Document:

WWW.EXFILE.COM, INC. -- 888-775-4789 -- CELL KINETICS LTD. -- EXHIBIT 4.15 TO FORM 20-F

    EXHIBIT 4.15

     

     

    Distribution
Agreement

     

    

    

    This
Distribution Agreement (hereinafter referred to as the "Agreement" )
is made as of May 19th 2009 (the "Effective Date") entered into by and
between

     

    1.
Cell Kinetics, Ltd.

     

    with its
business address at 2 Yodfat St., Global Park, P.O. Box 1112, Lod 71291,
Israel

     

    (hereinafter
referred to as the "SUPPLIER")

     

    And

     

    2.
EuroClone SpA.

     

    with its
business address at Via Figino, 20/22 - 20016 Pero (MI),
Italy 

     

    (hereinafter
referred to as the "DISTRIBUTOR")

     

    as
follows:

     

    1.
Subject matter of the Agreement

     

    1.1 SUPPLIER grants
DISTRIBUTOR, subject to DISTRIBUTOR'S performance of all of his obligations
under this Agreement, the right of limited exclusivity distribution of the CK
Chip for research applications and its related accessories, as it is
described in Annex
1 attached hereto (hereinafter referred to as the "PRODUCTS") in the TERRITORY (as defined below)
in accordance with the terms and conditions of this Agreement.

     

    1.2 DISTRIBUTOR shall buy
and sell the PRODUCTS under the CK ChipTM brand in its own name and for its own
account as an independent contractor. DISTRIBUTOR shall not be authorized
or empowered to act in the name of SUPPLIER.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    2.
Term of the Agreement

     

    This
Agreement is entered into effect on the Effective Date, and shall terminate in
accordance with Section 8 herein (the "Term"). During the Term of the
Agreement, the parties shall discuss and renegotiate its commercial terms in
good faith once a year, six (6) months prior to the beginning of each new year,
after 18 months have lapsed from the Effective Date.

     

    3.
Contract territory

     

    3.1 The contract
territory shall be Italy (hereinafter and hereinabove referred to as the „TERRITORY“).

     

    3.2 DISTRIBUTOR undertakes
to act with all due diligence and good faith in order to promote the sale of the
PRODUCTS in the TERRITORY.  DISTRIBUTOR declares and warrants that it is
free to contract with SUPPLIER to perform the services contemplated by this
Agreement and that such contract or performance thereunder will not violate any
agreement, fiduciary obligation, or restrictions to which DISTRIBUTOR may be
subject.  DISTRIBUTOR does not undertakes any sales activities in
respect of PRODUCTS outside the TERRITORY.

     

    4.
Duties of SUPPLIER

     

    4.1 SUPPLIER shall
support the sales and customer support by DISTRIBUTOR in the TERRITORY as
it deems appropriate. 

     

    4.2 SUPPLIER shall make
available soft copies of the brochures or catalogues in English, as well as
up to one hundred (100) hard copies of English brochures to DISTRIBUTOR at its
disposal free of charge. In addition, SUPPLIER shall make available
advertising materials such as the pictures or digital data to DISTRIBUTOR
at its disposal free of charge.  DISTRIBUTOR will bear the printing costs
for the brochures, catalogues or advertisements in Italian.  SUPPLIER
will provide additional English brochures or catalogues to DISTRIBUTOR at
SUPPLIER’S then applicable prices.

     

    4.3 SUPPLIER shall update
DISTRIBUTOR on the developments and the improvements in respect of the
PRODUCTS. SUPPLIER further undertakes to provide the trainings in
connection with product innovations if it is required, as it deems
appropriate.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    4.4 PRODUCTS will be shipped
from ex-works SUPPLIER’S factory (Incoterms 2000).  SUPPLIER shall
coordinate shipment of the PRODUCTS with DISTRIBUTOR.

     

    4.5 SUPPLIER reserves the
right to cease manufacturing or distributing any or all the PRODUCTS subject to
a prior written notice of one hundred and twenty (120) days to
DISTRIBUTOR.

    

    4.6 SUPPLIER reserves the
right to alter or change any or all the PRODUCTS without prior
notice.  If such change affects the specification or performance of
the PRODUCTS, SUPPLIER shall give DISTRIBUTOR the prior written notice of forty
five (45) days.

     

    5.
Duties of DISTRIBUTOR

     

    5.1 Upon signing of this Agreement,
DISTRIBUTOR shall place an initial purchase order to SUPPLIER of ten (10) packs
of CKChips and five (5) Starter Kits.

     

    Additionally,
Distributor shall be obligated to a minimum yearly purchase of a total of sixty
(60) Starter Kits. To avoid any doubt, Distributor’s failure to comply with such
minimum purchase obligation shall give Supplier the right to terminate the
Agreement in accordance with the provisions of Section 8.(b)
herein.

     

    5.2 DISTRIBUTOR shall not
make any statement, and shall not behave in any way that may be interpreted as
an implicit statement, relating to the PRODUCTS unless such statement is
expressly included in the documents provided by SUPPLIER or in any written
instruction.

     

    5.3 During the Term of this
Agreement, DISTRIBUTOR shall not produce or distribute, or assist any third
parties in producing or distributing, products that compete with the
PRODUCTS. The aforesaid shall include e.g. the support of any own or third
party activity, either for or without consideration, by financial means (own or
external funds) or the provision of advice. DISTRIBUTOR undertakes to
forthwith inform SUPPLIER of any infringement of SUPPLIER’S intellectual
property rights of which DISTRIBUTOR becomes aware.

     

    5.4 It is the intention of
both parties to establish the distribution possibilities and technical
competence in the TERRITORY in the best possible way.  DISTRIBUTOR
undertakes to use its best efforts for promoting the sales of the
PRODUCTS.  Without derogating from the above, DISTRIBUTOR is
committed, under this Agreement, to perform, fully, diligently and faithfully,
all of his duties and obligations as they are further described in the sales and
marketing plan attached hereto as Annex
2 (the “Sales and
Marketing Plan”).

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    5.5 DISTRIBUTOR shall not
disclose to third parties the business secrets DISTRIBUTOR learns in connection
with the activities. The aforesaid shall also apply if such information is
no longer secret due to a breach by DISTRIBUTOR of its confidentiality
obligation.  Without derogating from the above, the parties have
signed, and are bound by, the non-disclosure agreement attached hereto as Annex
3 (“NDA”).

     

    5.6 DISTRIBUTOR shall
submit the order forecast for the subsequent 3 months at the beginning
of each quarter, for any CKChip products which may be required beyond the units
purchased by DISTRIBUTOR under the purchase orders set forth in Section 5.1
above. DISTRIBUTOR shall moreover inform SUPPLIER about any circumstances
that may be significant in connection with the performance of this Agreement or
otherwise for the distribution of the PRODUCTS.

     

    5.7 All right, title and
interest in and to the patents, service marks, copyrights, slogans, labels and
designs of the PRODUCTS, the Trademarks and Trade names and the goodwill
pertaining thereto (hereinafter, collectively, the “PRODUCTS IP”) are reserved
by and shall at all times vest and remain in SUPPLIER’S ownership, and
DISTRIBUTOR shall not attempt to acquire any rights in the same or contest the
title or rights of SUPPLIER in and to the same. DISTRIBUTOR shall use the
PRODUCTS IP rights of SUPPLIER exclusively within the scope of this Agreement
and SUPPLIER’S instructions. DISTRIBUTOR shall not, within or outside the
TERRITORY, register or have registered by third parties, or enforce or have
enforced by third parties, any protective rights, e.g. trademarks, that are
partly or wholly identical with or similar to the intellectual property rights
of SUPPLIER.

     

    5.8 All matters relating to
the import of the PRODUCTS into the TERRITORY and their distribution and use
therein, including import licenses and custom duties, as well as any other
regulatory issues applicable in the TERRITORY, are under the sole responsibility
of DISTRIBUTOR and all costs expenses and payments relating thereto shall be
born by DISTRIBUTOR.

     

    5.9 DISTRIBUTOR agrees to
defend and hold harmless SUPPLIER from any and all claims,
actions and suits
asserted by any person or entity, and indemnify SUPPLIER for
any and all liabilities,  judgments,
losses, damages, costs, charges, attorneys fees and other expenses
resulting of the failure of
DISTRIBUTOR to comply with the requirements of Sections 5.2, 5.3, 5.5, 5.7 and
5.8 hereof.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    6.
Pricing by DISTRIBUTOR

     

    DISTRIBUTOR
shall be free to determine its selling prices. Any end-user price lists
that may be issued by SUPPLIER constitute non-binding recommendations and shall
be clearly marked as such by DISTRIBUTOR.  The same shall apply mutatis
mutandis to any calculation examples and other documents of this
kind.

     

    7.
Commercial and legal provisions regarding the sale of the PRODUCTS

     

    7.1 SUPPLIER sells, and
DISTRIBUTOR buys the PRODUCTS in accordance with the terms and provisions of
this Agreement.

     

    7.2 The prices of the
PRODUCTS payable by DISTRIBUTOR are set out in Annex 1.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    7.3 Payment terms shall be net
45 days.

     

    7.4 Payments shall be made in
Euro.

     

    7.5 All sales from SUPPLIER to DISTRIBUTOR
shall be final, and no sale from SUPPLIER to DISTRIBUTOR shall be deemed to be
on consignment or on a "sale or return" basis, except with respect to
demonstration or evaluation units as specified by and agreed to by SUPPLIER in
writing.

     

    8.
Termination

     

    This
Agreement may be terminated at any time as follows, subject to the provisions of
this Section 8:

     

    
      
        	
                (a) 

              	
                This
      Agreement may be terminated for convenience by either party by providing
      the other party with a six (6) months prior written notice of
      termination, provided that such notice of termination for convenience may
      only be submitted after eighteen (18) months have passed from the
      Effective Date, such that the actual Agreement Term will be no less than
      twenty-four (24) months (unless terminated earlier for default as set
      forth in Section 8 (b)
herein).

              

      

       

    

    
      
        	
                (b) 

              	
                Notwithstanding
      the above, this Agreement may be terminated by either party on forty five
      (45)   days prior written notice if the other party
      breaches any of its obligations contained in this  Agreement or any
      representation or warranty by it, is proven to be materially
      inaccurate.

              

      

    

     

    
      
        	
                (c) 

              	
                Notwithstanding
      the above, this Agreement may be terminated by either party immediately
      uponproviding
      the other party with a written termination notice
  if:

              

      

    

     

    
      
        (i) 
either
party ceases to function as a viable business operation;

         

      

    

    
      
        (ii) 
either
party ceases to conduct its operations in the normal course of
business;

         

      

    

    
      
        (iii) 
upon
institution by or against either party of any bankruptcy, insolvency or
receivership proceeding or an admission by either party of its inability to pay
its debts as they become due;

         

      

    

    
      
        (iv) 
upon
commencement by either party of any steps toward liquidation, dissolution or
winding up of its affairs; or

         

      

    

    
      
        (v) 
DISTRIBUTOR
infringes the intellectual property rights of SUPPLIER;

         

      

    

    
      (vi) 
DISTRIBUTOR
is no longer able to perform this Agreement for whichever
reason;

    

     

    9.
Consequences of termination

     

    9.1 After the termination
of this Agreement for whichever reason, the party shall be under a duty to   comply with
the following obligations:

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    9.2 The duty to maintain
confidential business secrets marked as „confidential“ shall continue in
force and effect in the period of two (2) years.

     

    9.3 DISTRIBUTOR shall
forthwith discontinue the use of SUPPLIER'S intellectual property; DISTRIBUTOR
shall therefore e.g. arrange for the deletion of entries making reference
thereto, e.g. in trade or telephone directories, remove all signs and destroy
all objects relating to SUPPLIER.

     

    9.4 The documents and
other objects made available to DISTRIBUTOR by SUPPLIER, including any goods
subject to reservation of title or not paid at the time of termination, shall be
forthwith returned to SUPPLIER at DISTRIBUTOR'S expense.  The aforesaid
shall also apply to copies or representations of part or all of the contents on
other data carriers, e.g. the pictures or digital data.

     

    9.5 Any and all claims of
SUPPLIER that have not already become due earlier shall become due as per the
termination of this contractual relationship.

     

    9.6 Sections 13 through 19
shall remain in force and effect.

     

    10. Warranty and liability

     

    10.1 SUPPLIER warrants
only  that the PRODUCTS will conform to Cell Kinetics's published
specifications for such products in effect at the time of order acceptance. If a
Failure has occured, DISTRIBUTOR shall return the failed PRODUCT to SUPPLIER,
who will, at its option, (1) repair or replace the PRODUCTS at no charge,
or (2) refund the purchase price.  All replaced parts will become the
property of SUPPLIER, and will delivered back to SUPPLIER on its
expenses.

     

    (a) This
warranty does not include damage to the PRODUCTS or the result of uses resulting
from a cause other than Product Failure, including any use of PRODUCT not in
accordance with the instruction manual provided by SUPPLIER, improper shipment,
storage, installation, testing, operation, failure which originate by the sample
or maintenance or neglect, accident, fire, lightning, power or air conditioning
failure or other hazard, unreasonable use, or servicing or modification of the
part by anyone other than SUPPLIER.

     

    (b) The warranty
and remedies set forth above are exclusive and in lieu of all others, oral or
written, expressed or implied.  SUPPLIER makes no warranties or
representations as to performance of the PRODUCTS or as to SUPPLIER service to
DISTRIBUTOR or to any other person, except as set forth above.  Except as
set forth above, all implied warranties, including, but not limited to, implied
warranties of merchantability and fitness for a particular purpose are hereby
excluded. SUPPLIER 

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    shall not
be liable in event,  for any indirect, incidental, consequential,
special, punitive or exemplary damages, including loss of uses, revenue and/or
profits, sustained or incurred regardless of the form of action, whether in
contract, tort and/or delict, including negligence, strict liability or
otherwise, and whether or not such damages were foreseen or
unforeseen.

    

    10.2 SUPPLIER'S liability to
DISTRIBUTOR, its agents, customers, end users, or any other persons under
any provision of this Agreement, or relating to any transaction contemplated by
this Agreement  shall be limited to the amount actually paid by DISTRIBUTOR
to SUPPLIER under this Agreement.   SUPPLIER shall be released
from all obligations, liability, claims or demands in excess of the limitations
provided in this Section 13 here of.  Under no ircumstances shall
SUPPLIER be liable to any
goods other than the PRODUCTS, breach of contract, negligence or such other
similar actions.

    

    10.3 SUPPLIER does not assume
any liability in connection with marketing activities undertaken by DISTRIBUTOR
in connection with the implementation of such activities.

     

    10.4 Without derogating from the above, the
SUPPLIER agrees to defend and hold harmless the DISTRIBUTOR from any and all
claims, actions and suits asserted by any person or
entity, and indemnify DISTRIBUTOR for any and
all liabilities, judgments, losses, damages, costs, charges, attorneys fees and
other expenses resulting of the failure of SUPPLIER to comply with the
requirements of Sections 13.1, and 13.2, hereof.

     

    11.
Formal requirements, deadlines

     

    11.1 Any and all changes
and amendments to this Agreement, including the present clause, shall only be
valid if made in writing and signed at least by both parties against which the
change or amendment shall be enforced.

     

    11.2 Any notices required
pursuant to this Agreement or the law shall be sent by registered mail. For
determining and ensuring compliance with deadlines, the postmark of an
Israel and Italiy post office shall be decisive.

     

    12.
Annexes and examples

     

    12.1 Any and all annexes
hereto shall constitute integral parts of this Agreement, unless expressly
provided otherwise herein.

     

    12.2 Any examples or
headings herein shall not limit the meaning of the provisions
hereof.

    
      
         

      

      
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    13.
Entire agreement

     

    This
Agreement shall finally regulate the legal relationship between the
parties. Any agreements concluded, statements made, or other legally
relevant circumstances applicable prior to or at the time of the entry into this
Agreement shall become null and void upon the signing of this
Agreement.

     

    14.
Waiver of claims

     

    Except
where this Agreement provides otherwise, no waiver of rights can be derived from
any action or omission of a party, unless such waiver is expressly declared in
writing.

     

    15.
Governing law

     

    This
Agreement shall be governed by Israel law.

     

    16.
Jurisdiction; Service of process

     

    The venue
for legal dispute arising out of this Agreement shall be exclusively settled at
competent court in Tel Aviv, Israel. In this regard, the parties hereto do
submit their respective jurisdiction to the above respective court.

     

    17.
Provisions severable

     

    17.1 The present or future
invalidity or unenforceability of any provisions herein shall not affect the
remainder of this Agreement.

     

    17.2 Any such invalid
provisions shall be replaced by valid and enforceable provisions achieving the
intended purpose to the maximum possible extent.

     

    

    SUPPLIER:
Cell Kinetics, Ltd.

     

    

     

    By:
/s/_______________________________

     

    Dr. Asaf
Ben-Arye, President and CEO

     

    By:
/s/_______________________________

     

    Mr. Smuel
Peretz. Chairman of the Board

     

    

     

    DISTRIBUTOR:
EuroClone SpA

     

    

     

    By:
/s/_______________________________

     

    Franco
Aiolfi, President & CEO

     

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    List
of Annexes:

     

    Annex
1.  The transfer price list of the PRODUCTS in US Dollar

     

    Annex
2.  NDA

     

    Annex
3.  Marketing and Sales plan

     

    

     

    Annex
1.  The transfer price list of the PRODUCTS in US Dollar

     

    
      
        
          
            
              
                
                  	
                          Cat
      #

                        	
                          Product

                        	
                          Price

                          US
      $

                        
	
                          CKPA0100024

                        	
                          CKChip
      Starter kit Grid A20/4

                        	
                          1118

                        
	
                          CKPA0100050

                        	
                          CKChip
      Starter kit Grid A50,

                        	
                          1118

                        
	
                          CKPA0200024

                        	
                          CKChip
      pack of 6 Grid A20/4

                        	
                          109.2

                        
	
                          CKPA0200050

                        	
                          CKChip
      pack of 6 Grid A50

                        	
                          109.2

                        
	
                          CKPA0300024

                        	
                          CKChipI
      Starter kit Grid A20/4

                        	
                          1118

                        
	
                          CKPA0300050

                        	
                          CKChipI
      Starter kit Grid A50

                        	
                          1118

                        
	
                          CKPA0400024

                        	
                          CKChip
      I pack of 6 Grid A20/4

                        	
                          128.7

                        
	
                          CKPA0400050

                        	
                          CKChip
      I pack of 6 Grid A50

                        	
                          128.7

                        
	
                          CKPA0500024

                        	
                          CKChip
      HM Starter kit Grid A20/4

                        	
                          1118

                        
	
                          CKPA0500050

                        	
                          CKChip
      HM Starter kit Grid A50

                        	
                          1118

                        
	
                          CKPA0600024

                        	
                          CKChip
      HM pack of 6 Grid A20/4

                        	
                          128.7

                        
	
                          CKPA0600050

                        	
                          CKChip
      HM pack of 6 Grid A50,

                        	
                          128.7

                        
	
                          CKPA0700024

                        	
                          DynamiCa
      CKChip, Calcium Starter kit Grid A20/4

                        	
                          1202.5

                        
	
                          CKPA0700050

                        	
                          DynamiCa
      CKChip, Calcium Starter kit Grid A50,

                        	
                          1202.5

                        
	
                          CKPA0800024

                        	
                          DynamiCa
      CKChip, Calcium assay kit,pack of 15 Grid A20/4

                        	
                          390

                        
	
                          CKPA0800050

                        	
                          DynamiCa
      CKChip, Calcium assay kit,pack of 15 Grid A50

                        	
                          390

                        
	
                          CKPA0900024

                        	
                          DynamiCa
      CKChip I, Calcium Starter kit Grid A20/4

                        	
                          1202.5

                        
	
                          CKPA0900050

                        	
                          DynamiCa
      CKChip I, Calcium Starter kit Grid A50,

                        	
                          1202.5

                        
	
                          CKPA1000024

                        	
                          DynamiCa
      CKChip I, Calcium assay kit,pack of 15 Grid A20/4

                        	
                          390

                        
	
                          CKPA1000050

                        	
                          DynamiCa
      CKChip I, Calcium assay kit,pack of 15 Grid A50

                        	
                          390

                        

                

              

            

          

        

      

    

    

     

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Annex
3

    

    NON-DISCLOSURE
AGREEMENT

    

    THIS NON-DISCLOSURE AGREEMENT
is entered into as of this ___________ 2009, by and between Cell-Kinetics
Ltd. of 2 Yodfat st. Lod Israel, a corporation organized under the laws of
Israel, (CK), and EuroClone
SpA.
of Via Figino, 20/22
- 20016 Pero (MI), Italy ( EC  )

    

    WHEREAS, CK is the owner of
confidential information relating to its unique proprietary technology for
cytometry, cell analysis and manipulation including inventions and patents on a
cell carrier for multi single live cell analysis; and

    

    WHEREAS EC is the owner of
confidential information relating to its line of products, and has intellectual
property rights thereto; and

    

    WHEREAS the parties are
discussing certain matters which may require each party to disclose certain
confidential and proprietary information to the other (the "Purpose");
and

    

    WHEREAS the party disclosing
Information shall hereinafter be referred to as the “Disclosing Party” and the
party receiving such Information shall be referred to as the “Receiving
Party”.

    

    NOW THEREFORE, the parties
agree as follows:

    

    
      	
              1.

            	
              The
      term “Confidential Information” as used in this Agreement shall mean all
      trade secrets and information which is proprietary to the Disclosing
      Party  including, but not limited to, type design data,
      drawings, photographs, specifications, models, prototypes, designs,
      materials, construction or assembly, computer hardware and software
      (whether in machine-readable or human-readable form), technical,
      commercial and operational information concerning products, information
      concerning manufacturing methods and techniques, quality control and test
      methods, marketing data including target customers, customer lists and
      market plans, cost and pricing data and product
    applications.

            

    

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
      	
              2.

            	
              The
      Receiving Party agrees to hold all Confidential Information disclosed to
      it by the Disclosing Party in strict confidence and will not disclose or
      use the Confidential Information for its benefit or the benefit of any
      other company or entity anywhere in the world or any other purpose other
      than for the “Purpose” set forth in the recitals
  herein.

            

    

    

    
      	
              3.

            	
              The
      restrictions of paragraph 2 above, and paragraphs 4 and 5 below, do not
      apply to Confidential Information to the extent such
      information:

            

    

     

    
      
        
          	
                	
                  a) 

                	
                  was
      already in the public domain at the time of disclosure hereunder;
      or

                

        

      

       

    

    
      
        
          	
                	
                  b) 

                	
                  subsequently
      becomes part of the public domain through no fault of the Receiving
      Party; or

                

        

      

    

     

    
      
        	
              	
                c) 

              	
                was
      properly in the Receiving party’s possession prior to receipt thereof from
      the Disclosing
      Party as evidenced by written records or other writings in existence,
      or by actual proof of use by the Receiving Party prior to  the disclosure
      by the disclosing party;
or

              

      

    

     

    
      
        	
              	
                d) 

              	
                is
      used or disclosed in accordance with the prior written approval of the
      Disclosing Party;

              

      

    

     

    
      	
            	
              e) 

            	
              Receiving
      party is required by governmental or court order to disclose such
      information, provided that Receiving party shall provide the Disclosing
      Party with advance notice thereof to enable the Disclosing Party the
      opportunity to prevent or control such
  disclosure.

            

    

    

    In each
case, the burden of proof shall lie with the Receiving Party to demonstrate by
written contemporaneous documentation, that one of the above-listed exceptions
applies.

    

    
      	
              4.

            	
              The
      Receiving Party agrees to maintain all Confidential Information received
      from the Disclosing Party in the same manner that the Receiving Party
      maintains its own confidential information, provided that the standard of
      care required shall be at least a reasonable
  standard.

            

    

    

    
      	
              5.

            	
              All
      Confidential Information is and shall remain the property of the
      Disclosing Party.  At any time that the Disclosing Party may
      request or upon the expiration of this agreement, the Receiving Party
      shall return the Confidential Information and shall certify in writing
      that all copies thereof in its possession have been
    destroyed.

            

    

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    
      	
              7.

            	
              Confidential
      Information that is exchanged hereunder may only be used by the Receiving
      Party in pursuance of the Purpose set forth in the recitals
      herein.

            

    

    

    
      	
              8.

            	
              The
      Disclosing Party makes no representation, warranty, assurance, or
      inducement, express or implied, as to the Confidential Information’s
      adequacy, sufficiency, or freedom from defect of any kind including, but
      not limited to, freedom from patent infringement that may result from use
      of such information, nor shall Receiving Party obtain any license or other
      rights in the Disclosing Party’s patents, copyrights or other data by
      reason of any disclosure hereunder.

            

    

    

    
      
        	
                9. 

              	
                This
      Agreement sets out and constitutes the entire agreement between the
      parties with
      respect to the disclosure, protection and use of Confidential Information
      and supersedes
      all prior agreements, whether oral or written, relating to such matters
      and all
      other prior communications between the parties relating to the subject
      matter of this Agreement.

              

      

    

    

    
      	
              10.

            	
              The
      construction, validity and performance hereof shall be governed by and
      construed in accordance with the Laws of the State of
      Israel.  If either party is alleged to have breached this
      Agreement, then the other party shall be entitled to seek injunctive
      relief from any court of competent jurisdiction exclusively in
      Israel.

            

    

     

    
 

    IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first set forth
above.

     

     

    
      
        
          
            
              
                
                  
                    
                      	Cell
      Kinetics Ltd. 	 	 	EuroClone
      SpA 	 
	 	 	 	 	 
	
                              By:

                            	 	 	
                              By: 

                            	 
	
                               

                            	 	 	
                               

                            	 
	
                              Title: 

                            	 	 	
                              Title:

                            	 
	 	 	 	 	 
	Signature: 	 	 	Signature: 	 

                    

                  

                

              

            

          

        

      

    

     

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Annex
3

    Sales
and Marketing Plan

     

     

    To be made and presented as part of this agreement. Alongside a
rolling 4 quarters forcast. A minimum of 60 Starter kits per year

    
 

    

    

    
      
         

      

      
        14WWW.EXFILE.COM, INC. -- 888-775-4789 -- CAS MEDICAL SYSTEMS, INC. -- EXHIBIT 4.1 TO FORM S-8

    Exhibit
4.1

    

    CERTIFICATE
OF INCORPORATION

    

    OF

    

    NEONATAL
PRODUCTS, INC.

    

    

    1.           The
name of the corporation is:

    

    NEONATAL
PRODUCTS, INC.

    

    2.           The
address of its registered office in the State of Delaware is Corporation Trust
Center, 1209 Orange Street, in the City of Wilmington, County of New
Castle.  The name of its registered agent at such address is The
Corporation Trust Company.

    

    3.           The
nature of the business or purposes to be conducted or promoted is to engage in
any lawful act or activity for which corporations may be organized under the
General Corporation Law of Delaware.

    

    4.           The
total number of shares of stock which the corporation shall have authority to
issue is Twenty Million (20,000,000) and the par value of each of such shares is
One Mil ($.001) amounting in the aggregate to Twenty Thousand Dollars
($20,000.00).

    

    5.           The
board of directors is authorized to make, alter or repeal the by-laws of the
corporation.  Election of directors need not be by written
ballot.

    

    6.           The
name and mailing address of the incorporator is:

    

    L. M. Custis

    Corporation Trust Center

    1209 Orange Street

    Wilmington, Delaware
19801

    

    I, THE UNDERSIGNED, being the
incorporator hereinbefore named, for the purpose of forming a corporation
pursuant to the General Corporation Law of Delaware, do make this certificate,
hereby declaring and certifying that this is my act and deed and the facts
herein stated are true, and accordingly have hereunto set my hand this 5th day of
December, 1984.

     

    
      
        
          
            
              	 	 	 	 
	
                       

                    	
                       

                    	/s/ L.
      M.  Custis	 
	 	 	L.
      M.  Custis 	 

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AMENDMENT

    

    OF

    

    CERTIFICATE
OF INCORPORATION

    

    OF

    

    NEONATAL
PRODUCTS, INC.

    

    

    We, Myron L. Cohen, President, and
Stanley D. Josephson, Secretary, of NEONATAL PRODUCTS, INC., a corporation duly
organized and existing under the laws of the State of Delaware, do hereby
certify:

     

    FIRST:     That the
Certificate of Incorporation of Neonatal Products, Inc. is hereby amended by
deleting the first article thereof and inserting in lieu thereof:

    “1.  The name of the
corporation is:

     

    CAS MEDICAL SYSTEMS, INC.”

     

    SECOND:     That
the Board of Directors of said corporation, by the unanimous written consent of
its members, filed with the minutes of the board, duly adopted a resolution
proposing and declaring advisable that the Certificate of Incorporation of said
corporation be so amended and called a special meeting of stockholders entitled
to vote in respect thereof for the consideration of such amendment.

     

    THIRD:     At a
meeting of stockholders held on March 16, 1985, a majority of the outstanding
stock entitled to vote

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    thereon
was voted in favor of the amendment.

     

    FOURTH:     That
the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Section 242 of the General Corporation Law of the State of
Delaware.

     

    IN WITNESS WHEREOF, we have hereunto
set our hands this 21st day of
March, 1985.

    
       

      
        
          
            
              
                
                  
                    
                      
                        	 	 	 	 
	
                                 

                              	
                                 

                              	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen, President 	 
	 	 	 	 
	 	 	/s/
      Stanley D. Josephson, Secretary 	 
	 	 	Stanley
      D. Josephson, Secretary 	 

                      

                    

                  

                

              

            

          

        

      

      
 

    

    STATE OF
CONNECTICUT)

     
)  ss.           Branford                                           March
21, 1985

    COUNTY OF
NEW HAVEN)

    

    Myron L. Cohen and Stanley D.
Josephson, being first duly and severally sworn, each for himself, depose and
say:  That they are respectively President and Secretary of CAS
Medical Systems, Inc. and that the matters set forth in the foregoing
certificate are, in all respects, true and correct of their own
knowledge.

     

    
       

      
        
          
            
              
                
                  
                    
                      
                        	 	 	 	 
	
                                 

                              	
                                 

                              	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen 	 
	 	 	 	 
	 	 	/s/
      Stanley D. Josephson 	 
	 	 	Stanley
      D. Josephson 	 

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Subscribed
and sworn to before me this 21st day of
March, 1985.

     

    
      
         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	 	 	 
	
                                         

                                      	
                                         

                                      	/s/ Susan
      S. Maddem	 
	 	 	Notary
      Public 	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AMENDMENT

    

    OF

    

    CERTIFICATE
OF INCORPORATION

    

    

    CAS MEDICAL SYSTEMS, INC., a
corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware, (the “Corporation”) DOES HEREBY
CERTIFY:

     

    FIRST:     That at
a meeting of the Board of Directors of CAS Medical Systems, Inc. on August 11,
1986, resolutions were duly adopted setting forth a proposed amendment to the
Certificate of Incorporation of said Corporation, declaring said Amendment to be
advisable and calling a meeting of the stockholders of said corporation for
consideration thereof.  The resolution setting forth the proposed
amendment is as follows:

     

    RESOLVED, that the Certificate of
Incorporation of this Corporation be

    amended by changing Article 4 thereof
in its entirety so that, as amended,

    said Article shall be and read as
follows:

    

    “The
total number of shares of stock which the corporation shall have authority to
issue is Twenty Million (20,000,000) and the par value of each of such shares if
Four Mills ($.004).”

    

    FURTHER
RESOLVED, that the amendment shall become effective at the close of business on
the date a certificate of this amendment is filed with the Secretary of State of
Delaware in accordance with the General Corporation Law of the State of
Delaware.  Upon the effectiveness of this amendment the 16,393,200
authorized and issued shares of Common Stock, par value $.001 per shares shall
be changed into 4,098,300 shares of Common Stock, par value $.004; and each four
authorized and issued outstanding shares of Common Stock, par value $.001 per
share, shall be combined into one share of Common Stock, $.004 par value per
share; and that the Corporation thereafter have 15,901,700 authorized and
unissued shares Of Common Stock, par value $.004 per share.  No
fractional shares of Common Stock or scrip certificates therefor shall be issued
to the holders of the presently outstanding Common Stock, $.001 par value per
share, by reason of the foregoing, but arrangements shall be made with the
Transfer Agent for such shares, as agent for the holders of then unsurrendered
certificates for any such shares who are entitled to fractional share interests,
to sell shares of Common Stock, $.004 par value per shares, equivalent to the
total of such fractional share interests.  Thereafter, and until the
expiration of six years after the effectiveness of this amendment, the Transfer
Agent 

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    will pay
to such holders, on surrender of their certificate or certificates for Common
Stock, par value $.001 per share, their pro rata share, without interest, of the
net proceeds of such sale, after deduction of brokerage commissions and other
expenses.  The Corporation shall have the right to direct any balance
of such proceeds remaining after such six year period to be transferred to it
after which such holders shall look only to the Corporation for such
payment.  The Board of Directors of the Corporation is empowered to
adopt further rules and regulations concerning the liquidation of fractional
interests and the surrender and exchange of certificates.

    

    SECOND:    
That thereafter, pursuant to resolutions of its Board of Directors, a special
meeting of the stockholders of the Corporation was duly called and held on
September 17, 1986, upon notice in accordance with Section 222 of the General
Corporation Law of the State of Delaware at which meeting a majority of the
outstanding stock entitled to vote thereon was voted in favor of the
amendment.

     

    THIRD:    
When the amendment herein certified becomes effective the aggregate amount of
capital represented by all issued shares immediately after the amendment will
not be less than the aggregate amount of capital represented by all issued
shares immediately before the amendment and, therefore, the capital of the
Corporation will not be reduced under or by reason of the
amendment.

     

    FOURTH:    
That the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Section 242 of the General Corporation Law of the State of
Delaware.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, said CAS Medical Systems, Inc. has caused this certificate to
be signed by Myron L. Cohen, its President, and attested by Stanley D.
Josephson, its Secretary, this 17th day of
September, 1986.

     

     

    
       

      
        
           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 	
                                              CAS
      MEDICAL SYSTEMS, INC. 

                                            	 
	 	 	 
	
                                               

                                            	
                                              By:

                                            	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen, President 	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    

    

    ATTEST:

    

    CAS
MEDICAL SYSTEMS, INC.

    
 

     

    
      	By: 	/s/
      Stanley D. Josephson	 
	 	Stanley D.
      Josephson, Secretary 	 

    

    

    

    STATE OF
CONNECTICUT)

     
)  ss.           Branford                                           September
17, 1986

    COUNTY OF
NEW HAVEN)

    

    Myron L. Cohen and Stanley D.
Josephson, being first duly and severally sworn, each for himself, deposes and
says:  that they are respectively President and Secretary of CAS
Medical Systems, Inc. and that the matters set forth in the foregoing
certificates are, in all respects, true and correct of their own
knowledge.

     

    
      
         

        
          
            
              
                
                  
                    
                      
                        
                          	 	 	 	 
	
                                   

                                	
                                   

                                	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen 	 
	 	 	 	 
	 	 	/s/
      Stanley D. Josephson 	 
	 	 	Stanley
      D. Josephson 	 

                        

                      

                    

                  

                

              

            

          

        

      

       

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AMENDMENT

    OF

    CERTIFICATE
OF INCORPORATION

    

    CAS MEDICAL SYSTEMS, INC., a
corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:

     

    FIRST:     That the
Board of Directors of said corporation, at a meeting duly held on April 22, 1987
adopted a resolution proposing and declaring advisable the following amendment
to the Certificate of Incorporation of said corporation:

     

    RESOLVED, that the Certificate of
Incorporation of CAS Medical Systems, Inc. be
amended by changing Article 5 thereof by renumberingthe existing first paragraph
as “5.1” and adding at the end thereof
new paragraphs reading as follows:

    

    5.2  
(a)  The Corporation shall, to the fullest extent permitted by the
General Corporation Law of the State of Delaware, indemnify any and all persons
whom it shall have power to indemnify under said law from and against any and
all of the expenses, liabilities or other matters permitted to be indemnified
from and against under said law and the indemnification provided for herein
shall not be deemed exclusive of any other rights to which those indemnified may
be entitled under any By-laws, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in his official capacity and as to
action in another capacity while holding such office, and shall continue as to a
person who has ceased to be director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a
person.

    

    (b)  To the fullest extent
permitted by the General Corporation Law of the State of Delaware, a director of
this Corporation shall not be liable to the Corporation or any of its
stockholders for monetary damages for breach of fiduciary duty as a
director.

    

    (c)  No amendment or repeal
of these provisions shall deprive a director of the benefits hereof with respect
to any act or omission occurring prior to such amendment or repeal.

    

    SECOND:    
That at a meeting of stockholders held on July 15, 1987 a majority of the
outstanding stock entitled to vote thereon was voted in favor of the
amendment.

     

    THIRD:    
That the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Section 242 of the General Corporation Law of the State of
Delaware.

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, we have hereunto set our hands this 29th day of
December, 1987.

     

    
      
        
           

          
            
              
                
                  
                    
                      
                        
                          
                            	 	 	 	 
	
                                     

                                  	
                                     

                                  	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen, President 	 
	 	ATTEST: 	 	 
	 	 	By:
      /s/ Stanley D. Josephson 	 
	 	 	Stanley
      D. Josephson, Secretary 	 

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

     

    STATE OF
CONNECTICUT)

     
)  ss.           Branford                                           December
29, 1987

    COUNTY OF
NEW HAVEN)

    

    Myron L. Cohen and Stanley D.
Josephson, being first duly and severally sworn, each for himself, depose and
says that they are respectively President and Secretary of CAS Medical Systems,
Inc. and that the matters set forth in the foregoing certificates are, in all
respects true and correct of their own knowledge.

     

    
      
        
           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                       

                                    	
                                       

                                    	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen 	 
	 	 	 	 
	 	 	/s/
      Stanley D. Josephson 	 
	 	 	Stanley
      D. Josephson 	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

    Subscribed
and sworn to before me this 29th day of
December, 1987.

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                           

                                        	
                                           

                                        	/s/ Susan
      S. Maddern	 
	 	 	Susan
      S. Maddern 	 
	 	 	Notary
      Public 	 
	 	 	My
      commission expires March 31, 1989 	 

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

      

    

    CERTIFICATE
OF AMENDMENT

    

    OF

    

    CERTIFICATE
OF INCORPORATION

    

    CAS MEDICAL SYSTEMS, INC., a
corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:

     

    FIRST:     That the
Board of Directors of said corporation, at a meeting duly held on January 14,
1988 adopted a resolution proposing and declaring advisable the following
amendment to the Certificate of Incorporation of said corporation:

     

    RESOLVED,
that the Certificate of Incorporation of this Company be amended by changing
Article 4 thereof in its entirety so that, as amended, said Article shall be and
read as follows:

    

    “4.  The
total number of shares of all classes of stock which the Company shall have
authority to issue twenty million (20,000,000), of which one million (1,000,000)
shares with a par value of one mill ($.001) are to be of a class designated
“Preferred Stock” and nineteen million (19,000,000) shares with a par value of
four mills ($.004) are to be if a class designated “Common Stock”.

    

    The Board
of Directors is authorized, subject to limitations prescribed by law, to provide
by resolution for the issuance of the shares of Preferred Stock in one or more
series, and by filing a certificate pursuant to the applicable law of the State
of Delaware, to establish from time to time the number of shares to be included
in each such series, and to fix the designations, powers, preferences and rights
of the shares of each such series and the qualifications, limitations or
restrictions thereof.”

    

    

    SECOND:    
That at a meeting of stockholders held on February 11, 1988 a majority of the
outstanding stock entitled to vote thereon was voted in favor of the
amendment.

    

    THIRD:    
That the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Section 242 of the General Corporation Law of the State of
Delaware.

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, we have hereunto set our hands this 11th day of
February, 1988.

     

    
      
        
           

          
            
              
                
                  
                    
                      
                        
                          
                            	 	 	 	 
	
                                     

                                  	
                                     

                                  	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen, President 	 
	 	ATTEST: 	 	 
	 	 	By:
      /s/ Charles Balas	 
	 	 	Charles
      Balas, Assistant Secretary 	 

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

    

     

    

    STATE OF
CONNECTICUT)

     
)  ss.           Branford                                           February
11, 1988

    COUNTY OF
NEW HAVEN)

    

    Myron L. Cohen and Charles Balas, being
first duly and severally sworn, each for himself, depose and says that they are
respectively President and Assistant Secretary of CAS Medical Systems, Inc. and
that the matters set forth in the foregoing certificate are, in all respects
true and correct of their own knowledge.

     

    
      
        
           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                       

                                    	
                                       

                                    	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen 	 
	 	 	 	 
	 	 	/s/
      Charles Balas 	 
	 	 	Charles
      Balas 	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

    Subscribed
and sworn to before me this 11th day of
February, 1988.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	
                                             

                                          	
                                             

                                          	/s/ Susan
      S. Maddern	 
	 	 	Susan
      S. Maddern 	 
	 	 	Notary
      Public 	 
	 	 	My
      commission expires March 31, 1989 	 

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

           

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Certificate
of Designation, Number, Powers,

    Preferences
and other Special Rights

    and other
Distinguishing Characteristics

    of Series
“A” Preferred Stock

    of

    CAS
MEDICAL SYSTEMS, INC.

    

    

    It is
hereby certified that:

    

    1.           The
name of the corporation (hereinafter called the “corporation”) is CAS MEDICAL
SYSTEMS, INC.

    

    2.           The
certificate of incorporation as amended of the corporation authorizes the
issuance of 1,000,000 shares of Preferred Stock of a par value of one mill
($.001) each and expressly vests in the Board of Directors of the corporation
the authority provided therein to issue any or all of said shares in one or more
series and by resolution or resolutions, the designation, number, powers,
preferences and other special rights and other distinguishing characteristics of
each series to be issued.

    

    3.           The
Board of Directors of the corporation, pursuant to the authority expressly
vested in it as aforesaid, has adopted the following resolutions creating a
Series “A” issue of Preferred Stock:

    

    RESOLVED,
“There is hereby established a series of Preferred Stock designated as “Series A
Cumulative Convertible Preferred Stock” and consisting of 5,000 Preferred
Shares.

    

    1.   Dividend
rights.  The Series A Cumulative Convertible Preferred Stock
(“Series A Preferred Stock”) shall bear dividends at the rate of $10.00 per
share per annum, and no more, and such dividends shall be cumulative from
February 11, 1988.  Dividends accrued shall be payable quarter yearly
on February 3, May 3, August 3 and November 3 in each year the shares are
outstanding.

    

    2.   Redemption.

    

    2.1  The Corporation shall
have the right to redeem its Series A Preferred Stock or any number of shares
thereof, issued and outstanding, at any time by paying to the holders thereof
the sum of $100 per share plus all dividends accrued to the redemption
date.  The Corporation shall also have the right at any time to
purchase all or any part of its Series A Preferred Stock issued and outstanding
by paying to the respective holders thereof the sum of $100 for each share of
such stock redeemed together with the amount of such accrued dividends as may
have accumulated thereon at the time of redemption.

     

    2.2  The Corporation may
apply toward the purchase or redemption of preferred stock as herein provided
any part of its surplus funds or an amount of its stated capital which shall not
be greater than the stated capital represented by the shares purchased or
redeemed, but under no circumstances shall the Corporation apply any other funds
or any further part of its stated capital toward 

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

     

    the
purchase or redemption of such stock.  The purchase or redemption of
any such stock shall not be made where the effect of any such purchase or
redemption and application of stated capital thereto shall be to reduce the net
assets of the Corporation below the stated capital remaining after giving effect
to the cancellation of such shares, or if the Corporation is insolvent or would
thereby be made insolvent.

    

    2.3  The Board of Directors
of the Corporation shall have full power and discretion to select from the
outstanding Series A Preferred Stock of the Corporation particular shares for
redemption or purchase, and its proceedings in this connection shall not be
subject to attack except for actual and intentional fraud.  In all
instances, the Board shall have complete authority to determine upon and take
the necessary proceedings fully to effect the purchase or redemption of the
shares selected for redemption, and the cancellation of the certificates
representing such shares.  Upon the completion of such proceedings,
the rights of holders of the shares of such preferred stock which have been
redeemed and called in shall in all respects cease, except that such holders
shall be entitled to receive the redemption price for their respective
shares.

    

    2.4  Whenever any shares of
such preferred stock of the Corporation are purchased or redeemed as herein
authorized, the Corporation may, by resolution of its Board of Directors, retire
such shares, and thereupon this Corporation shall, in connection with the
retirement of such shares, cause to be filed a certificate of reduction of
stated capital.

    

    2.5  The Corporation shall
send notice of its redemption or purchase of the stock to the holders of such
shares by personal delivery or by Certified Mail, return receipt
requested.

    

    2.6  Notwithstanding the
Corporation’s right to redeem or purchase the Series A Preferred Stock as set
forth above, holders of the shares of such preferred stock which has been
redeemed or purchased shall have a period of 20 business days following personal
delivery or mailing of said notice during which the conversion rights set forth
in paragraph 3 hereof may continue to be exercised.  After the
expiration of said 20 days the conversion rights shall cease.

    

    3.   Conversion

    

    3.1  At any time prior to
redemption or purchase by the Corporation of the Series A Preferred Stock, the
holder of any of said shares may convert said shares into Common Stock of the
Corporation at any time before the close of business on February 10,
1991.  The initial conversion price is $2.00 per share, subject to
adjustment in certain events, as set forth below under subparagraph 3.5, 3.6 and
3.7.  To determine the number of common shares issuable upon
conversion of each share of Preferred, divide the sum of $100 by the conversion
price in effect on the conversion date.  On conversion no payment or
adjustment for accrued interest will be made.  The Corporation will
deliver its check for any fractional share.

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    

    3.2  The holder of said
shares may convert them by delivering said shares to the Corporation for
surrender.  The holder will be responsible for any transfer or similar
tax if required.

    

    3.3  In the event the
Corporation shall elect to redeem or purchase the shares pursuant to paragraph 2
hereof then in such event an alternate conversion price shall be computed as
follows:  the average of the last reported sales price of the Common
Stock on the National Association of Securities Dealers Automated Quotations
(“NASDAQ”) National Market System, for the ten (10) consecutive business days
commencing with the day notice of redemption or purchase is given hereunder
shall be determined.  If on any of said days there have been no sales
reported, the mean between the average bid and the ask of that day shall serve
as the “sales price” for that day.  All prices so determined shall be
added together and divided by 10.  In the event the average price so
determined shall be $2.00 or more then the conversion price shall be
$2.00.  In the event the average price for a share of common stock as
determined above shall be less than $2.00 then in such case the final conversion
price shall be computed by multiplying the average share price as determined
hereunder by twelve (12%) percent and subtracting the product so obtained from
the average share price.  The final conversion price will be rounded
to the nearest cent.

    

    3.4  The Corporation shall
notify the holder of the preferred shares of the conversion price so
computed.  The holder of the shares may convert the shares into Common
Stock of the Corporation at any time before the close of business on the 20th
business day after notice of redemption or purchase.  To determine the
number of common shares issuable upon conversion of preferred shares, divide the
sum of $100 by the alternate conversion price.  On conversion no
payment or adjustment for accrued interest will be made.  The
Corporation will deliver its check for any fractional shares.

    

    3.5  In the event the
Corporation shall, by stock dividend, split-up, combination or reclassification
of shares, change as a whole the outstanding shares of common stock into a
different number of shares the number of shares to which the holder shall be
entitled upon conversion shall be increased or decreased, as the case may be, in
proportion to such change or changes.  In the event of a consolidation
or merger of the Corporation with another corporation in which the Corporation
is not the survivor or in the event of a sale of all or substantially all of the
assets of the Corporation in exchange for stock or other securities of another
corporation, the holder shall be entitled to receive upon conversion, in lieu of
each share of common stock of the Corporation, such stock or other securities as
shall be allocable to each share of common stock of the
Corporation.   The terms and conditions of any such right shall
be fixed by the independent auditors then retained by the Corporation whose
determination shall be binding on both the Corporation and the
holder.

    

    3.6  In the event the
Corporation shall distribute securities of any subsidiary or affiliate or of any
other concern to its shareholders as a whole or 

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

     

    by way of
dividend, spin-off or otherwise, the holder shall be entitled to participate in
such distribution upon conversation as if the holder had effectuated such
conversion immediately prior to the determination of those shareholders entitled
to participate in such distribution.

    

    3.7  In the event the
Corporation shall grant any rights or options to its stockholders as a whole to
subscribe for, purchase or otherwise acquire shares of common stock or other
securities, the holder shall be granted identical rights or options without the
necessity of conversion as if the holder had effectuated such conversion
immediately prior to the determination of those shareholders entitled to receive
such grant.

    

    4.  Rights on
Liquidation.  The amount which the holders of the Series A
Preferred Stock shall be entitled to receive in the event of the liquidation,
dissolution, or winding up of the Corporation, whether voluntary or involuntary,
resulting in any distribution of its assets to its shareholders, shall be $100
per share, plus dividends accrued to the date of such liquidation, dissolution,
or winding up, and no more.

    

    5.  Voting
Rights.  At all times each holder of Series A Preferred Stock
of the Corporation shall be entitled to 10 votes for each share of such stock
standing in his name on the books of the Corporation.”

    

    FURTHER
RESOLVED, that the statements contained in the foregoing resolutions creating
and designating the said Series A issue of Preferred Stock and fixing the
number, powers, preferences and other special rights and other distinguishing
characteristics thereof shall, upon the effective date of said series, be deemed
to be included in and be a part of the certificate of incorporation of the
corporation pursuant to the provisions of Sections 104 and 151 of the Delaware
General Corporation Law.

    

    Signed
and attested to on February 11, 1988.

    

    
      
        
           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	
                                                 

                                              	
                                                 

                                              	/s/ Myron
      L. Cohen	 
	 	 	Myron
      L. Cohen 	 
	 	 	 	 

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

    Attest:

     

    
      	/s/
      Charles Balas	 	 
	Assistant
      Secretary 	 	 

    

     

    
 

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    STATE OF
CONNECTICUT)

     
)  ss.  Branford

    COUNTY OF
NEW HAVEN)

    

    BE IT REMEMBERED that, on February 11,
1988, before me, a Notary Public duly authorized by law to take acknowledgement
of deeds, personally came Myron L. Cohen, President of CAS MEDICAL SYSTEMS,
INC., who duly signed the foregoing instrument before me and acknowledged that
such signing is his act and deed, that such instrument as executed is the act
and deed of said corporation, and that the facts stated therein are
true.

    

    GIVEN under my hand on February 11,
1988.

     

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	
                                               

                                            	
                                               

                                            	/s/ Susan
      S. Maddern	 
	 	 	Susan
      S. Maddern 	 
	 	 	Notary
      Public 	 
	 	 	My
      commission expires March 31, 1989 	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

             

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AMENDMENT

    OF

    CERTIFICATE
OF INCORPORATION

    OF

    CAS
MEDICAL SYSTEMS, INC.

    

    * * * * *
*

    (a
Delaware corporation incorporated on December 5, 1984)

    

    

    Pursuant to Section 242 of the General
Corporation Law of the State of Delaware, CAS Medical Systems, Inc. (hereinafter
called the “Company” or the “Corporation”), organized and existing under and by
virtue of the General Corporation Law of the State of Delaware, does hereby
certify as follows:

    

    At a meeting of the Board of Directors
of the Corporation a resolution was duly adopted, pursuant to Section 242 of the
General Corporation Law of the State of Delaware, setting forth an amendment to
the Certificate of Incorporation of the Corporation and declaring said amendment
to be advisable.  At a meeting of the stockholders of the Corporation
the proposed amendment was duly approved in accordance with Section 242 of the
General Corporation Law of the State of Delaware.  The resolution
setting forth the amendment is as follows:

    

    RESOLVED:  That the
first paragraph of Article 4 of the Certificate of Incorporation of the
Corporation be and hereby is deleted in its entirety and the following paragraph
be and hereby is inserted in lieu thereof:

    

    “4.  The
total number of shares of all classes of stock which the Company shall have
authority to issue shall be forty-one million (41,000,000), of which one million
(1,000,000) shares with a par value of $0.001 per share are to be of a class
designated ‘Preferred Stock’ and forty million (40,000,000) shares with a par
value of $0.004 per share are to be of a class designated ‘Common
Stock’”.

    

    

    IN WITNESS WHEREOF, the
undersigned has executed this certificate as of the 14th day of
June, 2006.

     

    
      
         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                   

                                                	
                                                   

                                                	/s/ Louis
      P. Scheps 	 
	 	 	Name:
      Louis P. Scheps 	 
	 	 	Title:   President
      and Chief Executive Officer

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