Document:

SUBSCRIPTION
      AGREEMENT

    

    Private
      Placement of Up To

    One
      Million Dollars ($1,000,000) 

    

    Bridge
      Loan

    

    

    HOW
      TO
      SUBSCRIBE

    

    The
      minimum investment which must be made by any subscriber is $50,000 in the form
      of a Note (individually, the “Note” and collectively, the "Notes") of The Tube
      Media Corp. (the "Company"). Subscribers can purchase additional Notes in excess
      of the minimum amount of $50,000. Any qualified subscriber who wishes to
      purchase a Note should deliver the following items to the Company, at
1451
      W.
      Cypress Creek Road, Suite 300, Fort Lauderdale, FL 33309,
      Attention: David C. Levy, President:

    

    (1) one
      dated
      and executed copy of the Subscription Agreement with all blanks properly
      completed; and

    

    (2) a
      check
      payable to the order of “The Tube Media Corp.” in the amount being subscribed
      for.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    THE
      NOTE BEING SUBSCRIBED FOR PURSUANT TO THIS SUBSCRIPTION AGREEMENT HAS NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
      LAWS
      OF ANY STATE. THE NOTE MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF
      AN
      EFFECTIVE REGISTRATION STATEMENT FOR THE NOTE UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED, AND SUCH STATE LAWS AS MAY BE APPLICABLE, OR AN OPINION OF COUNSEL
      SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. ADDITIONAL
      RESTRICTIONS ON TRANSFER OF THE NOTE ARE SET FORTH IN THIS SUBSCRIPTION
      AGREEMENT.

    

    

    

    SUBSCRIPTION
      AGREEMENT

    

    SUBSCRIPTION
      AGREEMENT (the "Agreement") between The Tube Media Corp., a Delaware corporation
      (the "Company"), and the purchaser identified on the signature page hereto
      (the
      "Subscriber").

    

    BACKGROUND

    

    Subscriber
      desires to loan, and the Company desires to accept a loan, up to the amount
      as
      set forth in a Promissory Note of even date herewith between the Subscriber
      and
      the Company (the "Note") and as set forth on the signature page hereto, upon
      the
      terms and conditions contained herein.

    

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants contained
      herein and for the other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereto, intending
      to be
      legally bound, agree as follows:

    

    1. SUBSCRIPTION
      FOR NOTE.

    

    (a) Subscriber
      hereby subscribes for and agrees to loan up to that amount set forth on the
      signature page hereto and as set forth in the Note, being $400,000 (the
“Purchase Price”) on the terms and conditions described herein and as set forth
      in the form of Note attached hereto as Exhibit B. Should the sum of at least
      $2
      million of financing not be received from the Subsequent Offering (as
      hereinafter defined) then the Subscriber agrees to subscribe for an additional
      $100,000 on April 7, 2006 on the same terms and conditions as set forth herein
      and in the Note. 

    

    (b) Subscriber
      encloses herewith a check payable to the order of “The Tube Media Corp.” in an
      amount equal to the Purchase Price. 

    

    (c)
       By
      executing this Agreement, the Subscriber acknowledges that the Subscriber has
      been informed of various matters relating to the Company, including but not
      limited to, the Risk Factors described in reports that the Company has filed
      with the Securities and Exchange Commission.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    2. REPRESENTATIONS
      AND WARRANTIES OF THE SUBSCRIBER.

    

    Subscriber
      hereby represents and warrants as of the date hereof and as of the closing
      date
      that: 

    

    (a) If
      the
      Subscriber is an entity, (i) the Subscriber is duly organized, validly existing
      and in good standing under the laws of the jurisdiction of its organization
      with
      full right, corporate or partnership power and authority to enter into and
      to
      consummate the transactions contemplated by this Agreement and the Note and
      otherwise carry out its obligations thereunder; and (ii) the execution, delivery
      and performance by the Subscriber of the transactions contemplated by this
      Agreement and the Note have been duly authorized by all necessary corporate
      or
      similar action on the part of the Subscriber. The Agreement has been duly
      executed by the Subscriber, and when delivered by the Subscriber in accordance
      with the terms hereof, will constitute the valid and legally binding obligation
      of the Subscriber, enforceable against it in accordance with its terms, except
      (i) as limited by general equitable principles and applicable bankruptcy,
      insolvency, reorganization, moratorium and other laws of general application
      effecting enforcement of creditors’ rights generally; (ii) as limited by laws
      relating to the availability of specific performance, injunctive relief or
      other
      equitable remedies; and (iii) insofar as indemnification and contribution
      provisions may be limited by applicable law;

    

    (b) The
      Subscriber understands that the Note is a “restricted security” and has not been
      registered under the Securities Act of 1933, as amended (the “Securities Act”)
      or any applicable state securities law. The Subscriber is acquiring the Note
      as
      principal for its own account for investment and not with a view to, or for
      sale
      in connection with, any distribution of such Note or any part thereof, has
      no
      present intention of distributing any of such Note and has no arrangement or
      understanding with any other persons regarding distribution of such Note. The
      Subscriber does not have any agreement or understanding, directly or indirectly,
      with any person to distribute the Note;

    

    (c) At
      any
      time the Subscriber was offered the Note, it was and at the date hereof it
      is,
      an “accredited investor” as defined in Regulation D of the Securities Act, which
      definition is set forth on Exhibit A attached hereto. The Subscriber understands
      that the Note is being offered and sold pursuant to an exemption from
      registration contained in the Securities Act based in part upon Subscriber’s
      representations contained in this Agreement, including, without limitation,
      that
      the Subscriber is an “accredited investor.” The Subscriber is not, and is not
      required to be, registered as a broker-dealer under Section 15 of the Securities
      Exchange Act of 1934, as amended; 

    

    (d) The
      Subscriber, either alone or together with its representatives, has such
      knowledge, sophistication and experience in business and financial matters
      so as
      to be capable of evaluating the merits and risks of the prospective investment
      in the Note, and has so evaluated the merits and risks of such investment.
      The
      Subscriber is able to bear the economic risk of an investment in the Note,
      has
      no need for liquidity with respect to its investment, and, at the present time,
      is able to afford a complete loss of such investment;

    

    (e) The
      Subscriber is not purchasing the Note as a result of any advertisement, article,
      notice or other communication regarding the Note published in any newspaper,
      magazine or similar media or broadcast over television or radio or presented
      at
      any seminar or any other general solicitation or general
      advertisement;

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    (f) The
      Subscriber has had the opportunity to request and receive all information deemed
      necessary by it to evaluate an investment in the Company, including the
      Company’s business plan. The Subscriber confirms that the Company has made
      available to the Subscriber the opportunity to ask questions of, and receive
      answers from the Company concerning the terms and conditions of the Note and
      the
      nature of the business of the Company, and to obtain additional information
      or
      documents which the Company possesses or can acquire without unreasonable effort
      or expense. The Subscriber confirms that it has relied solely on the foregoing
      information and documents provided by the Company and the reports that the
      Company files with the Securities and Exchange Commission to evaluate an
      investment in the Company. In formulating the decision to acquire the Note,
      the
      Subscriber has relied solely upon its own advisors and its own independent
      investigation of the Company with respect to this Agreement and the nature
      and
      effect of any investment in the Note;

    

    (g) The
      Subscriber represents that after the date the Subscriber learned of the terms
      of
      this transaction and prior to the date hereof, neither it nor any person over
      which the Subscriber has direct control, have made any net short sales of,
      or
      granted any option for the purchase of or entered into any hedging or similar
      transaction with the same economic effect as a net short sale, in the Company’s
      common stock; 

    

    (h) The
      Subscriber agrees to maintain in confidence non-public information, including
      this proposed financing, its terms and the information contained in the
      Company’s business plan, regarding the Company obtained from the Company or its
      agents during the course of this transaction and understands that the Company
      has caused these materials to be delivered to Subscriber in reliance upon such
      agreement; provided however, that the Subscriber can deliver confidential
      non-public information to any potential investor in the Subsequent Offering
      transaction in the event such potential investor executes an appropriate
      Non-disclosure Agreement in a form acceptable to the Company. The Subscriber
      also agrees not to trade in the Company’s securities on the basis of such
      non-public information obtained during the course of this
      transaction;

    

    (i) If
      the
      Subscriber is an individual, Subscriber is at least 18 years of age and a bona
      fide resident and domiciliary (not a temporary or transient resident) of the
      state or country indicated on the signature page hereof and Subscriber has
      no
      present intention of becoming a resident of any other state or jurisdiction;
      

    

    (j) If
      the
      Subscriber is not an individual, Subscriber is domiciled in the state or country
      indicated on the signature page hereof, has no present intention of becoming
      domiciled in any other state or jurisdiction;

    

    (k) Except
      for commissions payable to ________, no brokerage or finder’s fees or
      commissions are or will be payable to any broker, financial advisor or
      consultant, finder, placement agent, investment banker, bank or other person
      with respect to the transactions contemplated by this Agreement based upon
      arrangements made by the Subscriber or any of its affiliates. The Company shall
      have no obligation with respect to any fees or with respect to any claims made
      by or on behalf of persons for fees of a type contemplated by this section
      that
      may be due in connection with transactions contemplated by this Agreement based
      upon arrangements made by the Subscriber or any of its affiliates.

    

    (l) The
      Subscriber understands that the Securities and Exchange Commission nor any
      state
      regulatory authority has approved the Note offered hereby or passed upon the
      adequacy or accuracy of the information furnished to the Subscriber or endorsed
      the merits of this transaction. Any representation to the contrary is a criminal
      offense.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (m) All
      of
      the written information pertaining to the Subscriber which the Subscriber has
      furnished to the Company, and all information pertaining to the Subscriber
      which
      is set forth in this Agreement, is correct and complete as of the date hereof
      and, if there should be any material change in such information hereafter,
      the
      Subscriber shall promptly furnish such revised or corrected information to
      the
      Company. The Subscriber otherwise meets any special suitability standards
      applicable to the Subscriber's state of residence.

    

    (n) The
      Subscriber agrees that any information furnished by the Company to the
      Subscriber does not constitute investment, accounting, legal or tax advice
      and
      the Subscriber is relying on professional advisers for such advice;
      and

    

    (o) The
      Subscriber understands the meaning and legal consequences of the foregoing
      representations and warranties. The Subscriber certifies that each of the
      foregoing representations and warranties is true and correct as of the date
      hereof and shall survive the execution hereof and the purchase of the
      Note.

    

    3. REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

    

    

    (a)
      Incorporation.
      The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Delaware and is qualified to do business in
      each
      jurisdiction in which the character of its properties or the nature of its
      business requires such qualification. The Company has all requisite corporate
      power and authority to carry on its business as now conducted. 

    

    (b)
      Authorization.
      All
      corporate action on the part of the Company and its officers, and directors
      necessary for the authorization, execution, delivery and performance of this
      Agreement and the Note (collectively, the “Transaction
      Documents”
)
      and
      the consummation of the transactions contemplated herein and therein has been
      taken. When executed and delivered by the Company, this Agreement and the
      Transaction Documents shall constitute the legal, valid and binding obligations
      of the Company, enforceable against the Company in accordance with their
      respective terms, except (i) as limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws of general application affecting
      enforcement of creditors’ rights generally and (ii) as limited by laws relating
      to the availability of specific performance, injunctive relief or other
      equitable remedies. The Company has all requisite corporate power to enter
      into
      this Agreement and the Transaction Documents and to carry out and perform its
      obligations under the terms of this Agreement and the Transaction
      Documents.

    

    (c)
      Consents.
      All
      consents, approval, orders, authorizations, registrations, qualifications,
      and
      filings required on the part of the Company to be obtained or made prior to
      the
      Closing in connection with the execution, delivery or performance of this
      Agreement and the Transaction Documents, and the consummation of the
      transactions contemplated herein and therein, have been obtained or made or
      will
      be obtained or made, prior to the Closing

    

    (d)
      No
      Conflict.
      The
      execution and delivery of this Agreement or any of the Transaction Documents
      by
      the Company and the consummation of the transactions contemplated hereby and
      thereby, will not conflict with or result in any violation of or default (with
      or without notice or lapse of time, or both) under, or give rise to a right
      of
      termination, cancellation or acceleration of any obligation or to a loss of
      a
      material benefit or give rise to an event which results in the creation of
      any
      lien, charge, restriction, claim or other encumbrance upon any of the Company’s
      properties or assets under (i) any provision of the Certificate of Incorporation
      or Bylaws of the Corporation or (ii) any agreement or instrument, permit,
      franchise, license, judgment, order, statute, law, ordinance, rule or
      regulations, applicable to the Company or any of its properties or
      assets.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    4. TRANSFER
      RESTRICTIONS.

    

    (a) Subscriber
      represents that he understands that the sale or transfer of the Note are
      severely restricted and that:

    

    (i) The
      Note
      has not been registered under the Securities Act or the laws of any other
      jurisdiction by reason of a specific exemption or exemptions from registration
      under the Securities Act and applicable state securities laws, and that the
      Company's reliance on such exemptions is predicated on the accuracy and
      completeness of the Subscriber's representations, warranties, acknowledgments
      and agreements herein. The Note cannot be sold or transferred by Subscriber
      unless subsequently registered under applicable law or an exemption from
      registration is available. The Company is not required to register the Note
      or
      to make any exemption from registration available;

     

    (ii) The
      right
      to sell or transfer any of the Note will be restricted as described in this
      Agreement which include restrictions against sale or transfer in violation
      of
      applicable securities laws, the requirement that an opinion of counsel be
      furnished that any proposed sale or transfer will not violate such laws and
      other restrictions and requirements; and

    

    (iii) There
      will be no public market for the Note and the Subscriber may not be able to
      sell
      or otherwise transfer the Note. Accordingly, the Subscriber must bear the
      economic risk of Subscriber's investment for an indefinite period of
      time.

    

    (b) The
      Subscriber agrees that he will not offer to sell, sell or transfer the Note
      or
      any part thereof or interest therein without registration under the Securities
      Act and applicable state securities laws or without providing to the Company
      an
      opinion of counsel acceptable to the Company that such offer, sale or transfer
      is exempt from registration under the Securities Act and under applicable state
      securities laws.

    

    (c) The
      Subscriber acknowledges that the Note will bear the following
      legend:

    

    “The
      Note
      has not been registered with the Securities and Exchange Commission, or the
      securities commission of any state, in reliance upon an exemption from
      registration under the Securities Act of 1933, as amended (the “Securities
      Act”), and accordingly, may not be offered or sold except pursuant to an
      effective registration statement under the Securities Act or pursuant to an
      available exemption from, or in a transaction not subject to, the registration
      requirement of the Securities Act and in accordance with applicable state
      securities laws as evidenced by a legal opinion of counsel to the transferor
      to
      such effect, the substance of which shall be reasonably acceptable to the
      Company.”

    

    Subscriber
      further acknowledges that the Company reserves the right to place a stop order
      against the Note and to refuse to effect any transfers thereof in the absence
      of
      an effective registration statement with respect to the Note or in the absence
      of an opinion of counsel to the Company that such transfer is exempt from
      registration under the Securities Act and under applicable state securities
      laws.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    5. SUBSCRIPTION
      IRREVOCABLE BY SUBSCRIBER BUT SUBJECT TO ACCEPTANCE
      OR REJECTION BY THE COMPANY.

     

    (a) This
      Agreement is not, and shall not be, revocable by the Subscriber.

    

    (b) The
      Company, in its sole discretion, has the right to terminate or withdraw the
      offering at any time, to accept or reject subscriptions in other than the order
      in which they were received, to reject any subscription in whole or in part,
      to
      allot to the Subscriber less than the amount of Note subscribed for, and to
      return without interest the amount paid by the Subscriber.

    

    (c) The
      Subscriber understands and agrees that this Agreement is not binding upon the
      Company until the Company accepts it, which acceptance is at the sole discretion
      of the Company and is to be evidenced by the Company's completion, execution
      and
      delivery of this Agreement.

    

    (d) In
      the
      event of rejection of this subscription in whole (but not in part), or in the
      event the sale of the Note subscribed for by the Subscriber is not consummated
      by the Company for any reason (in which event this Agreement shall be deemed
      to
      be rejected), this Agreement and any other agreement entered into between the
      Subscriber and the Company relating to this subscription shall thereafter have
      no force or effect, except for the Subscriber’s agreement to maintain in
      confidence non-public information obtained during the course of this
      transaction, and the Company shall promptly cause to be returned to the
      Subscriber the Purchase Price remitted by the Subscriber, without interest
      thereon or deduction therefrom. In the event that this subscription is accepted
      in part, the Company shall promptly cause to be returned to the Subscriber
      that
      portion of the Purchase Price remitted by the Subscriber which represents
      payment for the Note for which this subscription was not accepted, without
      interest thereon or deduction therefrom. 

    

    6. INDEMNIFICATION
      AND HOLD HARMLESS.

    

    The
      Subscriber agrees that if the Subscriber breaches any agreement, representation
      or warranty the Subscriber has made in this Agreement, the Subscriber agrees
      to
      indemnify and hold harmless the Company and its directors, officers, employees,
      shareholders, financial advisors, attorneys and accountants against any claim,
      liability, loss, damage or expense (including, without limitation, attorneys'
      fees and other costs of investigating and litigating claims) caused, directly
      or
      indirectly, by the Subscriber's breach.

    

    7. ESCROW.
      The
      parties agree that this subscription is for purposes of consummating a bridge
      loan on the terms as set forth in the bridge Note being executed simultaneously
      herewith. The parties further agree to use diligent efforts to close a private
      placement financing up to $5,000,000 on the terms as set forth in a non-binding
      letter of intent with Nite Capital L.P. (the “Subsequent Offering”).
      Accordingly, the parties hereby agree that any funds raised in the Subsequent
      Offering shall be paid into an escrow account, held by a mutually acceptable
      escrow agent, and that upon any release of funds from the escrow account, the
      bridge loan shall be repaid in accordance with the terms of the bridge Note
      of
      even date herewith

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    8. MISCELLANEOUS.

    

    (a) This
      Agreement states the entire understanding between the parties with respect
      to
      the subject matter hereof, and supersedes all prior oral and written
      communications and agreements, and all contemporaneous oral communications
      and
      agreements, with respect to the subject matter hereof. The Company's business
      plan and other information provided by the Company to the Subscriber is not
      part
      of this Agreement and is subject to change as circumstances require.

    

    (b) This
      Agreement, upon acceptance by the Company, shall bind, benefit, and be
      enforceable by and against each party hereto and its successors, assigns, heirs
      administrators and executors. This Agreement in not transferable or assignable
      by the Subscriber. The agreements, representations and warranties contained
      herein shall be deemed to be made by and be binding upon the Subscriber and
      such
      Subscriber's heirs, executors, administrators, other personal representatives,
      and their respective successors and permitted assigns.

    

    (c) If
      any
      provision of this Agreement is construed to be invalid, illegal or
      unenforceable, then the remaining provisions hereof shall not be affected
      thereby and shall be enforceable without regard thereto.

    

    (d) Article
      and section headings in this Agreement are for convenience of reference only,
      do
      not constitute a part of this Agreement, and shall not affect its
      interpretation.

    

    (e) Words
      used in this Agreement shall be construed to be of such number and gender as
      the
      context requires or permits. Unless a particular context clearly provides
      otherwise, the words "hereof" and "hereunder" and similar references refer
      to
      this Agreement in its entirety and not to any specific Section or
      subsection.

    

    (f) THIS
      AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
      WITH,
      THE LAWS OF THE STATE OF FLORIDA, APPLICABLE TO AGREEMENTS MADE AND TO BE
      PERFORMED SOLELY THEREIN, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
      OF
      LAW.

    

    (g) Any
      notice, demand or other communication which any party hereto may be required,
      or
      may elect, to give to anyone interested hereunder shall be sufficiently given
      if
      (a) deposited, postage prepaid, in a United States mail letter box, registered
      or certified mail, return receipt requested, addressed to such address as may
      be
      given herein, or (b) delivered personally at such address. Notices to the
      Company shall be addressed to David C. Levy, President, The Tube Media Corp.,
      1451 W. Cypress Creek Road, Suite 300, Fort Lauderdale, FL 33309.

    

    (h)
      This
      Agreement may be executed through the use of separate signature pages or in
      any
      number of counterparts, and each of such counterparts shall, for all purposes,
      constitute one agreement binding on all parties, notwithstanding that all
      parties are not signatories to the same counterpart.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
      on the date set forth below.

    

    Subscription:
      I hereby subscribe for, and agree to purchase a Note for a Purchase Price of
      $400,000.

    

     

    Print
      Name of Subscriber(s): Barry Honig  

    

    

    Signature(s):          
      /s/ Barry Honig

    
      
        

      

       

    

    Print
      Name and Title of Signatory, if signing for an entity:   

    
      
        

      

    Residence/Domicile:

    

    
      
        

      

    

    Street
      Number and Street

    

    
      
        

      

    

    City/State/Zip
      Code

    

    
      
        

      

    

    Country

    

    
      
        

      

    

    Telephone
      Number

    

    
      
        

      

    

    Social
      Security/Taxpayer/Employer

    Identification
      Number(s)

    

    

    The
      Company hereby accepts the foregoing subscription for $400,000 of a Note as
      of
      March 31, 2006. 

     

    
      
        	 	 	 
	 	THE
                TUBE MEDIA
                CORP.
	 
 	 
 	 
 
	 	By:  	/s/
                David Levy
	 	
                

                Name: David Levy
	 	Title:
                President

      

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    ACCREDITED
      INVESTOR

    

    

    An
      “accredited investor” is one who comes within any of the following
      :

    

    
      	
              1.

            	
              Any
                bank as defined in section 3(a)(2) of the Securities Act of 1933,
                as
                amended (the “Securities Act”), or any savings and loan association or
                other institution as defined in section 3(a)(5)(A) of the Securities
                Act
                whether acting in its individual or fiduciary capacity; any broker
                or
                dealer registered pursuant to section 15 of the Securities Exchange
                Act of
                1934, as amended; any insurance company as defined in section 2(13)
                of the
                Act; any investment company registered under the Investment Company
                Act of
                1940 or a business development company as defined in section 2(a)(48)
                of
                that Act; any Small Business Investment Company licensed by the U.S.
                Small
                Business Administration under section 301(c) or (d) of the Small
                Business
                Investment Act of 1958; any plan established and maintained by a
                state,
                its political subdivisions, or any agency or instrumentality of a
                state or
                its political subdivisions, for the benefit of its employees, if
                such plan
                has assets in excess of $5,000,000; any employee benefit plan within
                the
                meaning of the Employee Retirement Income Security Act of 1974 if
                the
                investment decision is made by a plan fiduciary, as defined in section
                3(21) of such Act, which is either a bank, savings and loan association,
                insurance company, or registered investment advisor, or if the employee
                benefit plan has total assets in excess of $5,000,000 or, if a
                self-directed plan, with investment decisions made solely by persons
                that
                are accredited investors;

            

    

     

    
      	
              2.

            	
              Any
                private business development company as defined in section 202(a)(22)
                of
                the Investment Advisors Act of
                1940;

            

    

    

    
      	
              3.

            	
              Any
                organization described in section 501(c)(3) of the Internal Revenue
                Code,
                corporation, Massachusetts or similar business trust, or partnership,
                not
                formed for the specific purpose of acquiring the securities offered,
                with
                total assets in excess of
                $5,000,000;

            

    

    

    
      	
              4.

            	
              Any
                director, executive officer, or general partner of the issuer of
                the
                securities being offered or sold, or any director, executive officer,
                or
                general partner of a general partner of that
                issuer;

            

    

    

    
      	
              5.

            	
              Any
                natural person whose individual net worth, or joint net worth with
                that
                person’s spouse, at the time of his purchase exceeds
                $1,000,000;

            

    

    

    
      	
              6.

            	
              Any
                natural person who had an individual income in excess of $200,000
                in each
                of the two most recent years or joint income with that person’s spouse in
                excess of $300,000 in each of those years and has reasonable expectation
                of reaching the same income level in the current
                year;

            

    

    

    
      	
              7.

            	
              Any
                trust, with total assets in excess of $5,000,000, not formed for
                the
                specific purpose of acquiring the securities offered, whose purchase
                is
                directed by a sophisticated person as described in Rule 506(b)(2)(ii);
                and
                

            

    

    

    
      	
              8.

            	
              Any
                entity in which all of the equity owners are accredited
                investors.

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      B

    

    FORM
      OF PROMISSORY NOTEEMPLOYMENT
      AGREEMENT WITH

     

    DUNCAN
      MCINTYRE 

     

     

    This
      Employment Agreement (“Agreement”) is entered into as of the 1st day of April,
      2006 (the “Effective Date”), by and between Duncan
      McIntyre
      (the
“Executive”)
      and
Inyx
      Europe Limited, a wholly owned subsidiary of Inyx, Inc.
      (the
“Company”
or
      the
“Employer”),
      or
      together the Parties.

     

    RECITALS:

     

    Whereas,
      the Company desires to employ the Executive to provide personal services to
      the
      Company, and also wishes to provide the Executive with certain compensation
      and
      benefits in return for such services; and

     

    Whereas,
      the Executive wishes to be employed by the Company and provide personal services
      to the Company in return for certain compensation and benefits.

     

    Now,
      therefore, in consideration of the mutual promises and covenants contained
      herein, it is hereby agreed by and between the Parties hereto as
      follows:

     

    1.  EMPLOYMENT

     

    1.1.  GENERAL.
      The Company hereby employs the Executive in the senior position of Managing
      Director of Inyx Europe Limited, whose responsibilities include directing the
      operations of the Company’s two United Kingdom operating subsidiaries,
      Inyx-Pharma Limited and Ashton Pharmaceuticals Limited, as well as any other
      operations that the Company may acquire in the United Kingdom or Europe, and
      also assisting the Company’s overall growth in the pharmaceutical industry, and
      the Company may assign other reasonable management duties to the Executive
      from
      time to time. The Executive agrees to perform and discharge such duties well
      and
      faithfully, and to be subject to the supervision and direction of Jack Kachkar,
      Chairman and Chief Executive Officer of Inyx, Inc. (“CEO”), and other senior
      corporate executives of Inyx, Inc. or their designee or successor. The Executive
      acknowledges that this appointment involves the affairs of the Company and
      its
      subsidiaries not only in the United Kingdom and Europe but also in the United
      States and Canada. Accordingly, while the executive will be operationally based
      in the United Kingdom, with offices both at the Ashton Pharmaceuticals site
      in
      Ashton, England, and at the Inyx-Pharma site in Runcorn, England, the Executive
      will be required to travel periodically to other countries on behalf of the
      Company and its subsidiaries, affiliates and strategic alliances. If the
      Executive will be required to work outside the United Kingdom for more than
      a
      one month period he will receive separate notification.

     

    1.2.  SUSPENSION.
      The Company may suspend all or any of the Executive's duties and powers for
      such
      periods and on such terms as it considers expedient and this may include a
      term
      that the Executive must stay away from all or any of the Company's premises
      and/or will not be provided with any work and/or will have no business contact
      with all or any of the company or any group company’s agents, employees,
      customers, clients, distributors and suppliers. During any period of suspension
      the Agreement will continue and the Executive will continue to be bound by
      his/her obligations under this Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    1.3.  TIME
      DEVOTED TO POSITION. The
      Executive, during his employment by the Company, shall devote his full business
      time, attention and skills to the business and affairs of the
      Employer.

     

    1.4.  CERTIFICATIONS.
      Whenever the Executive is required by law, rule or regulation or requested
      by
      any governmental authority or by the Company or the Company’s auditors to
      provide certifications with respect to financial statements or filings with
      the
      Securities and Exchange Commission or any other governmental authority, the
      Executive shall sign such certifications as may be reasonably requested by
      such
      officers, with such exceptions as the Executive deems necessary to make such
      certifications accurate and not misleading.

     

    1.5.  HOURS
      OF
      WORK. There are no fixed hours of work and by signing this document, the
      Executive hereby consents, in accordance with the Working Time Regulations
      1998
      to work more than 48 hours per week on average weekly should his duties so
      require. The Executive agrees to give the Employer at least three (3) months'
      notice in writing if he is no longer prepared to work more than an average
      of 48
      hours a week.

     

    2.  COMPENSATION
      AND BENEFITS

     

    2.1.  SALARY.
      At all times the Executive is employed hereunder, Employer shall pay to
      Executive, and Executive shall accept, as full compensation for any and all
      services rendered and to be rendered by him during such period to Employer
      in
      all capacities, including, but not limited to, all services that may be rendered
      by him to any of Employer’s existing subsidiaries, entities and organizations
      hereafter formed, organized or acquired by Employer, directly or indirectly
      (each, a “Subsidiary” and collectively, the “Subsidiaries”), the following:
      (i) a base salary at the annual rate of £130,000 or at such increased rate
      as the Board (through its Compensation Committee), in its sole discretion,
      may
      hereafter from time to time grant to Executive, subject to adjustments in
      accordance with Section 2.2 hereof (as so adjusted, the “Base Salary”); and
      (ii) any additional bonus and the benefits set forth in Sections 2.3,
      2.4 and 2.5 hereof. The Base Salary shall be payable monthly in accordance
      with
      the regular payroll practices of Employer applicable to senior executives,
      less
      such deductions as shall be required to be withheld by applicable law and
      regulations or otherwise.

     

    2.2.  CASH
      BONUSES. Subject to Section 3.6 hereof, the Executive shall be entitled to
      an annual cash bonus of up to fifty percent (50%) of the Executive’s annual base
      salary, with the bonus amount based upon performance criteria achieved by the
      Company and the Executive during a twelve (12) month period that are mutually
      agreed upon by the Company and the Executive at the outset of the 12-month
      period. 

     

    2.3.  STOCK
      OPTIONS. The Executive shall be entitled to participate in stock option and
      similar equity plans of Employer. In connection herewith, the Executive will
      be
      granted 300,000 options to purchase shares of common stock of the Company with
      an exercise price equal to the closing price of the Company’s common stock on
      April 1, 2006 on the following basis: 100,000 options to be vested on March
      31,
      2007; 100,000 options to be vested on March 31, 2008; and 100,000 options to
      be
      vested on March 31, 2009; with all options issued on terms and conditions set
      forth in the Stock Option Plan of the Company and a Stock Option Agreement
      with
      the Executive containing these terms. The Executive shall be entitled to any
      additional annual stock option grants provided at the discretion of the
      Board.

     

     

    
      
        
        

      

      
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    2.4.  EXECUTIVE
      BENEFITS

     

    2.4.1.  EXPENSES.
      Employer
      shall promptly reimburse the Executive for properly documented expenses that
      he
      may reasonably incur in connection with the performance of his duties including
      but not limited to, expenses for such items as business entertainment, business
      travel, hotel and meals that are in accordance with Company policy and approved
      by the Chairman of the Board and Chief Executive Officer of the Company. The
      Company shall also pay the Executive a monthly car allowance of £800 and the
      Executive shall be eligible for a Blackberry cell phone and lap-top computer
      for
      Company-related use.

     

    2.4.2.  EMPLOYER
      PLANS. Executive shall be entitled to participate in such employee benefit
      plans
      and programs as Employer may from time to time generally offer or provide to
      executive officers of Employer or its Subsidiaries, including, but not limited
      to, participation in health and accident, medical and dental plans including
      any
      such benefit plans offered by the Subsidiaries where applicable, and profit
      sharing and retirement plans, subject to the rules of such plans and the terms
      of any applicable insurance policies. Participation in such plans shall be
      conditional on the Executive complying with and satisfying any applicable
      requirements of the insurer

     

    2.4.3.  VACATION.
      The
      Executive shall be entitled to five (5) weeks paid vacation per calendar year,
      with vacation time in calendar 2006 being a pro-rata four (4) weeks. The
      Executive will be entitled to payment in lieu of holidays accrued pro rata
      but
      not taken as at the date of termination of employment. If the Executive has
      taken more holiday than his accrued entitlement at the date of termination
      of
      his employment, the Company shall be entitled to deduct the appropriate amount
      from any payments due to the Executive (on the basis that each day of paid
      holiday is equal to 1/260 of the salary).

     

    3.  EMPLOYMENT
      TERM; TERMINATION

     

    3.1.  EMPLOYMENT
      TERM. The Executive’s employment hereunder shall commence on April 1, 2006 and,
      except as otherwise provided in Section 3.2 hereof, shall continue until March
      31, 2009 (the “Initial Term”). No previous employment of the Executive shall
      count as part of his continuous period of employment. Thereafter, this Agreement
      shall continue, subject to the terms of this Agreement unless either (i)
      Employer and Executive agree to a new employment agreement, or (ii) until
      terminated by either party giving the other not less than three [3] months
      prior
      notice in writing, such notice to expire no earlier than March 31, 2009. Upon
      termination of this Agreement pursuant to this Sections 3.1 or 3.2 hereof,
      Executive shall be released from any duties hereunder (except as set forth
      in
      Section 5 hereof) and the obligations of Employer to Executive shall be as
      set forth in Sections 3.4 and 3.5 hereof only. 

     

     

    3.2.  
      SUMMARY
      DISMISSAL. If the Executive:

     

     

    
      
        
        

      

      
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    3.2.1.  in
      the
      reasonable opinion of the Company fails or neglects efficiently and diligently
      to discharge his/her duties or is guilty of any serious or (after having
      received a written warning from the CEO, COO or other Senior Corporate
      Executive) repeated breach of his obligations under this agreement (including
      any consent granted under it); or

     

    3.2.2.  is
      guilty
      of serious misconduct or any other conduct which affects or in the reasonable
      opinion of the Company is likely to affect prejudicially the interests of the
      Company or any of its subsidiaries or is convicted of an arrestable offence
      (other than a road traffic offence for which a non-custodial penalty is
      imposed); or

     

    3.2.3.  becomes
      bankrupt or makes any arrangement or composition with his/her creditors;
      or

     

    3.2.4.  is
      disqualified from being a director of any company by reason of an order made
      by
      any competent court; or

     

    3.2.5.  resigns
      as a director without the prior consent of the CEO; or

     

    3.2.6.  is
      guilty
      of any breach or non-observance of any code of conduct, rule or regulation
      adopted by the Company or by any regulatory body or fails or ceases to be
      registered (where such registration is, in the opinion of the Company, required
      for the performance of his duties) by any regulatory body in the United Kingdom
      or elsewhere, 

     

    3.2.7.  the
      Company may (whether or not any notice of termination has been given under
      Section 3.2) by written notice to the Executive terminate this Agreement
      with immediate effect. A notice under paragraph 3.2.1 may
      be
      given by the Company to the Executive within 90 days of the end of any such
      period or periods of incapacity referred to in that paragraph.

     

    3.2.8.  The
      Company may at any time (whether or not any notice of termination has been
      given
      under Section 3.1) terminate the Agreement with immediate effect by giving
      notice in writing to the other party on terms that the Company will pay to
      the
      Executive, in lieu of notice under Section 3.1, the salary in the amount
      and at the times it would have paid to the Executive if the Company had given
      notice of termination of the Agreement in accordance with Section 3.1 or,
      if notice has previously been given under that Section, as if the Agreement
      terminated on the expiry of the remainder of the period of notice. If the
      Executive is paid salary in lieu of notice he will not be entitled to any
      additional payment in respect of holiday which he would otherwise have accrued
      during the notice period or the remainder of the notice period.

     

     

    
      
        
        

      

      
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    3.3.  
      GARDEN
      LEAVE. Section 3.1 does not limit the Company's right to suspend any of the
      Executive's duties and powers under Section 1.2 during any period after
      notice of termination of the Agreement has been given by the Company or the
      Executive. In particular, the Company may exercise this right where the
      Executive leaves the Company's employment in circumstances where it is
      reasonable for the Company to believe that he is or is about to become concerned
      in a business carried on, or about to commence, which is, or is likely to be,
      competitive with any part of the business of any group Company with which the
      Executive was engaged or concerned in the 12 months before the suspension
      started. In addition or alternatively, the Company may during the whole or
      any
      part of such period of notice require the Executive to perform duties (including
      any modified duties arising from an exercise by the Company of its rights under
      Section 1.2) at such locations as the Company may require consistent with
      Section 1.1. Throughout any such period of suspension the Executive's salary
      and
      other benefits to which he is entitled under this Agreement shall continue
      to be
      paid or provided by the Company. At any time during such period the Executive
      will, at the request of the Company, immediately resign, without claim for
      compensation, his/her office as a director of the Company and any directorship
      or other office held by him in any group Company.

     

    3.4.  
      OBLIGATIONS OF THE EXECUTIVE DURING SUSPENSION OR ON TERMINATION OF THIS
      AGREEMENT. On the termination of the Agreement in any way (whether lawfully
      or
      otherwise) or on either party giving notice of termination of this Agreement
      or
      on the Company exercising its right of suspension as mentioned in Section 3.3,
      the Executive will immediately:

     

    3.4.1.  resign
      all offices held by him in any group Company (without prejudice to the rights
      of
      any party arising out of this Agreement or the termination of the
      Agreement);

     

    3.4.2.  deliver
      to the Company all property in his possession, custody or under his control
      belonging to any group Company including (but not limited to) computer
      equipment, mobile phones, security and computer passes, business cards, credit
      and charge cards, original and copy documents or other media on which
      information is held in his possession relating to the business or affairs of
      any
      group Company; and

     

    3.4.3.  transfer
      (without payment) to the Company (or as the Company may direct) any qualifying
      or nominee shares provided by it or any third party in any group Company to
      him.

     

    With
      effect from the date of termination of this Agreement, all the rights and
      obligations of the parties under this Agreement will cease except for those
      which are expressed to continue after that date and except in relation to any
      breach of any provision of this agreement before that date. Termination of
      the
      Agreement will not prejudice any other rights of the Company.

     

     

    
      
        
        

      

      
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    3.5.  CERTAIN
      OBLIGATIONS OF EMPLOYER FOLLOWING TERMINATION OF THE EXECUTIVE’S EMPLOYMENT.
      Following termination of the Executive’s employment by the Company or any group
      company under the circumstances described below, Employer shall pay to Executive
      the following compensation and provide the following benefits in full
      satisfaction and final settlement of any and all claims and demands that
      Executive now has or hereafter may have hereunder against Employer.

     

    3.5.1.  TERMINATION
      UNDER SECTION 3.2. In the event that the Executive’s employment is terminated by
      Employer under Section 3.2, Employer shall pay to Executive, in a single
      lump-sum, an amount equal to any unpaid but earned Base Salary through the
      Date
      of Termination. Any payment made in accordance with this Section 3.5.1
      shall be made at a convenient date no later than fourteen (14) days after the
      termination date.

     

    3.5.2.  
      ELECTION
      NOT TO RENEW BY EMPLOYER UNDER SECTION 3.1. In
      the
      event that the Employer terminates this Agreement after the Initial Term
      pursuant to Section 3.1. hereof, it shall pay to Executive, subject to
      Executive’s continued compliance with the terms of Section 5 hereof, any unpaid
      but earned Base Salary through the effective Date of Termination PLUS, an amount
      equal to nine months (9) months of Base Salary in effect at such applicable
      time
      (the “Severance Amount”). Additionally, any Bonuses that are due to the
      Executive shall be paid by Employer to Executive. HOWEVER, if termination of
      Executive is due to or after a Change of Control (as defined in Section 3.6.2
      hereof) of the Employer, the Severance Amount is increased to twenty-four (24)
      months Base Salary in effect at such applicable time, and any non-vested stock
      options granted to Executive shall become fully vested at time of such
      termination date. Any payments made in accordance with this Section 3.6.2 shall
      be made in a lump-sum payment at a convenient date no later than fourteen (14)
      days after the effective termination date. In consideration of such payment,
      and
      assuming all other payments required hereby have been paid, Executive agrees
      to
      provide Employer a general release of any claims relating to such termination
      or
      otherwise.

     

    3.5.3.  TERMINATION
      BY THE EXECUTIVE UNDER SECTION 3.1In
      the
      event that the Executive elects not to renew this Agreement at any time pursuant
      to Section 3.1 hereof, Employer shall pay to Executive Base Salary through
      the effective Date of Termination. In addition, Employer shall pay Executive,
      in
      a single lump-sum, an amount equal to any unpaid but earned Bonuses through
      the
      effective Date of Termination, PROVIDED that the Executive complies with Section
      3.1 and provides the Employer with three (3) months advance notification in
      writing of the intent to terminate this Agreement.

     

     

    
      
        
        

      

      
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    3.6.  DEFINITIONS.

     

    3.6.1.  “DATE
      OF
      TERMINATION” DEFINED. “Date of Termination” means such date as the Executive’s
      employment under this Agreement is terminated in accordance with
      Sections 3.1, or 3.2 hereof.

     

    3.6.2.  “CHANGE
      OF CONTROL” DEFINED. A “Change of Control” of Employer means (i) the approval by
      the stockholders of the Company of the sale, lease, exchange or other transfer
      (other than pursuant to internal reorganization) by the Company of all or
      substantially all of its respective assets to a single purchaser or to a group
      of associated purchasers; (ii) the first purchase of shares of equity securities
      of the Company pursuant to a tender offer or exchange offer (other than an
      offer
      by the Company) for at least fifty (50%) percent of the equity securities of
      the
      Company; (iii) the approval by the stockholders of the Company of an agreement
      for a merger or consolidation in which the Company shall not survive as an
      independent, publicly-owned corporation; (iv) the acquisition (including by
      means of a merger) by a single purchaser or a group of associated purchasers
      of
      securities of the Company from the Company or any third party representing
      fifty
      (50%) percent or more of the combined voting power of the Company’s then
      outstanding equity securities in one or a related series of transactions (other
      than pursuant to an internal reorganization or transfers of the Executive’s
      interests).

     

    4.  PENSIONS.

     

    4.1.  The
      Executive is eligible to join the Company’s Defined Pension Scheme. Benefits are
      provided on a defined contribution basis, except that benefits on death in
      employment are linked to the Executive’s pensionable pay.

     

    5.  CONFIDENTIALITY
      AND NONSOLICITATION; PROPERTY RIGHTS.

     

    5.1.  “CONFIDENTIAL
      INFORMATION” DEFINED. “Confidential Information” means any and all information
      (oral or written) relating to Employer or any Subsidiary or any entity
      controlling, controlled by, or under common control with Employer or any
      Subsidiary or any of their respective activities, including, information not
      previously disclosed to the public or to the trade by the Company’s management,
      or otherwise in the public domain, with respect to the Company’s products,
      facilities, applications and methods, trade secrets and other intellectual
      property, systems, procedures, manuals, confidential reports, product price
      lists, customer lists, technical information, financial information, business
      plans, prospects or opportunities, but shall exclude any information which
      (i) is or becomes available to the public or is generally known in the
      industry or industries in which the Company operates other than as a result
      of
      disclosure by the Executive in violation of his agreements under this Section
      or
      (ii) the Executive is required to disclose under any applicable laws,
      regulations or directives of any government agency, tribunal or authority having
      jurisdiction in the matter or under subpoena or other process of law. The
      Executive confirms that all restrictions in this Section are reasonable and
      valid and waives all defenses to the strict enforcement thereof.

     

     

    
      
        
        

      

      
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    5.2.  NON-DISCLOSURE
      OF CONFIDENTIAL INFORMATION. The Executive shall not at any time (other than
      as
      may be required or appropriate in connection with the performance by him of
      his
      duties hereunder), directly or indirectly, use, communicate, disclose or
      disseminate any Confidential Information in any manner whatsoever (except as
      may
      be required under legal process by subpoena or other court order).

     

    5.3.  CERTAIN
      ACTIVITIES. The Executive shall not, while employed by the Company and for
      a
      period of one (1) year following the Date of Termination, directly or
      indirectly, hire, offer to hire, entice away or in any other manner persuade
      or
      attempt to persuade any officer, employee, agent, lessor, lessee, licensor,
      licensee or supplier of Employer or any of its Subsidiaries to discontinue
      or
      alter his or its relationship with Employer or any of its
      Subsidiaries.

     

    5.4.  NON-COMPETITION.
      The Executive shall not, while employed by the Company and for a period of
      one
      (1) year following the Date of Termination, engage or participate, directly
      or
      indirectly (whether as an officer, director, employee, partner, consultant,
      shareholder, lender or otherwise), in any business that manufactures, markets
      or
      sells products that directly competes with any product of the Employer that
      is
      significant to the Employer’s business based on sales and/or profitability of
      any such product as of the Date of Termination. Nothing herein shall prohibit
      Executive from being a passive owner of less than 1% of any publicly-traded
      class of capital stock of any entity directly engaged in a competing
      business.

     

    5.5.  If
      the
      Company exercises its right to suspend the Executive's duties and powers for
      a
      period of up to [3] months under Section 1.2 during any period after notice
      of
      termination of the Agreement has been given by the Company or the Executive,
      the
      aggregate of the period of the suspension and the period after the date of
      termination for which covenants in Sections 5.3 and 5.4 apply will not exceed
      12
      months and, if the aggregate of the two periods would exceed 12 months, the
      period after the termination date for which the covenants in Sections 5.3 and
      5.4 apply will be reduced accordingly.

     

    5.6.  PROPERTY
      RIGHTS; ASSIGNMENT OF INVENTIONS. With respect to information, inventions and
      discoveries or any interest in any copyright and/or other property right
      developed, made or conceived of by Executive, either alone or with others,
      at
      any time during his employment by Employer and whether or not within working
      hours, arising out of such employment or pertinent to any field of business
      or
      research in which, during such employment, Employer is engaged or (if such
      is
      known to or ascertainable by Executive) is considering engaging, Executive
      hereby agrees:

     

    (a)  that
      all
      such information, inventions and discoveries or any interest in any copyright
      and/or other property right, whether or not patented or patentable, shall be
      and
      remain the exclusive property of the Employer;

     

     

    
      
        
        

      

      
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    (b)  to
      disclose promptly to an authorized representative of Employer all such
      information, inventions and discoveries or any copyright and/or other property
      right and all information in Executive’s possession as to possible applications
      and uses thereof;

     

    (c)  not
      to
      file any patent application relating to any such invention or discovery except
      with the prior written consent of an authorized officer of Employer (other
      than
      Executive);

     

    (d)  that
      Executive hereby waives and releases any and all rights Executive may have
      in
      and to such information, inventions and discoveries, and hereby assigns to
      Executive and/or its nominees all of Executive’s right, title and interest in
      them, and all Executive’s right, title and interest in any patent, patent
      application, copyright or other property right based thereon. Executive hereby
      irrevocably designates and appoints Employer and each of its duly authorized
      officers and agents as his agent and attorney-in-fact to act for him and on
      his
      behalf and in his stead to execute and file any document and to do all other
      lawfully permitted acts to further the prosecution, issuance and enforcement
      of
      any such patent, patent application, copyright or other property right with
      the
      same force and effect as if executed and delivered by Executive;
      and

     

    (e)  at
      the
      request of Employer, and without expense to Executive, to execute such documents
      and perform such other acts as Employer deems necessary or appropriate, for
      Employer to obtain patents on such inventions in a jurisdiction or jurisdictions
      designated by Employer, and to assign to Employer or its designee such
      inventions and any and all patent applications and patents relating
      thereto.

     

     

    5.7.  NON-EXCLUSIVITY
      AND SURVIVAL. The covenants of the Executive contained in this Section 5
      are in addition to, and not in lieu of, any obligations that Executive may
      have
      with respect to the subject matter hereof, whether by contract, as a matter
      of
      law or otherwise, and such covenants and their enforceability shall survive
      any
      termination of the Executive’s employment by the Company by either party and any
      investigation made with respect to the breach thereof by Employer at any
      time.

     

    6.  DISCIPLINARY
      AND GRIEVANCE PROCEDURES

     

    6.1.  The
      Executive is subject to the Company's disciplinary and grievance procedures,
      copies of which are available from the Company’s Human Resources Department.
      These procedures do not form part of the Executive's contract of
      employment.

     

    6.2.  If
      the
      Executive wishes to appeal against a disciplinary decision he may apply in
      writing to the Company’s Human Resources Department in accordance with the
      Company's disciplinary procedure.

     

     

    
      
        
        

      

      
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    6.3.  If
      the
      Executive wishes to raise a grievance, he may apply in writing to the Company’s
      Human Resources Department in accordance with the Company's grievance
      procedure.

     

    7.  MISCELLANEOUS
      PROVISIONS.

     

    7.1.  COLLECTIVE
      AGREEMENTS. There is no collective agreement which directly affects the
      Executive’s employment by the Company. 

     

    7.2.  SEVERABILITY.
      If, in any jurisdiction, any term or provision hereof is determined to be
      invalid or unenforceable, (a) the remaining terms and provisions hereof
      shall be unimpaired; (b) any such invalidity or unenforceability in any
      jurisdiction shall not invalidate or render unenforceable such provision in
      any
      other jurisdiction; and (c) the invalid or unenforceable term or provision
      shall, for purposes of such jurisdiction, be deemed replaced by a term or
      provision that is valid and enforceable and that comes closest to expressing
      the
      intention of the invalid or unenforceable term or provision.

     

    7.3.  EXECUTION
      IN COUNTERPARTS. This Agreement may be executed in one or more counterparts,
      and
      by the different parties hereto in separate counterparts, each of which shall
      be
      deemed to be an original but all of which taken together shall constitute one
      and the same agreement (and all signatures need not appear on any one
      counterpart), and this Agreement shall become effective when one or more
      counterparts has been signed by each of the parties hereto and delivered to
      each
      of the other parties hereto.

     

    7.4.  NOTICES.
      All notices, requests, demands and other communications hereunder shall be
      in
      writing and shall be deemed duly given upon receipt when delivered by hand,
      overnight delivery or telecopy (with confirmed delivery), or three (3) business
      days after posting, when delivered by registered or certified mail or private
      courier service, postage prepaid, return receipt requested, as
      follows:

     

    If
      to
      Employer, to:

     

    Inyx
      Europe Limited

    c/o
      Inyx,
      Inc.

    825
      Third
      Avenue, 40th Floor

    New
      York,
      NY 10022

    Attention: Chairman
      and Chief Executive Officer

    Facsimile
      No.: 001-212-838-0060

     

    

    If
      to
      Executive, to:

     

    Duncan
      McIntyre

    153
      Chester Road

    Grappenhall,
      Warrington

    WA4
      2SB
      England

    
      
        
          	 Facsimile
                  No.:	 	 

        

    

     

     

    
      
        
        

      

      
        -
          10
          -

        
          

        

      

      
        
        

      

    

     

     

    Or
      to
      such other address(es) as a party hereto shall have designated by notice in
      writing to the other parties hereto.

     

    7.5.  AMENDMENT.
      No provision of this Agreement may be modified, amended, waived, or discharged
      in any manner except by a written instrument executed by both the Employer
      and
      the Executive.

     

    7.6.  ENTIRE
      AGREEMENT. This Agreement, the, Executive’s Stock Option Agreements and the
      governing stock option plans, constitute the entire agreement of the parties
      hereto with respect to the subject matter hereof, and supersede all prior
      agreements and understandings of the parties hereto, oral or
      written.

     

    7.7.  APPLICABLE
      LAW. This Agreement shall be governed by and construed in accordance with
      applicable to contracts made and to be wholly performed therein, without regard
      to principles of conflicts of laws.

     

    7.8.  HEADINGS.
      The headings contained herein are for the sole purpose of convenience of
      reference, and shall not in any way limit or affect the meaning or
      interpretation of any of the terms or provisions of this Agreement.

     

    7.9.  WAIVER,
      ETC. The failure of either of the parties hereto to, at any time, enforce any
      of
      the provisions of this Agreement shall not be deemed or construed to be a waiver
      of any such provision, nor to in any way affect the validity of this Agreement
      or any provision hereof or the right of either of the parties hereto thereafter
      to enforce each and every provision of this Agreement. No waiver of any breach
      of any of the provisions of this Agreement shall be effective unless set forth
      in a written instrument executed by the party against whom or which enforcement
      of such waiver is sought, and no waiver of any such breach shall be construed
      or
      deemed to be a waiver of any other or subsequent breach.

     

    7.10. CAPACITY,
      ETC. Executive and Employer hereby represent and warrant to the other that,
      as
      the case may be: (a) he or it has full power, authority and capacity to
      execute and deliver this Agreement, and to perform his or its obligations
      hereunder; (b) such execution, delivery and performance shall not (and with
      the giving of notice or lapse of time or both would not) result in the breach
      of
      any agreements or other obligations to which he or it is a party or he or it
      is
      otherwise bound; and (c) this Agreement is his or its valid and binding
      obligation in accordance with its terms.

     

    

    
      
        
        

      

      
        -
          11
          -

        
          

        

      

      
        
        

      

    

     

     

    IN
      WITNESS WHEREOF, this Agreement has been executed and delivered by the parties
      hereto as of the date first above written.

     

     

    INYX, INC.

    By:

     

     

    
      	 	 	 	 
	/s/ Jay
              M.
              Green	 	 	 
	
              

            	 	 	
            
	
              Jay
                M. Green

              Executive
                Vice President

            	 	 	 

    

     

     

    
      	 	 	 	 
	/s/ Duncan
              McIntyre	 	 	 
	
              

            	 	 	
            
	DUNCAN
              MCINTYRE	 	 	 

    

     

     

    -
      12 -

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