Document:

ex10-2.htm

    Exhibit
      10.2

    

    INDEMNIFICATION
      AGREEMENT

    

    THIS
      INDEMNIFICATION AGREEMENT is made effective as of the 14th day of
      August, 2007, by and between IR BioSciences Holdings, Inc., a Delaware
      corporation (the "Company") and Robert J Hariri, Director
      ("Indemnitee").

    

    WHEREAS,
      it is essential to the Company to retain and attract as directors and executive
      officers the most capable persons available;

    

    WHEREAS,
      Indemnitee has recently become, or continues to serve as a director of the
      Company;

    

    WHEREAS,
      the Bylaws and the Certificate of Incorporation of the Company require the
      Company to indemnify its directors and officers to the fullest extent permitted
      by law and Indemnitee is serving as a director or executive officer of the
      Company, in part, in reliance on such Bylaws and Certificate of Incorporation;
      and

    

    WHEREAS,
      in recognition of Indemnitee's need for substantial protection against personal
      liability, to maintain Indemnitee's continued service to the Company in an
      effective manner in reliance on the aforesaid Bylaws and Certificate of
      Incorporation, in part, to provide Indemnitee with specific contractual
      assurance that the protection promised by such Bylaws and Certificate of
      Incorporation will be available to Indemnitee (regardless of, among other
      things, any amendment to or revocation of such Bylaws and Certificate of
      Incorporation or any change in the composition of the Company's Board of
      Directors or any acquisition transaction relating to the Company), the Company
      desires to provide in this Agreement for the indemnification of and the advance
      of expenses to Indemnitee to the fullest extent (whether partial or complete)
      permitted by law, as set forth in this Agreement and, to the extent officers’
and directors’ liability insurance is maintained by the Company, to provide for
      continued coverage of Indemnitee under the Company's officers' and directors'
      liability insurance policies.

    

    NOW,
      THEREFORE, in consideration of the covenants contained herein and of
      Indemnitee's continuing service to the Company directly, or at its request,
      other enterprises, and intending to be legally bound thereby, the parties hereto
      agree as follows:

    

    1.   CERTAIN
      DEFINITIONS

    

    (a)
      Acquiring Person: shall mean any Person other than: (i) the Company; (ii) any
      of
      the Company's Subsidiaries; (iii) any employee benefit plan of the Company
      or of
      a Subsidiary of the Company or of a corporation owned directly or indirectly
      by
      the stockholders of the Company in substantially the same proportions as their
      ownership of stock of the Company; or (iv) any trustee or other fiduciary
      holding securities under an employee benefit plan of the Company or of a
      Subsidiary of the Company or of a corporation owned directly or indirectly
      by
      the stockholders of the Company in substantially the same proportions as their
      ownership of stock of the Company.

    

    (b)
      Change in Control: shall be deemed to have occurred if: (i) any Acquiring Person
      is, or becomes the "beneficial owner" (as defined in Rule 13d-3 and 14d-1 under
      the Securities and Exchange Act of 1934, as amended (the "Exchange Act")),
      directly or indirectly, of securities of the Company representing 50% or more
      of
      the combined voting power or more of the then outstanding Voting Securities
      of
      the Company; or (ii) members of the Incumbent Board cease for any reason to
      constitute at least a majority of the Board of Directors of the Company; or
      (iii) any reverse merger in which the Company is the surviving entity but in
      which securities possessing more than fifty percent (50%) of the total combined
      voting power of the Company's outstanding securities are transferred to a person
      or persons different from those who held such securities immediately prior
      to
      such merger; or (iv) the stockholders of the Company approve a plan of complete
      liquidation of the Company or an agreement for the sale or disposition by the
      Company of all or substantially all of the Company's assets (or, if no such
      approval is required, the consummation of such a liquidation, sale, or
      disposition in one transaction or series of related transactions) other than
      a
      liquidation, sale, or disposition of all or substantially all of the Company's
      assets in one transaction or a series of related transactions to a corporation
      owned directly or indirectly by the stockholders of the Company in substantially
      the same proportions as their ownership of stock of the Company.

    
 

    
      
        
        

      

      
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    (c)
      Claim: any threatened, pending, or completed action, suit, proceeding or
      alternative dispute resolution mechanism (including, without limitation,
      securities laws actions, suits, and proceedings), or any inquiry, hearing or
      investigation (including discovery), whether conducted by the Company or any
      other party, that Indemnitee in good faith believes might lead to the
      institution of any action, suit, proceeding or alternative dispute resolution
      mechanism whether civil, criminal, administrative, investigative, or
      other.

    

    (d)
      Expenses: include attorneys' fees and all other costs, travel expenses, fees
      of
      experts, transcript costs, filing fees, witness fees, telephone charges,
      postage, delivery service fees, expenses and obligations of any nature
      whatsoever paid or incurred in connection with investigating, defending, being
      a
      witness in or participating in (including on appeal), or preparing to defend,
      be
      a witness in or participate in any Claim relating to any Indemnifiable
      Event.

    

    (e)
      Incumbent Board: individuals, who, as of July,, 2003 constitute the Board of
      Directors of the Company and any other individual who becomes a director of
      the
      Company after that date and whose election or appointment by the Board of
      Directors or nomination for election by the Company's stockholders was approved
      by a vote of at least a majority of the directors then comprising the Incumbent
      Board.

    

    (f)
      Indemnifiable Event: any event or occurrence related to the fact that Indemnitee
      is or was a director, officer, employee, agent, or fiduciary of the Company,
      or
      is or was serving at the request of the Company as a director, officer,
      employee, trustee, agent, or fiduciary of another corporation, partnership,
      joint venture, employee benefit plan, trust, or other enterprise, or by reason
      of anything done or not done by Indemnitee in any such capacity. For purposes
      of
      this Agreement, the Company agrees that Indemnitee's service on behalf of or
      with respect to any Subsidiary of the Company shall be deemed to be at the
      request of the Company.

    

    (g)
      Independent Legal Counsel: special, independent counsel selected by Indemnitee
      and approved by the Company (which approval shall not be unreasonably withheld),
      and who has not otherwise performed services for the Company or for Indemnitee
      within the last five years (other than as Independent Legal Counsel under this
      Agreement or similar agreements). Independent Legal Counsel shall not be any
      person who, under the applicable standards of professional conduct then
      prevailing, would have a conflict of interest in representing either the Company
      or Indemnitee in an action to determine Indemnitee's rights under this
      Agreement, nor shall Independent Legal Counsel be any person who has been
      sanctioned or censured for ethical violations of applicable standards of
      professional conduct.

    

    (h)
      Person: any person or entity of any nature whatsoever, specifically including
      an
      individual, a firm, a company, a corporation, a partnership, a limited liability
      company, a trust, or other entity. A Person, together with that Person's
      Affiliates and Associates (as those terms are defined in Rule 12b-2 under the
      Exchange Act), and any Persons acting as a partnership, limited partnership,
      joint venture, association, syndicate, or other group (whether or not formally
      organized), or otherwise acting jointly or in concert or in a coordinated or
      consciously parallel manner (whether or not pursuant to any express agreement),
      for the purpose of acquiring, holding, voting, or disposing of securities of
      the
      Company with such Person, shall be deemed a single "Person."

    

    (i)
      Potential Change in Control: shall be deemed to have occurred if (i) the Company
      enters into an agreement, the consummation of which would result in the
      occurrence of a Change in Control; (ii) any Person (including the Company)
      publicly announces an intention to take or to consider taking actions that,
      if
      consummated, would constitute a Change in Control; (iii) any Acquiring Person
      who is or becomes the beneficial owner, directly or indirectly, of securities
      of
      the Company representing 10% or more of the combined voting power of the then
      outstanding Voting Securities of the Company increases its beneficial ownership
      of such securities by 5% or more over the percentage so owned by that Person
      on
      the date of this Agreement; or (iv) the Board of Directors of the Company adopts
      a resolution to the effect that, for purposes of this Agreement, a Potential
      Change in Control has occurred.

    

    (j)
      Reviewing Party: any appropriate person or body consisting of a member or
      members of the Company's Board of Directors or any other person or body
      appointed by the Board who is not a party to the particular Claim for which
      Indemnitee is seeking indemnification or Independent Legal Counsel.

    

    (k)
      Subsidiary: with respect to any Person, any corporation or other entity of
      which
      a majority of the voting power of the voting equity securities or equity
      interest is owned, directly or indirectly, by that Person.

    

    (l)
      Voting Securities: any securities that vote generally in the election of
      directors, in the admission of general partners, or in the selection of any
      other similar governing body.

     

     

    
      
        
        

      

      
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    2.   BASIC
      INDEMNIFICATION AND EXPENSE REIMBURSEMENT ARRANGEMENT

    

    (a)
      If
      Indemnitee was, is, or becomes a party to or witness or other participant in,
      or
      is threatened to be made a party to or witness or other participant in, a Claim
      by reason of (or arising in part out of) an Indemnifiable Event, the Company
      shall indemnify Indemnitee to the fullest extent permitted by law as soon as
      practicable but in any event no later than 30 days after written demand is
      presented to the Company, against any and all Expenses, judgments, fines,
      penalties, or amounts paid in settlement (including all interest, assessments,
      and other charges paid or payable in connection with or in respect of such
      Expenses, judgments, fines, penalties, or amounts paid in settlement) of or
      with
      respect to that Claim and any federal, state, local or foreign taxes imposed
      on
      the Indemnitee as a result of the actual or deemed receipt of any payments
      under
      this Agreement (including the creation of the trust referred to in Section
      4
      hereof). Notwithstanding anything in this Agreement to the contrary and except
      as provided in Section 5, prior to a Change in Control, Indemnitee shall not
      be
      entitled to indemnification pursuant to this Agreement in connection with any
      Claim initiated by Indemnitee against the Company or any director or officer
      of
      the Company unless the Company has joined in or consented to the initiation
      of
      such Claim. Notwithstanding the foregoing, the obligations of the Company under
      Section 2(a) shall be subject to the condition that the Reviewing Party shall
      not have determined (in a written opinion, in any case in which Independent
      Legal Counsel referred to in Section 3 hereof is involved) that Indemnitee
      would
      not be permitted to be indemnified under applicable law. Nothing contained
      in
      this Agreement shall require any determination under this Section 2(a) to be
      made by the Reviewing Party prior to the disposition or conclusion of the Claim
      against the Indemnitee; provided, however, that Expense Advances shall continue
      to be made by the Company pursuant to and to the extent required by the
      provisions of Section 2(b).

    

    (b)
      If so
      requested by Indemnitee, the Company shall pay any and all Expenses incurred
      by
      Indemnitee (or, if applicable, reimburse Indemnitee for any and all Expenses
      incurred by Indemnitee and previously paid by Indemnitee) within five business
      days after such request (an "Expense Advance"). The Company shall be obligated
      to make or pay an Expense Advance in advance of the final disposition or
      conclusion of any Claim including legal fees and other expenses expected to
      be
      incurred.   In connection with any request for an Expense
      Advance, if requested by the Company, Indemnitee or Indemnitee's counsel shall
      submit an affidavit stating that the Expenses incurred were reasonable. Any
      dispute as to the reasonableness of any Expense shall not delay an Expense
      Advance by the Company, and the Company agrees that any such dispute shall
      be
      resolved only upon the disposition or conclusion of the underlying Claim against
      the Indemnitee. If, when, and to the extent that the Reviewing Party determines
      that Indemnitee would not be permitted to be indemnified with respect to a
      Claim
      under applicable law, the Company shall be entitled to be reimbursed by
      Indemnitee and Indemnitee hereby agrees to reimburse the Company without
      interest (which agreement shall be an unsecured obligation of Indemnitee) for
      all related Expense Advances theretofore made or paid by the Company; provided,
      however, that if Indemnitee has commenced legal proceedings in a court of
      competent jurisdiction to secure a determination that Indemnitee should be
      indemnified under applicable law, any determination made by the Reviewing Party
      that Indemnitee would not be permitted to be indemnified under applicable law
      shall not be binding and Indemnitee shall not be required to reimburse the
      Company for any Expense Advance, and the Company shall be obligated to continue
      to make Expense Advances, until a final judicial determination is made with
      respect thereto (as to which all rights of appeal therefrom have been exhausted
      or lapsed). If there has not been a Change in Control, the Reviewing Party
      shall
      be selected by the Board of Directors of the Company. If there has been a Change
      in Control, the Reviewing Party shall be advised by or shall be the Independent
      Legal Counsel referred to in Section 3 hereof, if and as Indemnitee so requests.
      If there has not been any determination by the Reviewing Party or if the
      Reviewing Party determines that Indemnitee substantively would not be permitted
      to be indemnified in whole or in part under applicable law, Indemnitee shall
      have the right to commence litigation in any court of the State of Arizona
      having subject matter jurisdiction thereof and in which venue is proper seeking
      an initial determination by the court or challenging any such determination
      by
      the Reviewing Party or any aspect thereof, and the Company hereby consents
      to
      service of process and to appear in any such proceeding. Any determination
      by
      the Reviewing Party otherwise shall be conclusive and binding on the Company
      and
      Indemnitee.

    

    3.   CHANGE
      IN CONTROL

    

    The
      Company agrees that, if there is a Change in Control and if Indemnitee requests
      in writing that Independent Legal Counsel advise the Reviewing Party or be
      the
      Reviewing Party, then the Company shall not deny any indemnification payments
      (and Expense Advances shall continue to be paid by the Company pursuant to
      Section 2(b)) that Indemnitee requests or demands under this Agreement or any
      other agreement or law now or hereafter in effect relating to Claims for
      Indemnifiable Events. The Company further agrees not to request or seek
      reimbursement from Indemnitee of any related Expense Advances unless, with
      respect to a denied indemnification payment, Independent Legal Counsel has
      rendered its written opinion to the Company and Indemnitee that the Company
      would not be permitted under applicable law to pay Indemnitee such
      indemnification payment. The Company agrees to pay the reasonable fees of
      Independent Legal Counsel referred to in this Section 3 and to indemnify fully
      Independent Legal Counsel against any and all expenses (including attorneys'
      fees), claims, liabilities, and damages arising out of or relating to this
      Agreement or Independent Legal Counsel's engagement pursuant
      hereto.

    

    4.   ESTABLISHMENT
      OF TRUST

    

    In
      the
      event of a Potential Change in Control, the Company shall, upon written request
      by Indemnitee, create a trust for the benefit of Indemnitee (the "Trust") and
      from time to time upon written request of Indemnitee the Company shall fund
      the
      Trust in an amount sufficient to satisfy any and all Expenses reasonably
      anticipated at the time of each such request to be incurred in connection with
      investigating, preparing for, and defending any Claim relating to an
      Indemnifiable Event, and any and all judgments, fines, penalties, and settlement
      amounts of any and all Claims relating to an Indemnifiable Event from time
      to
      time actually paid or claimed, reasonably anticipated, or proposed to be paid.
      The amount or amounts to be deposited in the Trust pursuant to the foregoing
      funding obligation shall be determined by the Reviewing Party, in any situation
      in which Independent Legal Counsel referred to in Section 3 is involved. The
      terms of the Trust shall provide that, upon a Change in Control, (i) the Trust
      shall not be revoked or the principal thereof invaded, without the written
      consent of Indemnitee; (ii) the trustee of the Trust shall advance, within
      five
      business days of a request by Indemnitee, any and all Expenses to Indemnitee
      (and Indemnitee hereby agrees to reimburse the Trust under the circumstances
      in
      which Indemnitee would be required to reimburse the Company for Expense Advances
      under Section 2(b) of this Agreement); (iii) the Trust shall continue to be
      funded by the Company in accordance with the funding obligation set forth above;
      (iv) the trustee of the Trust shall promptly pay to Indemnitee all amounts
      for
      which Indemnitee shall be entitled to indemnification pursuant to this Agreement
      or otherwise; and (v) all unexpended funds in that Trust shall revert to the
      Company upon a final determination by the Reviewing Party or a court of
      competent jurisdiction, as the case may be, that Indemnitee has been fully
      indemnified under the terms of this Agreement. The trustee of the Trust shall
      be
      chosen by Indemnitee. Nothing in this Section 4 shall relieve the Company of
      any
      of its obligations under this Agreement. All income earned on the assets held
      in
      the trust shall be reported as income by the Company for federal, state, local
      and foreign tax purposes.

    

    
      
        
        

      

      
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    5.   INDEMNIFICATION
      FOR ADDITIONAL EXPENSES

    

    The
      Company shall indemnify Indemnitee against any and all costs and expenses
      (including attorneys' and expert witnesses' fees) and, if requested by
      Indemnitee, shall (within five business days of that request) advance those
      costs and expenses to Indemnitee, that are incurred by Indemnitee in connection
      with any claim asserted against or action brought by Indemnitee for (i)
      indemnification or advance payment of Expenses by the Company under this
      Agreement or any other agreement or provision of the Company's Certificate
      of
      Incorporation or Bylaws now or hereafter in effect relating to Claims for
      Indemnifiable Events and/or (ii) recovery under any directors' and officers'
      liability insurance policies maintained by the Company, regardless of whether
      Indemnitee ultimately is determined to be entitled to that indemnification,
      advance expense payment, or insurance recovery, as the case may be.

    

    6.   PARTIAL
      INDEMNITY

    

    If
      Indemnitee is entitled under any provision of this Agreement to indemnification
      by the Company for some or a portion of the Expenses, judgments, fines,
      penalties, and amounts paid in settlement of a Claim but not, however, for
      all
      of the total amount thereof, the Company shall nevertheless indemnify Indemnitee
      for the portion thereof to which Indemnitee is entitled. Moreover,
      notwithstanding any other provision of this Agreement, to the extent that
      Indemnitee has been successful on the merits or otherwise in defense of any
      or
      all Claims relating in whole or in part to an Indemnifiable Event or in defense
      of any issue or matter therein, including dismissal without prejudice,
      Indemnitee shall be indemnified against all Expenses incurred in connection
      therewith.

    

    7.   CONTRIBUTION

    

    (a)
      Contribution Payment: To the extent the indemnification provided for under
      any
      provision of this Agreement is determined (in the manner hereinabove provided)
      not to be permitted under applicable law, then if Indemnitee was, is, or becomes
      a party to or witness other participant in, or is threatened to be made a party
      to or witness or other participant in, a Claim by reason of (or arising in
      part
      out of) an Indemnifiable Event, the Company, in lieu of indemnifying Indemnitee,
      shall contribute to the amount of any and all Expenses, judgments, fines, or
      penalties assessed against or incurred or paid by Indemnitee on account of
      that
      Claim and any and all amounts paid in settlement of that Claim (including all
      interest, assessments, and other charges paid or payable in connection with
      or
      in respect of such Expenses, judgments, fines, penalties, or amounts paid in
      settlement) for which such indemnification is not permitted ("Contribution
      Amounts"), in such proportion as is appropriate to reflect the relative fault
      with respect to the Indemnifiable Event giving rise to the Contribution Amounts
      of Indemnitee, on the one hand, and of the Company and any and all other parties
      (including officers and directors of the Company other than Indemnitee) who
      may
      be at fault with respect to such Indemnifiable Event (collectively, including
      the Company, the "Third Parties") on the other hand.

    

    (b)
      Relative Fault: The relative fault of the Third Parties and the Indemnitee
      shall
      be determined (i) by reference to the relative fault of Indemnitee as determined
      by the court or other governmental agency assessing the Contribution Amount,
      or
      (ii) to the extent such court or other governmental agency does not apportion
      relative fault, by the Reviewing Party (which shall include Independent Legal
      Counsel) after giving effect to, among other things, the relative intent,
      knowledge, access to information, and opportunity to prevent or correct the
      applicable Indemnifiable Event and other relevant equitable considerations
      of
      each party. The Company and Indemnitee agree that it would not be just and
      equitable if contribution pursuant to this Section 7 were determined by pro
      rata
      allocation or by any other method of allocation which does take account of
      the
      equitable considerations referred to in this Section 7(b).

    

    8.   BURDEN
      OF PROOF

    

    It
      shall
      be a defense to any action brought by the Indemnitee against the Company to
      enforce this Agreement (other than an action brought to enforce a claim for
      expenses incurred in defending a Claim in advance of its final disposition
      where
      the required undertaking has been tendered by the Company) that the Indemnitee
      has not met the standards of conduct that make it permissible under the Delaware
      General Corporation Law for the Company to indemnify the Indemnitee for the
      amount claimed. In connection with any determination by the Reviewing Party
      or
      otherwise as to whether Indemnitee is entitled to be indemnified under any
      provision of this Agreement or to receive contribution pursuant to Section
      7 of
      this Agreement, the burden of proof shall be on the Company to establish that
      Indemnitee is not so entitled.

    

    
      
        
        

      

      
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    9.   NO
      PRESUMPTION

    

    For
      purposes of this Agreement, the termination of any claim, action, suit, or
      proceeding, by judgment, order, settlement (whether with or without court
      approval), or conviction, or upon a plea of nolo contendere, or its equivalent,
      shall not create a presumption that Indemnitee did not meet any particular
      standard of conduct or have any particular belief or that a court has determined
      that indemnification is not permitted by applicable law.

    

    10.  NON-EXCLUSIVITY

    

    The
      rights of Indemnitee hereunder shall be in addition to any other rights
      Indemnitee may have under the Company's Certificate of Incorporation or Bylaws,
      the Delaware General Corporation Law or otherwise. To the extent that a change
      in the Delaware General Corporation Law (whether by statute or judicial
      decision) permits greater indemnification by agreement than would be afforded
      currently under the Company's Certificate of Incorporation or Bylaws and this
      Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy
      by
      this Agreement the greater benefits so afforded by that change.

    

    11.  NO
      CONSTRUCTION AS EMPLOYMENT AGREEMENT

    

    Nothing
      contained herein shall be construed as giving Indemnitee any  right to
      be retained in the employ of the Company of any of its
      Subsidiaries.

    

    12.  LIABILITY
      INSURANCE

    

    Except
      as
      otherwise agreed to by the Company and Indemnitee in a written agreement, to
      the
      extent the Company maintains an insurance policy or policies providing
      directors' and officers' liability insurance, Indemnitee shall be covered by
      that policy or those policies, in accordance with its or their terms, to the
      maximum extent of the coverage available for any Company director or
      officer.

     

    
      13. PERIOD
        OF LIMITATIONS

      

      No
        legal
        action shall be brought and no cause of action shall be asserted by or on
        behalf
        of the Company or any affiliate of the Company against Indemnitee or
        Indemnitee's spouse, heirs, executors, or personal or legal representatives
        after the expiration of three years from the date of accrual of that cause
        of
        action, and any claim or cause of action of the Company or its affiliate
        shall
        be extinguished and deemed released unless asserted by the timely filing
        of a
        legal action within that applicable period; provided, however, that, if any
        shorter period of limitations is otherwise applicable to any such cause of
        action, the shorter period shall govern.

      

      14.  AMENDMENTS

      

      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 provisions hereof (whether or not similar) nor shall that waiver
        constitute a continuing waiver.

      

      15.  SUBROGATION

      

      In
        the
        event of payment under this Agreement, the Company shall be subrogated to
        the
        extent of that payment to all of the rights of recovery of Indemnitee, who
        shall
        execute all papers required and shall do everything that may be necessary
        to
        secure those rights, including the execution of the documents necessary to
        enable the Company effectively to bring suit to enforce those
        rights.

      
 

      
        
          
          

        

        
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      16.  NO
        DUPLICATION OF PAYMENTS

      

      The
        Company shall not be liable under this Agreement to make any payment in
        connection with any claim made against Indemnitee to the extent Indemnitee
        has
        otherwise actually received payment (under any insurance policy, provision
        of
        the Company's charter or Bylaws or otherwise) of the amounts otherwise
        indemnifiable hereunder.

      

      17.  BINDING
        EFFECT; MERGER

      

      This
        Agreement shall be binding upon and inure to the benefit of and be enforceable
        by the parties hereto and their respective successors, assigns (including
        any
        direct or indirect successor by purchase, merger, consolidation, or otherwise
        to
        all or substantially all of the business or assets of the Company), spouses,
        heirs, and personal and legal representatives. The Company shall require
        and
        cause any successor (whether direct or indirect by purchase, merger,
        consolidation or otherwise) to all, substantially all, or by written agreement
        in form and substance satisfactory to Indemnitee, expressly to assume and
        agree
        to perform this Agreement in the same manner and to the same extent that
        the
        Company would be required to perform if no such succession had taken place.
        This
        Agreement shall continue in effect regardless of whether Indemnitee continues
        to
        serve as an officer or director of the Company or another enterprise at the
        Company's request.

       

      18. 
        SEVERABILITY

       

      
        If
          any
          provision of this Agreement is held to be illegal, invalid, or unenforceable
          under present or future laws effective during the term hereof, that provision
          shall be fully severable; this Agreement shall be construed and enforced
          as if
          that illegal, invalid, or unenforceable provision had never comprised a
          part
          hereof; and the remaining provisions shall remain in full force and effect
          and
          shall not be affected by the illegal, invalid, or unenforceable provision
          or by
          its severance from this Agreement. Furthermore, in lieu of that illegal,
          invalid, or unenforceable provision, there shall be added automatically
          as a
          part of this Agreement a provision as similar in terms to the illegal,
          invalid,
          or unenforceable provision as may be possible and be legal, valid, and
          enforceable.

        

        19.  GOVERNING
          LAW

        

        This
          Agreement shall be governed by and construed and enforced in accordance
          with the
          laws of the State of Delaware applicable to contracts made and to be performed
          in that state without giving effect to the principles of conflicts of laws
          or
          choice of laws.

        

        20.  CONSTRUCTION

        

        The
          headings contained in this Agreement are for reference purposes only and
          shall
          not affect in any way the meaning or interpretation of this Agreement.
          Pronouns
          shall be construed to include the masculine, feminine, neuter, singular
          and
          plural as the context requires.

        

        21.  NOTICES

        

        Whenever
          this Agreement requires or permits notice to be given by one party to the
          other,
          such notice must be in writing to be effective and shall be deemed delivered
          and
          received by the party to whom it is sent upon actual receipt (by any means)
          of
          such notice. Receipt of a notice by any officer of the Company shall be
          deemed
          receipt of such notice by the Company.

        

        22.  COUNTERPARTS

        

        This
          Agreement may be executed in any number of counterparts, each of which
          shall be
          deemed an original, but in making proof hereof it shall not be necessary
          to
          produce or account for more than one such counterpart.

        

        

                  IN
          WITNESS WHEREOF, the undersigned has executed this agreement as of the
          date
          first written above.

        

         

        
           

           

          
            	 	IR
                    BIOSCIENCES
                    HOLDINGS, INC.	 
	 	a
                    Delaware corporation	 
	 	 	 	 
	
                  	
                    By:
                      

                  	/s/
                    Michael
                    K.
                    Wilhelm                                  
                    	 
	 	 	Michael
                    K.
                    Wilhelm	 
	 	 	Chief
                    Executive Officer and
                    President	 
	 	 	 	 

          

          
          

          
             

          

          

          
            	 	INDEMNITEE:	 
	 	
                  	 
	 	 	 	 
	
                     

                  	
                    By:
                      

                  	
                    /s/
                      Dr. Robert J.
                      Hariri                                     
                      

                  	 
	 	 	Dr.
                    Robert J.
                    Hariri	 
	 	 	Director	 
	 	 	 	 

          

           

           

          
            
              
              

            

            
              13Amendment to the Revolving Line of Credit Agreement

 Exhibit 10.4 
 FIRST AMENDMENT TO 
 REVOLVING LINE OF CREDIT AGREEMENT 
 This First Amendment (this “Amendment”) is made as of to that certain Revolving Line of Credit Agreement dated March 16, 2007 (the
“Loan Agreement”) by and among SOVEREIGN BANK (the “Bank”) and MEDICAL SOLUTIONS MANAGEMENT, INC., a Nevada corporation having its principal place of business at 237 Cedar Hill Street, Marlborough, Massachusetts 01752 (the
“Borrower”). Capitalized terms used and not defined in this Amendment shall have the meanings ascribed to them in the Loan Agreement. 
 RECITALS 
 The Borrower has requested that the Bank agree to amend the Loan Agreement to increase the maximum amount of the Credit
to S3,000,000.00. The Bank is willing to so increase the maximum amount of the Credit provided that the Borrower causes the Letter of Credit to be increased commensurately, and on the additional terms and conditions set forth in this Amendment.

 AGREEMENT 
 In consideration
of the foregoing, of the undertakings of the Borrower and the Bank herein, and for other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Upon delivery to the Bank of an executed and effective Amendment No. 1 to Letter of Credit in the form of Exhibit A hereto, Section 1.1 of the Loan
Agreement shall be amended to read as follows: 
 “1.1 Revolving Credit Facility. Subject to the terms and
conditions set forth herein, and in reliance upon the representations, warranties and covenants of the Borrower contained herein, the Bank hereby establishes a revolving credit facility in favor of the Borrower in the aggregate principal amount of
$3,000,000.00 (the “Credit” or “Revolving Credit Loan”). Each borrowing of money pursuant to the Credit (a “Loan” or “Loans”) shall be made at such times during the Commitment Period (as hereinafter defined)
as the Borrower may request by written or telephonic notice (immediately confirmed in writing) given to the Bank, specifying the proposed date and the amount of the Loan. Provided there is no continuing Default or Event of Default, the Bank shall
make such Loans to the Borrower by crediting the Borrower’s account with the Bank. The Borrower may, at its option, borrow, pay, prepay and re-borrow hereunder all or any portion of the Loans in accordance with the provisions hereof.

 The Borrower’s right to request Loans under the Credit shall terminate one hundred twenty (120) days prior to the
expiry of the Letter of Credit referenced in Section 1.8 (the “Commitment Period” or “Maturity Date”). The Loans shall otherwise be payable in according with the provisions of the Note.” 
  

 2. Upon delivery to the Bank of an executed and effective Amendment No. 1 to Letter of Credit in the form of Exhibit
A hereto, Section 1.8 of the Loan Agreement is hereby amended to read as follows: 
 “1.8 Collateral
Security. The Obligations of the Borrower are supported by an irrevocable Standby Letter of Credit issued in favor of the Bank in the maximum drawing amount of $3,060,000.00 (the “Letter of Credit”) issued by Custodial Trust Company,
an affiliate of The Bear Stearns Companies. Such Letter of Credit is number 00034, and a true copy of the Letter of Credit and Amendment No. 1 thereto is annexed to this Agreement as Exhibit A. The Letter of Credit shall have an expiry
of not sooner than March 15, 2008.” 
 3. The Borrower confirms that the outstanding principal balance under the line of credit is $1,500,000 as of
May 17, 2007. 
 4. The Borrower represents and warrants to the Bank that all of the representations and warranties made by the Borrower in the Loan
Agreement and other Loan Documents are and continue to be true and correct on the date hereof, except for any representation or warranty which expressly refers to an earlier date, and that it is in compliance with the covenants and agreements
contained in the Loan Agreement. 
 5. The Borrower further represents and warrants that this Amendment is a valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms, except as may be affected by bankruptcy and other similar laws of general application affecting the rights and remedies of creditors. 
 6. Except as otherwise expressly provided in this Amendment, nothing in this Amendment shall extend to or affect in any way any of the Obligations or any of the rights
and remedies of the Bank arising under the Loan Agreement and other Loan Documents, and the Bank shall not be deemed to have waived any or all of such rights and remedies with respect to any Event of Default or event or condition which, with notice
or the lapse of time, would become an Event of a Default and which, upon the Borrower’s execution and delivery of this Amendment, might otherwise exist or which might hereafter occur. 
 7. By execution of this Amendment, the Borrower acknowledges and confirms that it does not, as of the date of this Amendment, have any offsets, defenses or claims
against the Bank, or any of its officers, agents, directors or employees whether asserted or unasserted to payment and performance when due of the Obligations. 
 8. The Borrower acknowledges and agrees that it shall immediately pay to the Bank for reimbursement the full amount of all reasonable out-of-pocket costs and expenses of the Bank incurred by the Bank in preparation and documentation of this
Amendment and all documents ancillary hereto or incurred by the Bank after the date of this Amendment in connection with administration of the Obligations or enforcement of any rights of the Bank under the Loan Agreement and other Loan Documents or
otherwise in respect of any of the Obligations. 
 9. If any clause or provision of this Amendment is determined to be illegal, invalid or unenforceable
under any present or future law by the final judgment of a court of competent 

  

 2 

 
jurisdiction, the remainder of this Amendment will not be affected thereby. It is the intention of the parties that if any such provision is held to be
invalid, illegal or unenforceable, there will be added in lieu thereof in enforceable provision as similar in terms to such provision as is possible, and that such added provision will be legal, valid and enforceable. 
 10. This Amendment is delivered to the Bank in the Commonwealth of Massachusetts and it is the desire and intention of the parties that this Amendment and the Loan
Documents be in all respects interpreted according to the laws of the Commonwealth of Massachusetts. The Borrower specifically and irrevocably consents to the personal and subject matter, jurisdiction and venue of the federal and state courts of the
Commonwealth of Massachusetts with respect to all matters concerning this Amendment or the Loan Documents or the enforcement of any of the foregoing. 
  

 3 

 Executed and delivered May 18, 2007. 
  

									
	WITNESS	 		 	 BORROWER
 MEDICAL SOLUTIONS
MANAGEMENT, INC.

				
	/s/ Kenneth Fischer	 		 	By:	 	/s/ Brian Lesperance
		 		 		 	

  

							
		 		 	 BANK
 SOVEREIGN
BANK

				
		 		 	By:	 	/s/ Victor Levesque
		 		 		 	

  

 4

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