Document:

Unassociated Document

     

      
        

      

    

     

    
 

    FINANCIAL
      ASSET SECURITIES CORP.,

    Depositor

    

    

    WELLS
      FARGO BANK, N.A.,

    Servicer

    

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and Trust Administrator

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    Trustee
      

    

    

    

    POOLING
      AND SERVICING AGREEMENT

    

    Dated
      as
      of August 1, 2006

    

    

    ___________________________

    Soundview
      Home Loan Trust 2006-3

    

    Asset-Backed
      Certificates, Series 2006-3

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      SOUNDVIEW
        HOME LOAN TRUST 2006-3

       

      _____________________

       

      AMENDMENT
        NO. 1 TO POOLING AND SERVICING AGREEMENT

       

      Dated
        as
        of September 15, 2006

       

       

      _________________________

       

      SOUNDVIEW
        HOME LOAN TRUST 2006-3

      Asset-Backed
        Certificates, Series 2006-3

       

      

       

      

       

      
        
          
            

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

      AMENDMENT
        NO. 1

       

      AMENDMENT
        No. 1 (this “Amendment”) effective as of August 1, 2006 (the “Effective Date”)
        among FINANCIAL ASSET SECURITIES CORP. (the “Depositor”), WELLS FARGO BANK,
        N.A., (the “Servicer,” the “Master Servicer” and the “Trust Administrator”) and
        DEUTSCHE BANK NATIONAL TRUST COMPANY (the “Trustee”).

       

      PRELIMINARY
        STATEMENT

       

      WHEREAS,
        the Depositor, Servicer, Master Servicer, Trust Administrator and the Trustee
        are parties to the Pooling and Servicing Agreement, dated as of August 1,
        2006
        (the “Agreement”); and

       

      WHEREAS,
        Section 11.01 of the Agreement provides that the Agreement may be amended
        by the
        Depositor, the Servicer, the Master Servicer, the Trust Administrator and
        the
        Trustee;

       

      NOW,
        THEREFORE, in consideration of the foregoing and of other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged,
        the
        parties hereto agree as follows:

       

      1.  Capitalized
        terms used but not defined herein shall have the meanings ascribed to such
        terms
        in the Agreement.

       

      2.  Amendments

       

      The
        definition of Servicer Remittance Date, included in Section 1.01 of the
        Agreement is replaced in its entirety by the following: 

       

      “With
        respect to any Distribution Date, the second Business Day prior to such
        Distribution Date.”

       

      3.  Except
        as
        expressly modified or amended in this Amendment, all of the terms, covenants,
        provisions, agreements and conditions of the Agreement are hereby ratified
        and
        confirmed in every respect and shall remain unmodified and unchanged and
        shall
        continue in full force and effect.

       

      4.  The
        Depositor certifies that all conditions for the execution of this Amendment
        have
        been satisfied.

       

      5.  This
        Amendment shall become effective as of the date hereof when, and only when,
        the
        Agent shall have received executed counterparts of this Amendment from the
        parties hereto. 

       

      6.  This
        Amendment may be executed in counterparts, each of which shall be an original
        but all of which, taken together, shall constitute one and the same instrument.
        This Amendment shall be construed in accordance with the laws of the State
        of
        New York (excluding provisions regarding conflicts of laws) and the obligations,
        rights and remedies of the parties hereunder shall be determined in accordance
        with such laws.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the parties have duly executed this Amendment No. 1 as of
        the
        date first above written.

       

      
        	 	 
	 	
                FINANCIAL
                  ASSET SECURITIES CORP.,

              
	 	
                as
                  Depositor

              
	 	 
	 	 
	 	
                By:
                   /s/
                  Ara Balabanian

              
	 	
                Name:
                   Ara Balabanian 

              
	 	
                Title:  
                   Vice President 

              
	 	 
	 	 
	 	
                WELLS
                  FARGO BANK, N.A.,
                  

                as
                  Servicer 

              
	 	 
	 	 
	 	
                By:  /s/
                  Laurie
                  McGoogan

              
	 	
                Name:  
                  Laurie McGoogan

              
	 	
                Title:    
                  Vice President

              
	 	 
	 	 
	 	
                WELLS
                  FARGO BANK, N.A., 

                as
                  Master Servicer and Trust Administrator

              
	 	 
	 	 
	 	
                By:  /s/
                  Scott Runkles

              
	 	
                Name:  
                  Scott Runkles

              
	 	
                Title:    
                  Vice President 

              
	 	 
	 	 
	 	
                DEUTSCHE
                  BANK NATIONAL TRUST

                COMPANY,

                as
                  Trustee

              
	 
	 
	 	
                By:  /s/
                  Ronaldo Reyes

              
	 	
                Name:  
                  Ronaldo Reyes

              
	 	
                Title:    
                  Vice President 

              
	 	 
	
                By: 
                  /s/
                  Karlene Benvenuto

              
	
                Name:  
                  Karlene Benvenuto 

              
	
                Title:    
                  Authorized Signerexv4w1

 

     

EXHIBIT 4.1

	FOR POSITION ONLY
IRT
ImaRx Therapeutics, Inc.
INCORPORATED UNDER THE LAWS
CUSIP 45248L 10 0
OF THE STATE OF DELAWARE
SEE REVERSE FOR CERTAIN DEFINITIONS
This certifies that
is the owner of
FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, PAR VALUE $.0001 PER SHARE, OF
ImaRx Therapeutics, Inc.
(hereinafter the “Corporation”), transferable only on the books of the Corporation by the holder
hereof in person or by duly authorized attorney upon surrender of this
certificate properly endorsed. This certificate is not valid until countersigned by the Transfer
Agent and registered by the Registrar.
WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized
officers.
Dated:

 

 

     The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were
written out in full according to applicable laws or regulations:

	 	 	 
	TEN COM

	 	— as tenants in common
	TEN ENT

	 	— as tenants by the entireties
	JT TEN

	 	— as joint tenants with right of survivorship and not as tenants in common

	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT—

	 	 	 	Custodian	 	 
	 

	 	 
	 	 	 	 
	 

	 	(Cust)
	 	 	 	(Minor)

	 	 	 	 	 
	 	 	under Uniform Gifts to Minors
	 

	 	Act	 	 
	 

	 	 	 	 
	 

	 	 	 	(State)

Additional abbreviations may also be used though not in the above list.

	 	 	 	 	 
	For Value Received,

	 	 	 	hereby sell, assign and transfer unto
	 

	 	 	 	 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

shares of the capital stock represented by the within Certificate, and do hereby irrevocably constitute
and appoint

 

Attorney to transfer the said stock on the books of the within named Corporation with full power of
substitution in the premises.

	 	 	 	 	 	 	 
	Dated
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	X	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	X	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND
	 

	 	 	 	NOTICE:
	 	WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE
	 

	 	 	 	 	 	CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
OR ENLARGEMENT OR ANY CHANGE WHATEVER.
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SIGNATURE(S) GUARANTEED:	 	 	 	 
	 
	 	 	 	 	 	 
	By
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION
(Banks, Stockbrokers, Savings and Loan
Associations and Credit Unions) WITH
MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM, PURSUANT
TO S.E.C. RULE 17Ad-15.	 	 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL

REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.<PAGE>
                                                                   EXHIBIT 10.32

                          START UP LETTER OF AGREEMENT

                               START-UP AGREEMENT
                   FOR CLINICAL RESEARCH AND RELATED SERVICES

This Start-up Agreement ("Agreement") is effective as of September 11, 2006
("Effective Date") and is by and between ImaRx Therapeutics, Inc., 1635 E. 18th
Street, Tucson, AZ 85719-6803 ("ImaRx") and INC RESEARCH(R), Inc., together with
its subsidiaries and legal affiliates, 4700 Falls of Neuse Road, Suite 400,
Raleigh, NC 27609 ("INC")

WHEREAS, the parties hereby enter to this Agreement for Clinical Research and
Related Services, including its related exhibit ("Exhibit") detailing the full
scope of work, the study budget and payment schedule, and each parties
responsibilities regarding the execution of the ImaRx study entitled "A phase
I-II, Randomized, Placebo-Controlled, Dose Escalation Study to Evaluate the
Safety, Tolerability, and Activity of Ascending Single Doses of MRX-815 with
Continuous Ultrasound Administration in Subjects with Acute Ischemic Stroke
Receiving Treatment with Intravenous Tissue Plasminogen Activator" ("Study").

NOW, THEREFORE, in consideration of the mutual promises and undertakings herein
set forth, the parties hereto agree as follows:

1. SERVICES

INC will perform only those services designated in the Budget and Detailed Unit
Pricing Grid presented in and attached hereto as ATTACHMENT A.

2. FEES

Upon signature of this Agreement, ImaRx shall pay INC $200,000 US dollars as an
advance payment ("Advance"), This amount includes Service fees, Pass-Through
Expenses (defined as all actual, necessary and reasonable travel-related
expenses, courier shipments, translations, printing, Investigator meeting
expenses including third-party meeting planners, and other non-labor related
expenses incurred by INC in performing the Services), and Investigator Grants.
This Advance will be applied against the total amount due to INC under the
Agreement executed by the parties as follows:

o        Direct Costs - $ 150,000

o        Indirect Costs - $25,000

o        Investigator Grants - $25,000

These amounts will be credited against the Advance based on the actual work
performed by INC and calculated based on the detailed unit pricing grid
contained in Attachment A, and actual Pass-Through Expenses and Investigator
Grant expenses incurred. ImaRx will be invoiced for any amounts which exceed
those specified in each costing category of the Advance. In no event will INC
perform Services and/or invoice ImaRx in excess of the total amount in
Attachment A without ImaRx's express authorization.

INC agrees to provide ImaRx Therapeutics with copies of actual receipts for all
Pass-Through Expenses in excess of $100 USD incurred in performing the
Services.

All Service fees and Pass-through Expenses shall be paid by ImaRx net thirty
(30) days from receipt of INC's invoice (except for the Advance, which is
payable immediately upon execution), and shall be subject to VAT where
applicable.

If any portion of an invoice is disputed, then ImaRx shall timely pay the
undisputed amounts, and the parties shall use good faith efforts to reconcile
the disputed amount as soon as practicable ImaRx shall pay INC interest in an
amount equal to one and one-half percent (1 1/2%) (or such maximum lesser amount
allowed by applicable law) per month with regard to all undisputed amounts past
due and payable.

<PAGE>

                          START UP LETTER OF AGREEMENT

ImaRx shall remit all payments to:

<TABLE>
<CAPTION>
US Check Remittance Address:            Wire Remittance:
----------------------------            ----------------
                                        (within US use ABA; for International use SWIFT):
<S>                                     <C>

For Payments (Via Mail):                Silicon Valley Bank
INC RESEARCH(R), Inc.                   Tasman Drive
Dept. CH 10711                          Santa Clara, CA 95054
Palatine, IL 60055                      ABA (routing) number: 121140399
                                        Beneficiary name: INC RESEARCH, Inc.
For Payments (Via Overnight             Beneficiary account #: 3300248471
Courier):                               Federal Tax ID No.: 33-0723120
INC RESEARCH(R), Inc.
Chicago Lockbox
5505 North Cumberland Avenue
Chicago, IL 60656
Attn: Box# 10711
Federal Tax ID No.: 33-0723120
</TABLE>

The parties shall submit all invoices and communications to the addresses listed
below:

         Erica Forsyth, Clinical Operations Manager
         ImaRx Therapeutics, Inc.
         Attention: Accounts Payable
         1635 18th Street
         Tucson, AZ 85719-68

         Patricia A. Bland
         Vice President, Proposals and Contracts Department
         4700 Falls of Neuse Road
         Suite 400
         Raleigh, North Carolina 27609-6200
         Tel: (919)341-3223
         Fax: (703) 234-0535

Prior to or upon execution of this Agreement, ImaRx shall provide INC with a
copy of ImaRx's effective Certificate of Insurance or such other documented
evidence offering that it has adequate coverage consistent with industry
standards. If requested by ImaRx to contract with any entities, ImaRx hereby
authorizes INC to provide its contractors with a copy of ImaRx's Certificate of
Insurance.

3. CONFIDENTIALITY

Each party agrees (i) to maintain in confidence and not to disclose the
disclosing party's proprietary and/or confidential information ("Confidential
Information") and (ii) not to use the disclosing party's Confidential
Information for any purpose except the purpose for which the Confidential
Information is disclosed, The recipient may disclose the discloser's
Confidential Information only to the recipient's affiliates and its and their
respective employees and independent contractors, and/or ImaRx's designees who
have a need to know such Confidential Information. Confidential Information will
not include information that (i) is or becomes part of the public domain through
no fault of the recipient; (ii) was in the recipient's rightful possession prior
to disclosure by discloser; (iii) is rightfully disclosed to the recipient by a
third party with the right to disclose the information; or (iv) is independently
developed by the recipient without use of the discloser's Confidential
Information. Nothing in this section will be construed to prohibit disclosure of
the other party's Confidential Information to the extent such disclosure is
required by law or valid order of a court or other governmental authority
("Required Disclosure"); provided that, the party responding to the Required
Disclosure will promptly notify the other party of such Required Disclosure.

<PAGE>

                          START UP LETTER OF AGREEMENT

4. MUTUAL INDEMNIFICATION

ImaRx will defend, indemnify and hold harmless INC and its affiliates and their
respective directors, officers, employees, independent contractors and agents
("INC Indemnitees") from and against all damages, liabilities, judgments,
settlements, penalties, losses and costs and expenses (including without
limitation, reasonable fees and disbursements of counsel and costs and expenses
associated with document production and testimony) as incurred by INC
Indemnitees, even in advance of judgment, arising out of or in connection with
any (including without limitation, government agencies) claims, suits, actions,
proceedings, investigations and demands ("Third Party Claims") arising out of or
in connection with this Agreement, including without limitation, the protocol,
ImaRx's product and ImaRx's negligence and willful misconduct. ImaRx will have
no obligation to indemnify INC's Indemnitees to the extent that any Third Party
Claims are based on INC's negligence of willful misconduct, and INC shall
defend, indemnify and hold harmless ImaRx, to the extent that any Third Party
Claims are based on INC's negligence or willful misconduct. Notwithstanding the
above, for the sake of clarity and for the purposes of this Agreement, INC shall
not be responsible for the actions or inaction of and shall not be required to
indemnify any subcontractors or independent contractors required by ImaRx to be
obtained in accordance with a Study, including but not limited to
Institution(s), Investigator(s) and Study-related vendor(s). INC shall not be
responsible for the authenticity of the Study drug. The party seeking
indemnification shall promptly notify the indemnifying party of any such claim
and shall cooperate with the indemnifying party in the defense of such claim.
The indemnified party shall not settle any such claim without the other's prior
written approval, which approval shall not be unreasonably withheld or delayed.
Upon reasonable request by ImaRx-approved vendors or
hospitals/facilities/institutions utilized in connection with this Agreement,
ImaRx shall execute and provide a separate letter of indemnification with such
vendors or hospitals/facilities/institutions mutually acceptable to all parties.
If requested by ImaRx and at ImaRx's expense, INC will assist administratively
with the tasks related to this Section 4 herein.

5. PERFORMANCE AND DISCLAIMERS

ImaRx and INC each warrant that they shall comply with all applicable laws,
rules and regulations in the performance of this Agreement. ImaRx shall provide
INC with all information and materials necessary for INC's performance of
Services.

INC shall perform the Services in a professional and workmanlike manner
commensurate with generally accepted standards within the applicable industry.
It is understood and agreed that the Services may include advice and
recommendations, but all decisions in connection with the implementation of such
advice and recommendations shall be the sole responsibility of, and made solely
by, ImaRx. There can be no assurance by INC that the Services described herein
will result in favorable regulatory action by any regulatory agency, and final
regulatory responsibility remains with ImaRx.

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, INC MAKES NO OTHER WARRANTIES,
REPRESENTATIONS, OR COVENANTS OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF TITLE,
NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

6. LIMITATION OF LIABILITY

INC'S AGGREGATE LIABILITY, REGARDLESS OF THE THEORY OF LIABILITY, FOR ALL
CLAIMS, BREACH OR DEFAULT UNDER THIS AGREEMENT, SHALL BE LIMITED TO PROVEN,
DIRECT DAMAGES AWARDED TO COMPANY, NOT TO EXCEED THE FEES RECEIVED BY INC FROM
COMPANY IN CONNECTION WITH THE PARTICULAR SERVICE(S) PERFORMED HEREUNDER GIVING
RISE TO THE CLAIM, EXCLUSIVE OF PASS THROUGH EXPENSES. IN NO EVENT SHALL EITHER
PARTY BE LIABLE FOR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL
DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS, REGARDLESS OF WHETHER A
PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

7. TERM AND TERMINATION

Upon signature by both parties, this Agreement shall commence as of the
Effective Date and shall continue until December 1, 2006, or terminated as
provided herein. This Agreement may be superceded by a subsequent agreement
governing the remaining scope of work.

Either party may terminate this Agreement upon thirty (30) days written notice
to the other party; provided, however, that all terms and conditions expressly
surviving said Agreement shall remain in full force and effect, including
payment terms.

<PAGE>

                          START UP LETTER OF AGREEMENT

Upon termination of this Agreement or the Services, ImaRx shall pay INC for all
Services performed and Pass-through Expenses either incurred or uncancelable
through the effective date of termination, including the closeout or winding
down period. In the event of early termination, INC shall either apply excess
payment as a credit against other amounts due and payable or promptly refund
such excess if there are no outstanding payments owed INC. Any payment due and
payable under this Section 7 shall be made within thirty (30) days after
termination and in accordance with Section 2 herein.

8. RIGHT TO AUDIT

At ImaRx's expense, INC will permit ImaRx-designated representatives (unless
such representatives are competitors of INC) to examine, at a reasonable time
and during normal business hours, raw Study data and other relevant information,
which ImaRx may reasonably require in order to confirm that the Study is being
conducted in conformance with the Protocol and in compliance with applicable
laws and regulations. Such audit shall be limited to one audit per twelve-month
period at no-cost to ImaRx, unless such audit finds that INC has breached this
Agreement or applicable law or regulation, audits in excess of this shall be at
ImaRx's expense. ImaRx will provide INC with a minimum of thirty (30) business
days advance notice of its intention to conduct such audit in order for INC to
facilitate the availability of appropriate staff. INC will notify ImaRx
immediately if any regulatory authority requests an inspection or commences an
unscheduled inspection. In the event of a regulatory audit, ImaRx agrees to pay
upon invoice supporting the audit for INC's reasonable costs incurred.

Notwithstanding the above, INC reserves the right to conduct its own internal
and external audits and generate reports as a result of such audits. Any such
reports or documentation shall be deemed INC's work product that is confidential
and proprietary information.

9. MISCELLANEOUS

a. Force Majeure

The performance of this Agreement by either party, in part or in full, is
subject to events or occurrences beyond its control such as, but not limited to,
the following: acts of God, war, threat of war, government retaliation against
foreign enemies, government regulation or advisory, disasters, fire,
earthquakes, accidents or other casualty, strikes or threats of strikes
(exception: neither party may terminate or suspend this Agreement for strikes,
labor disputes, or work stoppages involving its respective employees or agents),
civil disorder, terrorist acts and/or threats of terrorism, acts of foreign
enemies, or curtailment of transportation services making it illegal,
impossible, or commercially impracticable to perform its obligations under this
Agreement.

Either party may terminate, suspend, or partially perform its obligations under
this Agreement, without liability or further obligation, by written notice to
the other party if such obligations are delayed, prevented, or frustrated by any
of the above events, or similar events or occurrences, to the extent such events
or occurrences are beyond the reasonable control of the party whose reasonable
performance is prevented, made impracticable, or partially curtailed; provided,
however, that ImaRx must perform its obligations to pay for all INC's
uncancelable expenses incurred as a result the above events or similar
intervening causes. ImaRx also agrees to pay all reasonable expenses incurred in
connection with ImaRx-directed meetings whereby any of the above actions or
threats of actions prevent the attendees from attending or delay the departure
of attendees from a designated meeting facility.

b. Data Protection

Each party represents and warrants that procedures compatible with the relevant
directives, data protection laws and regulations will be employed so that
processing and transfer of relative personal data and identifiers, relating to
all data subjects or protected information will not be impeded.

c. Choice of Law

The laws of the state of Delaware shall govern this Agreement. INC is an
independent contractor and nothing in this Agreement shall be construed to
create a partnership, or joint venture relationship between the parties. This
Agreement, which may only be amended in a writing signed by both parties, is the
complete agreement between the parties with respect to the Services described
herein and supersedes all prior agreements, understandings or representations,
whether written or oral. The provisions of this Agreement that would by their
nature survive the expiration or termination of this Agreement, shall survive
any expiration or termination of this Agreement. Neither party shall have the
right to assign this Agreement or any of the rights or obligations hereunder
without the prior written consent of the other party, which consent shall not be
unreasonably withheld or delayed.

<PAGE>

                          START UP LETTER OF AGREEMENT

AGREED TO AND ACCEPTED:

IMARX THERAPEUTICS, INC.                     INC RESEARCH(R), INC.

By: /s/ BRADFORD A. ZAKES                    By: /s/  KAREN M. WALL
    -------------------------------              -------------------------------
Name: Bradford A. Zakes                      Name: Karen M. Wall
      -----------------------------                -----------------------------
Title: COO                                   Title: General Counsel
       ----------------------------                 ----------------------------
Date: 9/11/06                                Date: 9/11/06
      -----------------------------                -----------------------------

<PAGE>

                          START UP LETTER OF AGREEMENT

                                  ATTACHMENT A
                    START-UP BUDGET AND DETAILED UNIT PRICING GRID

This Attachment A ("Attachment A") is attached and part of the Start-Up
Agreement ("Agreement") effective as of the date of signature of this Agreement
by and between ImaRx Therapeutics, Inc. ("ImaRx") and INC Research, Inc.
("INC"), related to the study entitled "A phase I-II, Randomized,
Placebo-Controlled, Dose Escalation Study to Evaluate the Safety, Tolerability,
and Activity of Ascending Single Doses of MRX-815 with Continuous Ultrasound
Administration in Subjects with Acute Ischemic Stroke Receiving Treatment with
Intravenous Tissue Plasminogen Activator."

The following start-up budget includes only those start-up services that may be
performed under this Agreement:

<TABLE>
<CAPTION>
                                                                        UNIT          NUMBER OF    PER UNIT          TOTAL
INC RESEARCH ESTIMATED PROJECT COSTS                                DESCRIPTION         UNITS        COST            COST
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>       <C>            <C>
PROJECT STARTUP/INITIATION
-----------------------------------------------------------------------------------------------------------------------------------
      Protocol Review                                               review                  1   $  5,520.00    $          5,520
      Informed Consent Development                                  ICF                     1   $  6,440.00    $          6,440
      Electronic CRF Design / Development                           e-CRF page             50   $    196.76    $          9,838
      Site Identification / Selection                               site                   25   $  1,245.50    $         31,138
      Site Contract / Grant Negotiation                             site                   25   $  1,151.00    $         28,775
      Critical Document Collection / Maintenance / QA               site                   25   $  1,369.75    $         34,244
      Monitoring Plan/CRA Manual                                    manual                  1   $  7,280.00    $          7,280
      Site Binders / Study Procedures Manual                        site                   25   $    176.00    $          4,400
                                                       SUB-TOTAL:                                              $        127,634
-----------------------------------------------------------------------------------------------------------------------------------
REGULATORY
-----------------------------------------------------------------------------------------------------------------------------------
     Prepare IMPD                                                   IMPD                    1   $ 22,425.00    $         22,425
     Prepare Master CTA                                             CTA                     1   $  2,400.00    $          2,400
     CTA Preparation for Spain, France, and Germany                 European country        3   $  2,760.00    $          8,280
     CTA Submission to CA/ Follow-up                                European country        3   $  4,275.00    $         12,825
     Central IEC Preparation / Submission / Follow-up               central IEC             3   $  4,735.00    $         14,205
     Local IEC Preparation / Submission / Follow-up
       (Germany and Spain)                                          site                    5   $    920.00    $          4,600
     Review / QC of Study Document Translations                     European country        3   $  1,495.00    $          4,485
     Trial Insurance (Assist)                                       European country        3   $    920.00    $          2,760
     Local Warehouse (Manage Vendor)                                European country        3   $  2,300.00    $          6,900
                                                       SUB-TOTAL:                                              $         78,880
-----------------------------------------------------------------------------------------------------------------------------------
INVESTIGATOR MEETING
-----------------------------------------------------------------------------------------------------------------------------------
     Investigator Meeting Set-up / Coordination                     meeting                 2   $  9,350.00    $         18,700
     Investigator Meeting Preparation / Attendance                  meeting                 2   $ 26,868.00    $         53,736
                                                                                                               $         72,436
-----------------------------------------------------------------------------------------------------------------------------------
CLINICAL MONITORING & SITE MANAGEMENT
-----------------------------------------------------------------------------------------------------------------------------------
     Project Team Training / Familiarization                        meeting                 1   $ 13,584.00    $         13,584
     Site Qualification Visits                                      visit                  25   $  1,668.80    $         41,720
     Site Initiation Visits                                         visit                   5   $  2,384.00    $         11,920
     Clinical Monitoring Oversight (Lead C R A)                     month                2.50   $  5,358.26    $         13,396
     Project Kick-Off Meeting                                       meeting                 1   $  4,160.00    $          4,160
     Teleconferences with ImaRx                                     teleconference         10   $    234.63    $          2,346
     Internal Team Meetings                                         meeting                10   $    820.89    $          8,209
                                                       SUB-TOTAL:                                              $         95,335
-----------------------------------------------------------------------------------------------------------------------------------
MEDICAL MANAGEMENT
-----------------------------------------------------------------------------------------------------------------------------------
     Project Team Training / Familiarization                        meeting                 1   $    4,080     $          4,080
     Project Kick-Off Meeting                                       meeting                 1   $ 4,400.00     $          4,400
     Teleconferences with ImaRx                                     teleconference          3   $   275.00     $            825
     Internal Team Meetings                                         meeting                 3   $   275.00     $            825
                                                       SUB-TOTAL:                                              $         10,130
-----------------------------------------------------------------------------------------------------------------------------------
PHARMACOVIGILANCE
-----------------------------------------------------------------------------------------------------------------------------------
     Project Team Training / Familiarization                        meeting                 1   $ 2,200.00     $          2,200
     Create SAE Management Plan                                     plan                    1   $ 2,400.00     $          2,400
     SAE Hotline Coverage                                           month                   1   $   600.00     $            600
     SAE DATABASE SET-UP                                            database                1   $ 2,784.00     $          2,784
     Project Kick-Off Meeting                                       meeting                 1   $ 1,200.00     $          1,200
     Teleconferences with ImaRx                                     teleconference          3   $   150.00     $            450
     Internal Team Meetings                                         meeting                 3   $      150     $            450
                                                       SUB-TOTAL:                                              $         10,084
</TABLE>

<PAGE>

                          START UP LETTER OF AGREEMENT

<TABLE>
<S>                                                                  <C>               <C>       <C>            <C>
-----------------------------------------------------------------------------------------------------------------------------------
CLINICAL DATA MANAGEMENT (ORACLE CLINICAL REMOTE DATA CAPTURE)
-----------------------------------------------------------------------------------------------------------------------------------
      Project Team Training/Familiarization                          meeting                  1  $  2,696.00    $        2,696
      Data Management Plan                                           plan                     1  $  7,010.00    $        7,010
      Database Development/Setup/Programming                         database                 1  $ 65,078.00    $       65,078
      EDC Training                                                   site                     5  $    465.00    $        2,325
      Prepare/Distribute EDC Packets                                 packet                  25  $     97.84    $        2,446
      Data Management Oversight                                      month                   25  $    925.40    $        2,314
      Project Kick-Off Meeting                                       meeting                  1  $  2,480.00    $        2,480
      Teleconferences with ImaRx                                     teleconference          10  $    155.00    $        1,550
      Internal Team Meetings                                         meeting                 10  $    223.92    $        2,239
                                                       SUB-TOTAL                                                $       88,138
-----------------------------------------------------------------------------------------------------------------------------------
BIOSTATISTICS
-----------------------------------------------------------------------------------------------------------------------------------
      Project Team Training/Familiarization                          meeting                  1  $  1 280.00    $        1,280
      Randomization Schedule                                         schedule                 1  $  1,280.00    $        1,280
      Statistical Analysis Plan                                      plan                     1  $ 10,280.00    $       10,280
      Project Kick-Off Meeting                                       meeting                  1  $  1,280.00    $        1,280
      Teleconferences with ImaRx                                     meeting                  3  $    160.00    $          480
      Internal Team Meetings                                         meeting                  3  $    160.00    $          480
                                                       SUB-TOTAL:                                               $       15,080
-----------------------------------------------------------------------------------------------------------------------------------
MEDICAL WRITING
-----------------------------------------------------------------------------------------------------------------------------------
      Project Team Training/Familiarization                          meeting                  1  $  1,480.00    $        1,480
      Project Kick-Off Meeting                                       meeting                  1  $  1,480.00    $        1,480
      Teleconferences with ImaRx                                     teleconference          10  $    185.00    $        1,850
      Internal Team Meetings                                         meeting                 10  $    185.00    $        1,850
                                                       SUB-TOTAL:                                               $        6,660
                                                                                       ---------------------
                                                       SUB-TOTAL:                                               $           --
-----------------------------------------------------------------------------------------------------------------------------------
PROJECT MANAGEMENT AND ADMINISTRATIVE SUPPORT
-----------------------------------------------------------------------------------------------------------------------------------
      Project Management and Support                                 month                 2.50  $ 14,102.67    $       35,257
      Patient Recruitment/Education Strategy                         strategy                 1  $  9,394.00    $        9,394
      Vendor (3rd-party) Management                                  month                 2.50  $  1,853.33    $        4,633
      Project Kick-Off Meeting                                       meeting                  1  $  4,000.00    $        4,000
      Teleconferences with ImaRx                                     teleconference          10  $    250.00    $        2,500
      Internal Team Meeting                                          meeting                 10  $    250.00    $        2,500
                                                       SUB-TOTAL:                                               $       58,284
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INC RESEARCH DIRECT COSTS                                                                                 $      562,661
-----------------------------------------------------------------------------------------------------------------------------------
PASS-THROUGH EXPENSES
-----------------------------------------------------------------------------------------------------------------------------------
      Investigator Notebook Expenses                                 notebooks               35  $    100.00    $        3,500
      Investigator Meeting Binder Expenses                           attendee                62  $     50.00    $        3,100
      Monitoring Travel Expenses (US)                                visit                    7  $    800.00    $        5,600
      Monitoring Travel Expenses (Europe)                            visit                    8  $    600.00    $        4,800
      Telecommunication Expenses                                     month                 2.50  $  2,562.56    $        6,406
      Miscellaneous Shipping Expenses                                site/month              50  $     30.00    $        1,500
      Portal Charges for EDC Training                                attendee                 5  $    100.00    $          500
      Investigator Meeting Expenses                                  attendee                75  $  2,250.00    $      168,750
      Patient/Site Educational Materials                             sites                   20  $    692.50    $       13,850
      Central and Local IEC Fees                                     European country         3  $  8,323.58    $       24,971
      European Regulatory Application Fees
        (Spain and Germany)                                          European country         2  $  3,073.32    $        6,147
      Investigator Grant                                             patient                 54  $  8,800.00    $      475,200
      Study Document Translation Fees                                document page          164  $     50.00    $        8,200
      Central Laboratory Services                                                                               $       30,612
      Interactive Voice Response System (IVRS) -
        for patient randomization and drug                                                                      $      127,335
        supply management
      Bioimaging Services                                                                                       $      134,272
      Study Drug Storage/Distribution Services                                                                  $       57,675
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL ESTIMATED PASS-THROUGH EXPENSES                                                                           $    1,072,418
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL ESTIMATED PROJECT COSTS                                                                                   $    1,635,079
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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