Document:

Exhibit 10.1

                              INDIGO SECURITIES LLC
                          780 THIRD AVENUE, 23RD FLOOR
                            NEW YORK, NEW YORK 10017

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

                            Telephone (212) 972-0900
                            Facsimile (212) 298-9933

                               September 27, 2005

SENT VIA FAX AND FEDERAL EXPRESS
--------------------------------

Dr. Ronald H. Lane Ph.D.
Chief Executive Officer
Bionutrics, Inc.
2415 East Camelback
Road Suite 700
Phoenix, AZ 85016

                           PLACEMENT AGENCY AGREEMENT
                           --------------------------

Dear Dr. Lane:

      The  undersigned,  Bionutrics,  Inc. (the  "COMPANY"),  hereby agrees with
Indigo Securities LLC (the "PLACEMENT AGENT") as follows:

1.    ENGAGEMENT; OFFERING

      A.    The Company hereby  engages the Placement  Agent to act as its agent
in connection  with (i) the sale by the Company (the "NOTE  PLACEMENT")  of from
$5,000,000 (the "MINIMUM AMOUNT") to $10,000,000 million (the "MAXIMUM AMOUNT"),
face  amount of the  Company's  10%  Senior  Notes (the  "COMPANY  NOTES" or the
"NOTES"), to be offered together with warrants (the "WARRANTS") (ii) the sale by
the Company (the "BRIDGE NOTE  PLACEMENT") of up to  $2,500,000,  face amount of
the Company's 10% Convertible  Bridge Notes (the "BRIDGE NOTES"),  to be offered
together with warrants (the "BRIDGE WARRANTS") and (iii) the sale by the Company
(the "EQUITY  PLACEMENT") of up to $5 million of Series A Convertible  Preferred
Stock of the Company (the "SERIES A  PREFERRED")  (provided  that the  Placement
Agent  shall  have an over  allotment  option to sell an  additional  10% of the
Maximum  Equity  Offering)  together with warrants (the "EQUITY  WARRANTS";  and
together with the Notes,  Warrants,  Bridge Notes,  Bridge Warrants and Series A
Preferred, the "SECURITIES")), which will be offered on terms as outlined in the
term sheet  attached  hereto as EXHIBIT  A. Each of the Note  Placement  and the
Equity  Placement shall be conducted as a private  placement to be made pursuant
to the  exemption  afforded by Section 4 (2) of the  Securities  Act of 1933, as
amended (the "ACT") and Rule 506 of Regulation D promulgated thereunder, as well
as applicable state laws. In addition, the Placement Agent shall have a right of
first  refusal to serve as (i) placement  agent with respect to

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future security issuances and (ii) financial advisor in any merger, acquisition,
sale or similar  transaction by the Company (other than an  underwritten  public
offering)  for a period of two (2) years  following  the  final  closing  of the
Equity Placement.

      B.    The Equity  Placement shall be conditioned upon the prior closing of
the Note Placement.

      C.    The closings will be held at the Company's  offices,  or the offices
of counsel to the  Company,  or as otherwise  agreed by the  parties,  where the
proceeds  of such  accepted  offers  will be  delivered  to the  Company  or its
Placement Agent against delivery by the Company of certificates representing the
Securities  or the Series A  Preferred,  for  delivery  to the  purchasers,  and
payment  to the  Placement  Agent of its  expenses  and other  compensation  due
hereunder  including,  without  limitation,  legal fees of the Placement Agent's
counsel including disbursements incurred. After the initial closing,  additional
closings  will take place at such  reasonable  times as specified by the Company
and the Placement Agent, after additional  proceeds of the respective  offerings
are received.

      D.    The Note Placement  shall  terminate on the earlier of: (1) the date
on which all the  Securities  have been sold;  or (2) October 31,  2005,  unless
extended for an  additional  period of up to 30 days by agreement of the Company
and the Placement Agent (the "NOTE OFFERING PERIOD"). The Equity Placement shall
terminate  on the  earlier  of: (1) the date on which all  applicable  shares of
Series A Preferred have been sold; or (2) October 31, 2005,  unless extended for
an  additional  period  of up to 30 days by  agreement  of the  Company  and the
Placement  Agent (the "EQUITY  OFFERING  PERIOD")  and,  together  with the Note
Offering Period, the "OFFERING PERIODS").

2.    SUBSCRIPTIONS AND DISBURSEMENTS OF PROCEEDS

      A.    During the Offering  Periods,  the Securities or Series A Preferred,
as  applicable,  will be  offered by the  Company,  with the  assistance  of the
Placement Agent, by means of an offering memorandum (the "OFFERING  MEMORANDUM")
(Exhibit B) inclusive of subscription  documents (the "SUBSCRIPTION  DOCUMENTS")
which shall be delivered to each potential  investor.  The minimum  subscription
investment  for  Securities  or Series A Preferred is $25,000 as provided for in
the Offering Memorandum. The Securities and Series A Preferred will be sold only
to Accredited Investors as that term is defined in Regulation D of the Act.

      B.    The  Placement  Agent shall only be  obligated to assist the Company
with the sale of Securities  and Series A Preferred on a "best efforts" basis as
described above.

      C.    Each of the Company and the  Placement  Agent  reserves the right to
reject, in whole or in part, any subscriber in its respective sole discretion.

      D.    The Company and the Placement Agent may have multiple  Closings,  as
they may agree. Unless  subscriptions for the Minimum Amount are received during
the Offering Periods, the applicable private placement of Securities or Series A
Preferred will be terminated and all subscribers  funds will be refunded without
interest or deduction.

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<PAGE>

      E.    All funds of subscribers  shall be placed in a non-interest  bearing
bank escrow account subject to the terms of an escrow  agreement,  acceptable to
the  Placement  Agent and the Company,  with  Wollmuth  Maher & Deutsch LLP (the
"ESCROW  AGENT") to comply with Rule 15c2-4 of the  Securities  Exchange  Act of
1934 (the "EXCHANGE ACT").

      F.    The Company  will cause to be  prepared  subscription  documents  to
comply with the  requirements  of Section 4(2) of the Act and with  Regulation D
thereunder,  all in form and  substance  to the  satisfaction  of the  Placement
Agent.

3.    FURTHER AGREEMENTS OF THE COMPANY

      The  Company  agrees,  at its  expense  and  without  any  expense  to the
Placement Agent, as follows:

      A.    As soon as the Company is either  informed or becomes aware thereof,
to advise the Placement  Agent of any material  adverse  change in the Company's
financial  condition,  business  prospects,  or of  any  development  materially
affecting the Company or rendering  untrue or misleading any material  statement
in the Offering Memorandum occurring at any time prior to the Closing Date.

      B.    To provide the Placement Agent with a copy of all documents, reports
and  information  as may be  reasonably  requested  by the  Placement  Agent  in
connection  with the Offering  Memorandum,  or the Company's  business  plans or
prospects.

      C.    To apply the proceeds of the Private  Placement in  accordance  with
the Offering Memorandum.

      D.    To  provide  the   Placement   Agent  with  a  copy  of  a  list  of
stockholders, as requested.

      E.    To provide the  Placement  Agent with as many copies of the Offering
Memorandum as the Placement Agent may reasonably request.

4.    COMMISSIONS, AGREEMENTS AND EXPENSES

      A.    NOTE  PLACEMENT:  At  each  closing  in  connection  with  the  Note
Placement,  the  Placement  Agent will receive a cash fee equal to (i) 3% of the
aggregate  purchase  price of the Notes sold at such  closing  ("NOTE CASH FEE")
plus (ii) warrants  exercisable  for a number of shares of the Company's  common
stock equal to 2.5% of the  aggregate  purchase  price of the Notes sold at each
closing divided by $4.00 at an exercise price of $4.00 per share (the "PA COMMON
STOCK WARRANT").

      B.    EQUITY  PLACEMENT;  BRIDGE  PLACEMENT:  (a) The Placement Agent will
receive a cash fee (the "CASH  FEE") equal to (i) 9% of the  aggregate  purchase
price of the Series A Preferred

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shares  sold at such  closing and  payable at each  closing  plus (ii) 9% of the
proceeds to the Company upon the exercise of the Equity Warrants.

            (b)   In the event that the Company closes a bridge financing round,
of up to a maximum of $2,500,000, prior to October 7, 2005 (the "BRIDGE ROUND"),
the  Placement  Agent will  receive a cash fee equal to (i) 9% of the  aggregate
purchase  price of the Bridge  Notes sold at such  closing  and  payable at each
closing  plus (ii) 9% of the  proceeds to the Company  upon the  exercise of the
Bridge Warrants issued in connection with the Bridge Round.  The Placement Agent
will not receive an additional  Cash Fee upon the conversion of the Bridge Notes
into equity.

      C.    At the final  closing of Series A Preferred (or later in the case of
fees attributable to the exercise of Equity Warrants), the Company shall deliver
to the Placement  Agent or its designees a warrant  agreement  (the "PA SERIES A
PREFERRED  WARRANT"  in the form of EXHIBIT C and,  together  with the PA Common
Stock Warrant in the form of EXHIBIT D, the "AGENT WARRANTS") granting the right
to purchase a number of shares of the Company's  Series A Preferred  stock equal
to the Section 4.B. cash fee  attributable to the sale of Series A Preferred and
Bridge Notes  divided by the original  purchase  price per share of the Series A
Preferred  sold to  investors in the Equity  Placement  at an exercise  price of
$4.00 per share.  The  Company  shall  issue  additional  PA Series A  Preferred
Warrants in the future  granting the right to purchase a number of shares of the
Company's  Series  A  Preferred  stock  equal  to  the  Section  4.B.  cash  fee
attributable to the exercise of Equity Warrants divided by the original purchase
price  per share of the  Series A  Preferred  sold to  investors  in the  Equity
Placement at an exercise price of $4.00 per share.

      D.    The Placement  Agent and its  affiliates  and counsel shall have the
right to purchase  Securities  and Series A Preferred in the Note  Placement and
the Equity  Placement  net of cash  commissions  and the  Placement  Agent shall
receive  its pro rata share of the Agent  Warrants in  connection  with any such
investment.

      E.    Regardless  of the  completion  of the Note  Placement or the Equity
Placement,  the Company will reimburse the Placement Agent for its actual out of
pocket expenses  incurred in connection with its services  performed  hereunder,
including, without limitation, reasonable counsel fees and disbursements and the
preparation  and printing of all necessary  offering  documents and  instruments
related  to the Note  Placement  or Equity  Placement  and the  issuance  of the
Securities  or Series A Preferred  shares and will also pay its own expenses for
accounting,  legal and other costs  involved  with the Note  Placement or Equity
Placement.  The Company  will  furnish at its  expense  such  quantities  of the
offering  documents  and  instruments  as the  Placement  Agent  may  reasonably
request. In addition, the Company will pay for all Blue Sky filing fees, counsel
fees and  disbursements  with  respect to Blue Sky  qualification.  The Blue Sky
filings shall be prepared by counsel to the Company.

      F.    If, at any time up to and  including  the final closing of a sale of
Securities or Series A Preferred,  or the  termination  of this Agreement by the
Company  (whichever  is  earlier),  or  within  the 24 month  period  after  the
termination  of  this  Agreement  by  the  Company,  the  Company  or any of its
affiliates  conducts a private  placement of securities  to  any  investor  whom

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the Placement Agent introduced to the Company (including,  for this purpose, any
exercise by such investors of the Warrants),  the Company will pay the Placement
Agent the Section 4.A (equity fee) or Section 4.B.  (debt fee),  cash fee and PA
Series A Preferred Warrant, as applicable, with respect to such sale, calculated
in accordance with the preceding paragraphs A. and B.

5.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLACEMENT AGENT

      A.    The Placement Agent has the necessary  corporate power and authority
to enter into this  Agreement and to consummate  the  transactions  contemplated
hereby.

      B.    The Placement  Agent is a limited  liability  company duly organized
and validly existing under the laws of the State of Delaware;  the execution and
delivery by the Placement  Agent of this Agreement and the  consummation  of the
transactions  herein  contemplated will not result in any violation of, or be in
conflict  with,  or  constitute  a default  under,  any  material  agreement  or
instrument  to which the  Placement  Agent is a party or by which the  Placement
Agent or its  properties  are bound or any  judgment,  decree,  order or, to the
Placement Agent's knowledge, any material statute, rule or regulation applicable
to the Placement Agent.

      C.    The information contained in the Offering Memorandum relating to the
Placement  Agent  is  complete  and  correct  and does not  contain  any  untrue
statement of material  fact or omit to state a material  fact  necessary to make
the  statements  therein,  in light of the  circumstances  under which they were
made, not misleading.

      D.    The Placement  Agent will  deliver,  or will obtain the agreement of
selected  dealers  that  they  will  deliver,  to each  purchaser,  prior to any
submission  by such persons of a written offer to purchase any Notes or Series A
Preferred, a copy of the Offering Memorandum,  as it may have been most recently
amended or supplemented by the Company.

      E.    Upon  receipt of executed  Subscription  Documents  and the payments
representing  subscriptions  for  such  Notes  and/or  Series A  Preferred,  the
Placement Agent will promptly  forward copies of the  Subscription  Documents to
the  Company and shall  forward  all  payments  for such Notes  and/or  Series A
Preferred to the Escrow Agent.

      F.    The Placement Agent will not deliver the Offering  Memorandum to any
person it does not reasonably believe to be an Accredited Investor as defined in
Regulation D.

      G.    The  Placement  Agent  will not take any action  that it  reasonably
believes  would cause the Offering to violate the  provisions of Regulation D or
the Act.

      H.    The Placement  Agent shall have no obligation to insure that (a) any
check, note, draft or other means of payment for any Notes or Series A Preferred
will be honored,  paid or enforceable  against the subscriber in accordance with
its terms or (b) subject to the performance of the Placement Agent's obligations
and  the  accuracy  of the  Placement  Agent's  representations  and  warranties
hereunder, the Offering is exempt from the registration  requirements of the Act
or any applicable state or foreign "blue sky" law.

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<PAGE>

      I.    Nothing   contained   herein   shall  be  deemed  to   constitute  a
representation  or warranty by the Placement Agent with respect to the Company's
compliance with the provisions of Regulation D or the Act.

      J.    The  Placement  Agent is a member in good  standing of the  National
Association of Securities Dealers, Inc. (the "NASD") and is duly permitted under
NASD rules and regulations to act in its recited capacity herein.

6.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

      The Company represents, warrants and covenants as follows:

      A.    This  Agreement has been duly and validly  authorized by the Company
and is a valid and binding  agreement of the Company,  enforceable in accordance
with its terms.  The Securities  and Series A Preferred  shares to be issued and
sold by the Company  pursuant to the Offering  Memorandum and this Agreement and
the equity underlying such securities have been duly authorized and, when issued
and paid for in accordance with the Offering  Memorandum and this Agreement,  as
well as against payment therefor in accordance with the terms of any warrants or
other  instruments  pursuant  to which such  Securities  are  issuable,  will be
validly issued, fully paid and non-assessable;  the holders thereof are not, and
will not be,  subject  to  personal  liability  solely by  reason of being  such
holders; neither the Securities nor the Series A Preferred Shares are or will be
subject to any  preemptive  rights of any  stockholder  of the Company;  and all
corporate action required to be taken for the  authorization,  issuance and sale
of the common stock  underlying the Notes and Warrants has been duly and validly
taken by the Company.

      B.    All issued and outstanding  securities of the Company have been duly
authorized and validly issued and are fully paid and non-assessable; the holders
thereof have no rights of rescission with respect  thereto;  the holders thereof
have no preemptive  rights and are not subject to personal  liability  solely by
reason  of being  such  holders;  and none of such  securities  were  issued  in
violation  of any  preemptive  rights  of any  holders  of any  security  of the
Company.

      C.    The  Company  has  good  and  marketable  title  to,  or  valid  and
enforceable  leasehold  interests  in, all  material  items of real and personal
property stated in, or incorporated by referenced into, the Offering  Memorandum
as, or to be, owned or leased by it, free and clear of all liens,  encumbrances,
claims,  security  interests  and defects of any nature  whatsoever,  other than
those set forth in, or incorporated  by reference into, the Offering  Memorandum
and liens for taxes not yet due and payable.

      D.    There is no litigation or governmental  proceeding ongoing,  pending
or threatened  against or involving  the  properties or business of the Company,
except  as set forth  in,  or  incorporated  by  reference  into,  the  Offering
Memorandum.

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<PAGE>

      E.    The Company's  financial  statements included in, or incorporated by
reference into, the Offering  Memorandum fairly represent the financial position
and the results of operations of the Company at the dates and for the periods to
which they apply.

      F.    The  Company  is  duly  organized  and  is  validly  existing  as  a
corporation in good standing under the laws of the state of Nevada.  The Company
is duly  qualified or licensed and in good standing as a foreign  corporation in
each  jurisdiction  in which its  ownership or leasing of any  properties or the
character of its operations  requires such  qualification or licensing and where
failure to so qualify would have a material  adverse effect on the Company.  The
Company has all requisite  corporate  power and authority,  and all material and
necessary authorizations,  approvals, orders, licenses, certificates and permits
of and from all governmental  regulatory  officials and bodies,  to own or lease
its  properties  and  conduct  its  businesses  as  described  in  the  Offering
Memorandum  and the  Company  is  doing  business  in  compliance  with all such
authorizations,  approvals,  orders, licenses,  certificates and permits and all
Federal,  state,  local and  applicable  foreign  laws,  rules  and  regulations
concerning the business in which it is engaged except where the failure so to do
business  in  compliance  would  not have a  materially  adverse  impact  on the
business of the Company.  The disclosures in, or incorporated by reference into,
the Offering  Memorandum  concerning  the effects of federal,  state,  local and
applicable  foreign  regulation  on the  business  of the  Company as  currently
conducted and as  contemplated  are correct in all material  respects and do not
omit to state a material fact necessary in order to make the statements therein,
in light of the  circumstances  under which they were made, not misleading.  The
Company has all corporate  power and authority to enter into this  Agreement and
to  carry  out  the  provisions  and  conditions   hereof,   and  all  consents,
authorizations,  approvals and orders required in connection  herewith have been
obtained  or will have been  obtained  prior to the  Closing  Date.  No consent,
authorization  or order of, and no filing with, any domestic  court,  government
agency or other body is required  by the  Company for the  issuance of the Notes
pursuant to the Offering  Memorandum  or this  Agreement  except with respect to
applicable  federal and state securities laws. Since its inception,  the Company
has not incurred any liability arising under, or as a result of, the application
of the  provisions  of the Act, the  Exchange  Act or the Rules and  Regulations
thereunder.

      G.    There  has been no  material  adverse  change  in the  condition  or
prospects for  commercialization  of the Company,  financial or otherwise,  from
that on the latest dates as of which such condition or prospects,  respectively,
are set forth in, or incorporated by reference into, the Offering Memorandum and
the outstanding  debt, the property and the business of the Company  conforms in
all material respects to the descriptions  thereof contained in, or incorporated
by reference into, the Offering Memorandum.

      H.    The Company is not in violation of its Certificate of  Incorporation
or By-Laws.  Neither the execution and delivery of this  Agreement nor the issue
and sale of the Notes  comprising the Units,  nor the consummation of any of the
transactions  contemplated  herein,  nor the  compliance by the Company with the
terms and provisions  hereof,  conflicts with, or has resulted in or will result
in a breach of, any of the terms and provisions  of, or has  constituted or will
constitute a default under, or has resulted in or will result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the
Company pursuant to the terms of any indenture,  mortgage,  deed of trust, note,
loan or credit  agreement or any other

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agreement or instrument evidencing an obligation for borrowed money or any other
agreement or instrument to which the Company may be bound or in which any of the
property or assets of the Company is subject  except where such lien,  charge or
encumbrance,  singly  or in the  aggregate,  would not have a  material  adverse
effect on the  financial  condition  or  business  of the Company and such lien,
charge or encumbrance would have no effect on ability the Company has to perform
its  obligations   under  this  Agreement  or  to  consummate  the  transactions
contemplated  hereby;  nor will  such  action  result  in any  violation  of the
provisions of the  Certificate of  Incorporation  or the By-Laws of the Company,
assuming due performance by the Placement  Agent of its  obligations  hereunder,
any statute or any order,  rule or  regulation  applicable to the Company of any
court or of any federal, state or other regulatory authority or other government
body (domestic or foreign) having jurisdiction over the Company.

      I.    The Securities,  the Series A Preferred  shares and the Subscription
Documents conform in all material respects to all statements in relation thereto
contained in the Offering Memorandum.

      J.    Subsequent  to the  dates as of which  information  is given  in, or
incorporated by reference into, the Offering Memorandum, amendment or supplement
thereto,  and except as may otherwise be indicated or contemplated  therein, the
Company has not (i) issued any securities (other than as specifically  disclosed
in the Offering  Memorandum)  or incurred any material  liability or obligation,
direct or  contingent,  for  borrowed  money,  or (ii) entered into any material
transaction other than in the ordinary course of business other than the pending
purchase of shares of InCon  Technologies  Inc. by the  management  thereof,  or
(iii)  declared  or paid any  dividend or made any other  distribution  on or in
respect their capital stock.

      K.    Except as set  forth in, or  incorporated  by  reference  into,  the
Offering  Memorandum,  there  are no  claims  for  services  in the  nature of a
finder's or origination fee with respect to the sale of the Securities or Series
A Preferred hereunder.

      L.    To the best of the Company's  knowledge,  except as described in, or
incorporated  by reference  into, the Offering  Memorandum,  the Company owns or
possesses,  free and clear of all liens or  encumbrances  and rights  thereto or
therein by third  parties,  the  requisite  licenses or other  rights to use all
trademarks,  service marks,  copyrights,  service names,  trade names,  patents,
patent  applications and licenses necessary to conduct its business  (including,
without limitation, any such licenses or rights described in, or incorporated by
reference  into,  the  Offering  Memorandum  as being owned or  possessed by the
Company),  and  there is no claim or  action  by any  person  pertaining  to, or
proceeding,  pending or threatened, which challenges the exclusive rights of the
Company with  respect to any  trademarks,  service  marks,  copyrights,  service
names,  trade names,  patents,  patent  applications  and  licenses  used in the
conduct of the business of the Company (including,  without limitation, any such
licenses or rights described in described in, or incorporated by reference into,
the Offering Memorandum as being owned or possessed by the Company). To the best
of the  Company's  knowledge,  the  Company's  current  products,  services  and
processes do not infringe on the patents or other  intellectual  property rights
of third parties.

      M.    Except as otherwise set forth in, or incorporated by reference into,
the  Offering  Memorandum,  the  Company  is not  under  any  obligation  to pay
royalties or fees of any kind

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whatsoever to any third party with respect to technology it has developed, uses,
licenses, employs or intends to use, license or employ, except where the default
of any such obligation would not have a material adverse effect on the financial
condition or business of the Company.

      N.    Subject to the performance by the Placement Agent of its obligations
hereunder, the Offering Memorandum, and the offer and sale of the Securities and
Series A Preferred, comply, and will continue to comply, up to the final closing
in all material  respects with the  requirements  of Rule 506 of Regulation D of
the Act and any other applicable Federal laws, rules,  regulations and executive
orders.  Neither the Offering Memorandum nor any amendment or supplement thereto
nor any documents  will contain any untrue  statement of a material fact or omit
to state  any  material  fact  required  to be stated  therein,  in light of the
circumstances  under which they were made,  not  misleading.  All  statements of
material facts in, or incorporated  by reference  into, the Offering  Memorandum
are true and correct as of the date of the Offering  Memorandum and will be true
and correct on each closing date.

      O.    The Company  will use the proceeds  from the sale of the  Securities
and Series A Preferred in the manner described in the Offering Memorandum.

      P.    All taxes which are due and payable  from the Company have been paid
in full and the  Company  does not have any  material  tax  deficiency  or claim
outstanding  assessed or proposed  against it. For purposes of this  subsection,
the term "material" shall mean in an aggregate amount of $25,000 or more.

      Q.    Neither the Company nor any of its respective officers, employees or
agents,  nor any other person  acting on behalf of the Company has,  directly or
indirectly,  given or agreed to give any money,  gift or similar  benefit (other
than legal price concessions to customers in the ordinary course of business) to
any customer, supplier, employee or agent of a customer or supplier, or official
or employee of any  governmental  agency or  instrumentality  of any  government
(domestic  or foreign) or other person who is or may be in a position to help or
hinder the business of the Company (or assist it in  connection  with any actual
or proposed  transaction)  which (a) might  subject the Company to any damage or
penalty in any civil,  criminal or governmental  litigation or proceeding  which
would have a materially  adverse effect on the financial  condition and business
of the  Company,  (b) if not  given in the  past,  might  have had a  materially
adverse effect on the assets, business or operations of the Company as reflected
in any of the financial  statements  contained in, or  incorporated by reference
into,  the Offering  Memorandum,  or (c) if not  continued in the future,  might
adversely affect in the future, the assets, business, operations or prospects of
the Company.

      R.    Prior to the initial  closing,  the Company will have an  authorized
capitalization  as set forth in  SCHEDULE A hereto.  All shares of Common  Stock
currently outstanding are, and all shares issued pursuant to this Agreement will
be upon issuance, validly issued, fully paid and non-assessable.

      S.    At the initial  closing,  the Company will not have  outstanding any
options,  stock  subscription  agreements or warrants to purchase  shares of the
Company or any other obligation to issue shares of the Company, other than those
as set forth in, or incorporated by reference into,

                                       9
<PAGE>

the  Offering  Memorandum  and  other  than  agreed  to by the  Company  and the
Placement  Agent.  There will be  outstanding  immediately  following  the final
closing no other classes or series of capital stock or convertible securities of
the Company  except as set forth herein or in described in, or  incorporated  by
reference into, the Offering Memorandum.

7.    ADDITIONAL AGREEMENTS

      A.    So long as purchasers of Series A Preferred continues to hold shares
of Series A  Preferred,  the  Company  will  furnish  the  Placement  Agent with
confidential   monthly  management  reports  as  well  as  confidential  monthly
financial statements compared against plan and will provide Placement Agent with
a copy of the  Company's  annual  operating  plan  within  30 days  prior to the
beginning of each fiscal year.

      B.    The Placement Agent shall have the right to send a representative to
attend and  observe  (but not vote at) all  meetings of the  Company's  Board of
Directors  and shall be  entitled  to receive  notice of such  meetings  and all
materials  distributed  by the  Company to Board  members in the same manner and
within the same periods of time as the members of the Board of Directors.

8.    INDEMNIFICATION

      A.    The Company  agrees to indemnify  and hold  harmless  the  Placement
Agent,  its  employees  and  representatives  and each person who  controls  the
Placement  Agent within the meaning of Section 15 of the Act against any and all
losses, claims,  damages or liabilities,  joint or several, to which they or any
of them may become  subject under the  Securities Act or any other statute or at
common law in connection with the performance of its duties described herein and
to reimburse  persons  indemnified  as above for any  reasonable  legal or other
expense  (including the cost of any investigation  and preparation)  incurred by
them  in  connection  with  any  litigation  whether  or  not  resulting  in any
liability,  provided,  however,  that the indemnity  agreement contained in this
Section  8.A.  shall  not  apply  to  amounts  paid in  settlement  of any  such
litigation if such  settlement  is effected  without the consent of the Company,
nor  shall  it apply  to the  Placement  Agent  or any  person  controlling  the
Placement Agent in respect of any such losses,  claims,  damages, or liabilities
arising  out of, or based  upon,  any such untrue  statement  or alleged  untrue
statement,  or any such omission or alleged  omission  concerning  the Placement
Agent for use in the Offering Memorandum, if such statement or omission was made
in reliance upon information  furnished in writing by the Placement Agent to the
Company  specifically  for use in the Offering  Memorandum.  The Placement Agent
agrees  within  ten days  after  the  receipt  by it of  written  notice  of the
commencement  of any action  against it or against any person  controlling it as
aforesaid,  in  respect of which  indemnity  may be sought  from the  Company on
account of the indemnity agreement contained in this Section 8.A., to notify the
Company in writing of the  commencement  thereof,  provided,  however,  that the
omission  to so notify  the  Company  shall not  relieve  the  Company  from any
liability  which the Company may have to such Placement Agent or any such person
or  otherwise,  except to the  extent  that its  ability  to defend is  actually
impaired or  otherwise  prejudiced  by such  failure or delay.  In case any such
action  shall be brought  against the  Placement  Agent or any such  controlling
person  and the  Placement  Agent  shall  promptly  notify  the  Company  of the
commencement  thereof,  the Company shall be entitled to participate in (and, to
the extent that it shall wish, to direct) the defense thereof at its own

                                       10
<PAGE>

expense but such defense  shall be conducted by counsel of  recognized  standing
and reasonably satisfactory to the Placement Agent or such controlling person or
persons,  defendant or defendants in the litigation;  provided, that the Company
shall  not be  required  to pay  for  more  than  one  firm of  counsel  for all
indemnified parties,  which firm shall be designated by the Placement Agent. The
Company agrees to notify the Placement Agent promptly of the commencement of any
litigation or proceeding  against it or in connection with the issue and sale of
any of its  securities  and to furnish to the Placement  Agent,  at its request,
copies of all pleadings therein and permit the Placement Agent to be an observer
therein and apprise the Placement Agent of all developments  therein, all at the
Company's expense.

      B.    The  Placement  Agent  agrees,  in the same  manner  and to the same
extent as set forth in Section 8.A. of this  Agreement,  to  indemnify  and hold
harmless  the Company and each person,  if any, who controls the Company  within
the meaning of Section 15 of the Act, with respect to any such untrue  statement
or alleged untrue statement, or any such omission or alleged omission concerning
the Placement  Agent for use in the Offering  Memorandum,  if such  statement or
omission  was made in  reliance  upon  information  furnished  in writing by the
Placement Agent to the Company  specifically for use in the Offering Memorandum.
The  Placement  Agent shall not be liable for amounts paid in  settlement of any
such litigation if such settlement was effected without its consent.  In case of
commencement of any action, in respect of which indemnity may be sought from the
Placement Agent on account of the indemnity  agreement contained in this Section
8.B., each person agreed to be indemnified by the Placement Agent shall have the
same  obligation to notify the Placement Agent as the Placement Agent has toward
the  Company  in Section  8.A.  of this  Agreement,  subject to the same loss of
indemnity in the event such notice is not given,  and the Placement  Agent shall
have the same right to  participate in (and to the extent that it shall wish, to
direct) the defense of such action at its own expense, but such defense shall be
conducted by one firm of counsel of recognized  standing and satisfactory to the
Company.

      C.    The respective  indemnity agreements between the Placement Agent and
the Company  contained  in Sections  8.A.  and 8.B. of this  Agreement,  and the
representations  and  warranties  of the  Company  set forth  elsewhere  in this
Agreement,  shall remain  operative and in full force and effect  (regardless of
any investigation made by or on behalf of the Placement Agent or the Company) or
by or on  behalf  of any  controlling  person  of  the  Placement  Agent  or the
Company),  shall  survive the delivery of the  Securities.  Any successor of the
Company and the Placement  Agent or of any  controlling  person of the Placement
Agent,  as the case may be, shall be entitled to the benefits of the  respective
indemnity agreements.

      D.    In order to provide for just and  equitable  contribution  under the
Act in any case in which (i) any person entitled to  indemnification  under this
Section 8 makes claim for  indemnification  pursuant hereto but it is judicially
determined  (by the entry of a final  judgment or decree by a court of competent
jurisdiction  and the  expiration  of time to appeal  or the  denial of the last
right of appeal)  that such  indemnification  may not be  enforced  in such case
notwithstanding  the fact that this  Section 8 provides for  indemnification  in
such case, or (ii) contribution under the Act may be required on the part of any
such person in circumstances  for which  indemnification  is provided under this
Section 8, then,  and in each such case,  the  Company and the  Placement  Agent
shall contribute to the aggregate losses, claims, damages or

                                       11
<PAGE>

liabilities to which they may be subject (after any contribution from others) in
such  proportions so that the Placement  Agent is responsible for the proportion
that the fees provided for herein bear to the net proceeds of the  Securities or
Series A  Preferred,  as  applicable,  and the  Company is  responsible  for the
remaining  portion;  provided,  that,  in any such case,  no person  guilty of a
fraudulent  misrepresentation  (within the meaning of Section  11(f) of the Act)
shall be  entitled  to  contribution  from any person who was not guilty of such
fraudulent misrepresentation.

      E.    Within ten days  after  receipt  by any party to this  Agreement  of
notice of the commencement of any action,  suit or proceeding,  such party will,
if a claim for  contribution  in respect  thereof is to be made against  another
party (the "contributing party"),  notify the contributing party, in writing, of
the commencement  thereof,  but the omission so to notify the contributing party
will not  relieve  it from any  liability  which it may have to any other  party
other  than  for  contribution  hereunder.  In case  any  such  action,  suit or
proceeding  is  brought  against  any  party,  and  such  party  so  notifies  a
contributing  party or his or its Placement  Agent of the  commencement  thereof
within the  aforesaid  ten days,  the  contributing  party will be  entitled  to
participate  therein with the notifying party and any other  contributing  party
similarly notified. Any such contributing party shall not be liable to any party
seeking  contribution  on account  of any  settlement  of any  claim,  action or
proceeding  effected  by such party  seeking  contribution  without  the written
consent of such  contributing  party. The contribution  provisions  contained in
Section 8 are in addition to any other  rights or remedies  which  either  party
hereto may have with respect to the other or hereunder.

9.    PAYMENT OF EXPENSES

      The Company  hereby agrees to bear all of its expenses in connection  with
the Note  Placement  and the  Equity  Placement,  whether  incurred  prior to or
post-Closing,  including,  but not limited to, the following:  filing fees, bank
escrow  fees,  printing  and  duplicating  costs,   closing  sets,   tombstones,
advertisements, postage and mailing expenses with respect to the transmission of
offering  material,  informational  meeting costs,  registrar and transfer agent
fees, the Company's  counsel and accounting  fees,  issue and transfer taxes, if
any,  and any Blue  Sky  counsel  fees and  expenses  of the  Placement  Agent's
counsel. In this connection, Blue Sky applications for registration of the Notes
and Series A Preferred or exemption  therefrom  shall be made in such states and
jurisdictions  as shall be reasonably  requested by the Placement Agent provided
that such  states and  jurisdictions  do not require the Company to qualify as a
foreign corporation or to file a general consent to service of process.

10.   CLOSING

      A.    On each closing date, the Placement  Agent shall receive the opinion
of either the Company's General Counsel or the Company's  Securities Counsel, in
form and substance satisfactory to counsel for the Placement Agent.

      B.    On or  prior to each  closing  date,  the  Placement  Agent  and its
counsel shall have been furnished such documents,  certificates  and opinions as
they may  reasonably  request for the purpose of enabling them to review or pass
upon the matters referred to in subparagraph A of

                                       12
<PAGE>

this  Paragraph  10,  or in order to  evidence  the  accuracy,  completeness  or
satisfaction  of any of the  representations,  warranties or  conditions  herein
contained.

      C.    On and prior to each  closing  date,  (i) there  shall  have been no
material  adverse  change or development  involving a prospective  change in the
condition or prospects or the business  activities,  financial or otherwise,  of
the Company,  from the latest  dates as of which such  condition is set forth in
the Offering Memorandum;  (ii) there shall have been no transaction,  not in the
ordinary course of business,  other than the pending purchase of shares of InCon
Technologies  Inc. by the management  thereof,  entered into by the Company from
the latest date as of which the financial  condition of the Company is set forth
in, or incorporated by reference into, the Offering Memorandum which is material
to the Company which has not been  disclosed to the Placement  Agent in writing;
(iii) except as described in, or  incorporated  by reference  into, the Offering
Memorandum,  the  Company  shall not be in default  under any  provision  of any
instrument  relating  to any  outstanding  indebtedness;  (iv) no  assets of the
Company  shall  have  been  pledged  or   mortgaged,   except  as  indicated  or
contemplated in, or incorporated by reference into, the Offering Memorandum; and
(v) no action, suit or proceeding,  at law or in equity, shall have been pending
or threatened against the Company or affecting any of its respective  properties
or businesses  before or by any court of federal or state  commission,  board or
other administrative agency wherein an unfavorable  decision,  ruling or finding
could materially adversely affect the business operations,  prospects, financial
condition or income of the Company,  except as set forth in or  incorporated  by
reference into, the Offering Memorandum the Offering Memorandum.

      D.    At  each  closing,   the  Placement  Agent  shall  have  received  a
certificate  of the Company  signed by its President and by its Chief  Financial
Officer,  dated  as of the  applicable  closing  date,  to the  effect  that the
conditions set forth in subparagraph C above have been satisfied and that, as of
such closing date, the  representations  and warranties of the Company set forth
herein are true and correct.

      E.    The Company's  obligation to deliver the Securities and the Series a
Preferred shares shall be subject to the following conditions:

            1.    transfer to and  receipt by the  Company by wire or  certified
bank check of same day or next day funds of the amount of the purchase price for
the applicable securities being purchased by the subscribers; and

            2.    the delivery to the Company of the Subscription Documents duly
executed by such subscribers.

11.   TERMINATION

The Company agrees that until the six (6) month  anniversary of this  Agreement,
or such  earlier  date as the  Company and  Placement  Agent  mutually  agree to
terminate the Offering (the "TERMINATION  DATE"),  neither the Company or any of
its affiliates,  officers,  directors,  employees, agents or representatives who
are aware of the  discussions  between  the Company  and  Placement  Agent will,
either directly or indirectly,  solicit,  entertain or conduct  discussions with
any person

                                       13
<PAGE>

with respect to any offer relating to the sale of securities of the Company. The
term  "person"  as used in  herein  shall  be  interpreted  to  include  without
limitation   any   individual,    corporation,    limited   liability   company,
unincorporated association, partnership, trust, estate or other entity.

12.   MISCELLANEOUS

      A.    All covenants, warranties and representations herein contained shall
survive the Closing Date, and any  investigation  made by the party relying upon
such warranty and/or representation.

      B.    This Agreement may be executed in any number of  counterparts,  each
of which shall be deemed to be an original,  but all which shall be deemed to be
one and the same instrument.

      C.    Any notice  required or  permitted  to be given  hereunder  shall be
given in writing  and shall be deemed  effective  when either  deposited  in the
United  States mail,  registered  return  receipt  requested,  when  received if
personally delivered, or when sent by overnight courier, addressed as follows:

To the Placement Agent:  Indigo Securities LLC
                         780 Third Avenue
                         Suite 2302
                         New York, NY 10017

                         Attention: Eric Brachfeld

To the Company:          Bionutrics, Inc.
                         2415 East Camelback Road
                         Suite 700
                         Phoenix, AZ 85016

                         Attention:  Dr. Ronald H. Lane Ph.D.

or to such other address of which written notice is given to the other party.

      D.    This  Agreement  shall be governed by, and  construed in  accordance
with,  the laws of the State of New York without  giving  effect to conflicts of
laws.

      E.    The parties hereto  irrevocably  submit to the  jurisdiction  of any
State or Federal  Court  sitting  in the State of New York,  County of New York,
over  any  suit,  action,  or  proceeding  arising  out of or  relating  to this
Agreement. Each party hereto irrevocably waives, to the fullest extent permitted
by law, any  objection  which it may now or hereafter  have to the laying of the
venue of any such suit,  action,  or proceeding  brought in such a court and any
claim that suit,

                                       14
<PAGE>

action,  or proceeding  has been brought in an  inconvenient  forum.  Each party
hereto  agrees  that the  service  of  process  upon it mailed by  certified  or
registered  mail,  postage prepaid and return receipt  requested (and service so
made  shall be deemed  complete  three  days  after the same has been  posted as
aforesaid) or by personal  service  shall be deemed in every  respect  effective
service of process upon it in any such suit or proceeding.  Nothing herein shall
affect a party's  right to serve  process in any other manner  permitted by law.
Each  party  agrees  that a final  non-appealable  judgment  in any such suit or
proceeding  shall be conclusive  and may be enforced in other  jurisdictions  by
suit on such judgment or in any other lawful manner.

      F.    This Agreement contains the entire understanding between the parties
hereto  with  respect to the  subject  matter  hereof and may not be modified or
amended except by a writing duly signed by the party against whom enforcement of
the modification or amendment is sought.

      G.    If any  provision of this  Agreement  shall be held to be invalid or
unenforceable,  such invalidity or  unenforceability  shall not affect any other
provision of this Agreement.

                                       15
<PAGE>

      IN WITNESS WHEREOF,  the parties have hereto executed this Agreement as of
the _____ day of __________, 2005.

INDIGO SECURITIES LLC

By:_____________________________
Name:  Eric Brachfeld
Title: Managing Partner

BIONUTRICS, INC.

By:____________________________
Name:  Dr. Ronald H. Lane Ph.D.
Title: Chief Executive Officer

                                       16
<PAGE>

                                   SCHEDULE A
                                   ----------

                              CAPITALIZATION TABLE
                              --------------------

BIONUTRICS, INC. FULLY DILUTED SHARES OUTSTANDING AS OF SEPTEMBER 12, 2005

Shares Outstanding as  of 09/12/05                                    22,681,725
Unexercised Options & Warrants                                           129,000
Unexercised Warrants                                                     170,000
Series A Preferred  Shares, As Converted                                 118,370
                                                                      ----------
Accumulated Series A Preferred Dividends                                  46,440
TOTAL                                                                 23,145,535

<PAGE>

                                    EXHIBIT A

                                OFFERING SUMMARY

                           EQUITY PLACEMENT TERM SHEET

ISSUER:                    Bionutrics, Inc. ("the COMPANY")

PLACEMENT AGENT:           Indigo Securities, LLC (the "PLACEMENT AGENT")

THE OFFERING:              Series A Convertible  Preferred  Stock (the "SERIES A
                           PREFERRED"),  initially  convertible  on a 1:4  basis
                           into  shares  of  the  Company's  Common  Stock  (the
                           "COMMON  STOCK")  and  warrants to acquire 25% of the
                           Common  Stock into which the  Series A  Preferred  is
                           initially  convertible (the "WARRANTS" and,  together
                           with the Series A Preferred,  the "SECURITIES") at an
                           exercise price equal to 150% of the Original Purchase
                           Price  (as  defined  below).  The  Warrants  shall be
                           exercisable   for  five  years.   In  addition,   the
                           Company's  currently  outstanding   indebtedness  and
                           preferred  stock must be converted  into Common Stock
                           as a condition to closing of the Offering.

AMOUNT OF FINANCING:       A minimum of  $3,000,000  and a maximum of $6,000,000
                           of Securities.  This  investment  shall close for all
                           investors  upon  the  earliest  of the  date  (i) the
                           parties  agree to terminate  the offering or (ii) the
                           sale of $6 million of  Securities,  provided that the
                           Placement  Agent shall have an over allotment  option
                           to sell an  additional  10% of the Maximum  Offering.
                           Conversion of the  Company's  Secured Notes shall not
                           be included in the amount of the financing.

PRICE:                     $16 per share of Series A Preferred  convertible into
                           four shares of common stock (the  "ORIGINAL  PURCHASE
                           PRICE").

INVESTOR(S):               Accredited Investors introduced to the Company by the
                           Placement Agent.

ESCROW ARRANGEMENTS:       Investors  shall fund their  investment  into  escrow
                           with a mutually  acceptable  escrow agent. The escrow
                           shall be  released  as soon as the  aggregate  amount
                           funded into escrow equals or exceeds $3,000,000.
<PAGE>

FEES AND EXPENSES:         The Placement  Agent shall receive as compensation in
                           connection  with the  Offering:  (i) 9% of the  gross
                           proceeds of the Offering in cash,  and (ii)  warrants
                           (the  "AGENT  WARRANTS")  exercisable  for  9% of the
                           number of shares  of Series A  Preferred  sold in the
                           Offering.  The Agent Warrants shall be exercisable at
                           a price  equal to the  Original  Purchase  Price  per
                           share.  The Placement  Agent and its  affiliates  and
                           counsel  shall have the right to purchase  Securities
                           in the  Offering  net of cash  commissions  and shall
                           receive  its pro rata share of the Agent  Warrants in
                           connection  with any  such  investment.  The  Company
                           shall pay the reasonable fees and expenses, including
                           reasonable   legal  fees  of  the  Placement   Agent,
                           incurred by the Placement  Agent in  connection  with
                           the Offering.

ANTICIPATED CLOSING DATE   [October 31, 2005] (the "Closing").

TERMS OF SERIES A PREFERRED STOCK

Dividends:                 The  holders  of the  Series  A  Preferred  shall  be
                           entitled   to   receive   cumulative   dividends   in
                           preference to any dividend on the Common Stock at the
                           rate of 8% of the Original  Purchase Price per annum,
                           accruing on a semi-annual basis in cash or additional
                           shares of Series A Preferred  (which  shall be valued
                           at  the  Original  Purchase  Price  per  share).  The
                           holders of Series A Preferred  also shall be entitled
                           to participate  pro rata in any dividends paid on the
                           Common Stock on an as-if-converted basis.

Liquidation Preference:    In the event of any  liquidation or winding up of the
                           Company,  the holders of the Series A Preferred shall
                           be entitled to receive in  preference  to the holders
                           of the Common  Stock a per share  amount equal to the
                           Original Purchase Price plus any accrued, but unpaid,
                           dividends (the "LIQUIDATION  PREFERENCE").  After the
                           payment of the Liquidation  Preference to the holders
                           of the Series A Preferred, the remaining assets shall
                           be  distributed  ratably to the holders of the Common
                           Stock  and  the  Series  A  Preferred  on  an  as  if
                           converted  basis.  A  merger,  acquisition,  sale  of
                           voting control or sale of all or substantially all of
                           the   assets   of   the    Company   in   which   the
                           pre-transaction  shareholders  of the  Company do not
                           own a  majority  of  the  outstanding  shares  of the
                           surviving   corporation  shall  be  deemed  to  be  a
                           liquidation.

Conversion:                The holders of the Series A Preferred  shall have the
                           right  to  convert   any  or  all  of  the  Series  A
                           Preferred,  at any time, into shares of Common Stock.
                           The initial  conversion rate shall be 1:4, subject to
                           adjustment as provided below.
<PAGE>

Antidilution Provisions:   The  conversion  price of the Series A Preferred  and
                           the exercise price of the Warrants will be subject to
                           a weighted-average  antidilution adjustment (based on
                           all outstanding shares of Preferred and Common Stock)
                           to  reduce  dilution  in the event  that the  Company
                           issues  additional equity securities (other than: (a)
                           up to 1,900,000  shares  issued  pursuant to reserved
                           employee  options,  and (b) a one time issuance of up
                           to $2,000,000 in additional  equity securities during
                           the twelve  (12)  month  period  following  the final
                           closing  date of the  Offering)  at a purchase  price
                           less than (i) the applicable  conversion price in the
                           case of the Series A Preferred or (ii) the applicable
                           exercise  price  in the  case  of the  Warrants.  The
                           conversion  price  and  exercise  price  will also be
                           subject to proportional  adjustment for stock splits,
                           stock dividends, recapitalizations and the like.

Voting Rights:             Except as  otherwise  provided  herein,  the Series A
                           Preferred will vote together with the Common Stock on
                           an as if converted  basis and not as a separate class
                           except  as   specifically   provided   herein  or  as
                           otherwise  required  by law.  Each  share of Series A
                           Preferred  shall have a number of votes  equal to the
                           number of shares of Common Stock then  issuable  upon
                           conversion of such share of Series A Preferred.

Board of Directors:        The size of the Company's Board of Directors shall be
                           set at five (5).  The  Board of  Company  will  elect
                           Edward  Neugeboren  to the  Board  prior to close and
                           Nirmal  Mulye and  Ronald  Lane  shall  agree to vote
                           their respective  shares of Common Stock for the next
                           shareholders meetings in favor of the election of Mr.
                           Neugeboren  to a  one-year  term  on the  Board.  The
                           placement  agent  shall also be  entitled to observer
                           rights at all board meetings.

Notification Rights:       The Company shall  provide the  Placement  Agent with
                           written  notice of any and all future  debt or equity
                           financings  upon  execution of a term sheet or letter
                           of intent in connection with such financing and in no
                           event  less  than ten  (10)  business  days  prior to
                           closing such financing.

Right of First Refusal:    The  Placement  Agent  shall  have a right  of  first
                           refusal to serve as (i) placement  agent with respect
                           to  future  security  issuances  and  (ii)  financial
                           advisor in any merger,  acquisition,  sale or similar
                           transaction   by   the   Company   (other   than   an
                           underwritten public offering) for a period of two (2)
                           years following the final closing of the Offering.

Protective Provisions:     For so long as at least 25% of the Series A Preferred
                           remains   outstanding,    consent   of   (i)   Edward
                           Neugeboren, if he is a member

<PAGE>

                           of the Board of Directors of the Company at the time,
                           or (ii) holders of a majority of the shares of Series
                           A Preferred then  outstanding,  shall be required for
                           any action  that (i) alters or  changes  the  rights,
                           preferences  or privileges of the Series A Preferred,
                           (ii)  constitutes  the incurrence of  indebtedness by
                           the  Company  (other  indebtedness  incurred  in  the
                           ordinary course of the Company's business, consistent
                           with past practice) which possesses  senior repayment
                           rights  to  the  Series  A   Preferred,   except  for
                           acquisition indebtedness (or guarantees thereof) used
                           to acquire the shares of Kirk  Pharmaceuticals,  LLC,
                           and its affiliate,  Andapharm, LLC, or an refinancing
                           of such acquisition  indebtedness,  (iii) creates (by
                           reclassification  or  otherwise)  any  new  class  or
                           series  of  shares  or  securities   having   rights,
                           preferences or privileges  senior to, or on a parity,
                           with the  Series A  Preferred,  (iv)  results  in the
                           redemption  of any shares of Common Stock (other than
                           pursuant to equity incentive  agreements with service
                           providers  giving the Company the right to repurchase
                           shares upon the termination of services), (v) results
                           in any merger, other corporate  reorganization,  sale
                           of  control,  or  any  transaction  in  which  all or
                           substantially  all of the assets of the  Company  are
                           sold,  (vi)  amends or waives  any  provision  of the
                           Company's   Articles  of   Incorporation   or  Bylaws
                           relative to the Series A Preferred,  (vii)  increases
                           the authorized  size of the Company's  board,  (viii)
                           results in the payment or declaration of any dividend
                           on any  shares of Common  Stock,  (ix)  results  in a
                           confession of judgment against the Company, or settle
                           or  compromise  by or against the  Company  (provided
                           that no such  consent  shall be required  for matters
                           involving  less  than  $500,000.00),   (x)  file  for
                           bankruptcy  or  receivership,  (xi)  results  in  any
                           material  loans to any insider or  shareholder or any
                           guaranty of any debt of a third party,  other than in
                           the ordinary course of business; (xii) results in the
                           removal  of  one  of the  following  officers  of the
                           Company  other  than  for  "cause":  Chief  Executive
                           Officer,  President and Chief Financial  Officer,  or
                           the material modification of the compensation payable
                           by the Company to any such officer,  (xii) results in
                           the making of any material  investments other than in
                           the ordinary course of business, (xiv) results in the
                           mortgaging, pledging, or creating a security interest
                           in the  property  of the  Company,  other than in the
                           ordinary  course  of  business  consistent  with past
                           practice, (xiii) results in the Company entering into
                           new  businesses  not  related  to the  purpose of the
                           Company,  (xvi) or (xvi) results in the  consummation
                           of  any  material  contracts  with  any  shareholder,
                           insider or  affiliates,  except  those in place as of
                           the closing  date or  anticipated  in the next twelve
                           (12)  months  with  Nostrum   Pharmaceuticals,   Inc.
                           ("Nostrum")  as  required  to develop and

<PAGE>

                           execute the Company's  technology  license  agreement
                           with Nostrum.

Information Rights:        So long as any  Investor  continues to hold shares of
                           Series  A  Preferred  or  Common  Stock  issued  upon
                           conversion  of the Series A  Preferred,  the  Company
                           will  furnish  the   Placement   Agent  with  monthly
                           management  reports as well as  confidential  monthly
                           financial  statements  compared against the Company's
                           annual  operating plan and will provide a copy of the
                           Company's  confidential  annual operating plan within
                           30 days prior to the  beginning  of the fiscal  year.
                           Each  Investor  shall also be  entitled  to  standard
                           inspection  and  visitation  rights  under the Nevada
                           Revised Statutes.

Registration Rights:       UPFRONT  REGISTRATION:  The  Company  shall  cause  a
                           Registration  Statement  (the  "INITIAL  REGISTRATION
                           STATEMENT") covering the 125% of the Common Stock (i)
                           into which the Series A Preferred is convertible  and
                           (ii) for which the  Warrant  and Agent  Warrants  are
                           exercisable (the "REGISTRABLE  SECURITIES") to become
                           effective  no later  that 120 days  from the  Closing
                           Date (the  "Required  Effective  Date").  The Company
                           shall  use  its  best   efforts   to   maintain   the
                           effectiveness  of this  Registration  Statement until
                           the date (the "Registration  Termination Date") which
                           is the earlier of (i) the second  anniversary  of the
                           Closing  Date,  (ii) the  date  upon  which  the last
                           Registrable  Security  included in such  Registration
                           Statement  is sold by the holder  thereof,  and (iii)
                           the date upon  which  all  investors  may sell  their
                           Registrable  Securities  without limitation by virtue
                           of paragraph (e) of Rule 144 under the Securities Act
                           of 1933, as amended. Penalty for default: (i) for the
                           first  two one  month  periods  of  delay  after  the
                           Required  Effective  Date,  the penalty shall be 1.0%
                           per  month  payable  in cash or stock  valued  at the
                           Original Purchase Price; and (ii) for each additional
                           month, 2.5% per month payable in cash or stock valued
                           at the  Original  Purchase  Price.  The  penalty  for
                           partial months shall be pro rated.

                           DEMAND  RIGHTS:   If  for  some  reason  the  Initial
                           Registration  Statement is not  effective at any time
                           during  the  period  beginning  120  days  after  the
                           Closing Date, Investors holding more than $500,000 in
                           value of the  Registrable  Securities may require the
                           Company  to  use  its  best  efforts  to  cause  such
                           Registrable   Securities   to  be   registered.   The
                           Investors'  demand  registration  rights shall expire
                           two years after the effectiveness date of the Upfront
                           Registration covering all Registrable Securities.
<PAGE>

                           COMPANY REGISTRATION: The Investors shall be entitled
                           to   "piggy   back"   registration   rights   on  all
                           registrations    of   the    Company    (other   than
                           registrations  on Forms S-8, S-4 or any  successor or
                           similar forms) or on any demand  registrations of any
                           other investor subject to the right,  however, of the
                           Company and its  underwriters to reduce the number of
                           shares  proposed to be  registered  in view of market
                           conditions. If the Investors are so limited, however,
                           no party shall sell shares in such registration other
                           than the Company or the  investor,  if any,  invoking
                           the  demand  registration.   No  shareholder  of  the
                           Company  shall  be  granted  piggyback   registration
                           rights  which  would  reduce  the  number  of  shares
                           includable   by  the   holders  of  the   Registrable
                           Securities in such  registration  without the consent
                           of  the  holders  of  at  least   two-thirds  of  the
                           Registrable    Securities.    Investors'   piggy-back
                           registration  rights shall expire two years after the
                           effectiveness   date  of  the  Upfront   Registration
                           covering all Registrable Securities.

                           In connection with an underwritten public offering of
                           securities  of the  Company,  upon the request of the
                           managing  underwriter,  each  holder  of  Registrable
                           Securities  who owns at  least 2% of the  outstanding
                           capital  stock of the  Company  on an  "as-converted"
                           basis or is an officer  or  director  of the  Company
                           shall  agree   (provided   all  other   officers  and
                           directors  also  agree) not to effect any public sale
                           or  distribution  (other  than those  included in the
                           registration)  of any  securities of the Company,  or
                           any securities, options or rights convertible into or
                           exchangeable   or  exercisable  for  such  securities
                           during the sixty (60) day  period  beginning  on such
                           effective  date,  unless  the  managing   underwriter
                           otherwise agrees to a shorter period of time.

                           S-3 RIGHTS.  Investors shall be entitled to unlimited
                           demand registrations on Form S-3 (if available to the
                           Company) so long as such registered offerings are not
                           less than $1,000,000.

                           LIMITATION ON PIGGYBACK & S-3 RIGHTS.  The Investors'
                           "piggy  back" and S-3  registration  rights shall not
                           apply   during  any  period  that  there   exists  an
                           effective   registration   statement   covering   the
                           Investors' Registrable Securities.

                           EXPENSES:   The  Company   shall  bear   registration
                           expenses  (exclusive  of  underwriting  discounts and
                           commissions  and  expenses  of  counsel)  of all such
                           demands,    piggy-backs,    and   S-3   registrations
                           (including the expense of one special  counsel of the
                           selling shareholders).
<PAGE>

                           TRANSFER OF RIGHTS:  The  registration  rights may be
                           transferred to (i) any partner or retired  partner of
                           any holder  which is a  partnership,  (ii) any family
                           member or trust  for the  benefit  of any  individual
                           holder, or (iii) any transferee who acquires at least
                           5,000 shares of Registrable Securities; in each case,
                           provided  that the  Company is given  written  notice
                           thereof.

                           OTHER PROVISIONS: Other provisions shall be contained
                           in the  Investor  Rights  Agreement  with  respect to
                           registration  rights  as  are  reasonable,  including
                           cross  indemnification,  the  period of time in which
                           the  Registration  Statement  shall be kept effective
                           and underwriting arrangements.

Pre-Emptive Rights:        Investors  shall  have  the  right in the  event  the
                           Company   sells   equity   securities,    convertible
                           securities  or  warrants  to any  person to  purchase
                           their pro rata portion of such shares for a period of
                           30  days  after  the   closing  of  such  sale.   Any
                           securities not subscribed for by an eligible Investor
                           may  be   reallocated   among  the   other   eligible
                           Investors. Such keep even right will not apply to any
                           underwritten   public   offering  of  Company  equity
                           securities  by  a  internationally,   nationally,  or
                           regionally  recognized  underwriter,  at a price  per
                           share of Common  Stock no less than  three  times the
                           Original Purchase Price.

Subscription Agreement:    The   investment   shall  be  made   pursuant   to  a
                           Subscription  Agreement reasonably  acceptable to the
                           Company  and the  Investors,  which  agreement  shall
                           contain,    among    other    things,     appropriate
                           representations   and   warranties  of  the  Company,
                           covenants of the Company  reflecting  the  provisions
                           set  forth  herein  and  appropriate   conditions  of
                           closing,  including  an opinion  of  counsel  for the
                           Company.  The  Subscription  Agreement  shall provide
                           that  it  may  only  be  amended   and  any   waivers
                           thereunder  shall only be made with the  approval  of
                           the holders of  two-thirds of the Series A Preferred.
                           Registration  rights  provisions  may be  amended  or
                           waived  solely  with the  consent  of the  holders of
                           two-thirds of the Registrable Securities.

EMPLOYEE MATTERS

Employee Option Pool:      Upon the Closing of this financing,  1,900,000 shares
                           of Common Stock will have been  reserved for issuance
                           pursuant to employee options.

Stock Vesting:             All  stock  and stock  equivalents  issued  after the
                           Closing  to  employees,  directors,  consultants  and
                           other service providers will be subject to vesting as
                           follows:  33%  to  vest  at  the  end  of  the  first

<PAGE>

                           year following such issuance,  with the remaining 66%
                           to  vest  monthly  over  the  next  two  years.   The
                           repurchase option shall provide that upon termination
                           of the employment of the shareholder, with or without
                           cause,  the  Company or its  assignee  (to the extent
                           permissible    under   applicable    securities   law
                           qualification)  retains the option to  repurchase  at
                           cost any unvested shares held by such shareholder.

Proprietary Information
and Inventions Agreement:  Each officer,  employee and consultant of the Company
                           shall have  entered  into an  acceptable  proprietary
                           information and inventions agreement.

Forced Conversion:         If at any time prior to the  conversion of the Series
                           A Preferred  into shares of Common Stock,  the Common
                           Stock  trades at a 30 day  trailing  average  closing
                           price  equal  to  300%  of the  equivalent  effective
                           purchase  price  per  share of  Common  Stock in this
                           Offering  and the average  Common  Stock share volume
                           during this 30 day trailing  period equals or exceeds
                           40,000 shares per day and the Common Stock into which
                           the Series A  Preferred  is  covered by an  effective
                           registration  statement  at such  time,  the Series A
                           Preferred  shall  automatically  convert  into Common
                           Stock at the then applicable conversion price. In the
                           event of such  conversion,  all preferences and other
                           special provisions  described and provided for herein
                           to  the  Series  A  Preferred  or  related   Warrants
                           including protective  provisions,  information rights
                           and pre-emptive  rights,  shall become null and void,
                           except that the registration  rights shall remain and
                           the Company  will be required to perform as described
                           herein.

OTHER MATTERS

Conditions Precedent
to Financing:              1.   Completion  of legal documentation  satisfactory
                           to the Placement Agent and prospective Investors.

                           2.   Execution  of  mutually   agreeable   employment
                           agreements  with  key  employees  including:  John S.
                           Copanos, Nirmal Mulye and Ronald H. Lane, Ph.D.

                           3.   Bionutrics'   receipt   of   DEA   approval   in
                           connection    with    the    acquisition    of   Kirk
                           Pharmaceuticals.
<PAGE>

                           4.   Conversion   of   outstanding   Bionutrics   (i)
                           Revolving   Note   in   the   principal   amount   of
                           approximately $1,500,000 and (ii) preferred equity to
                           common stock.

                           5.   Satisfactory  completion of due diligence by the
                           Placement Agent and prospective  Investors (including
                           a   complete   review   of  all   requested   Nostrum
                           Pharmaceutical's due diligence materials).

                           6.   Conversion of B. Berk's Nostrum Pharmaceutical's
                           shares to Bionutrics shares.

Exclusivity:               The Company  agrees that until  November 30, 2005, or
                           such earlier date as the Company and Placement  Agent
                           mutually   agree  to  terminate   the  Offering  (the
                           "TERMINATION  DATE"),  neither  the Company or any of
                           its  affiliates,   officers,  directors,   employees,
                           agents  or  representatives  who  are  aware  of  the
                           discussions  between the Company and Placement  Agent
                           will,   either   directly  or  indirectly,   solicit,
                           entertain or conduct discussions with any person with
                           respect  to  any  offer   relating  to  the  sale  of
                           securities of the Company.  The term "person" as used
                           in herein  shall be  interpreted  to include  without
                           limitation  any  individual,   corporation,   limited
                           liability   Company,    unincorporated   association,
                           partnership, trust, estate or other entity.

Capitalization:            The Company is authorized to issue 50,000,000  shares
                           of which  45,000,000  shares,  par  value  $.001  per
                           share,   are  designated  as  Common  Stock  ("COMMON
                           STOCK")  and  5,000,000  shares,  par value $.001 per
                           share, are designated as Preferred Stock  ("PREFERRED
                           STOCK").  A complete  capitalization  table as of the
                           date hereof is attached above as Schedule A.

                           In addition, the Placement Agent's affiliate,  Indigo
                           Ventures LLC, shall purchase a three (3) year warrant
                           from the  Company  ("INDIGO  VENTURES  WARRANT")  for
                           500,000 shares of Common Stock with an exercise price
                           equal to $5.00  per  share.  The  aggregate  purchase
                           price  for  the  Indigo  Ventures  Warrant  shall  be
                           $150,000.  Such purchase  price may be paid by Indigo
                           Ventures LLC, at its option,  through the issuance of
                           a partial recourse note.

Governing Law:             The definitive documentation relating to the offering
                           of the Securities  shall be governed by and construed
                           in accordance with the laws of the State of New York.

Additional Information:    For  additional  information  regarding  the  Company
                           generally  and  for   Management's   Discussion   and
                           Analysis of the  Company's  Financial  Condition  and
                           Results,  please  see the 10-K and 10-Q  attached  as
                           exhibits hereto.Exhibit 10.2

                                                                  EXECUTION COPY

                               BIONUTRICS, INC.
                            SUBSCRIPTION AGREEMENT

       Name of Subscriber: _______________________________(the "INVESTOR")

            Total Investment Amount:  $________________________________________

1.      SUBSCRIPTION TERMS - SECURITIES

        1.1     SUBSCRIPTION.  The undersigned  Investor,  hereby subscribes for
and agrees to purchase a Convertible  Promissory Note in the principal amount of
_____________ (the "NOTE" and all Notes shall be collectively referred to as the
"CONVERTIBLE  NOTES") in the form attached  hereto as EXHIBIT A, and a number of
warrants to purchase  shares of the  Company's  Common Stock (the  "WARRANT" and
together with the Note, the  "SECURITIES") of the Company for a total investment
of  $____________  on the terms and  conditions  contained in this  Subscription
Agreement (the "AGREEMENT"),  the Note and the Warrant. The Agreement,  Note and
Warrant together with all Exhibits may be referred to herein collectively as the
"OFFERING DOCUMENTS". For purposes of this Subscription Agreement, the shares of
Common Stock  issuable  upon  exercise of the Warrants are referred to herein as
the "WARRANT  SHARES" and the securities  issuable upon  conversion of the Notes
shall be referred to as the "UNDERLYING SHARES".

        1.2     SUBSCRIPTION   PAYMENT.   As  payment  for  this   subscription,
simultaneously  with the execution  hereof,  the Investor shall immediately wire
the  amount  specified  in  Section  1.1 above,  pursuant  to the wire  transfer
instructions  specified  on EXHIBIT B or shall send to the  address set forth on
EXHIBIT B, via overnight  courier, a check payable to "Indigo Securities LLC Sub
Escrow (Bionutrics, Inc.)".

        1.3     ACCEPTANCE OR REJECTION OF SUBSCRIPTION.

                (a)     The  Investor  understands  and agrees  that the Company
reserves the right to reject this  subscription  for the  Securities in its sole
and  absolute  discretion,  in whole  or in part  and at any  time  prior to the
completion  of the  offering,  notwithstanding  prior receipt by the Investor of
notice of acceptance of the Investor's subscription; and

                (b)     In the  event of  rejection  of this  subscription,  the
Investor's  subscription  payment  shall be promptly  returned  to the  Investor
without  deduction or interest,  and this  Subscription  Agreement shall have no
force or effect.

2.      REPRESENTATIONS AND WARRANTIES.

        2.1     INVESTOR   REPRESENTATIONS   AND   WARRANTIES.    The   Investor
acknowledges,  represents  and  warrants  to, and agrees  with,  the  Company as
follows:
<PAGE>

                (a)     The Investor is aware this is a "best efforts"  offering
subject to the sale of at least  $1,600,000 of the Securities which must be sold
and that the Investor's  investment  involves a high degree of risk as described
in the Confidential Term Sheet dated September 27, 2005 (the "TERM SHEET");

                (b)     The  Investor is aware that there is no  assurance as to
the future performance of the Company;

                (c)     The  Investor  is  purchasing  the  Securities  for  the
Investor's  own  account  for  investment  and not with a view to or for sale in
connection with the  distribution of the Securities or the Underlying  Shares in
violation of the Securities Act of 1933, as amended (the "SECURITIES  ACT"). The
Investor agrees that he, she or it must bear the economic risk of the Investor's
investment for an indefinite  period of time because,  among other reasons,  the
Securities  have not been  registered  under  the  Securities  Act or under  the
securities  laws of any  states  and,  therefore,  cannot  be  resold,  pledged,
assigned or otherwise disposed of unless they are subsequently  registered under
the Securities  Act and under  applicable  securities  laws of such states or an
exemption from such registration is available;

                (d)     The Investor  hereby  authorizes  the Company to place a
legend in  substantially  the  following  form denoting the  restriction  on the
Securities and the Underlying Shares:

        "THE SECURITIES  REPRESENTED BY THIS CERTIFICATE  (AND/OR THE SECURITIES
ISSUABLE UPON CONVERSION, EXCHANGE, OR EXERCISE HEREOF) HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY
STATE  SECURITIES  COMMISSION,  AND MAY NOT BE TRANSFERRED OR DISPOSED OF BY THE
HOLDER IN THE ABSENCE OF A REGISTRATION  STATEMENT  WHICH IS EFFECTIVE UNDER THE
SECURITIES ACT AND APPLICABLE  STATE LAWS AND RULES, OR AN EXEMPTION  THEREFROM,
UNLESS,  IMMEDIATELY  PRIOR TO THE TIME SET FOR  TRANSFER,  SUCH TRANSFER MAY BE
EFFECTED WITHOUT VIOLATION OF THE SECURITIES ACT AND OTHER APPLICABLE STATE LAWS
AND RULES.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES (AND/OR THE SECURITIES
ISSUABLE  UPON  CONVERSION,  EXCHANGE,  OR  EXERCISE  HEREOF)  MAY BE PLEDGED IN
CONNECTION  WITH  A  BONA  FIDE  MARGIN  ACCOUNT  OR  OTHER  LOAN  OR  FINANCING
ARRANGEMENT  SECURED BY THE  SECURITIES  (AND/OR THE  SECURITIES  ISSUABLE  UPON
CONVERSION, EXCHANGE, OR EXERCISE HEREOF)."

        In  addition,  the  Investor  agrees  that the  Company  may place  stop
transfer  orders with its transfer  agent with respect to such  certificates  in
order to implement the  restrictions on transfer set forth in this  Subscription
Agreement.  The legend set forth above  shall be removed  and the Company  shall
issue a certificate  without such legend to the holder of the Securities and the
Underlying  Shares upon which it is stamped,  if, unless  otherwise  required by
applicable  securities  laws,  (i) such  Securities  and  Underlying  Shares are
registered  for resale under the Securities  Act, (ii) such holder  provides the
Company with an opinion of counsel, in form and substance reasonably  acceptable
to the  Company,  to the  effect  that a sale,  assignment  or  transfer  of the
Securities  or  Underlying  Shares may be made  without  registration  under the
Securities Act

                                       2
<PAGE>

and the  transferee  agrees  to be bound by the  terms  and  conditions  of this
Subscription  Agreement.  Following  the  date  the  Registration  Statement  is
declared  effective  by the SEC or at such earlier time as a legend is no longer
required,  the Company will no later than five (5) business  days  following the
receipt by the  Company's  transfer  agent of a legended  certificate  from such
holder  representing  such  holder's  Securities  or  Underlying  Shares (and an
opinion  of  counsel  to the  extent  required  hereby),  deliver or cause to be
delivered  to  such  holder  a  certificate   representing  such  Securities  or
Underlying  Shares that is free from all restrictive  and other legends.  If the
Company  shall fail to deliver a  certificate  representing  such  Securities or
Underlying  Shares as required,  and if such holder purchases (in an open market
transaction or otherwise) shares of Common Stock to deliver in satisfaction of a
sale by such holder of shares of Common Stock that the  undersigned  anticipated
receiving from the Company (a "BUY-IN"), then the Company shall, within five (5)
business  days  after  such  holder's  written  request  and  in  such  holder's
discretion,  either  (i) pay  cash to such  holder  in an  amount  equal to such
holder's total purchase price (including  reasonable brokerage  commissions,  if
any) for the shares of Common Stock so purchased (the "BUY-IN PRICE"),  at which
point the  Company's  obligation  to deliver  such shares of Common  Stock shall
terminate or (ii)  promptly  honor its  obligation to deliver to the Purchaser a
certificate  or  certificates  representing  such shares of Common Stock and pay
cash to such  holder in an amount  equal to the  excess  (if any) of the  Buy-In
Price over the product of (A) such number of shares of Common  Stock  multiplied
by (B) the  Closing  Bid  Price  (as  defined  in the  Warrants)  on the date of
delivery of the legended certificate.

                (e)     The  Investor  has the  financial  ability  to bear  the
economic  risk  of the  Investor's  investment  in the  Company  (including  its
possible  total  loss),  has adequate  means for  providing  for the  Investor's
current needs and personal  contingencies  and have no need for  liquidity  with
respect to the Investor's investment in the Company;

                (f)     The  Investor  has  such  knowledge  and  experience  in
financial  and business  matters as to be capable of  evaluating  the merits and
risks of an investment in the Securities  and have  obtained,  in the Investor's
judgment,  sufficient  information  from the Company to evaluate  the merits and
risks of an investment in the Company;

                (g)     The Investor:

                        (1)     Has carefully read this  Subscription  Agreement
                        and the Term Sheet,  understand  and have  evaluated the
                        risks of a  purchase  of the  Securities  and has relied
                        solely (except as indicated in  subsections  (2) and (3)
                        below) on the  information  contained  in the Term Sheet
                        and this Subscription Agreement;

                        (2)     Has not relied upon any representations or other
                        information  (whether oral or written) from the Company,
                        or any of its  agents  other  than as set  forth in this
                        Subscription  Agreement,  the  Term  Sheet,  and the SEC
                        Documents;

                        (3)     Has been provided an  opportunity  to obtain any
                        additional  information  concerning  the  Offering,  the
                        Company  and all other  information  to the  extent  the
                        Company possesses such information or can

                                       3
<PAGE>

                        acquire it without  unreasonable  effort or expense  and
                        the  Company  has made  available  to the  Investor  all
                        documents   and   information   that  the  Investor  has
                        requested relating to an investment in the Company;

                        (4)     Has been given the  opportunity to ask questions
                        of, and receive answers from, the Company concerning the
                        terms and  conditions  of the Offering and other matters
                        pertaining to this investment; and

                        (5)     Has carefully  considered and have to the extent
                        the  Investor   believes  such   discussion   necessary,
                        discussed with the Investor's  professional,  legal, tax
                        and financial  advisers the suitability of an investment
                        in the Company  for the  Investor's  particular  tax and
                        financial situation and the Investor has determined that
                        the  Securities  are  a  suitable   investment  for  the
                        Investor.

                (h)     In  making  the  Investor's  decision  to  purchase  the
Securities   herein   subscribed  for,  the  Investor  has  relied  solely  upon
independent  investigations made by the Investor. Neither such inquiries nor any
other  investigation  conducted  by  or  on  the  undersigned's  behalf  or  its
representatives or counsel shall modify, amend or affect the undersigned's right
to rely on the truth,  accuracy and  completeness  of such  information  and the
Company's   representations  and  warranties   contained  in  this  Subscription
Agreement;

                (i)     If the undersigned is a corporation, trust, partnership,
employee  benefit  plan,  individual  retirement  account,  Keogh Plan, or other
tax-exempt  entity,  it is authorized and qualified to become an investor in the
Company and the person  signing  this  Subscription  Agreement on behalf of such
entity has been duly authorized by such entity to do so;

                (j)     No  representations  or warranties have been made to the
undersigned by the Placement Agent, or any of its officers,  employees,  agents,
affiliates or attorneys;

                (k)     The  information   contained  in  Section  2.2  of  this
Subscription  Agreement is true and correct  including any information which the
Investor has furnished to the Company with respect to the  Investor's  financial
position and business experience, is correct and complete as of the date of this
Subscription  Agreement  and if there  should  be any  material  change  in such
information  prior to acceptance of the  Investor's  subscription,  the Investor
shall furnish such revised or corrected information to the Company;

                (l)     Subject  to  Section  4  hereof,   the  Investor  hereby
acknowledges  and the Investor is aware that,  except for any rescission  rights
that may be provided under  applicable  state laws, the Investor is not entitled
to cancel,  terminate or revoke this  subscription,  and any agreements  made in
connection herewith shall survive his or her death or disability.

                (m)     The  Investor  is aware that the  offering  of shares of
Series A Preferred  Stock may occur in one or more closings,  each upon the same
terms and no longer  than  twenty  (20)  business  days  between  the first such
closing and the final such closing;

        2.2     INVESTOR  REPRESENTATIONS AND WARRANTIES CONCERNING SUITABILITY,
ACCREDITED  INVESTOR AND ELIGIBLE CLIENT STATUS. The Investor represents that he
is an "accredited investor,"

                                       4
<PAGE>

as such  term is  defined  in Rule 501 of  Regulation  D  promulgated  under the
Securities Act of 1933, as amended (the "SECURITIES  ACT"), as further specified
in the Investor  Questionnaire  completed by the Investor and attached hereto as
EXHIBIT D.

        2.3     DISCLOSURE.   In  reliance  upon  exemptions  contained  in  the
Securities  Act  and  Rule  506  promulgated  thereunder  and  applicable  state
securities  laws, the Securities are being sold without  registration  under the
Securities Act. The Placement Agent, on behalf of the Company, has delivered the
Term Sheet to the Investor. In addition,  the Company is offering the Securities
utilizing this Agreement and the other Offering  Documents,  The Investor hereby
acknowledges  receipt of the foregoing  Offering  Documents  which are delivered
with this  Subscription  Agreement  and receipt of the Term Sheet.  The Investor
also has had access to all SEC Documents and the opportunity to review them.

        2.4     PROHIBITION ON NET SHORT POSITIONS.  From and including the date
of this  Subscription  Agreement  until the effective  date of the  Registration
Statement  to be filed by the Company  pursuant to the terms of the Terms Sheet,
the Investor  agrees that the Investor will not maintain a Net Short Position in
the Company Stock.  "NET SHORT POSITION" shall mean that the aggregate number of
shares  of any  Common  Stock  held  in a short  position  with  respect  to the
Securities by the Investor  exceeds the number of Underlying  Shares issuable to
the Investor at such time.

        2.5     REPRESENTATIONS  AND  WARRANTIES OF THE COMPANY.  Subject to the
documents  heretofore  filed by the Company  with the  Securities  and  Exchange
Commission (the "SEC  Documents"),  the Company  represents and warrants to each
investor  purchasing the Securities which  representations  and warranties which
are true  and  correct  and  shall  be true  and  correct  as of the time of the
Closing, as follows:

                2.5.1   This  Agreement has been duly and validly  authorized by
the Company and is a valid and binding agreement of the Company,  enforceable in
accordance  with its terms.  The Securities to be issued and sold by the Company
pursuant to this Agreement have been duly  authorized  and, when issued and paid
for in accordance  with this  Agreement will be validly  issued,  fully paid and
non-assessable;  the holders thereof are not and will not be subject to personal
liability  solely by reason of being such holders;  the  Securities  are not and
will not be subject to any preemptive  rights of any stockholder of the Company;
and all corporate  action required to be taken for the  authorization,  issuance
and sale of the common  stock  underlying  the Shares and Warrants has been duly
and validly taken by the Company.

                2.5.2   All issued and  outstanding  securities  of the  Company
have  been  duly   authorized   and  validly  issued  and  are  fully  paid  and
non-assessable;  the holders  thereof have no rights of rescission  with respect
thereto;  the holders  thereof have no preemptive  rights and are not subject to
personal  liability  solely by reason of being  such  holders;  and none of such
securities  were issued in violation of any preemptive  rights of any holders of
any security of the Company.

                2.5.3   The Company has good and  marketable  title to, or valid
and enforceable  leasehold interests in, all material items of real and personal
property  as,  or to be,  owned or leased  by it,  free and clear of all  liens,
encumbrances,  claims,  security interests and defects of

                                       5
<PAGE>

any nature whatsoever, other than those set forth herein and liens for taxes not
yet due and payable.

                2.5.4   There  is  no  litigation  or  governmental   proceeding
ongoing,  pending or threatened  against or involving the properties or business
of the Company, except as set forth in the SEC Documents.

                2.5.5   The Company's financial  statements set forth in the SEC
Documents fairly represent the financial  position and the results of operations
of the Company at the dates and for the periods to which they apply.

                2.5.6   The Company is duly organized and is validly existing as
a  corporation  in good  standing  under  the laws of the state of  Nevada.  The
Company  is duly  qualified  or  licensed  and in  good  standing  as a  foreign
corporation  in each  jurisdiction  in which its  ownership  or  leasing  of any
properties or the character of its  operations  requires such  qualification  or
licensing and where failure to so qualify would have a material  adverse  effect
on the Company. The Company has all requisite corporate power and authority, and
all  material  and  necessary  authorizations,   approvals,   orders,  licenses,
certificates and permits of and from all governmental  regulatory  officials and
bodies,  to own or lease its  properties and conduct its businesses as currently
conducted  and the  Company is doing  business  in  compliance  in all  material
respects with all such authorizations, approvals, orders, licenses, certificates
and permits and all Federal, state, local and applicable foreign laws, rules and
regulations  concerning  the  business in which it is engaged  except  where the
failure so to do  business in  compliance  would not have a  materially  adverse
impact on the business of the Company.  The  disclosures  attached hereto or set
forth in the SEC Documents  concerning the effects of federal,  state, local and
applicable  foreign  regulation  on the  business  of the  Company as  currently
conducted and as  contemplated  are correct in all material  respects and do not
omit to state a material fact. The Company has all corporate power and authority
to enter into this  Agreement  and to carry out the  provisions  and  conditions
hereof,  and all  consents,  authorizations,  approvals  and orders  required in
connection  herewith have been obtained or will have been obtained  prior to the
Closing Date.  No consent,  authorization  or order of, and no filing with,  any
domestic court,  government  agency or other body is required by the Company for
the issuance of the Securities pursuant to this Agreement except with respect to
applicable  federal and state securities laws. Since its inception,  the Company
has not incurred any liability  arising under or as a result of the  application
of the  provisions  of the Act, the  Exchange  Act or the Rules and  Regulations
thereunder.

                2.5.7   Except as set forth in the SEC Documents, or the pending
purchase by Company  management of the shares of InCon  Technologies  Inc by the
management  thereof,  there has been no material adverse change in the condition
or prospects for commercialization of the Company,  financial or otherwise,  and
the outstanding  debt, the property and the business of the Company  conforms in
all  material  respects  to  the  descriptions  thereof  contained  in  the  SEC
Documents.

                2.5.8   The Company is not in  violation of its  Certificate  of
Incorporation  or By-Laws.  Neither the execution and delivery of this Agreement
nor the issue and sale of the  Securities,  nor the  consummation  of any of the
transactions  contemplated  herein,  nor the  compliance by the Company with the
terms and provisions  hereof,  conflicts with, or has resulted in or will result
in a breach of, any of the terms and provisions  of, or has  constituted or will
constitute a default under, or has resulted

                                       6
<PAGE>

in or  will  result  in the  creation  or  imposition  of any  lien,  charge  or
encumbrance  upon any property or assets of the Company pursuant to the terms of
any indenture,  mortgage,  deed of trust,  note, loan or credit agreement or any
other agreement or instrument evidencing an obligation for borrowed money or any
other  agreement or instrument to which the Company may be bound or in which any
of the  property  or assets of the  Company is subject  except  where such lien,
charge or  encumbrance,  singly or in the  aggregate,  would not have a material
adverse  effect on the  financial  condition or business of the Company and such
lien,  charge or encumbrance would not have a material adverse effect on ability
the Company has to perform its obligations under this Agreement or to consummate
the  transactions  contemplated  hereby;  nor will  such  action  result  in any
violation of the provisions of the Certificate of  Incorporation  or the By-Laws
of  the  Company,  assuming  due  performance  by  the  Placement  Agent  of its
obligations  hereunder,  any statute or any order, rule or regulation applicable
to the  Company  of any  court or of any  federal,  state  or  other  regulatory
authority or other  government  body (domestic or foreign)  having  jurisdiction
over the Company.

                2.5.9   The Securities and the Subscription Documents conform in
all material  respects to all  statements in relation  thereto  contained in the
Offering Documents.  Subsequent to the dates as of which information is given in
the SEC Documents,  amendment or supplement thereto, and except as may otherwise
be  indicated  or  contemplated  therein,  the  Company  has not (i)  issued any
securities  (other  than as  specifically  disclosed  in the SEC  Documents)  or
incurred  any  material  liability  or  obligation,  direct or  contingent,  for
borrowed money, or (ii) entered into any material  transaction other than in the
ordinary course of business,  other than the pending purchase of shares of InCon
Technologies  Inc by the  management  thereof,  or  (iii)  declared  or paid any
dividend or made any other distribution on or in respect their capital stock.

                2.5.10  Except as set  forth  herein,  there  are no claims  for
services in the nature of a finder's or origination fee with respect to the sale
of the Securities hereunder.

                2.5.11  To the best of the  Company's  knowledge,  except as set
forth in the SEC Documents, the Company owns or possesses, free and clear of all
liens or  encumbrances  and rights  thereto or  therein  by third  parties,  the
material  licenses  or  other  rights  to use  all  trademarks,  service  marks,
copyrights,  service  names,  trade  names,  patents,  patent  applications  and
licenses  necessary to conduct its business,  and there is no claim or action by
any person pertaining to, or proceeding, pending or threatened, which challenges
the  exclusive  rights of the Company  with respect to any  trademarks,  service
marks, copyrights,  service names, trade names, patents, patent applications and
licenses used in the conduct of the business of the Company.  To the best of the
Company's  knowledge,  except as set forth in the SEC  Documents,  the Company's
current products, services and processes do not infringe on the patents or other
intellectual property rights of third parties.

                2.5.12  Except  as  otherwise  set  forth  herein  or in the SEC
Documents,  the Company is not under any  obligation to pay royalties or fees of
any kind  whatsoever  to any third  party  with  respect  to  technology  it has
developed,  uses, licenses, employs or intends to use, license or employ, except
where the  default  of any such  obligation  would not have a  material  adverse
effect on the financial condition or business of the Company.

                                       7
<PAGE>

                2.5.13  Subject to the performance by the Placement Agent of its
obligations hereunder and the offer and sale of the Securities, comply, and will
continue to comply,  up to the final  closing in all material  respects with the
requirements  of Rule 506 of  Regulation  D of the Act and any other  applicable
Federal laws,  rules,  regulations  and executive  orders.  None of the Offering
Documents will contain any untrue  statement of a material fact or omit to state
any material fact required to be stated therein,  in light of the  circumstances
under which they were made,  not  misleading.  All  statements of material facts
made in this  Agreement  are true and  correct as of the date hereof and will be
true and correct on each closing date.

                2.5.14  The Company will use the  proceeds  from the sale of the
Securities  in the manner  described  in the Use of Proceeds  schedule  attached
hereto as SCHEDULE 2.5.14.

                2.5.15  Except as set forth on SCHEDULE 2.5.15,  taxes which are
due and payable from the Company have been paid in full and the Company does not
have any  material  tax  deficiency  or claim  outstanding  assessed or proposed
against it. For purposes of this  subsection,  the term "material" shall mean in
an aggregate amount of $25,000 or more.

                2.5.16  Neither the Company nor any of its respective  officers,
employees or agents,  nor any other person  acting on behalf of the Company has,
directly  or  indirectly,  given or agreed to give any  money,  gift or  similar
benefit (other than legal price  concessions to customers in the ordinary course
of  business)  to any  customer,  supplier,  employee  or agent of a customer or
supplier,  or official or employee of any governmental agency or instrumentality
of any  government  (domestic  or foreign) or other person who is or may be in a
position  to help or  hinder  the  business  of the  Company  (or  assist  it in
connection with any actual or proposed  transaction) which (a) might subject the
Company  to any  damage  or  penalty  in any  civil,  criminal  or  governmental
litigation or  proceeding  which would have a materially  adverse  effect on the
financial  condition and business of the Company,  (b) if not given in the past,
might have had a materially adverse effect on the assets, business or operations
of the Company as reflected in any of the financial  statements set forth in the
SEC Documents,  or (c) if not continued in the future, might adversely affect in
the future, the assets, business, operations or prospects of the Company.

                2.5.17  Prior   to   the   initial   closing,    the   Company's
capitalization  will be as set forth in Schedule A hereto.  All shares of Common
Stock  currently  outstanding  are,  and  all  shares  issued  pursuant  to this
Agreement will be upon issuance, validly issued, fully paid and non-assessable.

                2.5.18  At the  initial  closing,  the  Company  will  not  have
outstanding any options,  stock subscription  agreements or warrants to purchase
shares of the Company or any other  obligation  to issue  shares of the Company,
other than those as set forth in the SEC  Documents  and other than agreed to by
the Company  and the  Placement  Agent.  There will be  outstanding  immediately
following  the final  closing no other  classes  or series of  capital  stock or
convertible securities of the Company except as set forth in the SEC Documents.

                2.5.19  DEFINITIONS.  For  the  purposes  of  this  Subscription
Agreement, the following terms shall have the meanings set forth below:

                                       8
<PAGE>

        "AFFILIATE" of the undersigned Investor means any other person or entity
directly or  indirectly  controlling,  controlled by or under direct or indirect
common control with the undersigned  Investor.  For purposes of this definition,
"control"  means the power to direct the  management and policies of such person
or firm,  directly  or  indirectly,  whether  through  the  ownership  of voting
securities, by contract or otherwise.

        "CLOSING"  shall refer to that event which,  subject to the terms of the
PA Agreement,  occurs when the Placement Agent has received and delivered to the
Company  subscriptions  which the  Company  has  agreed to accept for at least a
minimum of gross proceeds from Subscribers on or prior to the Termination  Date.
Upon the prior consent of the Company,  one or more  additional  Closings may be
held for  additional  subscriptions  accepted  by the  Company no later than the
Termination Date of the Offering.

        "CLOSING DATE" means the date of the Closing.

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

        "FINANCIAL   STATEMENTS"  means  the  audited   consolidated   financial
statements  of the  Company  for the  years  ended  October  31,  2004 and 2003,
including balance sheets and related statements of income,  stockholders' equity
and cash  flows,  together  with the  related  notes,  audited by the  Company's
independent  certified  public  accountants as the same have been filed with the
SEC as part of the  SEC  Documents  and  the  unaudited  consolidated  financial
statements  of the  Company  for the  quarters  ended  July 31,  2004 and  2003,
including balance sheets and related statements of income,  stockholders' equity
and cash  flows  as the same  have  been  filed  with the SEC as part of the SEC
Documents.

        "HOLDER"  or  "HOLDERS"  means the holder of any  Securities  and/or any
Placement  Agent Warrant,  and the securities  contained in, and underlying each
of, the foregoing securities.

        "INTELLECTUAL  PROPERTY" means trademarks,  trade names,  service marks,
service mark registrations,  service names, patents, patent rights,  copyrights,
inventions, licenses and trade secrets.

        "INVESTOR" means the undersigned investor.

        "INVESTORS"  means the  Investor  and the other  investors  to the other
Subscription  Agreements  pursuant to which such  investors  shall  purchase the
Securities from the Company in connection with the Offering.

        "OFFERING"  means the solicitation by the Placement Agent of Subscribers
for the purchase of  Securities  pursuant to this  Subscription  Agreement,  and
applicable law.

        "OFFERING  DOCUMENTS"  shall mean the Term Sheet and all attachments and
exhibits thereto,  including,  but not limited to the Company's Annual Report on
Form 10-K for the year ended October 31, 2004 and the Company's Quarterly Report
on Form 10-Q for the period ended July 31, 2005,  the form of Note,  the form of
Warrant and this Subscription Agreement.

                                       9
<PAGE>

        "PA  AGREEMENT"  shall mean the Placement  Agent  Agreement  dated as of
September 27, 2005 by and between the Company and the Placement Agent.

        "PLACEMENT AGENT" shall mean Indigo Securities, LLC.

        "PLACEMENT  AGENT  WARRANTS"  shall refer to the warrants  issued to the
Placement Agent as part of its compensation  for services  rendered under the PA
Agreement.

        "REGISTRATION  RIGHTS  AGREEMENT"  shall refer to that  agreement by and
between  the  Company,  on one hand and the  Placement  Agent and Holders on the
other hand.

        "SEC" refers to the Securities and Exchange Commission.

        "SEC DOCUMENTS" means any registration statement,  reports and documents
filed with the SEC by the Company.

        "SECURITIES ACT" means the U.S. Securities Act of 1933, as amended.

        "SUBSCRIBER" or "SUBSCRIBERS" means an "accredited investor," as defined
under Rule 501 of the Securities Act, subscribing to purchase Securities.

        "TERMINATION  DATE"  means  the date set forth in  Section  11 of the PA
Agreement.

        2.6     SURVIVAL OF REPRESENTATIONS AND WARRANTIES.  The representations
and warranties of the Company and the Subscribers contained in this Subscription
Agreement  shall  survive the Closing and remain in full force and effect  until
the second anniversary of the Closing Date, except that the  representations and
warranties in Section 2.5.13  (Taxes) shall survive until the applicable  statue
of limitations has run.

3.      COVENANTS.

                3.1.1   RULE 144 INFORMATION.  For five (5) years after the date
of  this  Subscription  Agreement,   the  Company  shall  use  its  commercially
reasonable  efforts file in a timely manner all reports  required to be filed by
it under the Securities  Act and the Exchange Act and the rules and  regulations
promulgated thereunder and shall take such further action to the extent required
to enable the Investor to sell the Securities and the Underlying Shares pursuant
to Rule 144 under the  Securities  Act (as such rule may be amended from time to
time).

                3.1.2   REPORTING  STATUS.  Until the date on which the Investor
shall have sold all the  Securities  and the  Underlying  Shares and none of the
Warrants  are  outstanding,  the Company  shall file all reports  required to be
filed with the SEC  pursuant to the  Exchange  Act,  and the  Company  shall not
terminate  its status as an issuer  required to file reports  under the Exchange
Act even if the  Exchange  Act or the rules  and  regulations  thereunder  would
otherwise permit such termination.

                3.1.3   LISTING.  The Company shall maintain the eligibility for
quotation of the Common Stock on the NASDAQ OTC  Bulletin  Board (the  "OTCBB").
Subject to applicable law, neither the Company nor any of its Subsidiaries shall
take any action which would be

                                       10
<PAGE>

reasonably expected to result in the delisting or suspension of the Common Stock
on the OTCBB.  The Company  shall pay all fees and expenses in  connection  with
satisfying its obligations under this section.

                3.1.4   PLEDGE  OF  SECURITIES.  The  Company  acknowledges  and
agrees that, subject to applicable law, the Securities and the Underlying Shares
may be pledged by the Investor in connection  with a bona fide margin  agreement
or other loan or financing  arrangement that is secured by the Securities or the
Underlying  Shares.  The pledge of Securities or the Underlying Shares shall not
be  deemed  to be a  transfer,  sale  or  assignment  of the  Securities  or the
Underlying Shares  hereunder,  and the Investor shall not be required to provide
the  Company  with any notice  thereof or  otherwise  make any  delivery  to the
Company pursuant to this Subscription  Agreement or any other Offering Document.
The Company hereby agrees to execute and deliver such documentation as a pledgee
of the Securities or the Underlying Shares may reasonably  request in connection
with a pledge of the Securities or the Underlying  Securities to such pledgee by
the  Investor  (but  without  the  obligation  to incur any cost or  expense  in
connection therewith).

                3.1.5   DISCLOSURE   OF   TRANSACTIONS    AND   OTHER   MATERIAL
INFORMATION.  On or before 9:00 a.m., New York time, on the fourth  business day
following  closing of the offering,  the Company shall file a Current  Report on
Form 8-K describing the terms of the  transactions  contemplated by the Offering
Documents in the form  required by the Exchange Act and  attaching  the material
Offering Documents (including,  without limitation, this Subscription Agreement,
the form of Note and the form of Warrant) as exhibits to such filing  (including
all attachments,  the "8-K FILING"). The Company shall not, and shall cause each
of its Subsidiaries and its and each of their  respective  officers,  directors,
employees and agents, not to, provide the Investor with any material,  nonpublic
information  regarding the Company or any of its Subsidiaries from and after the
filing of the 8-K Filing with the SEC without the express written consent of the
Investor. Neither the Company nor the Investor shall issue any press releases or
any other  public  statements  with  respect  to the  transactions  contemplated
hereby; PROVIDED, HOWEVER, that the Company shall be entitled, without the prior
approval of the Investor,  to make any press release or other public  disclosure
with respect to such  transactions  (i) in substantial  conformity  with the 8-K
Filing  or  (ii) as may be  required  by  applicable  law,  rule or  regulation.
Notwithstanding the foregoing,  the Company shall not publicly disclose the name
of the Investor,  or include the name of the Investor in any filing with the SEC
or any  regulatory  agency,  without the prior written  consent of the Investor,
except  (i) for  disclosure  thereof  which is  required  in the 8-K  Filing  or
Registration Statement or (ii) as required by law or Exchange regulations or any
order of any court or other governmental agency, in which case the Company shall
provide the Investor with prior notice of such disclosure.

                3.1.6   RESERVATION OF SHARES. The Company shall take all action
necessary  to at all times have  authorized,  and  reserved  for the  purpose of
issuance,  after the Closing Date,  125% of the number of shares of Common Stock
issuable upon conversion of the Series A Preferred (as defined below) underlying
the  Convertible  Notes and upon  exercise of the Warrants and the Company shall
undertake  to, at all times have  authorized,  and  reserved  for the purpose of
issuance,  after the closing of the Company's  Series A Preferred Stock offering
(the "SERIES A PREFERRED" and such offering,  the "SERIES A OFFERING"),  125% of
the number of shares of

                                       11
<PAGE>

Common  Stock  issuable  upon  conversion  of the  Series A  Preferred  and upon
exercise of the warrants issued in connection with the Series A Offering.

                3.1.7   USE OF PROCEEDS.  The Company will use the proceeds from
the  sale  of the  Securities  for  working  capital  purposes  and  not for the
redemption or repurchase of any of its equity securities.

                3.1.8   LISTING.  The  Company  shall  secure the listing of all
Registrable  Securities (as defined in the  Registration  Rights Agreement to be
filed in connection  with the Series A Offering)  upon each national  securities
exchange and  automated  quotation  system,  if any, upon which shares of Common
Stock  are then  listed  (subject  to  official  notice of  issuance)  and shall
maintain,  so long as any other shares of Common Stock shall be so listed,  such
listing of all Registrable Securities from time to time issuable under the terms
of the  Offering  Documents.  The  Company  shall  maintain  the Common  Stock's
authorization  for  listing on the  Exchange  so long as the  current  rules and
regulations relating to listing requirements on the Exchange are not modified.

                3.1.9   TRANSFER AGENT CERTIFICATION.  The Company shall deliver
to the Investor a letter from the Company's transfer agent certifying the number
of shares of Common Stock outstanding as of a date within five (5) business days
of the Closing Date.

        3.2     CERTAIN PRE-FUNDING  COVENANTSThe Company agrees as follows with
respect to the period between the execution of this Agreement and the Closing:

                (a)     GENERAL.   The   Company   will  use  its   commercially
reasonable efforts to take all action and to do all things necessary, proper, or
advisable  in  order  to  consummate   and  make   effective  the   transactions
contemplated by this Subscription  Agreement  (including  satisfaction,  but not
waiver,  of the  conditions to set forth in SECTION 4; provided,  however,  that
nothing in this  SECTION  3.2(A)  shall be deemed to  require  the  Investor  to
purchase the  Securities  unless and until the conditions set forth in SECTION 4
are satisfied or, in the sole discretion of the Investor, waived.

                (b)     OPERATION OF BUSINESS.  The Company and its Subsidiaries
shall not engage in any  practice,  take any action,  or enter into any material
transaction  which is outside the ordinary  course of  business,  other than the
pending purchase of shares of InCon Technologies Inc by the management thereof.

                (c)     FULL ACCESS. The Company will permit  representatives of
the Investor to have  reasonable  access at  reasonable  times to its  premises,
properties,  personnel,  and to the books and  documents of or pertaining to the
Company.

                (d)     NOTICE OF  DEVELOPMENTS.  The  Company  will give prompt
written notice to the Investor of any development causing a breach of any of the
representations  and  warranties  in SECTION  2.5.  No  disclosure  by any party
pursuant to this SECTION 3.2(d), however, shall be deemed to amend or supplement
the  schedules  hereto or to  prevent or cure any  misrepresentation,  breach of
warranty,   or  breach  of  covenant,   unless  the  Investor  consents  to  the
incorporation  of such amendment or supplement or disclosure by consummating the
transactions contemplated hereby.

                                       12
<PAGE>

        3.3     TRANSFER  AGENT  INSTRUCTIONS.   As  of  the  date  hereof,  and
conditioned only upon the issuance of the Securities at the Closing, the Company
shall issue irrevocable  instructions to its transfer agent in the form attached
hereto as EXHIBIT C (the  "IRREVOCABLE  TRANSFER AGENT  INSTRUCTIONS"),  and any
subsequent  transfer  agent, to promptly issue  certificates,  registered in the
name of the Investor or its respective nominee(s),  for the Underlying Shares in
such amounts as specified  from time to time by the Investor to the Company upon
conversion of the Series A Preferred Stock or upon exercise of the Warrants.

4.      CONDITIONS TO THE INVESTOR'S  OBLIGATIONS AT CLOSING. The obligations of
the Investor under Section 1(b) of this Agreement are subject to the fulfillment
or waiver, on or before the Closing, of each of the following conditions:

                (a)     REPRESENTATIONS   AND  WARRANTIES   TRUE.  Each  of  the
representations  and  warranties of the Company  contained in Section 2 shall be
true and  correct in all  material  respects on and as of the date hereof and on
and as of the  date  of  the  Closing  with  the  same  effect  as  though  such
representations and warranties had been made as of the Closing.

                (b)     PERFORMANCE.   The  Company  shall  have  performed  and
complied  in all  respects  with  all  agreements,  obligations  and  conditions
contained in this  Subscription  Agreement  that are required to be performed or
complied  with by it on or before  the  Closing  and  shall  have  obtained  all
approvals,  consents and  qualifications  necessary to complete the purchase and
sale described herein.

                (c)     COMPLIANCE CERTIFICATE.  The Company will have delivered
to the  Investors  a  certificate  signed on its  behalf by its Chief  Executive
Officer or Chief Financial Officer  certifying that the conditions  specified in
Sections 4(a) and 4(b) hereof have been fulfilled.

                (d)     AGREEMENT. The Company shall have executed and delivered
to the Investors this Subscription Agreement.

                (e)     SECURITIES  EXEMPTIONS.   The  offer  and  sale  of  the
Securities to the Investors  pursuant to this  Subscription  Agreement  shall be
exempt  from  the  registration  requirements  of the  Securities  Act  and  the
registration   and/or   qualification   requirements  of  all  applicable  state
securities laws.

                (f)     NO SUSPENSION OF TRADING OR LISTING OF THE COMMON STOCK.
The Common Stock (i) shall be  designated  for  quotation or listed on the OTCBB
and (ii)  shall  not  have  been  suspended  from  trading  by the SEC or on the
Exchange nor shall suspension by the SEC or the OTCBB have been  threatened,  as
of the  Closing  Date,  either  (A) in  writing  by the SEC or the  OTCBB or (B)
because  the price per share of the Common  Stock has fallen  below the  minimum
listing maintenance requirements of the OTCBB.

                (g)     GOOD  STANDING  CERTIFICATES.  The  Company  shall  have
delivered to the Investors a certificate  of the Secretary of State of the State
of Nevada,  dated as of a date within seven (7) business days of the date of the
Closing and an oral "bring down" good  standing  from the  Secretary of State of
the  State  of  Nevada  on the date of the  Closing,  with  respect  to the good
standing of the Company.

                                       13
<PAGE>

                (h)     SECRETARY'S   CERTIFICATE.   The   Company   shall  have
delivered  to the  Investors  a  certificate  of  the  Company  executed  by the
Secretary of the Company  attaching and certifying to the truth and  correctness
of (1) the Certificate of Incorporation,  (2) the Bylaws and (3) the resolutions
adopted  by  the  Board  of  Directors  in  connection  with  the   transactions
contemplated by the Offering Documents.

                (i)     OPINION  OF COMPANY  COUNSEL.  The  Investors  will have
received  an  opinion  on  behalf  of the  Company,  dated as of the date of the
Closing, from Reitler Brown & Rosenblatt LLC, counsel to the Company.

                (j)     INTELLECTUAL  PROPERTY LEGAL OPINION. The Investors will
have received an opinion on behalf of Nostrum Pharmaceuticals, Inc. ("NOSTRUM"),
dated  as of the date of the  Closing,  from  Scully,  Scott,  Murphy &  Presser
("SSMP"),   intellectual   property   counsel  to  Nostrum   regarding   certain
intellectual property owned by SSMP.

                (k)     NO STATUTE OR RULE CHALLENGING TRANSACTION.  No statute,
rule,  regulation,   executive  order,  decree,  ruling,   injunction,   action,
proceeding  or  interpretation  shall have been enacted,  entered,  promulgated,
endorsed  or  adopted  by any  court  or  governmental  authority  of  competent
jurisdiction or any self-regulatory organization (including the Exchange) or the
staff of any of the foregoing  having  authority  over the matters  contemplated
hereby  which  questions  the  validity  of,  or  challenges  or  prohibits  the
consummation of, any of the transactions contemplated by the Offering Documents.

                (l)     AMOUNT  INVESTED.  The Investors under the  Subscription
Agreements  shall have  tendered  at  closing  not less than  $1,000,000  in the
aggregate for the Securities.

                (m)     OTHER  ACTIONS.  The Company  shall have  executed  such
certificates,  agreements, instruments and other documents, and taken such other
actions  as shall be  customary  or  reasonably  requested  by the  Investor  in
connection with the transactions contemplated hereby.

                (n)     IRREVOCABLE  TRANSFER  AGENT  INSTRUCTIONS.  The Company
shall have delivered the Irrevocable  Transfer Agent  Instructions,  executed by
each of the Company and its transfer agent.

                (o)     LEGAL DOCUMENTS. Legal documentation satisfactory to the
Placement Agent and prospective Investors shall have been completed.

                (p)     DUE DILIGENCE.  Satisfactory completion of due diligence
by the Placement Agent and prospective Investors (including a complete review of
all requested Nostrum Pharmaceutical's due diligence materials).

                (q)     AGREEMENT  TO REGISTER  SECURITIES.  The Company  hereby
agrees that it will either (i) grant the Investors the same registration  rights
as those granted to Investors in the Company's next Qualified  Equity  Financing
with respect to all shares of Common Stock underlying (a) the Series A Preferred
into which the Notes are  convertible  and (b) the Warrants issued in connection
with  the  Notes  (collectively  the  "Registrable  Securities");  or  (ii) if a
Qualified Equity Financing has not occurred by the six (6) month  anniversary of
this Subscription Agreement, the Company agrees that it will grant the Investors
unlimited demand

                                       14
<PAGE>

registration  rights with respect to the Registrable  Securities so long as such
registered offerings are not less than $200,000.

5.      TERMINATION

                (a)     The  Investor  and  the  Company  may   terminate   this
Subscription  Agreement  by  mutual  written  consent  at any time  prior to the
Closing;

                (b)     The Investor may terminate this  Subscription  Agreement
by giving written notice to the Company at any time prior to the Closing:

                        (i)     in the event that the Company has  breached  any
                representation,   warranty,   or  agreement  contained  in  this
                Subscription  Agreement or in any other Offering Document in any
                material  respect,  the  Investor  or  any  other  Investor  has
                notified the Company of the breach, and the breach has continued
                without  cure for a period of fifteen (15) days after the notice
                of breach,

                        (ii)    if the  Closing  shall not have  occurred  on or
                before  September  30,  2005,  by reason of the  failure  of any
                condition precedent under SECTION 4 hereof or if satisfaction of
                any such condition by such date is or becomes impossible (unless
                the failure results primarily from any Investor itself breaching
                any  representation,  warranty,  or  covenant  contained  in the
                Subscription Agreements or any other Offering Document).

                (c)     The  Company  may  terminate  this  Agreement  by giving
written  notice to the  Investor  at any time prior to the  Closing in the event
that the  Investor  has  breached  any  representation,  warranty,  or  covenant
contained in this Subscription  Agreement in any material  respect,  the Company
has notified the Investor of the breach,  and the breach has  continued  without
cure for a period of fifteen (15) days after the notice of breach.

                (d)     EFFECT OF TERMINATION. Each party's right of termination
under  SECTION  5(a) is in addition  to any other  rights it may have under this
Subscription  Agreement  or  otherwise,  and  the  exercise  of  such  right  of
termination  will not be an  election of  remedies.  Upon any  termination,  the
amount deposited in escrow shall be immediately wired to the Investor.

6.      INDEMNIFICATION.

                (a)     The  Investor,  severally and not jointly with any other
investors in the offering of  Securities  referenced  herein,  hereby  agrees to
indemnify and hold harmless the Company and its officers,  directors,  managers,
members, partners, shareholders, employees, agents and attorneys and any control
persons against any and all losses,  claims,  demands,  liabilities,  actions or
causes of action, encumbrances and expenses (including reasonable legal or other
expenses)  incurred  by  each  such  person  in  connection  with  defending  or
investigating  any such claims or  liabilities,  whether or not resulting in any
liability to such person) to which any such indemnified party may become subject
under the Securities  Act, under any other statute,  at common law or otherwise,
insofar as such losses, claims,  demands,  liabilities and expenses arise out of
or are based upon any breach by the  Investor of any  representation,  warranty,
covenant, obligation or agreement thereof contained herein.

                                       15
<PAGE>

                (b)     The Company hereby agrees to indemnify and hold harmless
the  Investors  and  its  officers,  directors,   managers,  members,  partners,
shareholders,  employees,  agents and attorneys and any control  persons against
any and all losses, claims, demands,  liabilities,  actions or causes of action,
encumbrances  and  expenses  (including  reasonable  legal  or  other  expenses)
incurred by each such person in connection with defending or  investigating  any
such claims or  liabilities,  whether or not  resulting in any liability to such
person)  to which  any such  indemnified  party  may  become  subject  under the
Securities Act, under any other statute, at common law or otherwise,  insofar as
such losses, claims,  demands,  liabilities and expenses (a) arise out of or are
based upon any untrue  statement or alleged untrue  statement of a material fact
made by the Company and  contained  in this  Subscription  Agreement,  the other
Offering Documents,  the Term Sheet or the SEC Documents, or (b) arise out of or
are  based  upon any  breach by the  Company  of any  representation,  warranty,
covenant,  obligation  or agreement  thereof  contained  herein or therein.  The
Company  hereby  agrees  to  indemnify  the  Investor  for  expenses  (including
reasonable legal or other expenses)  incurred by the Investor in connection with
any claims made by the Investor against the Company arising out of or based upon
any breach of any representation, warranty, covenant, obligation or agreement of
the Company contained herein.

7.      CONSENT TO  JURISDICTION.  Each party agrees that all legal  proceedings
concerning  the  interpretations,  enforcement  and defense of the  transactions
contemplated by this  Subscription  Agreement  (whether  brought against a party
hereto  or  its  respective  affiliates,   directors,  officers,   shareholders,
employees  or agents)  shall be commenced  exclusively  in the state and federal
courts  sitting in Manhattan,  New York.  Each party hereto  hereby  irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in
Manhattan,  New  York  for  the  adjudication  of any  dispute  hereunder  or in
connection  herewith or with any  transaction  contemplated  hereby or discussed
herein (including with respect to the enforcement hereof). Each party agrees not
to commence a claim or proceeding  hereunder in a court other than a state court
or federal  court sitting in  Manhattan,  New York,  except (i) if required as a
mandatory counterclaim or cross-claim in a proceeding commenced by a Person in a
different  jurisdiction  or (ii) if such party has first  brought  such claim or
proceeding  in such  court  sitting  in  Manhattan,  New York and both the state
courts  and the  federal  courts  sitting  in  Manhattan,  New York have  denied
jurisdiction over such claim or proceeding. Each party hereto hereby irrevocably
waives  personal  service of process and consents to process being served in any
such suit,  action or  proceeding  by mailing a copy thereof via  registered  or
certified  mail or overnight  delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Subscription Agreement and
agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way
any right to serve  process in any manner  permitted  by law.  Each party hereto
(including its affiliates,  agents,  officers,  directors and employees)  hereby
irrevocably  waives,  to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Subscription Agreement or the transactions contemplated hereby.

8.      SEVERABILITY.  In the event any parts of this Subscription Agreement are
found to be void, the remaining provisions of this Subscription  Agreement shall
nevertheless  be  binding  with the same  effect as though  the void  parts were
deleted.

9.      COUNTERPARTS. This Subscription Agreement may be executed in one or more
counterparts,  each of  which  shall  be  deemed  an  original  but all of which
together shall constitute

                                       16
<PAGE>

one and the same instrument. The execution of this Subscription Agreement may be
by actual or facsimile signature.

10.     BENEFIT. This Subscription  Agreement shall be binding upon and inure to
the benefit of the parties' hereto and their legal  representatives,  successors
and assigns.

11.     NOTICES AND  ADDRESSES.  All notices,  offers,  acceptance and any other
acts under this Subscription Agreement (except payment) shall be in writing, and
shall be sufficiently given if delivered to the addressees in person, by Federal
Express or  similar  receipted  next  business  day  delivery  followed  by next
business day delivery, or by facsimile delivery, as follows:

        Investor:                   At the address designated  in Section 2.2 of
                                    this Subscription Agreement

        The Company:                Bionutrics, Inc.
                                    2415 East Camelback Road - Suite 700
                                    Phoenix, AZ 85022
                                    Attention: Ronald H. Lane, Ph.D., President

        With a copy to:             Reitler Brown & Rosenblatt LLC
                                    800 Third Avenue, 21st Floor
                                    New York, NY 10021
                                    Facsimile: (212) 371-5500
                                    Attention: Robert Steven Brown

or to such other address as either of them, by notice to the other may designate
from time to time.  The  transmission  confirmation  receipt  from the  sender's
facsimile machine shall be evidence of successful facsimile delivery. Time shall
be  counted  to,  or from,  as the case may be,  the  delivery  in  person or by
mailing.

12.     GOVERNING   LAW.   This   Subscription   Agreement   and  any   dispute,
disagreement,  or issue of  construction  or  interpretation  arising  hereunder
whether  relating to its  execution,  its  validity,  the  obligations  provided
therein or performance shall be governed or interpreted according to the laws of
the State of New York, without giving effect to conflicts of laws.

13.     ENTIRE  AGREEMENT.  This Subscription  Agreement  constitutes the entire
Subscription  Agreement  between the parties and  supersedes  all prior oral and
written agreements between the parties hereto with respect to the subject matter
hereof.  Neither this  Subscription  Agreement nor any  provision  hereof may be
amended,  waived,  discharged  or  terminated,  except by a statement in writing
signed by the party or parties against which enforcement or the change,  waiver,
discharge or termination is sought.

14.     SECTION  HEADINGS.  Section  headings  herein  have  been  inserted  for
reference  only and shall not be deemed  to limit or  otherwise  affect,  in any
matter,  or be  deemed  to  interpret  in whole  or in part any of the  terms or
provisions of this Subscription Agreement.

                                       17
<PAGE>

15.     SURVIVAL OF AGREEMENTS.  The agreements  contained  herein shall survive
the delivery of and payment for the Securities.

16.     REMEDIES.  In addition to being entitled to exercise all rights provided
herein or granted by law,  including  recovery of damages,  the Investor and the
Company  will be  entitled  to  specific  performance  under  this  Subscription
Agreement.  The  parties  agree  that  monetary  damages  may  not  be  adequate
compensation  for any loss  incurred  by  reason of any  breach  of  obligations
described in the foregoing  sentence and hereby agree to waive in any action for
specific  performance  of any such  obligation  the defense that a remedy at law
would be adequate.

17.     INDEPENDENT  NATURE OF INVESTORS'  OBLIGATIONS.  The  obligations of the
Investor  under this  Subscription  Agreement are several and not joint with the
obligations of any other Investor under any other  Subscription  Agreement,  and
the Investor  shall not be  responsible  in any way for the  performance  of the
obligations  of  any  other  Investor  under  any  of  the  other   Subscription
Agreements.  The decision of the Investor to purchase the Securities pursuant to
this Subscription  Agreement has been made by such Investor independently of any
other Investor.  Nothing  contained  herein or in any of the other  Subscription
Agreements,  and no action  taken by any  Investor  pursuant  thereto,  shall be
deemed to constitute the Investors as a  partnership,  an  association,  a joint
venture or any other kind of entity,  or create a presumption that the Investors
are in any way acting in concert or as a group with respect to such  obligations
or the transactions  contemplated by the Agreements.  The Investor  acknowledges
that no other Investor has acted as agent for Investor in connection with making
its  investment  hereunder and that no other Investor will be acting as agent of
the Investor in connection  with  monitoring its investment in the Securities or
enforcing its rights under this  Subscription  Agreement.  The Investor shall be
entitled to  independently  protect and  enforce its rights,  including  without
limitation the rights arising out of this Subscription  Agreement,  and it shall
not be necessary for any other  Investor to be joined as an additional  party in
any proceeding for such purpose.

18.     REPLACEMENT OF SECURITIES AND UNDERLYING  SHARES.  If any certificate or
instrument  evidencing  any  Securities or any  Underlying  Shares is mutilated,
lost,  stolen or  destroyed,  the Company  shall  promptly  issue or cause to be
issued in exchange and substitution  for and upon  cancellation  thereof,  or in
lieu of and  substitution  therefor,  a new certificate or instrument,  but only
upon receipt of evidence  reasonably  satisfactory  to the Company of such loss,
theft or destruction and customary and reasonable indemnity,  if requested.  The
applicants for a new certificate or instrument  under such  circumstances  shall
also pay any reasonable  third-party  costs associated with the issuance of such
replacement Securities or Underlying Shares.

19.     PAYMENT SET ASIDE.  To the extent  that the  Company  makes a payment or
payments to the Investor pursuant to this Subscription Agreement or the Investor
enforces or exercises its rights hereunder,  and such payment or payments or the
proceeds of such  enforcement  or exercise or any part thereof are  subsequently
invalidated,  declared to be fraudulent or  preferential,  set aside,  recovered
from, disgorged by or are required to be refunded,  repaid or otherwise restored
to the  Company,  a  trustee,  receiver  or  any  other  person  under  any  law
(including, without limitation, any bankruptcy law, state or federal law, common
law or equitable  cause of action),  then to the extent of any such  restoration
the  obligation  or part thereof  originally  intended to be satisfied  shall be
revived and  continued  in full force and effect as if such payment had not been
made or such enforcement or setoff had not occurred.

                                       18
<PAGE>

20.     MATERIAL NON-PUBLIC INFORMATION.  The Company has not provided, and will
not provide, to the undersigned any material  non-public  information other than
information  related to the transactions  contemplated hereby or by the Offering
Documents,  all of which  information  related to the transactions  contemplated
hereby shall be disclosed by the Company pursuant to Section 2.3 hereof.

21.     DISCLOSURE OF TRANSACTIONS AND OTHER MATERIAL  INFORMATION.  The Company
shall file, in a timely  manner,  a Current  Report on Form 8-K  describing  the
terms of the  transactions  contemplated  by the Offering  Documents in the form
required by the  Exchange Act and  attaching  the  material  Offering  Documents
(including,  without limitation, this Subscription Agreement, the Certificate of
Designations and the forms of Warrant) as exhibits to such filing (including all
attachments,  the "8-K Filing"). From the Closing, the Company shall not provide
the Investor with any material,  nonpublic  information from the Company, any of
its  Subsidiaries  or any of its respective  officers,  directors,  employees or
agents,  that is not  disclosed  in the 8-K Filing.  The Company  shall not, and
shall  cause  each of its  Subsidiaries  and its and  each of  their  respective
officers, directors, employees and agents, not to, provide the Investor with any
material, nonpublic information regarding the Company or any of its Subsidiaries
from and after the filing of the 8-K Filing  with the SEC  without  the  express
written  consent of the  Investor.  Neither the Company nor the  Investor  shall
issue any press  releases or any other  public  statements  with  respect to the
transactions  contemplated hereby; provided,  however, that the Company shall be
entitled,  without the prior approval of the Investor, to make any press release
or other public  disclosure with respect to such transactions (i) in substantial
conformity  with the 8-K Filing or (ii) as may be  required by  applicable  law,
rule or  regulation.  Notwithstanding  the  foregoing,  the  Company  shall  not
publicly disclose the name of the Investor,  or include the name of the Investor
in any filing with the SEC or any regulatory  agency,  without the prior written
consent of the Investor,  except (i) for disclosure thereof which is required in
the  8-K  Filing  or  Registration  Statement  or  (ii)  as  required  by law or
regulations  or any order of any court or other  governmental  agency,  in which
case  the  Company  shall  provide  the  Investor  with  prior  notice  of  such
disclosure.

                                       19
<PAGE>

                 INVESTOR SUBSCRIPTION AGREEMENT SIGNATURE PAGE

Individual Investors:

--------------------------------------------------------------------------------
Social Security Number  Print Name of Investor No. 1

                        --------------------------------------------------------
                        Signature of Investor No. 1

--------------------------------------------------------------------------------
Social Security Number  Print Name of Investor No. 2

                        --------------------------------------------------------
                        Signature of Investor No. 2

Amount Invested: $__________________

Manner in which Securities are to be held:

_____ Individual Ownership                      _____ Partnership

_____ Tenants-in-Common                         _____ Trust

_____ Joint Tenant With Right of Survivorship   _____ Corporation

_____ Community Property                        _____ Employee Benefit Plan

_____ Separate Property                         _____ Other (please indicate)

Corporate or Other Entity:

__________________________________              ______________________________
Federal ID Number                               Print Name of Entity

                                                By:___________________________
                                                   Signature, Title
DATED: _______________, 2005

                                       20
<PAGE>

                  COMPANY SUBSCRIPTION AGREEMENT SIGATURE PAGE

        By signing below, the undersigned accepts the foregoing subscription and
agrees to be bound by its terms.

BIONUTRICS, INC.

By:   ___________________________         Dated:___________, 2005
      Ronald H. Lane, Ph.D.
      President

                                       21
<PAGE>

                                   SCHEDULE A
                                   ----------

                              CAPITALIZATION TABLE
                              --------------------

BIONUTRICS, INC. FULLY DILUTED SHARES OUTSTANDING AS OF SEPTEMBER 12, 2005

Shares Outstanding as of 09/12/05                                     22,681,725
Unexercised Options & Warrants                                           129,000
Unexercised Warrants                                                     170,000
Series A Preferred Shares, As Converted                                  118,370
                                                                      ----------
Accumulated Series A Preferred Dividends                                  46,440
TOTAL                                                                 23,145,535

<PAGE>

                                    EXHIBIT A
                                    ---------

                                  FORM OF NOTE
                                  ------------

<PAGE>

                                    EXHIBIT B
                                    ---------

                           WIRE TRANSFER INSTRUCTIONS
                           --------------------------

Signature Bank
300 Park Avenue
New York, NY 10022
Contact: Rosemarie Ladson
ABA #: 026013576
Acct. Name: Indigo Securities LLC Sub Escrow (BioNutrics)
Acct. #: 1500421947

                                       2
<PAGE>

                                    EXHIBIT C
                                    ---------

                           TRANSFER AGENT INSTRUCTIONS
                           ---------------------------

<PAGE>

                                    EXHIBIT D
                                    ---------

                             INVESTOR QUESTIONNAIRE
                             ----------------------

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