Document:

exhibit_10-15.htm

    
       

       

       

      Exhibit 10.15

      

       

       

      REDEMPTION
AGREEMENT

      

      This
Redemption Agreement (this “Agreement”) is
entered into as of November 7, 2007, between Hythiam, Inc., a Delaware
corporation (the “Company”), and
Highbridge International LLC, a limited liability company organized under the
laws of the Cayman Islands (“Highbridge”).

      

      RECITALS

      

      A.           The
Company and Highbridge entered into a Securities Purchase Agreement dated
January 17, 2007 (the “Note Agreement”)
whereby the Company sold Highbridge a $10 million Senior Secured Note issued on
January 18, 2007 (the “Note”);

      

      B.           The
Company and Highbridge have entered into a Securities Purchase Agreement
concurrently herewith (the “Stock Agreement”),
pursuant to which Highbridge is purchasing a total of 2,160,752 Shares (as
defined in the Stock Agreement) and 540,188 Warrant Shares (as defined in the
Stock Agreement) for an aggregate Subscription Amount (as defined in the Stock
Agreement) of $10,350,002.08; and

      

      C.           The
Company desires to redeem $5,000,000 Principal amount of the Note at the
applicable Company Optional Redemption Price with a portion of the Subscription
Amount owed by Highbridge under the Stock Agreement.

      

      D.           Capitalized
terms used herein and not otherwise defined herein shall have the meanings
ascribed to such terms in the Note.

      

      AGREEMENT

      

      
        	
                1.

              	
                Notwithstanding the provisions of the Note and the other
      Transaction Documents, pursuant to Section 5 of the Note, the Company
      hereby agrees to redeem $5,000,000 Principal amount of the Note at the
      applicable Company Optional Redemption Price of 107% of the Principal
      amount of the Note to be redeemed, plus accrued and unpaid interest
      thereon through the Company Optional Redemption Date in an amount equal to
      $32,294.52, which for purposes of the Company Optional Redemption
      contemplated by this Agreement shall occur concurrently with the closing
      of the transactions contemplated by the Stock
  Agreement.

              

      

      

      
        	
                2.

              	
                The
      Company and Highbridge hereby agree that the payment of the Company
      Optional Redemption Price pursuant to paragraph 1 above shall be made by a
      reduction in the funds required to be paid by Highbridge under the Stock
      Agreement.

              

      

      

      
        	
                3.

              	
                With
      respect to the Company Optional Redemption provided for under paragraph 1
      above, the Company and Highbridge hereby waive each of their respective
      rights to any notice, deliverables or other required mechanics of
      redemption under the Note and the Note Agreement and waive any other
      provisions of the Note and Note Agreement as necessary in order to
      effectuate the purpose and effect of the transactions contemplated
      herein.

              

      

      

      
        	
                4.

              	
                The
      parties hereto confirm that the remaining Principal amount of the Note is
      $5,000,000 and shall in all other respects remain in full force and
      effect.

              

      

      

      IN
WITNESS WHEREOF, the parties have caused their respective signature page to this
Redemption Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

      

      
        	
                HYTHIAM,
      INC.

              	 
      	
                HIGHBRIDGE
      INTERNATIONAL LLC

              
	 
      	 
      	
                By:
      HIGHBRIDGE CAPITAL

              
	 
      	 
      	
                MANAGEMENT,
      LLC,

              
	 
      	 
      	
                its
      Trading Manager

              
	 
      	 
      	
                 
      

              
	 
      	 
      	 
      
	
                By:  /s/
      Chuck Timpe

              	 
      	
                By:  /s/
      Adam J. Chill

              
	
                Name:  Chuck
      Timpe

              	 
      	
                Name:  Adam
      J. Chill

              
	
                Title:  Chief
      Financial Officer

              	 
      	
                Title:  Managing
      DirectorUnassociated Document

    
      

    

    Exhibit
10.8

    

    

    Standard Director
Compensation Arrangements.  The following table shows the
standard compensation arrangements for non-employee directors that were adopted
by the Corporate Governance & Nominating Committee of the Board of Directors
on May 10, 2006.

    

    
      	
              Annual
      Fees

            
	 
	
              Annual
      Fees

            	
              Each
      Non-Employee Director

            
	 
      	
              $7,500

            
	 
      	
              An award
      (on the date of each Annual Meeting of Stockholders) of restricted stock
      that has an accounting income charge under FAS 123(R) of $35,000 per
      grant.*

            
	 	 
	
              Additional
      Annual Fees for Committee Chairmen

            	 
      
	
              Chairman
      of the Audit Committee

            	
              $7,500

            
	
              Chairman
      of the Compensation Committee

            	
              $2,500

            
	
              Chairman
      of the Corporate Governance & Nominating Committee

            	
              $2,500

            
	 	 
	
              Meeting
      Fees

            
	 	 
	
              In-Person
      Meetings

            	
              Per
      Director Per Meeting

            
	 	 
	
              Board Meetings

            	
              $1,500

            
	 	 
	
              Committee Meetings

            	 
      
	
              Audit Committee
      Meetings

            	 
	
              on
      the same day as a Board meeting

            	$1,000
	
              on
      a day other than a Board meeting day

            	$1,500
	 	 
	
              Other Committee
      Meetings

            	 
	
              on
      the same day as a Board meeting

            	  
      $500
	
              on
      a day other than a Board meeting day

            	  
      $750
	 	 
	
              Telephonic Meetings (Board & committee
      meetings)

            	 
      
	 	 
	
              One hour or
    longer

            	
              $1,000

            
	 	 
	
              Less than one
    hour

            	
                
      $300

            
	 	 

    

    
      	
              *

            	
              The
      shares awarded are restricted because they may not be sold, assigned,
      transferred, pledged or otherwise disposed of until the restrictions
      expire.  The restrictions for the award expire on the day before
      the following year's Annual Meeting of Stockholders, but earlier if the
      director dies or becomes disabled or if there is a change in control of
      the Company.  The shares are forfeited if before the
      restrictions expire, the director ceases to be a director other than
      because of his death or disability.

            

    

    
    

    ______________________________ex10_30.htm

    
      
        

      

    

    Exhibit 10.30

     

    

    TERMS
OF BUSINESS

     

    
      	
              1.

            	
              DEFINITIONS

            

    

     

    In these
Terms of Business unless the context requires a different meaning, the following
terms have the meanings indicated:

     

    'Agreement' means the agreement
that arises between Invetech and the Client consisting of the Proposal and these
Terms of Business;

     

    'Assignment' means the
assignment to be carried out by Invetech as specified in the Proposal (as varied
or extended in any way by agreement in writing from time to time in accordance
with clause 15.2);

     

    'Client' means the client
identified in the Proposal;

     

    'Invetech' means Invetech Pty
Ltd (ABN 45 004 301 839) and its successors and assigns;

     

    'Product' means any article,
item, product, equipment, process, data, report or other deliverable developed
for the Client by Invetech under the Agreement;

     

    'Project IP' is as defined in
clause 8.2; and

     

    'Proposal' means the written
proposal accompanied by these Terms of Business.

     

    
      	
              2.

            	
              INVOICING
      AND PAYMENT

            

    

     

    
      	
              2.1

            	
              As
      specified in the Proposal Invoicing Schedule, part of the fee will be
      invoiced to and payable by the Client upon receipt of the Client’s
      acceptance of the Proposal and authorisation to proceed with the
      Assignment.  Further invoices will then be issued as shown in
      the Proposal Invoicing Schedule, for payment by the Client of fees and
      expenses incurred.

            

    

     

    
      	
              2.2

            	
              The
      initial invoice in respect of the advance, must be paid by the Client
      prior to the start of work on the Assignment.  The Client must
      pay all subsequent invoices within 30 days after the invoice
      date.  If the Client fails to pay an invoice when it is due,
      Invetech may charge interest at a rate equivalent to one percent (1%) per
      month, or the maximum rate permitted by law, whichever is less. Each
      invoice shall be sufficient evidence of the details therein including the
      amount owed to Invetech.

            

    

     

    
      	
              3.

            	
              DISBURSEMENTS

            

    

     

    The
Client will reimburse Invetech for reasonable out-of-pocket expenses incurred in
connection with the performance of the Assignment in respect of materials, the
services of third parties, the use of third parties’ equipment and other
expenses.  Subject to clauses 4.4 and
4.5 of these Terms of Business, the amount payable by the Client will be at cost
plus a mark-up as shown in the Proposal.

     

    
      	
              4.

            	
              GOODS
      AND SERVICES TAX

            

    

     

    
      	
              4.1

            	
              Interpretation

            

    

     

    Words or
expressions used in this clause 4 which are defined in the A New Tax System (Goods and Services
Tax) Act 1999 (Cth) or, if not so defined, then which are defined in the
Trade Practices Act
1974 (Cth), have the same meaning in this clause.

     

    
      	
              4.2

            	
              GST
      inclusive amounts

            

    

     

    For the
purposes of these Terms of Business where the expression 'GST inclusive' is used
in relation to an amount payable or other consideration to be provided for a
supply under these Terms of Business, the amount or consideration will not be
increased on account of any GST payable on that supply.

     

    
      	
              4.3

            	
              Consideration
      is GST exclusive

            

    

     

    Any
consideration to be paid or provided to Invetech for a supply made by Invetech
under or in connection with these Terms of Business unless specifically
described in these Terms of Business as 'GST inclusive', does not include
an  amount on account of GST.

     

    
      	
              4.4

            	
              Gross
      up of consideration

            

    

     

    Despite
any other provision in these Terms of Business, if Invetech makes a supply under
or in connection with these Terms of Business on which GST is imposed (not being
a supply the consideration for which is specifically described in these Terms of
Business as 'GST inclusive'):

     

    
      	
               
      

            	
              (a)

            	
              the
      consideration payable or to be provided for that supply under these Terms
      of Business but for the application of this clause ('GST exclusive
      consideration') is increased by, and the Client must also pay to Invetech
      an amount equal to the GST payable by Invetech on that supply;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      amount by which the GST exclusive consideration is increased must be paid
      to Invetech by the Client without set off, deduction or requirement for
      demand, at the same time as the GST exclusive consideration is payable or
      to be provided.

            

    

     

    
      	
              4.5

            	
              Reimbursements
      (net down)

            

    

     

    If a
payment to a party under these Terms of Business is a reimbursement or
indemnification, calculated by reference to a loss, cost or expense incurred by
that party, then the payment will be reduced by the amount of any input tax
credit to which that party is entitled for that loss, cost or expense and for
which credit that party actually receives the benefit.

     

    
      	
              4.6

            	
              Client
      Warranty and Indemnity

            

      
        
           

        

        
          Page
1

          
            

          

        

        
           

        

      

    

     

    The
Client warrants that where GST is imposed on a supply made by Invetech under or
in connection with these Terms of Business and the consideration for that supply
was not increased under clause 4.4 as the parties mistakenly regarded the supply
as GST-free, the Client will indemnify Invetech for and in respect of the GST
(including any interest or penalty) imposed on that supply.

     

    
      	
              5.

            	
              CLIENT
      INFORMATION

            

    

     

    
      	
              5.1

            	
              The
      Client shall furnish to Invetech all such information including data and
      drawings relating to the Assignment as are described in the Proposal
      promptly after the effective date of this
      Agreement.  Thereafter, the Client shall furnish to Invetech
      upon request all such additional information as is reasonably required by
      Invetech to enable Invetech to provide its services in relation to the
      Assignment.

            

    

     

    
      	
              5.2

            	
              The
      Client acknowledges Invetech shall not be responsible for delays in the
      Assignment caused by Client’s failure to comply with clause
      5.1.

            

    

     

    
      	
              5.3

            	
              The
      Client acknowledges that if the Client fails to comply with its
      obligations under this clause that failure may cause or contribute to an
      increase in any estimated fee advised by Invetech to the Client, Invetech
      incurring additional costs, charges and expenses and delays in Invetech
      carrying out the Assignment.

            

    

     

    
      	
              6.

            	
              CLIENT
      INFORMATION CONFIDENTIALITY

            

    

     

    Invetech
and Client have entered into that certain "Mutual Non-Disclosure Agreement"
effective as of June 10, 2005 (the "NDA") and agree that the terms and
conditions of the NDA shall apply with respect to Confidential Information (as
defined in the NDA) disclosed to Invetech in connection with this Agreement
(whether disclosed directly by Client or indirectly by The TCI Card Supplier or
other third party on behalf of Client); provided, however, the parties agree
that (i) the definition of the "Project" as set forth in the NDA shall be
amended to include the performance of the services and activities contemplated
in this Agreement, (ii) "Confidential Information" under the NDA shall also
include research data and results generated by Invetech hereunder that relate to
Client's technology or to the development of the Product or prototypes thereof,
and (iii) the term of the obligations set forth therein shall continue for a
period of five (5) years following the expiration or termination of this
Agreement.  Except as expressly modified in this Terms of Business ,
the NDA shall continue in full force and effect in accordance with its
terms.

     

    For
clarification but without limitation, Invetech and Client

     

    
      	
               
      

            	
              (i)

            	
              shall
      each be entitled to disclose in publicity materials the other party's
      identity; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              shall
      each be entitled to disclose a general description of the nature of the
      Assignment, provided that such description of the Assignment has first
      been reviewed and approved, such approval to
      not be unreasonably withheld, in writing by the other
    party.

            

    

     

    
      	
              7.

            	
              INFORMATION
      AND INVETECH STATEMENTS

            

    

     

    
      	
              7.1

            	
              All
      information contained, and all surveys, forecasts and recommendations made
      in the Proposal and any other report or letter to the Client, are supplied
      and have been prepared by Invetech in good faith upon the basis of
      information, statements, assumptions and representations provided or made
      to Invetech by or on behalf of the Client or otherwise available to
      Invetech.  Invetech honestly believes (but has made no inquiry
      nor undertaken any due diligence) that all information supplied or to be
      supplied by Invetech in relation to the Assignment will be of commercial
      value to the Client but Invetech does not warrant or represent that any of
      it is accurate, fully comprehensive in its field or suitable to the
      Client’s purposes; nor does Invetech warrant or represent that surveys or
      forecasts made by Invetech in relation to the Assignment are accurate or
      will be realised, since the accuracy of surveys and the achievement of
      results forecast must depend upon matters outside Invetech’s
      control.

            

    

     

    
      	
              7.2

            	
              For
      the avoidance of doubt, no statement of fact made by Invetech whether in
      the Proposal or in any report or letter to the Client or whether made
      orally, is to be construed as a representation, undertaking or
      warranty.

            

    

     

    
      	
              8.

            	
              INTELLECTUAL
      PROPERTY RIGHTS

            

    

     

    
      	
              8.1

            	
              The
      Client shall retain ownership of any pre-existing intellectual property
      rights in materials and information provided by the Client to Invetech for
      use by Invetech for the purposes of undertaking the Assignment. Invetech
      shall retain ownership of any pre-existing intellectual property rights in
      materials, information, tools and methodologies provided by Invetech for
      the purposes of undertaking the Assignment (and any improvements to them,
      except to the extent that those improvements comprise patented or
      unpatented intellectual property owned or controlled by the Client or that
      have application in the field of measuring osmolarity or osmolality of
      human tear fluid) and Invetech hereby grants the Client a worldwide,
      non-exclusive, royalty-free licence (with the right to grant and authorize
      sublicenses) to make, have made, use, offer for sale, sell and otherwise
      exploit products and services embodying any such pre-existing Invetech
      intellectual property (and any such improvements therein) as may be
      embodied in the Product.

            

    

     

    
      	
              8.2

            	
              Subject
      to clause 8.1, with effect from completion of the Assignment and provided
      that the Client has paid to Invetech all outstanding fees and charges due
      to Invetech, Invetech assigns to the Client all right, title and interest
      in and to any trade dress, trademarks and design registrations or design
      patents, and any inventions, whether patentable or not, and any other
      discoveries, trade secrets or know-how
which:

            

    

     

    
      	
               
      

            	
              (a)

            	
              are
      embodied in the Product; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              were
      made, developed, conceived or first reduced to practice by or for Invetech
      as a direct result of Invetech undertaking the
  Assignment

            

    

     

    along
with all patents, copyrights, and any other intellectual property rights
therein, including the right to apply for and maintain the rights described in
this Section 8.2 in all countries worldwide (such rights comprising the ‘Project IP’) and Invetech will (at the
Client's request and cost) do those things that may be reasonably necessary to
effect the registration of such intellectual property.  Client must
provide to Invetech full details (including copies of all relevant
documentation) of any application for registration (whether as a registered
patent, a registered design or otherwise) of the Project IP or any part of
it.

     

    
      	
              8.3

            	
              Patents
      and the registration of designs may each confer on the holder thereof
      substantial protection, including rights to damages in the case of
      subsequent infringement by others whether intentional or
      not.  Invetech will, if and only if requested to do so in
      writing by the Client and at the Client's expense, arrange to carry out
      searches in relation to the Assignment in order to identify potential
      infringements of prior patents or design registrations.  Where
      no such request is made and agreed in writing by Invetech, the Client is
      deemed to have assumed responsibility for these matters, and the Client
      indemnifies Invetech against any claims of (i) infringement of any
      intellectual property rights brought against Invetech as a result of the
      provision of Invetech’s services in relation to the Assignment, and (ii)
      misappropriation or misuse of copyrights or trade secrets of a third party
      caused by the disclosure of any materials or information to Invetech by
      the Client, in each case unless such claims are covered by the indemnity
      in clause 8.4.

            

      
        
           

        

        
          Page
2

          
            

          

        

        
           

        

      

    

     

    
      	
              8.4

            	
              Invetech
      agrees that it shall not knowingly design, develop or manufacture the
      Product in a manner such that the sale or intended use thereof would
      infringe the intellectual property of any third party.  Client
      shall indemnify Invetech against all losses, claims, proceedings, damages,
      costs and expenses in respect of or arising directly or indirectly from
      any breach by the Client of any of its obligations in the preceding
      sentence.

            

    

     

    
      	
              9.

            	
              PRODUCT
      LIABILITY AND CLIENT INDEMNITY

            

    

     

    
      
        	
              	
                9.1

              	
                (a)     Subject
      only to any liability of Invetech under clause 10, the Client shall
      indemnify, keep indemnified and save harmless Invetech from and against
      all losses, claims, proceedings, damages, costs and expenses in respect of
      or arising directly or indirectly
from:

              

      

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Product or its use or operation by Client or any Client Related
      Person;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      use by Client or any Client Related Person of any system, design, process
      or procedure recommended, developed or devised by Invetech for or on
      behalf of the Client;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      use by Client or any Client Related Person of any information, survey,
      forecast or recommendation arising out of the
  Assignment;

            

    

     

    and

     

    
      	
               
      

            	
              (iv)

            	
              any
      breach by the Client of any of its obligations under the
      Agreement.

            

    

     

    where
'Client Related Person'
means any person who directly or indirectly accesses, acquires or possesses by,
from or through the Client any Product, system, design, process, procedure,
information, survey, forecast, recommendation or advice related to, or arising
out of, this Assignment.

     

    
      	
            	
              (b)

            	
              Invetech
      shall indemnify, keep indemnified and save harmless the Client from and
      against all losses, claims, proceedings, damages, costs and expenses in
      respect of or arising directly or indirectly from the use by Invetech or
      any Invetech Related Person of any system, design, process or procedure
      recommended, developed or devised by Invetech for or on behalf of the
      Client in connection with the Assignment and used in any way by Invetech
      other than for the benefit of the
Client.

            

    

     

    
      	
              9.2

            	
              The
      Client shall at its own cost and expense procure that the Product complies
      in all respects with the provisions of all legislation, Acts, regulations,
      rules and by-laws for the time being in force and all orders or directions
      which may be made or given by any statutory or any other competent
      authority in respect of or affecting the Product in any jurisdiction in
      which it may be manufactured, used or
sold.

            

    

     

    
      	
              9.3

            	
              The
      Client acknowledges that Invetech is not responsible to obtain any
      independent verification of any information whether provided by or on
      behalf of the Client or obtained from any other source whatsoever, nor to
      obtain any searches of any matters of public record unless it is
      specifically required to do so in the Proposal.  The Client
      agrees that prior to implementing any recommendations or results of the
      provision of Invetech’s services or using any Product, the Client will
      itself verify the suitability and safety for implementation or use of
      those recommendations, results or
Product/s.

            

    

     

    
      	
              10.

            	
              LIABILITY
      RESTRICTED

            

    

     

    
      	
              10.1

            	
              Section
      68A of the Trade Practices Act, 1974 ('the Act') has the effect of
      enabling those who have contracted to supply services to limit their
      liability in certain circumstances for breach of conditions and warranties
      implied by the Act.

            

    

     

    Subject
to the qualifications in Section 68A of the Act, Invetech’s liability for any
breach of a condition or warranty implied by Division 2 of Part V of the Act
(other than a condition or warranty implied by Section 69 of the Act) in the
case of services or goods provided in the course of performing the Assignment
shall be limited to Invetech at its discretion either:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of services; supplying the services again or paying the cost of
      having the services supplied again;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of goods; replacing the goods, supplying equivalent goods, paying
      the cost of replacing the goods or paying the cost of acquiring equivalent
      goods.

            

    

     

    
      	
              10.2

            	
              To
      the extent permitted by law, Invetech's total aggregate liability under or
      in any way related to the Agreement (including, without limitation,
      liability for any negligence or carelessness of Invetech or any of its
      employees, servants or agents or which arises directly or indirectly from
      the use of the Product or any information, survey, forecast or
      recommendation arising out of the Assignment or from services or goods
      supplied by Invetech for or on behalf of the Client or from any advice
      given to the Client by Invetech or termination of the Agreement, however
      arising), is limited to the aggregate sum total of fees paid to Invetech
      by the Client under the Proposal.

            

    

     

    
      	
              10.3

            	
              To
      the extent permitted by law, Invetech excludes its liability for all
      indirect and consequential damages however arising (including, without
      limitation, in the circumstances set out in clause 10.2).  For
      the purposes of this clause, 'consequential damage' shall include,
      but not be limited to loss of profit or goodwill or similar financial
      loss, any payment made or due to any third party and any loss or damage
      caused by delay in the supply of services or goods in relation to the
      Assignment.

            

    

     

    
      	
              10.4

            	
              Except
      as required by statute (including the Act), all implied conditions and
      warranties in respect of the Product or any services or goods supplied by
      Invetech as part of the Assignment are hereby
  excluded.

            

      
        
           

        

        
          Page
3

          
            

          

        

        
           

        

      

    

     

    
      	
              10.5

            	
              Without
      restricting the ambit of this clause, any liability Invetech may have for
      any costs, expenses, damages or loss directly or indirectly arising from
      the Client's reliance on surveys, advice, forecasts or any other
      information supplied by Invetech under the Proposal is excluded to the
      full extent permitted by law.

            

    

     

    
      	
              11.

            	
              INVETECH
      STAFF

            

    

     

    It is a
condition of Invetech’s agreement with the Client to provide Invetech’s services
in relation to the Assignment that neither the Client nor any firm or company
associated with or related to the Client will, for a period of two (2) years
after execution of this Agreement, solicit or offer to employ any member of
Invetech’s professional staff. The Client's liability to Invetech for any breach
of this provision will equate to a year's gross salary for the individual
concerned, this amount being a genuine pre-estimate of Invetech's loss in this
event.  Notwithstanding the foregoing that it shall not be a violation
of this clause 11 for Client or any such related firm to (i) make any general
public solicitation for employment for any position, or (ii) hire a member of
Invetech’s professional staff who either responds to such a general solicitation
for employment or otherwise contacts Client or such related firm on his or her
own initiative and without solicitation by Client or any such related firm in
contravention of the above provisions.

     

    
      	
              12.

            	
              PUBLICITY

            

    

     

    Invetech
shall be entitled to use in publicity material, including without limitation
electronically stored and transmitted material, images of the Product and
references to the Assignment and to Invetech's role in it, provided that the use
of such images and references do not breach Invetech's obligations under clause
6 or disclose confidential information generated in the course of the Assignment
that is not otherwise in the public domain.

     

    
      	
              13.

            	
              TERMINATION

            

    

     

    
      	
              13.1

            	
              Unless
      otherwise provided in the Proposal, the Agreement or the Assignment and
      Invetech’s further services in relation to the Agreement or the Assignment
      may be terminated either by Invetech or the Client giving four week’s
      prior notice in writing to the
other.

            

    

     

    
      	
              13.2

            	
              If
      the Client becomes insolvent, goes into liquidation, receivership,
      voluntary or other administration or some similar legal process, fails to
      make a payment to Invetech when due or is otherwise in breach of any of
      these Terms of Business or the Agreement in a material way then at any
      time thereafter (unless Invetech expressly waives that failure, breach or
      circumstance in writing) Invetech may by written notice to the Client
      immediately terminate the Agreement or the Assignment and Invetech’s
      further services in relation to the
Assignment.

            

    

     

    
      	
              13.3

            	
              If
      the Agreement or the Assignment is terminated either under this clause or
      otherwise, the Client must immediately pay all moneys due or payable in
      relation to work done by Invetech under the Proposal to that date and,
      where termination is not due in any way to default by Invetech, the Client
      must also pay or reimburse to Invetech all costs, expenses and charges
      paid or incurred by Invetech that would otherwise be payable pursuant to
      clause 3, including any arising out of the cancellation, provided however
      that the amount due under this clause shall not exceed the next payment
      due as defined in the proposal payment
schedule.

            

    

     

    
      	
              13.4

            	
              Clauses
      2, 3, 4, 6, 7, 8, 9, 10, 12, 14, 16 and 22 will survive any termination of
      the Agreement or the Assignment.

            

    

     

    
      	
              14.

            	
              SEVERANCE

            

    

     

    If for
any reason any provision of these Terms of Business would render the Agreement
ineffective, void, voidable, illegal or unenforceable, that provision or the
relevant part thereof shall, without in any way affecting the validity of the
remainder of the Agreement, be severable and the Agreement shall be read and
construed and take effect for all purposes as if that provision or part were not
contained herein.

     

    
      	
              15.

            	
              ENTIRE
      AGREEMENT AND VARIATIONS

            

    

     

    
      	
              15.1

            	
              These
      Terms of Business and the Proposal constitute the entire Agreement between
      Invetech and the Client.

            

    

     

    
      	
              15.2

            	
              Any
      variation of the Proposal, these Terms of Business or the Agreement will
      only be effective if it is in writing signed by Invetech and the
      Client.

            

    

     

    
      	
              16.

            	
              DISPUTE
      RESOLUTION

            

    

     

    All
disputes concerning these Terms of Business or the Assignment, which cannot be
resolved by negotiation between Invetech and the Client, must be referred to an
independent expert agreed upon by the Client and Invetech before any other
proceedings are commenced.  Failing agreement on the choice of expert
within 14 days of the dispute arising, the dispute is to be referred to an
independent expert nominated by the Victorian Chapter Chairman for the time
being of the Institute of Arbitrators and Mediators, Australia in Melbourne, The
independent expert shall be regarded as an expert and not as an arbitrator and
accordingly no legislation relating to arbitration shall
apply.  Unless otherwise agreed in writing by the parties, the
location for any meetings or proceedings in connection with such independent
expert shall be in Melbourne, Australia if referred by OcuSense, and in Los
Angeles California if referred by Invetech.  The terms of the
appointment will require the independent expert to use his or her best
endeavours to certify in writing to the Client and Invetech the determination
that has been made within 30 days of the appointment.  Any costs
associated with any such referral and determination will be paid by Invetech and
the Client in equal shares unless the expert makes a written determination that
one party has been vexatious or frivolous in which case that party shall pay all
of those costs. 

     

    
      	
              17.

            	
              CLIENT
      AUTHORITY

            

    

     

    Any
person who purports to enter into the Agreement constituted by the Proposal and
these Terms of Business on behalf of the Client hereby warrants that for all
purposes of the Agreement he or she is the duly authorised agent of the Client
and if such person is not the duly authorised agent of the Client then in
consideration of Invetech entering into the Agreement he or she shall be deemed
to be the Client and be bound by all the terms, covenants and conditions of the
Agreement.

     

    
      	
              18.

            	
              LAW
      AND JURISDICTION

            

    

     

    The
Agreement is subject to the laws of Victoria and the Commonwealth of Australia
and the Client submits to the jurisdiction of the Courts of Victoria and the
Commonwealth of Australia. 

     

    
      
        
           

        

        
          Page
4

          
            

          

        

        
           

        

      

    

     

    
      	
              19.

            	
              NO
      ASSIGNMENT

            

    

     

    Invetech
will carry out the Assignment for the Client only and prior to completion or
termination of the Assignment the Client may not assign any of its rights
arising under the Agreement to any other entity without Invetech’s prior written
consent.  Subject to the foregoing, this Agreement shall be binding
upon and inure to the benefit of the successors or permitted assigns of the
parties.

     

    
      	
              20.

            	
              NOTICES

            

    

     

    A notice
to be given by either Invetech or the Client to the other must be in writing and
delivered by hand or by post (postage prepaid) or sent by facsimile (with
receipt confirmed) to that party’s address or facsimile number as shown in the
Proposal.  Each party may change its address for purposes of receiving
notice hereunder upon written notice to the other party.

     

    
      	
              21.

            	
              SUSPENSION

            

    

     

    Invetech’s
obligations in relation to the Assignment will be suspended during the time that
Invetech is prevented from fully complying with its obligations by causes beyond
its reasonable control.

    

    
      	
              22.

            	
              CONFLICT

            

    

     

    
      	
              22.1

            	
              The
      Proposal is only capable of acceptance and implementation on the basis of
      these Terms of Business and, if the Client purports to accept by some
      other means incorporating different or additional terms, then those
      different or additional terms will not apply and any work undertaken by
      Invetech under or in connection with the Assignment shall be on the basis
      of the conditions contained in the Proposal and these Terms of
      Business.

            

    

     

    
      	
              22.2

            	
              If
      there is any conflict between these Terms of Business and any conditions
      contained in the Proposal, these Terms of Business will override those
      conditions to the extent of the inconsistency unless an inconsistent
      condition in the Proposal expressly states that it takes precedence over
      or operates notwithstanding these Terms of
  Business.

            

    

     

     

    Page 5

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