Document:

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                            INVESTOR RIGHTS AGREEMENT

         This Investor Rights Agreement (this "Agreement") is made and entered
into as of June 18, 2004 among NexMed, Inc., a Nevada corporation (the
"Company"), and each of the purchasers executing this Agreement and listed on
Schedule 1 attached hereto (collectively, the "Purchasers").

         This Agreement is being entered into pursuant to the Common Stock and
Warrant Purchase Agreement, dated as of the date hereof, by and among the
Company and the Purchasers (the "Purchase Agreement").

         The Company and the Purchasers hereby agree as follows:

         1.       Definitions.

         Capitalized terms used and not otherwise defined herein shall have the
meanings given such terms in the Purchase Agreement. As used in this Agreement,
the following terms shall have the following meanings:

         "Advice" shall have the meaning set forth in Section 3(m).

         "Affiliate" means, with respect to any Person, any other Person that
directly or indirectly controls or is controlled by or under common control with
such Person. For the purposes of this definition, "control," when used with
respect to any Person, means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise;
and the terms of "affiliated," "controlling" and "controlled" have meanings
correlative to the foregoing.

         "Blackout Period" shall have the meaning set forth in Section 3(n).

         "Board" shall have the meaning set forth in Section 3(n).

         "Business Day" means any day except Saturday, Sunday and any day which
shall be a legal holiday or a day on which banking institutions in the State of
New Jersey generally are authorized or required by law or other government
actions to close.

         "Commission" means the Securities and Exchange Commission.

         "Common Stock" means the Company's Common Stock, par value $0.001 per
share.

         "Effectiveness Period" shall have the meaning set forth in Section 2.

         "Event" shall have the meaning set forth in Section 8(e).

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         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Filing Date" means the thirtieth (30th) day following the Closing
Date.

         "Holder" or "Holders" means the holder or holders, as the case may be,
from time to time of Registrable Securities, including without limitation the
Purchasers and their assignees.

         "Indemnified Party" shall have the meaning set forth in Section 5(c).

         "Indemnifying Party" shall have the meaning set forth in Section 5(c).

         "Losses" shall have the meaning set forth in Section 5(a).

         "Nasdaq" shall mean The Nasdaq Stock Market.

         "Person" means an individual or a corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind.

         "Proceeding" means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened.

         "Prospectus" means the prospectus included in any Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by such Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference in such Prospectus.

         "Registrable Securities" means (a) the Shares and the Warrant Shares
(without regard to any limitations on beneficial ownership contained in the
Warrants) or other securities issued or issuable to each Purchaser or its
transferee or designee (i) upon exercise of the Warrants, or (ii) upon any
distribution with respect to, any exchange for or any replacement of such Shares
or Warrants or (iii) upon any conversion, exercise or exchange of any securities
issued in connection with any such distribution, exchange or replacement; (b)
securities issued or issuable upon any stock split, stock dividend,
recapitalization or similar event with respect to the foregoing; and (c) any
other security issued as a dividend or other distribution with respect to, in
exchange for, in replacement or redemption of, or in reduction of the
liquidation value of, any of the securities referred to in the preceding
clauses; provided, however, that such securities shall cease to be Registrable
Securities when such securities have been sold to or through a broker or dealer
or underwriter in a public

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distribution or a public securities transaction or when such securities may be
sold without any restriction pursuant to Rule 144(k) as determined by the
counsel to the Company pursuant to a written opinion letter, addressed to the
Company's transfer agent to such effect as described in Section 2 of this
Agreement.

         "Registration Statement" means the registration statements and any
additional registration statements contemplated by Section 2, including (in each
case) the Prospectus, amendments and supplements to such registration statement
or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference in such registration
statement.

         "Rule 144" means Rule 144 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Rule 158" means Rule 158 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Rule 415" means Rule 415 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the
same effect as such Rule.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Special Counsel" means Wiggin and Dana LLP.

         "Warrant Shares" means the shares of Common Stock issuable upon the
exercise of the warrants issued or to be issued to the Purchasers or their
assignees or designees in connection with the offering consummated under the
Purchase Agreement.

         2. Registration. As soon as possible following the Closing Date (but
not later than the Filing Date), the Company shall prepare and file with the
Commission a "shelf" Registration Statement covering all Registrable Securities
for a secondary or resale offering to be made on a continuous basis pursuant to
Rule 415. The Registration Statement shall be on Form S-3 (or if such form is
not available to the Company on another form appropriate for such registration
in accordance herewith). The Company shall use its best efforts to cause the
Registration Statement to be declared effective under the Securities Act not
later than ninety (90) days after the Closing Date (including filing with the
Commission a request for acceleration of effectiveness in accordance with Rule
461 promulgated under the Securities Act within five (5) Business Days of the
date that the Company is notified (orally or in writing, whichever is earlier)
by the Commission that a Registration Statement will not be

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"reviewed," or not be subject to further review) and to keep such Registration
Statement continuously effective under the Securities Act until such date as is
the earlier of (x) the date when all Registrable Securities covered by such
Registration Statement have been sold or (y) the date on which all Registrable
Securities may be sold without any restriction pursuant to Rule 144(k) as
determined by the counsel to the Company pursuant to a written opinion letter,
addressed to the Company's transfer agent to such effect (the "Effectiveness
Period"). Upon the initial filing thereof, the Registration Statement shall
cover at least 100% of the Shares and 100% of the shares of Common Stock for
issuance upon the exercise of the Warrants. Such Registration Statement also
shall cover, to the extent allowable under the Securities Act and the Rules
promulgated thereunder (including Securities Act Rule 416), such indeterminate
number of additional shares of Common Stock resulting from stock splits, stock
dividends or similar transactions with respect to the Registrable Securities.

         3.       Registration Procedures.

         In connection with the Company's registration obligations hereunder,
the Company shall:

         (a) Prepare and file with the Commission on or prior to the Filing
Date, a Registration Statement on Form S-3 (or if such form is not available to
the Company on another form appropriate for such registration in accordance
herewith) (which shall include a Plan of Distribution substantially in the form
of Exhibit A attached hereto), and cause the Registration Statement to become
effective and remain effective as provided herein; provided, however, that not
less than three (3) Business Days prior to the filing of the Registration
Statement or any related Prospectus or any amendment or supplement thereto, the
Company shall (i) furnish to the Special Counsel, copies of all such documents
proposed to be filed, which documents (other than those incorporated by
reference) will be subject to the review of such Special Counsel, and (ii) at
the request of any Holder cause its officers and directors, counsel and
independent certified public accountants to respond to such inquiries as shall
be necessary, in the reasonable opinion of counsel to such Holders, to conduct a
reasonable investigation within the meaning of the Securities Act. The Company
shall not file the Registration Statement or any such Prospectus or any
amendments or supplements thereto to which the Holders of a majority of the
Registrable Securities or the Special Counsel shall reasonably object in writing
within three (3) Business Days after their receipt thereof, unless counsel to
the Company determines in writing that such objection is without merit.

         (b) (i) Prepare and file with the Commission such amendments, including
post-effective amendments, to the Registration Statement as may be necessary to
keep the Registration Statement continuously effective as to the applicable
Registrable Securities for the Effectiveness Period and to the extent any
Registrable Securities are not included in such Registration Statement for
reasons other than the failure of the Holder to comply with Section 3(m) hereof,
shall prepare and file with the Commission such additional Registration
Statements in order to register for resale under the Securities Act all
Registrable Securities;

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(ii) cause the related Prospectus to be amended or supplemented by any required
Prospectus supplement, and as so supplemented or amended to be filed pursuant to
Rule 424 (or any similar provisions then in force) promulgated under the
Securities Act; (iii) respond as promptly as possible, and in no event later
than 10 Business Days, to any comments received from the Commission with respect
to the Registration Statement or any amendment thereto and as promptly as
possible provide the Holders true and complete copies of all correspondence from
and to the Commission relating to the Registration Statement; and (iv) comply in
all material respects with the provisions of the Securities Act and the Exchange
Act with respect to the disposition of all Registrable Securities covered by the
Registration Statement during the applicable period in accordance with the
intended methods of disposition by the Holders thereof set forth in the
Registration Statement as so amended or in such Prospectus as so supplemented.

         (c) Notify the Holders of Registrable Securities to be sold and the
Special Counsel as promptly as possible (A) when a Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement is proposed
to be filed (but in no event in the case of this subparagraph (A), less than
three (3) Business Days prior to date of such filing); (B) when the Commission
notifies the Company whether there will be a "review" of such Registration
Statement and whenever the Commission comments in writing on such Registration
Statement; and (C) with respect to the Registration Statement or any
post-effective amendment, when the same has become effective, and after the
effectiveness thereof: (i) of any request by the Commission or any other Federal
or state governmental authority for amendments or supplements to the
Registration Statement or Prospectus or for additional information; (ii) of the
issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement covering any or all of the Registrable Securities or the
initiation of any Proceedings for that purpose; (iii) of the receipt by the
Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; and (iv) if the financial statements included in the Registration
Statement become ineligible for inclusion therein or of the occurrence of any
event that makes any statement made in the Registration Statement or Prospectus
or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires any revisions to the
Registration Statement, Prospectus or other documents so that, in the case of
the Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.
Without limitation to any remedies to which the Holders may be entitled under
this Agreement, if any of the events described in Sections 3(c)(C)(i),
3(c)(C)(ii), 3(c)(C)(iii) or 3(c)(C)(iv) occur, the Company shall use its best
efforts to respond to and correct the event.

         (d) Use its best efforts to avoid the issuance of, or, if issued, use
best efforts to obtain the withdrawal of, (i) any order suspending the
effectiveness of the Registration

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Statement or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any
jurisdiction, at the earliest practicable moment.

         (e) If requested by any Holder of Registrable Securities, (i) promptly
incorporate in a Prospectus supplement or post-effective amendment to the
Registration Statement such information as the Company reasonably agrees should
be included therein and (ii) make all required filings of such Prospectus
supplement or such post-effective amendment as soon as practicable after the
Company has received notification of the matters to be incorporated in such
Prospectus supplement or post-effective amendment; provided, however, that the
Company shall not be required to take any action pursuant to this Section 3(e)
that would, in the written opinion of counsel for the Company (addressed to the
Special Counsel), violate applicable law.

         (f) Furnish to each Holder and the Special Counsel, without charge, at
least one conformed copy of each Registration Statement and each amendment
thereto, including financial statements and schedules, and all exhibits to the
extent requested by such Person (including those previously furnished or
incorporated by reference) promptly after the filing of such documents with the
Commission.

         (g) Promptly deliver to each Holder and the Special Counsel, without
charge, as many copies of the Prospectus or Prospectuses (including each form of
prospectus) and each amendment or supplement thereto as such Persons may
reasonably request; and the Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling
Holders in connection with the offering and sale of the Registrable Securities
covered by such Prospectus and any amendment or supplement thereto.

         (h) Prior to any public offering of Registrable Securities, use its
best efforts to register or qualify or cooperate with the selling Holders and
the Special Counsel in connection with the registration or qualification (or
exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such
jurisdictions within the United States as any Holder requests in writing, to
keep each such registration or qualification (or exemption therefrom) effective
during the Effectiveness Period and to do any and all other acts or things
necessary or advisable to enable the disposition in such jurisdictions of the
Registrable Securities covered by a Registration Statement; provided, however,
that the Company shall not be required to qualify generally to do business in
any jurisdiction where it is not then so qualified or to take any action that
would subject it to general service of process in any jurisdiction where it is
not then so subject or subject the Company to any material tax in any such
jurisdiction where it is not then so subject.

         (i) Cooperate with the Holders to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold pursuant
to a Registration Statement, which certificates shall be free, to the extent
permitted by applicable law and the

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Purchase Agreement, of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any
Holder may request at least two (2) Business Days prior to any sale of
Registrable Securities. In connection therewith, the Company shall promptly
after the effectiveness of the Registration Statement cause an opinion of
counsel to be delivered to and maintained with its transfer agent, together with
any other authorizations, certificates and directions required by the transfer
agent, which authorize and direct the transfer agent to issue such Registrable
Securities without legend upon sale by the Holder of such shares of Registrable
Securities under the Registration Statement.

         (j) Upon the occurrence of any event contemplated by Section
3(c)(C)(iv), as promptly as possible, prepare a supplement or amendment,
including a post-effective amendment, to the Registration Statement or a
supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, and file any other required document so
that, as thereafter delivered, neither the Registration Statement nor such
Prospectus will contain 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, in the light of the circumstances under which they were
made, not misleading.

         (k) Cause all Registrable Securities relating to such Registration
Statement to be listed on NASDAQ and any other United States securities
exchange, quotation system, market or over-the-counter bulletin board, if any,
on which similar securities issued by the Company are then listed.

         (l) Comply in all material respects with all applicable rules and
regulations of the Commission and make generally available to its security
holders earnings statements satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 not later than 45 days after the end of any 3-month
period (or 90 days after the end of any 12-month period if such period is a
fiscal year) commencing on the first day of the first fiscal quarter of the
Company after the effective date of the Registration Statement, which statement
shall conform to the requirements of Rule 158.

         (m) Request each selling Holder to furnish to the Company information
regarding such Holder and the distribution of such Registrable Securities as is
required by law or the Commission to be disclosed in the Registration Statement
by sending to each selling Holder a Selling Shareholder Questionnaire, the form
of which is attached as Exhibit B, and the Company may exclude from such
registration the Registrable Securities of any such Holder who fails (i) to
furnish such information or (ii) to agree to furnish, upon request, such
additional information regarding such Holder as may later be required by law to
be disclosed, in each case, within a reasonable time prior to the filing of each
Registration Statement, supplemented Prospectus and/or amended Registration
Statement.

         If the Registration Statement refers to any Holder by name or otherwise
as the holder of any securities of the Company, then such Holder shall have the
right to require (if such

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reference to such Holder by name or otherwise is not required by the Securities
Act or any similar federal statute then in force) the deletion of the reference
to such Holder in any amendment or supplement to the Registration Statement
filed or prepared subsequent to the time that such reference ceases to be
required.

         Each Holder agrees by its acquisition of such Registrable Securities
that, upon receipt of a notice from the Company of the occurrence of any event
of the kind described in Section 3(c)(C)(i), 3(c)(C)(ii), 3(c)(C)(iii),
3(c)(C)(iv) or 3(n), such Holder will forthwith discontinue disposition of such
Registrable Securities under the Registration Statement until such Holder's
receipt of the copies of the supplemented Prospectus and/or amended Registration
Statement contemplated by Section 3(j), or until it is advised in writing (the
"Advice") by the Company that the use of the applicable Prospectus may be
resumed, and, in either case, has received copies of any additional or
supplemental filings that are incorporated or deemed to be incorporated by
reference in such Prospectus or Registration Statement.

         (n) If (i) there is material non-public information regarding the
Company which the Company's Board of Directors (the "Board") reasonably
determines not to be in the Company's best interest to disclose and which the
Company is not otherwise required to disclose, or (ii) there is a significant
business opportunity (including, but not limited to, the acquisition or
disposition of assets (other than in the ordinary course of business) or any
merger, consolidation, tender offer or other similar transaction) available to
the Company which the Board reasonably determines not to be in the Company's
best interest to disclose and which the Company would be required to disclose
under the Registration Statement, then the Company may postpone or suspend
filing or effectiveness of a registration statement for a period not to exceed
30 consecutive days, provided that the Company may not postpone or suspend its
obligation under this Section 3(n) for more than 45 days in the aggregate during
any 12 month period (each, a "Blackout Period").

         4.       Registration Expenses.

         All fees and expenses incident to the performance of or compliance with
this Agreement by the Company shall be borne by the Company whether or not the
Registration Statement is filed or becomes effective and whether or not any
Registrable Securities are sold pursuant to the Registration Statement. The fees
and expenses referred to in the foregoing sentence shall include, without
limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses (A) with respect to filings required to be made with Nasdaq
and each other securities exchange, quotation system, market or over-the-counter
bulletin board on which Registrable Securities are required hereunder to be
listed, (B) with respect to filings required to be made with the Commission, and
(C) in compliance with state securities or Blue Sky laws (including, without
limitation, fees and disbursements of Special Counsel in connection with Blue
Sky qualifications of the Registrable Securities and determination of the
eligibility of the Registrable Securities for investment under the laws of such
jurisdictions as the Holders of a majority of Registrable Securities may

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designate)), (ii) printing expenses (including, without limitation, expenses of
printing certificates for Registrable Securities and of printing or photocopying
prospectuses), (iii) messenger, telephone and delivery expenses, (iv) Securities
Act liability insurance, if the Company so desires such insurance, (v) fees and
expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement, including,
without limitation, the Company's independent public accountants (including, in
the case of an underwritten offering, the expenses of any comfort letters or
costs associated with the delivery by independent public accountants of a
comfort letter or comfort letters) and legal counsel, and (vi) fees and expenses
of the Special Counsel in connection with any Registration Statement hereunder.
In addition, the Company shall be responsible for all of its internal expenses
incurred in connection with the consummation of the transactions contemplated by
this Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of
any annual audit, the fees and expenses incurred in connection with the listing
of the Registrable Securities on any securities exchange as required hereunder.

         5.       Indemnification.

         (a) Indemnification by the Company. The Company shall, notwithstanding
any termination of this Agreement, indemnify and hold harmless each Holder, the
officers, directors, agents, brokers (including brokers who offer and sell
Registrable Securities as principal as a result of a pledge or any failure to
perform under a margin call of Common Stock), investment advisors and employees
of each of them, each Person who controls any such Holder (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
officers, directors, agents and employees of each such controlling Person, to
the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation,
costs of preparation and reasonable attorneys' fees) and expenses (collectively,
"Losses"), as incurred, arising out of or relating to any untrue or alleged
untrue statement of a material fact contained or incorporated by reference in
the Registration Statement, any Prospectus or any form of prospectus or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein (in the case of
any Prospectus or form of prospectus or amendment or supplement thereto, in the
light of the circumstances under which they were made) not misleading, except to
the extent, but only to the extent, that (i) such untrue statements or omissions
are based solely upon information regarding such Holder furnished in writing to
the Company by such Holder expressly for use therein, which information was
reasonably relied on by the Company for use therein or to the extent that such
information relates to (x) such Holder and was reviewed and expressly approved
in writing by such Holder expressly for use in the Registration Statement, such
Prospectus or such form of prospectus or in any amendment or supplement thereto
or (y) such Holder's proposed method of distribution of Registrable Securities
as set forth in Exhibit A (or as such Holder otherwise informs the Company in
writing); or (ii) in the case of an occurrence of an event of the type described
in Section 3(c)(C)(ii), 3(c)(C)(iii), 3(c)(C)(iv) or 3(n), the

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use by a Holder of an outdated or defective Prospectus after the delivery to the
Holder of written notice from the Company that the Prospectus is outdated or
defective and prior to the receipt by such Holder of the Advice contemplated in
Section 3(m). The Company shall notify the Holders promptly of the institution,
threat or assertion of any Proceeding of which the Company is aware in
connection with the transactions contemplated by this Agreement. Such indemnity
shall remain in full force and effect regardless of any investigation made by or
on behalf of an Indemnified Party (as defined in Section 5(c) to this Agreement)
and shall survive the transfer of the Registrable Securities by the Holders.

         (b) Indemnification by Holders. Each Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents and employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses, as
incurred, arising solely out of or based solely upon any untrue statement of a
material fact contained in the Registration Statement, any Prospectus, or any
form of prospectus, or in any amendment or supplement thereto, or arising solely
out of or based solely upon any omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any
Prospectus or form of prospectus or supplement thereto, in the light of the
circumstances under which they were made) not misleading, to the extent, but
only to the extent, that (i) such untrue statement or omission is contained in
or omitted from any information so furnished in writing by such Holder to the
Company specifically for inclusion in the Registration Statement or such
Prospectus and that such information was reasonably relied upon by the Company
for use in the Registration Statement, such Prospectus, or in any amendment or
supplement thereto, or to the extent that such information relates to (x) such
Holder and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such Prospectus, or such form
of prospectus or in any amendment or supplement thereto or (y) such Holder's
proposed method of distribution of Registrable Securities as set forth in
Exhibit A (or as such Holder otherwise informs the Company in writing) or (ii)
in the case of an occurrence of an event of the type described in Section
3(c)(C)(ii), 3(c)(C)(iii), 3(c)(C)(iv) or 3(n), the use by a Holder of an
outdated or defective Prospectus after the delivery to the Holder of written
notice from the Company that the Prospectus is outdated or defective and prior
to the receipt by such Holder of the Advice contemplated in Section 3(m);
provided, however, that the indemnity agreement contained in this Section 5(b)
shall not apply to amounts paid in settlement of any Losses if such settlement
is effected without the prior written consent of the Holder, which consent shall
not be unreasonably withheld. Notwithstanding anything to the contrary contained
herein, the Holder shall be liable under this Section 5(b) for only that amount
as does not exceed the net proceeds to such Holder as a result of the sale of
Registrable Securities pursuant to such Registration Statement.

         (c) Conduct of Indemnification Proceedings. If any Proceeding shall be
brought or asserted against any Person entitled to indemnity hereunder (an
"Indemnified Party"), such Indemnified Party promptly shall notify the Person
from whom indemnity is sought

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(the "Indemnifying Party") in writing, and the Indemnifying Party shall assume
the defense thereof, including the employment of counsel reasonably satisfactory
to the Indemnified Party and the payment of all reasonable fees and expenses
incurred in connection with defense thereof; provided, that the failure of any
Indemnified Party to give such notice shall not relieve the Indemnifying Party
of its obligations or liabilities pursuant to this Agreement, except (and only)
to the extent that it shall be finally determined by a court of competent
jurisdiction (which determination is not subject to appeal or further review)
that such failure shall have proximately and materially adversely prejudiced the
Indemnifying Party.

         An Indemnified Party shall have the right to employ separate counsel in
any such Proceeding and to participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party or
Parties unless: (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; or (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall have been advised by counsel in writing (with a copy to the Indemnifying
Party) that a conflict of interest is likely to exist if the same counsel were
to represent such Indemnified Party and the Indemnifying Party (in which case,
if such Indemnified Party notifies the Indemnifying Party in writing that it
elects to employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and
such counsel shall be at the reasonable expense of the Indemnifying Party). The
Indemnifying Party shall not be liable for any settlement of any such Proceeding
effected without its written consent, which consent shall not be unreasonably
withheld. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of
which any Indemnified Party is a party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding and does not impose any monetary
or other obligation or restriction on the Indemnified Party.

         All reasonable fees and expenses of the Indemnified Party (including
reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not
inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, within ten (10) Business Days of written notice thereof to the
Indemnifying Party, which notice shall be delivered no more frequently than on a
monthly basis (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder; provided, that
the Indemnifying Party may require such Indemnified Party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially
determined that such Indemnified Party is not entitled to indemnification
hereunder).

         (d) Contribution. If a claim for indemnification under Section 5(a) or
5(b) is unavailable to an Indemnified Party because of a failure or refusal of a
governmental

                                       11
<PAGE>

authority to enforce such indemnification in accordance with its terms (by
reason of public policy or otherwise), then each Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such Losses, in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 5(c), any reasonable attorneys' or other
reasonable fees or expenses incurred by such party in connection with any
Proceeding to the extent such party would have been indemnified for such fees or
expenses if the indemnification provided for in this Section was available to
such party in accordance with its terms. Notwithstanding anything to the
contrary contained herein, the Holder shall be required to contribute under this
Section 5(d) for only that amount as does not exceed the net proceeds to such
Holder as a result of the sale of Registrable Securities pursuant to such
Registration Statement.

         The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
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.

         The indemnity and contribution agreements contained in this Section are
in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties. The indemnity and contribution agreements herein are in
addition to and not in diminution or limitation of any indemnification
provisions under the Purchase Agreement.

         6.       Rule 144.

         As long as any Holder owns any Shares, Warrants or Warrant Shares, the
Company covenants to timely file (or obtain extensions in respect thereof and
file within the applicable grace period) all reports required to be filed by the
Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange
Act. As long as any Holder owns any Shares, Warrants or Warrant Shares, if the
Company is not required to file reports pursuant to Section 13(a) or 15(d) of
the Exchange Act, it will prepare and furnish to the Holders and make publicly
available in accordance with Rule 144(c) promulgated under the Securities Act
annual and quarterly financial statements, together with a discussion and
analysis of such financial statements in form and substance substantially
similar to those that would

                                       12
<PAGE>

otherwise be required to be included in reports required by Section 13(a) or
15(d) of the Exchange Act, as well as any other information required thereby, in
the time period that such filings would have been required to have been made
under the Exchange Act. The Company further covenants that it will take such
further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Person to sell Shares and Warrant Shares
without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 promulgated under the Securities Act, including
compliance with the provisions of the Purchase Agreement relating to the
transfer of the Shares and Warrant Shares. Upon the request of any Holder, the
Company shall deliver to such Holder a written certification of a duly
authorized officer as to whether it has complied with such requirements.

         7.       Covenants of Purchasers.

         In connection with the Registration Statement, each of the Purchasers
covenants as follows:

         (a) Unless and until such Purchaser has provided written notice to the
Company to the contrary, all sales of Registrable Securities by such Purchaser
shall be made without payment of underwriting discounts or commissions except
for the usual and customary commission paid to brokers or dealers.

         (b) Such Purchaser shall advise the Company of any arrangement with a
broker or dealer for the sale of such Purchaser's Registrable Securities through
a block trade, special offering, exchange or secondary distribution or a
principal purchase by a broker or dealer, and the details of such transaction.

         (c) Such Purchaser shall comply with all prospectus delivery
requirements with respect to sales of the Registrable Securities to the extent
required by the Securities Act and other applicable law.

         (d) Such Purchaser shall report to the Company, upon written request of
the Company, whether all Registrable Securities held by such Purchaser have been
sold or otherwise transferred.

         8.       Miscellaneous.

         (a) Remedies. In the event of a breach by the Company or by a Holder,
of any of their obligations under this Agreement, each Holder or the Company, as
the case may be, in addition to being entitled to exercise all rights granted by
law and under this Agreement, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement. The Company and each
Holder agree that monetary damages would not provide adequate compensation for
any losses incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that
a remedy at

                                       13
<PAGE>

law would be adequate.

         (b) No Inconsistent Agreements. Except as otherwise disclosed in the
Purchase Agreement, neither the Company nor any of its subsidiaries is a party
to an agreement currently in effect, nor shall the Company or any of its
subsidiaries, on or after the date of this Agreement, enter into any agreement
with respect to its securities that is inconsistent with the rights granted to
the Holders in this Agreement or otherwise conflicts with the provisions hereof.
Without limiting the generality of the foregoing, without the written consent of
the Holders of a majority of the then outstanding Registrable Securities, the
Company shall not grant to any Person the right to request the Company to
register any securities of the Company under the Securities Act unless the
rights so granted are subject in all respects to the prior rights in full of the
Holders set forth herein, and are not otherwise in conflict with the provisions
of this Agreement.

         (c) Notice of Effectiveness. Within two (2) Business Days after the
Registration Statement which includes the Registrable Securities is ordered
effective by the Commission, the Company shall deliver, and shall cause legal
counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Holders whose Registrable Securities are included
in such Registration Statement) confirmation that the Registration Statement has
been declared effective by the Commission in the form attached hereto as Exhibit
C. On the day that such Registration Statement is declared effective, the
Company shall furnish to the Investors for completion the investor
representation letter attached as Annex I to Exhibit C.

         (d) Piggy-Back Registrations. If at any time when there is not an
effective Registration Statement covering all of the Registrable Securities, the
Company shall determine to prepare and file with the Commission a registration
statement relating to an offering for its own account or the account of others
under the Securities Act of any of its equity securities, other than on Form S-4
or Form S-8 (each as promulgated under the Securities Act) or its then
equivalents relating to equity securities to be issued solely in connection with
any acquisition of any entity or business or equity securities issuable in
connection with stock option or other employee benefit plans, the Company shall
send to each Holder of Registrable Securities written notice of such
determination and, if within seven (7) Business Days after receipt of such
notice, any such Holder shall so request in writing (which request shall specify
the Registrable Securities intended to be disposed of by the Holder), the
Company will cause the registration under the Securities Act of all Registrable
Securities which the Company has been so requested to register by the Holder, to
the extent required to permit the disposition of the Registrable Securities so
to be registered, provided that if at any time after giving written notice of
its intention to register any securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company
shall determine for any reason not to register or to delay registration of such
securities, the Company may, at its election, give written notice of such
determination to such Holder and, thereupon, (i) in the case of a determination
not to register, shall be relieved of its obligation to register any Registrable
Securities in connection

                                       14
<PAGE>

with such registration (but not from its obligation to pay expenses in
accordance with Section 4 hereof), and (ii) in the case of a determination to
delay registering, shall be permitted to delay registering any Registrable
Securities being registered pursuant to this Section 8(d) for the same period as
the delay in registering such other securities. The Company shall include in
such registration statement all or any part of such Registrable Securities such
Holder requests to be registered; provided, however, that the Company shall not
be required to register any Registrable Securities pursuant to this Section 8(d)
that are eligible for sale pursuant to Rule 144(k) of the Securities Act. In the
case of an underwritten public offering, if the managing underwriter(s) or
underwriter(s) should reasonably object to the inclusion of the Registrable
Securities in such registration statement, then if the Company after
consultation with the managing underwriter should reasonably determine that the
inclusion of such Registrable Securities, would materially adversely affect the
offering contemplated in such registration statement, and based on such
determination recommends inclusion in such registration statement of fewer or
none of the Registrable Securities of the Holders, then (x) the number of
Registrable Securities of the Holders included in such registration statement
shall be reduced pro-rata among such Holders (based upon the number of
Registrable Securities requested to be included in the registration), if the
Company after consultation with the underwriter(s) recommends the inclusion of
fewer Registrable Securities, or (y) none of the Registrable Securities of the
Holders shall be included in such registration statement, if the Company after
consultation with the underwriter(s) recommends the inclusion of none of such
Registrable Securities; provided, however, that if securities are being offered
for the account of other persons or entities as well as the Company, such
reduction shall not represent a greater fraction of the number of Registrable
Securities intended to be offered by the Holders than the fraction of similar
reductions imposed on such other persons or entities (other than the Company).

         (e) Failure to File Registration Statement and Other Events. The
Company and the Holders agree that the Holders will suffer damages if the
Registration Statement is not filed on or prior to the forty-fifth (45th) day
following the Closing Date and maintained in the manner contemplated herein
during the Effectiveness Period. The Company and the Holders further agree that
it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, if (i) the Registration Statement is not filed on or prior to the
forty-fifth (45th) day following the Closing Date, or (ii) the Company fails to
file with the Commission a request for acceleration in accordance with Rule 461
promulgated under the Securities Act within five (5) Business Days of the date
that the Company is notified (orally or in writing, whichever is earlier) by the
Commission that a Registration Statement will not be "reviewed," or not subject
to further review, or (iii) the Registration Statement is filed with and
declared effective by the Commission but thereafter ceases to be effective as to
all Registrable Securities at any time prior to the expiration of the
Effectiveness Period, without being succeeded immediately by a subsequent
Registration Statement filed with the Commission, except as otherwise permitted
by this Agreement, including pursuant to Section 3(n), or (iv) trading in the
Common Stock shall be suspended or if the Common Stock is delisted from Nasdaq
or any other securities exchange, quotation system, market or over-the-counter
bulletin board on which Registrable Securities are required hereunder to be

                                       15
<PAGE>

listed (each an "Exchange"), without immediately being listed on any other
Exchange, for any reason for more than one (1) Business Day, other than pursuant
to Section 3(n), or (v) the exercise rights of the Holders under the Warrants
are suspended for any reason without the consent of the particular Holder, or
(vi) the Company has breached Section 3(n) of this Agreement (any such failure
or breach being referred to as an "Event"), the Company shall pay in cash as
liquidated damages for such failure and not as a penalty to each Holder an
amount equal to two percent (2%) of such Holder's pro rata share of the purchase
price paid by all Holders for the Shares purchased and then outstanding pursuant
to the Purchase Agreement for the initial thirty (30) day period until the
applicable Event has been cured, which shall be pro rated for such periods less
than thirty (30) days and two percent (2%) of such Holder's pro rata share of
the purchase price paid by all Holders for Shares purchased and then outstanding
pursuant to the Purchase Agreement for each subsequent thirty (30) day period
until the applicable Event has been cured which shall be pro rated for such
periods less than thirty days (the "Periodic Amount"). Payments to be made
pursuant to this Section 8(e) shall be due and payable immediately upon demand
in immediately available cash funds. The parties agree that the Periodic Amount
represents a reasonable estimate on the part of the parties, as of the date of
this Agreement, of the amount of damages that may be incurred by the Holders if
the Registration Statement is not filed on or prior to the forty-fifth (45th)
day following the Closing Date and maintained in the manner contemplated herein
during the Effectiveness Period or if any other Event as described herein has
occurred. Notwithstanding the foregoing, the Company shall remain obligated to
cure the breach or correct the condition that caused the Event, and the Holder
shall have the right to take any action necessary or desirable to enforce such
obligation.

         (f)      Specific Enforcement, Consent to Jurisdiction.

                  (i) The Company and the Holders acknowledge and agree that
         irreparable damage would occur in the event that any of the provisions
         of this Agreement were not performed in accordance with their specific
         terms or were otherwise breached. It is accordingly agreed that the
         parties shall be entitled to an injunction or injunctions to prevent or
         cure breaches of the provisions of this Agreement and to enforce
         specifically the terms and provisions hereof, this being in addition to
         any other remedy to which any of them may be entitled by law or equity.

                  (ii) Each of the Company and the Holders (i) hereby
         irrevocably submits to the exclusive jurisdiction of the state and
         federal courts located in New York City, New York for the purposes of
         any suit, action or proceeding arising out of or relating to this
         Agreement and (ii) hereby waives, and agrees not to assert in any such
         suit, action or proceeding, any claim that it is not personally subject
         to the jurisdiction of such court, that the suit, action or proceeding
         is brought in an inconvenient forum or that the venue of the suit,
         action or proceeding is improper. Each of the Company and the Holders
         consents to process being served in any such suit, action or proceeding
         by mailing a copy thereof to such party at the address in effect for
         notices to it under this Agreement and agrees that such service shall
         constitute good and sufficient

                                       16
<PAGE>

         service of process and notice thereof. Nothing in this Section 8(f)
         shall affect or limit any right to serve process in any other manner
         permitted by law.

         (g) Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given, unless the same shall be in writing and signed by the Company and the
Holders of 75% of the Registrable Securities. Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter
that relates exclusively to the rights of Holders and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of the
Registrable Securities to which such waiver or consent relates; provided,
however, that the provisions of this sentence may not be amended, modified, or
supplemented except in accordance with the provisions of the immediately
preceding sentence.

         (h) Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earlier of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified for notice prior to 5:00 p.m., New York City time, on
a Business Day, (ii) the next Business Day after the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number
specified in this Section on a day that is not a Business Day or later than 5:00
p.m., New York City time, on any date and earlier than 11:59 p.m., New York City
time, on such date, (iii) the Business Day following the date of mailing, if
sent by nationally recognized overnight courier service such as Federal Express
or (iv) actual receipt by the party to whom such notice is required to be given.
The addresses for such communications shall be with respect to each Holder at
its address set forth under its name on Schedule 1 attached hereto, or with
respect to the Company, addressed to:

                                    NexMed, Inc.
                                    350 Corporate Boulevard
                                    Robbinsville, NJ  08691
                                    Attention:  Chief Financial Officer
                                    Facsimile No.:  609-208-1622

or to such other address or addresses or facsimile number or numbers as any such
party may most recently have designated in writing to the other parties hereto
by such notice. Copies of notices to the Company shall be sent to Katten Muchin
Zavis Rosenman, 575 Madison Avenue, New York, NY 10022, Attn: Robert Kohl, Esq.,
Facsimile No. (212) 940-8776. Copies of notices to any Holder shall be sent to
the addresses, if any, listed on Schedule 1 attached hereto.

         (i) Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their successors and permitted assigns
and shall inure to the benefit of each Holder and its successors and assigns;
provided, that the Company may not

                                       17
<PAGE>

assign this Agreement or any of its rights or obligations hereunder without the
prior written consent of each Holder; and provided, further, that each Holder
may assign its rights hereunder in the manner and to the Persons as permitted
under the Purchase Agreement.

         (j) Assignment of Registration Rights. The rights of each Holder
hereunder, including the right to have the Company register for resale
Registrable Securities in accordance with the terms of this Agreement, shall be
automatically assignable by each Holder to any transferee of such Holder of all
or a portion of the Shares, the Warrants or the Registrable Securities if: (i)
the Holder agrees in writing with the transferee or assignee to assign such
rights, and a copy of such agreement is furnished to the Company within a
reasonable time after such assignment, (ii) the Company is, within a reasonable
time after such transfer or assignment, furnished with written notice of (a) the
name and address of such transferee or assignee, and (b) the securities with
respect to which such registration rights are being transferred or assigned,
(iii) following such transfer or assignment the further disposition of such
securities by the transferee or assignees is restricted under the Securities Act
and applicable state securities laws, (iv) at or before the time the Company
receives the written notice contemplated by clause (ii) of this Section 8(j),
the transferee or assignee agrees in writing with the Company to be bound by all
of the provisions of this Agreement, and (v) such transfer shall have been made
in accordance with the applicable requirements of the Purchase Agreement. The
rights to assignment shall apply to the Holders (and to subsequent) successors
and assigns.

         The Company may require, as a condition of allowing such assignment in
connection with a transfer of Shares, Warrants or Registrable Securities (i)
that the Holder or transferee of all or a portion of the Shares, the Warrants or
the Registrable Securities as the case may be, furnish to the Company a written
opinion of counsel that is reasonably acceptable to the Company to the effect
that such transfer may be made without registration under the Securities Act,
(ii) that the Holder or transferee execute and deliver to the Company an
investment letter in form and substance acceptable to the Company and (iii) that
the transferee be an "accredited investor" as defined in Rule 501(a) promulgated
under the Securities Act.

         (k) Counterparts; Facsimile. This Agreement may be executed in any
number of counterparts, each of which when so executed shall be deemed to be an
original and, all of which taken together shall constitute one and the same
Agreement. In the event that any signature is delivered by electronic image or
facsimile transmission, such signature shall create a valid binding obligation
of the party executing (or on whose behalf such signature is executed) the same
with the same force and effect as if such electronic image or facsimile
signature were the original thereof.

         (l) Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to principles
of conflicts of law thereof.

                                       18
<PAGE>

         (m) Cumulative Remedies. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.

         (n) Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable in any respect, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or
unenforceable.

         (o) Headings. The headings herein are for convenience only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

         (p) Registrable Securities Held by the Company and its Affiliates.
Whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by the
Company or its Affiliates (other than any Holder or transferees or successors or
assigns thereof if such Holder is deemed to be an Affiliate solely by reason of
its holdings of such Registrable Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

         (q) Obligations of Purchasers. The Company acknowledges that the
obligations of each Purchaser under this Agreement, are several and not joint
with the obligations of any other Purchaser, and no Purchaser shall be
responsible in any way for the performance of the obligations of any other
Purchaser under this Agreement. The decision of each Purchaser to enter into to
this Agreement has been made by such Purchaser independently of any other
Purchaser. The Company further acknowledges that nothing contained in this
Agreement, and no action taken by any Purchaser pursuant hereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Purchasers are in
any way acting in concert or as a group with respect to such obligations or the
transactions contemplated hereby. Each Purchaser shall be entitled to
independently protect and enforce its rights, including without limitation, the
rights arising out of this Agreement, and it shall not be necessary for any
other Purchaser to be joined as an additional party in any proceeding for such
purpose.

         Each Purchaser acknowledges and agrees that it has been represented by
its own separate legal counsel in their review and negotiation of this Agreement
and with respect to the transactions contemplated hereby. For reasons of
administrative convenience only, this Agreement has been prepared by Special
Counsel (counsel for SDS Capital Group SPC, Ltd.

                                       19
<PAGE>

("SDS")) and the Special Counsel will perform certain duties under this
Agreement. Such counsel does not represent all of the Purchasers but only SDS.
The Company has elected to provide all Purchasers with the same terms and
Agreement for the convenience of the Company and not because it was required or
requested to do so by the Purchasers. The Company acknowledges that such
procedure with respect to this Agreement in no way creates a presumption that
the Purchasers are in any way acting in concert or as a group with respect to
this Agreement or the transactions contemplated hereby or thereby.

                            [signature page follows]

                                       20

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Investor Rights
Agreement to be duly executed by their respective authorized persons as of the
date first indicated above.

COMPANY:

NEXMED, INC.

By: /s/ Vivian H. Liu
    -----------------
Name:  Vivian H. Liu
Title:  Vice President & CFO

PURCHASER:

Print Exact Name:  Allison Berman Trust

By:  /s/ Barry Praver
     ----------------
Name:  Barry Praver
Title:  Trustee

<PAGE>

PURCHASER:

Print Exact Name:  Ann Berman Credit Shelter Trust

By:  /s/ Warren Berman
     -----------------
Name:  Warren Berman
Title:  Trustee

<PAGE>

PURCHASER:

Print Exact Name:  Ari Berman Trust

By:  /s/ Barry Praver
     ----------------
Name:  Barry Praver
Title:  Trustee

<PAGE>

PURCHASER:

Print Exact Name:  BayStar Capital II, L.P.

By:  /s/ Steve Derby
     ---------------
Name:  Steve Derby
Title:  General Partner of Managing Member Bay East, L.P.

<PAGE>

PURCHASER:

Print Exact Name:  Caduceus Capital II, L.P.

By:  /s/ Samuel D. Isaly
     -------------------
Name:  Samuel D. Isaly
Title:  Managing Member of the General Partner

<PAGE>

PURCHASER:

Print Exact Name:  Chula Partners, L.P.

By:  /s/ Warren Berman
     -----------------
Name:  Warren Berman
Title:  General Partner

<PAGE>

PURCHASER:

Print Exact Name:  Clarion Capital Corporation

By:  /s/ Morton A. Cohen
     -------------------
Name:  Morton A. Cohen
Title:  Chairman

<PAGE>

PURCHASER:

Print Exact Name:  Clarion Offshore Fund, Ltd.

By:  /s/ Morton A. Cohen
     -------------------
Name:  Morton A. Cohen
Title: General Partner

<PAGE>

PURCHASER:

Print Exact Name:  Clarion Partners, L.P.

By:  /s/ Morton A. Cohen
     -------------------
Name:  Morton A. Cohen
Title:  Investment Manager

<PAGE>

PURCHASER:

Print Exact Name:  HFR SHC Aggressive Fund

By:  /s/ Samuel D. Isaly
     -------------------
Name:  Samuel D. Isaly
Title:  Managing Member of the Investment Advisor

<PAGE>

PURCHASER:

Print Exact Name:  Midsummer Investment, Ltd.

By:  /s/ Scott D. Kaufman
     --------------------
Name:  Scott D. Kaufman
Title:  Managing Director Midsummer Capital, LLC Acting as Investment Manager of
Midsummer Investment, Ltd.

<PAGE>

PURCHASER:

Print Exact Name:  Penfield Partners, L.P.

By:  /s/ Jeffrey O. Putterman
     ------------------------
Name:  Jeffrey O. Putterman
Title:  Limited Partner, Pine Creek Advisors, L.P. (General Partner of Penfield
Partners, L.P.)

<PAGE>

PURCHASER:

Print Exact Name:  SDS Capital Group SPC, Ltd.

By:  /s/ Steve Derby
     ---------------
Name:  Steve Derby
Title: Managing Member

<PAGE>

PURCHASER:

Print Exact Name:  Summit Capital Partners, LP

By:  /s/ Matthew C. Rudolf
     ---------------------
Name:  Matthew C. Rudolf
Title: Managing Director Summit Capital Management, LLC, General Partner
Summit Capital Partners, L.P.

<PAGE>

PURCHASER:

Print Exact Name:  The Tail Wind Fund Ltd.

By:  Tail Wind Advisory and Management Ltd., as investment manager

By:  /s/ David Crook
     ---------------
Name:  David Crook
Title:  CEO

<PAGE>

PURCHASER:

Print Exact Name:  Winchester Global Trust Company Limited as Trustee for
Caduceus Capital Trust

By:  /s/ Samuel D. Isaly
     -------------------
Name:  Samuel D. Isaly
Title:  Managing Member of the Investment Advisor

<PAGE>

            SCHEDULE 1 TO COMMON STOCK AND WARRANT PURCHASE AGREEMENT

               PURCHASERS AND SHARES OF COMMON STOCK AND WARRANTS
<TABLE>
<CAPTION>

     <S>                                     <C>                   <C>                     <C>                      <C>
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
    NAME, ADDRESS AND FAX NUMBER          COPIES OF NOTICES TO  SHARES OF COMMON STOCK  COMMON STOCK UNDERLYING   PURCHASE PRICE
           OF PURCHASER                                                PURCHASED                WARRANTS
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Allison Berman Trust
504 North 4th Street, Suite 102
Fairfield, IA 52556                                                    16,667                  5,833               $25,000
T: (641) 472-4887
F: (641) 472-6929
Email: ees@lisco.com
Contact: Barry Praver
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Ann Berman Credit Shelter Trust
504 North Fourth Street, Suite 102
Fairfield, IA 52556                                                    33,333                 11,667               $50,000
T: (641) 472-4887
F: (641) 472-6929
Contact: Warren Berman
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Ari Berman Trust
504 North Fourth Street, Suite 102
Fairfield, IA 52556                                                    16,667                  5,833               $25,000
T: (641) 472-4887
F: (641) 472-6929
Contact: Warren Berman
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
BayStar Capital II, L.P.
c/o BayStar Capital Management, LLC
80 East Sir Francis Drake Blvd
Suite 2B                                                             1,000,000                350,000            $1,500,000
Larkspur, CA 94939
Tel:     203-967-5875
Fax:     203-967-5851
Contact: Steve Derby
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Chula Partners, L.P.
504 North Fourth Street, Suite 102
Fairfield, IA 52556                                                   266,667                 93,333              $400,000
T: (641) 472-4887
F: (641) 472-6929
Contact: Warren Berman
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------

<PAGE>
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
    NAME, ADDRESS AND FAX NUMBER          COPIES OF NOTICES TO  SHARES OF COMMON STOCK  COMMON STOCK UNDERLYING   PURCHASE PRICE
           OF PURCHASER                                                PURCHASED                WARRANTS
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Clarion Capital Corporation
1801 East 9th Street
Suite 510                                                             100,000                 35,000              $150,000
Cleveland, OH 44114
T: (216) 687-8948
F: (216) 694-3545
Contact: Morton Cohen
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Clarion Offshore Fund, Ltd.
1801 East 9th Street
Suite 510                                                              33,334                 11,667               $50,001
Cleveland, OH 44114
T: (216) 687-8948
F: (216) 694-3545
Contact: Morton Cohen
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Clarion Partners, L.P.
1801 East 9th Street
Suite 510                                                              33,334                 11,667               $50,001
Cleveland, OH 44114
T: (216) 687-8948
F: (216) 694-3545
Contact: Morton Cohen
----------------------------------------- --------------------  ----------------------  ---------------------- -------------------

                                                                19

<PAGE>
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
    NAME, ADDRESS AND FAX NUMBER          COPIES OF NOTICES TO  SHARES OF COMMON STOCK  COMMON STOCK UNDERLYING   PURCHASE PRICE
           OF PURCHASER                                                PURCHASED                WARRANTS
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Midsummer Investment, Ltd.
485 Madison Avenue, 23rd floor
New York, NY 10022                                                    333,333                 116,667             $500,000
T: (212) 584-2140
F: (212) 584-2142
Contact: Michel A. Amsalem
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Winchester Global Trust Company Limited
as Trustee for Caduceus Capital Trust

c/o OrbiMed Advisors LLC                                             1,370,000                479,500            $2,055,000
767 Third Avenue, 30th floor
New York, NY 10280
T: (212) 739-6410
F: (212) 739-6444
Contact: Sven Borho
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Caduceus Capital II, L.P.

c/o OrbiMed Advisors LLC
767 Third Avenue, 30th floor                                          680,000                 238,000            $1,020,000
New York, NY 10280
T: (212) 739-6410
F: (212) 739-6444
Contact: Sven Borho
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
HFR SHC Aggressive Fund

c/o OrbiMed Advisors LLC
767 Third Avenue, 30th floor                                          200,000                 70,000              $300,000
New York, NY 10280
T: (212) 739-6410
F: (212) 739-6444
Contact: Sven Borho
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------

                                                                20
<PAGE>
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
    NAME, ADDRESS AND FAX NUMBER          COPIES OF NOTICES TO  SHARES OF COMMON STOCK  COMMON STOCK UNDERLYING   PURCHASE PRICE
           OF PURCHASER                                                PURCHASED                WARRANTS
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Penfield Partners, L.P.
c/o William D. Witter, Inc.
153 East 53rd St., 51st Floor                                         400,000                 140,000             $600,000
NY, NY 10022-4611
T: (212) 753-7878
F: (212) 486-7697
Contact: Jeff Putterman
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
SDS Capital Group SPC, Ltd.               Mike Grundei
c/o SDS Management, LLC                   Wiggin & Dana LLP
53 Forest Avenue, 2nd Floor               400 Atlantic Street         500,000                 175,000             $750,000
Old Greenwich, CT 06870                   Stamford, CT 06901
T: (203) 967-5875                         T: (203) 363-7630
F: (203) 967-5851                         F: (203) 363-7676
Contact: Steve Derby
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------

                                                                21
<PAGE>
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
    NAME, ADDRESS AND FAX NUMBER          COPIES OF NOTICES TO  SHARES OF COMMON STOCK  COMMON STOCK UNDERLYING   PURCHASE PRICE
           OF PURCHASER                                                PURCHASED                WARRANTS
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Summit Capital Partners, LP
601 Union Street, Suite 3900
Seattle, WA 98101-4054                                                200,000                 70,000              $300,000
Tel: 206-447-6200
Fax: 206-447-6204
Contact: Jack Morbeck
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
The Tail Wind Fund Ltd.

Address for Notices:

c/o Tail Wind Advisory & Management Ltd.
1st Floor, No. 1 Regent Street
London, SW1Y 4NS UK                       Peter J. Weisman, P.C.
T: (44) 20-7468-7660                      335 Madison Avenue,
F:  (44) 20-7468-7657                     Ste 1702                    333,333                 116,667             $500,000
Contact: David Crook                      New York, NY 10017
                                          T: (212) 418-4972
                                          F: (212) 317-8855
Common Stock Delivered:

c/o Bishop Rosen & Co.
100 Broadway, 16th Floor
New York, NY 10005
T: (212) 602-0654
F: (212) 602-0697
Contact: Dan Freeman
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
Warrants Delivered to:

c/o The Bank of Nova Scotia Trust
Company Bahamas) Limited
Windermere House, 404 East Bay Street
Nassau, Bahamas
T: 242) 393-8777
F: (242) 393-0582
Contact: Ngaire Strachan
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------

                                                                22

<PAGE>

----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
    NAME, ADDRESS AND FAX NUMBER          COPIES OF NOTICES TO  SHARES OF COMMON STOCK  COMMON STOCK UNDERLYING   PURCHASE PRICE
           OF PURCHASER                                                PURCHASED                WARRANTS
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
TOTALS:                                                              5,516,668               1,615,834           $8,275,002
----------------------------------------- --------------------  ----------------------  ----------------------- -------------------
</TABLE>

                                                                23

<PAGE>

                                    EXHIBIT A

                              PLAN OF DISTRIBUTION

         We are registering the shares of common stock on behalf of the selling
security holders. Sales of shares may be made by selling security holders,
including their respective donees, transferees, pledgees or other
successors-in-interest directly to purchasers or to or through underwriters,
broker-dealers or through agents. Sales may be made from time to time on the
Nasdaq National Market, any other exchange or market upon which our shares may
trade in the future, in the over-the-counter market or otherwise, at market
prices prevailing at the time of sale, at prices related to market prices, or at
negotiated or fixed prices. The shares may be sold by one or more of, or a
combination of, the following:

-        a block trade in which the broker-dealer so engaged will attempt to
         sell the shares as agent but may position and resell a portion of the
         block as principal to facilitate the transaction (including crosses in
         which the same broker acts as agent for both sides of the transaction);

-        purchases by a broker-dealer as principal and resale by such
         broker-dealer, including resales for its account, pursuant to this
         prospectus;

-        ordinary brokerage transactions and transactions in which the broker
         solicits purchases;

-        through options, swaps or derivatives;

-        in privately negotiated transactions;

-        in making short sales or in transactions to cover short sales; and

-        put or call option transactions relating to the shares.

         The selling security holders may effect these transactions by selling
shares directly to purchasers or to or through broker-dealers, which may act as
agents or principals. These broker-dealers may receive compensation in the form
of discounts, concessions or commissions from the selling security holders
and/or the purchasers of shares for whom such broker-dealers may act as agents
or to whom they sell as principals, or both (which compensation as to a
particular broker-dealer might be in excess of customary commissions). The
selling security holders have advised us that they have not entered into any
agreements, understandings or arrangements with any underwriters or
broker-dealers regarding the sale of their securities.

         The selling security holders may enter into hedging transactions with
broker-dealers or other financial institutions. In connection with those
transactions, the broker-dealers or other financial institutions may engage in
short sales of the shares or of securities convertible into or exchangeable for
the shares in the course of hedging positions they assume with the selling
security holders. The selling security holders may also enter into options or
other

<PAGE>

transactions with broker-dealers or other financial institutions which require
the delivery of shares offered by this prospectus to those broker-dealers or
other financial institutions. The broker-dealer or other financial institution
may then resell the shares pursuant to this prospectus (as amended or
supplemented, if required by applicable law, to reflect those transactions).

         The selling security holders and any broker-dealers that act in
connection with the sale of shares may be deemed to be "underwriters" within the
meaning of Section 2(11) of the Securities Act of 1933, and any commissions
received by broker-dealers or any profit on the resale of the shares sold by
them while acting as principals may be deemed to be underwriting discounts or
commissions under the Securities Act. The selling security holders may agree to
indemnify any agent, dealer or broker-dealer that participates in transactions
involving sales of the shares against liabilities, including liabilities arising
under the Securities Act. We have agreed to indemnify each of the selling
security holders and each selling security holder has agreed, severally and not
jointly, to indemnify us against some liabilities in connection with the
offering of the shares, including liabilities arising under the Securities Act.

         The selling security holders will be subject to the prospectus delivery
requirements of the Securities Act. We have informed the selling security
holders that the anti-manipulative provisions of Regulation M promulgated under
the Securities Exchange Act of 1934 may apply to their sales in the market.

         Selling security holders also may resell all or a portion of the shares
in open market transactions in reliance upon Rule 144 under the Securities Act,
provided they meet the criteria and conform to the requirements of Rule 144.

         Upon being notified by a selling security holder that a material
arrangement has been entered into with a broker-dealer for the sale of shares
through a block trade, special offering, exchange distribution or secondary
distribution or a purchase by a broker or dealer, we will file a supplement to
this prospectus, if required pursuant to Rule 424(b) under the Securities Act,
disclosing:

-        the name of each such selling security holder and of the participating
         broker-dealer(s);

-        the number of shares involved;

-        the initial price at which the shares were sold;

-        the commissions paid or discounts or concessions allowed to the
         broker-dealer(s), where applicable;

-        that such broker-dealer(s) did not conduct any investigation to verify
         the information set out or incorporated by reference in this
         prospectus; and

-        other facts material to the transactions.

                                       25
<PAGE>

         In addition, if required under applicable law or the rules or
regulations of the Commission, we will file a supplement to this prospectus when
a selling security holder notifies us that a donee or pledgee intends to sell
more than 500 shares of common stock.

         We are paying all expenses and fees in connection with the registration
of the shares. The selling security holders will bear all brokerage or
underwriting discounts or commissions paid to broker-dealers in connection with
the sale of the shares.

                                       26
<PAGE>

                                    EXHIBIT B

                                  NEXMED, INC.
                    FORM OF SELLING SHAREHOLDER QUESTIONNAIRE

         This Questionnaire and Agreement is being furnished to all of the
individuals and entities who hold shares of the Company's Common Stock and
Warrants to purchase shares of the Company's Common Stock issued in connection
with the Common Stock and Warrant Purchase Agreement dated June 18, 2004 between
the Company and the Purchasers listed on Schedule 1 thereto (such shares of
Common Stock and the shares of Common Stock issuable on the exercise of the
Warrants, collectively "the Shares"), that are to be registered for resale under
a registration statement on Form S-3 (the "Registration Statement") to be filed
with the Securities and Exchange Commission in connection with the public
offering of the Shares by the undersigned (the "Offering"). The Company will
rely on the information supplied by you in response to this Questionnaire and
Agreement to prepare such registration statement.

Please Print or Type.

1.       Name of individual or entity:__________________________________________

         _______________________________________________________________________

         ___________________________________

2.       Address of principal place of business or, if an individual, address of
         residence______________________________________________________________

         _______________________________________________________________________

         _______________________________________________________________________

         ___________________________________________

3.       Jurisdiction of formation or incorporation (if the undersigned is an
         entity):_______________________________________________________________

         _______________________________________________________________________

         ______________

4.       Telephone and fax numbers:_____________________________________________

         ___________

5.       Contact person:________________________________________________________

         _________

         SHARES PURCHASED IN JUNE 18, 2004 OFFERING

6.       Number of Shares of Common Stock purchased by Purchaser in connection
         with the June 18, 2004 Common Stock and Warrant Purchase Agreement:____

         _______________________________________________________________________

         ___________________________

                                       27
<PAGE>

7.       Number of Shares issuable upon the exercise of Warrants purchased in
         connection with the June 18, 2004 Common Stock and Warrant Purchase
         Agreement:_____________________________________________________________

         _______________________________________________________________________

         _________________

8.       Do you wish for all Shares listed in Questions 6 and 7 to be registered
         for resale in the Registration Statement?

         Yes___________                    No_____________

SHARES HELD BY UNDERSIGNED OTHER THAN THOSE PURCHASED IN JUNE 18, 2004 OFFERING

9.       Number of shares of Common Stock owned by the undersigned, other than
         those shares purchased in connection with the June 18, 2004 Common
         Stock and Warrant Purchase Agreement:__________________________________

         _______________________________________________________________________

         ________________

10.      Number of shares issuable upon the exercise of Warrants owned by the
         undersgined, other than those Warrants purchased in connection with the
         June 18, 2004 Common Stock and Warrant Purchase Agreement:_____________

         _______________________________________________________________________

         ____________

         If any of the Warrants listed in the answer to Question 10 were
         purchased in connection with the Company's issuance of its Series B 8%
         Cumulative Convertible Preferred Stock, please specify how
         many:

         ______________________________________________________________

11.      Number of shares issuable upon conversion of the Company's 5%
         Convertible Notes:_____________________________________________________

         _______________________________________________________________________

         _______________________

12.      Relationship of the undersigned or its affiliates with the Company or
         its affiliates, other than as a holder of Shares (include any material
         relationship within the past three years). If "none", so state:________

         _______________________________________________________________________

         ________________________

13.      Are you a member, an affiliate of a member, or a person associated with
         a member, of the National Association of Securities Dealers, Inc. (the
         "NASD")?

         Yes___________                    No_____________

         If the answer to Question 13 is "yes", state (a) the name of any such
         NASD member, (b) the nature of your affiliation or association with
         such NASD member, (c) information as to such NASD member's
         participation in any capacity in the offering or the original placement
         of the Securities.

                                       28
<PAGE>
14.      If you answered "yes" to Question 13 above, please fill out the
         following table with respect to any purchases from the Company or any
         of its affiliates in a private placement within twelve months prior to
         the date hereof (excluding your purchase of the Shares).

<TABLE>
<CAPTION>
------------------------------- ---------------------------- ---------------------------- ----------------------------
                                                                 Amount and Name of             Price or Other
       Date of Purchase                   Seller                     Securities                  Consideration
------------------------------- ---------------------------- ---------------------------- ----------------------------
     <S>                           <C>                           <C>                           <C>

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

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

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

------------------------------- ---------------------------- ---------------------------- ----------------------------
</TABLE>

15.      Have you entered into any agreements, understandings or arrangements
         with any underwriters or broker-dealers regarding the sale of the
         Shares?

         Yes___________                    No_____________

The undersigned consents to the disclosure of the answers to the above in the
registration statement.

IN WITNESS WHEREOF, the undersigned executed this Questionnaire and Agreement on
this ___ day of ______, 2004.

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

                                  (Signature)

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

                                  (Print Name and Title, if applicable)

                                       29
<PAGE>

                                    EXHIBIT C

                         FORM OF NOTICE OF EFFECTIVENESS

                            OF REGISTRATION STATEMENT

[Date]

Wells Fargo Bank Minnesota, N.A.
Shareowner Services
161 North Concord Exchange Street
South St Paul, MN 55075-1139
Attn:    Suzy Swits
Fax: 651-450-4078
Tel: 651-450-4120

Re: NexMed, Inc.

Ladies and Gentlemen:

We are counsel to NexMed, Inc. (the "Company") and have been requested to
furnish you with an opinion with respect to (a) the removal of the restrictive
legend from certificates representing shares of the Company's common stock,
$0.001 par value per share (the "Common Shares") currently held by the
individuals and/or entities who are listed, and in the amounts set forth, in
Column A on Schedule A attached hereto (individually, a "Holder" and
collectively, the "Holders") and (b) certain issuances of the Common Shares upon
exercise of the Company's warrants listed on Schedule B attached hereto (the
"Warrants") in each case held by the Holders and in the amounts set forth in
Column B on Schedule A.

Please be advised that the Common Shares referred to above have been registered
for resale by the Holders under the Securities Act of 1933 (the "1933 Act")
pursuant to a Registration Statement on Form S-3 (File No. 333-_______) filed
with the Securities and Exchange Commission ____________, and declared effective
on _____________ (the "Registration Statement").

For the purposes of rendering the opinions expressed herein, we have examined
and relied upon such documents as we have deemed relevant and necessary as the
basis for said opinions. In such examination we have assumed the genuineness of
all signatures, the authenticity of all documents submitted to us as certified
or photostatic copies, and the authenticity of the originals of such documents.
As to questions of fact material to the opinions expressed herein, we have
relied, without independent investigation or verification, upon the statements
of fact contained in the documents which we have examined. Based on the
foregoing, and with due regard to such legal considerations as we have deemed
relevant,

                                       30
<PAGE>

we are of the opinion that for so long as the Company remains current
in its filings under the Securities Exchange Act of 1934 (the "1934 Act") and
the Registration Statement remains effective under the 1933 Act:

1.       upon your receipt of (a) a legended certificate and/or certificates
         representing a number of Common Shares set forth opposite a Holder's
         name in Column A of Schedule A attached hereto, together with (b) a
         representation from such Holder in the form of Annex I attached hereto
         stating that it has sold or intends to resell such Common Shares solely
         in accordance with the Registration Statement, certificates
         representing such Common Shares may be issued to such Holder free of
         any restrictive legend; and

2.       upon your receipt of (a) written instructions from the Secretary of the
         Company stating that any Warrants held by a Holder have been duly
         exercised, and the number of Common Shares to be issued upon such
         exercise, together with (b) a representation from such Holder
         identifying the Warrants that it is exercising into Common Shares and
         stating that it has current plans to resell such Common Shares in
         accordance with the Registration Statement in the form of the
         representation contained in Annex I (which representation may be
         contained in the Subscription Form delivered upon exercise of such
         Warrants), certificates representing such Common Shares, in an amount
         up to the number of unissued Common Shares set forth opposite such
         Holder's name in Column B of Schedule A attached hereto, may be issued
         to such Holder in accordance with the Company's instructions, free of
         any restrictive legend.

This is to advise you that, to the extent a Holder does not furnish a
representation letter as set forth in paragraphs 1 or 2 above for any Common
Shares, then certificates for those Common Shares should be issued with a
restrictive legend.

This opinion letter being provided to you as of the date hereof in connection
with the issuance of certificates representing up to the number of Common Shares
set forth opposite the names of the Holders listed on Schedule A, is solely for
your benefit and may not be used, circulated, quoted or otherwise referred to or
relied upon by you for any other purpose, or by any other person for any
purpose, without our prior written consent.

Very truly yours.

KATTEN MUCHIN ZAVIS ROSENMAN

By: ________________________________
              A Partner

                                       31
<PAGE>

                                   SCHEDULE A

<TABLE>
<CAPTION>
----------------------------------------------- -------------------------------- --------------------------------
                                                           COLUMN A                          COLUMN

         NAME OF SELLING SHAREHOLDER             COMMON SHARES CURRENTLY OWNED    COMMON SHARES ISSUABLE WITH
                                                                                       RESPECT TO WARRANTS
     <S>                                               <C>                            <C>
----------------------------------------------- -------------------------------- --------------------------------

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

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

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

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

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

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

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

</TABLE>

                                       32
<PAGE>

                                   SCHEDULE B

1.  Warrants issued in connection with offering of Common Stock and Warrants,
dated __________, 2003.

                                       33
<PAGE>

                                     ANNEX I

                              HOLDER REPRESENTATION

Dated: ___________

Wells Fargo Bank Minnesota, N.A.
Shareowner Services
161 North Concord Exchange Street
South St Paul, MN 55075-1139
Attn:    Suzy Swits
Fax: 651-450-4078
Tel: 651-450-4120

Re:      NexMed, Inc.

Dear Ms. Swits:

In connection with a private placement transaction ("Private Placement") which
was consummated on or about June 18, 2004, NexMed, Inc. ("Company") issued to
the undersigned ("Holder") shares of the Company's common stock, $0.001 par
value per share ("Common Shares"), and warrants ("Warrants") to purchase Common
Shares. Holder hereby represents to you t (check below as appropriate)

    [ ]  it has sold or has current plans to resell _____________ Common Shares
         purchased by Holder in connection with the Private Placement, solely in
         accordance with the terms of the Registration Statement filed with the
         U.S. Securities and Exchange Commission by the Company covering such
         Common Shares as described under the section entitled "Plan of
         Distribution" therein; and/or

    [ ]  it has exercised Warrant(s) No. ___, and in connection with such
         exercise has purchased _____________ Common Shares, and it has sold or
         has current plans to resell _____________ of such Common Shares, solely
         in accordance with the terms of the Registration Statement filed with
         the U.S. Securities and Exchange Commission by the Company covering
         such Common Shares as described under the section entitled "Plan of
         Distribution" therein.

Please contact _____________________ at (___) __________ if you require any
further representation, confirmation or information. Thank you.

Holder Name: __________________________
             By: _______________________
             Name:
             Title:

                                       34

<PAGE>

                                       35<PAGE>

                                                                   EXHIBIT 10.2

                               ADVISORY AGREEMENT

         THIS ADVISORY AGREEMENT, dated as of ________ ___, 2004, is between
HARTMAN COMMERCIAL PROPERTIES REIT, a Maryland real estate investment trust (the
"Company"), and HARTMAN MANAGEMENT, L.P., a Texas limited partnership (the
"Advisor").

                               W I T N E S S E T H

         WHEREAS, the Company has filed with the Securities and Exchange
Commission a Registration Statement on Form S-11 (no. 333-111674) (the
"Registration Statement") covering the issuance of common shares of beneficial
interest, and the Company may subsequently issue common shares of beneficial
interest (collectively, the "Shares");

         WHEREAS, the Company currently qualifies as a REIT (as defined below),
and to invest its funds in investments permitted by the terms of the Company's
Declaration of Trust and Sections 856 through 860 of the Code (as defined
below);

         WHEREAS, the Company desires to continue to avail itself of the
experience, sources of information, advice, assistance and certain facilities
available to the Advisor and to have the Advisor undertake the duties and
responsibilities hereinafter set forth, on behalf of, and subject to the
supervision of, the Board of Trustees of the Company all as provided herein; and

         WHEREAS, the Advisor is willing to continue to undertake to render such
services, subject to the supervision of the Board of Trustees, on the terms and
conditions hereinafter set forth;

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

         1. DEFINITIONS. As used in this Amended and Restated Advisory Agreement
(the "Agreement"), the following terms have the definitions hereinafter
indicated:

         Acquisition Expenses. Any and all expenses incurred by the Company, the
Advisor, or any Affiliate of either in connection with the selection,
acquisition or development of any Property, whether or not acquired, including,
without limitation, legal fees and expenses, travel and communications expenses,
costs of appraisals, nonrefundable option payments on property not acquired,
accounting fees and expenses, and title insurance premiums.

         Acquisition Fees. Any and all fees and commissions, exclusive of
Acquisition Expenses, paid by any Person to any other Person (including any fees
or commissions paid by or to any Affiliate of the Company or the Advisor) in
connection with purchase, development or construction of any Property,
including, without limitation, real estate commissions, acquisition fees,
finder's fees, selection fees, nonrecurring management fees, consulting fees,
loan fees, points, or any other fees or commissions of a similar nature.

         Advisor. Hartman Management, L.P., a Texas limited partnership, any
successor advisor to the Company, or any Person(s) to which Hartman Management,
L.P. or any successor advisor subcontracts substantially all of its functions.

<PAGE>

         Affiliate or Affiliated. An Affiliate of another Person includes only
the following: (i) any Person directly or indirectly controlling, controlled by,
or under common control with such other Person; (ii) any Person directly or
indirectly owning, controlling, or holding with the power to vote 10% or more of
the outstanding voting securities of such other Person; (iii) any legal entity
for which such Person acts as an executive officer, director, trustee, trust
manager, or general partner; (iv) any Person 10% or more of whose outstanding
voting securities are directly or indirectly owned, controlled, or held, with
power to vote, by such other Person; and (v) any executive officer, director,
trustee, trust manager, or general partner of such other Person. An entity shall
not be deemed to control or be under common control with an Advisor-sponsored
program unless (i) the entity owns 10% or more of the voting equity interests of
such program or (ii) a majority of the board (or equivalent governing body) of
such program is comprised of Affiliates of the entity.

         Appraised Value. Value according to an appraisal made by an Independent
Appraiser.

         Declaration of Trust. The Declaration of Trust of the Company under
Title 2 of the Corporations and Associations Article of the Annotated Code of
Maryland, as amended from time to time.

         Asset Management Fee. The Asset Management Fee payable to the Advisor
as defined in Section 8(a).

         Average Invested Assets. For a specified period, the average of the
aggregate book value of the assets of the Company invested, directly or
indirectly, in Properties and Loans secured by real estate before reserves for
depreciation or bad debts or other similar non-cash reserves, computed by taking
the average of such values at the end of each month during such period.

         Board of Trustees or Board. The persons holding such office, as of any
particular time, under the Declaration of Trust of the Company, whether they be
the Trustees named therein or additional or successor Trustees.

         Bylaws. The bylaws of the Company, as the same are in effect from time
to time.

         Capped O&O Expenses. All Organizational and Offering Expenses other
than selling commissions and the dealer manager fee as described under "Plan of
Distribution" in the Registration Statement.

         Cash from Financings. Net cash proceeds realized by the Company from
the financing of Property or from the refinancing of any Company indebtedness.

         Cash from Sales. Net cash proceeds realized by the Company from the
sale, exchange or other disposition of any of its assets after deduction of all
expenses incurred in connection therewith. Cash from Sales shall not include
Cash from Financings.

         Cash from Sales and Financings. The total sum of Cash from Sales and
Cash from Financings.

         Code. Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Code shall mean
such provision as in effect from time to time, as the same may be amended, and
any successor provision thereto, as interpreted by any applicable regulations as
in effect from time to time.

         Company. Hartman Commercial Properties REIT, a real estate investment
trust organized under the laws of the State of Maryland.

                                      -2-
<PAGE>

         Competitive Real Estate Commission. A real estate or brokerage
commission for the purchase or sale of property which is reasonable, customary,
and competitive in light of the size, type, and location of the property.

         Conflicts Committee. "Conflicts Committee" shall have the meaning set
forth in the Declaration of
Trust.

         Contract Sales Price. The total consideration received by the Company
for the sale of a Property.

         Cumulative Return. For the period for which the calculation is being
made, the percentage resulting from dividing (A) the total Distributions paid on
each Distribution date during such period (without regard to Distributions paid
out of Cash from Sales and Financings), by (B) the product of (i) the average
Invested Capital for such period (calculated on a daily basis), and (ii) the
number of days elapsed during such period.

         Declaration of Trust. The Declaration of Trust of the Company under
Title 8 of the Corporations and Associations Article of the Annotated Code of
Maryland, as amended from time to time.

         Disposition Fee.  The Disposition Fee as defined in Paragraph 8(c).

         Distributions. Any distributions of money or other property by the
Company to owners of Shares, including distributions that may constitute a
return of capital for federal income tax purposes.

         Gross Asset Value. The amount equal to the aggregate book value of the
Company's assets (other than investments in bank accounts, money market funds or
other current assets), before depreciation, bad debts or other similar non-cash
reserves and without reduction for any debt relating to such assets, at the date
of measurement, except that during such periods in which the Company is
obtaining regular independent valuations of the current value of its net assets
for purposes of enabling fiduciaries of employee benefit plan Shareholders to
comply with applicable Department of Labor reporting requirements, Gross Asset
Value is the greater of (i) the amount determined pursuant to the foregoing or
(ii) the Company's assets' aggregate valuation established by the most recent
such valuation report without reduction for depreciation, bad debts or other
similar non-cash reserves and without reduction for any debt relating to such
assets.

         Gross Proceeds. The aggregate purchase price of all Shares sold for the
account of the Company through an Offering, without deduction for Organization
and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase
price of any Share for which reduced selling commissions or dealer manager fees
are paid shall be deemed to be the amount paid by others purchasing Shares in
the Offering who paid such fees; therefore, all purchasers of Shares in the
Offering covered by the Registration Statement shall be deemed to have paid
$10.00 per Share.

         Independent Appraiser. A person or entity with no material current or
prior business or personal relationship with the Advisor or the Trustees, who is
engaged to a substantial extent in the business of rendering opinions regarding
the value of assets of the type held by the Company, and who is a qualified
appraiser of real estate as determined by the Board. Membership in a nationally
recognized appraisal society such as the American Institute of Real Estate
Appraisers ("M.A.I.") or the Society of Real Estate Appraisers ("S.R.E.A.")
shall be conclusive evidence of such qualification.

         Invested Capital. The amount calculated by multiplying the total number
of Shares purchased by Shareholders by the issue price, reduced by the portion
of any Distribution that is attributable to Net Sales Proceeds and by any
amounts paid by the Company to repurchase Shares pursuant to the Company's plan
for redemption of Shares.

                                      -3-
<PAGE>

         Joint Venture. Any joint venture, limited liability company or other
Affiliate of the Company that owns, in whole or in part on behalf of the
Company, any Properties.

         Listing. The listing of the Shares on a national securities exchange or
the quotation of Shares on the NASDAQ National Market System. Upon such Listing,
the Shares shall be deemed Listed.

         NASAA Guidelines. The NASAA Statement of Policy Regarding Real Estate
Investment Trusts as in effect on the date hereof.

         Net Income. For any period, the total revenues applicable to such
period, less the total expenses applicable to such period excluding additions to
reserves for depreciation, bad debts or other similar non-cash reserves;
provided, however, Net Income for purposes of calculating total allowable
Operating Expenses (as defined herein) shall exclude the gain from the sale of
the Company's assets.

         Net Sales Proceeds. In the case of a transaction described in clause
(i) (A) of the definition of Sale, the proceeds of any such transaction less the
amount of all real estate commissions and closing costs paid by the Company. In
the case of a transaction described in clause (i) (B) of such definition, Net
Sales Proceeds means the proceeds of any such transaction less the amount of any
legal and other selling expenses incurred in connection with such transaction.
In the case of a transaction described in clause (i) (C) of such definition, Net
Sales Proceeds means the proceeds of any such transaction actually distributed
to the Company from the joint venture. In the case of a transaction described in
clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of
such transaction or series of transactions less all amounts generated thereby
and reinvested in one or more Properties within 180 days thereafter and less the
amount of any real estate commissions, closing costs, and legal and other
selling expenses incurred by or allocated to the Company in connection with such
transaction or series of transactions. Net Sales Proceeds shall not include any
reserves established by the Company in its sole discretion.

         Offering. Any offering of Shares that is registered with the SEC,
excluding Shares offered under any employee benefit plan.

         Operating Expenses. All costs and expenses incurred by the Company, as
determined under generally accepted accounting principles, which in any way are
related to the operation of the Company or to Company business, including fees
paid to the Advisor, but excluding (i) the expenses of raising capital such as
Organization and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such
expenses and tax incurred in connection with the issuance, distribution,
transfer, registration and Listing of the Shares, (ii) interest payments, (iii)
taxes, (iv) non-cash expenditures such as depreciation, amortization and bad
loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the
NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate
commissions on resale of property, and other expenses connected with the
acquisition, disposition, and ownership of real estate interests, mortgage loans
or other property (such as the costs of foreclosure, insurance premiums, legal
services, maintenance, repair and improvement of property).

         Organization and Offering Expenses. All expenses incurred by and to be
paid from the assets of the Company in connection with and in preparing the
Company for registration of and subsequently offering and distributing its
Shares to the public, which may include but are not limited to, total
underwriting and brokerage discounts and commissions (including fees of the
underwriters' attorneys); expenses for printing, engraving and mailing; salaries
of employees while engaged in sales activity;

                                      -4-
<PAGE>

charges of transfer agents, registrars, trustees, trust managers, escrow
holders, depositaries and experts; and expenses of qualification of the sale of
the securities under Federal and State laws, including taxes and fees,
accountants' and attorneys' fees.

         Partnership. Hartman REIT Operating Partnership, L.P., a Texas limited
partnership formed to own and operate properties on behalf of the Company.

         Person. An individual, corporation, partnership, estate, trust
(including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a
portion of a trust permanently set aside for or to be used exclusively for the
purposes described in Section 642(c) of the Code, association, private
foundation within the meaning of Section 509(a) of the Code, joint stock company
or other entity, or any government or any agency or political subdivision
thereof, and also includes a group as that term is used for purposes of Section
13(d)(3) of the Securities Exchange Act of 1934, as amended.

         Property or Properties. Any real property or properties transferred or
conveyed to the Company or the Partnership, either directly or indirectly.

         Property Manager. Any entity that has been retained to perform and
carry out at one or more of the Properties property management services,
excluding persons, entities or independent contractors retained or hired to
perform facility management or other services or tasks at a particular Property,
the costs for which are passed through to and ultimately paid by the tenant at
such Property.

         REIT. A "real estate investment trust" under Sections 856 through 860
of the Code.

         Sale or Sales. (i) Any transaction or series of transactions whereby:
(A) the Company or the Partnership sells, grants, transfers, conveys, or
relinquishes its ownership of any Property or portion thereof, including the
lease of any Property consisting of the building only, and including any event
with respect to any Property which gives rise to a significant amount of
insurance proceeds or condemnation awards; (B) the Company or the Partnership
sells, grants, transfers, conveys, or relinquishes its ownership of all or
substantially all of the interest of the Company or the Partnership in any joint
venture in which it is a co-venturer or partner; or (C) any joint venture in
which the Company or the Partnership as a co-venturer or partner sells, grants,
transfers, conveys, or relinquishes its ownership of any Property or portion
thereof, including any event with respect to any Property which gives rise to
insurance claims or condemnation awards, but (ii) not including any transaction
or series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above
in which the proceeds of such transaction or series of transactions are
reinvested in one or more Properties within 180 days thereafter.

         Shares.  "Shares" has the meaning set forth in the preamble.

         Shareholders.  The registered holders of the Shares.

         Shareholders' 7% Return. As of each date, an aggregate amount equal to
an 7% Cumulative Return.

         Subordinated Incentive Fee. The fee payable to the Advisor under
certain circumstances if the Shares are listed on a national securities exchange
or quoted on the Nasdaq National Market System.

         Subordinated Performance Fee Due Upon Termination. A fee equal to (1)
15% of the amount, if any, by which (a) the Appraised Value of the Company's
Properties at the Termination Date, less amounts of all indebtedness secured by
the Company's Properties, plus total Distributions through the Termination Date
exceeds (b) the sum of Invested Capital, plus Distributions attributable to Net
Sales

                                      -5-
<PAGE>

Proceeds, plus total Distributions required to be made to the Shareholders in
order to pay the Shareholders' 7% Return from inception through the termination
date less (2) any prior payment to the Advisor of a Subordinated Share of Net
Sales Proceeds.

         Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net
Sales Proceeds as defined in Paragraph 8(d).

         Termination Date.  The date of termination of the Agreement.

         Trustee.  A member of the Board of Trustees of the Company.

         Vacant Property. A Property that has been economically vacant for (i)
the period from acquisition until the applicable measurement date, if less than
six months or (ii) at least six months as of the applicable date of measurement.

         2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines
that, in any 12-month period, total Operating Expenses not exceed the greater of
2% of the Company's Average Invested Assets during such 12-month period or 25%
of the Company's Net Income over the same 12-month period.

         2. APPOINTMENT. The Company hereby appoints the Advisor to serve as its
advisor and asset manager on the terms and conditions set forth in this
Agreement, and the Advisor hereby accepts such appointment.

         3. DUTIES AND AUTHORITY OF THE ADVISOR. The Advisor undertakes to use
its reasonable efforts (1) to present to the Company potential investment
opportunities to provide a continuing and suitable investment program consistent
with (i) the investment objectives and policies of the Company as determined and
adopted from time to time by the Board and (ii) the investment allocation method
described at Section 11(b) of this agreement and (2) to manage, administer,
promote, maintain, and improve the Properties on an overall portfolio basis in a
diligent manner. The services of the Advisor are to be of scope and quality not
less than those generally performed by professional asset managers of other
similar property portfolios. The Advisor shall make available the full benefit
of the judgment, experience and advice of the members of the Advisor's
organization and staff with respect to the duties it will perform under this
Agreement. The Advisor shall also obtain Property Managers, which may include
Affiliates of the Advisor, to manage, promote, and lease the Properties. To
facilitate the Advisor's performance of these undertakings, but subject to the
restrictions included in Paragraphs 4 and 7 and to the continuing and exclusive
authority of the Board over the management of the Company and the Partnership,
the Company hereby delegates to the Advisor the authority to, and the Advisor
hereby agrees to, either directly or by engaging an Affiliate:

         (a) serve as the Company's investment and financial advisor and provide
research and economic and statistical data in connection with the Company's
assets and investment policies;

         (b) provide the daily management of the Company and perform and
supervise the various administrative functions reasonably necessary for the
management of the Company;

         (c) maintain and preserve the books and records of the Company,
including a stock ledger reflecting a record of the Shareholders and their
ownership of the Company's Shares and acting as transfer agent for the Company's
Shares and maintaining the accounting and other record-keeping functions at the
Property and Company levels;

                                      -6-
<PAGE>

         (d) investigate, select, and, on behalf of the Company, engage and
conduct business with such Persons as the Advisor deems necessary to the proper
performance of its obligations hereunder, including but not limited to
consultants, accountants, correspondents, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents,
banks, builders, developers, property owners, mortgagors, and any and all agents
for any of the foregoing, including Affiliates of the Advisor, and Persons
acting in any other capacity deemed by the Advisor necessary or desirable for
the performance of any of the foregoing services, including but not limited to
entering into contracts in the name of the Company with any of the foregoing;

         (e) consult with the officers and the Board of the Company and assist
the Board in the formulation and implementation of the Company's financial
policies, and, as necessary, furnish the Board with advice and recommendations
with respect to the making of investments consistent with the investment
objectives and policies of the Company and in connection with any borrowings
proposed to be undertaken by the Company;

         (f) oversee the performance by the Property Managers of their duties,
including collection and proper deposits of rental payments and payment of
Property expenses and maintenance;

         (g) conduct periodic on-site property visits to some or all (as the
Advisor deems reasonably necessary) of the Properties to inspect the physical
condition of the Properties and to evaluate the performance of the related
Property Manager of its duties;

         (h) review, analyze and comment upon the operating budgets, capital
budgets and leasing plans prepared and submitted by each Property Manager and
aggregate these property budgets into the Company's overall budget;

         (i) review and analyze on-going financial information pertaining to
each Property and the overall portfolio of Properties;

         (j) formulate and oversee the implementation of strategies for the
administration, promotion, management, operation, maintenance, improvement,
financing and refinancing, marketing, leasing, and disposition of Properties on
an overall portfolio basis;

         (k) subject to the provisions of Paragraphs 3(l) and 4 hereof, (i)
locate, analyze and select potential investments in Properties, (ii) structure
and negotiate the terms and conditions of transactions pursuant to which
investment in Properties will be made; (iii) make investments in Properties on
behalf of the Company or the Partnership in compliance with the investment
objectives and policies of the Company; (iv) arrange for financing and
refinancing and make other changes in the asset or capital structure of, and
dispose of, reinvest the proceeds from the sale of, or otherwise deal with the
investments in, Property; (v) enter into leases and service contracts for
Property, including oversight of Affiliated companies that perform property
management services for the Company; (vi) oversee non-affiliated property
managers and other non-affiliated Persons who perform services for the Company;
and (vii) to the extent necessary, perform all other operational functions for
the maintenance and administration of such Property;

         (l) obtain the prior approval of the Board for any and all investments
in Properties (as well as any financing acquired by the Company or the
Partnership in connection with such investment);

         (m) if a transaction requires approval by the Board of Trustees,
deliver to the Board of Trustees all documents required by them to properly
evaluate the proposed investment in the Property;

                                      -7-
<PAGE>

         (n) negotiate on behalf of the Company with banks or lenders for loans
to be made to the Company, and negotiate on behalf of the Company with
investment banking firms and broker-dealers or negotiate private sales of Shares
and other securities or obtain loans for the Company, but in no event in such a
way so that the Advisor shall be acting as broker-dealer or underwriter; and
provided, further, that any fees and costs payable to third parties incurred by
the Advisor in connection with the foregoing shall be the responsibility of the
Company;

         (o) obtain reports (which may be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company in Properties;

         (p) from time to time, or at any time reasonably requested by the
Board, provide information or make reports to the Board related to its
performance of services to the Company under this Agreement;

         (q) from time to time, or at any time reasonably requested by the
Board, make reports to the Board of the investment opportunities it has
presented to other Advisor-sponsored programs or that it has pursued directly or
through an Affiliate;

         (r) provide the Company with all necessary cash management services;

         (s) deliver to or maintain on behalf of the Company copies of all
appraisals obtained in connection with the investments in Properties;

         (t) notify the Board of all proposed material transactions before they
are completed; and

         (u) do all things necessary to assure its ability to render the
services described in this Agreement.

         4. MODIFICATION OR REVOCATION OF AUTHORITY OF ADVISOR. The Board may,
at any time upon the giving of notice to the Advisor, modify or revoke the
authority or approvals set forth in Paragraph 3, provided however, that such
modification or revocation shall be effective upon receipt by the Advisor and
shall not be applicable to investment transactions to which the Advisor has
committed the Company prior to the date of receipt by the Advisor of such
notification.

         5. BANK ACCOUNTS. The Advisor may establish and maintain one or more
bank accounts in its own name for the account of the Company or in the name of
the Company and may collect and deposit into any such account or accounts, and
disburse from any such account or accounts, any money on behalf of the Company,
under such terms and conditions as the Board may approve, provided that no funds
shall be commingled with the funds of the Advisor; and the Advisor shall from
time to time render appropriate accountings of such collections and payments to
the Board and to the auditors of the Company.

         6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of
all its activities hereunder and make such records available for inspection by
the Board and by counsel, auditors and authorized agents of the Company, at any
time or from time to time during normal business hours. The Advisor shall at all
reasonable times have access to the books and records of the Company.

         7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the
contrary notwithstanding, the Advisor shall refrain from taking any action
which, in its sole judgment made in good faith, would (a) adversely affect the
status of the Company as a REIT, (b) subject the Company to regulation under the
Investment Company Act of 1940, as amended, (c) violate any law, rule,
regulation or statement of policy of any governmental body or agency having
jurisdiction over the Company, its Shares or its other securities, or (d) the
Declaration of Trust or Bylaws, except if such action shall be ordered by the
Board, in which case the Advisor shall notify promptly the Board of the
Advisor's judgment of the potential

                                      -8-
<PAGE>

impact of such action and shall refrain from taking such action until it
receives further clarification or instructions from the Board. In such event the
Advisor shall have no liability for acting in accordance with the specific
instructions of the Board so given. Notwithstanding the foregoing, the Advisor,
its directors, officers, employees and Shareholders, and Shareholders, directors
and officers of the Advisor's Affiliates shall not be liable to the Company or
to the Board or Shareholders for any act or omission by the Advisor, its
directors, officers or employees, or Shareholders, directors or officers of the
Advisor's Affiliates except as provided in Paragraphs 17 and 18 of this
Agreement.

         8. FEES.

         (a) Asset Management Fee. Commencing on the date hereof, the Advisor
shall be paid for the asset management services included in the services
described in Section 3 a quarterly fee (the "Asset Management Fee") in an amount
equal to one-fourth of 0.25% of the Gross Asset Value calculated on the last day
of each preceding quarter. The Asset Management Fee may or may not be taken, in
whole or in part as to any quarter, in the sole discretion of the Advisor. All
or any portion of the Asset Management Fee not taken as to any quarter shall be
deferred without interest and may be taken in such other quarter as the Advisor
shall determine.

         (b) Acquisition Fees. The Advisor may receive, as compensation for
services rendered in connection with the investigation, selection and
acquisition (by purchase, investment or exchange) of Properties, Acquisition
Fees in an amount equal to 2.0% of Gross Proceeds, payable by the Company upon
the Company's receipt of Gross Proceeds; provided that upon termination of this
Agreement, the Advisor will be obligated to reimburse the Company for any
Acquisition Fee that has not been allocated to the purchase price of Company
Properties as provided for in the Declaration of Trust.

         (c) Disposition Fee. If the Advisor or an Affiliate provides a
substantial amount of the services (as determined by the Conflicts Committee) in
connection with the Sale of one or more Properties, the Advisor or such
Affiliate shall receive at closing a Disposition Fee equal to 1.0% of the sales
price of such Property or Properties; provided, however, that no Disposition Fee
shall be payable to the Advisor for Property Sales if such Sales involve the
Company selling all or substantially all of its Properties in one or more
transactions designed to effectuate a business combination transaction (as
opposed to a Company liquidation, in which case the Disposition Fee would be
payable if the Advisor or an Affiliate provides a substantial amount of services
as provided above). Any Disposition Fee payable under this section may be paid
in addition to real estate commissions paid to non-Affiliates, provided that the
total real estate commissions (including such Disposition Fee) paid to all
Persons by the Company for each Property shall not exceed an amount equal to the
lesser of (i) 6.0% of the aggregate Contract Sales Price of each Property or
(ii) the Competitive Real Estate Commission for each Property.

         (d) Subordinated Share of Net Sales Proceeds. The Subordinated Share of
Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15% of
Net Sales Proceeds remaining after the Shareholders have received Distributions
equal to the sum of the Shareholders' 7% Return and 100% of Invested Capital.
Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to
the Advisor.

         (e) Subordinated Incentive Fee. Upon Listing, the Advisor shall be
entitled to the Subordinated Incentive Fee in an amount equal to 15.0% of the
amount by which (i) the market value of the outstanding Shares of the Company,
measured by taking the average closing price or average of bid and asked price,
as the case may be, over a period of 30 days during which the Shares are traded,
with such period beginning 180 days after Listing (the "Market Value"), plus the
total of all Distributions paid to Shareholders from the Company's inception
until the date that Market Value is determined, exceeds (ii) the sum of (A) 100%
of Invested Capital and (B) the total Distributions required to be paid to the

                                      -9-
<PAGE>

Shareholders in order to pay the Shareholders' 7% Return from inception through
the date Market Value is determined. The Company shall have the option to pay
such fee in the form of cash, Shares, a promissory note or any combination of
the foregoing. The Subordinated Incentive Fee will be reduced by the amount of
any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds.
In the event the Subordinated Incentive Fee is paid to the Advisor following
Listing, no other performance fee will be paid to the Advisor.

         (f) Changes to Fee Structure. In the event of Listing, the Company and
the Advisor shall negotiate in good faith to establish a fee structure
appropriate for a perpetual-life entity.

         9. EXPENSES.

         (a) Reimbursable Expenses. In addition to the compensation paid to the
Advisor pursuant to Paragraph 8 hereof, the Company shall pay directly or
reimburse the Advisor for all of the expenses paid or incurred by the Advisor
(to the extent not reimbursable by another party, such as the dealer manager) in
connection with the services it provides to the Company pursuant to this
Agreement, including, but not limited to:

                  (i) the Organization and Offering Expenses; provided, however,
         that within 60 days after the end of the month in which an Offering
         terminates, the Advisor shall reimburse the Company to the extent (i)
         Capped O&O Expenses borne by the Company exceed 2.5% of the Gross
         Proceeds raised in a completed offering and (ii) Organization and
         Offering Expenses borne by the Company exceed 15% of the Gross Proceeds
         raised in a completed Offering;

                  (ii) Acquisition Fees and Acquisition Expenses payable to
         unaffiliated Persons incurred in connection with the selection and
         acquisition of Properties;

                  (iii) the actual cost of goods and services used by the
         Company and obtained from entities not affiliated with the Advisor;

                  (iv) interest and other costs for borrowed money, including
         discounts, points and other similar fees;

                  (v) taxes and assessments on income or Property and taxes as
         an expense of doing business;

                  (vi) costs associated with insurance required in connection
         with the business of the Company or by the Board;

                  (vii) expenses of managing and operating Properties owned by
         the Company, whether payable to an Affiliate of the Company or a
         non-affiliated Person;

                  (viii) all expenses in connection with payments to the Board
         and meetings of the Board and Shareholders;

                  (ix) expenses associated with Listing or with the issuance and
         distribution of securities other than the Shares, such as selling
         commissions and fees, advertising expenses, taxes, legal and accounting
         fees, listing and registration fees;

                  (x) expenses connected with payments of Distributions in cash
         or otherwise made or caused to be made by the Company to the
         Shareholders;

                                      -10-
<PAGE>
                  (xi) expenses of organizing, redomesticating, merging,
         liquidating or dissolving the Company or of amending the Declaration of
         Trust or the Bylaws;

                  (xii) expenses of maintaining communications with
         Shareholders, including the cost of preparation, printing, and mailing
         annual reports and other Share holder reports, proxy statements and
         other reports required by governmental entities;

                  (xiii) administrative service expenses, including all costs
         and expenses incurred by Advisor in fulfilling its duties hereunder.
         Such costs and expenses may include reasonable wages and salaries and
         other employee-related expenses of all employees of Advisor who are
         engaged in the management, administration, operations, and marketing of
         the Company, including taxes, insurance and benefits relating to such
         employees, and legal, travel and other out-of-pocket expenses which are
         directly related to their services provided hereunder; and

                  (xiv) audit, accounting and legal fees.

         No reimbursement shall be made for costs of personnel of the Advisor or
its Affiliates to the extent that such personnel perform services in connection
with services for which the Advisor receives the Acquisition Fee or the
Disposition Fee.

         (b) Other Services. Should the Board request that the Advisor or any
director, officer or employee thereof render services for the Company other than
set forth in Paragraph 3, such services shall be separately compensated at such
rates and in such amounts as are agreed by the Advisor and the Conflicts
Committee, subject to the limitations contained in the Declaration of Trust, and
shall not be deemed to be services pursuant to the terms of this Agreement.

         (c) Timing of and Limitations on Reimbursements.

                  (i) Expenses incurred by the Advisor on behalf of the Company
         and payable pursuant to this Paragraph 9 shall be reimbursed no less
         than quarterly to the Advisor. The Advisor shall prepare a statement
         documenting the expenses of the Company during each quarter, and shall
         deliver such statement to the Company within 45 days after the end of
         each quarter.

                  (ii) Notwithstanding anything else in this Section 9 to the
         contrary, the expenses enumerated in this Section 9 shall not become
         reimbursable to the Advisor unless and until the Company has raised
         $2,000,000 in an Offering.

                  (iii) The Company shall not reimburse the Advisor at the end
         of any fiscal quarter Operating Expenses that, in the four consecutive
         fiscal quarters then ended (the "Expense Year") exceed (the "Excess
         Amount") the greater of 2% of Average Invested Assets or 25% of Net
         Income (the "2%/25% Guidelines") for such year unless the Conflicts
         Committee determines that such excess was justified, based on unusual
         and nonrecurring factors which the Conflicts Committee deems
         sufficient. If the Conflicts Committee does not approve such excess as
         being so justified, any Excess Amount paid to the Advisor during a
         fiscal quarter shall be repaid to the Company. If the Conflicts
         Committee determines such excess was justified, then within 60 days
         after the end of any fiscal quarter of the Company for which total
         reimbursed Operating Expenses for the Expense Year exceed the 2%/25%
         Guidelines, the Advisor, at the direction of the Conflicts Committee,
         shall send to the Shareholders a written disclosure of such fact,
         together with an explanation of the factors the Conflicts Committee
         considered in determining that such excess expenses were justified. The
         Company will ensure that such determination will be reflected in the
         minutes of the meetings of the Board of Trustees. The Company will not

                                      -11-
<PAGE>

         reimburse the Advisor or its Affiliates for services for which the
         Advisor or its Affiliates are entitled to compensation in the form of a
         separate fee. All figures used in the foregoing computation shall be
         determined in accordance with generally accepted accounting principles
         applied on a consistent basis.

         10. OTHER ACTIVITIES OF THE ADVISOR.

         (a) General. Nothing herein contained shall prevent the Advisor from
engaging in other activities, including, without limitation, the rendering of
advice to other Persons (including other REITs) and the management of other
programs advised, sponsored or organized by the Advisor or its Affiliates; nor
shall this Agreement limit or restrict the right of any director, officer,
employee, or shareholder of the Advisor or its Affiliates to engage in any other
business or to render services of any kind to any other partnership,
corporation, firm, individual, trust or association. The Advisor may, with
respect to any investment in which the Company is a participant, also render
advice and service to each and every other participant therein. The Advisor
shall report to the Board the existence of any condition or circumstance,
existing or anticipated, of which it has knowledge, which creates or could
create a conflict of interest between the Advisor's obligations to the Company
and its obligations to or its interest in any other partnership, corporation,
firm, individual, trust or association.

         (b) Policy with Respect to Allocation of Investment Opportunities.
Before the Advisor presents an investment opportunity that would in its judgment
be suitable for the Company to another Advisor-sponsored program, the Advisor
shall determine in its sole discretion that the investment opportunity is more
suitable for such other program than for the Company based on factors such as
the following: the investment objectives and criteria of each program; the cash
requirements and anticipated cash flow of each program; the size of the
investment opportunity; the effect of the acquisition on diversification of each
program's investments by type of commercial property, geographic area and tenant
base; the estimated income tax effects of the purchase on each entity; the
policies of each program relating to leverage; the funds of each entity
available for investment and the length of time such funds have been available
for investment. In the event that an investment opportunity becomes available
that is, in the sole discretion of the Advisor, equally suitable for both the
Company and another Advisor-sponsored program, then the Advisor may offer the
other program the investment opportunity if it has had the longest period of
time elapse since it was offered an investment opportunity. The Advisor will use
its reasonable efforts to fairly allocate investment opportunities in accordance
with such allocation method and will promptly disclose any material deviation
from such policy or the establishment of a new policy, which shall be allowed
provided (1) the Board is provided with notice of such policy at least 60 days
prior to such policy becoming effective and (2) such policy provides for the
reasonable allocation of investment opportunities among such programs. The
Advisor shall provide the Conflicts Committee with any information reasonably
requested so that the Conflicts Committee can insure that the allocation of
investment opportunities is applied fairly. Nothing herein shall be deemed to
prevent the Advisor or an Affiliate from pursuing an investment opportunity
directly rather than offering it to the Company or another Advisor-sponsored
program so long as the Advisor is fulfilling its obligation to present a
continuing and suitable investment program to the Company which is consistent
with the investment policies and objectives of the Company.

         11. RELATIONSHIP OF ADVISOR AND COMPANY. The Company and the Advisor
are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers or
impose any liability as such on either of them.

         12.  REPRESENTATIONS AND WARRANTIES.

                                      -12-
<PAGE>

         (a) OF THE COMPANY. To induce the Advisor to enter into this Agreement,
the Company hereby represents and warrants that:

                  (i) The Company is a real estate investment trust, duly
         organized, validly existing and in good standing under the laws of the
         State of Maryland with all requisite corporate power and authority and
         all material licenses, permits and authorizations necessary to carry
         out the transactions contemplated by this Agreement.

                  (ii) The Company's execution, delivery and performance of this
         Agreement has been duly authorized. This Agreement constitutes the
         valid and binding obligation of the Company, enforceable against the
         Company in accordance with its terms. The Company's execution and
         delivery of this Agreement and its fulfillment of and compliance with
         the respective terms hereof do not and will not (i) conflict with or
         result in a breach of the terms, conditions or provisions of, (ii)
         constitute a default under, (iii) result in the creation of any lien,
         security interest, charge or encumbrance upon the assets of the Company
         pursuant to, (iv) give any third party the right to modify, terminate
         or accelerate any obligation under, (v) result in a violation of or
         (vi) require any authorization, consent, approval, exception or other
         action by or notice to any court or administrative or governmental body
         pursuant to, the Declaration of Trust or Bylaws or any law, statute,
         rule or regulation to which the Company is subject, or any agreement,
         instrument, order, judgment or decree by which the Company is bound, in
         any such case in a manner that would have a material adverse effect on
         the ability of the Company to perform any of its obligations under this
         Agreement.

         (b) OF THE ADVISOR. To induce Company to enter into this Agreement, the
Advisor represents and warrants that:

                  (i) The Advisor is a limited partnership, duly organized,
         validly existing and in good standing under the laws of the State of
         Texas with all requisite corporate power and authority and all material
         licenses, permits and authorizations necessary to carry out the
         transactions contemplated by this Agreement.

                  (ii) The Advisor's execution, delivery and performance of this
         Agreement has been duly authorized. This Agreement constitutes a valid
         and binding obligation of the Advisor, enforceable against the Advisor
         in accordance with its terms. The Advisor's execution and delivery of
         this Agreement and its fulfillment of and compliance with the
         respective terms hereof do not and will not (i) conflict with or result
         in a breach of the terms, conditions or provisions of, (ii) constitute
         a default under, (iii) result in the creation of any lien, security
         interest, charge or encumbrance upon the Advisor's assets pursuant to,
         (iv) give any third party the right to modify, terminate or accelerate
         any obligation under, (v) result in a violation of or (vi) require any
         authorization, consent, approval, exemption or other action by or
         notice to any court or administrative or governmental body pursuant to,
         the Advisor's limited partnership agreement, or any law, statute, rule
         or regulation to which the Advisor is subject, or any agreement,
         instrument, order, judgment or decree by which the Advisor is bound, in
         any such case in a manner that would have a material adverse effect on
         the ability of the Advisor to perform any of its obligations under this
         Agreement.

                  (iii) The Advisor has received copies of the Declaration of
         Trust, Bylaws, and the Registration Statement and of the Partnership's
         limited partnership agreement and is familiar with the terms thereof,
         including without limitation the investment limitations included
         therein. Advisor warrants that it will use reasonable care to avoid any
         act or omission that would conflict with the terms of the Declaration
         of Trust, Bylaws, the Registration Statement, or the Partnership's
         limited partnership agreement in the absence of the express direction
         of the Conflicts Committee.

                                      -13-
<PAGE>

         13. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in
force until the first anniversary of the date hereof, subject to an unlimited
number of successive one-year renewals upon mutual consent of the parties. The
Company, acting through the Board, will evaluate the performance of the Advisor
annually before renewing the Agreement, and each such renewal shall be for a
term of no more than one year.

         14. TERMINATION BY EITHER PARTY. This Agreement may be terminated upon
60 days written notice without cause or penalty, by either party (by majority of
the independent Trustees of the Advisor, as the case may be). The provisions of
Sections 1, 6, 7, and 16 through 27 survive termination of this Agreement.

         15. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the
Advisor to an Affiliate with the approval of a majority of the Conflicts
Committee. The Advisor may assign any rights to receive fees or other payments
under this Agreement without obtaining the approval of the Board. This Agreement
shall not be assigned by the Company without the consent of the Advisor, except
in the case of an assignment by the Company to a corporation or other
organization which is a successor to all of the assets, rights and obligations
of the Company, in which case such successor organization shall be bound
hereunder and by the terms of said assignment in the same manner as the Company
is bound by this Agreement.

         16. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments to the
Advisor pursuant to this Section 16 shall be subject to the 2%/25% Guidelines to
the extent applicable.

         (a) After the Termination Date, the Advisor shall not be entitled to
compensation for further services hereunder except it shall be entitled to
receive from the Company within 30 days after the effective date of such
termination the following:

                  (i) all unpaid reimbursements of expenses and all earned but
         unpaid fees payable to the Advisor prior to termination of this
         Agreement; and

                  (ii) the Subordinated Performance Fee Due Upon Termination,
         provided that no Subordinated Performance Fee Due Upon Termination will
         be paid if the Company has paid or is obligated to pay the Subordinated
         Incentive Fee.

         (b) The Advisor shall promptly upon termination:

                  (i) pay over to the Company all money collected and held for
         the account of the Company pursuant to this Agreement, after deducting
         any accrued compensation and reimbursement for its expenses to which it
         is then entitled;

                  (ii) deliver to the Board a full accounting, including a
         statement showing all payments collected by it and a statement of all
         money held by it, covering the period following the date of the last
         accounting furnished to the Board;

                  (iii) deliver to the Board all assets, including Properties,
         and documents of the Company then in the custody of the Advisor; and

                  (iv) cooperate with the Company to provide an orderly
         management transition.

                                      -14-
<PAGE>

         17. INDEMNIFICATION BY THE COMPANY. The Company shall indemnify and
hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from all liability, claims, damages
or losses arising in the performance of their duties hereunder, and related
expenses, including reasonable attorneys' fees, to the extent such liability,
claims, damages or losses and related expenses are not fully reimbursed by
insurance, subject to any limitations imposed by the laws of the State of
Maryland or the Declaration of Trust. Notwithstanding the foregoing, the Advisor
shall not be entitled to indemnification or be held harmless pursuant to this
Paragraph 17 for any activity which the Advisor shall be required to indemnify
or hold harmless the Company pursuant to Paragraph 18. Any indemnification of
the Advisor may be made only out of the net assets of the Company and not from
Shareholders.

         18. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold
harmless the Company from contract or other liability, claims, damages, taxes or
losses and related expenses including attorneys' fees, to the extent that such
liability, claims, damages, taxes or losses and related expenses are not fully
reimbursed by insurance and are incurred by reason of the Advisor's bad faith,
fraud, willful misfeasance, misconduct, or reckless disregard of its duties.

         19. NOTICES. Any notice, report or other communication required or
permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is required by the Declaration
of Trust, the Bylaws, or accepted by the party to whom it is given, and shall be
given by being delivered by hand or by overnight mail or other overnight
delivery service to the addresses set forth herein:

<Table>
<S>                                <C>
To the Board and to the Company:   Hartman Commercial Properties REIT
                                   1450 West Sam Houston Parkway, North, Suite 100
                                   Houston, Texas  77043

To the Advisor:                    Hartman Management, L.P.
                                   1450 West Sam Houston Parkway, North, Suite 100
                                   Houston, Texas  77043
</Table>

         Either party may at any time give notice in writing to the other party
of a change in its address for the purposes of this Paragraph 19.

         20. MODIFICATION. This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in
writing signed by both parties hereto, or their respective successors or
assignees.

         21. SEVERABILITY. The provisions of this Agreement are independent of
and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or
others of them may be invalid or unenforceable in whole or in part.

         22. CONSTRUCTION. The provisions of this Agreement shall be construed
and interpreted in accordance with the laws of the State of Texas.

         23. ENTIRE AGREEMENT. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or
amended other than by an agreement in writing.

                                      -15-
<PAGE>

         24. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the
part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted such waiver.

         25. GENDER. Words used herein regardless of the number and gender
specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the
context requires.

         26. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

         27. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall
together constitute one and the same instrument. This Agreement shall become
binding when the counterparts hereof, taken together, bear the signatures of all
of the parties reflected hereon as the signatories.

                       [Signatures appear on next page.]

                                      -16-
<PAGE>

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

                                      HARTMAN COMMERCIAL PROPERTIES REIT

                                      By:    __________________________________
                                      Name:  __________________________________
                                      Title: __________________________________

                                      HARTMAN MANAGEMENT, L.P.

                                      By: :  __________________________________
                                      Name:  __________________________________
                                      Title: __________________________________

                                      -17-

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