Document:

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Exhibit 10.11

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (this "Agreement") is made as of February 7,
2001, by OILQUIP RENTALS, INC., a Delaware corporation (the "Employer"), and
MUNAWAR H. HIDAYATALLAH, an individual resident in Santa Monica, California (the
"Executive").

                                 R E C I T A L S

         The Buyer and the Employer desire the Executive's employment with the
Employer, and the Executive wishes to accept such employment, upon the terms and
conditions set forth in this Agreement.

                                    AGREEMENT

         The parties, intending to be legally bound, agree as follows:

1.       DEFINITIONS
         -----------

         For the purposes of this Agreement, the following terms have the
meanings specified or referred to in this Section 1.

         "AGREEMENT"--this Employment Agreement.

         "BASIC COMPENSATION"--Salary and Benefits.

         "BENEFITS"--as defined in Section 3.1(b).

         "BOARD OF DIRECTORS"--the board of directors of the Employer.

         "CONFIDENTIAL INFORMATION"--any and all:

                  (a) trade secrets concerning the business and affairs of the
         Employer, product specifications, data, know-how, formulae,
         compositions, processes, designs, sketches, photographs, graphs,
         drawings, samples, inventions and ideas, past, current, and planned
         research and development, current and planned manufacturing or
         distribution methods and processes, customer lists, current and
         anticipated customer requirements, price lists, market studies,
         business plans, computer software and programs (including object code
         and source code), computer software and database technologies, systems,
         structures, and architectures (and related formulae, compositions,
         processes, improvements, devices, know-how, inventions, discoveries,
         concepts, ideas, designs, methods and information, and any other
         information, however documented, that is a trade secret within the
         meaning of Texas State law; and

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                  (b) information concerning the business and affairs of the
         Employer (which includes historical financial statements, financial
         projections and budgets, historical and projected sales, capital
         spending budgets and plans, the names and backgrounds of key personnel,
         personnel training and techniques and materials, however documented;
         and

                  (c) notes, analysis, compilations, studies, summaries, and
         other material prepared by or for the Employer containing or based, in
         whole or in part, on any information included in the foregoing.

         "DISABILITY"--as defined in Section 6.2.

         "EFFECTIVE DATE"--the date stated in the first paragraph of the
         Agreement.

         "EMPLOYEE INVENTION"--any idea, invention, technique, modification,
         process, or improvement (whether patentable or not), any industrial
         design (whether registerable or not), any mask work, however fixed or
         encoded, that is suitable to be fixed, embedded or programmed in a
         semiconductor product (whether recordable or not), and any work of
         authorship (whether or not copyright protection may be obtained for it)
         created, conceived, or developed by the Executive, either solely or in
         conjunction with others, during the Employment Period, or a period that
         includes a portion of the Employment Period, that relates in any way
         to, or is useful in any manner in, the business then being conducted or
         proposed to be conducted by the Employer, and any such item created by
         the Executive, either solely or in conjunction with others, following
         termination of the Executive's employment with the Employer, that is
         based upon or uses Confidential Information.

         "EMPLOYMENT PERIOD"--the term of the Executive's employment under this
         Agreement.

         "FISCAL YEAR"--the Employer's fiscal year, as it exists on the
         Effective Date or as changed from time to time.

         "FOR CAUSE"--as defined in Section 6.3.

         "FOR GOOD CAUSE"--as defined in Section 6.4.

         "INCENTIVE COMPENSATION"--as defined in Section 3.2.

         "PERSON"--any individual, corporation (including any non-profit
         corporation), general or limited partnership, limited liability
         company, joint venture, estate, trust, association, organization, or
         governmental body.

         "POST-EMPLOYMENT PERIOD"--as defined in Section 8.2.

         "PROPRIETARY ITEMS"--as defined in Section 7.2(a)(iv).

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         "SALARY"--as defined in Section 3.1(a).

2.       EMPLOYMENT TERMS AND DUTIES
         ---------------------------

         2.1      EMPLOYMENT

         The Employer hereby employs the Executive, and the Executive hereby
accepts employment by the Employer, upon the terms and conditions set forth in
this Agreement.

         2.2      TERM

         Subject to the provisions of Section 6, the term of the Executive's
employment under this Agreement will be three years, beginning on the Effective
Date and ending on the third anniversary of the Effective Date.

         2.3      DUTIES

         The Executive will have such duties as are assigned or delegated to the
Executive by the Board of Directors, and will initially serve as Chairman and
Chief Executive Officer of the Employer. The Executive will devote his time,
attention, skill, and energy to the business of the Employer, will use his good
faith efforts to promote the success of the Employer's business, and will
cooperate fully with the Board of Directors in the advancement of the best
interests of the Employer. Nothing in this Section 2.3, however, will prevent
the Executive from engaging in additional activities in connection with personal
investments and community affairs that are not inconsistent with the Executive's
duties under this Agreement. If the Executive is elected as a director of the
Employer or as a director or officer of any of its affiliates, the Executive
will fulfill his duties as such director or officer without additional
compensation.

3.       COMPENSATION
         ------------

         3.1      BASIC COMPENSATION

                  (a) SALARY. The Executive will be paid an annual salary to
begin following the Employer's first acquisition of $200,000.00, which will be
increased to $250,000.00 per annum following a second acquisition, and to
$300,000.00 per annum following a third acquisition, subject to adjustment as
provided below (the "Salary"), which will be payable in equal periodic
installments according to the Employer's customary payroll practices, but no
less frequently than monthly. The Salary will be reviewed by the Board of
Directors not less frequently than annually, but in no event will the Salary be
less than $200,000.00 per year.

                  (b) BENEFITS. The Executive will, during the Employment
Period, be permitted to participate in such pension, profit sharing, bonus, life
insurance, hospitalization, major medical, and other employee benefit plans of
the Employer that may be in effect from time to time, to the extent the
Executive is eligible under the terms of those plans (collectively, the
"Benefits").

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                  (c) LIFE INSURANCE. Employer shall pay for and obtain a term
life insurance policy on the life of Executive in the amount of $2,500,000.00.
The beneficiary of the life insurance policy shall be the Employer, however,
Employer and Executive agree that the proceeds from such policy, in the event of
Executive's death, shall be used exclusively by Employer to purchase shares of
common stock, $.01 par value ("Common Stock"), of the Employer from Executive's
estate at the time of death. The value of the shares of Common Stock of
Executive shall be made by an independent third party experienced in valuations
of this type appointed by the Employer. Following the valuation, the Employer
shall utilize the $2,500,000.00 to purchase the Common Stock or portion of such
shares of Common Stock depending on the valuation of the Common Stock of
Executive. In the event the valuation of Executive's Common Stock is more than
$2,500,000.00, then the Employer shall purchase for $2,500,000.00 only such
portion of Common Stock as shall be equal to such amount, and Executive's estate
may retain the shares of Common Stock not purchased. In the event the valuation
of Executive's Common Stock is less than $2,500,000.00, then Employer shall
utilize such amount of the insurance proceeds equal to the valuation to purchase
Executive's Common Stock. The purchase of Executive's Common Stock from his
estate, following his death, shall be consummated within thirty (30) days
following Employer's receipt of the valuation.

         3.2 INCENTIVE COMPENSATION. As additional compensation ("Incentive
Compensation") for services rendered by the Executive to Employer in the
assistance and procurement of additional acquisitions of companies and
businesses in the Employer's line of business ("Acquisition"), the Employer will
pay to Executive one-half of one percent (1/2 of 1%) of the value of any
Acquisitions based on the total purchase price of such Acquisition when such
Acquisition is consummated by Employer. The Incentive Compensation to be paid to
Executive, at Executive's option, shall be paid in cash or stock options in
Common Stock of Employer.

4.       FACILITIES AND EXPENSES
         -----------------------

         4.1      GENERAL

         The Employer will furnish the Executive office space, equipment,
supplies, and such other facilities and personnel as the Employer deems
necessary or appropriate for the performance of the Executive's duties under
this Agreement. The Employer will pay the Executive's dues in such professional
societies and organizations as the Chairman of the Board deems appropriate, and
will pay on behalf of the Executive (or reimburse the Executive for) reasonable
expenses incurred by the Executive at the request of, or on behalf of, the
Employer in the performance of the Executive's duties pursuant to this
Agreement, and in accordance with the Employer's employment policies, including
reasonable expenses incurred by the Executive in attending conventions,
seminars, and other business meetings, in appropriate business entertainment
activities, and for promotional expenses. The Executive must file expense
reports with respect to such expenses in accordance with the Employer's
policies.

         4.2      AUTOMOBILE

         The Employer will include the Executive in the Employer's automobile
allowance policy. The Executive will own his own automobile, and maintain and
insure it at his own expense, for his business use in connection with his

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employment under this Agreement. The Executive will at his own expense maintain
liability insurance on any automobile used in connection with the Employer's
business, including excess liability (umbrella) insurance coverage in an amount
not less than one million dollars per occurrence, with underlying insurance
coverage as required by such excess liability insurance policy, and the
Executive will furnish proof of such insurance to the Employer as requested by
the Employer. The Executive must file expense reports with respect to such
automobile in accordance with the Employer's policies.

5.       VACATIONS AND HOLIDAYS
         ----------------------

         The Executive will be entitled to four weeks' paid vacation each Fiscal
Year in accordance with the vacation policies of the Employer in effect for its
executive officers from time to time. Vacation must be taken by the Executive at
such time or times as approved by the Chairman of the Board or Chief Executive
Officer. The Executive will also be entitled to the paid holidays and other paid
leave set forth in the Employer's policies. Vacation days and holidays during
any Fiscal Year that are not used by the Executive during such Fiscal Year may
be used in any subsequent Fiscal Year.

6.       TERMINATION
         -----------

         6.1      EVENTS OF TERMINATION

          The Employment Period, the Executive's Basic Compensation and
Incentive Compensation, and any and all other rights of the Executive under this
Agreement or otherwise as an employee of the Employer will terminate (except as
otherwise provided in this Section 6):

                  (a) upon the death of the Executive;

                  (b) upon the disability of the Executive (as defined in
Section 6.2) immediately upon notice from either party to the other;

                  (c) for cause (as defined in Section 6.3), immediately upon
notice from the Employer to the Executive, or at such later time as such notice
may specify; or

                  (d) for good reason (as defined in Section 6.4) upon not less
than thirty days' prior notice from the Executive to the Employer.

         6.2      DEFINITION OF DISABILITY

         For purposes of Section 6.1, the Executive will be deemed to have a
"disability" if, for physical or mental reasons, the Executive is unable to
perform the essential functions of the Executive's duties under this Agreement
for 120 consecutive days, or 180 days during any twelvemonth period, as
determined in accordance with this Section 6.2. The disability of the Executive
will be determined by a medical doctor selected by written agreement of the
Employer and the Executive upon the request of either party by notice to the
other. If the Employer and the Executive cannot agree on the selection of a
medical doctor, each of them will select a medical doctor and the two medical
doctors will select a third medical doctor who will determine whether the

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Executive has a disability. The determination of the medical doctor selected
under this Section 6.2 will be binding on both parties. The Executive must
submit to a reasonable number of examinations by the medical doctor making the
determination of disability under this Section 6.2, and the Executive hereby
authorizes the disclosure and release to the Employer of such determination and
all supporting medical records. If the Executive is not legally competent, the
Executive's legal guardian or duly authorized attorney-in-fact will act in the
Executive's stead, under this Section 6.2, for the purposes of submitting the
Executive to the examinations, and providing the authorization of disclosure,
required under this Section 6.2.

         6.3      DEFINITION OF "FOR CAUSE"

         For purposes of Section 6.1, the phrase "for cause" means: (a) the
Executive's material breach of this Agreement; (b) the Executive's failure to
adhere to any written Employer policy if the Executive has been given a
reasonable opportunity to comply with such policy or cure his failure to comply
(which reasonable opportunity must be granted during the ten-day period
preceding termination of this Agreement); (c) the appropriation (or attempted
appropriation) of a material business opportunity of the Employer, including
attempting to secure or securing any personal profit in connection with any
transaction entered into on behalf of the Employer; (d) the misappropriation (or
attempted misappropriation) of any of the Employer's funds or property; or (e)
the conviction of, the indictment for (or its procedural equivalent), or the
entering of a guilty plea or plea of no contest with respect to, a felony, the
equivalent thereof, or any other crime with respect to which imprisonment is a
possible punishment.

         6.4      DEFINITION OF "FOR GOOD REASON"

         For purposes of Section 6.1, the phrase "for good reason" means any of
the following: (a) The Employer's material breach of this Agreement; (b) the
assignment of the Executive without his consent to a position, responsibilities,
or duties of a materially lesser status or degree of responsibility than his
position, responsibilities, or duties at the Effective Date; or (c) the
requirement by the Employer that the Executive be based anywhere other than the
Employer's principal executive offices, in either case without the Executive's
consent.

         6.5      TERMINATION PAY

         Effective upon the termination of this Agreement, the Employer will be
obligated to pay the Executive (or, in the event of his death, his designated
beneficiary as defined below) only such compensation as is provided in this
Section 6.5, and in lieu of all other amounts and in settlement and complete
release of all claims the Executive may have against the Employer. For purposes
of this Section 6.5, the Executive's designated beneficiary will be such
individual beneficiary or trust, located at such address, as the Executive may
designate by notice to the Employer from time to time or, if the Executive fails
to give notice to the Employer of such a beneficiary, the Executive's estate.
Notwithstanding the preceding sentence, the Employer will have no duty, in any
circumstances, to attempt to open an estate on behalf of the Executive, to
determine whether any beneficiary designated by the Executive is alive or to
ascertain the address of any such beneficiary, to determine the existence of any
trust, to determine whether any person or entity purporting to act as the
Executive's personal representative (or the trustee of a trust established by
the Executive) is duly authorized to act in that capacity, or to locate or
attempt to locate any beneficiary, personal representative, or trustee.

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         (a)      TERMINATION BY THE EXECUTIVE FOR GOOD REASON. If the Executive
                  terminates this Agreement for good reason, the Employer will
                  pay the Executive the Executive's Salary for the remainder, if
                  any, of the calendar month in which such termination is
                  effective and for twelve consecutive calendar months
                  thereafter. Notwithstanding the preceding sentence, if the
                  Executive obtains other employment prior to the end of the six
                  months following the month in which the termination is
                  effective, he must promptly give notice thereof to the
                  Employer, and the Salary payments under this Agreement for any
                  period after the Executive obtains other employment will be
                  reduced by the amount of the cash compensation received and to
                  be received by the Executive from the Executive's other
                  employment for services performed during such period.

         (b)      TERMINATION BY THE EMPLOYER FOR CAUSE. If the Employer
                  terminates this Agreement for cause, the Executive will be
                  entitled to receive his Salary only through the date such
                  termination is effective, but will not be entitled to any
                  Incentive Compensation for the Fiscal Year during which such
                  termination occurs or any subsequent Fiscal Year.

         (c)      TERMINATION UPON DISABILITY. If this Agreement is terminated
                  by either party as a result of the Executive's disability, as
                  determined under Section 6.2, the Employer will pay the
                  Executive his Salary through the remainder of the calendar
                  month during which such termination is effective and for the
                  lesser of (i) six (6) consecutive months thereafter, or (ii)
                  the period until disability insurance benefits commence under
                  the disability insurance coverage furnished by the Employer to
                  the Executive.

         (d)      TERMINATION UPON DEATH. If this Agreement is terminated
                  because of the Executive's death, the Executive will be
                  entitled to receive his Salary through the end of the calendar
                  month in which his death occurs, and that part of the
                  Executive's Incentive Compensation, if any, for the Fiscal
                  Year during which his death occurs, prorated through the end
                  of the calendar month during which his death occurs.

         (e)      BENEFITS. The Executive's accrual of, or participation in
                  plans providing for, the Benefits will cease at the effective
                  date of the termination of this Agreement, and the Executive
                  will be entitled to accrued Benefits pursuant to such plans
                  only as provided in such plans. The Executive will not
                  receive, as part of his termination pay pursuant to this
                  Section 6, any payment or other compensation for any vacation,
                  holiday, sick leave, or other leave unused on the date the
                  notice of termination is given under this Agreement.

7.        NON-DISCLOSURE COVENANT; EMPLOYEE INVENTIONS
          --------------------------------------------

         7.1      ACKNOWLEDGMENTS BY THE EXECUTIVE

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         The Executive acknowledges that (a) during the Employment Period and as
a part of his employment, the Executive will be afforded access to Confidential
Information; (b) public disclosure of such Confidential Information could have
an adverse effect on the Employer and its business; (c) because the Executive
possesses substantial technical expertise and skill with respect to the
Employer's business, the Employer desires to obtain exclusive ownership of each
Employee Invention, and the Employer will be at a substantial competitive
disadvantage if it fails to acquire exclusive ownership of each Employee
Invention; (d) the Buyer has required that the Executive make the covenants in
this Section 7 as a condition to its purchase of the Employer's stock; and (e)
the provisions of this Section 7 are reasonable and necessary to prevent the
improper use or disclosure of Confidential Information and to provide the
Employer with exclusive ownership of all Employee Inventions.

         7.2      AGREEMENTS OF THE EXECUTIVE

         In consideration of the compensation and benefits to be paid or
provided to the Executive by the Employer under this Agreement, the Executive
covenants as follows:

                  (a) CONFIDENTIALITY.

                  (i)      During and following the Employment Period, the
                           Executive will hold in confidence the Confidential
                           Information and will not disclose it to any person
                           except with the specific prior written consent of the
                           Employer or except as otherwise expressly permitted
                           by the terms of this Agreement.

                  (ii)     Any trade secrets of the Employer will be entitled to
                           all of the protections and benefits under the Trade
                           Secrets law of the State of Texas and any other
                           applicable law. If any information that the Employer
                           deems to be a trade secret is found by a court of
                           competent jurisdiction not to be a trade secret for
                           purposes of this Agreement, such information will,
                           nevertheless, be considered Confidential Information
                           for purposes of this Agreement. The Executive hereby
                           waives any requirement that the Employer submit proof
                           of the economic value of any trade secret or post a
                           bond or other security.

                  (iii)    None of the foregoing obligations and restrictions
                           applies to any part of the Confidential Information
                           that the Executive demonstrates was or became
                           generally available to the public other than as a
                           result of a disclosure by the Executive.

                  (iv)     The Executive will not remove from the Employer's
                           premises (except to the extent such removal is for
                           purposes of the performance of the Executive's duties
                           at home or while traveling, or except as otherwise
                           specifically authorized by the Employer) any
                           document, record, notebook, plan, model, component,
                           device, or computer software or code, whether
                           embodied in a disk or in any other form
                           (collectively, the "Proprietary Items"). The
                           Executive recognizes that, as between the Employer
                           and the Executive, all of the Proprietary Items,
                           whether or not developed by the Executive, are the

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                           exclusive property of the Employer. Upon termination
                           of this Agreement by either party, or upon the
                           request of the Employer during the Employment Period,
                           the Executive will return to the Employer all of the
                           Proprietary Items in the Executive's possession or
                           subject to the Executive's control, and the Executive
                           shall not retain any copies, abstracts, sketches, or
                           other physical embodiment of any of the Proprietary
                           Items.

         7.3      DISPUTES OR CONTROVERSIES

         The Executive recognizes that should a dispute or controversy arising
from or relating to this Agreement be submitted for adjudication to any court,
arbitration panel, or other third party, the preservation of the secrecy of
Confidential Information may be jeopardized. All pleadings, documents,
testimony, and records relating to any such adjudication will be maintained in
secrecy and will be available for inspection by the Employer, the Executive, and
their respective attorneys and experts, who will agree, in advance and in
writing, to receive and maintain all such information in secrecy, except as may
be limited by them in writing.

8.       NON-COMPETITION AND NON-INTERFERENCE
         ------------------------------------

         8.1      ACKNOWLEDGMENTS BY THE EXECUTIVE

         The Executive acknowledges that: (a) the services to be performed by
him under this Agreement are of a special, unique, unusual, extraordinary, and
intellectual character; (b) the Employer's business is regional; (c) the
Employer competes with other businesses that are or could be located in any part
of the States of Utah, New Mexico and Colorado; (d) the Buyer has required that
the Executive make the covenants set forth in this Section 8 as a condition to
the Buyer's purchase of the Executive's stock in the Employer; and (e) the
provisions of this Section 8 are reasonable and necessary to protect the
Employer's business.

         8.2      COVENANTS OF THE EXECUTIVE

         In consideration of the acknowledgments by the Executive, and in
consideration of the compensation and benefits to be paid or provided to the
Executive by the Employer, the Executive covenants that he will not, directly or
indirectly:

                  (a) during the Employment Period, except in the course of his
employment hereunder, and during the Post-Employment Period, engage or invest
in, own, manage, operate, finance, control, or participate in the ownership,
management, operation, financing, or control of, be employed by, associated
with, or in any manner connected with, lend the Executive's name or any similar
name to, lend Executive's credit to or render services or advice to, any
business whose products or activities compete in whole or in part with the
products or activities of the Employer anywhere within the States of Utah, New
Mexico and Colorado; provided, however, that the Executive may purchase or
otherwise acquire up to (but not more than) one percent of any class of
securities of any enterprise (but without otherwise participating in the
activities of such enterprise) if such securities are listed on any national or
regional securities exchange or have been registered under Section 12(g) of the
Securities Exchange Act of 1934;

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                  (b) whether for the Executive's own account or for the account
of any other person, at any time during the Employment Period and the
Post-Employment Period, solicit business of the same or similar type being
carried on by the Employer, from any person known by the Executive to be a
customer of the Employer, whether or not the Executive had personal contact with
such person during and by reason of the Executive's employment with the
Employer;

                  (c) whether for the Executive's own account or the account of
any other person (i) at any time during the Employment Period and the
Post-Employment Period, solicit, employ, or otherwise engage as an employee,
independent contractor, or otherwise, any person who is or was an employee of
the Employer at any time during the Employment Period or in any manner induce or
attempt to induce any employee of the Employer to terminate his employment with
the Employer; or (ii) at any time during the Employment Period and for three
years thereafter, interfere with the Employer's relationship with any person,
including any person who at any time during the Employment Period was an
employee, contractor, supplier, or customer of the Employer; or

                  (d) at any time during or after the Employment Period,
disparage the Employer or any of its shareholders, directors, officers,
employees, or agents.

For purposes of this Section 8.2, the term "Post-Employment Period" means the
two (2) year period beginning on the date of termination of the Executive's
employment with the Employer.

         If any covenant in this Section 8.2 is held to be unreasonable,
arbitrary, or against public policy, such covenant will be considered to be
divisible with respect to scope, time, and geographic area, and such lesser
scope, time, or geographic area, or all of them, as a court of competent
jurisdiction may determine to be reasonable, not arbitrary, and not against
public policy, will be effective, binding, and enforceable against the
Executive.

         The period of time applicable to any covenant in this Section 8.2 will
be extended by the duration of any violation by the Executive of such covenant.

         The Executive will, while the covenant under this Section 8.2 is in
effect, give notice to the Employer, within ten days after accepting any other
employment, of the identity of the Executive's employer. The Buyer or the
Employer may notify such employer that the Executive is bound by this Agreement
and, at the Employer's election, furnish such employer with a copy of this
Agreement or relevant portions thereof.

9.       GENERAL PROVISIONS
         ------------------

         9.1      INJUNCTIVE RELIEF AND ADDITIONAL REMEDY

         The Executive acknowledges that the injury that would be suffered by
the Employer as a result of a breach of the provisions of this Agreement
(including any provision of Sections 7 and 8) would be irreparable and that an

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award of monetary damages to the Employer for such a breach would be an
inadequate remedy. Consequently, the Employer will have the right, in addition
to any other rights it may have, to obtain injunctive relief to restrain any
breach or threatened breach or otherwise to specifically enforce any provision
of this Agreement, and the Employer will not be obligated to post bond or other
security in seeking such relief.

         9.2      COVENANTS OF SECTIONS 7 AND 8 ARE ESSENTIAL
                  AND INDEPENDENT COVENANTS

         The covenants by the Executive in Sections 7 and 8 are essential
elements of this Agreement, and without the Executive's agreement to comply with
such covenants, the Buyer would not have purchased the Executive's stock under
the Stock Purchase Agreement and the Employer would not have entered into this
Agreement or employed or continued the employment of the Executive. The Employer
and the Executive have independently consulted their respective counsel and have
been advised in all respects concerning the reasonableness and propriety of such
covenants, with specific regard to the nature of the business conducted by the
Employer.

         The Executive's covenants in Sections 7 and 8 are independent covenants
and the existence of any claim by the Executive against the Employer under this
Agreement or otherwise, or against the Buyer, will not excuse the Executive's
breach of any covenant in Section 7 or 8.

         If the Executive's employment hereunder expires or is terminated, this
Agreement will continue in full force and effect as is necessary or appropriate
to enforce the covenants and agreements of the Executive in Sections 7 and 8.

         9.3      REPRESENTATIONS AND WARRANTIES BY THE EXECUTIVE

         The Executive represents and warrants to the Employer that the
execution and delivery by the Executive of this Agreement do not, and the
performance by the Executive of the Executive's obligations hereunder will not,
with or without the giving of notice or the passage of time, or both: (a)
violate any judgment, writ, injunction, or order of any court, arbitrator, or
governmental agency applicable to the Executive; or (b) conflict with, result in
the breach of any provisions of or the termination of, or constitute a default
under, any agreement to which the Executive is a party or by which the Executive
is or may be bound.

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         9.4      OBLIGATIONS CONTINGENT ON PERFORMANCE

         The obligations of the Employer hereunder, including its obligation to
pay the compensation provided for herein, are contingent upon the Executive's
performance of the Executive's obligations hereunder.

         9.5      WAIVER

         The rights and remedies of the parties to this Agreement are cumulative
and not alternative. Neither the failure nor any delay by either party in
exercising any right, power, or privilege under this Agreement will operate as a
waiver of such right, power, or privilege, and no single or partial exercise of
any such right, power, or privilege will preclude any other or further exercise
of such right, power, or privilege or the exercise of any other right, power, or
privilege. To the maximum extent permitted by applicable law, (a) no claim or
right arising out of this Agreement can be discharged by one party, in whole or
in part, by a waiver or renunciation of the claim or right unless in writing
signed by the other party; (b) no waiver that may be given by a party will be
applicable except in the specific instance for which it is given; and (c) no
notice to or demand on one party will be deemed to be a waiver of any obligation
of such party or of the right of the party giving such notice or demand to take
further action without notice or demand as provided in this Agreement.

         9.6      BINDING EFFECT; DELEGATION OF DUTIES PROHIBITED

         This Agreement shall inure to the benefit of, and shall be binding
upon, the parties hereto and their respective successors, assigns, heirs, and
legal representatives, including any entity with which the Employer may merge or
consolidate or to which all or substantially all of its assets may be
transferred. The duties and covenants of the Executive under this Agreement,
being personal, may not be delegated.

         9.7      NOTICES

         All notices, consents, waivers, and other communications under this
Agreement must be in writing and will be deemed to have been duly given when (a)
delivered by hand (with written confirmation of receipt), (b) sent by facsimile
(with written confirmation of receipt), provided that a copy is mailed by
registered mail, return receipt requested, or (c) when received by the
addressee, if sent by a nation-ally recognized overnight delivery service
(receipt requested), in each case to the appropriate addresses and facsimile
numbers set forth below (or to such other addresses and facsimile numbers as a
party may designate by notice to the other parties):

         If to Employer:            OilQUIP Rentals, Inc.
                                    1875 Century Park, Inc.
                                    Suite 600, Century City
                                    Los Angeles, California 90067
                                    Attn.:   Munawar H. Hidayatallah
                                    Facsimile No.: 310-407-5499

                                       12
<PAGE>

         With a copy to:            Wilson, Cribbs, Goren & Flaum, P.C.
                                    2200 Lyric Centre
                                    440 Louisiana
                                    Houston, Texas 77002
                                    Attn:    Theodore F. Pound III
                                    Facsimile No.: 713-229-8824

         If to the Executive:       Munawar H. Hidayatallah
                                    338 Entrada Drive
                                    Santa Monica, California 90402

         With a copy to:            Mr. Joseph P. Bartlett
                                    Spolin Silverman Cohn & Bartlett,
                                    LLP 1620 26th Street, Suite 2000
                                    Santa Monica, California 90404
                                    Facsimile No.: 310-586-2444

         9.8      ENTIRE AGREEMENT; AMENDMENTS

         This Agreement, the Stock Purchase Agreement, and the documents
executed in connection with the Stock Purchase Agreement, contain the entire
agreement between the parties with respect to the subject matter hereof and
supersede all prior agreements and understandings, oral or written, between the
parties hereto with respect to the subject matter hereof. This Agreement may not
be amended orally, but only by an agreement in writing signed by the parties
hereto.

         9.9      GOVERNING LAW

         This Agreement will be governed by the laws of the State of Texas
without regard to conflicts of laws principles.

         9.10     JURISDICTION

         Any action or proceeding seeking to enforce any provision of, or based
on any right arising out of, this Agreement may be brought against either of the
parties in the courts of the State of Texas, County of Harris, or, if it has or
can acquire jurisdiction, in the United States District Court for the Southern
District of Texas, and each of the parties consents to the jurisdiction of such
courts (and of the appropriate appellate courts) in any such action or
proceeding and waives any objection to venue laid therein. Process in any action
or proceeding referred to in the preceding sentence may be served on either
party anywhere in the world.

         9.11     SECTION HEADINGS, CONSTRUCTION

         The headings of Sections in this Agreement are provided for convenience
only and will not affect its construction or interpretation. All references to
"Section" or "Sections" refer to the corresponding Section or Sections of this

                                       13
<PAGE>

Agreement unless otherwise specified. All words used in this Agreement will be
construed to be of such gender or number as the circumstances require. Unless
otherwise expressly provided, the word "including" does not limit the preceding
words or terms.

         9.12     SEVERABILITY

         If any provision of this Agreement is held invalid or unenforceable by
any court of competent jurisdiction, the other provisions of this Agreement will
remain in full force and effect. Any provision of this Agreement held invalid or
unenforceable only in part or degree will remain in full force and effect to the
extent not held invalid or unenforceable.

         9.13     COUNTERPARTS

         This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original copy of this Agreement and all of which,
when taken together, will be deemed to constitute one and the same agreement.

         IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement as of the date above first written above.

EMPLOYER:                                  OILQUIP RENTALS, INC.

                                           By:/S/THEODORE F. POUND III
                                              ---------------------------------
                                              Theodore F. Pound, III
                                              Vice President and Secretary

EXECUTIVE:                                 Munawar H. Hidayatallah

                                           /S/MUNAWAR H. HIDAYATALLAH
                                           -------------------------------------

                                       14<PAGE>

EXHIBIT 10.16

                     PRODUCT DEVELOPMENT SERVICES AGREEMENT

THIS PRODUCT DEVELOPMENT SERVICES AGREEMENT (this "Agreement") is made and
entered into as of November 9, 2001, by and between BIOMED RESEARCH, INC., a
Florida corporation ("BIOMED"), and Med Enclosure, L.L.C., a Nevada limited
liability company ("Sponsor").

                                   WITNESSETH:

WHEREAS, BIOMED is engaged in the business of designing medical devices,
managing the pre-clinical and clinical testing of medical devices, and
completing the necessary applications in the process of obtaining U.S. Food and
Drug Administration ("FDA") approval to market medical devices;

WHEREAS, Sponsor has need for such product development services in order to
obtain FDA approval and to market its Product;

WHEREAS, Sponsor desires to engage BIOMED to perform certain product development
services with respect to the Product and BIOMED desires to perform such product
development services for Sponsor, all upon the terms and conditions hereinafter
set forth; and

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Sponsor and BIOMED hereby agree as follows:

                                    AGREEMENT

1. DEFINITIONS

As used in this Agreement, the following terms shall have the following
meanings:

1.1      PRODUCT. Product shall mean Sponsor's MEDCLOSE arteriotomy closure
         device as described in the Development Plan.

1.2      DEVELOPMENT PLAN. Development Plan shall mean an outline of the product
         development services to be performed by BIOMED hereunder set forth on
         Exhibit A.

2. SCOPE AND CONDUCT OF SERVICES

2.1      SCOPE OF SERVICES. BIOMED shall provide the product development
         services in support of Products as described in the Development Plan
         set forth at Exhibit A. In addition, BIOMED will use commercially
         reasonable efforts to perform such other services related to the
         Development Plan, but not specifically included in the Development
         Plan, which may be reasonably requested by Sponsor; provided that
         Sponsor shall bear all reasonable costs associated with such other
         services.

2.2      CONDUCT OF SERVICES. BIOMED shall use its best efforts to perform the
         Development Plan in accordance with the timetable time estimates set
         out in Exhibit A. All work shall be performed by BIOMED in a

<PAGE>

         workmanlike and professional manner, in conformance with best industry
         practices, and strictly in accordance with the Development Plan, and
         any applicable federal, state and local laws and regulations and
         guidelines, including, but not limited to, Title 21 of the Code of
         Federal Regulations, International Congress of Harmonization Good
         Clinical Practice Guidelines as reported in the Federal Register on May
         9, 1997, Good Laboratory Practices, and Design Controls in the Quality
         System Regulation if, and as applicable. BIOMED shall cooperate with
         any reasonable reviews or audits of BIOMED's activities under this
         Agreement by Sponsor or Sponsor's appointee and make available to them
         for examination during normal business hours all documentation, data
         and information relating to Services. BIOMED shall provide Sponsor with
         monthly written status reports during the term of this Agreement.
         Sponsor shall have the right to review and approve all draft protocols
         for pre-clinical and clinical studies relating to Product prior to
         implementation by BIOMED; provided that such review and approval
         process with respect to any such study shall not exceed 48 hours.
         Sponsor shall have the right to review and approve all draft
         submissions to the FDA and any other regulatory entities relating to
         Product prior to submission by BIOMED.

2.3      OBLIGATIONS OF BIOMED AND SUB-CONTRACTORS. BIOMED may, subject to
         Sponsor's prior written consent, sub-contract part of its obligations
         hereunder with a third party. BIOMED shall ensure by written agreement
         with each sub-contractor for the benefit of Sponsor, that such
         sub-contractor assumes obligations equivalent to those assumed by
         BIOMED under this Agreement in particular as regards Sections 2.2
         (Conduct of Services), 5 (Record Storage), 6 (Publications), 8
         (Confidentiality) and 9 (Work Product and Discoveries). Such agreements
         with each sub-contractor will be subject to Sponsor's prior written
         approval, which shall not be reasonably withheld or delayed; provided,
         however, that BIOMED may redact the commercial terms (e.g., pricing) of
         such agreements prior to delivering the agreement to Sponsor for review
         and approval.. BIOMED acknowledges and confirms that by sub-contracting
         its rights and obligation hereunder it shall not be released from any
         of its contractual obligations under this Agreement and that it shall
         remain fully responsible for the complete performance of such
         obligations under this Agreement. BIOMED shall be solely responsible
         for all payments to sub-contractors, and does not have the ability to
         bind Sponsor in connection with any agreement or arrangement.

3. FEES AND PAYMENT

Sponsor's sole payment obligations with respect to the services performed under
this Agreement, inclusive of any fees, expenses and other costs are set forth on
Exhibit A under the columns headed "Cost," "Early Bonus" and "On-Time Bonus"
Payments set forth under the heading "Cost" on Exhibit A shall be due and
payable in full only upon the successful completion of prior sequential phase of
the Development Plan, except with respect to the payment corresponding to Phase
I which shall be payable in full within three (3) business days of the execution
of this Agreement by both parties, and the payment corresponding to Phase V,
which shall be payable in three installments due every 90 days commencing upon
completion of Phase N. Amounts set forth under the columns headed "Early Bonus"
and "On-Time Bonus" will accrue only if the corresponding phase of the
Development Plan is completed by the dates set forth under such headings.
Either, but not both, an "Early Bonus" or an "On-Time Bonus" amount may accrue
with respect to each phase of the Development Plan. Accrued amounts set forth

<PAGE>

under the columns headed "Early Bonus" and "On-time Bonus" will only become due
and payable upon receipt by the Sponsor of a letter from FDA approving the
marketing of the Product. BIOMED shall be responsible for all costs in
connection with performance of the Development Plan, including travel expenses,
overhead, and other expenses.

4. TERM AND TERMINATION

4.1      TERM. The term of this Agreement shall commence on the date set forth
         on the first page hereof and shall continue through the completion of
         the Development Plan (the "Termination Date"), unless terminated
         earlier by either party in accordance with the terms of this Agreement.

4.2      TERMINATION. If either party breaches any material representation,
         warranty or obligation provided hereunder and the breaching party fails
         to cure such breach within thirty (30) days of receipt of written
         notice of such breach from the non-breaching party, the non-breaching
         party shall be entitled to terminate this Agreement immediately upon
         expiration of such thirty (30) day period. If this Agreement is
         terminated by Sponsor during any phase of the development plan, BIOMED
         shall refund to Sponsor within thirty (30) days of the effective date
         of such termination, a pro-rata portion of the payment with respect to
         such phase based on the number days remaining in such phase (determined
         with reference to the total number of days accorded to such phase on
         Exhibit A).

5. RECORD STORAGE

Unless otherwise directed by Sponsor, BIOMED shall retain in its archive all
original data and other materials arising out of BIOMED's performance of its
obligations under this Agreement for a period of two (2) years after the date of
marketing approval by the FDA for the Product. At the end of the two (2) year
period referred to above, BIOMED shall return all such data and other materials
to Sponsor unless otherwise directed by Sponsor.

6. PUBLICATIONS

BIOMED and its employees, contractors, consultants and all other contracted
persons and entities shall not make any publication related to the Product or
its product development services hereunder without the express written
permission of Sponsor, but in no event prior to the publication of any patent
for the Product. In the event Sponsor consents to publication by clinical
investigators contracted by BIOMED, BIOMED's agreements with all such clinical
investigators shall be constructed so as to require an opportunity for review
and comment by Sponsor prior to any such publication. All data of a confidential
or trade secret nature will be specifically excluded from such right to publish,
unless otherwise approved by Sponsor in writing.

7. DISCLAIMER OF BENEFITS - INDEPENDENT CONTRACTOR

It is expressly agreed that all services provided by BIOMED and its employees,
agents, or representatives pursuant to this Agreement are performed in BIOMED's
capacity as an independent contractor and its employees, agents, or
representatives are not employees of Sponsor. BIOMED retains the sole right to
hire, discipline, evaluate, and terminate its own employees and to set their
hours, wages, and terms and conditions of employment in accordance with the law

<PAGE>

and its obligations hereunder. Consequently, BIOMED's employees, agents, or
representatives are not entitled to and will not receive from Sponsor in
connection with the services hereunder any insurance coverage, pension,
profit-sharing, paid vacation, disability or similar benefits normally provided
by Sponsor to its employees. BIOMED is solely responsible for with respect to
the withholding and payment of taxes for itself its employees, agents, or
representatives, and Sponsor shall have no liability therefore.

8. CONFIDENTIALITY

8.1      CONFIDENTIAL INFORMATION. BIOMED hereby agrees to treat as confidential
         any confidential or proprietary information obtained from Sponsor or
         generated or created by BIOMED as a result of performing the services
         under this Agreement, including but not limited to, data, materials,
         equipment, experience (whether of a scientific, technical, engineering,
         operational or commercial nature), designs, specifications, know-how
         with respect to the Product, product uses, processes, formulae, costs,
         financial data, marketing plans and direct selling systems, customer
         lists and technical and commercial information relating to customers or
         business projections used by Sponsor in its business, whether or not
         the subject of any patent or patent application (referred to
         hereinafter collectively as "Confidential Information"). BIOMED
         recognizes that Confidential Information is the exclusive property of
         Sponsor. Consequently, during the term of this Agreement and for 10
         years after termination of this Agreement, BIOMED shall not disclose to
         any unauthorized person or use in any unauthorized manner the
         Confidential Information. Notwithstanding the foregoing, BIOMED may
         disclose Confidential Information to its directors, officials,
         employees and sub-contractors to the extent necessary for the
         performance of the services under this Agreement, provided, however,
         BIOMED shall impose upon them the same confidentiality obligation
         BIOMED has under this Agreement. In the event of a breach or a
         threatened breach by BIOMED of the provisions of this Section 8,
         Sponsor shall be entitled to seek an injunction restraining BIOMED from
         disclosing, in whole or in part, said Confidential Information and
         BIOMED agrees it will not oppose the grant of such injunction on the
         grounds that monetary damages are an adequate remedy. Nothing herein
         shall be construed as prohibiting Sponsor from pursuing any other
         remedies available to Sponsor at law or equity for any such breach or
         threatened breach.

8.2      EXCEPTIONS TO CONFIDENTIAL INFORMATION. This obligation of
         confidentiality shall not apply to information which:

                  8.2.1 at the time of disclosure is in the public domain;

                  8.2.2 after disclosure becomes part of the public domain by
         publication or otherwise, other than by an unauthorized act or omission
         by BIOMED, its agents, employees, affiliates or subcontractors;

                  8.2.3 was in the possession of BIOMED at the time of
         disclosure and BIOMED promptly notifies Sponsor in writing of such
         possession and the circumstances relating to the possession, and was
         not acquired directly or indirectly from Sponsor;

<PAGE>

                  8.2.4 becomes known to BIOMED from a third party having (i)
         lawful access to such information and (ii) the right disclose the
         information without any obligation to Sponsor or Sponsor's affiliates;
         or

                  8.2.5 with Sponsors written permission, may be required for
         obtaining essential or desirable authorizations or rights relating to
         the Product and the Development Plan from governmental authorities.

8.3      THIS AGREEMENT IS CONFIDENTIAL. BIOMED agrees to keep confidential and
         not to disclose to any other person, firm or entity the existence or
         contents of this Agreement and discussions hereunder unless Sponsor
         gives its prior written consent to such disclosure.

9. Work Product and Discoveries

9.1      WORK PRODUCT. BIOMED hereby grants to Sponsor and Sponsor hereby
         accepts, the entire right title and interest of BIOMED now existing, or
         which may hereafter arise in and to the Work Product and in and to all
         data, information, inventions, discoveries, improvements, designs,
         ideas, reports, materials, applications, machines, devices, and the
         like developed by BIOMED under this Agreement (hereinafter, the "Work
         Product") and all copyrights, trade secrets and other proprietary
         rights in or based on the Work Product. BIOMED and Sponsor agree that
         if the Work Product or any portion thereof is copyrightable, it shall
         be deemed to be a "work made for hire," as such term is defined in the
         Copyright Laws of the United States. BIOMED agrees not to disclose the
         Work Products to a third party or to use the Work Products for its own
         benefit without the prior express written consent of Sponsor. BIOMED
         warrants and represents that: (a) all Work Product prepared by BIOMED
         and its sub-contractors pursuant to this Agreement will be original
         work developed pursuant to this Agreement; (b) any Work Product
         prepared by BIOMED pursuant to this Agreement will created solely by
         BIOMED and its sub-contractors; (c) any Work Product prepared by BIOMED
         and its sub-contractors pursuant to this Agreement, in whole or in
         part, or any activity by BIOMED and its sub-contractors under this
         Agreement, will not and does not infringe any patents, copyrights,
         trade secrets or other proprietary rights of third parties and BIOMED
         has received no claims or charges of such infringement by the Work
         Product or any portion thereof, and BIOMED has no reason to believe
         that the Work Product, in whole or in part, may infringe the patents,
         copyrights, trade secrets or other proprietary rights of third parties;
         (d) BIOMED has the authority to enter into this Agreement and to
         perform all obligations hereunder, including, but not limited to, the
         grant of rights and licenses to the Work Product and all data,
         documentation, and information, in whatever form, not first produced or
         created by or for BIOMED as a result of or related to the performance
         of work or the rendition of services under this Agreement, but included
         in or necessary for use in or with the Work Product or any portion
         thereof, and all proprietary rights therein or based thereon, and that
         BIOMED is free to enter this Agreement, and execution of this Agreement
         does not violate any ethical or contractual duty to a third party; and
         (e) BIOMED has not granted any rights or licenses to third parties
         under Work Product or any portion thereof.

9.2      INFORMATION. BIOMED agrees to provide Sponsor with all information,
         know-how and materials necessary for Sponsor to obtain and maintain
         patents or other rights in the Work Products in ALL AND ALL countries
         designated by Sponsor.

<PAGE>

9.3      APPROVALS AND FILES. BIOMED agrees that Sponsor does and will own the
         full right, title, and interest in and to any government approvals,
         associated government files or licenses related to making, using and
         selling the Products and Work Products to the full extent possible
         under the law of each appropriate country.

10. GENERAL

10.1     NOTICE. Any notice, request, consent or communication under this
         Agreement shall be effective only if it is in writing and personally
         delivered, sent by certified mail return receipt requested, postage
         prepaid, nationally recognized express delivery service with delivery
         confirmed or via facsimile with receipt confirmed, addressed as
         follows:

If to Sponsor:

                  MED ENCLOSURE, L.L.C.
                  6336 17th Street Circle East
                  Sarasota, FL 34243
                  Attention: Rod A. Shipman, Managing Member, President and CEO
                  Facsimile: (941) 346-3214

If to BIOMED:

                  BIOMED RESEARCH, INC.
                  4608 Rue Bordeaux
                  Lutz, Florida 33558 USA
                  Attention: Michael P. Dayton, President
                  Facsimile: (813) 949-6990

or at such subsequent address as either party may designate to the other in
writing, and shall be deemed to have been given as of the date when properly set
in accordance with the terms hereof.

10.2     INDEMNIFICATION. Each party (in such case, the "Indemnifying Party")
         hereby indemnifies and agrees to defend and hold harmless the other
         party and its directors, officers, agents, representatives, employees,
         members, successors and assigns (the "Indemnified Parties"), from and
         against any and all losses, claims, damages, expenses or fees
         (including attorney's fees) arising out of or in connection any actions
         by any person, organization or governmental entity or agency as a
         result of the performance, breach or nonperformance by the Indemnifying
         Party, its agents, affiliates, employees, representatives or assigns of
         its obligations or duties under this Agreement, including, but not
         limited to such liability, loss or damage resulting from negligence,
         willful malfeasance or failure by the Indemnifying Party to perform its
         obligations hereunder in compliance with the FDA guidelines and
         regulations.

10.3     INSURANCE. At all times during the term of this Agreement, BIOMED will
         maintain an insurance policy or policies adequate in amount, as
         reasonably determined by Sponsor, to insure BIOMED against liability
         associated with its obligations hereunder. Sponsor shall be an
         additional named insured on all such policies, shall be entitled upon
         request to evidence of such coverage.

<PAGE>

10.4     BINDING AGREEMENT. This Agreement shall inure to the benefit of and be
         binding on Sponsor, its successors, transferees and assigns, and on
         BIOMED, its successors, transferees and assigns.

10.5     WAIVER OF BREACH. The waiver by either party of a default or breach or
         the failure by either party to claim a default or breach of any
         provision of this Agreement by the other party shall not be or be held
         to be a waiver of any subsequent default or breach of the same
         provision or of any other provision of this Agreement.

10.6     AMENDMENT. This Agreement cannot be amended, changed, modified or
         supplemented in any manner whatsoever, except by another agreement in
         writing executed by the parties hereto.

10.7     ASSIGNMENT. Neither this Agreement, nor any of its rights, duties or
         obligations under this Agreement may be assigned or otherwise
         transferred or delegated by BIOMED without the prior written consent of
         Sponsor.

10.8     HEADINGS. The headings of the various sections of this Agreement are
         inserted merely for the purpose of convenience of the parties and do
         not expressly or by implication limit, define or extend the specific
         terms of the section so designated.

10.9     ENTIRE AGREEMENT. This Agreement cancels, merges and supersedes all
         prior and contemporaneous understandings and agreements relating to the
         subject matter of this Agreement, written or oral, between the parties
         hereto and contains the entire agreement of the parties hereto.

10.10    SEVERABILITY. Except as otherwise expressly provided herein, if any
         provisions of this Agreement shall be adjudicated to be invalid or
         unenforceable in any action or proceeding, whether in its entirety or
         in any portion, then such part shall be deemed amended, if possible, or
         deleted, as the case may be, from the Agreement in order to render the
         remainder of the Agreement and any provision thereof both valid and
         enforceable.

10.11    SURVIVAL. The obligations, rights and duties of the parties under
         Sections 5, 6, 8, and 9 hereof shall survive the termination of this
         Agreement.

10.12    GOVERNING LAW. This Agreement and the rights and obligations of the
         parties hereunder shall be subject to, governed by and construed and
         interpreted in accordance with, the laws of the State of Florida
         without regard to the conflicts of laws principles of such State. Each
         party agrees to submit to the jurisdiction of the United States
         District Court situated in the State of Florida with respect to any
         non-arbitration dispute (as defined below) and with respect to any
         action to enforce an arbitration order rendered pursuant to Section
         10.13 below.

10.13    ARBITRATION. In the event of any dispute, the senior management of
         Sponsor and BIOMED will attempt in good faith to negotiate a mutually
         acceptable resolution. Any dispute arising out of or in connection with
         this Agreement, other than a dispute concerning Section 6, 8 or 9, with

<PAGE>

         respect to which a party is seeking specific performance, an
         injunction, or other equitable relief (a "non-arbitration dispute"), if
         not settled amicably between the parties hereto, shall be finally
         settled in accordance with the Commercial Arbitration Rules of the
         American Arbitration Association by one (1) arbitrator selected
         mutually by the parties. If the parties are unable to agree on an
         arbitrator, then each party will select one (1) arbitrator and
         arbitrators will then select one (1) arbitrator to hear the dispute.
         The arbitrator shall have the power to rule on his own competence and
         to give an award having force of law for the parties. The award shall
         be madt m writing and shall be final and binding on the parties. The
         parties shall undertake to carry out the award without delay. The award
         may be made public only with the consent of both parties. The
         applicable law shall be the law of the United States and the State
         Florida and the place of arbitration shall be, unless otherwise agreed
         between the parties, Sarasota, Florida.

10.14    IRREPARABLE HARM. BIOMED agrees that, for any breach of BIOMED's duties
         under Paragraphs 6, 8 or 9 of this Agreement, shall result in
         irreparable harm to Sponsor, that BIOMED will not interpose lack of
         irreparable harm as a defense to any action brought by BIOMED, its
         successors or assigns, under this Agreement and that Sponsor, its
         successors and assigns, will have the right to obtain injunctive relief
         with respect any such breach.

10.15    COMPLIANCE WITH LAWS. Sponsor and BIOMED agree that in the performance
         of their duties under this Agreement they will not, directly or
         indirectly, violate or assist or cooperate with any other party in
         violating any of the provisions of any applicable health, safety,
         environmental, export, import, tax, antiboycott, corrupt practices or
         other laws of the United States, any state of subdivision thereof.

10.16    FORCE MAJEURE. Neither party shall be in default hereunder by reason of
         its delay in the performance of or failure to perform any of its
         obligations hereunder if such delay or failure is caused by strikes,
         acts of God or the public enemy, riots, incendiaries, interference by
         civil or military authorities, compliance with applicable laws, rules
         or regulations, inability to secure necessary governmental priorities
         for materials, or for any circumstances beyond each respective party's
         reasonable control and without its fault or negligence.

10.17    CONFLICTS WITH OTHER LAWS. If any of the terms or provisions of this
         Agreement are in conflict with any applicable statue or rule of law
         then such terms or provisions shall be deemed inoperative to the extent
         that they may conflict therewith and shall be modified to conform with
         such statute or rule of law in such forms which most closely reflect
         the commercial and mutual intent of the parties under this Agreement.

                      REMAINDER OF PAGE INTENTIONALLY BLANK
                       SIGNATURES APPEAR ON THE NEXT PAGE

<PAGE>

         IN WITNESS WHEREOF, the parties have cause this Agreement to be duly
executed as of the day and year first above written.

THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION, WHICH MAY BE ENFORCED BY
THE PARTIES.

                          SPONSOR

                          Med Enclosure, L.L.C.

                     By:  /S/ ROD A. SHIPMAN
                          ------------------------------------------------------
                          Rod A. Shipman
                          Managing Member, President and Chief Executive Officer

                         BIOMED

                         BIOMED RESEARCH, INC.

                     By:  /S/ MICHAEL P. DAYTON
                          ------------------------------------------------------
                          Michael P. Dayton, President

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