty (30) days. The Director's costs and
expenses incurred in connection with successfully establishing his or her right
to indemnification or advances, in whole or in part, in any such action shall
also be indemnified by the Company. It shall be a defense to any such action
that there has been a judgment or other final adjudication adverse to the
Director which established that the Director failed to meet the standard of
conduct, if any, required for indemnification by current legislation or, if
applicable in accordance with Section 3 hereof, future legislation or current or
future judicial or administrative decisions, but the burden of proving such
defense shall be on the Company. Neither the failure of the Company (including
the Board or any committee thereof, its independent counsel and its
stockholders) to have made a determination prior to the commencement of such
action that indemnification of the Director is proper in the circumstances
because he or she has met the applicable standard of conduct described in the
preceding sentence, if any, nor the fact that there has been an actual
determination by the Company (including the Board or any committee thereof, its
independent counsel and its stockholders) that the Director has not met such
applicable standard of conduct, shall be a defense to the action or create a
presumption that the claimant has not met the applicable standard of conduct.

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     8.   Presumptions and Effect of Certain Proceedings.

          (a)  The Director shall be presumed entitled to Indemnification
hereunder unless clearly not entitled to such Indemnification by clear and
convincing proof that such payment shall be unlawful.

          (b)  If the Company shall not have responded to the Director's request
for Indemnification pursuant to Section 7 hereof within thirty (30) days after
receipt by the Company of such request therefor, the Director shall be deemed to
be entitled to such Indemnification.

          (c)  The termination of any Proceeding relating to an Indemnified
Event or of any claim, issue, or matter therein by judgment, order, settlement,
or conviction, or upon a plea of nolo contendere or its equivalent, shall not of
itself adversely affect the right of the Director to Indemnification or create a
presumption that the Director did not meet any applicable standard of conduct.

          (d)  Notwithstanding any other provision of this Agreement, the
Director shall in no event be required to repay any Expense payments advanced to
the Director and no defense can or shall be raised by the Company to a request
for Indemnification pursuant to Section 7 to the extent the Director has been
successful on the merits or otherwise in defense of any Proceeding related to an
Indemnified Event, or in defense of any claim, issue or matter involved in any
Indemnified Event therein, whether as a result of the initial adjudication or on
appeal or the abandonment thereof by a party.

     9.   Non-Exclusivity; Duration of Agreement; Insurance; Subrogation.

          (a)  The rights of Indemnification and to receive advancement of
Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which the Director may at any time be entitled under applicable
law, the Certificate of Incorporation, the Bylaws, any other agreement, or any
vote or consent of directors or stockholders or otherwise.

          (b)  This Agreement shall continue until and terminate upon the later
of: (i) ten (10) years after the date that the Director shall have ceased to
serve in any Indemnified Position; or (ii) the Final Disposition of all
Indemnified Events.

          (c)  This Agreement shall be binding upon the Company and its
successors and assigns and shall inure to the benefit of the Director and his or
her heirs, devisees, executors, and administrators or other legal
representatives.

          (d)  To the extent that the Company maintains an insurance policy or
policies providing liability insurance for directors or executive officers of
the Company or for any person serving in any other Indemnified Position, the
Director shall be covered by such policy or policies in accordance with its or
their terms to the maximum extent of the

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coverage available for any such director or executive officer or person serving
in such position under such policy or policies.

     10.  Proceedings.

          (a)  The parties hereto agree that except as otherwise provided for
herein, any disputes arising with respect to the interpretation or enforcement
of any provision hereof shall be submitted, at the sole election of the
Director, either to arbitration or to judicial determination. Any arbitration
shall be conducted in the City of Miami, Florida in accordance with the then
existing rules of the American Arbitration Association ("AAA"). In any
arbitration pursuant to this Agreement, the award or decision shall be rendered
by a majority of the members of an arbitration panel consisting of three members
chosen in accordance with the then existing rules of the AAA. The award or
decision of the arbitration panel pursuant to this Section 10 shall be binding
and conclusive on the parties, provided that enforcement of such award or
decision may be obtained in any court having jurisdiction over the party against
whom such enforcement is sought. The Company hereby agrees to bear all fees,
costs and expenses imposed by the AAA, in connection with the arbitration,
irrespective of the determination thereof. The provisions of Section 10(c) shall
govern with respect to the proceedings referred to therein.

          (b)  In the event that, for any reason, the Company fails to pay any
Indemnification or advance demanded, or the Company requests repayment of any
Expenses advanced, the Director shall nevertheless be entitled, at his or her
sole option, to a final judicial determination or may seek arbitration of his or
her entitlement to Indemnification hereunder in respect of such claim. In the
event the Director seeks a judicial determination, the Director shall commence
an action in a court located in Miami-Dade County, Florida. In the event the
Director seeks an award in arbitration, (i) such arbitration shall be conducted
in Miami, Florida pursuant to Section 10(a), and (ii) the arbitrator shall
notify the parties of his or her decision within sixty (60) days following the
initiation of such arbitration (or such other period proscribed by the rules of
AAA). The Company further agrees that its execution of this Agreement shall
constitute a stipulation by which it shall be bound in any court or arbitration
in which such proceeding shall have been commenced, continued or appealed that
(i) it shall not oppose the Director's right to seek any such adjudication or
award in arbitration or any other claim by reason of any prior determination
made by the Company with respect to the Director's right to Indemnification
under this Agreement on such claim or any other claim, or, except in good faith,
raise any objections not specifically relating to the merits of the Director's
claim; and (ii) for purposes of this Agreement any such adjudication or
arbitration shall be conducted de novo and without prejudice by reason of any
prior determination that the Director is not entitled to Indemnification.

          (c)  Whether or not the court or arbitrators shall determine that the
Director is entitled to payment of Indemnification Amounts or has to return the
payment of Expenses or otherwise finds against the Director, the Company shall
within thirty (30) days after written request therefor (and submission of
reasonable evidence of the nature and

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amount thereof), and unless there is a specific judicial finding that the
Director's suit or arbitration was frivolous, pay all Expenses incurred by the
Director in connection with such adjudication or arbitration (including, but not
limited to, any appellate proceedings).

     11.  Severability. If any provision or provisions of this Agreement shall
be held to be invalid, illegal, or unenforceable for any reason whatsoever: (a)
the validity, legality, and enforceability of the remaining provisions of this
Agreement (including without limitation, each portion of any Section, paragraph
or clause of this Agreement containing any such provision held to be invalid,
illegal, or unenforceable, that is not itself invalid, illegal, or
unenforceable) shall not in any way be affected or impaired thereby; and (b) to
the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section, paragraph or clause of this
Agreement containing any such provision held to be invalid, illegal, or
unenforceable, that is not itself invalid, illegal, or unenforceable) shall be
deemed revised, and shall be construed, so as to give effect to the intent
manifested by this Agreement (including the provision held invalid, illegal, or
unenforceable).

     12.  Merger or Consolidation of the Company. In the event that the Company
shall be a constituent corporation in a consolidation or merger, whether or not
the Company is the resulting or surviving corporation, the Director shall stand
in the same position under this Agreement with respect to the Company if its
separate existence had continued.

     13.  Enforcement.

          (a)  The Company unconditionally and irrevocably stipulates and agrees
that its execution of this Agreement shall also constitute a stipulation by
which it shall be bound in any court or arbitration in which a proceeding by the
Director for enforcement of his or her rights shall have been commenced,
continued or appealed, that the obligations of the Company set forth herein are
unique and special, and that failure of the Company to comply with the
provisions of this Agreement will cause irreparable and irremediable injury to
the Director, for which a remedy at law will be inadequate. As a result, in
addition to any other right or remedy he or she may have at law or in equity
with respect to a violation of this Agreement, the Director shall be entitled to
injunctive or mandatory relief directing specific performance by the Company of
its obligations under this Agreement.

          (b)  In the event that the Director is subject to or intervenes in any
legal action in which the validity or enforceability of this Agreement is at
issue or institutes any legal action, for specific performance or otherwise, to
enforce his or her rights under, or to recover damages for breach of, this
Agreement, the Director shall, within thirty (30) days after written request to
the Company therefor (and submission of reasonable evidence of the amount
thereof), and unless there is a specific judicial finding that the Director's
suit was frivolous, be indemnified by the Company against all Expenses incurred
by him or her in connection therewith.

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     14.  Notification and Defense of Claim. The Director agrees to promptly
notify the Company in writing upon being served with any summons, citation,
subpoena, complaint, indictment, information or other document relating to any
Proceeding involving an Indemnification Event; provided, however, that the
failure of the Director to give such notice to the Company shall not adversely
affect the Director's rights under this Agreement except to the extent the
Company shall have been materially prejudiced by such failure. Nothing in this
Agreement shall constitute a waiver of the Company's right to seek
participation, at its own expense, in any Proceeding which may give rise to
Indemnification hereunder.

     15.  Headings. The headings of the Sections and paragraphs of this
Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

     16.  Modification and Waiver. No supplement, modification, or amendment of
this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provision hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver.

     17.  Notices. All notices, requests, demands, and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i)
delivered by hand, or sent via telecopy or facsimile transmission, in each case
receipted for by the party to whom said notice or other communication shall have
been directed or transmitted, or (ii) mailed by certified or registered mail
with postage prepaid, on the third business day after the date on which it is so
mailed, or (iii) delivered by overnight courier service:

          (a)  If to the Director, then to:

               ________________
               ________________
               ________________
               ________________

          (b)  If to the Company, then to:

               IVAX  Diagnostics, Inc.
               2140 North Miami Avenue
               Miami, Florida 33127
               Attention:  President

or to such other address as may have been furnished to either party by the other
party.

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     18.  Entire Agreement. All prior and contemporaneous agreements and
understandings between the parties with respect to the subject matter of this
Agreement are superseded by this Agreement, and this Agreement constitutes the
entire understanding between the parties. This Agreement may not be modified,
amended, changed or discharged except by a writing signed by the parties hereto,
and then only to the extent therein set forth.

     19.  Nonassignment. This Agreement may not be assigned by either of the
parties hereto.

     20.  Governing Law. This Agreement, including its validity, interpretation
and effect, and the relationship of the parties shall be governed by, and
construed in accordance with, the laws of the State of Florida.

     IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement
as of the day and year first above written.

                                            IVAX DIAGNOSTICS, INC.

                                            By:
                                               ---------------------
                                            Name:
                                                 ---------------------
                                            Title:
                                                  ---------------------

                                            DIRECTOR

                                            ---------------------

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                                                                    EXHIBIT 10.2

                              REDEMPTION AGREEMENT

     This REDEMPTION AGREEMENT (the "Agreement") is entered into as of the 5th
day of November, 2002 (the "Effective Date"), by and among IVAX DIAGNOSTICS,
INC., a Delaware corporation (the "Company"), TITANIUM HOLDINGS GROUP, INC., a
Nevada corporation ("Titanium"), RANDALL K. DAVIS, a natural person ("Davis"
and, together with Titanium, the "Sellers"), STEVEN ETRA, a natural person
("Etra"), and RICHARD KANDEL, a natural person ("Kandel").

                             PRELIMINARY STATEMENTS

     WHEREAS, Titanium, Davis, Etra and Kandel are each the record and
beneficial owners of that number of shares of the Common Stock, par value $0.01
per share, of the Company (the "Common Stock") set forth opposite to their
respective names on Exhibit A hereto; and

     WHEREAS, the Sellers desire to sell to the Company, and the Company desires
to redeem from the Sellers, free and clear of all Liens (as hereinafter
defined), an aggregate of 871,473 shares of Common Stock (the "Purchased
Shares") upon the terms and subject to the conditions of this Agreement; and

     WHEREAS, Titanium, Etra, and Kandel (the "Optionors") desire to grant the
Company an option to acquire from the Optionors, free and clear of all Liens, an
aggregate additional 657,125 shares of Common Stock (the "Option Shares") upon
the terms and subject to the conditions of this Agreement; and

     WHEREAS, as a condition to the willingness of the Company to enter into
this Agreement, the Company has requested that Titanium, Davis, Etra, and Kandel
each agree, and, in order to induce the Company to enter into this Agreement,
each of them have agreed to certain limitations on their ownership of certain of
their remaining shares of Common Stock and to certain other undertakings;

     NOW, THEREFORE, in consideration of the premises and the terms, covenants
and agreements set forth herein, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

                                    ARTICLE I

                      PURCHASE AND SALE OF PURCHASED SHARES

     1.1  Purchase and Sale of Purchased Shares. Upon the terms and subject to
the conditions set forth herein, at the Closing (as hereinafter defined) each
Seller shall sell, assign, transfer and deliver to the Company, and the Company
shall purchase and redeem from each Seller, the respective number of Purchased
Shares set forth opposite such Seller's name on Exhibit A attached hereto, free
and clear of all liens, claims, charges, pledges, security interests or other
encumbrance of

<PAGE>

any nature whatsoever (collectively, "Liens"), for a purchase price equal to the
closing price of the Company's Common Stock on October 24, 2002, as reflected on
the American Stock Exchange, per Purchased Share (the "Purchase Price").

     1.2  Closing. The consummation of the sale and purchase of the Purchased
Shares contemplated by this Agreement (the "Closing") shall take place
concurrently with the execution and delivery of this Agreement at such place as
the parties may mutually agree upon. The date on which the Closing takes place
shall be hereinafter referred to as the "Closing Date." At the Closing, Sellers
shall effect the sale of the Purchased Shares, as herein provided, by delivery
to Buyer of stock certificates representing the Purchased Shares duly endorsed
in blank for transfer, with all required stock transfer tax stamps, if any,
affixed thereto, and Buyer shall effect the purchase of the Purchased Shares, as
herein provided, by delivering or causing the delivery to Sellers of the
aggregate Purchase Price with respect to the Purchased Shares acquired from such
Seller at such specified account designated by each Seller and in such amounts
as reflected in Exhibit A. On the Closing Date, in consideration for the release
granted by Section 6.1 hereof, the grant of the Options (as defined below), and
the covenants set forth in Article V hereof, the Company shall grant the release
of Titanium, Davis, Etra, and Kandel contemplated by Section 6.2 hereof and
shall also pay into an account designated by Titanium, Davis, Etra, and Kandel,
a cash payment in the aggregate amount of $217,868.25, to be divided among them
in such manner as they may mutually agree.

                                   ARTICLE II

                                     OPTIONS

     2.1  Grant of Options to Purchase Option Shares. Each of the Optionors
hereby grants to the Company an option (each an "Option" and, collectively, the
"Options") to purchase and redeem from such Optionor the respective number of
Option Shares set forth opposite such Optionor's name on Exhibit A hereto, free
and clear of all Liens, at an exercise price of $4.00 per Option Share (the
"Exercise Price").

     2.2  Exercise of Options. The Company may exercise any Option, in whole or
in part, at any time and from time to time on or before eighteen (18) months
after the Effective Date (the "Expiration Date") by written notice to the
Optionor (each an "Exercise Notice"). The Exercise Notice shall specify the
number of Option Shares as to which the Company desires to exercise such Option,
a date not less than five (5) days nor more than sixty (60) days after the date
of the Exercise Notice on which the Option Closing (as hereinafter defined)
shall be held, and the place of the Option Closing.

     2.3  Option Closing. The consummation of the purchase and redemption of any
Option Shares (an "Option Closing") shall take place at the time and place
specified in the Company's Exercise Notice. The date on which the Option Closing
takes place shall be hereinafter referred to as the "Option Closing Date." At
the Option Closing, the applicable Optionor shall effect the sale of the Option
Shares as to which the Company has exercised the underlying option, as herein
provided, by delivery to the Company of stock certificates representing the
Option Shares as to which the Option has been exercised duly endorsed in blank
for transfer, with all required stock transfer tax stamps, if any, affixed
thereto, and the Company shall effect the purchase of such Option Shares, as

                                       -2-

<PAGE>

herein provided, by delivering or causing the delivery to such Optionor of the
aggregate Exercise Price with respect to such Option Shares acquired from such
Optionor and, if necessary, a balance certificate in respect of any Option
Shares not then acquired.

                                   ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     In order to induce Titanium, Davis, Etra, and Kandel to enter into this
Agreement and to consummate the transactions contemplated hereby, the Company
makes the representations and warranties set forth below to each of Titanium,
Davis, Etra, and Kandel, all of which shall survive the Closing.

     3.1  Organization. The Company is a corporation validly existing under the
laws of the State of Delaware whose status is active. The Company has all
requisite right, power and authority to execute, deliver and perform this
Agreement and to consummate the transactions contemplated hereby.

     3.2  Authorization; Enforceability. The execution, delivery, and
performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby have been duly authorized by all
requisite corporate action on the part of the Company and, upon execution by all
the parties hereto, this Agreement will constitute the legal, valid, and binding
obligation of the Company, enforceable against it in accordance with its terms,
except to the extent that its enforcement is limited by bankruptcy, insolvency,
reorganization, or other laws relating to or affecting the enforcement of
creditors' rights generally and by general principles of equity.

     3.3  No Violation or Conflict. The execution, delivery, and performance of
this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby do not and will not violate or conflict with
any provision of law or regulation, or any provision of the Company's Articles
of Incorporation or Bylaws, or, to the knowledge of the Company, any writ,
order, judgment, or decree of any court or governmental or regulatory authority.

                                   ARTICLE IV

        REPRESENTATIONS AND WARRANTIES OF TITANIUM, DAVIS ETRA AND KANDEL

     In order to induce the Company to enter into this Agreement and to
consummate the transactions contemplated hereby, Titanium, Davis, Etra, and
Kandel, jointly and severally, make the representations and warranties set forth
below to the Company, all of which shall survive the Closing.

     4.1  Organization; Capacity. Titanium is a corporation validly existing and
in good standing under the laws of the State of Nevada. Titanium has all
requisite right, power and authority to execute, deliver and perform this
Agreement and to consummate the transactions contemplated hereby.

     4.2  Authorization; Enforceability. The execution, delivery, and
performance of this Agreement by Titanium and the consummation by Titanium of
the transactions contemplated hereby

                                       -3-

<PAGE>

have been duly authorized by all requisite corporate action on the part of
Titanium. This Agreement has been duly executed and delivered by each of
Titanium, Davis, Etra, and Kandel, and, upon due execution by the Company, will
constitute the legal, valid, and binding obligations of each of Titanium, Davis,
Etra, and Kandel, enforceable against each of them in accordance with its terms,
except to the extent that its enforcement is limited by bankruptcy, insolvency,
reorganization, or other laws relating to or affecting the enforcement of
creditors' rights generally and by general principles of equity.

     4.3  No Violation or Conflict. The execution, delivery and performance of
this Agreement by each Seller and the consummation by each Seller of the
transactions contemplated hereby do not and will not violate or conflict with
any provision of law or regulation, or any provision of Titanium's Articles of
Incorporation or Bylaws or, to the knowledge of each of Titanium, Davis, Etra or
Kandel, any writ, order, judgment, or decree of any court or governmental or
regulatory authority.

     4.4  Title to Shares. Each of Titanium, Davis, Etra, and Kandel are the
record and beneficial owner of the number of shares of Purchased Shares, Option
Shares and Additional Lock-up Shares (as defined below) set forth opposite to
their respective names on Exhibit A and the Purchased Shares and Option Shares
are owned by each of them, as applicable, free and clear of any Liens,
including, without limitation, claims, or rights under any voting trust
agreements, shareholder or partnership agreements, or other contracts,
agreements, arrangements, or understandings. Except as set forth on Exhibit A,
none of Titanium, Davis, Etra nor Kandel own or have the right to acquire any
shares of Common Stock. At the Closing, each Seller will transfer and convey,
and the Company will acquire, good and valid title to the Purchased Shares, free
and clear of all Liens. At each Option Closing, each Optionor whose Option
Shares are being redeemed will transfer and convey, and the Company will
acquire, good and valid title to the Option Shares to be acquired, free and
clear of all Liens. Titanium, Davis, Etra, and Kandel each hereby acknowledge
that the Company and its Affiliates (as defined below) may have information that
is not available to the public and that may be material in making an investment
decision in the Common Stock. Each Seller and each Optionor, with full knowledge
of the foregoing, has decided to sell to the Company their Purchased Shares or
grant to the Company an Option, as applicable, and each of them hereby
acknowledges that, but for their representations and warranties contained in
this Agreement, the Company would not purchase the Purchased Shares or agree to
receive the Options. Titanium, Davis, Etra, and Kandel each hereby acknowledge
and confirm that they are not relying on any representation or warranty other
than those expressly contained in this Agreement and that neither the Company,
nor any of its Affiliates, nor any of their respective employees, officers,
directors, members, or agents has (i) given any investment advice or rendered
any opinion to Titanium, Davis, Etra, or Kandel as to whether the transactions
contemplated by this Agreement are prudent or advisable; or (ii) made any
representations or warranties about the prudence or advisability of the
transactions contemplated by this Agreement, the financial condition, results of
operation, business or future prospects of the Company or as to any other matter
not expressly contained in this Agreement.

                                       -4-

<PAGE>

                                    ARTICLE V

                                    COVENANTS

     Titanium, Davis, Etra, and Kandel agree to perform the covenants set forth
below.

     5.1  Public Announcements. Neither Titanium, Davis, Etra, nor Kandel will,
directly or indirectly, issue any press release or make any public statement
with respect to this Agreement or the transactions contemplated hereby without
the prior written consent of the Company, except as may be required by
applicable law. Titanium, Davis, Etra and Kandel recognize and acknowledge that
the Company is required to disclose the existence of this Agreement and the
transactions contemplated hereby, and to include a copy of this Agreement, in
public filings to be made with the Securities and Exchange Commission (the
"SEC"). The Company recognizes and acknowledges that Titanium is required to
disclose the existence of this Agreement and the transactions contemplated
hereby, and to include a copy of this Agreement, in public filings to be made
with the SEC.

     5.2  Restriction on Transfer. Until the Expiration Date, neither Etra,
Kandel nor Titanium will, directly or indirectly, transfer, assign, sell, loan,
pledge, grant any rights with respect to, or otherwise dispose of (a
"Transfer"), whether by operation of law or otherwise, any of the Option Shares
owned by them to any Person other than the Company or its Affiliates. For
purposes of this Agreement, "Affiliate" means an entity controlled by,
controlling or under common control with the Company. Additionally, until the
Expiration Date, neither Titanium nor Etra will, directly or indirectly,
Transfer any of the other (307,125 with respect to Titanium and 150,000 with
respect to Etra) shares of Common Stock held by it or he, as the case may be,
which are not Option Shares (the "Additional Lock-up Shares") to any person or
entity other than the Company.

     5.3  Limitation on Ownership of Voting Securities; Certain Undertakings.
Titanium, Davis, Etra, and Kandel each covenant and agree that, from and after
the Closing and until the Expiration Date, they will not, singly or as part of a
"partnership, limited partnership, syndicate, or other "group" (as those terms
are used within the meaning of Section 13(d)(3) of the Securities Exchange Act
of 1934, as amended), directly or indirectly, through one or more intermediaries
or otherwise:

          a.   act, alone or in concert with others (including through contract
or by providing financing for another party), to seek or offer to control, in
any manner, the management, Board of Directors or policies of the Company;

          b.   solicit, seek or offer to effect, negotiate with, or provide any
information or make any statement or proposal to any person or entity with a
view to forming a group or make any public announcement or proposal or offer
whatsoever, with respect to: (i) any form of business combination or similar
transaction involving the Company or any of its subsidiaries, including, without
limitation, a merger, tender or exchange offer, or liquidation of assets or (ii)
any form of restructuring, recapitalization or similar transaction with respect
to the Company or any of its subsidiaries; or

          c.   instigate, encourage or assist any third party to do any of the
foregoing.

                                       -5-

<PAGE>

     5.4  Restrictive Legends. Titanium, Etra, and Kandel each agree that the
Company shall be entitled to place a restrictive legend concerning the
restrictions contemplated by this Agreement on any certificates representing the
Option Shares and Additional Lock-up Shares of which any of them is the
beneficial owner and to place corresponding "stop transfer" instructions with
its transfer agent. The restrictive legend shall state in the same, or
substantially similar language, the following:

          "These securities are subject to restrictions on the
          transfer, sale, assign, loan pledge, and grant of rights or
          other disposition (a "Transfer"), pursuant to the Redemption
          Agreement, dated as of November 4, 2002, by and between IVAX
          Diagnostics, Inc., Titanium Holdings Group, Inc., Randall K.
          Davis, Steven Etra, and Richard Kandel. The limitation on
          Transfer will be effective until May 4, 2004, at which time
          these securities shall NOT be subject to this restriction on
          Transfer."

Each of Titanium, Etra, and Kandel agree to submit a request to their respective
brokers to obtain certificated shares of any of the Option Shares or Additional
Lock-up Shares within five (5) days after the date of this Agreement. Each of
Titanium, Etra and Kandel further agree to use their respective best efforts to
deliver or cause to be delivered to the Company's transfer agent for the
imprinting of the restrictive legend contemplated by this Section 5.4 within
sixty (60) days after the date of this Agreement all certificates representing
the Option Shares and Additional Lock-up Shares. Nothing herein shall be
construed to prohibit any of Titanium, Davis, Etra, and Kandel from the Transfer
of any securities of the Company other than the Option Shares and Additional
Lock-up Shares, whether presently held or hereafter acquired.

     5.5  Further Assurances. The parties shall deliver any and all other
instruments or documents required to be delivered pursuant to, or necessary or
proper in order to give effect to, the provisions of this Agreement, including,
without limitation, all necessary stock powers and such other instruments of
transfer as may be necessary or desirable to transfer ownership of the Purchased
Shares or the Option Shares (for each Option that is exercised) and to
consummate the transactions contemplated by this Agreement.

     5.6  Confidentiality. Each of Titanium, Davis, Etra and Kandel acknowledges
that all confidential or proprietary information with respect to the business
and operations of the Company are valuable, special and unique. Neither
Titanium, Davis, Etra, nor Kandel shall at any time after the Closing Date
disclose, directly or indirectly, to any Person, or use or purport to authorize
any Person to use, any confidential or proprietary information with respect to
the Company, whether or not for their own benefit, without the prior written
consent of the Company, including without limitation, information as to the
financial condition, results of operations, customers, suppliers, products,
sources, leads or methods of obtaining new products or business, computer
systems, marketing strategies, or any other information relating to the Company
which could reasonably be regarded as confidential or proprietary, but not
including information which is or shall become generally available to the public
other than as a result of an unauthorized disclosure, directly or indirectly, by
any of Titanium, Davis, Etra, and Kandel. Each of Titanium, Davis, Etra, and
Kandel acknowledge that the Company would not enter into this Agreement without
the assurance that all such confidential and proprietary information will be
used for the exclusive benefit of the Company.

                                       -6-

<PAGE>

     5.7  Continuing Obligations. Each of Titanium, Davis, Etra, and Kandel
acknowledge that the Company would be irreparably harmed and that monetary
damages would not provide an adequate remedy to the Company in the event the
covenants contained in this Article V were not complied with in accordance with
their terms. Accordingly, each of Titanium, Davis, Etra, and Kandel agree that
any breach or threatened breach by any of them of any of their obligations shall
entitle the Company, without posting any bond or other security, to injunctive
and other equitable relief to secure the enforcement of these provisions, in
addition to any other remedies which may be available to the Company, and that
the Company shall be entitled to receive from Titanium, Davis, Etra, and Kandel,
as applicable reimbursement for all attorneys= fees and expenses incurred by the
Company if it prevails in enforcing these provisions.

                                   ARTICLE VI

                                    RELEASES

     6.1  Release of Company. Each of Titanium, Davis, Etra, and Kandel hereby
unconditionally and irrevocably releases and forever discharges, the Company and
each of its Affiliates, including, without limitation, IVAX Corporation, a
Florida corporation ("IVAX"), and each of their respective officers, directors,
employees and agents, from any and all claims, liabilities, obligations,
damages, or indebtedness of any nature, whether accrued or unaccrued, asserted
or unasserted, and whether known or unknown, which ever existed, now exist, or
may hereafter exist, by reason of any tort, breach of contract, violation of law
or other act or failure to act which shall have occurred at or prior to the date
hereof (each a "Claim"); provided, however, that the foregoing release by Davis
or Kandel shall not apply to any Claim, which they may have against the Company,
or, solely with respect to Davis, a Claim against IVAX arising out of its
limited guarantee of the Company's indemnity obligations, pursuant to: (i) the
provisions of the Company's Certificate of Incorporation or Bylaws relating to
the indemnification of the Company's officers and directors, (ii) the provisions
of Section 145 of the General Corporation Law of the State of Delaware, (iii)
any Claim relating to payments made or applied under the provisions of a
Director or Officer insurance policy, or (iv) any valid indemnification
agreement, including for Davis, the Indemnification Agreement dated as of August
1, 2002 between Davis and the Company. It is specifically intended that such
releases are to be effective regardless of whether the basis for any claim or
right released shall be known to or anticipated by Titanium, Davis, Etra, or
Kandel.

     6.2  Release of Titanium, Davis, Etra, and Kandel. Each of the Company and
IVAX hereby unconditionally and irrevocably release and forever discharge,
Titanium, Davis, Etra, and Kandel and each of their respective officers,
directors, employees and agents, from any and all Claims. It is specifically
intended that this release is to be effective regardless of whether the basis
for any claim or right released shall be known to or anticipated by the Company.

     6.3  Indemnification Obligations. From and after the date hereof, Davis and
Kandel shall retain all rights that they may have with respect to the Company
pursuant to (i) the provisions of the Company's Certificate of Incorporation or
Bylaws relating to the indemnification of the Company's officers and directors,
(ii) the provisions of Section 145 of the General Corporation Law of the State
of Delaware, (iii) any applicable Director and Officer Insurance Policy of the
Company, or (iv) any

                                       -7-

<PAGE>

valid indemnification agreement, including for Davis, the Indemnification
Agreement dated as of August 1, 2002 between Davis and the Company.

                                   ARTICLE VII

                                  MISCELLANEOUS

     7.1  Notices. Any notice, request, demand or other communication required
or permitted under this Agreement shall be in writing and shall be delivered
personally or sent by certified U.S. mail, return receipt requested, postage
prepaid, by facsimile or by prepaid overnight courier, in each case, to the
parties at the names and addresses set forth below (or at such other addresses
as shall be specified by the parties by like notice).

          If to Titanium, then to:
                   Titanium Holdings Group, Inc.
                   1023 Morales
                   San Antonio, Texas 78207-2315
                   Facsimile: 210-224-2169

          with a copy to:
                   Akin Gump Strauss Hauer & Feld LLP
                   300 Convent Street, Suite #1500
                   San Antonio, Texas 78205
                   Attn: Alan Schoenbaum
                   Facsimilie: 210-224-2035

          If to Davis, then to:
                   Randall K. Davis
                   Titanium Holdings Group, Inc.
                   1023 Morales
                   San Antonio, Texas 78207-2315
                   Facsimile: 210-224-2169

          If to Etra, then to:
                   Steven Etra
                   5830 57th Street
                   Maspeth, New York 11378
                   Facsimile: 718-894-2567

          If to Kandel then to:
                   Richard Kandel
                   211 Park Avenue
                   Hicksville, New York 11801-1408
                   Facsimile: 516-931-3530

                                       -8-

<PAGE>

          If to the Company, then to:
                   IVAX Diagnostics, Inc.
                   2140 North Miami Avenue
                   Miami, Florida 33127
                   Attention:  Chief Executive Officer
                   Facsimile: 305-324-2385

          with  copies to:
                   IVAX Corporation
                   4400 Biscayne Boulevard
                   Miami, Florida 33137
                   Attention:  General Counsel
                   Facsimile: 305-575-6049
                and

                   Stearns Weaver Miller Weissler
                     Alhadeff & Sitterson, P.A.
                   150 West Flagler Street, Suite 2200
                   Miami, Florida 33130
                   Attn:  Rick Schatz, Esq.
                   Facsimile No.:  305-789-3395

     Such notices, demands, claims and other communications shall be deemed
given when actually received, or: (a) in the case of delivery by overnight
service with guaranteed next day delivery, the next day or the day designated
for delivery, (b) in the case of certified U.S. mail, five (5) days after
deposit in the U.S. mail, or (c) in the case of facsimile, the date upon which
the transmitting party received confirmation of receipt by facsimile, telephone
or otherwise.

     7.2  Assignment. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective heirs, executors, legal
representatives, successors and permitted assigns. Other than the Options, which
shall be freely assignable by the Company in whole or in part, no party hereto
may assign this Agreement or any rights hereunder, in whole or in part, except
that the Company may assign this Agreement to its Affiliates; provided, however,
that any assignee shall assume the assignor's obligations hereunder.

     7.3  Waiver and Amendment. Any representation, warranty, covenant,
agreement, term or condition of this Agreement which may legally be waived, may
be waived, or the time of performance thereof extended, at any time by the party
hereto entitled to the benefit thereof, and any term, condition, covenant or
agreement may be amended by the parties hereto at any time. Any such waiver,
extension or amendment shall be in writing.

     7.4  Governing Law. This Agreement has been entered into and shall be
construed and enforced in accordance with the laws of the State of Florida
without reference to the choice of law principles thereof.

                                       -9-

<PAGE>

     IN WITNESS WHEREOF, each of the parties hereto has duly executed and
delivered this Agreement as of the day and year first above written.

                                            IVAX DIAGNOSTICS, INC.

                                            By:   /s/ Giorgio D'Urso
                                                  --------------------------
                                            Name:  Giorgio D'Urso
                                            Title: President and CEO

                                            TITANIUM HOLDINGS GROUP, INC.

                                            By:   /s/ Steven Etra
                                                  --------------------------
                                            Name:  Steven Etra
                                            Title: Chairman of the Board

                                            /s/ Randall K. Davis
                                            --------------------------
                                            Randall K. Davis

                                            /s/ Steven Etra
                                            --------------------------
                                            Steven Etra

                                            /s/ Richard Kandel
                                            --------------------------
                                            Richard Kandel

IVAX CORPORATION
solely for the limited purpose of agreeing to
the provisions of Article VI of this Agreement

By:    /s/ Steven D. Rubin
     ------------------------
Name:  Steven D. Rubin

Title: Vice President and General Counsel

                                      -10-

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