Document:

THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO GLOBETEL COMMUNICATIONS CORP. THAT SUCH REGISTRATION IS NOT
REQUIRED.

            Right to Purchase ____________ shares of Common Stock of Globetel
            Communications Corp. (subject to adjustment as provided herein)

                      CLASS A COMMON STOCK PURCHASE WARRANT

No. |_|                                             Issue Date: January 9, 2006

      GLOBETEL COMMUNICATIONS CORP., a corporation organized under the laws of
the State of Delaware (the "Company"), hereby certifies that, for value received
_________________________., Fax: (___) _______________, or its assigns (the
"Holder"), is entitled, subject to the terms set forth below, to purchase from
the Company at any time after the Issue Date until 5:00 p.m., E.S.T on August
31, 2008 (the "Expiration Date"), up to ___________ fully paid and nonassessable
shares of the common stock of the Company (the "Common Stock"), $.00001 par
value per share at a per share purchase price of $4.00. The aforedescribed
purchase price per share, as adjusted from time to time as herein provided, is
referred to herein as the "Purchase Price." The number and character of such
shares of Common Stock and the Purchase Price are subject to adjustment as
provided herein. The Company may reduce the Purchase Price without the consent
of the Holder. Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in that certain Subscription Agreement (the
"Subscription Agreement"), dated August 30, 2005, entered into by the Company
and Holder's of the Class A Warrants.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

      (a) The term "Company" shall include Globetel Communications Corp. and any
corporation which shall succeed or assume the obligations of Globetel
Communications Corp. hereunder.

      (b) The term "Common Stock" includes (a) the Company's Common Stock,
$.00001 par value per share, as authorized on the date of the Subscription
Agreement, and (b) any other securities into which or for which any of the
securities described in (a) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

      (c) The term "Other Securities" refers to any stock (other than Common
Stock) and other securities of the Company or any other person (corporate or
otherwise) which the holder of the Warrant at any time shall be entitled to
receive, or shall have received, on the exercise of the Warrant, in lieu of or
in addition to Common Stock, or which at any time shall be issuable or shall
have been issued in exchange for or in replacement of Common Stock or Other
Securities pursuant to Section 4 or otherwise.

      1.    Exercise of Warrant.

                                       1
<PAGE>

            1.1. Number of Shares Issuable upon Exercise. From and after the
Issue Date through and including the Expiration Date, the Holder hereof shall be
entitled to receive, upon exercise of this Warrant in whole in accordance with
the terms of subsection 1.2 or upon exercise of this Warrant in part in
accordance with subsection 1.3, shares of Common Stock of the Company, subject
to adjustment pursuant to Section 4.

            1.2. Full Exercise. This Warrant may be exercised in full by the
Holder hereof by delivery of an original or facsimile copy of the form of
subscription attached as Exhibit A hereto (the "Subscription Form") duly
executed by such Holder and surrender of the original Warrant within three (3)
days of exercise, to the Company at its principal office or at the office of its
Warrant Agent (as provided hereinafter), accompanied by payment, in cash, wire
transfer or by certified or official bank check payable to the order of the
Company, in the amount obtained by multiplying the number of shares of Common
Stock for which this Warrant is then exercisable by the Purchase Price then in
effect.

            1.3. Partial Exercise. This Warrant may be exercised in part (but
not for a fractional share) by surrender of this Warrant in the manner and at
the place provided in subsection 1.2 except that the amount payable by the
Holder on such partial exercise shall be the amount obtained by multiplying (a)
the number of whole shares of Common Stock designated by the Holder in the
Subscription Form by (b) the Purchase Price then in effect. On any such partial
exercise, the Company, at its expense, will forthwith issue and deliver to or
upon the order of the Holder hereof a new Warrant of like tenor, in the name of
the Holder hereof or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may request, the whole number of shares of Common
Stock for which such Warrant may still be exercised.

            1.4. Fair Market Value. Fair Market Value of a share of Common Stock
as of a particular date (the "Determination Date") shall mean:

                  (a) If the Company's Common Stock is traded on an exchange or
is quoted on the National Association of Securities Dealers, Inc. Automated
Quotation ("NASDAQ"), National Market System, the NASDAQ SmallCap Market or the
American Stock Exchange, LLC, then the closing or last sale price, respectively,
reported for the last business day immediately preceding the Determination Date;

                  (b) If the Company's Common Stock is not traded on an exchange
or on the NASDAQ National Market System, the NASDAQ SmallCap Market or the
American Stock Exchange, Inc., but is traded in the over-the-counter market,
then the average of the closing bid and ask prices reported for the last
business day immediately preceding the Determination Date;

                  (c) Except as provided in clause (d) below, if the Company's
Common Stock is not publicly traded, then as the Holder and the Company agree,
or in the absence of such an agreement, by arbitration in accordance with the
rules then standing of the American Arbitration Association, before a single
arbitrator to be chosen from a panel of persons qualified by education and
training to pass on the matter to be decided; or

                  (d) If the Determination Date is the date of a liquidation,
dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company's charter, then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such liquidation, dissolution or winding up, plus all other amounts to be
payable per share in respect of the Common Stock in liquidation under the
charter, assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of all of the Warrants are outstanding
at the Determination Date.

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<PAGE>

            1.5. Company Acknowledgment. The Company will, at the time of the
exercise of the Warrant, upon the request of the Holder hereof acknowledge in
writing its continuing obligation to afford to such Holder any rights to which
such Holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant. If the Holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the Company
to afford to such Holder any such rights.

            1.6. Trustee for Warrant Holders. In the event that a bank or trust
company shall have been appointed as trustee for the Holder of the Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

            1.7 Delivery of Stock Certificates, etc. on Exercise. The Company
agrees that the shares of Common Stock purchased upon exercise of this Warrant
shall be deemed to be issued to the Holder hereof as the record owner of such
shares as of the close of business on the date on which this Warrant shall have
been surrendered and payment made for such shares as aforesaid. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within three (3) business days thereafter, the Company at its expense
(including the payment by it of any applicable issue taxes) will cause to be
issued in the name of and delivered to the Holder hereof, or as such Holder
(upon payment by such Holder of any applicable transfer taxes) may direct in
compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such Holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share of Common Stock, together with any other stock or
other securities and property (including cash, where applicable) to which such
Holder is entitled upon such exercise pursuant to Section 1 or otherwise.

      2. Cashless Exercise.

            (a) If a Registration Statement (as defined in the Subscription
Agreement) ("Registration Statement") is effective and the Holder may sell its
shares of Common Stock upon exercise hereof pursuant to the Registration
Statement, this Warrant may be exercisable in whole or in part for cash only as
set forth in Section 1 above. If no such Registration Statement is available
during the time that such Registration Statement is required to be effective
pursuant to the terms of the Subscription Agreement, then payment upon exercise
may be made at the option of the Holder either in (i) cash, wire transfer or by
certified or official bank check payable to the order of the Company equal to
the applicable aggregate Purchase Price, (ii) by delivery of Common Stock
issuable upon exercise of the Warrants in accordance with Section (b) below or
(iii) by a combination of any of the foregoing methods, for the number of Common
Stock specified in such form (as such exercise number shall be adjusted to
reflect any adjustment in the total number of shares of Common Stock issuable to
the holder per the terms of this Warrant) and the holder shall thereupon be
entitled to receive the number of duly authorized, validly issued, fully-paid
and non-assessable shares of Common Stock (or Other Securities) determined as
provided herein.

            (b) If the Fair Market Value of one share of Common Stock is greater
than the Purchase Price (at the date of calculation as set forth below), in lieu
of exercising this Warrant for cash, the holder may elect to receive shares
equal to the value (as determined below) of this Warrant (or the portion thereof
being cancelled) by surrender of this Warrant at the principal office of the
Company together with the properly endorsed Subscription Form in which event the
Company shall issue to the holder a number of shares of Common Stock computed
using the following formula:

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<PAGE>

                          X=Y (A-B) A

                  Where    X=       the number of shares of Common Stock to be
                                    issued to the holder

                           Y=       the number of shares of Common Stock
                                    purchasable under the Warrant or, if only a
                                    portion of the Warrant is being exercised,
                                    the portion of the Warrant being exercised
                                    (at the date of such calculation)

                           A=       the Fair Market Value of one share of the
                                    Company's Common Stock (at the date of such
                                    calculation)

                           B=       Purchase Price (as adjusted to the date of
                                    such calculation)

            (c) The Holder may employ the cashless exercise feature described in
Section (b) above only during the pendency of a Non-Registration Event as
described in Section 11 of the Subscription Agreement.

      For purposes of Rule 144 promulgated under the 1933 Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued pursuant to the Subscription
Agreement.

      3. Adjustment for Reorganization, Consolidation, Merger, etc.

            3.1. Reorganization, Consolidation, Merger, etc. In case at any time
or from time to time, the Company shall (a) effect a reorganization, (b)
consolidate with or merge into any other person or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Company, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder of this
Warrant, on the exercise hereof as provided in Section 1, at any time after the
consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the
Common Stock (or Other Securities) issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

            3.2. Dissolution. In the event of any dissolution of the Company
following the transfer of all or substantially all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be delivered the stock and other securities and property (including cash, where
applicable) receivable by the Holder of the Warrants after the effective date of
such dissolution pursuant to this Section 3 to a bank or trust company (a
"Trustee") having its principal office in New York, NY, as trustee for the
Holder of the Warrants.

            3.3. Continuation of Terms. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the Other Securities and property receivable
on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such
transfer, as the case may be, and shall be binding upon the issuer of any Other
Securities, including, in the case of any such transfer, the person acquiring
all or substantially all of the properties or assets of the Company, whether or
not such person shall have expressly assumed the terms of this Warrant as

                                       4
<PAGE>

provided in Section 4. In the event this Warrant does not continue in full force
and effect after the consummation of the transaction described in this Section
3, then only in such event will the Company's securities and property (including
cash, where applicable) receivable by the Holder of the Warrants be delivered to
the Trustee as contemplated by Section 3.2.

            3.4 Share Issuance. Until the Expiration Date, if the Company shall
issue any Common Stock except for the Excepted Issuances (as defined in the
Subscription Agreement), prior to the complete exercise of this Warrant for a
consideration less than the Purchase Price that would be in effect at the time
of such issue, then, and thereafter successively upon each such issue, the
Purchase Price shall automatically and with no action required by the Company or
Holder, be reduced to such other lower issue price. For purposes of this
adjustment, the issuance of any security or debt instrument of the Company
carrying the right to convert such security or debt instrument into Common Stock
or of any warrant, right or option to purchase Common Stock shall result in an
adjustment to the Purchase Price upon the issuance of the above-described
security, debt instrument, warrant, right, or option and again at any time upon
any subsequent issuances of shares of Common Stock upon exercise of such
conversion or purchase rights if such issuance is at a price lower than the
Purchase Price in effect upon such issuance. The reduction of the Purchase Price
described in this Section 3.4 is in addition to the other rights of the Holder
described in the Subscription Agreement.

      4. Extraordinary Events Regarding Common Stock. In the event that the
Company shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Purchase Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the then Purchase Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Purchase Price then in effect. The
Purchase Price, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described herein in this Section 4.
The number of shares of Common Stock that the Holder of this Warrant shall
thereafter, on the exercise hereof as provided in Section 1, be entitled to
receive shall be adjusted to a number determined by multiplying the number of
shares of Common Stock that would otherwise (but for the provisions of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the Purchase Price that would otherwise (but for the provisions of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

      5. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the Warrants, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of the Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith
mail a copy of each such certificate to the Holder of the Warrant and any
Warrant Agent of the Company (appointed pursuant to Section 11 hereof).

      6. Reservation of Stock, etc. Issuable on Exercise of Warrant; Financial
Statements. The Company will at all times reserve and keep available, solely for
issuance and delivery on the exercise of the Warrants, all shares of Common
Stock (or Other Securities) from time to time issuable on the exercise of the
Warrant. This Warrant entitles the Holder hereof to receive copies of all
financial and other information distributed or required to be distributed to the
holders of the Company's Common Stock.

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<PAGE>

      7. Assignment; Exchange of Warrant. Subject to compliance with applicable
securities laws, this Warrant, and the rights evidenced hereby, may be
transferred by any registered holder hereof (a "Transferor"). On the surrender
for exchange of this Warrant, with the Transferor's endorsement in the form of
Exhibit B attached hereto (the "Transferor Endorsement Form") and together with
an opinion of counsel reasonably satisfactory to the Company that the transfer
of this Warrant will be in compliance with applicable securities laws, the
Company at its expense, but with payment by the Transferor of any applicable
transfer taxes, will issue and deliver to or on the order of the Transferor
thereof a new Warrant or Warrants of like tenor, in the name of the Transferor
and/or the transferee(s) specified in such Transferor Endorsement Form (each a
"Transferee"), calling in the aggregate on the face or faces thereof for the
number of shares of Common Stock called for on the face or faces of the Warrant
so surrendered by the Transferor. No such transfers shall result in a public
distribution of the Warrant.

      8. Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of any such loss, theft or destruction of this Warrant, on
delivery of an indemnity agreement or security reasonably satisfactory in form
and amount to the Company or, in the case of any such mutilation, on surrender
and cancellation of this Warrant, the Company at its expense, will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Registration Rights. The Holder of this Warrant has been granted
certain registration rights by the Company. These registration rights are set
forth in the Subscription Agreement. The terms of the Subscription Agreement are
incorporated herein by this reference. Upon the occurrence of a Non-Registration
Event, or in the event the Company is unable to issue Common Stock upon exercise
of this Warrant that has been registered in a Registration Statement described
in Section 11 of the Subscription Agreement, within the time periods described
in the Subscription Agreement, which Registration Statement must be effective
for the periods set forth in the Subscription Agreement, then upon written
demand made by the Holder, the Company will pay to the Holder of this Warrant,
in lieu of delivering Common Stock, a sum equal to the closing price of the
Company's Common Stock on the principal market or exchange upon which the Common
Stock is listed for trading on the trading date immediately preceding the date
notice is given by the Holder, less the Purchase Price, for each share of Common
Stock designated in such notice from the Holder.

      10. Maximum Exercise.

            (a) Notwithstanding anything to the contrary contained herein, the
number of shares of Common Stock that may be acquired by the Subscriber upon
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), the total number of shares of Common Stock then beneficially owned by
such Subscriber and its affiliates and any other persons whose beneficial
ownership of Common Stock would be aggregated with the Subscriber's for purposes
of Section 13(d) of the 1934 Act, does not exceed 4.999% of the total number of
issued and outstanding shares of Common Stock (including for such purpose the
shares of Common Stock issuable upon such exercise). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
1934 Act and the rules and regulations promulgated thereunder. By written notice
to the Company, a Subscriber may waive the provisions of this Section 10(a) as
to itself but any such waiver will not be effective until the 61st day after
delivery thereof and such waiver shall have no effect on any other Subscriber.

            (b) Notwithstanding anything to the contrary contained herein, the
number of shares of Common Stock that may be acquired by the Subscriber upon
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other

                                       6
<PAGE>

issuance), the total number of shares of Common Stock then beneficially owned by
such Subscriber and its affiliates and any other persons whose beneficial
ownership of Common Stock would be aggregated with the Subscriber's for purposes
of Section 13(d) of the 1934 Act, does not exceed 9.999% of the total number of
issued and outstanding shares of Common Stock (including for such purpose the
shares of Common Stock issuable upon such exercise). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
1934 Act and the rules and regulations promulgated thereunder. This provision
may not be waived.

            (c) Notwithstanding anything to the contrary in this Warrant, if the
Company has not previously obtained Shareholder Approval (as defined below),
then the Company may not issue shares of Common Stock in excess of the Issuable
Maximum upon exercises of this Warrant at an exercise price which is less than
the closing bid price on the trading day immediately preceding the Closing Date
or date of the Subscription Agreement, whichever is higher (the "Threshold
Price"). The "Issuable Maximum" means, as of any date, a number of shares of
Common Stock equal to 15,421,757, less such number of shares of Common Stock as
have been issued at a price below the Threshold Price upon (1) conversion of
Notes, or (2) in payment of interest thereunder, or (3) upon exercise of the
Warrants, or (4) upon operation of any rights of first refusal under the
Agreement. Each Subscriber shall be entitled to a portion of the Issuable
Maximum equal to the quotient obtained by dividing: (x) the principal amount of
Notes issued and sold to such Subscriber on the Closing Date by (y) the
aggregate principal amount of all Notes issued and sold by the Company on the
Closing Date. If any Subscriber shall no longer hold Notes, then such
Subscriber's remaining portion of the Issuable Maximum shall be allocated
pro-rata among the remaining Subscribers, giving effect to the Company's desire
to allocate this limitation among the class of securities known as the Notes. If
on any Conversion Date (as defined in the Notes), or at such time as a
Subscriber shall notify the Company that the condition in (A) following this
clause shall be in effect: (A) the aggregate number of shares of Common Stock
that would then be issuable upon exercise in full of all then outstanding
Warrants would exceed the Issuable Maximum on such date, and (B) the Company
shall not have previously obtained the vote of shareholders, as may be required
by the applicable rules and regulations of the American Stock Exchange (or any
successor entity or any other trading market on which the Company's securities
then trade), applicable to approve the issuance of shares of Common Stock in
excess of the Issuable Maximum pursuant to the terms hereof (the "Shareholder
Approval"), then, the Company shall issue to the Subscribers a number of shares
of Common Stock equal to the Issuable Maximum and, with respect to the remainder
of the aggregate Warrants then held by the Subscribers for which an exercise
would result in an issuance of shares of Common Stock in excess of the Issuable
Maximum, the Company must use its best efforts to seek and obtain Shareholder
Approval as soon as possible, but in any event not later than the 90th day
following such date of exercise or the date of such request. The Company and the
Subscriber understand and agree that Warrant Shares issued to and then held by
the Subscriber as a result of exercises of Warrants shall not be entitled to
cast votes on any resolution to obtain Shareholder Approval pursuant hereto.

      11. Warrant Agent. The Company may, by written notice to the Holder of the
Warrant, appoint an agent (a "Warrant Agent") for the purpose of issuing Common
Stock (or Other Securities) on the exercise of this Warrant pursuant to Section
1, exchanging this Warrant pursuant to Section 7, and replacing this Warrant
pursuant to Section 8, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such Warrant Agent.

      12. Transfer on the Company's Books. Until this Warrant is transferred on
the books of the Company, the Company may treat the registered holder hereof as
the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

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<PAGE>

      13. Notices. All notices, demands, requests, consents, approvals, and
other communications required or permitted hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii)
deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i) if to the Company to: Globetel Communications
Corp., 9050 Pines Blvd., Suite 110, Pembroke Pines, FL 33024, Attn: Timothy
Huff, CEO, telecopier number: 954-272-0380 with a copy by telecopier only to
(not with respect to Forms of Subscription): Jonathan D. Leinwand, P.A., 12955
Biscayne Blvd., Suite 402, North Miami, FL 33181, telecopier number: (954)
252-4265, and (ii) if to the Holder, to the address and telecopier number listed
on the first paragraph of this Warrant.

      14. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. This Warrant shall be construed and enforced in accordance with and
governed by the laws of the State of New York. Any dispute relating to this
Warrant shall be adjudicated in New York County in the State of New York. The
headings in this Warrant are for purposes of reference only, and shall not limit
or otherwise affect any of the terms hereof. The invalidity or unenforceability
of any provision hereof shall in no way affect the validity or enforceability of
any other provision.

                                       8
<PAGE>

      IN WITNESS WHEREOF, the Company has executed this Warrant as of the date
first written above.

                                              GLOBETEL COMMUNICATIONS CORP.

                                              By:
                                                 --------------------------
                                                    Timothy Huff
                                                    CEO

Witness:

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

                                       9
<PAGE>

                                    Exhibit A

                              FORM OF SUBSCRIPTION
                   (to be signed only on exercise of Warrant)

TO:  GLOBETEL COMMUNICATIONS CORP.

The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable box):

___      ________ shares of the Common Stock covered by such Warrant; or

___ the maximum number of shares of Common Stock covered by such Warrant
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

___      $__________ in lawful money of the United States; and/or

___ the cancellation of such portion of the attached Warrant as is exercisable
for a total of _______ shares of Common Stock (using a Fair Market Value of
$_______ per share for purposes of this calculation); and/or

___ the cancellation of such number of shares of Common Stock as is necessary,
in accordance with the formula set forth in Section 2, to exercise this Warrant
with respect to the maximum number of shares of Common Stock purchasable
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned requests that the certificates for such shares be issued in the
name of, and delivered to _____________________________________________________
whose address is ______________________________________________________________
_______________________________________________________________________________

Number of Shares of Common Stock Beneficially Owned on the date of exercise:
Less than five percent (5%) of the outstanding Common Stock of Globetel
Communications Corp..

The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act"), or pursuant to an exemption from
registration under the Securities Act.

Dated:___________________                      ________________________________
                                               (Signature must conform to name
                                               of holder as specified on the
                                               face of the Warrant)

                                               ________________________________
                                               ________________________________
                                               (Address)

                                       10
<PAGE>

                                    Exhibit B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

                  For value received, the undersigned hereby sells, assigns, and
transfers unto the person(s) named below under the heading "Transferees" the
right represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of GLOBETEL COMMUNICATIONS CORP. to which the within
Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred," respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of GLOBETEL COMMUNICATIONS CORP. with full power of substitution in the
premises.

-------------------------------------------------------------------------------
Transferees           Percentage Transferred        Number Transferred
-------------------------------------------------------------------------------

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

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

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

Dated:  ______________, ___________                   _________________________
                                                      (Signature must conform
                                                      to name of holder as
                                                      specified on the face of
                                                      the warrant)

Signed in the presence of:

_______________________________________               _________________________
         (Name)                                       _________________________
                                                               (address)

ACCEPTED AND AGREED:                                  _________________________
[TRANSFEREE]                                          _________________________
                                                               (address)

________________________________________
         (Name)Unassociated Document

    Exhibit
      10.2

     

    LICENSE
      AGREEMENT

     

    This
      LICENSE AGREEMENT (this “Agreement”),
      dated
      as of June 30, 2005 (the “Effective
      Date”),
      is
      entered into by and between Biophan Technologies, Inc. a corporation organized
      under the laws of Nevada (“Biophan”)
      and
      Boston Scientific Scimed, Inc., a corporation organized under the laws of
      Delaware (“BSS”)
      (each,
      a “Party”,
      and
      collectively the “Parties”).

     

    RECITALS

     

    WHEREAS,
      Biophan is the owner or licensee of certain intellectual property and BSS
      desires to obtain a license to such intellectual property and Biophan desires
      to
      grant BSS such a license;

     

    WHEREAS,
      the Parties are also parties to that certain Investment Agreement dated June
      30,
      2005 (the “Investment
      Agreement
      (collectively with this Agreement, the “Transaction
      Documents”);
      and

     

    WHEREAS,
      pursuant to the transactions contemplated by the Transaction Documents; the
      Parties agreed to enter into this Agreement.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual representations,
      agreements and covenants set forth herein, and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      Parties agree as follows:

     

    I. DEFINITIONS

     

    1.01 General.
      As used
      herein, the following terms shall have the following meanings:

     

    “Affiliate”
means,
      with respect to any specified Person, any Person that, directly or indirectly,
      through one or more intermediaries, controls, is controlled by, or is under
      common control with such specified Person.

     

    “AMP
      License”
means
      the AMP-Biophan License Agreement dated as of February 24,
      2005, the
      Addendum to and Ratification of the AMP-Biophan License Agreement dated as
      of
      February 24, 2005 and any other agreements relating to either of the
      foregoing.

     

    “Annual
      License Maintenance Payments”
shall
      have the meaning as set forth in Section 6.02.

     

    “Bankruptcy
      Code”
shall
      have the meaning as set forth in Section 12.12.

     

    “Biophan
      Indemnitee”
means
      Biophan, its Affiliates, and each of their respective directors, officers,
      employees, agents, successors and assigns.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    “Biophan
      IP”
means
      (i) all Intellectual Property Controlled by Biophan as of the Effective Date,
      (ii) all Intellectual Property licensed to Biophan under the Existing License
      Agreements at any time during the Term and (iii) any improvements, modifications
      or derivative works of (i) or (ii) Controlled by Biophan at any time during
      the
      Term, but excluding Third Party IP; for the avoidance of doubt, Biophan IP
      includes but is not limited to Biophan Patents.

     

    “Biophan
      Licensors”
means
      those Persons who own Biophan IP and have licensed such Biophan IP to Biophan
      pursuant to Existing License Agreements.

     

    “Biophan
      Licensor Consents”
means
      those acknowledgements and waivers set forth in Exhibit
      D
      which
      are to be executed by Biophan Licensors and delivered to BSS no later than
      ninety (90) days after the Effective Date.

     

    “Biophan
      Patents”
means
      (i) all Patents Controlled by Biophan as of the Effective Date, including but
      not limited to those patents and applications set forth in Exhibit A,
      (ii)
      all Patents licensed to Biophan under the Existing License Agreements at any
      time during the Term and (iii) all Patents Controlled by Biophan at any time
      during the Term, but excluding Third Party IP, claiming any improvements,
      modifications or derivative works of the inventions claimed in (i) or (ii).
      Biophan Patents does not include any Patents covering Joint Inventions and
      jointly owned by the Parties.

     

    “Biophan
      Proceeding”
shall
      have the meaning as set forth in Section 5.04(c).

     

    “BSS
      Designee”
means
      Larry Neumann or such other person(s) that BSS identifies in writing to
      Biophan.

     

    “BSS
      Indemnitee”
means
      BSS, its Affiliates, and each of their respective directors, officers,
      employees, agents, successors and assigns.

     

    “BSS
      Proceeding”
shall
      have the meaning as set forth in Section 5.04(b).

     

    “BSS
      Sublicensees”
means
      Persons to whom BSS, pursuant to a written sublicense agreement, sublicenses
      any
      or all of its rights under this Agreement.

     

    “Confidential
      Information”
means
      (i) all proprietary information and materials, disclosed by one Party to the
      other Party, irrespective of the manner in which a Party disclosed such
      information, in furtherance of this Agreement, including inventions, data and
      information related to clinical trials and protocols, substances, formulations,
      techniques, methodology, equipment, data, reports, correspondence, trade
      secrets, know-how, manufacturing documentation and sources of supply and (ii)
      the terms of this Agreement (which shall be deemed Confidential Information
      of
      both Parties.)

     

    “Control”
or
      “Controlled”
means
      with respect to any Know-How, Patent or other intellectual property right,
      the
      legal authority or right (whether by ownership, license or otherwise) to grant
      access, a license or a sublicense of or under such Know-How, Patent, or
      intellectual property right in accordance with the terms of this
      Agreement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Disclosing
      Party”
means,
      with respect to any Confidential Information, the Party that provides, directly
      or indirectly, its Confidential Information to the Receiving Party.

     

    “Drug
      Coated”
means
      devices coated with a drug or a drug eluting polymer coating, including but
      not
      limited to paclitaxel eluting coronary stents.

     

    “Exclusive
      Products”
means
      (i) products and services of and/or for vascular stents including coronary,
      neuro or peripheral applications of Drug Coated or Non-Drug Coated stents
      (“Exclusive
      Products Category 1”);
      (ii)
      products and services of and/or for embolic protection devices, aneurysm coils
      and all other vascular implants (other than stents) (“Exclusive
      Products Category 2);
      and
      (iii) products and services of and/or for RF ablation probes and ablation fluid
      (“Exclusive
      Products Category 3”),
      as
      depicted in the chart at Exhibit
      C.

     

    “Exclusive
      Products Category”
means
      any one or more of Exclusive Products Categories 1 to 3, as
      applicable.

     

    “Existing
      License Agreements”
means
      those license agreements entered into by and between Biophan and other Persons
      regarding Biophan’s use of and license to Biophan IP owned by such other Person,
      as set forth in Exhibit
      B.

     

    “FDA”
means
      the United States Food and Drug Administration.

     

    “Field”
means
      systems, devices, components, compositions and processes for magnetic resonance
      imaging, including without limitation for providing or enhancing (a) safety,
      effectiveness, image quality and/or image compatibility or (b) the visualization
      of medical devices in
      vivo.

     

    “Future
      Sums”
shall
      have the meaning set forth in Section 5.04(f).

     

    “Intellectual
      Property”
means
      (a) Patents, (b) copyrights, (c) Know-How, and (d) registrations and
      applications for registration of any of the foregoing.

     

    “Inventions”
means
      findings, discoveries, inventions, additions, modifications, formulations,
      variations, enhancements, refinements or derivative works.

     

    “Investment
      Agreement”
shall
      have the meaning as set forth in the Recitals.

     

    “JHU”
shall
      have the meaning as set forth in Section 2.04.

     

    “Joint
      Invention”
shall
      have the meaning as set forth in Section 4.02(b).

     

    “Know-How”
means
      all formulae, procedures, trade secrets, know-how, technology, plans, methods,
      processes, specifications, models, protocols, techniques, technical or
      confidential information and data (including, without limitation, formulae,
      experimentation, design, testing, manufacturing and regulatory data, and
      products compositions and procedures), and patentable and unpatentable
      Inventions that are not disclosed in a published patent application or issued
      patent.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Law”
means
      any United States or non-United States federal, national, supranational, state,
      provincial, local or similar statute, law, ordinance, regulation, rule, code,
      order requirement or rule of law, to the extent applicable.

     

    “Licensed
      Products”
means
      Exclusive Products and Non-Exclusive Products which would, but for the licenses
      granted hereunder, infringe a Valid Claim in existence in the country of sale
      of
      such Exclusive Product or Non-Exclusive Product.

     

    “Losses”
means
      any losses, liabilities, claims asserted, awards, interest, judgments,
      penalties, expenses (including, without limitation, reasonable attorney’s fees
      and expenses), costs and damages.

     

    “Market
      Launch”
means
      with respect to a Licensed Product, the date on which the first commercial
      sale
      of such Licensed Product is made by or on behalf of BSS in the United
      States.

     

    “Milestone
      Payments”
shall
      have the meaning set forth in Section 6.03.

     

    “Net
      Sales”
means
      gross revenues received from the sale by BSS or its Affiliates of Licensed
      Products to third parties, less (i) trade and/or quantity discounts actually
      allowed; (ii) sales, value added or other excise taxes and import duties of
      a
      similar nature; (iii) amounts repaid or credited by reason of purchase
      chargebacks or rebates; (iv) customer returns; (v) other similar customary
      adjustments or allowances actually given to a customer in the normal course
      of
      business of BSS; and (vi) transportation, insurance and postage charges if
      paid
      by BSS and invoiced by BSS as a separate item. As between or among BSS and
      its
      Affiliates, the gross revenues are determined by reference to the first sale
      to
      a non-Affiliate of BSS.

     

    “New
      Biophan IP”
shall
      have the meaning set forth in Section 2.05.

     

    “Non-Drug
      Coated”
means
      devices not coated with a drug or a drug eluting polymer coating.

     

    “Non-Exclusive
      Products”
means
      (i) products and services of and/or for biopsy needles, including aspiration,
      cutting needles and breast localization needles (“Non-Exclusive
      Products Category 1”);
      (ii) products and services of and/or for interventional guidewires for use
      in all applications (“Non-Exclusive
      Products Category 2);
      (iii)
      products and services of and/or for interventional vascular catheters (< 6
      hours), including for PTCA, predilation, etc. (“Non-Exclusive
      Products Category 3”);
      (iv)
      products and services of and/or for indwelling vascular catheters (> 6
      hours), including for CVCC, PICC, etc. (“Non-Exclusive
      Products Category 4”);
      (v)
      products and services of and/or for pacemakers, including leads (“Non-Exclusive
      Products Category 5”);
      (vi)
      products and services of and/or for implantable cardiac defibrillators and
      related devices, including their leads (“Non-Exclusive
      Products Category 6”);
      (vii)
      products and services of and/or for auditory implants, e.g.,
      cochlear
      implants (“Non-Exclusive
      Products Category 7”);
      and
      (viii) products and services of and/or for applications for neuro stimulation,
      including for deep brain stimulation (“Non-Exclusive
      Products Category 8”),
      as
      depicted in the chart at Exhibit
      C.

     

    “Non-Exclusive
      Products Category”
means
      any one or more of Non-Exclusive Products Categories 1 to 8, as applicable.
      

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “Past
      Damages”
shall
      have the meaning set forth in Section 5.04(f).

     

    “Patents”
means
      all United States and foreign patents and patent applications, utility models,
      provisionals, divisionals, continuations, continuations-in-part, reissues,
      reexaminations or extensions thereof.

     

    “Person”
means
      an individual, partnership, joint venture, corporation, limited liability
      company, trust, unincorporated organization or other entity (including, without
      limitation, any “group” within the meaning of Sections 13(d) and 14(d)(2)
      of the Securities Exchange Act of 1934).

     

    “Prepayment
      Credit”
shall
      have the meaning set forth in Section 6.05.

     

    “Receiving
      Party”
means,
      with respect to any Confidential Information, the Party that receives such
      Confidential Information from the Disclosing Party.

     

    “Regulatory
      Authority”
means
      any national, supra-national, regional, state or local regulatory agency,
      department, bureau, commission counsel or other governmental entity or foreign
      equivalent. For purposes of clarity, the term “Regulatory Authority” as used in
      this Agreement includes the FDA.

     

    “Regulatory
      Filings”
means
      the preparation and filing of all applicable documents with a Regulatory
      Authority, and obtaining all necessary regulatory, reimbursement and pricing
      approvals worldwide.

     

    “Representative”
means,
      as to a Party, such Party’s Affiliates and its and their directors, officers,
      employees, agents, and advisors (including counsel and
      accountants).

     

    “Royalties”
shall
      have the meaning as set forth in Section 6.04.

     

    “Royalty
      Credit”
shall
      have the meaning set forth in Section 6.05.

     

    “Tangible
      Materials”
means
      any and all tangible embodiments, whether in electronic or other form, of the
      Biophan IP that are in Biophan’s possession or control at any time during the
      Term.

     

    “Term”
shall
      have the meaning as set forth in Section 11.01.

     

    “Third
      Party Improvements”
shall
      have the meaning as set forth in Section 2.03.

     

    “Third
      Party IP”
means
      Intellectual Property owned or licensable by a third party who is not a Biophan
      employee and is licensed or otherwise transferred to Biophan by an agreement
      signed after the Effective Date.

     

    “Transaction
      Documents”
shall
      have the meaning as set forth in the Recitals.

     

    “Valid
      Claim”
means
      a
      claim of any issued and unexpired Biophan Patent which claim has not been (i)
      permanently lapsed, (ii) permanently or irrevocably abandoned, or (iii) held
      permanently revoked, unenforceable or invalid by a decision of a court or other
      appropriate body of competent jurisdiction, unappealable or unappealed within
      the time allowed for appeal, and/or (iv) disclaimed or otherwise admitted to
      be
      invalid or unenforceable through reissue, re-examination, opposition, nullity
      action, or invalidation suit response.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “Vena
      Cava Rights”
means
      the Intellectual Property licensed to Biophan by aMRIs Patenthalte GmbH to
      the
      extent that it covers vena cava filters as a Licensed Product.

     

    II. LICENSE

     

    2.01 License
      Grants.

     

    (a) Exclusive
      License.
      Subject
      to the terms and conditions of this Agreement, Biophan hereby grants BSS and
      its
      Affiliates an exclusive, worldwide, sublicensable license in and to Biophan
      IP
      to (i) use, make, have made, sell, offer to sell, import, modify, distribute,
      perform and otherwise exploit the Exclusive Products and (ii) enforce such
      Biophan
      IP against other Persons and collect past, present and future damages from
      any
      other Person’s infringement or misappropriation of Biophan IP as set forth in
      Section 5.02, but all of the foregoing rights and licenses are limited to the
      Field.

     

    (b) Non-Exclusive
      License.
      Subject
      to the terms and conditions of this Agreement, Biophan hereby grants BSS and
      its
      Affiliates a non-exclusive, worldwide license in and to Biophan IP to use,
      make,
      have made, sell, offer to sell, import, modify, distribute, perform and
      otherwise exploit the Non-Exclusive Products, but all of the foregoing rights
      and licenses are limited to the Field.

     

    (c) Retained
      R&D Rights.
      Notwithstanding the license grants in paragraphs (a) and (b) above, Biophan
      retains the rights for itself, its Affiliates, its licensors under Existing
      License Agreements and its consultants, to use the Biophan IP solely for the
      purposes of (i) Biophan’s research and development of Exclusive Products; and
      (ii) Biophan’s research, development and licensing of (A) Non-Exclusive Products
      and (B) products that are neither Exclusive Products nor Non-Exclusive
      Products.

     

    (d) Government
      Rights.
      Notwithstanding the license grant in paragraph (a) above, to the extent any
      Biophan Patents was developed with the support of funding from the U.S. federal
      government, the U.S. federal government retains a royalty-free, non-exclusive,
      non-transferable license to practice any government funded invention claimed
      in
      such Biophan Patents as set forth in 35 U.S.C. §§ 202-211, and the regulations
      promulgated thereunder, as amended, or in any successor statutes or
      regulations.

     

    (e) Vena
      Cava Rights.
      The
      license grants of Sections 2.01(a) include Vena Cava Rights; provided,
      however,
      in the
      event that BSS does not initiate and implement a formal commercialization
      program for at least one (1) Licensed Product utilizing the Vena Cava Rights
      within eighteen (18) months from the Effective Date, Biophan may upon prior,
      written notice to BSS, terminate BSS’s license in respect of Vena Cava Rights
      only and the definition of Biophan IP will be amended accordingly to exclude
      Vena Cava Rights. Until the earlier of (i) such time that BSS has initiated
      and
      implemented such formal commercialization program or (ii) termination by Biophan
      of BSS’s license in respect of Vena Cava Rights, BSS shall provide Biophan with
      a written report every six (6) months describing BSS’s efforts towards
      developing and commercializing the Vena Cava Rights.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    2.02 Biophan
      Obligations to Biophan Licensors.
      During
      the Term of this Agreement, Biophan shall maintain as valid and in full force
      and effect all Existing License Agreements and continue to perform all
      obligations of Biophan as required under the Existing License Agreements.
      Biophan may not terminate or amend any Existing License Agreements without
      the
      prior, written consent of BSS. In the event Biophan receives a notice of breach
      of any Existing License Agreement from any Biophan Licensor, Biophan shall
      promptly notify BSS and provide BSS with Biophan’s plan to cure such
      breach.

     

    2.03 Biophan
      Agreements with Consultants.
      If,
      after the Effective Date, Biophan enters into any agreement with a consultant
      for the development of improvements to the Inventions covered by the Biophan
      Patents (collectively “Third
      Party Improvements”),
      Biophan shall use best efforts, consistent with prudent business practices,
      to
      attempt to obtain (i) ownership of or licenses to any such Third Party
      Improvements and (ii) the right to license or sublicense such Third Party
      Improvements to BSS in accordance with the terms of this Agreement and without
      requiring any additional payment from BSS under Sections 6.04 or 6.05. It is
      understood by BSS that there is no assurance that these efforts will succeed;
      however
      if
      Biophan does obtain the rights described in (i) and (ii) above, then such Third
      Party Improvements (including all Intellectual Property therein) shall be
      licensed to BSS in accordance with the terms of this Agreement and the
      definitions of Biophan Patents and Biophan IP shall be amended to include such
      Third Party Improvements (and all Intellectual Property therein).

     

    2.04 Survival
      of Sublicenses to BSS.
      In the
      event any Existing License Agreement is terminated, the sublicense (of the
      applicable Biophan IP) to BSS shall remain valid and in full force and effect
      as
      set forth in the applicable Biophan Licensor Consent. Without limiting the
      foregoing, in the event of termination of Biophan’s license with The John
      Hopkins University (“JHU”),
      BSS
      may elect to continue its sublicense by advising JHU in writing, within sixty
      (60) days of BSS’s receipt of written notice of such termination, of its
      election, and of its agreement to assume in respect to JHU all the relevant
      obligations (including obligations for payment) contained in this
      Agreement.

     

    2.05 Right
      of First Negotiation.
      If, at
      any time during the Term, Biophan acquires Control of Intellectual Property
      in
      the Field and directed to Exclusive or Non-Exclusive Products not licensed
      to
      BSS hereunder (including, without limitation, the stent inventions of Drs.
      Bucker and Reubben) (collectively, the “New
      Biophan IP”),
      Biophan shall promptly notify the BSS Designee of such acquisition. Biophan’s
      notification of BSS shall be in writing and shall set forth sufficient detail
      to
      allow BSS to determine whether BSS is interested in obtaining a license to
      such
      New Biophan IP. BSS shall have thirty (30) days to notify Biophan of BSS’s
      interest in such New Biophan IP and whether BSS is interested in such New
      Biophan IP in respect of Exclusive Products or Non-Exclusive Products. Upon
      such
      notification by BSS, the Parties shall negotiate diligently and in good faith
      the terms under which BSS would acquire a license (or sublicense) to such New
      Biophan IP. In the event (i) BSS notifies Biophan that BSS is not
      interested in obtaining a license to such New Biophan IP (or BSS fails to
      respond to Biophan in the allotted thirty (30) day time period) or (ii) the
      Parties have not been able to agree to terms regarding the licensing (or
      sublicensing) to BSS of such New Biophan IP within ninety (90) days from BSS’s
      notice to Biophan, Biophan shall be free to license (or sublicense) such New
      Biophan IP to another Person.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    2.06 Limitation
      on Right to Sublicense.
      Nothwithstanding any other provision of this Agreement to the contrary, BSS
      may
      not grant any sublicenses to any Biophan IP until all of the following have
      occurred: (i) BSS shall have paid to Biophan the license fee payable pursuant
      to
      Section 6.01, and (ii) BSS shall have paid to Biophan the full purchase price
      for the Shares (as such term is defined in the Investment
      Agreement).

     

    III. TECHNOLOGY
      TRANSFER

     

    3.01 Further
      Research and Development of Exclusive and Non-Exclusive Products.
      If BSS
      wishes Biophan to continue or expand its research efforts, then BSS and Biophan
      may negotiate and enter into a suitable written development agreement providing
      for such development, including terms for payments, task descriptions and
      milestones, as applicable.

     

    3.02 Delivery
      of Tangible Materials to BSS.
      During
      the Term of this Agreement, and within ten (10) business days after any written
      request from BSS, Biophan shall deliver copies of any and all Tangible Materials
      to BSS for BSS’s (and its Affiliates’) use in accordance with the terms and
      conditions of this Agreement.

     

    3.03 Use
      of
      Know-How.
      Biophan
      may use any Know-How learned from BSS in products other than Exclusive
      Products.

     

    IV. INTELLECTUAL
      PROPERTY OWNERSHIP

     

    4.01 Pre-Existing
      Rights.
      Each
      Party acknowledges that any and all Intellectual Property of the other Party
      existing as of the Effective Date is and shall continue to be owned by such
      other Party subject only to the licenses granted herein. Notwithstanding any
      other provision of this Agreement to the contrary, nothing shall be construed
      herein as transferring any Party’s ownership interest in such intellectual
      property to the other Party.

     

    4.02 New
      Intellectual Property.

     

    (a) As
      between the Parties, each Party shall own all right, title and interest in
      and
      to any and all Inventions conceived, discovered or reduced to practice solely
      by
      such Party and all Intellectual Property therein.

     

    (b) If
      the
      Parties jointly conceive, discover or reduce to practice any patentable
      Invention (“Joint
      Invention”),
      all
      rights in and to the Joint Invention shall be jointly owned by both Parties,
      provided that Biophan may not use or license any Joint Invention (or any rights
      therein) in or for use in Exclusive Products without the prior, written consent
      of BSS.

     

    (c) If
      any
      Exclusive Product is not covered under any Valid Claim but is covered by a
      valid, enforceable, unexpired claim of a Patent claiming a Joint Invention,
      then
      at BSS’s option, (i) BSS shall pay Biophan a royalty in respect of each such
      Exclusive Product that is one-half (1/2) of the royalty rate that would be
      otherwise payable under Sections 6.04 or 6.05; or (ii) BSS shall not pay Biophan
      any royalty in respect of such Licensed Product and notwithstanding paragraph
      (b) above, Biophan shall be free to use or license the Joint Invention (and
      jointly owned Patents claiming such Joint Invention ) in or for use in Exclusive
      Products.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    4.03 Patent
      Marking.
      BSS
      shall give Biophan at least thirty (30) days written notice prior to a Market
      Launch of any Licensed Product and Biophan shall notify BSS, in writing within
      ten (10) days of receipt of BSS’s notice, any patent markings required to be
      placed on such Licensed Product, which BSS shall suitably place on the labeling
      or packaging for all applicable Licensed Products.

     

    V. INTELLECTUAL
      PROPERTY PROTECTION

     

    5.01 Prosecution
      and Maintenance of Biophan Patents.
      Biophan
      shall be responsible for and perform all preparations, filings, prosecution,
      maintenance, recordings and other acts, and pay all required fees and taxes,
      with respect to Biophan Patents. Without limiting the foregoing, (i) Biophan
      shall be obligated to take any and all reasonable actions necessary to prosecute
      and maintain the Biophan Patents including the filing of continuation
      applications and continuation-in-part applications; and (ii) Biophan may not
      abandon or fail to maintain any Biophan Patents without the prior, written
      consent of BSS, which shall not be withheld unreasonably. If Biophan desires
      to
      abandon or fail to maintain any Biophan Patent, Biophan shall provide BSS at
      least one hundred eighty (180) days written notice prior to any such abandonment
      of failure to maintain and an explanation of why Biophan believes such Biophan
      Patent should no longer be pursued or maintained. Biophan shall provide BSS
      an
      opportunity to review all filings (including office actions) in respect of
      Biophan Patents prior to filing with the Patent and Trademark Office or other
      applicable foreign patent office. Biophan shall consider in good faith all
      comments provided by BSS and use reasonable efforts to address concerns and
      issues raised by BSS in respect of any such proposed filings.

     

    5.02 Prosecution
      and Maintenance of Jointly Owned Patents.
      With
      respect to Patents jointly owned by both Parties, BSS shall be responsible
      for
      the preparation, filing, prosecution and maintenance of such Patents. Upon
      Biophan’s written request, BSS shall provide Biophan (i) a status update on any
      jointly owned Patents; and (ii) an opportunity to review and comment on any
      then
      pending office actions, which comments, if provided to BSS in a timely manner,
      will be considered by BSS in good faith when BSS prepares a response to such
      office action.

     

    5.03 Joint
      Inventions.
      Patents
      or patent applications covering Joint Inventions will be deemed to be made
      as a
      result of activities under and subject to the CREATE Act, 35 U.S.C.
§ 103(c).

     

    5.04 Infringement
      of Biophan IP.

     

    (a) In
      the
      event that either Party obtains knowledge of any actual or threatened
      infringement or misappropriation by another Person of any of the Biophan IP,
      such Party shall notify the other Party in writing promptly of such actual
      or
      threatened infringement or misappropriation and provide the other Party with
      any
      available evidence of such actual or threatened infringement or
      misappropriation.

     

    (b) To
      the
      extent permitted by any applicable Existing License Agreement, BSS, at its
      expense and sole discretion, shall have the first right to commence, prosecute
      and settle or otherwise compromise any dispute, action, suit or proceeding
      involving or against any other Person believed to have infringed or
      misappropriated any Biophan IP by such Person’s use, manufacture or sale of a
      product or service that is similar to or competes with any Exclusive Product
      (“BSS
      Proceeding”).
      Biophan will assist BSS in any BSS Proceeding to the extent necessary, including
      joining as a party if necessary and/or requiring the relevant Biophan Licensor
      to join as a party if necessary. In the event that BSS institutes a BSS
      Proceeding, Biophan shall, to the extent permitted by applicable Law, also
      have
      the right to, at its own cost, join or intervene in such BSS Proceeding. No
      settlement, consent judgment or other voluntary final disposition of any BSS
      Proceeding brought pursuant to this Section 5.04(b) may be entered into by
      either Party without the prior, written consent of the other Party, which
      consent shall not be unreasonably withheld or delayed. In the event BSS does
      not
      institute a BSS Proceeding to obtain a discontinuance of or remedy for such
      actual or threatened infringement or misappropriation of the Biophan IP within
      sixty (60) days of the date of receipt by BSS of any written demand from
      Biophan, then Biophan, may, to the extent permitted by applicable Law, institute
      a proceeding with respect to the actual or threatened infringement or
      misappropriation at its own expense. If required by Law, BSS shall permit any
      action under this Section 5.04(b) to be brought in its name, including
      being joined as party-plaintiffs.

     

    
      
         

      

      
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    (c) To
      the
      extent permitted by any applicable Existing License Agreement, Biophan, at
      its
      expense and sole discretion, shall have the first right to commence, prosecute
      and settle or otherwise compromise any dispute, action, suit or proceeding
      involving or against any other Person believed to have infringed or
      misappropriated any Biophan IP by such Person’s use, manufacture or sale of a
      product or service that is similar to or competes with any Non-Exclusive Product
      (“Biophan
      Proceeding”).
      BSS
      will assist Biophan in any Biophan Proceeding to the extent necessary, including
      joining as a party if necessary. In the event that Biophan institutes a Biophan
      Proceeding, BSS shall, to the extent permitted by applicable Law, also have
      the
      right to, at its own cost, join or intervene in such Biophan Proceeding. In
      the
      event Biophan does not institute a Biophan Proceeding to obtain a discontinuance
      of or remedy for such actual or threatened infringement or misappropriation
      of
      the Biophan IP within sixty (60) days of the date of receipt by Biophan of
      any
      written demand from BSS, then BSS may, to the extent permitted by applicable
      Law, institute a proceeding with respect to the actual or threatened
      infringement or misappropriation at its own expense. If required by Law, Biophan
      shall permit any action under this Section 5.04(c) to be brought in its
      name, including being joined as party-plaintiffs.

     

    (d) With
      respect to any dispute, action, suit or proceeding (other than a BSS Proceeding
      or Biophan Proceeding) brought by any Person challenging the validity or
      enforceability any Biophan IP, unless otherwise agreed by the Parties, Biophan
      shall defend such Biophan IP at its own cost and expense, provided,
      however
      that (i)
      Biophan shall promptly notify BSS of any such dispute, (ii) Biophan shall keep
      BSS apprised of the status of and major developments in such dispute and (ii)
      BSS shall have the right to, at its own cost and expense, participate in the
      dispute, action, suit or proceeding.

     

    (e) In
      the
      event a Party initiates a proceeding pursuant to this Section 5.04 the
      other Party shall cooperate fully, including, if required to bring such action,
      the furnishing of a power of attorney, and the Parties will work together to
      coordinate efforts with respect to any such proceeding.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (f) Any
      recovery from any proceeding instituted pursuant to this Section 5.04 shall
      first be applied in satisfaction of out-of-pocket expenses and fees, including
      attorneys’ fees and expenses, incurred by the Parties (in the event the recovery
      is less than the Parties’ out-of-pocket expenses and fees, the recovery shall be
      apportioned pro
      rata
      based on
      the Parties’ respective out-of-pocket expenses and fees incurred for the
      lawsuit).
      Unless
      otherwise agreed by the Parties in writing, the remainder of any such recovery
      (including
      any future payments, royalties and license fees) shall
      be
      categorized as either (i) damages for past infringements (“Past
      Damages”)
      or
      (ii) fees (however established, whether as lump sum payments, installments,
      milestone payments, minimums or running royalties, for example) for any and
      all
      future uses of Biophan IP (“Future
      Sums”)
      and
      distributed as follows:

     

    (i) Past
      Damages shall be retained by the Party responsible for instituting the
      Proceeding and, if both Parties participate in funding the Proceeding, the
      recovery shall be divided between the Parties on a pro
      rata
      basis
      based on percentage of out-of-pocket fees and expenses paid by each Party;
      

     

    (ii) With
      respect to BSS Proceedings, Future Sums shall be considered Sublicensing Revenue
      and divided between BSS and Biophan, pursuant to Section 6.05; and

     

    (iii) With
      respect to Biophan Proceedings in which BSS participated, Future Sums shall
      be
      retained by Biophan.

     

    VI. PAYMENTS

     

    6.01 Upfront
      License Fee.
      On or
      before the later of (i) ten
      (10)
      days after the Effective Date
      or (ii)
      five (5) business days after BSS shall have completed its due diligence
      regarding the AMP License and has concluded, in its sole discretion, that it
      desires to proceed with the transaction,
      in
      consideration for the licenses granted to BSS under Article II, BSS shall pay
      to
      Biophan a one-time payment of USD$750,000.

     

    6.02 Annual
      License Maintenance Payments.
      In
      consideration for the licenses granted to BSS under Article II, BSS shall pay
      to
      Biophan the following payments (“Annual
      License Maintenance Payments”):

     

    (a) USD$100,000
      for the exclusive license in respect of all Licensed Products within Exclusive
      Products Category 1;

     

    (b) USD$20,000
      for the exclusive license in respect of all Licensed Products within Exclusive
      Products Category 2;

     

    (c) USD$20,000
      for the exclusive license in respect of all Licensed Products within Exclusive
      Products Category 3;

     

    (d) USD$110,000
      for the non-exclusive license in respect of all Non-Exclusive Products;
provided,
      however,
      that,
      if BSS relinquishes a Non-Exclusive Products Category(ies), the USD$110,000
      amount may be proportionally reduced by the ratio that the payment listed below
      as to the relinquished Non-Exclusive Products Category(ies) bears to the total
      payments listed below for all Non-Exclusive Products Category(ies):

     

    
      
         

      

      
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    (i) Non-Exclusive
      Products Category 1: USD$50,000

     

    (ii) Non-Exclusive
      Products Category 2: USD$25,000

     

    (iii) Non-Exclusive
      Products Category 3: USD$25,000

     

    (iv) Non-Exclusive
      Products Category 4: USD$25,000

     

    (v) Non-Exclusive
      Products Category 5: USD$200,000

     

    (vi) Non-Exclusive
      Products Category 6: USD$100,000

     

    (vii) Non-Exclusive
      Products Category 7: USD$50,000

     

    (viii) Non-Exclusive
      Products Category 8: USD$50,000

     

    Beginning
      in the year 2006, BSS shall make such Annual License Maintenance Payments no
      later than January 1 of each year in which BSS desires to retain a license
      in
      respect of such Licensed Products. A failure by BSS to make any required Annual
      License Maintenance Payment shall not be deemed a breach of this Agreement
      and
      in the event BSS fails to make any specific Annual License Maintenance Payment
      for a given year, (i) BSS shall be deemed to no longer be licensed with respect
      to such Licensed Product; and (ii) the definition of the terms Exclusive Product
      and/or Non-Exclusive Product are hereby revised accordingly. For the avoidance
      of doubt, no Annual License Maintenance Payments are due for the year
      2005.

     

    6.03 Milestone
      Payments.
      In
      partial consideration for the licenses granted to BSS under Article II, BSS
      shall pay to Biophan the following one-time payments (“Milestone
      Payments”)
      upon
      the first Market Launch within each specified category:

     

    
      	
              Exclusive
                Products Category 1

               

            	
              USD$3,000,000

               

            
	
              Exclusive
                Products Category 2

               

            	
              USD$500,000

               

            
	
              Exclusive
                Products Category 3

               

            	
              USD$750,000

               

            
	
              Non-Exclusive
                Products Category 1

               

            	
              USD$150,000

               

            
	
              Non-Exclusive
                Products Category 2

               

            	
              USD$100,000

               

            
	
              Non-Exclusive
                Products Category 3

               

            	
              USD$100,000

               

            
	
              Non-Exclusive
                Products Category 4

               

            	
              USD$100,000

               

            
	
              Non-Exclusive
                Products Category 5

               

            	
              USD$2,000,000

               

            
	
              Non-Exclusive
                Products Category 6

               

            	
              USD$2,000,000

               

            
	
              Non-Exclusive
                Products Category 7

               

            	
              USD$500,000

               

            
	
              Non-Exclusive
                Products Category 8

               

            	
              USD$500,000

               

            

    

    

    
      
         

      

      
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    6.04 Royalties.
      Subject
      to Section 6.05, BSS shall pay Biophan royalties for Licensed Products sold
      by
      BSS or its Affiliates as set forth below (“Royalties”): 

     

    
      	
              Exclusive
                Products Category 1

               

            	
              3%
                of Net Sales if products are Drug Coated; 4% of Net Sales if products
                are
                Non-Drug Coated

               

            
	
              Exclusive
                Products Category 2

               

            	
              3%
                of Net Sales if products are Drug Coated; 4% of Net Sales if products
                are
                Non-Drug Coated

               

            
	
              Exclusive
                Products Category 3

               

            	
              4%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 1

               

            	
              5%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 2

               

            	
              5%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 3

               

            	
              5%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 4

               

            	
              5%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 5

               

            	
              5%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 6

               

            	
              5%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 7

               

            	
              3%
                of Net Sales

               

            
	
              Non-Exclusive
                Products Category 8

               

            	
              5%
                of Net Sales

               

            

    

    

     

    In
      the
      event BSS is obligated to make patent license royalty payments to another
      Person(s) in respect of any feature(s) of Licensed Product(s) where such
      features are covered by one or more Valid Claims, the applicable Royalty for
      that Licensed Product shall be reduced by the amount of the royalty payments
      due
      to such other Person(s), provided,
      however,
      that
      the Royalty otherwise payable to Biophan with respect to the applicable Licensed
      Product(s) shall not be reduced by more than fifty percent (50%).

     

    6.05 Sublicensing
      Revenue.
      If BSS
      or any Affiliate of BSS sublicenses Biophan IP to a BSS Sublicensee, BSS shall
      pay to Biophan one-half (1/2) of all the royalties, license fees, milestone
      payments, lump sum license payments and other similar cash payments which are
      (i) attributable to the sublicense of the Biophan IP as opposed to any other
      third party Intellectual Property and (ii) received by BSS (or its Affiliate)
      from such BSS Sublicensee in respect of Licensed Products sold by such BSS
      Sublicensee. Notwithstanding
      the foregoing, the
      royalty
payable
      to Biophan shall
      not
      be less than one and
      one-half
      percent (1.5%)
      of the
Net
      Sales
      (using the definition herein, mutatis
      mutandis)
      by the
BSS
      Sublicensee.

     

    
      
         

      

      
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    6.06 Payments.
      Royalties shall be paid by BSS to Biophan on a quarterly basis, no later than
      thirty (30) days after the end of each calendar quarter, with an annual
      reconciliation to be made by BSS at the same time as the payment is made in
      respect of the fourth quarter of each calendar year to reflect any adjustments
      made to Net Sales during such year. If any amount collected or owed is stated
      in
      a currency other than United States Dollars, then, for purposes of calculating
      the amount due Biophan hereunder, such amount shall be converted into United
      States Dollars at the exchange rate between those two currencies published
      by
      Bloomberg for the last business day of the applicable calendar quarter for
      which
      such payments are being paid. If no such exchange rate for a currency in a
      country has been quoted by Bloomberg during the twelve (12) month period
      preceding the date on which such amount becomes due to Biophan under this
      Agreement, such amount payable for the country per unit of Licensed Product
      shall be the average amount most recently paid by BSS for each unit of the
      Licensed Product in the country with the largest sales volume of the applicable
      Licensed Product for which a currency conversion to United States Dollars is
      published by Bloomberg.

     

    6.07 Royalty
      Buy-Down.
      BSS, at
      its option, shall have the right to pre-pay any or all of the Royalties set
      forth in Section 6.04 as to any Licensed Products, in any amount and at any
      time prior to the Market Launch of the Licensed Product for which the prepayment
      was made. Upon Biophan’s receipt of BSS’s Royalty prepayment with respect to a
      Licensed Product (the “Prepayment
      Credit”),
      BSS
      shall pay Biophan reduced Royalties in respect of such Licensed Product until
      the Royalty Credit (defined below) has been exhausted. The Royalty Credit and
      reduced
      royalty
      shall be calculated as follows: 

     

    (i) 2
      x
      Prepayment Credit = Royalty
      Credit;
      and

     

    (ii) the
      Royalty Credit is applied to one-half (1/2) the applicable Royalty.

     

    By
      way of
      example only, if BSS pays a Prepayment Credit of $1000 in respect of Exclusive
      Products Category 3, then BSS is entitled to a $2000 Royalty Credit in respect
      of Exclusive Products Category 3. If the Royalty owed in respect of Licensed
      Products within Exclusive Products Category 3 is USD$4 per Licensed Product
      then
      BSS shall only pay USD$2 per Licensed Product and the remaining USD$2 per
      Licensed Product will be applied from the Royalty Credit until such time that
      the Royalty Credit is exhausted.

     

    6.08 No
      Other Payment Obligations.
      Except
      as expressly set forth in this Article VI, BSS shall not be obligated to
      make any payments to Biophan in respect of the licenses granted in
      Article II, including but not limited to royalties, fees and other payments
      due to Biophan Licensors under Existing License Agreements in respect of Net
      Sales by BSS or its Affiliates.

     

    6.09 Biophan
      Audit Rights.
      BSS
      shall maintain accurate records and books of account sufficient to substantiate
      the Royalties paid to Biophan, including records of the quantities of Licensed
      Products sold. Upon reasonable notice to BSS, Biophan shall have the right
      to
      conduct an audit, not more than once per calendar year, through an independent
      accounting firm reasonably acceptable to BSS, of the calculation of Net Sales
      of
      Licensed Products and to examine the records and books of accounts of BSS in
      connection therewith. If such audit determines that payments are due to Biophan,
      BSS shall pay Biophan any such additional amounts within thirty (30) days of
      the
      date on which such auditor’s written report is delivered to BSS and Biophan. If
      such audit determines that BSS has overpaid Royalties to Biophan, Biophan shall
      return such overpayment to BSS within thirty (30) days of the date on which
      such
      auditor’s written report is delivered to BSS and Biophan. Biophan shall bear the
      full cost and expense of such audit, unless a discrepancy in excess of five
      percent (5%) in favor of Biophan is discovered, in which case BSS shall bear
      the
      full cost and expense of such audit.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    6.10 Deductions.
      Any
      amounts which BSS is required by Law to withhold with respect to monies payable
      to Biophan under this Agreement shall be deducted from the amount of such
      payments and paid to the relevant competent taxing authority. BSS shall provide
      Biophan with a certificate or other documentary evidence to enable Biophan
      to
      support a claim for a refund or foreign tax credit with respect to any such
      tax
      so withheld or deducted by BSS. BSS and Biophan will reasonably cooperate in
      completing and filing documents required under the provisions of any applicable
      tax treaty or under any other applicable law, in order to enable BSS to make
      such payments to Biophan without any deduction or withholding, if possible.
      Any
      amounts which BSS deducts or withholds pursuant to this Section
      6.10
      shall be
      treated as having been paid to Biophan for purposes of this
      Agreement.

     

    VII. REPRESENTATIONS
      AND WARRANTIES

     

    7.01 Mutual
      Representations and Warranties.
      Each
      Party hereby represents and warrants to the other Party as follows:

     

    (a) The
      execution, delivery and performance of this Agreement by such Party has been
      duly authorized by all necessary action on the part of such Party.

     

    (b) This
      Agreement has been duly executed and delivered by such Party and assuming due
      authorization, execution and delivery by the other Party, constitutes a legal,
      valid and binding obligation of such Party, enforceable against such Party
      in
      accordance with its terms, subject to (i) the effect of any applicable
      bankruptcy, insolvency, reorganization, moratorium and other similar laws
      relating to or affecting creditors’ rights and remedies generally, and (ii) the
      effect of general equitable principles, regardless of whether asserted in a
      proceeding in equity or at law.

     

    (c) Such
      Party’s execution, delivery and performance of this Agreement and the
      consummation of the transaction contemplated hereby does not and will not (i)
      violate, conflict with or result in the breach of any provision of the
      certificate of incorporation or by-laws (or similar organizational documents)
      of
      such Party, (ii) conflict with or violate any Law or governmental order
      applicable to such Party or its assets, properties or businesses, or (iii)
      conflict with, result in any breach of, constitute a default (or event which
      with the giving of notice or lapse of time, or both, would be come a default)
      under, require any consent under, or give to other any rights of termination,
      amendment, acceleration, suspension, revocation or cancellation of, or result
      in
      the creation of any encumbrance on any of its outstanding shares of common
      stock
      or preferred stock or any of the assets or properties of such Party pursuant
      to,
      any note, bond, mortgage or indenture, contract, agreement, lease, sublease,
      license, permit, franchise or other instrument or arrangement to which it is
      a
      party or by which any of such Party’s shares of common stock or preferred stock
      or any of the Party’s assets or properties is bound or affected.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    (d) It
      is not
      a party to any litigation relating to, or that could reasonably be expected
      to
      affect, its ability to perform its obligations under this
      Agreement.

     

    7.02 Biophan
      Representations and Warranties.
      Biophan
      hereby represents and warrants to BSS as follows:

     

    (a) Biophan
      is the sole and exclusive owner of the entire right, title and interest in
      and
      to, or holds an exclusive license under, the Biophan IP, free and clear of
      all
      liens and encumbrances, and Biophan is entitled to use and license (or
      sublicense) the Biophan IP in accordance with the terms and conditions of this
      Agreement and without incurring any obligation to any other Person (except
      with
      respect to the payment of royalties and/or license fees as set forth in the
      Existing License Agreements).

     

    (b) The
      Biophan IP is not subject to any outstanding consent, settlement, decree, order,
      injunction, judgment or ruling that would impair the validity or enforceability
      of any such Biophan IP and to the knowledge of Biophan, with no investigation
      having been made or required to be made, the Biophan IP is valid and
      enforceable.

     

    (c) To
      the
      knowledge of Biophan, with no investigation having been made or required to
      be
      made, the use of the Biophan IP and the making, using, selling, offering for
      sale, exporting or importing of the Licensed Products does not and will not
      infringe, misappropriate, dilute or otherwise violate the Intellectual Property
      or other rights of any Person.

     

    (d) Biophan
      has not granted any other Person, other than BSS, a license to or under any
      of
      the Biophan IP with respect to the manufacture, development, use, sale, export
      or import of Exclusive Products, except as reserved in Section
      2.01(c).

     

    (e) Biophan
      has all necessary rights to grant the rights and licenses granted in this
      Agreement, including, without limitation, all necessary consents and approvals
      from the Biophan Licensors.

     

    (f) The
      provisions of this Agreement are consistent with the provisions of the Existing
      License Agreements and there are no provisions required under any Existing
      License Agreement to be contained herein that are not contained
      herein.

     

    (g) The
      performance by Biophan and BSS of their obligations under this Agreement and
      the
      exercise by Biophan and BSS of their rights under this Agreement will not result
      in breach of any provisions of the Existing License Agreements.

     

    7.03 DISCLAIMER.
      EXCEPT
      AS EXPLICITLY PROVIDED IN THIS ARTICLE, NEITHER PARTY MAKES ANY REPRESENTATIONS
      OR WARRANTIES OF ANY KIND, EXPRESS, IMPLIED, OR STATUTORY, AND THE PARTIES
      EXPRESSLY DISCLAIM ALL OTHER WARRANTIES, INCLUDING WITHOUT LIMITATION, ANY
      WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    7.04 Biophan
      Indemnification.
      Biophan
      hereby agrees to indemnify and hold harmless BSS Indemnitees from and against
      all Losses incurred by them arising from any action made, brought or threatened
      against any of the BSS Indemnitees by a third party as a result of (a) any
      negligent or willful act or omission of Biophan in relation to its obligations
      under this Agreement, (b) the breach of any representation or warranty, covenant
      or agreement by Biophan contained in this Agreement, or (c) any allegation
      that
      the use of the Biophan IP infringes or misappropriates any Person’s Intellectual
      Property (excluding Patents).

     

    7.05 BSS
      Indemnity to Biophan.
      BSS
      agrees to indemnify, defend and hold harmless each Biophan Indemnitee from
      and
      against any and all Losses incurred by them arising from any Action made,
      brought or threatened against any of the Biophan Indemnitees by a third party
      as
      a result of (a) any negligent or willful act or omission of BSS in relation
      to
      its obligations under this Agreement, (b) the breach of any representation
      or
      warranty, covenant or agreement by BSS contained in this Agreement
      or (c)
      any product liability claim with respect to a Licensed Product sold by or on
      behalf of BSS or a BSS Affiliate.

     

    7.06 Special
      Damages.
      EXCEPT
      WITH RESPECT TO OBLIGATIONS UNDER SECTIONS 7.04 AND 7.05, IN NO EVENT SHALL
      EITHER PARTY BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL
      DAMAGES ARISING OUT OF OR RELATED TO THIS AGREEMENT.

     

    7.07 Breach
      of Section 7.02(d).
      If
      Biophan has breached the representation and warranty set forth in Section
      7.02(d) with respect to an Exclusive Product (and such Exclusive Product is
      not
      otherwise covered by a Valid Claim) and the breach is not cured within sixty
      (60) days from Biophan’s receipt of notice of such breach, in addition to any
      and all other remedies BSS has, BSS shall be relieved of all obligations to
      pay
      Royalties, Milestone Payments and Annual Minimum Payments in respect of the
      relevant Exclusive Product and BSS retains a perpetual, worldwide,
      sublicensable, exclusive (subject only to the license(s) granted by Biophan
      to
      Person(s) prior to the Effective Date) license in respect of such Exclusive
      Product.

     

    VIII. INSURANCE

     

    8.01 Insurance.
      BSS
      shall maintain in full force and effect at all times commercial general
      liability insurance, including contractual liability and products liability
      insurance, covering the marketing, sale, distribution, use and performance
      of
      Licensed Products in an amount of at least Two Million Dollars ($2,000,000)
      per
      occurrence and Two Million Dollars ($2,000,000) in the aggregate. Such insurance
      (i) shall be issued by an insurer licensed in the State of New York or an
      insurer pre-approved by Biophan, such approval not to be unreasonably withheld,
      (ii) shall be endorsed to include product liability coverage, and (iii) shall
      require thirty (30) days’ written notice to Biophan before cancellation or
      material change. BSS shall, upon request, provide Biophan with Certificates
      of
      Insurance. BSS shall maintain such insurance five (5) years after any
      termination of this Agreement.

     

    IX. CONFIDENTIALITY

     

    9.01 Confidentiality.
      The
      Receiving Party shall maintain Confidential Information in confidence, and
      shall
      not disclose, divulge or otherwise communicate such Confidential Information
      to
      others, or use it for any purpose, except pursuant to, and in order to carry
      out, the terms and objectives of this Agreement. The Receiving Party hereby
      shall exercise every reasonable precaution to prevent and restrain the
      unauthorized disclosure of such Confidential Information. Upon termination
      or
      expiration of this Agreement, each Party shall at the Disclosing Party’s
      request, either return to the Disclosing Party or destroy (and certify to the
      destruction of), all Confidential Information of the Disclosing Party in its
      possession.

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    9.02 Release
      from Restrictions.
      The
      provisions of Section 9.01 shall not apply to and terminate with respect to
      any Confidential Information disclosed hereunder that:

     

    (a) is
      lawfully disclosed to the Receiving Party by an independent, unaffiliated third
      party rightfully in possession of the Confidential Information and under no
      confidentiality or fiduciary obligation to the Disclosing Party not to make
      disclosure;

     

    (b) is
      or
      becomes published or generally known to the public through no fault or omission
      on the part of the Receiving Party;

     

    (c) is
      developed independently by the Receiving Party without use of the Confidential
      Information of the Disclosing Party;

     

    (d) is
      legally required to be disclosed to a Regulatory Authority or is otherwise
      required or compelled to be disclosed; provided,
      however,
      that:

     

    (i) the
      Receiving Party shall provide prompt written notice of such requirement to
      the
      Disclosing Party so that the Disclosing Party may seek a protective order or
      other remedy; and provided further that the Receiving Party shall be permitted
      to furnish only that portion of such Confidential Information that is legally
      required to be provided and the Receiving Party shall exercise reasonable
      efforts to obtain assurances that confidential treatment shall be accorded
      such
      information; and

     

    (ii) the
      Receiving Party shall continue to treat such Confidential Information as
      confidential pursuant to Section 9.01 unless and until such Confidential
      Information becomes published or generally known to the public through no fault
      or omission on the part of the Receiving Party.

     

    X. DISPUTES

     

    10.01 Dispute
      Resolution.

     

    (a) Internal
      Resolution Process.
      In the
      event of any dispute, controversy or claim arising out of or relating to this
      Agreement, the Parties shall attempt in good faith to resolve such dispute
      promptly. In the event that the Parties cannot resolve a dispute, controversy
      or
      claim arising out of or relating to this Agreement within a reasonable period
      of
      time, such dispute, controversy or claim may,
      upon
      mutual agreement of the Parties, be submitted to non-binding arbitration
      pursuant to Section 10.01(b), provided,
      however
      that
      disputes regarding alleged non-payment of fees or Royalties by BSS must
      be
      submitted to arbitration pursuant to Section 10.01(b) prior to the filing of
      any
      court action by a Party.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    (b) Arbitration.
      Arbitration of any dispute, controversy or claim is to be administered by the
      American Arbitration Association and is to be conducted in accordance with
      the
      Commercial Arbitration Rules of the American Arbitration Association. Any
      arbitration is to be held before one arbitrator at a location mutually agreed
      to
      by the Parties. No later than ten (10) business days after the Parties’ decision
      to arbitrate, the Parties shall jointly select a neutral arbitrator. If the
      Parties fail to select an arbitrator on or before the tenth (10th) day, either
      Party is entitled to request the American Arbitration Association to appoint
      a
      neutral arbitrator in accordance with its rules. Each Party will cooperate
      to
      provide information reasonably requested by the other. The arbitration hearing
      will be held within ninety (90) days after a demand for arbitration is filed.
      The decision of the arbitrator shall be in the form of a written, reasoned
      opinion, but will be non-binding upon the Parties and any arbitration shall
      not
      prejudice either Party’s right to pursue a judicial remedy with respect to any
      dispute, controversy or claim. Each Party shall be responsible for costs
      incurred in connection with any arbitration but the arbitrator’s fees and other
      costs of the administration of the arbitration shall be equally shared by both
      Parties.

     

    XI. TERM
      AND TERMINATION

     

    11.01 Term.
      This
      Agreement shall continue in effect unless and until terminated in accordance
      with the provisions of this Article XI (“Term”).

     

    11.02 Termination
      by Biophan.

     

    (a) Biophan
      may terminate this Agreement if BSS is in material breach of any provision
      contained in this Agreement which breach would result in a material adverse
      effect on Biophan and such breach shall not have been remedied within sixty
      (60)
      days after receipt of written notice from Biophan specifying (i) such breach
      and
      (ii) intention to terminate if such breach is not cured within sixty (60)
      days.

     

    (b) BSS’s
      license rights with respect to any Licensed Product may be terminated by Biophan
      if BSS fails to pay Royalties in respect of such Licensed Product within thirty
      (30) days of:

     

    (i) Receipt
      by BSS of written notice from Biophan regarding such nonpayment provided that
      BSS has not requested resolution of this issue of nonpayment in accordance
      with
      Section 10.01(b) within (or prior to) such thirty (30) day period;
      or

     

    (ii) Receipt
      by BSS of a written arbitration decision pursuant to Section 10.01(b) advising
      that BSS has failed to pay any amounts deemed to be owed to Biophan by
      BSS.

     

    (c) Biophan
      may terminate this Agreement by written notice to BSS if BSS shall not have
      (i)
      paid to Biophan the license fee payable pursuant to Section 6.01 and (ii)
      paid to Biophan the full purchase price for the Shares (as such term is defined
      in the Investment Agreement) on or before August 15, 2005.

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    11.03 Termination
      by BSS.

     

    (a) BSS
      may
      terminate this Agreement at any time upon ninety (90) days prior written notice
      to Biophan.

     

    (b) BSS
      may
      terminate this Agreement if Biophan is in material breach of any provision
      contained in this Agreement and such breach shall not have been remedied within
      sixty (60) days after receipt of written notice from BSS specifying (i) such
      breach and (ii) intention to terminate if such breach is not cured within sixty
      (60) days

     

    (c) BSS
      may
      terminate this Agreement if (i) executed copies of all Biophan Licensor Consents
      are not received by BSS within ninety (90) days after the Effective Date or
      (ii)
      if by August 15, 2005, BSS is not satisfied with the results of its diligence
      of
      the AMP License and decides not to proceed with the transaction. Upon any
      termination by BSS pursuant to this Section
      10.03(c), Biophan shall promptly refund to BSS any and all amounts paid by
      BSS
      hereunder, including without limitation the payment set forth in Section
      6.01.

     

    11.04 Termination
      for Bankruptcy.
      This
      Agreement may be terminated by a Party if the other Party should commence any
      case, proceeding or action (i) under any existing or future Law of any
      jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
      reorganization or relief of debtors, seeking to have an order for relief entered
      with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or
      seeking reorganization, arrangement, adjustment, winding up, liquidation,
      dissolution, composition or other relief with respect to it or its debts or
      (ii)
      seeking appointment of a receiver, trustee, custodian or other similar official
      for it or for all or any substantial part of its assets; or, there shall be
      commenced against the other Party any such case, proceeding or other action
      which results in the entry of an order for relief or any such adjudication
      or
      appointment which remains undismissed, undischarged or unbonded for a period
      of
      third (30) days.

     

    11.05 Effect
      of Termination.

     

    (a) Upon
      any
      termination of this Agreement, any BSS Sublicensees shall have the right to
      retain a license to the Biophan IP by entering into a license agreement directly
      with Biophan which contains terms substantially similar to the terms contained
      in the relevant sublicense agreement between BSS and such BSS
      Sublicensee.

     

    (b) Upon
      any
      termination of this Agreement, in addition to any clause which by its express
      term survives termination, the respective rights and obligations of the Parties
      under the provisions of Sections 4.01, 4.02(a), 4.02(b), 8.01 and 11.05 and
      Articles VII and IX shall also survive any termination of this
      Agreement.

     

    (c) Termination
      of this Agreement shall not affect either Party’s right to recover accrued but
      unpaid Royalties or fees or reimbursement for patent expenses incurred pursuant
      to Articles V and VI prior to termination.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    XII. MISCELLANEOUS

     

    12.01 Notices.
      All
      notices, requests, claims, demands and other communications hereunder shall
      be
      in writing and shall be given or made (and shall be deemed to have been duly
      given or made upon receipt) by delivery in person, by an internationally
      recognized overnight courier service, by telecopy or registered or certified
      mail (postage prepaid, return receipt requested) to the respective Parties
      at
      the following addresses (or at such other address for a Party as shall be
      specified in a notice given in accordance with this
      Section 12.01):

     

    (a) if
      to
      Biophan:

     

    Michael
      Weiner

    Chief
      Executive Officer

    150
      Lucius Gordon Drive, Suite 215

    West
      Henrietta, New York 14586

     

    (b) if
      to
      BSS:

     

    Larry
      Neumann

    Vice
      President, Business Development

    One
      Boston Scientific Place

    Natick,
      MA 01760

    12.02 Headings.
      The
      descriptive headings contained in this Agreement are for convenience of
      reference only and shall not affect in any way the meaning or interpretation
      of
      the Agreement.

     

    12.03 Severability.
      If any
      term or other provision of this Agreement is held or deemed invalid, illegal
      or
      incapable of being enforced by any Law or public policy, all other terms and
      provisions of this Agreement shall nevertheless remain in full force and effect
      for so long as the economic or legal substance of the transactions contemplated
      by this Agreement is not affected in any manner materially adverse to any Party.
      Upon such determination that any term or other provision is invalid, illegal
      or
      incapable of being enforced, the Parties shall negotiate in good faith to modify
      this Agreement so as to effect the original intent of the Parties as closely
      as
      possible in an acceptable manner in order that the transactions contemplated
      by
      this Agreement are consummated as originally contemplated to the greatest extent
      possible.

     

    12.04 Entire
      Agreement.
      The
      Transaction Documents constitute the entire agreement of the Parties with
      respect to the subject matter thereof and supersede all prior agreements and
      undertakings, both written and oral, among the Parties with respect to the
      subject matter thereof.

     

    12.05 Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of the Parties hereto
      and their respective successors and permitted assigns. Neither Party may assign
      this Agreement without the prior written consent of the other Party;
provided,
      however,
      that
      BSS may assign this Agreement to an Affiliate or in connection with a sale
      or
      transfer of all or substantially all of BSS’s assets to which this Agreement
      pertains, without the approval of Biophan and provided that the assignee agrees
      to be bound by the terms and conditions of this Agreement. No assignment by
      either Party permitted hereunder shall relieve the applicable Party of its
      obligations under this Agreement.

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    12.06 Change
      of Control.
      In the
      event of a change of control of Biophan or BSS, this Agreement and all rights
      and obligations of each Party shall survive such change of control
      unaffected. 

     

    12.07 No
      Third Party Beneficiaries.
      This
      Agreement shall be binding upon and inure solely to the benefit of the Parties
      and their permitted assigns, and nothing herein, express or implied, is intended
      to or shall confer upon any other Person any legal or equitable right, benefit
      or remedy of any nature whatsoever.

     

    12.08 Amendment.
      This
      Agreement may not be amended or modified except by an instrument in writing
      signed by authorized representatives of Biophan and BSS. In the event any
      Biophan Licensor requests that Biophan amend the terms of this Agreement in
      order to comply with the terms of the license agreements entered into by Biophan
      and such Biophan Licensor, Biophan and BSS shall discuss in good faith the
      amending of this Agreement to incorporate the requested amendment.

     

    12.09 Governing
      Law and Venue.
      This
      Agreement shall be governed by, and construed in accordance with, the Laws
      of
      the State of New York without regard to conflicts of law principles. The Parties
      unconditionally and irrevocably agree and consent to the exclusive jurisdiction
      of the federal and state courts located in the state of New York and waive
      any
      objection with respect thereto, for the purpose of any action, suit or
      proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby, and further agree not to commence any such action, suit
      or
      proceeding except in any such court.

     

    12.10 Counterparts.
      This
      Agreement may be executed and delivered (including by facsimile transmission)
      in
      one or more counterparts, and by the different Parties in separate counterparts,
      each of which when executed shall be deemed to be an original, but all of which
      taken together shall constitute one and the same agreement. Delivery of an
      executed counterpart of a signature page to this Agreement by facsimile shall
      be
      effective as delivery of a manually executed counterpart of this
      Agreement.

     

    12.11 No
      Waiver.
      The
      failure of either Party to enforce at any time for any period the provisions
      of
      or any rights deriving from this Agreement shall not be construed to be a waiver
      of such provisions or rights or the right of such Party thereafter to enforce
      such provisions. No waiver of any rights under this Agreement will be effective
      unless in writing signed by the party to be charged.

     

    12.12 Statement
      of Intent With Respect to Bankruptcy.
      The
      Parties intend that all rights and licenses granted under this Agreement with
      respect to Biophan IP are, and shall otherwise be deemed to be, for purposes
      of
      Section 365(n) of the United States Bankruptcy Code, 111 U.S.C. § 101
et
      seq.
      (“Bankruptcy
      Code”),
      licenses of rights to “intellectual property” as defined in the Bankruptcy Code.
      The Parties agree that BSS, as a licensee of intellectual property, shall retain
      and may fully exercise all of its rights and elections under the Bankruptcy
      Code.

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

    12.13 Registration
      and Filing of this Agreement.

     

    (a) Notwithstanding
      Article IX, to the extent that a Party concludes in good faith that it is
      required to file or register this Agreement or a notification thereof with
      any
      governmental authority, including, without limitation, the U.S. Securities
      and
      Exchange Commission, the Competition Directorate of the Commission of the
      European Communities, the U.S. Department of Justice or the U.S. Federal Trade
      Commission such Party shall inform the other Party thereof, and both Parties
      shall cooperate, each at its own expense, in such filing or notification and
      shall execute all documents reasonably required in connection therewith. In
      such
      filing or registration, the Parties shall request confidential treatment of
      sensitive provisions of the Agreement, to the extent permitted by Law. The
      Parties shall promptly inform each other as to the activities or inquiries
      of
      any such governmental authority relating to this Agreement and shall cooperate
      to respond to any request for further information on a timely
      basis.

     

    (b) Notwithstanding
      Article IX, upon BSS’s request, Biophan shall promptly execute and file a
      document substantially in the form attached hereto at Exhibit E with any
      governmental or administrative agency (including but not limited to the U.S.
      Patent and Trademark Office) as requested by BSS.

     

    12.14 No
      Presumption.
      The
      Parties acknowledge that each Party has been represented by counsel in
      connection with this Agreement and the transactions contemplated by this
      Agreement. Accordingly, any applicable Law that would require interpretation
      of
      any claimed ambiguities in this Agreement against the Party that drafted it
      has
      no application and is expressly waived. If any claim is made by a Party relating
      to any conflict, omission or ambiguity in the provisions of this Agreement,
      no
      presumption or burden of proof or persuasion will be implied because this
      Agreement was prepared by or at the request of any Party or its
      counsel.

     

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, Biophan and BSS have caused this Agreement to be executed
      as of
      the date first written above by their respective officers thereunto duly
      authorized.

     

    
      	 	 	 
	 	BIOPHAN
              TECHNOLOGIES, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Robert
              J.
              Wood    
	 	
              
Name:
              Robert J. Wood
	 	Title:
              Chief Financial Officer

    

    
      	 	 	 
	 	BOSTON
              SCIENTIFIC
              SCIMED, INC.
	 
 	 
 	 
 
	Date: 	By:  	/s/ Lawrence
              C.
              Best                 
	 	
              
Name:
              Lawrence C. Best 
	 	Title:
              Vice President and Chief Financial
              Officer

    

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    EXHIBIT A

     

    BIOPHAN
      PATENTS

     

    

      
        	
                Asset
                  #

              	
                Docket
                  #

              	
                Assignee

              	
                Invention

              	
                Inventors

              	
                Applic/SN

              	
                Type

              	
                Pub
                  #/Date

              	
                Patent
                  No. if Issued

              	
                Independent
                  Claims & Primary Dependent Claims

              	
                Copy

              	
                General
                  Area of Market Application

              
	
                 

                1

              	
                BTI-7

              	
                BTI

              	
                 

                An
                  Electromagnetic Interference Immune Tissue Invasive System (EMI-Proof
                  & Biocompatible Tissue-Invasive Transducer Shield) (Contains
                  Anti-Antenna Geometry.)

              	
                Connelly,
                  MacDonald

              	
                10/077,906,
                  2/19/2002

              	
                Utility

              	
                Projected
                  4/15/03

              	
                6,829,509,
                  12/7/2004 M.Fees 12/7/2007 12/7/2011, 12/7/2015

              	
                1,
                  13

              	
                Y

              	
                Anti-Antenna
                  geometries applied to elongate objects such as leads, electrodes,
                  guidewires, and catheters; to eliminate RF-induced heating or
                  stimulation.

              
	
                2

              	
                BTI-7-DIV

              	
                BTI

              	
                 

                Medical
                  Device with an Electrically Conductive Anti-Antenna Geometrical
                  Shaped
                  Member 

              	
                MacDonald,
                  Connelly

              	
                Filed
                  10/22/04

              	
                Div

              	
                 

              	
                 

              	
                1,
                  3 - 53

              	
                N

              	
                Divisional
                  of Asset #1, with specific reference to a variety of
                  products.

              
	
                3

              	
                1008
                  012 301 02 02 (MLW-4(1))

              	
                BTI

              	
                 

                Device
                  & Method for Preventing Magnetic-Resonance Imaging Induced
                  Damage

              	
                Weiner,
                  Miller, Connelly, Helfer 

              	
                10/795,746,
                  3/8/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  24, 31,45

              	
                N

              	
                Medical
                  devices comprising a shielded lead. Note - disclosure in common
                  with Asset
                  #4.

              
	
                4

              	
                1008
                  012 302 02 02 (MLW-4(2))

              	
                BTI

              	
                 

                Device
                  & Method for Preventing Magnetic-Resonance Imaging Induced
                  Damage

              	
                Weiner,
                  Miller, Connelly, Helfer 

              	
                10/795,744,
                  3/8/2004

              	
                Utility

              	
                US-2004-0251042-A1,
                  12/16/2004

              	
                 

              	
                1,
                  12

              	
                Y

              	
                Shielded
                  lead components. Note - disclosure in common with Asset
                  #4.

              
	
                5

              	
                1008
                  012 303 02 02 (MLW-4(3))

              	
                BTI

              	
                 

                Device
                  & Method for Preventing Magnetic-Resonance Imaging Induced
                  Damage

              	
                Connelly,
                  Weiner, Miller, Helfer

              	
                10/795,747,
                  3/8/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  14

              	
                N

              	
                Shield
                  materials and configurations - general. Note - disclosure in common
                  with
                  Asset #4.

              
	
                6

              	
                1008
                  012 305 02 02 (MLW-4(5))

              	
                BTI

              	
                 

                Device
                  & Method for Preventing Magnetic-Resonance Imaging Induced
                  Damage

              	
                Helfer,
                  Connelly, Weiner, Miller

              	
                10/795,742,
                  3/8/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10

              	
                N

              	
                Device
                  shields, specifical cardiac rhythm management and neurostimulation.
                  Note -
                  disclosure in common with Asset #4.

              
	
                7

              	
                1008
                  012 306 02 02 (MLW-4(6))

              	
                BTI

              	
                 

                Device
                  & Method for Preventing Magnetic-Resonance Imaging Induced
                  Damage

              	
                Weiner,
                  Miller, Connelly, Helfer 

              	
                10/795,743,
                  3/8/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  20

              	
                N

              	
                Device
                  shield in combination with electronic filter. Note - disclosure
                  in common
                  with Asset #4.

              
	
                8

              	
                1008
                  012 307 02 02 (MLW-4(7))

              	
                BTI

              	
                 

                Device
                  & Method for Preventing Magnetic-Resonance Imaging Induced
                  Damage

              	
                Weiner,
                  Miller, Connelly, Helfer 

              	
                10/795,741,
                  3/8/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  24

              	
                N

              	
                Device
                  shield in combination with electronic filter. Note - disclosure
                  in common
                  with Asset #4.

              
	
                9

              	
                1008
                  014 301 02 01 (RWG-1)

              	
                BTI

              	
                 

                Magnetic
                  Resonance Imaging Interference Immune Device

              	
                Gray,
                  Simpson, Weiner

              	
                10/780,261,
                  2/17/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10, 16, 30, 44

              	
                Y

              	
                Active
                  RF compensation for a lead or guidewire using electronic control
                  and
                  response.

              
	
                10

              	
                1008
                  014 302 02 01 (CIP)

              	
                BTI

              	
                Magnetic
                  Resonance Imaging Interference Immune Device

              	
                Gray

              	
                10/886,743
                  7/8/2004

              	
                CIP

              	
                Projected
                  12/30/2004

              	
                 

              	
                1,
                  4, 10, 13, 17, 21, 25

              	
                N

              	
                Anti-Antenna
                  geometries applied to leads and electrodes, to eliminate RF-induced
                  heating or stimulation. Note - disclosure in common with Asset
                  #9.

              
	
                11

              	
                1008
                  014 303 02 01 (CIP)

              	
                BTI

              	
                 

                Magnetic
                  Resonance Imaging Interference Immune Device

              	
                Gray,
                  MacDonald

              	
                10/887,533
                  7/8/2004

              	
                CIP

              	
                Projected
                  12/30/2004

              	
                 

              	
                1,
                  6, 11, 14, 19, 22, 27, 35, 43, 48, 51, 56, 59, 65

              	
                N

              	
                3-D
                  tapped-coil compensator for RF-induced energy in a lead or guidewire.
                  Note
                  - disclosure in common with Asset #9.

              
	
                12

              	
                1008
                  017 301 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  MacDonald, Helfer

              	
                10/922,359,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10, 19, 82, 90, 98, 106, 114, 122

              	
                Y

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods.

              
	
                13

              	
                1008
                  017 302 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  MacDonald, Helfer

              	
                10/923,292,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10, 19, 82, 90, 98, 106, 114, 122

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              

      

       

      
        
           

        

        
          A-1

          
            

          

        

         

        
          	
                  Asset
                    #

                	
                  Docket
                    #

                	
                  Assignee

                	
                  Invention

                	
                  Inventors

                	
                  Applic/SN

                	
                  Type

                	
                  Pub
                    #/Date

                	
                  Patent
                    No. if Issued

                	
                  Independent
                    Claims & Primary Dependent Claims

                	
                  Copy

                	
                  General
                    Area of Market
                    Application

                

        

      

      
        	
                14

              	
                1008
                  017 303 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  Helfer

              	
                10/923,293,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10, 19

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              
	
                15

              	
                1008
                  017 304 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  Helfer

              	
                10/923,411,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10, 19

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              
	
                16

              	
                1008
                  017 305 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  Helfer

              	
                10/922,338,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10, 19

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              
	
                17

              	
                1008
                  017 306 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  Helfer

              	
                10/923,294,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10, 19

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              
	
                18

              	
                1008
                  017 307 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  Helfer

              	
                10/922,335,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              
	
                19

              	
                1008
                  017 308 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray,
                  Helfer

              	
                10/922,771,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  10

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              
	
                20

              	
                1008
                  017 309 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device and Method of Making Thereof

              	
                Gray

              	
                10/922,333,
                  8/20/2004

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  8, 16

              	
                N

              	
                Specific
                  anti-antenna geometries applied to stent structures; designs, materials,
                  and methods. Note - disclosure in common with Asset
                  #12.

              
	
                21

              	
                1008
                  020 201 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Radiation Transparent Device

              	
                Gray,
                  R.

              	
                60/603,476,
                  8/20/2004

              	
                Prov

              	
                 

              	
                 

              	
                N/A
                  - Provisional Application

              	
                Y

              	
                Device
                  lead geometries to reduce RF induced heating and voltages; similar
                  to
                  anti-antenna.

              
	
                22

              	
                1008
                  022 201 0201

              	
                BTI

              	
                 

                Magnetic
                  Resonance Imaging Interference Immune Device

              	
                Gray,
                  R.

              	
                60/619,098
                  10/15/04

              	
                Prov

              	
                 

              	
                 

              	
                N/A
                  - Provisional Application

              	
                Y

              	
                Active
                  RF compensation for a lead or guidewire using electronic control
                  and
                  response.

              
	
                23

              	
                PRC-4
                  (THF 170)

              	
                BTI

              	
                 

                MRI-Compatible
                  Implantable Device

              	
                Foster,
                  Connelly

              	
                09/921,066,
                  8/2/2001

              	
                Utility

              	
                 

                US-2003-0036776-A1;
                  2/20/2003

              	
                Allowed
                  5/20/04

              	
                1

              	
                Y

              	
                Parallel-resonant
                  decoupling circuit for MRI safety.

              
	
                24

              	
                PRC-712

              	
                BTI

              	
                MRI-Compatible
                  Implantable Device

              	
                Foster,
                  Connelly

              	
                10/946,026
                  9/21/2004

              	
                CIP

              	
                 

              	
                 

              	
                1,
                  11, 21, 31

              	
                N

              	
                Parallel-resonant
                  decoupling circuit for MRI safety. Note - disclosure in common
                  with Asset
                  #23.

              
	
                25

              	
                RG-762

              	
                BTI

              	
                 

                Implantable
                  MRI Imagable Medical Device

              	
                Gray,
                  Cope, Glocker

              	
                60/627,716
                  11/12/2004

              	
                Prov

              	
                 

              	
                 

              	
                N/A
                  - Provisional Application

              	
                Y

              	
                Designs
                  and materials to provide enhanced visualization under
                  MRI.

              
	
                26

              	
                XW-20
                  (444)

              	
                Nanoset

              	
                Process
                  for Preparing a Coated Substrate

              	
                Wang

              	
                08/393,545,
                  2/21/1995

              	
                Utility

              	
                 

              	
                 

                5,540,959,
                  7/30/1996, M.Fee due: 11/30/1999, 11/10/2003; 11/30/2007 

              	
                1,
                  9

              	
                Y

              	
                Fundamental
                  manufacturing method for nanomagnetic materials. May apply to all
                  market
                  applications for nanomagnetics.

              

      

       

      
        
           

        

        
          A-2

          
            

          

        

         

        
          
            	
                    Asset
                      #

                  	
                    Docket
                      #

                  	
                    Assignee

                  	
                    Invention

                  	
                    Inventors

                  	
                    Applic/SN

                  	
                    Type

                  	
                    Pub
                      #/Date

                  	
                    Patent
                      No. if Issued

                  	
                    Independent
                      Claims & Primary Dependent Claims

                  	
                    Copy

                  	
                    General
                      Area of Market
                      Application

                  

          

        

      

      
        	
                27

              	
                XW-35
                  (550)

              	
                Nanoset

              	
                Magnetically
                  Shielded Conductor

              	
                Wang

              	
                10/054,407
                  1/22/2002

              	
                Utility

              	
                 

              	
                 

                6,506,972,
                  1/14/2003.
                  M.Fees due: 1/14/2006, 1/14/2010, 1/14/2014

              	
                1

              	
                Y

              	
                Nanomagentic
                  shield for a device lead.

              
	
                28

              	
                XW-35C
                  (389)

              	
                Nanoset

              	
                Magnetically
                  Shielded Conductor

              	
                Wang,
                  Helfer

              	
                10/090,553,
                  3/4/2002

              	
                CIP

              	
                 

              	
                 

              	
                1

              	
                N

              	
                 

                Nanomagentic
                  shield for a device lead. Note - most disclosure in common with
                  Asset
                  #27.

              
	
                29

              	
                XW-35-CIP
                  (395)

              	
                Nanoset

              	
                 

                Magnetically
                  Shielded Conductor

              	
                Wang

              	
                10/229,183,
                  8/26/2002

              	
                CIP

              	
                 

              	
                Allowed
                  12/17/2004

              	
                1

              	
                Y

              	
                Nanomagnetic
                  shield for a lead. 

              
	
                30

              	
                XW-35-CIPA
                  (348) 

              	
                Nanoset

              	
                Magnetically
                  Shielded Conductor

              	
                Wang,
                  Helfer

              	
                10/242,969,
                  9/13/2002

              	
                CIP

              	
                 

              	
                Allowed
                  9/13/2004

              	
                1,
                  24, 37

              	
                Y

              	
                 

                Nanomagnetic
                  shield material applied to leads, guidewires, catheters, or biopsy
                  probes.

              
	
                31

              	
                XW-35-CIPB
                  (387)

              	
                Nanoset

              	
                Magnetically
                  Shielded Assembly

              	
                Wang,
                  Helfer, MacDonald

              	
                10/260,247,
                  9/30/2002

              	
                CIP

              	
                 

              	
                 

                6,673,999,
                  1/7/2004 M.Fees due: 1/7/2007, 1/7/2011, 1/7/2015 

              	
                1,21

              	
                Y

              	
                Nanomagnetic
                  shield for an elongate object in the form of a sheath, for ease
                  of
                  manufacture.

              
	
                32

              	
                XW-35-CIPB-X
                  (226)

              	
                Nanoset

              	
                Magnetically
                  Shielded Assembly

              	
                Wang,
                  Helfer, MacDonald

              	
                10/303,264,
                  11/25/2002

              	
                CIP

              	
                 

              	
                 

                6,713,671,
                  3/30/2004 M.Fees due: 3/30/2007, 3/30/2011, 3/30/2015

              	
                1

              	
                Y

              	
                Generic
                  nanomagnetic shield.

              
	
                33

              	
                XW-35-CIPB-X-C2
                  (674)

              	
                Nanoset

              	
                Magnetically
                  Shielded Assembly

              	
                Wang,
                  Helfer, MacDonald 

              	
                10/810,916,
                  3/26/2004

              	
                CIP

              	
                 

                US-2004/0211580-A1,
                  10/28/2004

              	
                Allowed
                  9/15/04

              	
                1,
                  9, 19

              	
                Y

              	
                Assembly
                  comprising a substrate and a nanomagnetic shield layer.

              
	
                34

              	
                XW-35-CIPB-XC
                  (253)

              	
                Nanoset

              	
                 

                Implantable
                  Shielded Medical Device

              	
                Wang,
                  Helfer, Greenwald

              	
                10/313,847,
                  12/7/2002

              	
                CIP

              	
                 

              	
                 

              	
                1

              	
                N

              	
                Nanomagnetic
                  shield for a device lead.

              
	
                35

              	
                XW-35-CIPC
                  (1072 005 311 02 01) (263)

              	
                Nanoset

              	
                Magnetic
                  Resonance Imaging Coated Assembly

              	
                Wang,
                  Greenwald, Helfer, Gray, Weiner

              	
                10/384,288,
                  3/7/2003

              	
                Utility

              	
                 

              	
                 

                6,765,144,
                  7/20/2004, M.Fees due: 7/20/2007, 7/20/2011, 7/20/2015

              	
                1,
                  52, 56

              	
                Y

              	
                Nanomagnetic
                  materials and structures for device visualization under
                  MRI.

              
	
                36

              	
                XW-35-CIPC-2
                  (685)

              	
                Nanoset

              	
                Magnetic
                  Resonance Imaging Coated Assembly

              	
                 

                Wang,
                  Greenwald, Helfer, Gray, Weiner

              	
                10/838,116
                  5/3/2004

              	
                CIP

              	
                 

              	
                 

              	
                1,
                  2, 7

              	
                N

              	
                Nanomagnetic
                  materials and structures for device visualization under
                  MRI.

              
	
                37

              	
                XW-35-CIPM
                  (391 )

              	
                Nanoset

              	
                Nanomagnetic
                  Shielding Assembly

              	
                Wang

              	
                 

                10/273,738,
                  10/18/2002

              	
                CIP

              	
                 

              	
                 

              	
                1

              	
                Y

              	
                Cooling
                  of a device lead using nanomagnetics.

              
	
                38

              	
                XW-60P
                  (660)

              	
                Nanoset

              	
                Process
                  for Imaging a Stent

              	
                Wang,
                  Gray, Helfer

              	
                60/542,270,
                  2/5/2004

              	
                Prov

              	
                 

              	
                 

              	
                N/A
                  - Provisional Application

              	
                Y

              	
                 

                Image
                  artifact reduction using nanomagnetic coatings and MRI software
                  enhancements.

              

      

       

       

      
        
           

        

        
          A-3

          
            

          

        

        
           

        

      

      
        
          	
                  Asset
                    #

                	
                  Docket
                    #

                	
                  Assignee

                	
                  Invention

                	
                  Inventors

                	
                  Applic/SN

                	
                  Type

                	
                  Pub
                    #/Date

                	
                  Patent
                    No. if Issued

                	
                  Independent
                    Claims & Primary Dependent Claims

                	
                  Copy

                	
                  General
                    Area of Market
                    Application

                

        
 

      
        	
                39

              	
                XWHG-17
                  (XW-490)

              	
                Nanoset

              	
                Nanomagnetically
                  Shielded Substrate

              	
                Wang,
                  Greenwald

              	
                10/324,773,
                  12/18/2002

              	
                Utility

              	
                 

              	
                Allowed
                  9/22/04

              	
                1

              	
                Y

              	
                 

                Assembly
                  comprising a substrate and a nanomagnetic shield layer.

              
	
                40

              	
                XWHG-17C
                  (XW-397)

              	
                Nanoset

              	
                Magnetically
                  Shielded Assembly

              	
                Wang,
                  Greenwald

              	
                10/366,082,
                  2/12/2003

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  14, 15, 17, 19

              	
                Y

              	
                 

                Substrate
                  with a compound shield.

              
	
                41

              	
                 

                XWHG-17CC
                  (XW-222; 1072 012 303 02 01)

              	
                Nanoset

              	
                Protective
                  Assembly

              	
                Wang,
                  Greenwald, Helfer, Gray

              	
                10/373,377,
                  2/24/2003

              	
                Utility

              	
                 

              	
                 

              	
                1,
                  7, 22, 33

              	
                Y

              	
                Nanomagnetic
                  shield to reduce heating and induced voltages.

              
	
                42

              	
                XWHG-17CCC
                  -(481)

              	
                Nanoset

              	
                Nanomagnetic
                  Composition

              	
                 

                Wang,
                  Greenwald, Ron Miller

              	
                10/409,505.
                  4/8/2003

              	
                CIP

              	
                 

              	
                Allowed
                  7/1/2004

              	
                1,
                  2, 3

              	
                Y

              	
                Generic
                  nanomagnetic shield.

              
	
                43

              	
                XW-648

              	
                Nanoset

              	
                Nanoelectrical
                  Compositions

              	
                Wang,
                  Miller, Greenwald

              	
                 

                10/747,472,
                  12/29/2003

              	
                CIP

              	
                 

              	
                 

              	
                1,
                  2

              	
                Y

              	
                Nanomagnetic
                  materials - general.

              
	
                44

              	
                XW-663

              	
                Nanoset

              	
                Magnetically
                  Shielded Assembly

              	
                 

                Wang,
                  Greenwald, Miller, Helfer, Gray

              	
                10/780,045
                  2/17/2004

              	
                CIP

              	
                US-2004-0230271-A1,
                  11/18/2004

              	
                 

              	
                1

              	
                Y

              	
                Nanomagnetic
                  coatings - general.

              
	
                45

              	
                XW-666
                  (XWHG-17C3)

              	
                Nanoset

              	
                Magnetically
                  Shielded Assembly

              	
                 

                Wang,
                  Greenwald, Miller, Helfer, Gray

              	
                10/786,198
                  2/25/2004

              	
                CIP

              	
                US-2004-0249428-A1,
                  12/9/2004

              	
                 

              	
                1

              	
                Y

              	
                Nanomagnetic
                  coatings - general.

              
	
                46

              	
                XW-672
                  (XWHG-18)

              	
                Nanoset

              	
                 

                Novel
                  Nanomagnetic Particles

              	
                Wang,
                  Greenwald

              	
                10/808,618,
                  3/24/2004

              	
                CIP

              	
                Projected
                  10/21/04

              	
                 

              	
                1

              	
                Y

              	
                Fundamental
                  nanomagnetic particle material and morphology.

              
	
                47

              	
                XWYL-696

              	
                Nanoset

              	
                 

                Coated
                  Object & the Imaging Properties Thereof

              	
                Wang,
                  Lin

              	
                60/578,773,
                  6/10/2004

              	
                Prov

              	
                 

              	
                 

              	
                N/A
                  - Provisional Application

              	
                Y

              	
                Image
                  compatibility.

              
	
                48

              	
                XW-704

              	
                Nanoset

              	
                 

                Medical
                  Device with Low Magnetic Susceptibility

              	
                Wang,
                  Greenwald

              	
                10/887,521,
                  7/7/2004

              	
                CIP

              	
                 

              	
                 

              	
                1

              	
                Y

              	
                Nanomagnetic
                  materials - general.

              
	
                49

              	
                XW-715
                  (WXHG-715)

              	
                Nanoset

              	
                 

                Medical
                  Device with Low Magnetic Susceptibility

              	
                Wang,
                  Greenwald, Gunderman

              	
                10/914,
                  691. 8/9/2004

              	
                CIP

              	
                 

              	
                 

              	
                1

              	
                N

              	
                Materials
                  combining nanomagnetic and nanoresistive properties.

              
	
                50

              	
                XW-724

              	
                Nanoset

              	
                 

                Medical
                  Device with Multiple Coating Layers

              	
                Wang,
                  Greenwald

              	
                10/923,579,
                  8/20/2004

              	
                CIP

              	
                 

              	
                 

              	
                1,
                  2

              	
                N

              	
                Nanomagnetic
                  ablation enhancement particles.

              
	
                51

              	
                XWHG-728

              	
                Nanoset

              	
                 

                Implantable
                  Medical Device

              	
                Wang,
                  Greenwald

              	
                10/950,148
                  9/24/2004

              	
                CIP

              	
                 

              	
                 

              	
                1

              	
                Y

              	
                Improved
                  stent imaging using nanomagnetic coatings.

              
	
                52

              	
                XW-735

              	
                Nanoset

              	
                 

                Material
                  to Enable Magnetic Resonance Imaging of Implantable Medical
                  Devices

              	
                Wang,
                  Greenwald, Gray, David Cope

              	
                Filed
                  9/15/04

              	
                Prov

              	
                 

              	
                 

              	
                N/A
                  - Provisional Application

              	
                Y

              	
                Improved
                  stent imaging using nanomagnetic coatings.

              
	
                53

              	
                XW-743

              	
                Nanoset

              	
                 

                Stent
                  & MRI Imaging Process (Errors in title)

              	
                Wang,
                  Greenwald

              	
                10/974,412,
                  10/27/04

              	
                CIP
                  

              	
                 

              	
                 

              	
                1,
                  2, 3

              	
                Y

              	
                Improved
                  stent imaging using nanomagnetic
                  coatings.

              

      

       

      
        
           

        

        
          A-4

          
            

          

        

        
           

        

      

      
        
          	
                  Asset
                    #

                	
                  Docket
                    #

                	
                  Assignee

                	
                  Invention

                	
                  Inventors

                	
                  Applic/SN

                	
                  Type

                	
                  Pub
                    #/Date

                	
                  Patent
                    No. if Issued

                	
                  Independent
                    Claims & Primary Dependent Claims

                	
                  Copy

                	
                  General
                    Area of Market
                    Application

                

        
 

      
        	
                54

              	
                XW-765

              	
                Nanoset

              	
                 

                Markers
                  for Visualizing Intervential Medical Devices 

              	
                Wang,
                  Shellock

              	
                Filed
                  11/29/04

              	
                CIP

              	
                 

              	
                 

              	
                1,
                  38

              	
                Y

              	
                MRI
                  tracking markers for interventional surgical tools and other
                  devices.

              
	
                55

              	
                 

              	
                License
                  Agreement (Deborah Chung)

              	
                 

                Metal
                  Filaments for Electromagnetic Interference Shielding

              	
                Chung,
                  Shui

              	
                 

              	
                Utility

              	
                 

              	
                5,827,997

              	
                1,
                  7, 9, 13

              	
                Y

              	
                Metallized
                  carbon filaments in polymer and other composites, as RF
                  shields.

              
	
                56

              	
                 

              	
                License
                  Agreement (Johns Hopkins)

              	
                 

                ECG
                  Amplifier & Cardiac Pacemaker for Use During Magnetic Resonance
                  Imaging

              	
                Tsitlik,
                  Levin, Halperin, Weisfeldt

              	
                 

              	
                 

              	
                 

              	
                5,217,010

              	
                1,
                  3, 16, 19, 33, 35, 37

              	
                Y

              	
                Low-pass
                  RF filter for medical devices.

              
	
                57

              	
                BTI-13-DIV

              	
                BTI

              	
                 

                An
                  Electromagnetic Interference Immune Tissue Invasive System

              	
                Connelly,
                  MacDonald

              	
                US-2005-0090886
                  A1, 4/28/2005

              	
                Div

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                58

              	
                1008
                  016 301 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                59

              	
                1008
                  016 302 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                60

              	
                1008
                  016 303 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                61

              	
                1008
                  016 304 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                62

              	
                1008
                  016 305 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                63

              	
                1008
                  016 306 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                64

              	
                1008
                  016 307 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                65

              	
                1008
                  016 308 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                66

              	
                1008
                  016 309 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                67

              	
                1008
                  016 310 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Interference Immune Pacing/Defibrillation Lead

              	
                MacDonald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                68

              	
                1008
                  022 201 02 01

              	
                BTI

              	
                 

                Magnetic
                  Resonance Imaging Interference Immune Device

              	
                Gray

              	
                 

              	
                Prov

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                69

              	
                1008
                  023 201 02 01

              	
                BTI

              	
                 

                Electromagnetic
                  Resonant Circuit Sleeve for Implantable Medical Device

              	
                Gray,
                  MacDonald, Weiner

              	
                 

              	
                Prov

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                70

              	
                RG-793

              	
                BTI

              	
                 

                Device
                  Compatible with Magnetic Resonance Imaging

              	
                Gray,
                  Cope, Glocker

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                71

              	
                RWG-830

              	
                BTI
                  & Nanoset

              	
                 

                Stent
                  & MR Imaging Process & Device

              	
                Gray,
                  Greenwald

              	
                 

              	
                Utility

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                72

              	
                JLH-843

              	
                Nanoset

              	
                 

                Coated
                  Stent Assembly & Coating Materials

              	
                Helfer,
                  Wang, Gray, Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                73

              	
                JLH-845

              	
                Nanoset

              	
                 

                Magnetically
                  Shielded Conductor

              	
                Helfer,
                  Wang

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                74

              	
                XW-782

              	
                Nanoset

              	
                 

                Coated
                  Stent & MR Imaging Thereof

              	
                Wang,
                  Gray, Helfer

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              

      

       

      
        
           

        

        
          A-5

          
            

          

        

        
           

        

      

      
        
          	
                  Asset
                    #

                	
                  Docket
                    #

                	
                  Assignee

                	
                  Invention

                	
                  Inventors

                	
                  Applic/SN

                	
                  Type

                	
                  Pub
                    #/Date

                	
                  Patent
                    No. if Issued

                	
                  Independent
                    Claims & Primary Dependent Claims

                	
                  Copy

                	
                  General
                    Area of Market
                    Application

                

        
 

      
        	
                75

              	
                XW-798

              	
                Nanoset

              	
                 

                Coated
                  Substrate Assembly

              	
                Wang,
                  Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                76

              	
                XW-803

              	
                Nanoset

              	
                 

                Cylindrical
                  Sputtering Apparatus

              	
                Wang

              	
                 

              	
                Prov

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                77

              	
                XW-804

              	
                Nanoset

              	
                 

                Coated
                  Substrate Assembly

              	
                Wang,
                  Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                78

              	
                XW-808

              	
                Nanoset

              	
                 

                Magnetically
                  Shielded Conductor

              	
                Wang

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                79

              	
                XW-809

              	
                Nanoset

              	
                 

                MRI
                  Imageable Medical Device

              	
                Wang,
                  Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                80

              	
                XW-815

              	
                Nanoset

              	
                 

                MRI
                  Imageable Medical Device

              	
                Wang,
                  Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                81

              	
                XW-827

              	
                Nanoset

              	
                 

                Medical
                  Device with a Marker

              	
                Wang,
                  Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                82

              	
                XW-842

              	
                Nanoset

              	
                Novel
                  Composition

              	
                 

                Wang,
                  Greenwald, Weiner

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                83

              	
                XW-848

              	
                Nanoset

              	
                Medical
                  Device

              	
                 

                Wang,
                  Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                84

              	
                XW-849

              	
                Nanoset

              	
                Medical
                  Device

              	
                 

                Wang,
                  Greenwald

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                85

              	
                XW-856

              	
                Nanoset

              	
                 

                Process
                  for Coating a Substrate

              	
                Wang,
                  Miller

              	
                 

              	
                CIP

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                86

              	
                XW-857

              	
                Nanoset

              	
                Medical
                  Device

              	
                 

                Wang,
                  Greenwald

              	
                 

              	
                Prov

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                87

              	
                MPS101US

              	
                Simag
                  GmbH

              	
                 

                Stent
                  & MR Imaging Process for the Imaging & the Determination of the
                  Position of a Stent

              	
                Melzer,
                  Busch

              	
                 

              	
                Utility

              	
                 

              	
                6,280,385
                  8/28/2001

              	
                 

              	
                N

              	
                 

              
	
                88

              	
                MPS102US

              	
                Simag
                  GmbH

              	
                 

                MR
                  Imaging Method & Medical Device for Use in Method

              	
                Melzer,
                  Busch

              	
                 

              	
                Utility

              	
                 

              	
                6,847,837
                  1/25/2005

              	
                 

              	
                N

              	
                 

              
	
                89

              	
                MPS104US

              	
                Simag
                  GmbH

              	
                 

                Magnetic
                  Resonance Apparatus & Method for Determing the Location of a
                  Postionable Object in a Subject

              	
                Wendt,
                  Busch, Bornstedt, Seibel, Groenemeyer

              	
                 

              	
                Utility

              	
                 

              	
                6,023,636
                  2/8/2002

              	
                 

              	
                N

              	
                 

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                A

              	
                Trade
                  Mark

              	
                BTI

              	
                Biophan

              	
                 

              	
                 

              	
                Applic.

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                B

              	
                Service
                  Mark

              	
                BTI

              	
                 

                Biophan

              	
                 

              	
                 

              	
                Applic.

              	
                 

              	
                 

              	
                 

              	
                N

              	
                 

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	 	
                Note:
                  patents assigned to Nanoset and Simag GmbH are under exclusive
                  license to
                  Biophan for medical applications. 

              	 

      

       

       

      
        
           

        

        
          A-6

          
            

          

        

        
           

        

      

    

    EXHIBIT
      B

     

    EXISTING
      LICENSE AGREEMENTS

     

    
      	
              (i)

            	
              AMP-Biophan
                License Agreement dated February 24,
                2005

            

    

     

    
      	
              (ii)

            	
              License
                Agreement between The Johns Hopkins University and Biophan dated
                May 17,
                2002.

            

    

     

    
      	
              (iii)

            	
              License
                Agreement between Deborah L. Chung and Xiaoping Shui and Biophan
                dated
                April 5, 2002.

            

    

     

    
      	
              (iv)

            	
              License
                Agreement between Nanoset, LLC and Biophan dated January 15,
                2004.

            

    

     

    

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    EXHIBIT
      C

     

    
      	
              Exclusive
                Products Category

               

            	
              Product/Services
                Category

               

            	
              Royalty

               

            
	
              1

               

            	
              Vascular
                stents including coronary, neuro or peripheral applications of coated
                or
                uncoated stents

               

            	
              3.0%
                (Drug Coated)

               

              4%
                (Non-Drug Coated)

               

            
	
              2

               

            	
              Embolic
                protection devices, aneurysm coils and all other vascular implants
                (other
                than stents)

               

            	
              3.0%
                (Drug Coated)

               

              4%(Non-Drug
                Coated)

               

            
	
              3 

               

            	
              RF
                ablation probes and ablation fluid

               

            	
              4.0%

               

            

    

    

    
      	
              Non-Exclusive
                Products Category

               

            	
              Product/Services
                Category

               

            	
              Royalty

               

            
	
              1

               

            	
              Biopsy
                needles, including aspiration, cutting needles and breast localization
                needles

               

            	
              5.0%

               

            
	
              2

               

            	
              Interventional
                guidewires (for use in all applications)

               

            	
              5.0%

               

            
	
              3

               

            	
              Interventional
                vascular catheters (<6 hours), including PTCA, predilation,
                etc.

               

            	
              5.0%

               

            
	
              4

               

            	
              Indwelling
                vascular catheters (>6 hours), including CVC, PICC, etc.

               

            	
              5.0%

               

            
	
              5

               

            	
              Pacemakers,
                including leads

               

            	
              5.0%

               

            
	
              6

               

            	
              Implantable
                cardiac defibrillators and related devices, including their
                leads

               

            	
              5.0%

               

            
	
              7

               

            	
              Auditory
                implants, e.g. cochlear implants

               

            	
              3.0%

               

            
	
              8

               

            	
              Neuro
                stimulation including deep brain

               

            	
              5.0%

               

            

    

    

    
      
         

      

      
        C-1

        
          

        

      

      
         

      

    

     

    

    EXHIBIT
      D

     

    aMRIs
      Patent GmbH and aMRIs Patente GmbH & Co. KG Acknowledgement and
      Waiver

     

    aMRIs
      Patent GmbH (“AMP”)
      and
      aMRIs Patente GmbH & Co. KG (“KG”) are aware that Biophan Technologies, Inc.
      (“Biophan”)
      and
      Boston Scientific Scimed (“BSS”)
      are
      entering into a transaction under which, among other things, Biophan is
      sublicensing its rights under the AMP-Biophan License Agreement entered into
      by
      AMP and Biophan on February 24, 2005 (the “Agreement”)
      to
      BSS.

     

    The
      completion of the aforementioned transaction is dependent on BSS’s receipt of
      this signed acknowledgement and waiver from AMP.

     

    With
      respect to the sublicense between Biophan and BSS, AMP and KG each hereby
      expressly and irrevocably waives (i) the requirement under Section 2.2 of the
      Agreement that “Sublicenses shall require reasonable due diligence in
      development and commercialization of Licensed Products and Services”; (ii) the
      indemnification requirement under Section 9.1 of the Agreement; and (iii) the
      insurance requirement under Section 9.3 of the Agreement. 

     

    AMP
      and
      KG each acknowledges that to its knowledge, the Agreement is valid and in full,
      force and effect.

     

    AMP
      and
      KG each acknowledges that it is not aware of any breach of the Agreement by
      Biophan.

     

    AMP
      and
      KG each acknowledges that Biophan has the right to sublicense its rights under
      the Agreement to BSS (and hereby consents to such sublicense) and in the event
      the Agreement is terminated, the sublicense to BSS will remain valid and in
      full, force and effect in accordance with Sections 2.2 and 11.4 of the
      Agreement.

     

    Dated:
      June
      ,2005

     

    aMRIS
      Patente GmbH

     

    By__________________________

     

    Michael
      Friebe, Ph.D.

     

    Title: ______________________

     

    

     

    aMRIS
      Patente GmbH and Co. KG

     

    By__________________________

     

    Michael
      Friebe, Ph.D.

     

    Title:_________________________

     

     

    
      
         

      

      
        D-1

        
          

        

      

      
         

      

    

    The
      Johns Hopkins University Acknowledgement

     

    The
      Johns
      Hopkins University (“JHU”)
      is
      aware that Biophan Technologies, Inc. (“Biophan”)
      and
      Boston Scientific Scimed (“BSS”)
      are
      entering into a transaction under which, among other things, Biophan is
      sublicensing its rights under the License Agreement entered into by JHU and
      Biophan on May 17, 2002 (the “Agreement”)
      to
      BSS.

     

    The
      completion of the aforementioned transaction is dependent on BSS’s receipt of
      this signed acknowledgement from JHU.

     

    JHU
      acknowledges that to its knowledge, the Agreement is valid and in full, force
      and effect.

     

    JHU
      acknowledges that it is not aware of any breach of the Agreement by
      Biophan.

     

    JHU
      acknowledges that Biophan has the right to sublicense its rights under the
      Agreement to BSS and in the event the Agreement is terminated, the sublicense
      to
      BSS will remain valid and in full, force and effect provided that BSS complies
      with Section 6.6 of the Agreement.

     

    

     

    Date:_______________

     

    

     

    ____________________________

     

    Name:
       ______________________

     

    Title: ______________________

     

    
      
         

      

      
        D-2

        
          

        

      

      
         

      

    

    

    Chung/Shui
      Acknowledgement

     

    Deborah
      L. Chung and Xiaoping Shui (collectively “Licensor”)
      are
      aware that Biophan Technologies, Inc. (“Biophan”)
      and
      Boston Scientific Scimed (“BSS”)
      are
      entering into a transaction under which, among other things, Biophan is
      sublicensing its rights under the License Agreement entered into by Licensor
      and
      Biophan on April 5, 2002 (the “Agreement”)
      to
      BSS.

     

    The
      completion of the aforementioned transaction is dependent on BSS’s receipt of
      this signed acknowledgement from Licensor.

     

    Licensor
      acknowledges that to its knowledge, the Agreement is valid and in full, force
      and effect.

     

    Licensor
      acknowledges that it is not aware of any breach of the Agreement by
      Biophan.

     

    Licensor
      acknowledges that Biophan has the right to sublicense its rights under the
      Agreement to BSS and in the event the Agreement is terminated, the sublicense
      to
      BSS will remain valid and in full, force and effect in accordance with Section
      6.02 of the Agreement.

     

    

     

    Date:_______________    Date:_______________

     

    

     

    ____________________________   ____________________________

     

    Name:
       ______________________   Name:
       ______________________

     

    Title: ______________________   Title: ______________________

     

    

    
      
         

      

      
        D-3

        
          

        

      

      
         

      

    

    Nanoset,
      LLC Acknowledgement

     

    Nanoset,
      LLC (“Nanoset”)
      is
      aware that Biophan Technologies, Inc. (“Biophan”)
      and
      Boston Scientific Scimed (“BSS”)
      are
      entering into a transaction under which, among other things, Biophan is
      sublicensing certain of its rights under the License Agreement entered into
      by
      Nanoset and Biophan on January 15, 2004 (the “Agreement”)
      to
      BSS.

     

    The
      completion of the aforementioned transaction is dependent on BSS’s receipt of
      this signed acknowledgement from Nanoset.

     

    Nanoset
      acknowledges that to its knowledge, the Agreement is valid and in full, force
      and effect.

     

    Nanoset
      acknowledges that it is not aware of any breach of the Agreement by
      Biophan.

     

    Nanoset
      acknowledges that Biophan has the right to sublicense its rights under the
      Agreement to BSS and in the event the Agreement is terminated, the sublicense
      to
      BSS will remain valid and in full, force and effect provided that BSS assumes
      the relevant obligations of Biophan in the Agreement.

     

    

     

    Date:_______________

     

    

     

    ____________________________

     

    Name:
       ______________________

     

    Title: ______________________

     

    

    
      
         

      

      
        D-4

        
          

        

      

      
         

      

    

    EXHIBIT
      E

     

    Exclusive
      License Acknowledgement

     

    

     

    WHEREAS
      pursuant to that certain License Agreement dated ______________ (the
“License
      Agreement”)
      Biophan Technologies, Inc., a corporation organized under the laws of Nevada
      (“Biophan”)
      granted to Boston Scientific Scimed, a corporation organized under the laws
      of
      Delaware (“BSS”)
      (each,
      a “Party”,
      and
      collectively the “Parties”),
      inter
      alia,
      an
      exclusive license to certain patents.

     

    WHEREAS
      the Parties have agreed to execute this Exclusive License
      Acknowledgement.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual representations,
      agreements and covenants set forth in the License Agreement, and for other
      good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Parties agree and acknowledge as follows:

     

    Section
      1.01 Definitions.

     

    Capitalized
      terms used herein but not defined herein shall have the meaning set forth in
      the
      License Agreement.

     

    Section
      1.02 Acknowledgement. 

     

    Pursuant
      to the terms and conditions of the License Agreement, Biophan granted to BSS,
      inter
      alia,
      an
      exclusive license to the Patents listed in Schedule A hereto.

     

    
      	 	 	 
	 	BIOPHAN
              TECHNOLOGIES, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	Title: 

    

     

    
      
        	 	 	 
	 	BOSTON
                SCIENTIFIC
                SCIMED 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:

	 	Title: 

      

       

    

     

     

    
      
         

      

      
        E-1

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