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sec document

                                                                     Exibit 10.5

                          SECURITIES PURCHASE AGREEMENT

     THIS SECURITIES  PURCHASE  AGREEMENT (this  "AGREEMENT") is made as of this
5th day of  January,  2006,  by and among  Marco  Hi-Tec  JV,  Ltd.,  a New York
corporation (the "COMPANY"),  and the investors set forth on SCHEDULE A attached
hereto (each an "INVESTOR" and, collectively, the "INVESTORS").

     WHEREAS, the Company desires to issue and sell, and the Investors desire to
purchase  shares of the Company's  common stock,  $0.01 par value per share (the
"COMMON STOCK).

     NOW, THEREFORE,  in consideration of the premises and the  representations,
warranties,  covenants  and  agreements  herein  contained,  the parties  hereto
intending to be legally bound, hereby agree as follows:

     1.   PURCHASE AND SALE OF SECURITIES.

          1.1  SALE AND ISSUANCE OF SECURITIES.

               (a) Subject to the terms and conditions of this  Agreement,  each
Investor  severally  agrees to purchase,  and the Company agrees to sell to each
Investor  shares of Company  Common  Stock as follows,  such number of shares of
Common Stock that upon any future mergers or reorganizations  the purchase price
shall not exceed $1.50 per share.

          1.2  CLOSING.  The  purchase  and sale of shares of Common  Stock (the
"SECURITIES")  shall take place at such time and at such place as the  Investors
and the Company mutually agree (the "CLOSING").  At the Closing, (a) the Company
shall deliver to each of the Investors a certificate  representing the number of
shares of Common Stock such Investor is purchasing  against (b) receipt of (i) a
check  subject to  collection  or a wire  transfer of the  purchase  price to an
account designated by the Company.

     2.   REPRESENTATIONS  AND  WARRANTIES  OF THE COMPANY.  The Company  hereby
represents  and warrants,  as of the date hereof to the Investors  that,  except
where indicated on the Schedule of Exceptions  attached hereto as SCHEDULE B and
furnished to the Investors,  which Schedule of Exceptions  shall be deemed to be
representations and warranties as if made hereunder:

          2.1  ORGANIZATION, GOOD STANDING, QUALIFICATION AND CORPORATE POWER.

               (a) The Company and its subsidiaries are either (i) limited  liability
companies or corporations  duly organized and validly existing under the laws of
their  respective  jurisdictions  of formation,  and that each has the requisite
power and authority to carry on its business as now conducted and as proposed to
be  conducted.  The  Company  and its  subsidiaries  are  qualified  to transact
business and are in good standing as foreign  corporations in each  jurisdiction
where they are required to so qualify,  except for such jurisdictions  where the
failure to so qualify would not have a Material  Adverse Effect (as  hereinafter
defined).  True and  accurate  copies  of the  Company's  and its  subsidiaries'
certificate  of  incorporation,  bylaws,  articles  of  organization,  operating
agreement,  or such other  constitutive  documents,  as the case may be, each as
amended and in effect on and as of the Closing (the "ORGANIZATIONAL DOCUMENTS"),
were delivered to the Investors.

               (b) The Company has all requisite  legal and  corporate  power to
execute and deliver this  Agreement  and each of the other Basic  Documents  (as
hereinafter  defined),  and to issue and sell the Securities  hereunder,  and to
carry out and perform its obligations  under the terms of this Agreement and the
other Basic Documents.

          2.2  SUBSIDIARIES. Except as set forth on SCHEDULE B, the Company does
not presently own or control, directly or indirectly, any equity interest in any
other corporation,  partnership, limited liability company, association or other
business entity.

          2.3  AUTHORIZATION.  The Basic  Documents  have been duly  authorized,
executed  and  delivered  by the Company  and  constitute  the legal,  valid and
binding  obligations  of the  Company,  enforceable  in  accordance  with  their
respective   terms,   subject   to  (a)   applicable   bankruptcy,   insolvency,
reorganization  and  moratorium  laws,  (b) other  laws of  general  application
affecting the enforcement of creditors' rights generally and general  principles
of equity, (c) the discretion of the court before which any proceeding  therefor
may be  brought,  and (d) as rights to  indemnity  may be  limited by federal or
state securities laws or by public policy.

          2.4  VALID ISSUANCE OF COMMON STOCK.

               (a) The issuance,  sale and delivery of the Securities  hereunder
have been duly  authorized by all required  corporate  action on the part of the
Company,  and when issued,  sold,  and  delivered in  accordance  with the terms
hereof for the consideration  expressed herein, will be duly and validly issued,
fully paid and non-assessable.  The Securities issued hereunder will be free and
clear from any liens or  encumbrances  other than those  created  by, or imposed
upon,  the  holders  thereof  through  no  action  of the  Company,  other  than
restrictions  on  transfer  under  state  and/or  federal  securities  laws  and
restrictions set forth in the Basic  Documents.  Issuance of the Securities will
be free of statutory preemptive rights.

          2.5  GOVERNMENTAL  CONSENTS.  Except  for  the  filing  of any  notice
subsequent to the Closing that may be required under  applicable  federal and/or
state securities laws (which,  if required,  shall be filed on a timely basis as
may be so required),  no consent,  approval or authorization  of, or declaration
to, or filing  with,  any  Person  (as  hereinafter  defined)  (governmental  or
private)  is  required  for the valid  authorization,  execution,  delivery  and
performance   by  the  Company  of  the  Basic   Documents   or  for  the  valid
authorization, designation, issuance, sale and delivery of the Securities.

          2.6  LITIGATION.

               (a)  There  is no  action,  suit,  proceeding,  or  investigation
pending or to the Company's knowledge  currently  threatened against the Company
or any  subsidiary  (nor, to the Company's  knowledge,  is there any  reasonable
basis  therefor)  which  questions the validity or  enforceability  of the Basic
Documents  or the right of the  Company  to enter  into such  agreements,  or to
consummate the transactions  contemplated thereby, or which might result, either
individually or in the aggregate, in a Material Adverse Effect.

               (b) The  Company is not a party or subject to the  provisions  of
any order,  writ,  injunction,  judgment,  or decree of any court or  government
agency or instrumentality.

                                       2

               (c) There is no action, suit,  proceeding or investigation by the
Company currently pending or which the Company intends to initiate.

          2.7  PATENTS AND  TRADEMARKS.  The Company and its  subsidiaries  have
sufficient title and ownership of all patents, trademarks,  service marks, trade
names, copyrights, trade secrets, information, proprietary rights, and processes
necessary,  or applicable,  for their  business as now conducted  (collectively,
"INTELLECTUAL PROPERTY RIGHTS") without any conflict with or infringement of the
rights of others. There are no outstanding options,  licenses,  or agreements of
any kind relating to the Company's or its  subsidiaries'  Intellectual  Property
Rights, nor is the Company or any subsidiary bound by or a party to any options,
licenses,  or  agreements  of any kind with respect to the patents,  trademarks,
service marks, trade names, copyrights,  trade secrets,  licenses,  information,
proprietary  rights,  and  processes of any other  Person,  except the so-called
"execute by opening"  software license  agreements.  Neither the Company nor its
subsidiaries have received any  communications or claims alleging,  nor does the
Company  have  reason to believe  that the  Company  or ant of its  subsidiaries
violated or, by conducting its business as proposed,  would violate,  any of the
patents, trademarks, service marks, trade names, copyrights, or trade secrets or
other proprietary rights or processes of any other person or entity. The Company
is not aware of any  violations or  infringement  by a third party of any of the
Company's or its subsidiaries' Intellectual Property Rights.

          2.8  COMPLIANCE  WITH  OTHER  INSTRUMENTS.   The  Company  is  not  in
violation or default of any provisions of its Organizational Documents or of any
instrument, judgment, order, writ, decree, or contract to which it is a party or
by which it or any of its  assets  may be bound  or,  to its  knowledge,  of any
provision of federal or state statute,  rule or regulation,  license,  or permit
applicable to the Company. The execution, delivery, and performance of the Basic
Documents and the consummation of the transactions contemplated thereby will not
result in any such  violation  or be in  conflict  with or  constitute,  with or
without  the  passage of time and giving of notice,  either a default  under any
such provision,  instrument,  judgment,  order,  writ, decree, or contract or an
event which results in the creation of any lien, charge, or encumbrance upon any
assets of the Company or trigger any  anti-dilution  provisions,  provisions for
the right to purchase stock, or preemptive rights in any agreements to which the
Company is a party.  The Company does not have any knowledge of any  termination
or material  breach or anticipated  termination or material  breach by the other
parties to any  material  contract  or  commitment  to which it is a party or to
which any of its assets is subject.

          2.9  TITLE TO PROPERTY  AND ASSETS.  The Company and its  subsidiaries
have good and  marketable  title to their  property and assets free and clear of
all mortgages,  liens,  loans, and  encumbrances,  except such  encumbrances and
liens  which arise in the  ordinary  course of  business  and do not  materially
impair the Company's or its  subsidiaries'  ownership or use of such property or
assets.  With respect to the property and assets they lease, the Company and its
subsidiaries are in compliance in all material respects with such leases and, to
the  Company's  knowledge,  hold valid  leasehold  interests  free of any liens,
claims, or encumbrances. All of the Company's and its subsidiaries' property and
assets are, in all material  respects,  in good operating and usable  condition,
subject to normal wear and tear.

          2.10 LABOR AGREEMENTS AND ACTIONS; EMPLOYEE BENEFITS; ERISA.

                                       3

               (a)  Neither the  Company  nor its  subsidiaries  are bound by or
subject to (and none of their assets or  properties  are bound by or subject to)
any written or oral, express or implied,  contract,  commitment,  or arrangement
with any labor union,  and no labor union has  requested or, to the knowledge of
the Company, has sought to represent any of the employees,  representatives,  or
agents of the  Company or its  subsidiaries.  There is no strike or other  labor
dispute  involving the Company or any of its  subsidiaries  pending,  or, to the
knowledge  of the  Company,  threatened,  which  could have a  Material  Adverse
Effect,  nor is the Company aware of any labor  organization  activity involving
its or its  subsidiaries'  employees.  To its  knowledge,  the  Company  and its
subsidiaries  have complied in all material  respects with all applicable  state
and federal equal opportunity and other laws related to employment.  The Company
has not received  written  notice that any employee of the Company or any of its
subsidiaries is in violation of any judgment,  decree,  or order, or any term of
any  employment  contract,  patent  disclosure  agreement,  or other contract or
agreement  relating to the relationship of any such employee with the Company or
any of its  subsidiaries,  or any  other  party  because  of the  nature  of the
business  conducted or presently  proposed to be conducted by the Company or its
subsidiaries.

               (b) The Company and its  subsidiaries are not a party to or bound
by any currently effective employment contract, deferred compensation agreement,
bonus plan, incentive plan, profit sharing plan, retirement agreement,  or other
employee compensation  agreement.  Neither the Company nor its subsidiaries have
any Employee Benefit Plan as defined in the Employee  Retirement Income Security
Act of 1974, as amended.

          2.11 INSURANCE.  The Company and its  subsidiaries  have in full force
and effect fire,  casualty,  and  liability  insurance  policies,  with extended
coverage, in such amounts and with such coverage as is reasonable and prudent in
view of the business and operations of the Company.

          2.12 TAX MATTERS.  The Company and its subsidiaries (i) have filed all
tax returns  that are  required to have been filed by them with all  appropriate
governmental  agencies  (and all such  returns  are true and  correct and fairly
reflect their operations for tax purposes); and (ii) have paid all taxes owed or
assessments  by them as  indicated  on such tax  returns  (other  than taxes the
validity of which are being contested in good faith by appropriate proceedings).
The assessment of any  additional  taxes for periods for which returns have been
filed is not  expected to exceed the  recorded  liability  therefor  and, to the
Company's  knowledge,  there  are no  material  unresolved  questions  or claims
concerning the Company's or any subsidiaries'  tax liability.  The Company's and
its  subsidiaries'  tax returns have not been  reviewed or audited by any taxing
authority. There is no pending dispute with any taxing authority relating to any
of said returns which, if determined adversely to the Company or ant subsidiary,
would result in the assertion by any taxing authority of any valid deficiency in
a material amount for taxes. The Company and its  subsidiaries  have withheld or
collected  from each  payment made to their  employees  the amount of all taxes,
including,  but not limited to, income taxes, Federal Insurance Contribution Act
taxes  and  Federal  Unemployment  Tax Act  taxes  required  to be  withheld  or
collected therefrom, and have paid the same to the proper tax receiving officers
or authorized depositaries.

          2.13 MINUTE BOOKS.  The minute books of the Company contain a complete
and accurate  record in all material  respects of all meetings of directors  and
stockholders  since the date of  incorporation of the Company and all actions by
written consent.

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          2.14 REGULATIONS  G, T AND X.  The  Company  does  not own or have any
present  intention  of  acquiring  any "margin  security"  within the meaning of
Regulation  G (12  C.F.R.  Part 207) of the Board of  Governors  of the  Federal
Reserve System (herein  called "margin  security").  None of the proceeds of the
Securities will be used, directly or indirectly,  by the Company for the purpose
of  purchasing  or  carrying,  or for the purpose of  reducing  or retiring  any
indebtedness  which was  originally  incurred to  purchase or carry,  any margin
security  or for any  purpose  which  might  cause  any Basic  Document  and the
transactions  contemplated  thereby  to  violate  Regulation  G,  Regulation  T,
Regulation  X, or any other  regulation of the Board of Governors of the Federal
Reserve System.

          2.15 GOVERNMENTAL REGULATION. The Company is not subject to regulation
under the  Investment  Company Act of 1940,  or to any United States of America,
state or local statute or regulation limiting its or their ability to incur Debt
(as hereinafter defined).

          2.16 CUSTOMERS AND  SUPPLIERS.  No customer or supplier of the Company
or its subsidiaries, the loss of which would have a Material Adverse Effect, has
notified the Company of its  intention to terminate  its  relationship  with the
Company or any subsidiary.

          2.17 FINDERS'  FEES.  Except as  disclosed  in SCHEDULE B, there is no
investment banker,  broker, finder or other intermediary which has been retained
by or is authorized to act on behalf of the Company who might be entitled to any
fee or commission  from the Company or any of their  respective  affiliates upon
consummation of the transactions contemplated by this Agreement.

          2.18 RELATED PARTY TRANSACTIONS.  No employee, officer, stockholder or
director  of the  Company or any  subsidiary  or member of his or her  immediate
family is indebted to the Company or any  subsidiary,  nor is the Company or any
subsidiary  indebted (or committed to make loans or extend or guarantee  credit)
to any of them, other than (i) for payment of salary for services rendered, (ii)
reimbursement  for reasonable  expenses incurred on behalf of the Company or any
of its  subsidiaries,  and (iii)  for  other  standard  employee  benefits  made
generally available to all employees. To the Company's knowledge, no employee or
officer of the  Company or any of its  subsidiaries  has any direct or  indirect
ownership  interest in any firm or corporation  with which the Company or any of
its  subsidiaries  is  affiliated  or  with  which  the  Company  or  any of its
subsidiaries  has a  business  relationship,  or any  firm or  corporation  that
competes  with the Company or any of its  subsidiaries,  except that  employees,
officers or directors of the Company and members of their immediate families may
own stock in publicly traded  companies that may compete with the Company or any
of its  subsidiaries.  To the best of the  Company's  knowledge,  no  officer or
stockholder  or  any  member  of  their  immediate   families  is,  directly  or
indirectly,  interested in any material  contract with the Company or any of its
subsidiaries (other than such contracts as relate to any such person's ownership
of capital stock or other  securities of the Company or any of its  subsidiaries
and other than employment agreements).

          2.19 OFFERINg.   Subject   to   the   accuracy   of   the   Investors'
representations  in  Section 3  hereof,  the  offer,  sale and  issuance  of the
Securities  to be  issued  in  conformity  with  the  terms  of  this  Agreement
constitute  transactions exempt from the registration  requirements of Section 5
of the Securities Act of 1933, as amended (the "SECURITIES ACT").

                                       5

     3.   REPRESENTATIONS   AND  WARRANTIES  OF  THE  INVESTOR.   Each  Investor
severally and not jointly hereby  represents and warrants,  only as to each such
Investor and not as to any other Investor, to the Company that:

          3.1  ORGANIZATION  AND  EXISTENCE.  To  the  extent  indicated  on the
signature pages hereto,  each Investor is either (i) a limited  partnership duly
organized  and  validly  existing  under  the  laws of its  respective  state of
formation,  (ii) a limited liability company duly organized and validly existing
under the laws of its respective  state of formation,  (iii) a corporation  duly
organized  and  validly  existing  under  the  laws of its  respective  state of
incorporation  or (iv) an individual.  Each Investor  represents that it was not
organized for the purpose of making an investment in the Company.

          3.2  AUTHORIZATION.  The  execution,  delivery and  performance by the
Investor of this  Agreement,  and the Basic Documents to which the Investor is a
party, and the  consummation by such Investor of the  transactions  contemplated
hereby and  thereby  are within the powers of such  Investor  and have been duly
authorized  by all  necessary  individual,  corporate,  partnership  or  limited
liability  company action,  as appropriate,  on the part of such Investor.  This
Agreement  and each of the  Basic  Documents  to which the  Investor  is a party
constitute,  valid and  binding  agreements  of such  Investor,  enforceable  in
accordance with their respective  terms,  subject to (a) applicable  bankruptcy,
insolvency,  reorganization  and  moratorium  laws,  (b) other  laws of  general
application affecting the enforcement of creditors' rights generally and general
principles  of  equity,  (c)  the  discretion  of the  court  before  which  any
proceeding  therefor  may be  brought,  and (d) as  rights to  indemnity  may be
limited by federal or state securities laws or by public policy.

          3.3  FINDERS'  FEES.  Except as  disclosed  in SCHEDULE B, there is no
investment banker,  broker, finder or other intermediary which has been retained
by or is  authorized  to act on behalf of the  Investor who might be entitled to
any fee or commission from the Investors upon  consummation of the  transactions
contemplated by this Agreement and the Basic Documents.

          3.4  PURCHASE ENTIRELY FOR OWN ACCOUNT.  The Securities to be received
by the Investor pursuant to the terms hereof will be acquired for investment for
such Investor's own account,  not as a nominee or agent,  and not with a view to
the resale or  distribution  of any part  thereof.  The  Investor has no present
intention of selling,  granting any participation in, or otherwise  distributing
the  Securities  acquired  by  the  Investor.  The  Investor  has  no  contract,
undertaking,  agreement or arrangement  with any Person to sell or transfer,  or
grant any  participation to such Person or to any third Person,  with respect to
any Securities to be acquired by the Investor.

          3.5  INVESTOR ADDRESS, ACCESS TO INFORMATION, EXPERIENCE, ETC.

               (a)  The  address  set  forth  on the  signature  pages  of  this
Agreement is such  Investor's true and correct  business,  residence or domicile
address. The Investor has received and read and is familiar with this Agreement.
The Investor has had an opportunity to ask questions of and receive answers from
representatives  of the  Company  concerning  the terms and  conditions  of this
investment.  The Investor has  substantial  experience in evaluating  non-liquid
investments  such as the  Securities and is capable of evaluating the merits and
risks of an investment in the Company. The Investor is an "accredited  investor"

                                       6

as that term is defined in Rule 501(c) of  Regulation  D  promulgated  under the
Securities Act.

               (b) The  Investor  has  been  furnished  access  to the  business
records of the Company and such  additional  information  and  documents as such
Investor has requested and has been afforded an opportunity to ask questions of,
and receive answers from,  representatives  of the Company  concerning the terms
and conditions of this Agreement, the purchase of the Securities,  the business,
operations, market potential, capitalization,  financial condition and prospects
of the Company, and all other matters deemed relevant to such Investor.

               (c) The Investor  acknowledges  that it has had an opportunity to
evaluate all  information  regarding  the Company as it has deemed  necessary or
desirable in connection  with the  transactions  contemplated by this Agreement,
has independently evaluated the transactions  contemplated by this Agreement and
has reached its own decision to enter into this Agreement.

          3.6  RESTRICTED   SECURITIES.   The  Investor   understands  that  the
Securities to be acquired by such Investor  have not been  registered  under the
Securities Act or the laws of any state and may not be sold or  transferred,  or
otherwise  disposed  of,  without  registration  under  the  Securities  Act and
applicable state securities laws, or pursuant to an exemption therefrom.  In the
absence of an effective  registration  statement  covering the  Securities to be
acquired by the  Investor,  the  Investor  will sell or  transfer,  or otherwise
dispose  of, the  Securities  to be acquired  by the  Investor  only in a manner
consistent with its  representations  and agreements set forth herein, the terms
and conditions set forth in the Basic  Documents and any applicable  federal and
state securities laws.

     4.   CONDITIONS OF EACH INVESTOR'S  OBLIGATIONS AT CLOSING. The obligations
of each  Investor to purchase  the  Securities  pursuant to this  Agreement  are
subject to the  fulfillment  on or before the  Closing of each of the  following
conditions,  the waiver of which shall not be  effective  against  any  Investor
unless the Investor has consented in writing thereto:

          4.1  REPRESENTATIONS  OF  THIS  AGREEMENT.   The  representations  and
warranties  of the Company  contained  in Section 2 shall be true and correct on
and as of the  date  of  the  Closing  with  the  same  effect  as  though  such
representations  and  warranties  had  been  made  on and as of the  date of the
Closing.

          4.2  PERFORMANCE.  The Company shall have  performed and complied with
all  agreements,  obligations,  and conditions  contained in the Basic Documents
that are  required  to be  performed  or  complied  with by it on or before  the
Closing.

          4.3  CONSENTS AND WAIVERS. The Company shall have obtained any and all
consents  and  waivers   necessary  or  appropriate  for   consummation  of  the
transactions contemplated by the Basic Documents.

          4.4  STOCK  CERTIFICATES.  Each  Investor  shall have received a stock
certificate  dated the date of the  Closing  for the  number of shares of Common
Stock,  respectively,  set forth  opposite  such  Investor's  name on SCHEDULE A
hereto.

                                       7

          4.5  INTENTIONALLY OMITTED.

          4.6  INFORMATION.  The  Investors  shall have received and reviewed to
their  reasonable  satisfaction  all  information  reasonably  requested  by the
Investors  relating to the business of the Company,  including all  operational,
financial, legal, technological and other areas.

          4.7  ORGANIZATIONAL  DOCUMENTS.  The  Organizational  Documents of the
Company then in effect shall be reasonably satisfactory to the Investors.

          4.8  ALL  PROCEEDINGS  TO BE  SATISFACTORY.  All  corporate  and other
proceedings  to be taken by the  Company  in  connection  with the  transactions
contemplated by the Basic Documents and all documents  incident thereto shall be
reasonably  satisfactory  in  form  and  substance  to the  Investors,  and  the
Investors and their counsel shall have received all such  counterpart  originals
or certified or other copies of such documents as they reasonably may request.

     5.   DEFINITIONS.  All capitalized  terms used in this Agreement shall have
the meanings assigned to them elsewhere in this Agreement or as specified below:

     "ACCOMMODATION OBLIGATION" shall mean, as applied to any Person and without
duplication of amounts,  any obligation of such Person  guaranteeing or intended
to guarantee (whether guaranteed,  endorsed,  co-made,  discounted, or sold with
recourse to such Person) any indebtedness, lease, dividend, letter of credit, or
other  obligations  ("primary  obligation")  of any Person in any manner whether
directly or indirectly,  including any obligation of such Person or on behalf of
any other person (irrespective of whether contingent), or to otherwise assure or
hold  harmless  the owner of such  primary  obligation  against  loss in respect
thereof.  The amount of any  Accommodation  Obligation  shall be deemed to be an
amount equal to the maximum  amount of a Person's  liability with respect to the
stated  or  determinable  amount  of  the  primary  obligation  for  which  such
Accommodation Obligation is incurred.

     "BASIC  DOCUMENT"  shall mean each of this  Agreement,  the  Organizational
Documents, each as at any time amended and in effect from time to time.

     "CAPITALIZED  LEASE" shall mean any lease of an asset by the Company or any
subsidiary  as lessee which would,  in  conformity  with GAAP, be required to be
accounted  for as a capital  lease on the  balance  sheet of the Company or such
subsidiary.

     "CAPITALIZED  LEASE  OBLIGATIONS"  shall mean the aggregate amount which in
accordance  with GAAP is required  to be reported as a liability  on the balance
sheet of the Company or any subsidiary at such time in respect of its respective
interest as lessee under a Capitalized Lease.

     "DEBT" shall mean, with respect to any Person, without duplication: (a) all
obligations  of such Person for  borrowed  money;  (b) all  obligations  of such
Person evidenced by bonds, debentures,  notes, or other similar instruments; (c)
all  obligations  of such  Person in  respect  of  letters  of  credit,  bankers
acceptances,  interest  rate  swaps  or  other  financial  products  or  similar
instruments (including reimbursement with respect thereto),  except such as have
been issued to secure  payment of trade  payables;  (d) all  obligations of such
Person to pay the deferred purchase price of property or services,  except trade

                                       8

payables;  (e)  all  Capitalized  Lease  Obligations  of  such  Person;  (f) all
obligations  or  liabilities  of others  secured by a lien on any asset owned by
such  Person,  whether or not such  obligation  or  liability is assumed by such
Person; and (g) all Accommodation Obligations of such Person.

     "GAAP" shall mean generally  accepted  accounting  principles  that are (i)
consistent  with  the  principles   promulgated  or  adopted  by  the  Financial
Accounting  Standards  Board  and  its  predecessors,  (ii)  applied  on a basis
consistent  with prior periods  (except for changes in the  application  of such
principles  that have been approved by the Company's  Board of  Directors),  and
(iii) such that,  insofar as the use of accounting  principles  is pertinent,  a
certified public accountant could deliver an unqualified opinion with respect to
financial  statements  in which  such  principles  have been  properly  applied,
subject, however, to the absence of footnotes.

     "MATERIAL  ADVERSE  EFFECT"  shall  mean a material  adverse  effect on the
assets,  condition  (financial  or  otherwise),   affairs,  earnings,  business,
operations  or prospects of the Company and it  subsidiaries  on a  consolidated
basis.

     "PERSON"  shall  mean  an  individual,  partnership,  corporation,  limited
liability company,  business trust, joint stock company,  trust,  unincorporated
association,  joint venture,  governmental authority or other entity of whatever
nature, including, as appropriate, the Company or any subsidiary thereof.

     6.   MISCELLANEOUS.

          6.1   SURVIVAL  OF  REPRESENTATIONS,  WARRANTIES  AND  COVENANTS.  The
representations,  warranties  and  covenants  of the Company  and the  Investors
contained in or made pursuant to this Agreement  shall survive the execution and
delivery  of this  Agreement  and the Closing and shall in no way be affected by
any  investigation  of the subject  matter  thereof  made by or on behalf of the
Investors or the Company.

          6.2   SUCCESSORS AND ASSIGNS. Except as otherwise provided herein, the
terms and  conditions  of this  Agreement  shall  inure to the benefit of and be
binding upon the  respective  successors  and  permitted  assigns of the parties
(including permitted  transferees of any Securities sold hereunder).  Nothing in
this Agreement,  express or implied,  is intended to confer upon any party other
than the parties hereto or their respective successors and permitted assigns any
rights,  remedies,  obligations,  or  liabilities  under  or by  reason  of this
Agreement,  except as expressly provided in this Agreement.  The Company may not
assign or  transfer  any of its rights  under this  Agreement  without the prior
written  consent of the Investors.  The Investors (or  subsequent  holder of any
Securities)  may not assign or transfer any of its rights  under this  Agreement
without the prior written consent of the Company;  PROVIDED,  HOWEVER, that each
such permitted transferee or assignee shall be bound by the terms and conditions
of this Agreement and the other applicable Basic Documents pursuant to a written
instrument signed by such permitted  transferee  reasonably  satisfactory to the
Company.

          6.3  GOVERNING LAW. This Agreement and the other Basic Documents shall
be governed by,  construed,  applied and enforced in accordance with the laws of
the State of New York,  including the Uniform  Commercial  Code,  except that no

                                       10

doctrine  of choice of law shall be used to apply any law other than that of New
York, and no defense,  counterclaim  or right of set-off given or allowed by the
laws of any  other  state or  jurisdiction,  or  arising  out of the  enactment,
modification  or  repeal  of any law,  regulation,  ordinance  or  decree of any
foreign jurisdiction, shall be interposed in any action hereon.

          6.4   COUNTERPARTS.  This  Agreement  may be  executed  in two or more
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

          6.5   TITLES AND  SUBTITLES.  The titles  and  subtitles  used in this
Agreement  are  used  for  convenience  only  and  are not to be  considered  in
construing or interpreting this Agreement.

          6.6   NOTICES.  Unless  otherwise  provided,  any notice  required  or
permitted  under this  Agreement  shall be given in writing  and shall be deemed
effectively given upon personal delivery to the party to be notified or four (4)
days  after  deposit  with the United  States  Post  Office,  by  registered  or
certified mail, postage prepaid and addressed to the party to be notified at the
address indicated for such party on the signature pages hereof, or at such other
address as such party may designate by ten (10) days' advance  written notice to
the other parties.

          6.7   ENTIRE  AGREEMENT;   AMENDMENTS  AND  WAIVERS.  This  Agreement,
including  the Schedules  and Exhibits  hereto and thereto,  and the other Basic
Documents  constitutes the full and entire  understanding  and agreement between
the parties with regard to the subject hereof. Any term of this Agreement may be
amended and the  observance of any term of this  Agreement may be waived (either
generally   or  in  a   particular   instance   and  either   retroactively   or
prospectively),  only with the written consent of the Company and the holders of
two-thirds of the Securities then  outstanding  (on a fully diluted basis).  Any
amendment  or waiver  effected  in  accordance  with this  Section  7.7 shall be
binding upon each holder of the Securities and the Company.

          6.8   SEVERABILITY.  If one or more  provisions of this  Agreement are
held to be unenforceable  under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement  shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance  with its
terms.

          6.9   EXPENSES.  The Company and the  Investors  shall each bear their
own expenses  incurred on their behalf with  respect to this  Agreement  and the
transactions contemplated hereby.

          6.10  ATTORNEYS' FEES AND COSTS.  With respect to any dispute relating
to this Agreement,  or in the event that a suit, action,  arbitration,  or other
proceeding  of  any  nature  whatsoever,   including,  without  limitation,  any
proceeding  under the U.S.  Bankruptcy  Code and  involving  issues  peculiar to
federal bankruptcy law, any action seeking a declaration of rights or a suit for
rescission,  is  instituted  to  interpret  or  enforce  this  Agreement  or any
provision of this Agreement, except as otherwise provided herein, the prevailing
party  shall be  entitled  to  recover  from the  losing  party  its  reasonable
attorneys', paralegals',  accountants', and other experts' and professional fees
and all other  fees,  costs,  and  expenses  actually  incurred  and  reasonably
necessary in connection  therewith,  as determined by the judge or arbitrator at
trial or other  proceeding,  or on any appeal or review,  in  additional  to all
other amounts provided by law.

          6.11  EXCHANGES;   LOST,  STOLEN  OR  MUTILATED   CERTIFICATES.   Upon
surrender  by a  holder  of  a  Security  to  the  Company  of  any  certificate
representing  a Security  purchased  or acquired  hereunder,  the Company at its
expense  will  issue in  exchange  therefor,  and  deliver  to the  holder  of a
Security,  a new certificate or certificates  representing  such shares, in such
denominations  as may be requested by the holder of a Security.  Upon receipt of
evidence  satisfactory  to  the  Company  of the  loss,  theft,  destruction  or
mutilation of any certificate  representing any a Security purchased or acquired
by a holder of a  Security  hereunder,  and in case of any such  loss,  theft or
destruction,  upon  delivery  of any  indemnity  agreement  satisfactory  to the
Company,  or in case of any such mutilation,  upon surrender and cancellation of
such  certificate,  the  Company at its  expense  will issue and deliver to such
holder a new  certificate for such Security of like tenor, in lieu of such lost,
stolen or mutilated certificate.

                    [Signatures begin on the following page.]

                                       11

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 COMPANY:

                                 MARCO HI-TECH JV, LTD

                                 By: /s/ Reuben Seltzer
                                    ----------------------------------
                                    Name: Reuben Seltzer
                                    Title: President

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 SHELLY KOFFLER

                                   /s/ Shelly Koffler
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 SUSAN SOLOMON AUERBACH

                                   /s/ Susan Solomon Auerbach
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 JOHN ABERNATHY

                                  /s/ John Abernathy
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 ARIE GUTMAN

                                   /s/ Arie Gutman
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 SCOTT TARIFF

                                   /s/ Scott Tariff
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 MARK AUERBACH

                                   /s/ Mark Auerbach
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 MARTIN SIMON

                                   /s/ Martin Simon
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 GRQ CONSULTANTS, INC. 401K PLAN

                                 /s/ Barry Honig
                                 -----------------------------

                        [COUNTERPART SECURITIES PURCHASE
                            AGREEMENT SIGNATURE PAGE]

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

                                 INVESTOR:

                                 JACOB HONIG IRREVOCABLE TRUST

                                 /s/ Alan S. Honig
                                 -----------------------------sec document

                                                                    Exhibit 10.6

                         NEUROTECH PHARMACEUTICALS, INC.

                 DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT

     This Director and Officer  Indemnification  Agreement,  dated as of January
24, 2006 (this "AGREEMENT"),  is made by and between Neurotech  Pharmaceuticals,
Inc.,  a  Delaware   corporation  (the  "COMPANY"),   and  Reuben  Seltzer  (the
"INDEMNITEE").

                                    RECITALS:

     A.   Section 141 of the Delaware General  Corporation Law provides that the
business and affairs of a corporation shall be managed by or under the direction
of its board of directors.

     B.   By virtue of the managerial  prerogatives  vested in the directors and
officers of a Delaware corporation, directors and officers act as fiduciaries of
the corporation and its stockholders.

     C.   Thus, it is critically  important to the Company and its  stockholders
that  the  Company  be able to  attract  and  retain  the most  capable  persons
reasonably available to serve as directors and officers of the Company.

     D.   In  recognition  of the need  for  corporations  to be able to  induce
capable and  responsible  persons to accept  positions in corporate  management,
Delaware  law  authorizes  (and  in some  instances  requires)  corporations  to
indemnify their directors and officers,  and further authorizes  corporations to
purchase and maintain insurance for the benefit of their directors and officers.

     E.   The  Delaware  courts  have  recognized  that   indemnification  by  a
corporation  serves the dual  policies of (1)  allowing  corporate  officials to
resist unjustified  lawsuits,  secure in the knowledge that, if vindicated,  the
corporation  will bear the expense of litigation,  and (2)  encouraging  capable
women  and men to serve as  corporate  directors  and  officers,  secure  in the
knowledge that the corporation  will absorb the costs of defending their honesty
and integrity.

     F.   The  number of  lawsuits  challenging  the  judgment  and  actions  of
directors and officers of Delaware  corporations,  the costs of defending  those
lawsuits and the threat to personal  assets have all  materially  increased over
the past several  years,  chilling the  willingness  of capable women and men to
undertake the responsibilities imposed on corporate directors and officers.

     G.   Recent  federal  legislation  and rules adopted by the  Securities and
Exchange  Commission  and the national  securities  exchanges  have exposed such
directors and officers to new and substantially broadened civil liabilities.

     H.   Under  Delaware law, a director's or officer's  right to be reimbursed
for the costs of defense of criminal  actions,  whether such claims are asserted
under  state or  federal  law,  does not  depend  upon the  merits of the claims
asserted  against the director or officer and is separate and distinct  from any
right to indemnification the director may be able to establish.

     I.   Indemnitee  is, or will be, a director  and/or  officer of the Company
and  his or her  willingness  to  serve  in  such  capacity  is  predicated,  in
substantial  part,  upon the  Company's  willingness  to indemnify him or her in
accordance with the principles  reflected above, to the fullest extent permitted
by the laws of the State of Delaware,  and upon the other undertakings set forth
in this Agreement.

     J.   Therefore,  in  recognition  of the need to  provide  Indemnitee  with
substantial   protection  against  personal  liability,   in  order  to  procure
Indemnitee's  continued  service as a director and/or officer of the Company and
to enhance Indemnitee's ability to serve the Company in an effective manner, and
in  order to  provide  such  protection  pursuant  to  express  contract  rights
(intended to be enforceable  irrespective of, among other things,  any amendment
to the Company's  certificate  of  incorporation  or bylaws  (collectively,  the
"CONSTITUENT  DOCUMENTS"),  any change in the composition of the Company's Board
of Directors  (the  "BOARD") or any  change-in-control  or business  combination
transaction  relating to the  Company),  the  Company  wishes to provide in this
Agreement for the  indemnification  and advancement of Expenses to Indemnitee on
the terms, and subject to the conditions, set forth in this Agreement.

     K.   In light of the considerations  referred to in the preceding recitals,
it is the Company's  intention and desire that the  provisions of this Agreement
be  construed  liberally,  subject  to their  express  terms,  to  maximize  the
protections to be provided to Indemnitee hereunder.

AGREEMENT:

     NOW, THEREFORE, the parties hereby agree as follows:

     1.   CERTAIN  DEFINITIONS.  In addition to terms defined  elsewhere herein,
the following terms have the following meanings when used in this Agreement with
initial capital letters:

          (a)  "CHANGE IN CONTROL"  shall have occurred at such time, if any, as
Incumbent  Directors cease for any reason to constitute a majority of Directors.
For purposes of this Section 1(a),  "INCUMBENT  DIRECTORS" means the individuals
who, as of the date  hereof,  are  Directors  of the Company and any  individual
becoming a Director subsequent to the date hereof whose election, nomination for
election by the Company's stockholders,  or appointment,  was approved by a vote
of at least a majority  of the then  Incumbent  Directors  (either by a specific
vote or by approval of the proxy  statement  of the Company in which such person
is named as a nominee  for  director,  without  objection  to such  nomination);
PROVIDED, HOWEVER, that an individual shall not be an Incumbent Director if such
individual's  election  or  appointment  to the  Board  occurs as a result of an
actual or threatened  election  contest (as  described in Rule  14a-12(c) of the
Securities  Exchange  Act of 1934,  as amended)  with respect to the election or
removal of directors or other actual or  threatened  solicitation  of proxies or
consents by or on behalf of a Person other than the Board.

          (b)  "CLAIM" means (i) any threatened,  asserted, pending or completed
claim,   demand,   action,   suit  or  proceeding,   whether  civil,   criminal,
administrative,  arbitrative,  investigative or other, and whether made pursuant

                                       2

to federal,  state or other law; and (ii) any inquiry or investigation,  whether
made,  instituted  or conducted by the Company or any other  Person,  including,
without  limitation,  any  federal,  state or other  governmental  entity,  that
Indemnitee  reasonably  determines  might  lead to the  institution  of any such
claim,  demand,  action,  suit or  proceeding.  For the avoidance of doubt,  the
Company intends indemnity to be provided hereunder in respect of acts or failure
to act prior to, on or after the date hereof.

          (c)  "CONTROLLED  AFFILIATE" means any corporation,  limited liability
company,  partnership,  joint  venture,  trust or other  entity  or  enterprise,
whether or not for  profit,  that is directly or  indirectly  controlled  by the
Company.  For  purposes  of this  definition,  "CONTROL"  means the  possession,
directly or  indirectly,  of the power to direct or cause the  direction  of the
management or policies of an entity or enterprise, whether through the ownership
of voting  securities,  through other voting  rights,  by contract or otherwise;
PROVIDED that direct or indirect beneficial  ownership of capital stock or other
interests in an entity or enterprise entitling the holder to cast 15% or more of
the total  number of votes  generally  entitled  to be cast in the  election  of
directors  (or  persons  performing  comparable  functions)  of such  entity  or
enterprise  shall  be  deemed  to  constitute   control  for  purposes  of  this
definition.

          (d)  "DISINTERESTED  DIRECTOR"  means a director of the Company who is
not and was not a party to the  Claim in  respect  of which  indemnification  is
sought by Indemnitee.

          (e)  "EXPENSES"  means  attorneys'  and experts' fees and expenses and
all other costs and expenses paid or payable in connection  with  investigating,
defending,  being a witness in or  participating  in (including  on appeal),  or
preparing to investigate,  defend,  be a witness in or participate in (including
on appeal), any Claim.

          (f)  "INDEMNIFIABLE  CLAIM" means any Claim based upon, arising out of
or resulting from (i) any actual,  alleged or suspected act or failure to act by
Indemnitee in his or her capacity as a director,  officer,  employee or agent of
the Company or as a director,  officer,  employee,  member, manager,  trustee or
agent of any other corporation,  limited liability company,  partnership,  joint
venture,  trust or other entity or enterprise,  whether or not for profit, as to
which  Indemnitee  is or was  serving at the  request of the  Company,  (ii) any
actual,  alleged or suspected  act or failure to act by Indemnitee in respect of
any business, transaction,  communication,  filing, disclosure or other activity
of the Company or any other  entity or  enterprise  referred to in clause (i) of
this sentence,  or (iii)  Indemnitee's  status as a current or former  director,
officer,  employee or agent of the  Company or as a current or former  director,
officer, employee, member, manager, trustee or agent of the Company or any other
entity or  enterprise  referred to in clause (i) of this sentence or any actual,
alleged or suspected act or failure to act by Indemnitee in connection  with any
obligation or restriction  imposed upon Indemnitee by reason of such status.  In
addition to any service at the actual  request of the  Company,  for purposes of
this  Agreement,  Indemnitee  shall be deemed to be serving or to have served at
the request of the Company as a director,  officer,  employee,  member, manager,
trustee or agent of another entity or enterprise if Indemnitee is or was serving
as a director,  officer,  employee,  member,  manager,  agent,  trustee or other
fiduciary of such entity or  enterprise  and (i) such entity or enterprise is or
at the time of such  service  was a  Controlled  Affiliate,  (ii) such entity or
enterprise  is or at the time of such  service was an employee  benefit plan (or
related trust) sponsored or maintained by the Company or a Controlled Affiliate,

                                       3

or (iii) the  Company or a  Controlled  Affiliate  (by action of the Board,  any
committee  thereof or the Company's Chief Executive  Officer ("CEO") (other than
as the CEO him or herself))  caused or  authorized  Indemnitee  to be nominated,
elected, appointed,  designated,  employed, engaged or selected to serve in such
capacity.

          (g)  "INDEMNIFIABLE  LOSSES"  means any and all  Losses  relating  to,
arising out of or resulting from any  Indemnifiable  Claim;  PROVIDED,  HOWEVER,
that  Indemnifiable  Losses shall not include  Losses  incurred by Indemnitee in
respect of any Indemnifiable  Claim (or any matter or issue therein) as to which
Indemnitee  shall have been adjudged  liable to the Company,  unless and only to
the  extent  that the  Delaware  Court of  Chancery  or the court in which  such
Indemnifiable  Claim was brought shall have  determined upon  application  that,
despite the  adjudication of liability but in view of all the  circumstances  of
the case,  Indemnitee is fairly and reasonably  entitled to indemnification  for
such Expenses as the court shall deem proper.

          (h)  "INDEPENDENT  COUNSEL" means a nationally recognized law firm, or
a member of a nationally  recognized law firm, that is experienced in matters of
Delaware  corporate law and neither presently is, nor in the past five years has
been,  retained to represent:  (i) the Company (or any subsidiary) or Indemnitee
in any matter  material to either such party (other than with respect to matters
concerning the Indemnitee under this Agreement,  or of other  indemnitees  under
similar  indemnification  agreements)  or (ii)  any  other  named  (or,  as to a
threatened  matter,  reasonably  likely to be named) party to the  Indemnifiable
Claim giving rise to a claim for indemnification hereunder.  Notwithstanding the
foregoing,  the term  "Independent  Counsel"  shall not  include any person who,
under the applicable  standards of professional  conduct then prevailing,  would
have a conflict of interest in representing  either the Company or Indemnitee in
an action to determine Indemnitee's rights under this Agreement.

          (i)  "LOSSES"   means   any  and  all   Expenses,   damages,   losses,
liabilities,  judgments, fines, penalties (whether civil, criminal or other) and
amounts  paid or payable  in  settlement,  including,  without  limitation,  all
interest, assessments and other charges paid or payable in connection with or in
respect of any of the foregoing.

          (j)  "PERSON"  means  any  individual,  entity or  group,  within  the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities  Exchange Act of 1934,
as amended.

          (k)  "STANDARD   OF  CONDUCT"   means  the  standard  for  conduct  by
Indemnitee  that is a  condition  precedent  to  indemnification  of  Indemnitee
hereunder against  Indemnifiable Losses relating to, arising out of or resulting
from an  Indemnifiable  Claim.  The  Standard of Conduct is (i) good faith and a
reasonable  belief by  Indemnitee  that his action was in or not  opposed to the
best  interests  of the Company  and,  with  respect to any  criminal  action or
proceeding,  that Indemnitee had no reasonable cause to believe that his conduct
was  unlawful,  or (ii)  any  other  applicable  standard  of  conduct  that may
hereafter be  substituted  under Section  145(a) or (b) of the Delaware  General
Corporation Law or any successor to such provision(s).

     2.   INDEMNIFICATION  OBLIGATION.  Subject  only  to  Section  7 and to the
proviso in this Section,  the Company shall indemnify,  defend and hold harmless
Indemnitee, to the fullest extent permitted or required by the laws of the State
of  Delaware  in effect on the date hereof or as such laws may from time to time

                                       4

hereafter  be amended to increase the scope of such  permitted  indemnification,
against any and all  Indemnifiable  Claims and Indemnifiable  Losses;  PROVIDED,
HOWEVER, that, except as provided in Section 5, Indemnitee shall not be entitled
to  indemnification  pursuant to this Agreement in connection with (i) any Claim
initiated  by  Indemnitee  against the Company or any director or officer of the
Company  unless the Company has joined in or consented to the initiation of such
Claim, or (ii) the purchase and sale by Indemnitee of securities in violation of
Section 16(b) of the  Securities  Exchange Act of 1934, as amended.  The Company
acknowledges that the foregoing obligation may be broader than that now provided
by applicable law and the Company's Constituent Documents and intends that it be
interpreted consistently with this Section and the recitals to this Agreement.

     3.   ADVANCEMENT   OF  EXPENSES.   Indemnitee   shall  have  the  right  to
advancement by the Company prior to the final  disposition of any  Indemnifiable
Claim of any and all actual and reasonable  Expenses relating to, arising out of
or  resulting  from any  Indemnifiable  Claim paid or  incurred  by  Indemnitee.
Without  limiting  the  generality  or  effect of any  other  provision  hereof,
Indemnitee's right to such advancement is not subject to the satisfaction of any
Standard of Conduct. Without limiting the generality or effect of the foregoing,
within five business days after any request by Indemnitee that is accompanied by
supporting  documentation for specific  reasonable  Expenses to be reimbursed or
advanced,  the Company  shall,  in  accordance  with such  request  (but without
duplication),  (a) pay such  Expenses  on behalf of  Indemnitee,  (b) advance to
Indemnitee funds in an amount sufficient to pay such Expenses,  or (c) reimburse
Indemnitee  for such Expenses;  PROVIDED that  Indemnitee  shall repay,  without
interest,  any  amounts  actually  advanced  to  Indemnitee  that,  at the final
disposition of the  Indemnifiable  Claim to which the advance  related,  were in
excess of amounts paid or payable by Indemnitee in respect of Expenses  relating
to, arising out of or resulting  from such  Indemnifiable  Claim.  In connection
with any such  payment,  advancement  or  reimbursement,  at the  request of the
Company,  Indemnitee  shall  execute and deliver to the Company an  undertaking,
which  need  not  be  secured  and  shall  be  accepted  without   reference  to
Indemnitee's  ability to repay the Expenses,  by or on behalf of the Indemnitee,
to repay any amounts  paid,  advanced or reimbursed by the Company in respect of
Expenses relating to, arising out of or resulting from any  Indemnifiable  Claim
in  respect  of  which  it shall  have  been  determined,  following  the  final
disposition of such  Indemnifiable  Claim and in accordance with Section 7, that
Indemnitee is not entitled to indemnification hereunder.

     4.   INDEMNIFICATION   FOR  ADDITIONAL   EXPENSES.   Without  limiting  the
generality  or effect of the  foregoing,  the Company  shall  indemnify and hold
harmless  Indemnitee  against and, if requested by Indemnitee,  shall  reimburse
Indemnitee  for, or advance to  Indemnitee,  within five  business  days of such
request  accompanied  by supporting  documentation  for specific  Expenses to be
reimbursed  or  advanced,  any and all actual and  reasonable  Expenses  paid or
incurred  by  Indemnitee  in  connection  with any  Claim  made,  instituted  or
conducted by Indemnitee  for (a)  indemnification  or  reimbursement  or advance
payment of Expenses by the Company  under any  provision of this  Agreement,  or
under any other  agreement  or  provision of the  Constituent  Documents  now or
hereafter in effect relating to Indemnifiable  Claims, and/or (b) recovery under
any  directors' and officers'  liability  insurance  policies  maintained by the
Company;  PROVIDED,  HOWEVER, if it is ultimately determined that the Indemnitee
is not  entitled to such  indemnification,  reimbursement,  advance or insurance
recovery,  as the case may be, then the  Indemnitee  shall be obligated to repay
any such Expenses to the Company;  PROVIDED  FURTHER,  that,  regardless in each

                                       5

case of whether  Indemnitee  ultimately  is  determined  to be  entitled to such
indemnification,  reimbursement,  advance or insurance recovery, as the case may
be, Indemnitee shall return,  without interest, any such advance of Expenses (or
portion thereof) which remains unspent at the final  disposition of the Claim to
which the advance related.

     5.   PARTIAL  INDEMNITY.  If Indemnitee is entitled  under any provision of
this  Agreement to  indemnification  by the Company for some or a portion of any
Indemnifiable  Loss but not for all of the total  amount  thereof,  the  Company
shall  nevertheless  indemnify  Indemnitee  for the  portion  thereof  to  which
Indemnitee is entitled.

     6.   PROCEDURE  FOR  NOTIFICATION.  To obtain  indemnification  under  this
Agreement in respect of an Indemnifiable Claim or Indemnifiable Loss, Indemnitee
shall  submit to the  Company a written  request  therefore,  including  a brief
description  (based upon  information  then  available  to  Indemnitee)  of such
Indemnifiable  Claim or  Indemnifiable  Loss.  If, at the time of the receipt of
such request,  the Company has directors' and officers'  liability  insurance in
effect under which coverage for such  Indemnifiable  Claim or Indemnifiable Loss
is potentially  available,  the Company shall give prompt written notice of such
Indemnifiable  Claim  or  Indemnifiable  Loss  to  the  applicable  insurers  in
accordance with the procedures set forth in the applicable policies. The Company
shall  thereafter take all necessary or desirable  action to cause such insurers
to pay, on behalf of the Indemnitee,  all Indemnifiable Claims and Indemnifiable
Losses in accordance with the terms of such policies.  The Company shall provide
to  Indemnitee  a copy of such  notice  delivered  to the  applicable  insurers,
substantially concurrently with the delivery thereof by the Company. The failure
by  Indemnitee  to timely  notify  the  Company  of any  Indemnifiable  Claim or
Indemnifiable  Loss shall not relieve the Company from any  liability  hereunder
unless, and only to the extent that, the Company did not otherwise learn of such
Indemnifiable  Claim or  Indemnifiable  Loss and to the extent that such failure
results  in  forfeiture  by the  Company  of  substantial  defenses,  rights  or
insurance coverage.

     7.   DETERMINATION OF RIGHT TO INDEMNIFICATION.

          (a)  To the extent that  Indemnitee  shall have been successful on the
merits or otherwise in defense of any Indemnifiable Claim or any portion thereof
or in defense of any issue or matter  therein,  including,  without  limitation,
dismissal  without  prejudice,  Indemnitee  shall  be  indemnified  against  all
Indemnifiable  Losses  relating  to,  arising  out  of or  resulting  from  such
Indemnifiable  Claim in  accordance  with  Section 2 and no  Standard of Conduct
Determination (as defined in Section 7(b)) shall be required.

          (b)  To  the  extent  that  the   provisions   of  Section   7(a)  are
inapplicable to an Indemnifiable Claim that shall have been finally disposed of,
any determination of whether Indemnitee has satisfied the applicable Standard of
Conduct (a "STANDARD OF CONDUCT DETERMINATION") shall be made as follows: (i) if
a Change in Control  shall not have  occurred,  or if a Change in Control  shall
have occurred but  Indemnitee  shall have requested that the Standard of Conduct
Determination be made pursuant to this clause (i), (A) by a majority vote of the
Disinterested  Directors,  even if less than a quorum of the Board,  (B) if such
Disinterested  Directors  so  direct,  by a  majority  vote  of a  committee  of
Disinterested  Directors  designated  by a  majority  vote of all  Disinterested
Directors, or (C) if there are no such Disinterested Directors, or if a majority
of the Disinterested  Directors so direct,  by Independent  Counsel in a written

                                       6

opinion  addressed  to  the  Board,  a copy  of  which  shall  be  delivered  to
Indemnitee;  and (ii) if a Change in Control shall have occurred and  Indemnitee
shall not have  requested  that the  Standard of Conduct  Determination  be made
pursuant  to clause  (i) above,  by  Independent  Counsel  in a written  opinion
addressed to the Board, a copy of which shall be delivered to Indemnitee.

          (c)  If (i) Indemnitee shall be entitled to indemnification  hereunder
against any Indemnifiable Losses pursuant to Section 7(a), (ii) no determination
of whether  Indemnitee  has satisfied any  applicable  standard of conduct under
Delaware law is a legally required  condition  precedent to  indemnification  of
Indemnitee  hereunder against any Indemnifiable  Losses, or (iii) Indemnitee has
been  determined  or deemed  pursuant  to  Section  7(b) to have  satisfied  the
applicable Standard of Conduct, then the Company shall pay to Indemnitee, within
five  business days after the later of (x) the  Notification  Date in respect of
the Indemnifiable  Claim or portion thereof to which such  Indemnifiable  Losses
are  related,  out of which such  Indemnifiable  Losses arose or from which such
Indemnifiable Losses resulted, and (y) the earliest date on which the applicable
criterion  specified  in  clause  (i),  (ii) or  (iii)  above  shall  have  been
satisfied,  an amount equal to the amount of such Indemnifiable Losses.  Nothing
herein is intended to mean or imply that the Company is intending to use Section
145(f) of the Delaware  General  Corporation  Law to dispense with a requirement
that  Indemnitee  meet the applicable  Standard of Conduct where it is otherwise
required by such statute.

          (d)  If a Standard of Conduct Determination is required to be, but has
not  been,  made  by  Independent  Counsel  pursuant  to  Section  7(b)(i),  the
Independent  Counsel shall be selected by the Board or a committee of the Board,
and the Company shall give written  notice to Indemnitee  advising him or her of
the identity of the  Independent  Counsel so selected.  If a Standard of Conduct
Determination  is required to be, or to have been,  made by Independent  Counsel
pursuant  to Section  7(b)(ii),  the  Independent  Counsel  shall be selected by
Indemnitee,  and Indemnitee shall give written notice to the Company advising it
of the  identity  of the  Independent  Counsel  so  selected.  In  either  case,
Indemnitee or the Company,  as applicable,  may, within five business days after
receiving  written  notice of selection  from the other,  deliver to the other a
written objection to such selection;  PROVIDED, HOWEVER, that such objection may
be asserted only on the ground that the Independent Counsel so selected does not
satisfy the criteria set forth in the  definition  of  "Independent  Counsel" in
Section 1(h), and the objection shall set forth with  particularity  the factual
basis of such  assertion.  Absent a proper and timely  objection,  the Person so
selected shall act as Independent Counsel. If such written objection is properly
and timely made and substantiated,  (i) the Independent  Counsel so selected may
not serve as Independent Counsel unless and until such objection is withdrawn or
a court  has  determined  that  such  objection  is  without  merit and (ii) the
non-objecting  party  may,  at its  option,  select an  alternative  Independent
Counsel and give written  notice to the other party advising such other party of
the identity of the alternative  Independent Counsel so selected,  in which case
the provisions of the two immediately preceding sentences and clause (i) of this
sentence shall apply to such subsequent selection and notice. If applicable, the
provisions of clause (ii) of the immediately  preceding  sentence shall apply to
successive alternative  selections.  If no Independent Counsel that is permitted
under the  foregoing  provisions  of this  Section  7(d) to make the Standard of
Conduct Determination shall have been selected within 30 calendar days after the
Company gives its initial notice  pursuant to the first sentence of this Section
7(d) or Indemnitee  gives its initial notice  pursuant to the second sentence of
this Section  7(d),  as the case may be,  either the Company or  Indemnitee  may

                                       7

petition  the Court of Chancery of the State of Delaware for  resolution  of any
objection which shall have been made by the Company or Indemnitee to the other's
selection of  Independent  Counsel  and/or for the  appointment  as  Independent
Counsel of a person or firm selected by the Court or by such other person as the
Court  shall  designate,  and  the  person  or firm  with  respect  to whom  all
objections  are so  resolved  or the  person  or firm so  appointed  will act as
Independent  Counsel. In all events, the Company shall pay all of the actual and
reasonable fees and expenses of the Independent  Counsel  incurred in connection
with the Independent Counsel's determination pursuant to Section 7(b).

     8.   COOPERATION.  Indemnitee  shall cooperate with reasonable  requests of
the Company in connection  with any  Indemnifiable  Claim and any  individual or
firm making such Standard of Conduct Determination,  including providing to such
Person  documentation  or  information  which  is not  privileged  or  otherwise
protected from  disclosure  and which is reasonably  available to Indemnitee and
reasonably  necessary to defend the Indemnifiable  Claim or make any Standard of
Conduct  Determination  without  incurring any  unreimbursed  cost in connection
therewith. The Company shall indemnify and hold harmless Indemnitee against and,
if  requested  by  Indemnitee,  shall  reimburse  Indemnitee  for, or advance to
Indemnitee,  within five business days of such request accompanied by supporting
documentation for specific costs and expenses to be reimbursed or advanced,  any
and all costs and expenses (including attorneys' and experts' fees and expenses)
actually and reasonably incurred by Indemnitee in so cooperating with the Person
defending   the   Indemnifiable   Claim  or  making  such  Standard  of  Conduct
Determination.

     9.   PRESUMPTION  OF  ENTITLEMENT.   Notwithstanding  any  other  provision
hereof, in making any Standard of Conduct Determination,  the Person making such
determination  shall  presume  that  Indemnitee  has  satisfied  the  applicable
Standard of Conduct.

     10.  NO OTHER PRESUMPTION.  For purposes of this Agreement, the termination
of any Claim by  judgment,  order,  settlement  (whether  with or without  court
approval) or conviction,  or upon a plea of nolo  contendere or its  equivalent,
will not  create  a  presumption  that  Indemnitee  did not meet any  applicable
Standard  of  Conduct  or  that  indemnification   hereunder  is  otherwise  not
permitted.

     11.  NON-EXCLUSIVITY.  The  rights  of  Indemnitee  hereunder  will  be  in
addition  to  any  other  rights  Indemnitee  may  have  under  the  Constituent
Documents,   or  the   substantive   laws  of  the  Company's   jurisdiction  of
incorporation,  any other contract or otherwise (collectively,  "OTHER INDEMNITY
PROVISIONS");  PROVIDED,  HOWEVER,  that  (a)  to  the  extent  that  Indemnitee
otherwise  would  have any  greater  right to  indemnification  under  any Other
Indemnity  Provision,  Indemnitee  will without further action be deemed to have
such greater right  hereunder,  and (b) to the extent that any change is made to
any Other Indemnity Provision which permits any greater right to indemnification
than that provided under this Agreement as of the date hereof,  Indemnitee  will
be deemed to have such greater right hereunder. The Company may not, without the
consent of Indemnitee,  adopt any amendment to any of the Constituent  Documents
the effect of which would be to deny, diminish or encumber Indemnitee's right to
indemnification under this Agreement.

                                       8

     12.  LIABILITY  INSURANCE  AND FUNDING.  For the  duration of  Indemnitee's
service as a director and/or officer of the Company and for a reasonable  period
of time thereafter,  which such period shall be determined by the Company in its
sole discretion,  the Company shall use commercially  reasonable efforts (taking
into  account  the scope and amount of coverage  available  relative to the cost
thereof)  to cause  to be  maintained  in  effect  policies  of  directors'  and
officers'  liability  insurance providing coverage for directors and/or officers
of the Company,  and, if applicable,  that is substantially  comparable in scope
and amount to that provided by the Company's  current policies of directors' and
officers'  liability  insurance.  Upon  reasonable  request,  the Company  shall
provide  Indemnitee  or his or her  counsel  with a copy of all  directors'  and
officers' liability insurance  applications,  binders,  policies,  declarations,
endorsements  and other related  materials.  In all policies of  directors'  and
officers' liability insurance obtained by the Company, Indemnitee shall be named
as an  insured  in such a manner as to provide  Indemnitee  the same  rights and
benefits,  subject to the same  limitations,  as are  accorded to the  Company's
directors and officers most  favorably  insured by such policy.  Notwithstanding
the foregoing, (i) the Company may, but shall not be required to, create a trust
fund,  grant  a  security  interest  or  use  other  means,  including,  without
limitation,  a letter of credit, to ensure the payment of such amounts as may be
necessary to satisfy its obligations to indemnify and advance expenses  pursuant
to this  Agreement  and (ii) in  renewing  or  seeking  to renew  any  insurance
hereunder,  the  Company  will not be required to expend more than 2.0 times the
premium amount of the immediately preceding policy period (equitably adjusted if
necessary to reflect differences in policy periods).

     13.  SUBROGATION. In the event of payment under this Agreement, the Company
shall be subrogated  to the extent of such payment to all of the related  rights
of  recovery of  Indemnitee  against  other  Persons  (other  than  Indemnitee's
successors), including any entity or enterprise referred to in clause (i) of the
definition of  "Indemnifiable  Claim" in Section 1(f).  Indemnitee shall execute
all papers  reasonably  required  to evidence  such rights (all of  Indemnitee's
reasonable Expenses,  including attorneys' fees and charges,  related thereto to
be reimbursed by or, at the option of Indemnitee, advanced by the Company).

     14.  NO DUPLICATION OF PAYMENTS. The Company shall not be liable under this
Agreement  to make any  payment to  Indemnitee  in respect of any  Indemnifiable
Losses to the extent  Indemnitee has otherwise already actually received payment
(net of Expenses  incurred in connection  therewith) under any insurance policy,
the Constituent Documents and Other Indemnity Provisions or otherwise (including
from any entity or  enterprise  referred to in clause (i) of the  definition  of
"Indemnifiable  Claim" in Section 1(f)) in respect of such Indemnifiable  Losses
otherwise indemnifiable hereunder.

     15.  DEFENSE OF CLAIMS. Subject to the provisions of applicable policies of
directors'  and  officers'  liability  insurance,  if any, the Company  shall be
entitled to participate in the defense of any  Indemnifiable  Claim or to assume
or  lead  the  defense  thereof  with  counsel  reasonably  satisfactory  to the
Indemnitee;  PROVIDED that if Indemnitee  determines,  after  consultation  with
counsel  selected  by  Indemnitee,  that (a) the use of  counsel  chosen  by the
Company to  represent  Indemnitee  would  present such counsel with an actual or
potential  conflict,  (b) the  named  parties  in any such  Indemnifiable  Claim
(including  any impleaded  parties)  include both the Company and Indemnitee and
Indemnitee shall conclude that there may be one or more legal defenses available
to him or her that are different  from or in addition to those  available to the

                                       9

Company,  (c) any such  representation  by such counsel would be precluded under
the  applicable  standards  of  professional  conduct  then  prevailing,  or (d)
Indemnitee  has  interests in the claim or  underlying  subject  matter that are
different  from or in addition to those of other Persons  against whom the Claim
has been made or might  reasonably be expected to be made, then Indemnitee shall
be entitled to retain separate  counsel (but not more than one law firm plus, if
applicable,  local counsel in respect of any particular  Indemnifiable Claim for
all indemnitees in Indemnitee's  circumstances)  at the Company's  expense.  The
Company shall not be liable to Indemnitee  under this  Agreement for any amounts
paid in settlement of any  threatened or pending  Indemnifiable  Claim  effected
without the Company's prior written consent.  The Company shall not, without the
prior written consent of the Indemnitee, effect any settlement of any threatened
or pending  Indemnifiable  Claim  which the  Indemnitee  is or could have been a
party unless such settlement solely involves the payment of money and includes a
complete and  unconditional  release of the Indemnitee from all liability on any
claims  that are the subject  matter of such  Indemnifiable  Claim.  Neither the
Company nor Indemnitee shall  unreasonably  withhold its consent to any proposed
settlement; PROVIDED that Indemnitee may withhold consent to any settlement that
does not provide a complete and unconditional release of Indemnitee.

     16.  MUTUAL ACKNOWLEDGMENT. Both the Company and the Indemnitee acknowledge
that in certain instances,  Federal law or applicable public policy may prohibit
the Company from indemnifying its directors and officers under this Agreement or
otherwise.  Indemnitee  understands  and  acknowledges  that the  Company may be
required in the future to undertake to the Securities and Exchange Commission to
submit the question of indemnification to a court in certain circumstances for a
determination of the Company's right under public policy to indemnify Indemnitee
and,  in that  event,  the  Indemnitee's  rights and the  Company's  obligations
hereunder shall be subject to that determination.

     17.  SUCCESSORS AND BINDING AGREEMENT.

          (a)  This Agreement  shall be binding upon and inure to the benefit of
the Company and any successor to the Company, including, without limitation, any
Person acquiring directly or indirectly all or substantially all of the business
or  assets  of  the  Company   whether  by  purchase,   merger,   consolidation,
reorganization  or otherwise (and such  successor will  thereafter be deemed the
"Company" for purposes of this Agreement), but shall not otherwise be assignable
or delegatable by the Company.

          (b)  This  Agreement  shall inure to the benefit of and be enforceable
by   the   Indemnitee's   personal   or   legal   representatives,    executors,
administrators, heirs, distributees, legatees and other successors.

          (c)  This  Agreement  is personal in nature and neither of the parties
hereto  shall,  without  the  consent  of the  other,  assign or  delegate  this
Agreement or any rights or obligations hereunder except as expressly provided in
Sections  17(a) and 17(b).  Without  limiting  the  generality  or effect of the
foregoing,  Indemnitee's  right  to  receive  payments  hereunder  shall  not be
assignable,  whether by pledge,  creation of a security  interest or  otherwise,
other than by a transfer by the Indemnitee's  will or by the laws of descent and
distribution, and, in the event of any attempted assignment or transfer contrary

                                       10

to this Section 17(c),  the Company shall have no liability to pay any amount so
attempted to be assigned or transferred.

     18.  NOTICES.  For all  purposes  of this  Agreement,  all  communications,
including without limitation notices, consents, requests or approvals,  required
or  permitted  to be given  hereunder  must be in writing and shall be deemed to
have been duly given when hand  delivered or dispatched by electronic  facsimile
transmission (with receipt thereof orally confirmed),  or one business day after
having been sent for  next-day  delivery by a  nationally  recognized  overnight
courier service,  addressed to the Company (to the attention of the Secretary of
the Company) and to Indemnitee at the applicable  address shown on the signature
page  hereto,  or to such other  address as any party may have  furnished to the
other in writing and in accordance  herewith,  except that notices of changes of
address will be effective only upon receipt.

     19.  GOVERNING  LAW.  The  validity,   interpretation,   construction   and
performance of this  Agreement  shall be governed by and construed in accordance
with the substantive laws of the State of Delaware, without giving effect to the
principles of conflict of laws of such State.  The Company and  Indemnitee  each
hereby  irrevocably  consent to the  jurisdiction  of the Chancery  Court of the
State of Delaware for all purposes in  connection  with any action or proceeding
which  arises  out  of or  relates  to  this  Agreement,  waive  all  procedural
objections  to  suit  in  that  jurisdiction,   including,  without  limitation,
objections as to venue or  inconvenience,  agree that service in any such action
may be made by notice  given in  accordance  with Section 18 and also agree that
any action instituted under this Agreement shall be brought only in the Chancery
Court of the State of Delaware.

     20.  VALIDITY. If any provision of this Agreement or the application of any
provision hereof to any Person or circumstance is held invalid, unenforceable or
otherwise  illegal,  the remainder of this Agreement and the application of such
provision to any other  Person or  circumstance  shall not be affected,  and the
provision so held to be invalid,  unenforceable  or otherwise  illegal  shall be
reformed  to  the  extent,  and  only  to  the  extent,  necessary  to  make  it
enforceable,  valid or legal. In the event that any court or other  adjudicative
body shall decline to reform any provision of this Agreement held to be invalid,
unenforceable or otherwise illegal as contemplated by the immediately  preceding
sentence,  the parties thereto shall take all such action as may be necessary or
appropriate  to replace the  provision so held to be invalid,  unenforceable  or
otherwise  illegal with one or more  alternative  provisions that effectuate the
purpose and intent of the  original  provisions  of this  Agreement  as fully as
possible without being invalid, unenforceable or otherwise illegal.

     21.  MISCELLANEOUS.  No provision of this Agreement may be waived, modified
or  discharged  unless such  waiver,  modification  or discharge is agreed to in
writing signed by Indemnitee  and the Company.  No waiver by either party hereto
at any time of any  breach by the other  party  hereto  or  compliance  with any
condition  or  provision  of this  Agreement to be performed by such other party
shall be deemed a waiver of similar or  dissimilar  provisions  or conditions at
the same or at any prior or subsequent  time. No agreements or  representations,
oral or  otherwise,  expressed  or implied  with  respect to the subject  matter
hereof have been made by either  party that are not set forth  expressly in this
Agreement.

                                       11

     22.  CERTAIN  INTERPRETIVE  MATTERS.  Unless the context of this  Agreement
otherwise requires,  (1) "it" or "its" or words of any gender include each other
gender, (2) words using the singular or plural number also include the plural or
singular number,  respectively,  (3) the terms "hereof,"  "herein," "hereby" and
derivative  or  similar  words  refer to this  entire  Agreement,  (4) the terms
"Article,"  "Section,"  "Annex" or  "Exhibit"  refer to the  specified  Article,
Section,  Annex or Exhibit  of or to this  Agreement,  (5) the terms  "include,"
"includes" and  "including"  will be deemed to be followed by the words "without
limitation" (whether or not so expressed),  and (6) the word "or" is disjunctive
but not  exclusive.  Whenever this  Agreement  refers to a number of days,  such
number  will refer to calendar  days  unless  business  days are  specified  and
whenever action must be taken (including the giving of notice or the delivery of
documents)  under  this  Agreement  during  a  certain  period  of  time or by a
particular  date that ends or occurs on a non-business  day, then such period or
date will be extended  until the  immediately  following  business  day. As used
herein,  "BUSINESS  DAY" means any day other than  Saturday,  Sunday or a United
States federal holiday.

     23.  ENTIRE AGREEMENT.  This Agreement constitutes the entire agreement and
supersedes  all prior  agreements  and  understandings,  both  written and oral,
between the parties hereto with respect to the subject matter of this Agreement.
Any prior agreements or  understandings  between the parties hereto with respect
to indemnification are hereby terminated and of no further force or effect. This
Agreement  is not the  exclusive  means of  securing  indemnification  rights of
Indemnitee  and is in  addition  to any  rights  Indemnitee  may have  under any
Constituent Documents.

     24.  COUNTERPARTS.   This   Agreement  may  be  executed  in  one  or  more
counterparts,  each of which will be deemed to be an  original  but all of which
together shall constitute one and the same agreement.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]

                                       12

     IN WITNESS WHEREOF,  Indemnitee has executed and the Company has caused its
duly  authorized  representative  to execute this Agreement as of the date first
above written.

                                           NEUROTECH PHARMACEUTICALS, INC.

                                           By:  /s/ Alan Kestenbaum
                                               ---------------------------------
                                               Name: Alan Kestenbaum
                                               Title: Executive Vice President

                                           INDEMNITEE:

                                             /s/ Reuben Seltzer
                                           -------------------------------------
                                           Name: Reuben Seltzer

                                           Address:
                                                   -----------------------------

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

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

                SIGNATURE PAGE TO DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT

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