Document:

Exhibit 10.2

                              CALIBRE ENERGY, INC.

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made as of
April 18, 2006, by and among Calibre Energy, Inc., a Nevada corporation (the
"Company"), and the undersigned holders of common stock (the "Company Stock") of
the Company together with their qualifying transferees (the "Holders").

                                    RECITALS:

A.       The Company has sold Units comprised of shares of the Company's Common
         Stock and warrants exercisable for shares of the Company's Common Stock
         (collectively with the shares sold, the "Common Shares") to the Holders
         pursuant to one or more Subscription Agreements (each a
         "Subscription").

B.       The sale of the Units is conditional upon the granting of the rights
         set forth herein, and by this Agreement the Company and the Holders
         desire to provide for certain rights as set forth herein.

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
promises and covenants contained herein, the parties, severally and not jointly,
hereby agree as follows:

                                   AGREEMENT:

          1. Registration Rights.

               1.1 Definitions.  As used in this Agreement,  the following terms
shall have the following respective meanings:

                    (a) The terms  "register,"  "registered" and  "registration"
          refer  to  a   registration   effected  by  preparing   and  filing  a
          registration  statement in compliance with the Securities Act of 1933,
          as amended (the "Securities  Act"), and the declaration or ordering of
          the effectiveness of such registration statement.

                    (b) The term "Registrable  Securities" means (i) any and all
          Common Shares issued or issuable upon exercise of the warrants  issued
          and sold by the  Company  pursuant  to the  Subscriptions;  (ii) stock
          issued  in  lieu  of  the  Common  Shares  referred  to in  (i) in any
          reorganization  which has not been sold to the public;  or (iii) stock
          issued in respect of the Common Shares  referred to in (i) and (ii) as
          a result of a stock split,  stock  dividend,  recapitalization  or the
          like, which has not been sold to the public.

                    (c) The terms  "Holder"  or  "Holders"  means any  person or
          persons who hold  Registrable  Securities  or  qualifying  transferees
          under subsection 1.9 hereof who hold Registrable Securities.

                    (d)  The  term  "SEC"  means  the  Securities  and  Exchange
          Commission.

                                       1
<PAGE>

                    (e) The term "Registration Expenses" shall mean all expenses
          incurred by the Company in complying with subsections 1.2, 1.3 and 1.4
          hereof, including, without limitation, all registration, qualification
          and  filing  fees,   printing   expenses,   escrow   fees,   fees  and
          disbursements of counsel for the Company,  blue sky fees and expenses,
          and the expense of any special  audits  incident to or required by any
          such registration (but excluding the compensation of regular employees
          of the Company which shall be paid in any event by the Company).

               1.2 Company Registration.

                    (a)  Registration.  If at any time or from time to time, the
          Company  shall  determine to register any shares of its common  stock,
          for its own account or the account of any of its  shareholders,  other
          than a registration on Form S-8 relating solely to employee,  director
          or  consultant   stock  option  or  purchase  plans  or  other  equity
          compensation plans, or a registration on Form S-4 relating solely to a
          SEC Rule 145 transaction, the Company will:

                              (i) promptly  give to each Holder  written  notice
                    thereof at least 10 days prior to the initial  filing of the
                    registration statement relating to such registration; and

                              (ii)  include  in  such  registration,  and in any
                    underwriting   involved   therein,   all   the   Registrable
                    Securities specified in a written request or requests,  made
                    within 5 days after receipt of such written  notice from the
                    Company,  by any Holder or  Holders,  except as set forth in
                    subsection 1.2(b) below.

                    Notwithstanding  the  foregoing,  if the Company  shall have
                    already  registered for resale pursuant to a registration in
                    accordance   with   Section  1.3  all  of  the   Registrable
                    Securities,  the  Company  shall not be  required to include
                    such Registrable Securities in the Company's registration or
                    to deliver the written  notice to each Holder as provided in
                    subsection 1.2(a)(i).

                    (b) Underwriting.

                              (i) If the registration of which the Company gives
                    notice is for a  registered  public  offering  involving  an
                    underwriting,  the Company  shall so advise the Holders as a
                    part of the written  notice  given  pursuant  to  subsection
                    1.2(a)(i).  In  such  event  the  right  of  any  Holder  to
                    registration pursuant to subsection 1.2 shall be conditioned
                    upon such Holder's  participation  in such  underwriting and
                    the inclusion of such Holder's Registrable Securities in the
                    underwriting to the extent provided herein.  Notwithstanding
                    the  foregoing,  if the  Company  proposes  to  commence  an
                    underwriting  with respect to shares of its common stock and
                    shall not have  otherwise  been required to deliver a notice
                    of the  registration  to  the  Holders  of  its  Registrable
                    Securities  pursuant  to the  last  sentence  of  subsection
                    1.2(a),  the Company shall deliver a written  notice of such

                                       2
<PAGE>

                    underwriting  at least 10 days prior to the  commencement of
                    such  underwriting and provide the Holders an opportunity to
                    participate  in such  underwriting  in accordance  with this
                    subsection 1.2(b). The Company shall,  subject to subsection
                    1.2(b)(ii) below, include the Registrable  Securities of any
                    Holder  in such  underwriting  that  specifies  in a written
                    request or  requests,  made  within 5 days after  receipt of
                    such written notice from the Company.  All Holders proposing
                    to distribute their Registrable  Securities through any such
                    underwriting   pursuant  to  this  subsection  1.2(b)  shall
                    (together  with  the  Company  and  the  other  shareholders
                    distributing  their  shares of  common  stock  through  such
                    underwriting)  enter  into  an  underwriting   agreement  in
                    customary form with the underwriter or underwriters selected
                    for such underwriting by the Company.

                              (ii)  Notwithstanding  any other provision of this
                    subsection  1.2,  if the  underwriter  managing  such public
                    offering   determines  that  marketing   factors  require  a
                    limitation  of the  number of  shares of common  stock to be
                    underwritten,  and (A) if  such  registration  is the  first
                    registered  offering  of the  sale of the  Company's  common
                    stock to the general  public,  the underwriter may limit the
                    number  of  Registrable  Securities  to be  included  in the
                    registration and  underwriting,  or may exclude  Registrable
                    Securities entirely from such registration and underwriting,
                    or  (B)  if  such  registration  is  other  than  the  first
                    registered  offering  of the  sale of the  Company's  common
                    stock to the general  public,  the underwriter may limit the
                    amount  of  Registrable  Securities  to be  included  in the
                    registration and underwriting by the Company's shareholders;
                    provided,  however, the number of Registrable  Securities to
                    be included in such registration and underwriting under this
                    subsection  1.2(b)(ii)  shall  not be  reduced  to less than
                    thirty percent (30%) of the aggregate shares of common stock
                    included in such  underwriting  without the prior consent of
                    at least a majority of the Holders who have requested  their
                    Registrable  Securities to be included in such underwriting.
                    The  Company  shall so advise  all  Holders  of  Registrable
                    Securities  which would otherwise be  underwritten  pursuant
                    hereto,  and the number of shares of Registrable  Securities
                    that may be included in the underwriting  shall be allocated
                    among Holders  requesting  inclusion in such underwriting in
                    proportion,  as nearly  as  practicable,  to the  respective
                    amounts  of  Registrable  Securities  held  by  each of such
                    Holders as of the date of the notice  pursuant to subsection
                    1.2(a)(i)  above;  provided  that the  number  of  shares of
                    Registrable  Securities  requested  to be  included  in such
                    underwriting shall not be reduced unless all other shares of
                    common  stock  being  sold by  shareholders  other  than the
                    Holders are first entirely  excluded from the  underwriting.
                    If  any  Holder   disapproves  of  the  terms  of  any  such
                    underwriting, such Holder may elect to withdraw therefrom by
                    written  notice  to the  Company  and the  underwriter.  Any
                    Registrable  Securities  excluded  or  withdrawn  from  such
                    underwriting shall be withdrawn from such registration.

               1.3 Form SB-2 or S-3. In  addition to the rights and  obligations
set forth in subsection  1.2 above,  within one hundred twenty (120) days of the
sale of the Units,  Company will use commercially  reasonable efforts to prepare
and file a  registration  statement  on Forms SB-2 or S-3 (or any  successor  to
Forms  SB-2 or S-3) to  register  the resale  from time to time of the  Holder's
Registrable  Securities.   In  such  a  registration,   the  Company  shall  use
commercially  reasonable  efforts to cause such registration  statement on Forms
SB-2  or S-3 (or  any  successor  form  to  Forms  SB-2  or S-3) to be  declared
effective  by the SEC as soon as  practicable;  provided,  however,  the Company
shall not be required to effect a registration pursuant to this subsection 1.3:

                                       3
<PAGE>

                    (a) in any  particular  jurisdiction  in which  the  Company
          would be required  to execute a general  consent to service of process
          in effecting such registration, qualification or compliance unless the
          Company is already subject to service in such  jurisdiction and except
          as may be required by the Securities Act; or

                    (b) during the period  starting  with the date of filing of,
          and  ending  on a date 90 days  following  the  effective  date  of, a
          registration  statement  pursuant to subsection 1.2, provided that the
          Company is actively  employing in good faith all reasonable efforts to
          cause such  registration  statement  to become  effective  and further
          provided  that no other person or entity could  require the Company to
          file a registration statement in such period.

                              Any Holder that intends to dispose of  Registrable
                    Securities  pursuant to a registration under this subsection
                    1.3  shall  not  offer,  sell or  otherwise  dispose  of any
                    Registrable Securities unless it has provided to the Company
                    a  written  notice  of its  intent  to  offer  and  sell the
                    Registrable Securities pursuant to a registration under this
                    subsection  1.3 at least ten (10) days prior to the offer or
                    sale of the  Registrable  Securities.  Upon  receipt of such
                    notice  by  the  Company  from a  Holder,  the  Company  may
                    voluntarily  suspend the  effectiveness  of any registration
                    statement  filed  pursuant  to  this  subsection  1.3  for a
                    limited time, which in no event shall be longer than 90 days
                    in any six-month  period, if the Company has been advised by
                    counsel or underwriters to the Company that the offering for
                    resale  of  any  Registrable   Securities  pursuant  to  the
                    registration statement would materially adversely affect, or
                    would be improper in view of (or improper without disclosure
                    in a prospectus),  a proposed  financing,  a reorganization,
                    recapitalization, merger, consolidation or other transaction
                    involving the Company.

               1.4 Expenses of Registration.  All Registration Expenses incurred
in connection with any  registration,  qualification  or compliance  pursuant to
this Section 1 shall be borne by the Company except as follows:

                    (a)  The  Company  shall  not be  required  to pay  fees  or
          disbursements  of more than one firm of legal  counsel to the Holders,
          such fees to not exceed $10,000 in the aggregate.

                    (b) The Company  shall not be required to pay  underwriters'
          fees, discounts or commissions relating to Registrable Securities.

               1.5 Registration  Procedures.  In the case of each  registration,
qualification or compliance  effected by the Company pursuant to this Agreement,
the Company will keep each Holder participating therein advised in writing as to
the initiation of each registration,  qualification and compliance and as to the
completion  thereof.  Except as  otherwise  provided in  subsection  1.4, at its
expense the Company will:

                                       4
<PAGE>

                    (a) Prepare and file with the SEC a  registration  statement
          with respect to such  Registrable  Securities and use its commercially
          reasonable  efforts to cause  such  registration  statement  to become
          effective,  and,  upon the request of the Holders of a majority of the
          Registrable Securities registered  thereunder,  keep such registration
          statement  effective  for  up to 120  days,  or if  such  registration
          statement  is on Form  SB-2 or S-3 (or any  successor  to Form SB-2 or
          S-3) and provides for sales of  securities  from time to time pursuant
          to Rule 415 under the Securities Act, for up to one year.

                    (b)  Prepare  and  file  with the SEC  such  amendments  and
          supplements to such registration  statement and the prospectus used in
          connection  with such  registration  statement  as may be necessary to
          comply with the  provisions of the  Securities Act with respect to the
          disposition of all Registrable Securities covered by such registration
          statement.

                    (c) Furnish,  without charge, to the Holders such numbers of
          copies of a prospectus,  including  each  preliminary  prospectus,  in
          conformity with the requirements of the Securities Act, and such other
          documents as they may  reasonably  request in order to facilitate  the
          disposition of Registrable Securities owned by them. The Holders shall
          not be entitled to use any selling  materials  other than a prospectus
          and such other  materials  as may be  approved by the  Company,  which
          approval shall not be unreasonably withheld.

                    (d) Use its commercially  reasonable efforts to register and
          qualify the securities  covered by such  registration  statement under
          such other securities or Blue Sky laws of such  jurisdictions as shall
          be  reasonably  requested by the Holders or any managing  underwriter,
          provided  that  the  Company  shall  not  be  required  in  connection
          therewith  or as a  condition  thereto to qualify to do business or to
          file a general  consent to  service  of process in any such  states or
          jurisdictions.

                    (e) In the event of any underwritten public offering,  enter
          into and perform its obligations under an underwriting  agreement,  in
          usual  and  customary  form,  with the  managing  underwriter  of such
          offering.  Notwithstanding  the  foregoing,  the Company  shall not be
          obligated to enter into an underwriting agreement with any underwriter
          unless  the  Company  was  previously  consulted  with  respect to the
          selection  of each  underwriter  and  the  Company  consented  to such
          selection,  which consent  shall not be  unreasonably  withheld.  Each
          Holder  participating in such  underwriting  shall also enter into and
          perform its obligations under such an agreement.

                    (f) Notify each Holder of Registrable  Securities covered by
          such  registration  statement at any time when a  prospectus  relating
          thereto is required to be delivered  under the  Securities  Act or the
          happening of any event as a result of which the prospectus included in
          such  registration  statement,  as then in effect,  includes an untrue
          statement  of a  material  fact or  omits  to  state a  material  fact
          required  to be stated  therein or  necessary  to make the  statements
          therein  not  misleading  in  the  light  of  the  circumstances  then
          existing.

                                       5
<PAGE>

                    (g) The Company shall:

                              (i)   make   available   for   inspection   by   a
                    representative  of the  Holders,  the  managing  underwriter
                    participating   in  any   disposition   pursuant   to   such
                    registration  statement and one firm of attorneys designated
                    by the Holders (upon execution of customary  confidentiality
                    agreements  reasonably  satisfactory  to the Company and its
                    counsel),  at  reasonable  times and in  reasonable  manner,
                    financial and other records, documents and properties of the
                    Company that are  pertinent to the conduct of due  diligence
                    customary  for  an  underwritten  offering,  and  cause  the
                    officers,  directors  and employees of the Company to supply
                    all   information   reasonably   requested   by   any   such
                    representative, underwriter or attorney in connection with a
                    registration  statement as shall be necessary to enable such
                    persons to  conduct a  reasonable  investigation  within the
                    meaning of Section 11 of the Securities Act.

                              (ii) use its  commercially  reasonable  efforts to
                    cause all Registrable  Securities  covered by a registration
                    statement  to be listed on any  securities  exchange  or any
                    automated  quotation  system on which  the  shares of common
                    stock of the Company are then listed;

                              (iii) cause to be provided to the Holders that are
                    selling Registrable Securities pursuant to such registration
                    statement and to the managing underwriter if any disposition
                    pursuant to such  registration  statement is an underwritten
                    offering,   upon  the  effectiveness  of  such  registration
                    statement,   a  customary  "10b-5"  opinion  of  independent
                    counsel (an "Opinion") and a customary "cold comfort" letter
                    of  independent  auditors (a "Comfort  Letter") in each case
                    addressed to such Holders and managing underwriter, if any;

                              (iv)  notify  in  writing  the  Holders  that  are
                    selling Registrable Securities pursuant to such registration
                    statement and any managing  underwriter  if any  disposition
                    pursuant to such  registration  statement is an underwritten
                    offering,  (A) when the  registration  statement  has become
                    effective and when any post-effective  amendment thereto has
                    been filed and becomes effective,  (B) of any request by the
                    SEC or any state  securities  authority for  amendments  and
                    supplements to the registration statement or of any material
                    request  by the SEC or any state  securities  authority  for
                    additional  information after the registration statement has
                    become  effective,  (C) of the  issuance  by the  SEC or any
                    state securities  authority of any stop order suspending the
                    effectiveness   of  the   registration   statement   or  the
                    initiation  of any  proceedings  for that  purpose,  (D) if,
                    between the effective date of the registration statement and
                    the closing of any sale of  Registrable  Securities  covered
                    thereby,  the  representations and warranties of the Company
                    contained in any  underwriting  agreement,  securities sales
                    agreement  or  other  similar   agreement,   including  this

                                       6
<PAGE>

                    Agreement,  relating  to  disclosure  cease  to be true  and
                    correct in all material  respects or if the Company receives
                    any  notification  with  respect  to the  suspension  of the
                    qualification of the Registrable  Securities for sale in any
                    jurisdiction  or the  initiation of any  proceeding for such
                    purpose, (E) of the happening of any event during the period
                    the  registration  statement  is  effective  such  that such
                    registration statement or the related prospectus contains an
                    untrue  statement  of a  material  fact or  omits to state a
                    material fact required to be stated  therein or necessary to
                    make  statements  therein not  misleading  (in the case of a
                    prospectus,  in light of circumstances under which they were
                    made) and (F) of any  determination  by the  Company  that a
                    post-effective amendment to the registration statement would
                    be appropriate.  The Holders hereby agree to suspend, and to
                    cause  any  managing  underwriter  to  suspend,  use  of the
                    prospectus  contained  in  a  registration   statement  upon
                    receipt of such notice  under  clause (C),  (E) or (F) above
                    until, in the case of clause (C), such stop order is removed
                    or  rescinded  or, in the case of clauses  (E) and (F),  the
                    Company  has  amended or  supplemented  such  prospectus  to
                    correct such misstatement or omission or otherwise.

                              If the notification  relates to an event described
                    in clauses (E) or (F), the Company  shall  promptly  prepare
                    and furnish to each selling Holder and each underwriter,  if
                    any,  a   reasonable   number  of  copies  of  a  prospectus
                    supplemented or amended so that, as thereafter  delivered to
                    the  purchasers  of  such   Registrable   Securities,   such
                    prospectus  shall  not  include  an  untrue  statement  of a
                    material  fact or omit to state a material  fact required to
                    be  stated  therein  or  necessary  to make  the  statements
                    therein not misleading.

                              (v) provide and cause to be  maintained a transfer
                    agent  and  registrar  for all such  Registrable  Securities
                    covered by such  registration  statement  not later than the
                    effective date of such registration statement;

                              (vi) deliver  promptly upon request to each Holder
                    participating in the offering and each underwriter,  if any,
                    copies  of  all  correspondence  between  the  SEC  and  the
                    Company,  its counsel or auditors and all memoranda relating
                    to  discussions  with the SEC and its staff with  respect to
                    the registration statement, other than those portions of any
                    such  correspondence and memoranda which contain information
                    subject to  attorney-client  privilege  with  respect to the
                    Company,   and,   upon   receipt  of  such   confidentiality
                    agreements  as the  Company  may  reasonably  request,  make
                    reasonably  available  for  inspection by any Holder of such
                    Registrable   Securities   covered   by  such   registration
                    statement, by any underwriter,  if any, participating in any
                    disposition  to be effected  pursuant  to such  registration
                    statement  and by any  attorney,  accountant  or other agent
                    retained  by any such  Holder or any such  underwriter,  all
                    pertinent  financial and other records,  pertinent corporate
                    documents and  properties  of the Company,  and cause all of
                    the  Company's  officers,  directors and employees to supply
                    all  information  reasonably  requested  by any such Holder,
                    underwriter,  attorney,  accountant  or agent in  connection
                    with such registration statement;

                                       7
<PAGE>

                              (vii)  use  commercially   reasonable  efforts  to
                    obtain  the   withdrawal   of  any  order   suspending   the
                    effectiveness of the registration statement;

                              (viii) provide a CUSIP number for all  Registrable
                    Securities   not  later  than  the  effective  date  of  any
                    registration statement;

                              (ix) make  reasonably  available its employees and
                    personnel and otherwise provide reasonable assistance to the
                    underwriters  in the marketing of Registrable  Securities in
                    any underwritten offering;

                              (x)  promptly  prior to the filing of any document
                    which  is  to  be   incorporated   by  reference   into  the
                    registration  statement or the prospectus (after the initial
                    filing  of  such  registration   statement)  (other  than  a
                    registration  statement or prospectus  prepared  pursuant to
                    subsection  1.3) provide  copies of such document to counsel
                    to the seller of Registrable  Securities and to the managing
                    underwriter,  if any, and make the Company's representatives
                    reasonably  available  for  discussion  of such document and
                    make such changes in such document  concerning  such sellers
                    prior to the filing  thereof as counsel for such  sellers or
                    underwriters may reasonably request; and

                              (xi)  cooperate  with the  sellers of  Registrable
                    Securities  and  the  managing   underwriter,   if  any,  to
                    facilitate   the  timely   preparation   and   delivery   of
                    certificates    not   bearing   any   restrictive    legends
                    representing  the  Registrable  Securities  to be sold,  and
                    cause  such  Registrable  Securities  to be  issued  in such
                    denominations  and  registered  in such names in  accordance
                    with  the  underwriting  agreement  prior  to  any  sale  of
                    Registrable  Securities  to the  underwriters  or, if not an
                    underwritten  offering,  in accordance with the instructions
                    of the  sellers of  Registrable  Securities  at least  three
                    business days prior to any sale of Registrable Securities.

               1.6 Indemnification.

                    (a) The  Company  will  indemnify  and hold  harmless to the
          fullest extent permitted by law each Holder of Registrable  Securities
          and each of its  officers,  directors  and  partners,  and each person
          controlling  such  Holder,  with  respect to which such  registration,
          qualification  or  compliance  has  been  effected  pursuant  to  this
          Agreement, and each underwriter,  if any, and each person who controls
          any underwriter of the  Registrable  Securities held by or issuable to
          such  Holder,  against  all  claims,  losses,  expenses,  damages  and
          liabilities (or actions in respect thereto) arising out of or based on
          (i) any untrue  statement (or alleged untrue  statement) of a material
          fact  contained  in  any  registration   statement  under  which  such
          securities were registered under the Securities Act or the omission or
          alleged  omission  to state  therein a material  fact  required  to be
          stated  therein  or  necessary  to make  the  statements  therein  not
          misleading; (ii) any untrue statement (or alleged untrue statement) of

                                       8
<PAGE>

          a material fact contained in any preliminary or final  prospectus,  or
          based  on any  omission  (or  alleged  omission)  to state  therein  a
          material fact  required to be stated  therein or necessary to make the
          statement therein, in light of the circumstances under which they were
          made, or not misleading,  or (iii) any violation or alleged  violation
          by the Company of the  Securities  Act,  the Exchange Act or any state
          securities  law  applicable  to the Company or any rule or  regulation
          promulgated  under the  Securities  Act,  the Exchange Act or any such
          state law and  relating to action or inaction  required of the Company
          in connection with any such registration, qualification of compliance,
          and will reimburse each such Holder,  each of its officers,  directors
          and  partners,  and each person  controlling  such  Holder,  each such
          underwriter and each person who controls any such underwriter,  within
          a reasonable  amount of time after incurred for any  reasonable  legal
          and any other  expenses  incurred in  connection  with  investigating,
          defending  or settling  any such claim,  loss,  damage,  liability  or
          action;  provided,  however, that the indemnity agreement contained in
          this  subsection  1.6(a) shall not apply to amounts paid in settlement
          of any  such  claim,  loss,  damage,  liability,  or  action  if  such
          settlement  is effected  without  the  consent of the  Company  (which
          consent shall not be  unreasonably  withheld);  and provided  further,
          that the  Company  will not be liable  in any such case to the  extent
          that any such claim,  loss,  damage or  liability  arises out of or is
          based  on  any  untrue   statement  or  omission  based  upon  written
          information  furnished  to the Company by such  Holder or  underwriter
          specifically for use therein; and provided further,  however, that the
          Company  will not be liable in any such  case to the  extent  that any
          such claim,  loss,  damage or liability  arises  directly out of or is
          based  primarily  upon an untrue  statement  or  omission  made in any
          preliminary  or final  prospectus if (i) such Holder failed to send or
          deliver a copy of the final  prospectus or prospectus  supplement with
          or prior to the  delivery of written  confirmation  of the sale of the
          Registrable  Securities  and (ii) the final  prospectus  or prospectus
          supplement would have corrected such untrue statement or omission.

                    (b) Each Holder will, if Registrable  Securities  held by or
          issuable to such Holder are  included  in the  securities  as to which
          such  registration,  qualification  or compliance  is being  effected,
          severally and not jointly,  indemnify and hold harmless to the fullest
          extent  permitted  by law  the  Company,  each  of its  directors  and
          officers,  each  underwriter,  if  any,  of the  Company's  securities
          covered by such a registration statement, each person who controls the
          Company within the meaning of the Securities  Act, and each other such
          Holder,  each of its officers,  directors and partners and each person
          controlling such Holder, against all claims, losses, expenses, damages
          and  liabilities  (or  actions in respect  thereof)  arising out of or
          based on any untrue  statement  (or  alleged  untrue  statement)  of a
          material fact  contained in any such  registration  statement or final
          prospectus,  or based on any omission  (or alleged  omission) to state
          therein a material fact required to be stated  therein or necessary to
          make the  statements  therein not  misleading,  and will reimburse the
          Company, such Holders, such directors,  officers, partners, persons or
          underwriters for any reasonable  legal or any other expenses  incurred
          in  connection  with  investigating,  defending  or settling  any such
          claim, loss, damage,  liability or action, in each case to the extent,
          but only to the extent,  that such untrue statement (or alleged untrue
          statement)  or  omission  (or  alleged   omission)  is  made  in  such
          registration   statement  or   prospectus  in  reliance  upon  and  in
          conformity  with  information  furnished to the Company by such Holder
          specifically for use therein;  provided,  however,  that the indemnity

                                       9
<PAGE>

          agreement  contained  in this  subsection  1.6(b)  shall  not apply to
          amounts paid in settlement of any such claim, loss, damage,  liability
          or action if such  settlement  is effected  without the consent of the
          Holder,  (which  consent  shall  not be  unreasonably  withheld);  and
          provided further,  that the total amount for which any Holder shall be
          liable under this subsection  1.6(b) shall not in any event exceed the
          net  proceeds  received by such  Holder  from the sale of  Registrable
          Securities  held by such  Holder in such  registration;  and  provided
          further,  that a Holder  will not be  liable  in any such  case to the
          extent that any such claim, loss, damage or liability arises out of or
          is based on any  untrue  statement  or  omission  based  upon  written
          information  furnished  to the Holder by the  Company  or  underwriter
          specifically for use therein.

                    (c)  Each  party  entitled  to  indemnification  under  this
          subsection  1.6 (the  "Indemnified  Party")  shall give  notice to the
          party required to provide  indemnification (the "Indemnifying  Party")
          promptly  after such  Indemnified  Party has actual  knowledge  of any
          claim as to which  indemnity  may be  sought,  and  shall  permit  the
          Indemnifying  Party to assume  the  defense  of any such  claim or any
          litigation  resulting   therefrom;   provided  that  counsel  for  the
          Indemnifying  Party,  who shall  conduct  the defense of such claim or
          litigation, shall be approved by the Indemnified Party (whose approval
          shall not be unreasonably  withheld),  and the  Indemnified  Party may
          participate  in such  defense at such  party's  expense;  and provided
          further,  that the failure of any Indemnified  Party to give notice as
          provided  herein  shall  not  relieve  the  Indemnifying  Party of its
          obligations  hereunder,  except to the extent such failure resulted in
          material  prejudice to the Indemnifying  Party; and provided  further,
          that an Indemnified Party (together with all other Indemnified Parties
          which may be represented  without  conflict by one counsel) shall have
          the right to retain one separate  counsel,  with the fees and expenses
          to be  paid  by the  Indemnifying  Party,  if  representation  of such
          Indemnified  Party by the counsel retained by the  Indemnifying  Party
          would be inappropriate due to actual or potential  differing interests
          between such Indemnified Party and any other party represented by such
          counsel in such proceeding.  No Indemnifying  Party, in the defense of
          any such claim or litigation,  shall,  except with the consent of each
          Indemnified Party,  consent to entry of any judgment or enter into any
          settlement which does not include as an unconditional term thereof the
          giving by the  claimant or plaintiff  to such  Indemnified  Party of a
          release from all liability in respect to such claim or litigation.

                    (d) If for any reason the foregoing indemnity is unavailable
          or is  insufficient  to  hold  harmless  an  indemnified  party  under
          subsection 1.6, then each  Indemnifying  Party shall contribute to the
          amount  paid or payable by such  Indemnified  Party as a result of any
          claim in such  proportion  as is  appropriate  to reflect the relative
          fault of the Indemnifying  Party, on the one hand, and the Indemnified
          Party, on the other hand, with respect to such offering of securities.
          The relative  fault shall be  determined  by reference to, among other
          things,  whether the untrue or alleged untrue  statement of a material
          fact or the  omission  or alleged  omission  to state a material  fact
          relates  to  information  supplied  by the  Indemnifying  Party or the
          Indemnified Party and the parties' relative intent, knowledge,  access
          to  information  and  opportunity  to correct or prevent  such  untrue
          statement or omission.  If,  however,  the allocation  provided in the
          second  preceding  sentence is not permitted by  applicable  law, then
          each Indemnifying Party shall contribute to the amount paid or payable
          by such  Indemnified  Party in such  proportion as is  appropriate  to

                                       10
<PAGE>

          reflect not only such  relative  faults,  but also any other  relevant
          equitable  considerations.  The parties hereto agree that it would not
          be just and  equitable if  contributions  pursuant to this  subsection
          1.6(d) were to be  determined  by pro rata  allocation or by any other
          method of  allocation  which does not take into account the  equitable
          considerations   referred  to  in  the  preceding  sentences  of  this
          subsection  1.6(d). The amount paid or payable in respect of any claim
          shall be deemed to  include  any  legal or other  expenses  reasonably
          incurred by such Indemnified Party in connection with investigating or
          defending   any  such   claim.   No  person   guilty   of   fraudulent
          misrepresentation   (within  the  meaning  of  Section  11(f)  of  the
          Securities Act) shall be entitled to contribution  from any person who
          was not guilty of such fraudulent  misrepresentation.  Notwithstanding
          anything in this subsection 1.6 to the contrary, no Indemnifying Party
          (other than the Company) shall be required pursuant to this subsection
          1.6(d) to contribute any amount in excess of the net proceeds received
          by such Indemnifying Party from the sale of Registrable  Securities in
          the offering to which the losses,  claims,  damages or  liabilities of
          the Indemnified Parties relate, less the amount of any indemnification
          payment made pursuant to subsection 1.6.

                    (e) The indemnity  agreements  contained  herein shall be in
          addition to any other rights to  indemnification or contribution which
          any  Indemnified  Party may have pursuant to law or contract and shall
          remain  operative  and in full  force  and  effect  regardless  of any
          investigation  made or omitted  by, or on behalf  of, any  Indemnified
          Party and shall survive the transfer of the Registrable  Securities by
          any such party.

               1.7  Information by Holder.  Any Holder or Holders of Registrable
Securities  included in any  registration  shall promptly furnish to the Company
such information  regarding such Holder or Holders and the distribution proposed
by such Holder or Holders as the Company may reasonably  request and as shall be
required  in  connection  with any  registration,  qualification  or  compliance
referred to herein.

               1.8  Rule  144  Reporting.  With a view to  making  available  to
Holders  the  benefits  of certain  rules and  regulations  of the SEC which may
permit  the  sale  of  the   Registrable   Securities  to  the  public   without
registration, the Company agrees at all times to:

                    (a) make and keep  public  information  available,  as those
          terms are  understood and defined in SEC Rule 144, after 90 days after
          the effective date of the first  registration filed by the Company for
          an offering of its securities to the general public;

                    (b) file with the SEC in a timely  manner  all  reports  and
          other  documents  required of the Company under the Securities Act and
          the  Exchange  Act (at any time  after it has  become  subject to such
          reporting requirements); and

                    (c) so long as a Holder owns any Registrable Securities,  to
          furnish to such Holder  forthwith upon receipt of a written  request a
          written  statement  by the  Company  as to  its  compliance  with  the
          reporting  requirements  of said  Rule 144 (at any time  after 90 days
          after the effective date of the first registration  statement filed by
          the Company for an offering of its securities to the general  public),
          and of the  Securities  Act and the Exchange Act (at any time after it
          has become subject to such reporting requirements), a copy of the most
          recent  annual or  quarterly  report of the  Company,  and such  other
          reports  and  documents  so filed by the  Company  as the  Holder  may
          reasonably request in complying with any rule or regulation of the SEC
          allowing the Holder to sell any such securities without registration.

                                       11
<PAGE>

               1.9 Transfer of Registration Rights. Holders' rights to cause the
Company to register their securities and keep information available,  granted to
them by the Company  under  subsections  1.2,  1.3 and 1.8, may be assigned to a
transferee or assignee of (i) at least 100,000 shares of Registrable  Securities
(as adjusted  for stock  splits,  stock  dividends,  recapitalizations  and like
events),  (ii)  the  transfer  is in  connection  with the  transfer  of all the
Registrable  Securities of a Holder  (including by way of transfer of a Holder's
Common  Shares),  or (iii) to any  constituent  partners  or members of a Holder
which is a partnership or limited liability  company,  or to affiliates (as such
term is defined in SEC Rule 405) of a Holder,  provided, that (a) the Company is
given written  notice by such Holder at the time of or within a reasonable  time
after  said  transfer,  stating  the  name and  address  of said  transferee  or
assignee, and identifying the securities with respect to which such registration
rights are being assigned;  (b) the assignee or transferee of such rights agrees
in writing to be bound by the terms and  conditions of this  Agreement,  and (c)
solely as to  transfers  pursuant to clause  (iii)  above,  any  transferees  or
assignees agree to act through a single representative. The Company may prohibit
the transfer of any Holders'  rights under this  subsection  1.9 to any proposed
transferee  or assignee who the Company  reasonably  believes is a competitor of
the Company,  or when such  transfer  may violate  applicable  securities  laws.
Notwithstanding  anything else in this  subsection  1.9, any Holder may transfer
rights to a transferee of a Holder's  Registrable  Securities (or Common Shares)
if such  transferee is a partner,  member or shareholder  or a retired  partner,
member or shareholder of such Holder.

               1.10 "Market  Stand-Off"  Agreement.  Each Holder  hereby  agrees
that,  during the period of duration  (not to exceed 180 days)  specified by the
Company and an  underwriter  of common stock or other  securities of the Company
following the effective date of an IPO or reverse merger with a public  company,
it shall not,  to the extent  requested  by the  Company  and such  underwriter,
directly or indirectly sell, offer to sell, contract to sell (including, without
limitation,  any short sale), grant any option to purchase,  pledge or otherwise
transfer  or dispose of (other than to donees who agree to be  similarly  bound)
any  securities  of the Company held by it at any time during such period except
common stock  included in such  registration.  In order to enforce the foregoing
covenant, the Company may impose stop-transfer  instructions with respect to the
securities  of the Company held by any such Holder (and the shares of securities
of every other person  subject to the  foregoing  restriction)  until the end of
such period.

               1.11 Delay of  Registration.  No Holder  shall have any rights to
take any actions to restrain, enjoin, or otherwise delay any registration as the
result of any controversy that might arise with respect to the interpretation or
implementation of this Section 1.

               1.12  Termination  of  Registration  Rights.  No Holder  shall be
entitled to exercise any right  provided for in this Section 1 at any time,  and
the  obligations of the Company to a Holder under this Section 1 shall terminate
with  respect to such  Holder,  when such  Holder  may sell all its  Registrable
Securities in a three (3) month period under Rule 144 of the Act (whether or not
such Registrable Securities are then held in the form of Common Shares).

                                       12
<PAGE>

          2. Affirmative  Covenants of the Company. The Company hereby covenants
and agrees as follows:

               2.1 Annual  Financial  Information.  The Company shall deliver to
each Holder of at least ten  thousand  (10,000) (as adjusted for stock splits or
recapitalizations)  Registrable  Securities  (a  "Qualified  Holder") as soon as
practicable  after the end of each fiscal year of the Company,  but in any event
within 90 days thereafter,  statements of operations,  shareholders'  equity and
cash flows of the Company for such year,  and a balance  sheet of the Company as
of the end of such year,  such  year-end  financial  reports to be in reasonable
detail,  prepared in accordance with generally  accepted  accounting  principles
("GAAP"),  and  audited  by  independent  public  accountants  selected  by  the
Company's Board of Directors.

               2.2 Inspection.  The Company shall permit each Qualified  Holder,
at  such  Qualified  Holder's  expense,  to  visit  and  inspect  the  Company's
properties,  to examine  its books of account  and  records  and to discuss  the
Company's  affairs,  finances  and  accounts  with  its  officers,  all at  such
reasonable times as may be requested by the Qualified Holder; provided, however,
that the Company shall not be obligated  pursuant to this  subsection to provide
access to any information which it reasonably  considers to be a trade secret or
similar confidential information.

               2.3 Termination of Information  Covenants and  Confidentiality of
Information.  The covenants of the Company set forth in subsections  2.1 and 2.2
shall terminate as to the Qualified  Holder and be of no further force or effect
when the Company first becomes subject to the periodic reporting requirements of
Section  12(b),  12(g) or  15(d)  of the  Securities  Exchange  Act of 1934,  as
amended.  Each Qualified  Holder agrees that it will keep  confidential and will
not  disclose or divulge any  confidential,  proprietary  or secret  information
which such  Purchaser  may obtain  from the  Company,  and which the Company has
prominently  marked  "confidential",  "proprietary" or "secret" or has otherwise
identified as being such,  pursuant to financial  statements,  reports and other
materials  submitted  by  the  Company  as  required   hereunder,   unless  such
information is or becomes known to the Qualified Holder from a source other than
the Company  without  violation of any rights of the  Company,  or is or becomes
publicly known, or unless the Company gives its written consent to the Qualified
Holder's release of such information,  except that no such written consent shall
be required (and the Qualified  Holder shall be free to release such information
to such recipient) if such information is to be provided to a Qualified Holder's
counsel  or  accountant  (and the  provision  of such  information  is  directly
necessary in order for such recipient provide services to Qualified Holder),  or
to an  officer,  director or partner of a Qualified  Holder,  provided  that the
Qualified Holder shall inform the recipient of the  confidential  nature of such
information,  and such  recipient  agrees in writing in advance of disclosure to
treat the information as confidential.

               2.4 Issuance of Additional  Units. If the Company fails to either
have the registration  statement  declared effective within 120 days of the date
hereof,  or become a reporting issuer in a province in Canada,  then the Company
shall issue to each Holder,  without  additional  consideration,  that number of
Units equal to 10% of the number of Units  purchased  by Holder  pursuant to the
Subscription.  No fractional  Units will be issued and the number of Units to be
issued to a Holder shall be rounded down to the nearest whole number.

                                       13
<PAGE>

          3. General.

               3.1  Waivers  and  Amendments.  With the  written  consent of the
record  holders  of at  least a  majority  of the  Registrable  Securities,  the
obligations  of the Company and the rights of the parties  under this  Agreement
may  be  waived  (either   generally  or  in  a  particular   instance,   either
retroactively  or  prospectively,  and either for a specified  period of time or
indefinitely),  and  with the same  consent  the  Company,  when  authorized  by
resolution of its Board of Directors,  may enter into a supplementary  agreement
for the  purpose  of adding  any  provisions  to or  changing  in any  manner or
eliminating any of the provisions of this Agreement;  provided, however, that no
such modification,  amendment or waiver shall reduce the aforesaid percentage of
Registrable  Securities  without  the  consent  of  all of  the  Holders  of the
Registrable Securities. Notwithstanding the foregoing, subsections 2.1, 2.2, and
2.3 may be amended  only with the written  consent of the Company and a majority
of the shares then held by Qualified Holders. Upon the effectuation of each such
waiver,  consent,  agreement  of amendment or  modification,  the Company  shall
promptly give written notice  thereof to the record  holders of the  Registrable
Securities  or Qualified  Holders,  as the case may be, who have not  previously
consented  thereto in writing.  This  Agreement or any  provision  hereof may be
changed, waived,  discharged or terminated only by a statement in writing signed
by the party  against  which  enforcement  of the change,  waiver,  discharge or
termination is sought, except to the extent provided in this subsection 3.1.

               3.2  Governing  Law.  This  Agreement  shall be  governed  in all
respects by the laws of the State of Nevada  without  regard the  principles  of
conflicts of law thereof.

               3.3  Successors  and  Assigns.   Except  as  otherwise  expressly
provided  herein,  the  provisions  hereof shall inure to the benefit of, and be
binding upon, the successors,  assigns,  heirs,  executors and administrators of
the parties hereto.

               3.4 Entire  Agreement.  Except as set forth below, this Agreement
and the other documents delivered pursuant hereto constitute the full and entire
understanding  and  agreement  between the parties  with regard to the  subjects
hereof and thereof,  and this  Agreement  shall  supersede  and cancel all prior
agreements between the parties hereto with regard to the subject matter hereof.

               3.5 Notices,  etc. All notices and other communications  required
or permitted  hereunder  shall be in writing and shall be delivered by overnight
courier  service or mailed by first class mail,  postage  prepaid,  certified or
registered mail, return receipt requested, addressed (a) if to any Purchaser, at
such party's  address as set forth in the  Company's  records,  or at such other
address as such party shall have furnished to the Company in writing,  or (b) if
to the  Company,  at such  address as the Company  shall have  furnished  to the
Purchaser in writing.

               3.6  Severability.  In case any provision of this Agreement shall
be invalid, illegal, or unenforceable, the validity, legality and enforceability
of the  remaining  provisions  of this  Agreement or any  provision of the other
Agreement s shall not in any way be affected or impaired thereby.

                                       14
<PAGE>

               3.7  Titles  and  Subtitles.  The  titles  of  the  sections  and
subsections of this Agreement are for  convenience of reference only and are not
to be considered in construing this Agreement.

               3.8 Counterparts. This Agreement may be executed in any number of
counterparts,  each of which  shall be an  original,  but all of which  together
shall constitute one instrument.

                       ----- SIGNATURES ON NEXT PAGE -----

                                       15
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date set forth underneath their respective signatures below.

"COMPANY"

Calibre Energy, Inc.,
a Nevada corporation

By:    /s/ Prentis B. Tomlinson, Jr.
    -------------------------------------------------
       Prentis B. Tomlinson, Jr.
       President

Date:  April 18, 2006

"HOLDER"

       If Holder is an individual, sign here:           /s/
                                               ---------------------------------
                                                        (Signature)

                              Print Name:_______________________________________

       If Holder is a company, trust or other entity, sign here:

                              Print Entity Name:________________________________

                              By:_______________________________________________
                                           (Signature)
                              Print Name and Title:_____________________________

                                       16Exhibit 10.21

Exhibit 10.21 

PREFERRED STOCK AND LICENSE RESTRUCTURING AGREEMENT

THIS PREFERRED STOCK AND LICENSE RESTRUCTURING AGREEMENT (this “Agreement”), is made effective as of the 12th day of April, 2006, by and between Chemokine Therapeutics Corp., a Delaware corporation (“Chemokine”), and Pharmaceutical Product Development, Inc., a North Carolina corporation (“PPD”).

RECITALS

A. Chemokine and PPD entered into a certain Loan and Stock Warrant Agreement dated effective as of October 16, 2002 (the “Loan Agreement”), a Warrant Agreement dated as of November 13, 2002 (the “Warrant Agreement”), an Agreement Re: Exercise of Stock Warrant dated April 15, 2003 (“Exercise Agreement”), an Option and License Agreement dated April 15, 2003, as amended (“License Agreement”), an Exclusive Provider Master Services Agreement dated April 15, 2003 (“Master Services Agreement”), a Modification and Waiver Agreement dated September 14, 2004 (“Modification Agreement”), and a 2004 Warrant Agreement dated September 14, 2004 (“2004 Warrant Agreement”) (the Loan Agreement, Warrant Agreement, Exercise Agreement, License Agreement, Master Services Agreement, and Modification Agreement are sometimes referred to herein collectively as the “Existing Agreements”). Pursuant to the terms of the Existing Agreements and the 2004 Warrant Agreement, PPD holds (i) 2,000,000 shares of preferred stock (“Preferred Shares”) of Chemokine, convertible into 2,000,000 shares of common stock (“Conversion Common Shares”) of Chemokine, (ii) 500,000 warrants exercisable into 500,000 shares of common stock of Chemokine (the “Warrants”) under the 2004 Warrant Agreement, and (iii) certain license rights (“License Rights”) to compounds developed by Chemokine, primarily CTCE-0214, under the License Agreement.

B. Subsequent to the execution of the Existing Agreements, Chemokine completed a Phase I clinical trial of compound CTCE-0214.  In December 2005, Chemokine initiated a second Phase I clinical study CTCE-0214, that is currently ongoing.

C. Chemokine has raised CDN$6.860 million through the sale of shares of its common stock and desires to reacquire exclusive rights to compound CTCE-0214 and to other compounds under development with respect to which PPD has certain rights. Chemokine desires to eliminate the preferred stock in its capital structure. PPD is willing to sell its Preferred Shares and is willing to transfer back to Chemokine its rights to CTCE-0214 and other rights under the Existing Agreements, except that PPD desires to retain its Warrants and certain rights to future cash flows on the CTCE-0214 program, so that PPD will have the opportunity to participate in the future growth and success of Chemokine.

D. Chemokine will commit to purchase the Preferred Shares if PPD does not convert and sell its Conversion Common Shares to a third-party buyer.

E. All “dollars”, “$’s” referred to herein are in U.S. dollars.

NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Chemokine and PPD covenant and agree with each other as follows:

1. Sale of Preferred Shares.

(a) For a period of 45 days commencing upon the execution of this Agreement (the “Selling Period”), PPD shall refrain from exercising its rights to convert the Preferred Shares into Conversion Common Shares and from selling, transferring, disposing, or encumbering the Preferred Shares (other than to a direct or indirect, wholly-owned subsidiary of PPD).

(b) During the Selling Period, PPD may find a buyer or buyers for the Conversion Common Shares. Since Chemokine is familiar with investors and potential investors, Chemokine may refer one or more buyers and/or one or more broker-dealers to assist in this effort.

(c) During the Selling Period, a third party (“Third Party”) may give irrevocable notice to PPD to convert some or all of the Preferred Shares into the Conversion Common Shares and the Third Party shall purchase and PPD shall sell all of the Conversion Common Shares into which the Preferred Shares have been converted pursuant to the notice on or before the end of the Selling Period. Notwithstanding anything else in this Agreement, PPD shall not have an obligation to convert its Preferred Shares into the Conversion Common Shares unless the gross purchase price per Converted Common Share, less commissions payable by PPD, is at least US$0.86 per share, and any such conversion shall be contingent upon closing of the sale of Conversion Common Shares by PPD to the Third Party buyer.

(d) Chemokine shall purchase and PPD shall sell all of the Preferred Shares that have not been converted into Conversion Common Shares on or before the end of the Selling Period for a price of US$0.86 per share.

(e) The sale of the Preferred Shares or Conversion Common Shares shall be subject to the applicable rules, regulations and requirements of applicable securities laws and, any stock exchange on which Chemokine’s shares are listed.

(f) If a Third Party gives irrevocable notice to PPD to convert some or all of the Preferred Shares as contemplated in this Section 1, any such notice shall be accompanied by a writing, signed by such Third Party, under which such Third Party unconditionally agrees to purchase from PPD 100% of the Conversion Common Shares into which the Preferred Shares will be converted by PPD pursuant to the notice. The writing shall contain a representation and warranty by the Third Party that the writing has been duly authorized by the board of directors and executed by the corporate officers (or authorized and executed by the managers or others who have the power to act on behalf of the Third Party). The writing shall contain no other obligation or condition of PPD that is not contained within this Agreement.

2. Termination of Agreements and Return of the License Agreement and License Rights.

(a) Subject to Section 6, Chemokine and PPD hereby terminate each of the Existing Agreements. All rights of PPD to CTCE-0214 and any other compound developed by Chemokine are hereby retransferred to and conveyed to Chemokine.

(b) As consideration for the termination of the Existing Agreements and the return of the License Rights set forth in subsection 2.(a), Chemokine shall pay to PPD the following additional consideration:

i.

$100,000 cash upon the closing of the sale of Preferred Shares or Conversion Common Shares under Section 1 of this Agreement;

ii.

$250,000 cash upon the dosing of the first subject in a Phase III clinical trial of CTCE-0214;

iii.

$250,000 cash upon filing a New Drug Application with the United States Food and Drug Administration (“FDA”) with respect to CTCE-0214 (or an equivalent filing in any foreign country);

iv.

$1,000,000 cash upon approval by the FDA (or equivalent regulatory body in a foreign country) of CTCE-0214 for any therapeutic use; and

v.

50 percent of the first Net Sales (as defined in Section 10.(m)) of CTCE-0214 after regulatory approval, up to a cap of $1,000,000 (for clarity, the total amount that PPD is entitled to receive under this clause 2.(b) v. is $1,000,000).

(c) The 2004 Warrant Agreement shall remain in force.

3. Release of Claims by Chemokine.  Conditioned upon the satisfaction of all the conditions precedent set forth in this Agreement and subject to the covenants and performance of this Agreement: for valuable consideration provided by PPD to Chemokine, Chemokine, for itself and its partners, employees and assigns, and the heirs, executors, administrators and assigns of each of them, hereby fully and completely release and discharge PPD, and its past, present and future partners, employees, agents, servants, legal representatives, attorneys, predecessors, successors and insurers, and their assigns, heirs, executors, administrators, trustees and respective insurers and underwriters from any and all claims and causes of action of whatsoever kind, nature and description which Chemokine now has or which may hereafter accrue on account of or in any way growing out of any and all known or unknown, unliquidated or fixed, conditional or contingent, actions, omissions, errors, causes of action at law or in equity, suits, debts, damages, demands, claims, contracts, covenants, liens, liabilities, losses, costs or expenses, including without limitation, attorneys fees and costs or damages of every nature, kind or description which Chemokine now has, or which may hereafter accrue against PPD, or any of them.

Chemokine understands that this Agreement constitutes a full release of all claims and causes of action of any nature or description which Chemokine has against PPD or any of them, as of the date of this Agreement, whether or not these claims or causes of action are now known or encompassed in claims referred to in this Agreement.

4. Release of Claims by PPD.  Conditioned upon the satisfaction of all the conditions precedent set forth in this Agreement and subject to the covenants and performance of this Agreement: for valuable consideration provided by Chemokine to PPD, PPD for itself and its partners, employees and assigns, and the heirs, executors, administrators and assigns of each of them, hereby fully and completely release and discharge Chemokine, and each of them, and their past, present and future partners, employees, agents, servants, legal representatives, attorneys, predecessors, successors and insurers, and their assigns, heirs, executors, administrators, trustees and respective insurers and underwriters from any and all claims and causes of action of whatsoever kind, nature and description which PPD now has or which may hereafter accrue on account of or in any way growing out of any and all known or unknown, unliquidated or fixed, conditional or contingent, actions, omissions, errors, causes of action at law or in equity, suits, debts, damages, demands, claims, contracts, covenants, liens, liabilities, losses, costs or expenses, including without limitation, attorneys fees and costs or damages of every nature, kind or description which PPD now has, or which may hereafter accrue against Chemokine, or any of them, except as contained in the 2004 Warrant Agreement.

PPD understands that this Agreement constitutes a full release by PPD of all claims and causes of action of any nature or description which PPD has against Chemokine, or any of them, as of the date of this Agreement, whether or not these claims or causes of action are now known or encompassed in claims referred to in this Agreement, except as contained in the 2004 Warrant Agreement.

5. Waiver of Unknown Rights.  There is a risk that subsequent to the execution of this mutual general release one or more persons will incur or suffer loss, damages or injuries which are in some way caused by the transactions referred to above, but which are unknown and unanticipated at the time this mutual general release is signed.

All parties do hereby assume the above-mentioned risks and understand that this mutual general release shall apply to all unknown or unanticipated results of the transactions and occurrences described above, as well as those known or anticipated, and upon advice of legal counsel, Chemokine, on the one hand, and PPD, on the other hand, and each of them, expressly waive any rights under the laws of any jurisdiction that provides in essence:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

PPD, on the one hand, and Chemokine, on the other hand, and each of them, each hereby acknowledge this waiver.  Each party to the Agreement acknowledges that this waiver is an essential and material term of the Agreement, without which the Agreement would not have been executed.

The advice of legal counsel has been obtained by all parties prior to signing this mutual general release.  All parties execute this mutual general release voluntarily, with full knowledge of its significance, and with the express intention of effecting the legal consequences provided by this release, i.e., the extinguishment of all obligations.

6. The Effectiveness of Certain Sections. Section 2, Section 3, Section 4, and Section 5 shall be effective if and only if Chemokine (or in the alternative, a Third Party) purchases 100% of the Conversion Common Shares into which Preferred Shares have been converted under Section 1 and the remaining Preferred Shares, if any, that have not been converted into Conversion Common Shares.

7. PPD Representations and Warranties. PPD hereby represents and warrants to Chemokine and any Third Party as follows:

(a) PPD has good title to and is the owner of the Preferred Shares and has not transferred, sold, gifted, assigned, pledged or encumbered its ownership rights in the Preferred Shares.

(b) PPD has not transferred, sold, gifted, assigned, pledged or encumbered its rights under the Existing Agreements.

(c) PPD has all requisite power and authority to execute and carry out this Agreement and this Agreement has been duly authorized, executed and delivered and constitutes the valid and binding obligations of PPD.

(d) None of the execution and delivery of, or performance by PPD under, this Agreement, or the consummation of the transactions contemplated herein will conflict with or violate any term or provision of any other agreement, note or indenture binding upon PPD, or any term or provision of any license, permit, judgment, decree, order, statute, rule or regulation applicable to PPD or by which PPD may be bound.

(e) PPD has had the opportunity to review Chemokine’s: (i) filings with the Securities and Exchange Commission, (ii) press releases, and (iii) reports to PPD by Chemokine furnished under the Existing Agreements. PPD has had the opportunity to ask questions of and receive answers and information from Chemokine relating to CTCE-0214.  PPD is relying on its review of these materials and its own investigation and analysis in making its determination to enter into this transaction.

(f) PPD knows of no claims, demands and causes of action of whatsoever kind, nature and description against Chemokine which PPD now has, and PPD knows of no facts, circumstances, actions, omissions, errors, damages, contracts, covenants, liens, losses, costs or expenses, of any nature, kind or description out of which any claim, demand or cause of action against Chemokine may arise, other than the Existing Agreements and the 2004 Warrant Agreement.

8. Chemokine Representations and Warranties. Chemokine hereby represents and warrants to PPD as follows:

(a) Chemokine has all requisite power and authority to execute and carry out this Agreement and this Agreement has been duly authorized, executed and delivered and constitutes the valid and binding obligations of Chemokine.

(b) None of the execution and delivery of, or performance by Chemokine under, this Agreement, or the consummation of the transactions contemplated herein will conflict with or violate any term or provision of Chemokine’s certificate of incorporation or bylaws, any other agreement, note or indenture binding upon Chemokine, or any term or provision of any license, permit, judgment, decree, order, statute, rule or regulation applicable to Chemokine or by which Chemokine may be bound.

(c) Chemokine knows of no claims, demands and causes of action of whatsoever kind, nature and description against PPD which Chemokine now has, and Chemokine knows of no facts, circumstances, actions, omissions, errors, damages, contracts, covenants, liens, losses, costs or expenses, of any nature, kind or description out of which any claim, demand or cause of action against PPD may arise, other than the Existing Agreements and the 2004 Warrant Agreement.

9. Reservation of Shares. Chemokine shall at all times have reserved for issuance such number of its duly authorized shares of Preferred Shares and shares of its common stock as shall be sufficient to effect the exercise of the Warrants and the conversion of the Preferred Shares from time to time or otherwise to comply with the terms of this Agreement.

10.  Miscellaneous.

(a)

Notices.  Any notice, payment, demand, offer, or communication required or permitted to be given by any provision of this Agreement shall be deemed to have been delivered and given for all purposes (i) if it is actually received by personal or electronic tender (such as, e.g., facsimile transmission or computer modem transmission) by the person to whom it was directed, or (ii) if sent by registered or certified mail, postage and charges prepaid, addressed to the party at the address set forth below next to the signature of such party, or to such other address as such party may from time to time specify by written notice to the other party.  Any notice shall be deemed given as of the earlier of the date actually received or the date on which it was deposited in a regularly maintained depository for the deposit of United States mail, properly addressed with postage prepaid.

(b)

Captions.  All captions contained in this Agreement are for reference only and do not interpret, define, or limit the scope, extent, or intent of this Agreement or any of its provisions.

(c)

Counterpart Execution.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which when executed and delivered shall be deemed an original, with the same effect as if all parties had executed the same counterpart.  All counterparts shall be construed together and shall constitute one Agreement. Delivery of an executed counterpart of this Agreement by facsimile shall be equally effective as delivery of a manually executed counterpart of this Agreement.

(d)

Integrated Agreement.  This Agreement constitutes the entire understanding and agreement between the parties with respect to the subject matter of this Agreement, and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties; there are no agreements, understandings, restrictions, representations, or warranties other than those set forth in this Agreement.

(e)

Number; Gender.  As used in this Agreement and when required by the context, the singular number shall include the plural and the masculine gender shall include the feminine and neuter genders and the word "person" shall include corporation, firm, partnership, individual, or other form of association.

(f)

Amendment.  This Agreement may be amended only by an instrument in writing signed by all parties which expressly refers to this Agreement and specifically states that it is intended to amend it.  Furthermore, this Agreement may not be modified by an oral agreement even though supported by new consideration.

(g)

Survival of Warranties.  The representations and warranties set forth in this Agreement shall survive the execution of this Agreement.

(h)

Severability.  Each provision or part of a provision is severable from the Agreement as follows:  (1) Any unlawful provision or part thereof shall be severed from this Agreement and shall be construed as if it were never part of the Agreement; and (2) Any unlawful provision or part thereof which would be lawful if it were more narrowly drawn, or if the time duration of any provision or part thereof were shorter or longer, or if it is susceptible of being modified, then such provision or part thereof shall be deemed reformed to be more narrowly drawn, the time duration shorter or longer, or the provision or part thereof modified, to the minimum extent necessary to make such provision or part thereof lawful, to the extent this can be done to preserve the general intentions of the parties.

(i)

Expenses.  Except as specifically provided in this Agreement, each party hereto shall bear all expenses associated with the preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

(j)

Drafting Agreement.  The Parties are of equal bargaining strength and have had the opportunity to discuss and negotiate this Agreement in detail.  Each of the Parties waives all provisions of law that would otherwise require this Agreement to be construed against the party drafting this Agreement.  Each party shall be deemed to have drafted this Agreement.  If there is an uncertainty in this Agreement, each party shall be deemed to have equally caused the uncertainty.  Each party waives the provisions of California Civil Code Section 1654 and similar provisions of the laws of other states.

(k)

Further Assurances.  The Parties shall from time to time, without further consideration and at no cost to them, do and perform all such further acts and things and execute all such further documents and instruments that may be reasonably requested to ensure the carrying out of the intent and purpose of this Agreement.  Each party shall perform its obligations under this Agreement in accordance with all applicable laws, rules, and regulations now or hereafter in effect.  Except where expressly stated to the contrary in this Agreement, all rights and remedies specified are cumulative and are not exclusive of any rights or remedies provided by law or in equity.

(l)

Binding on Successors.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto, whether so expressed or not. Neither party may sell, assign or transfer this Agreement to a third party without the prior written consent of the other; provided, however, that PPD may sell, assign and transfer this Agreement to a direct or indirect, wholly-owned subsidiary of PPD without the consent of Chemokine or any other person or entity.

(m)

Net Sales.  Net Sales as used in this Agreement shall mean the total amount actually received by Chemokine in United States dollars based on receipts on sales of CTCE-0214 by Chemokine, its affiliates, sublicensees and/or affiliates of sublicensees to third parties, less the following deductions (i) trade, cash and quantity discounts actually taken on such sales of CTCE-0214; (ii) taxes on sales (such as sales or use taxes) to the extent added to the sale price and set forth separately as such in the total amount invoiced; (iii) freight, insurance and other transportation charges to the extent added to the sale price and set forth separately as such in the total amount invoiced; and (iv) reserves for amounts to be repaid or credited by reason of rejections, defects, recalls or returns or because of retroactive price reductions, chargebacks, rebates or commissions, made in accordance with generally accepted accounting principles and Chemokine’s accounting policies.  Sales between Chemokine and its affiliates and sublicensees shall not be treated as Net Sales hereunder.

(n)

Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

(o)

No Third Party Beneficiaries. The parties acknowledge and agree that there are no third party beneficiaries to this Agreement (except the Third Party).

 

EXECUTION PAGE

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, or have caused this Agreement to be duly executed on their respective behalf by their respective officers thereunto duly authorized, as of the day and year first above written.

	Chemokine Therapeutics Corp.

By: ___/s/ Hassan Salari_____________

       Dr. Hassan Salari, President

	Pharmaceutical Product Development, Inc.

By: __/s/ Linda Baddour______________

       Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]