Document:

EXHIBIT 10.3

 

NEITHER THIS WARRANT NOR THE
SECURITIES UNDERLYING THIS WARRANT HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION (“COMMISSION”) UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (“ACT”) OR UNDER APPLICABLE STATE SECURITIES LAWS.  THIS WARRANT AND THE SECURITIES UNDERLYING
THIS WARRANT MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE DISPOSED OF
FOR VALUE WITHOUT REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES
LAWS, UNLESS THE HOLDER HEREOF PROVIDES THE COMPANY WITH AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT THE PROPOSED OFFER FOR SALE, SALE OR OTHER
DISPOSITION IS EXEMPT FROM SUCH REGISTRATION REQUIREMENTS.

 

SELLING AGENT’S WARRANT

 

	
  No. SAW2-1

  	
   

  	
  Number of Shares of Common

  
	
   

  	
   

  	
  Stock Purchasable Upon Exercise

  
	
   

  	
   

  	
  of Warrant:

  

 

IVOW, Inc., a Delaware corporation (the “Company”),
hereby certifies that for the Exercise Price stated herein for each share of
common stock, $0.01 par value per share, of the Company (“Common Stock”),
issuable upon exercise of this Selling Agent’s Warrant (“Selling Agent’s
Warrant”), Dawson James Securities or any assignees of directors or officers of
Dawson James Securities as it may direct in its sole discretion (the “Selling
Agent”), is entitled, subject to the terms set forth in this Selling Agent’s
Warrant, at any time or from time to time, commencing on May     ,
2005 (the “Issue Date”), to purchase from the Company                
(               )
shares of Common Stock (the “Shares”), of the Company at the exercise price per
share as follows:                    
Shares at an exercise price of                       
($             )
per Share and                  
Shares at an exercise price of                  
($           ) per Share
(collectively each of the exercise prices per Share shall hereinafter be
referred to as the “Exercise Price”), all as more particularly described in the
Company’s Confidential Private Placement Memorandum, dated May          ,
2005, as amended (the “Memorandum”).  The
Shares issuable upon exercise of this Selling Agent’s Warrant have the same
respective terms as the Shares offered pursuant to the Memorandum except that (i) the
holder of this Selling Agent’s Warrant (the “Holder”) shall have registration
rights under the Securities Act of 1933, as amended (the “Act”), for the Shares
as more fully described in Section 8 of this Selling Agent’s Warrant, and (ii) the
securities subject hereof are subject to adjustment in accordance with Section 5
hereof.  This Selling Agent’s Warrant and
all rights hereunder, to the extent such rights shall not have been exercised,
shall terminate and become null and void to the extent the Holder fails to
exercise any portion of this Selling Agent’s Warrant prior to 5:00 p.m.,
Eastern Time, on May         ,
2010.

 

 

1.             Exercise
of Warrant.

 

(a)           All
or any part of this Selling Agent’s Warrant may be exercised by the Holder
hereof by surrendering it, with the form of subscription at the end hereof duly
executed by such Holder, to the Company at its principal executive office or at
the Company’s transfer agent accompanied by payment in full of the Exercise
Price payable in respect of all or part of this Selling Agent’s Warrant being
exercised.  If less than the entire
Selling Agent’s Warrant is exercised, the Company shall, upon such exercise,
execute and deliver to the Holder thereof a new Selling Agent’s Warrant in the
same form as this Selling Agent’s Warrant evidencing the Selling Agent’s
Warrant to the extent not exercised. 
This Selling Agent’s Warrant shall be deemed to have been exercised
prior to the close of business on the date this Selling Agent’s Warrant is
surrendered and payment is made in accordance with the foregoing provisions.

 

(b)           Forms
of Payment Authorized.  Payment of
the Exercise Price may be made (i) in cash, by certified or official bank
check, or cash equivalent, (ii) by tender to the Company of shares of the
Company’s stock owned by the Holder having a value, as determined by the
Company’s Board of Directors (but without regard to any restrictions on
transferability applicable to such stock by reason of federal or state
securities laws or agreements with an underwriter for the Company), not less
than the Exercise Price, or (iii) “cashless exercise” by the assignment to
a broker-dealer registered under the Securities Exchange Act of 1934, as
amended (“Exchange Act”), of the proceeds of a sale of some or all of the
shares being acquired upon the exercise of this Selling Agent’s Warrant,
provided such assignment complies with Regulation T as promulgated under the
Exchange Act by the Board of Governors of the Federal Reserve System, (iv) -by
tender to the Company of a portion of this Selling Agent’s Warrant, which
portion shall be deemed to have a value equal to the difference between the exercise
price and the fair market value per share of the Common Stock purchasable upon
exercise of the portion of this Selling Agent’s Warrant tendered (as determined
by reference to the closing transaction price or in the absence thereof, the
closing bid price, on the trading date preceding the date that such tender is
made, or if no trading market exists, then pursuant to section 2(c) below),
or (v) by any combination thereof.

 

2.             Fractional
Shares.

 

No fractional securities
or scrip representing fractional securities shall be issued upon the exercise
of this Selling Agent’s Warrant.  With
respect to any fraction of a share of Common Stock otherwise issuable upon any
such exercise hereof, the Company shall pay to the Holder an amount in cash
equal to such fraction multiplied by the current market value of such
fractional securities, determined as follows:

 

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(a)           If
the security is listed on a national securities exchange or admitted to
unlisted trading privileges on such exchange, the current market value shall be
the last reported sale price of the security on such exchange on the last
business day prior to the date of exercise of this Selling Agent’s Warrant, or
if no such sale is made on such day, the average closing bid and asked prices
for such day on such exchange; or

 

(b)           If
the security is not listed or admitted to unlisted trading privileges, the
current value shall be the last reported sale price on the National Association
of Securities Dealers Automated Quotation (“NASDAQ”) National Market System (“NASDAQ/NMS”)
or the mean of the last reported bid and asked prices reported by the NASDAQ
System or the NASD OTC Bulletin Board (or, if not so quoted, by the National
Quotation Bureau, Inc.) on the last business day prior to the date of the
exercise of this Selling Agent’s Warrant; or

 

(c)           If
the security is not so listed or admitted to unlisted trading privileges and
prices are not reported on NASDAQ, or the NASD OTC Bulletin Board (or by the
National Quotation Bureau, Inc.), the current value shall be an amount,
not less than the book value, determined in such reasonable manner as may be
prescribed by the Board of Directors of the Company.

 

3.             Exchange,
Assignment or Loss of Warrant.

 

Subject to the transfer limitations contained herein
and to compliance with applicable laws, this Selling Agent’s Warrant is
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company, for other Selling Agent’s Warrants of
different denominations entitling the Holder thereof to purchase in the
aggregate the same number of securities purchasable hereunder.  Any assignment shall be made by surrender of
this Selling Agent’s Warrant to the Company with the Form of Assignment
annexed hereto duly executed and funds sufficient to pay any transfer tax;
whereupon the Company shall, without charge, cause to be executed and delivered
a new Selling Agent’s Warrant in the name of the assignee named in such
instrument of assignment and this Selling Agent’s Warrant shall promptly be
cancelled.  This Selling Agent’s Warrant
may be divided or combined with other warrants that carry the same rights upon
presentation hereof to the Company together with a written notice specifying
the names and denominations in which new Selling Agent’s Warrants are to be
issued and signed by the Holder hereof. 
The term “Selling Agent’s Warrant” as used herein includes any warrants
issued in substitution for or replacement of this Selling Agent’s Warrant, or
into which this Selling Agent’s Warrant may be divided or exchanged.  Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Selling Agent’s Warrant, and, in the case of loss, theft or destruction, of
reasonably satisfactory indemnification including a surety bond, and upon
surrender and cancellation of this Selling Agent’s Warrant, if mutilated, the
Company will cause to be executed and delivered a new Selling Agent’s Warrant
of like tenor and date.  Although the
Company may require a surety bond or other indemnity in connection with each
new issuance, any such new Selling Agent’s Warrant executed and delivered shall
constitute an

 

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additional
contractual obligation on the part of the Company, whether or not this Selling
Agent’s Warrant so lost, stolen, destroyed or mutilated shall be at any time
enforceable by anyone.

 

4.             Rights
of the Holder.

 

The Holder of this
Selling Agent’s Warrant shall not, by virtue hereof, be entitled to any voting
or other rights of a stockholder in the Company, either at law or equity, and
the rights of the Holder are limited to those expressed in this Selling Agent’s
Warrant.

 

5.             Adjustments.

 

(a)           The
number of securities purchasable upon exercise of this Selling Agent’s Warrant
and the exercise prices therefor shall be subject to adjustment from time to
time in the event that the Company shall: 
(1) pay a dividend in, or make a distribution of, shares of Common
Stock or other securities, (2) subdivide its outstanding shares of Common
Stock into a greater number of shares, (3) combine its outstanding shares
of Common Stock into a smaller number of shares or (4) spin-off a
subsidiary by distributing, as a dividend or otherwise, shares of the
subsidiary to its Common Stock stockholders. 
In any such case, the total number of securities purchasable upon
exercise of this Selling Agent’s Warrant immediately prior thereto shall be
adjusted so that the Holder shall be entitled to receive, at the same aggregate
exercise price, the number of shares of Common Stock or other securities that
the Holder would have owned or would have been entitled to receive immediately
following the occurrence of any of the events described above had this Selling
Agent’s Warrant been exercised in full immediately prior to the occurrence (or
applicable record date) of such event. 
An adjustment made pursuant to this Section 5(a) shall, in the
case of a stock dividend or distribution, be made as of the record date and, in
the case of a subdivision or combination, be made as of the effective date
thereof.  If, as a result of any
adjustment pursuant to this Section 5(a), the Holder shall become entitled
to receive shares of two or more classes or series of securities of the Company,
the Board of Directors of the Company shall equitably determine the allocation
of the adjusted exercise price between or among shares of the Holder of such
allocation.

 

(b)           In
the event of any reorganization or recapitalization of the Company or in the
event the Company consolidates with or merges into or with another entity or
transfers all or substantially all of its assets to another entity, then and in
each such event, the Holder, on exercise of this Selling Agent’s Warrant as
provided herein, at any time after the consummation of such reorganization,
recapitalization, consolidation, merger or transfer, shall be entitled, and the
documents executed to effectuate such event shall so provide, to receive the
stock or other securities or property to which the Holder would have been
entitled upon such consummation if the Holder had exercised this Selling Agent’s
Warrant immediately prior thereto.  In
such case, the terms of this Selling Agent’s Warrant shall survive the
consummation of any such reorganization,

 

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recapitalization,
consolidation, merger or transfer and shall be applicable to the shares of
stock or other securities or property receivable on the exercise of this
Selling Agent’s Warrant after such consummation.

 

(c)           Whenever
a reference is made in this Section 5 to the issue or sale of shares of
Common Stock the term “Common Stock” shall mean the Common Stock of the Company
of the class authorized as of the date hereof.

 

(d)           Whenever
the number of securities purchasable upon exercise of this Selling Agent’s
Warrant or the exercise prices thereof shall be adjusted as required herein,
the Company shall forthwith file such information with its Secretary at its
principal office in the form of a certificate of an authorized officer of the
Company, with the price determined as herein provided and setting forth in
detail the facts requiring such adjustment. 
Each such officer’s certificate shall be made available at all
reasonable times for inspection by the Holder and the Company shall, forthwith
after such adjustment, deliver a copy of such certificate to the Holder.

 

(e)           The
Company will not, by amendment of its certificate of incorporation or through
any reorganization, recapitalization, transfer of assets, consolidation,
merger, dissolution, issuance or sale of securities or any other voluntary
action, avoid or seek to avoid the performance of any of the terms of this
Selling Agent’s Warrant, but will at all times in good faith take all necessary
action to carry out the intent of all such terms.  Without limiting the generality of the
foregoing, the Company (1) will not cause the par value of any securities
receivable on exercise of this Selling Agent’s Warrant to be in excess of the
amount payable therefor on such exercise, (2) will take all action as may
be necessary or appropriate so that the Company may validly and legally issue
fully paid and nonassessable shares (or other securities or property
deliverable hereunder) upon the exercise of this Selling Agent’s Warrant, and (3) will
not transfer all or substantially all of its assets to any other person
(corporate or otherwise), or consolidate with or merge into any other person or
permit any such person to consolidate with or merge with or into the Company
(if the Company is not the surviving person), unless such other person shall be
bound by all the terms of this Selling Agent’s Warrant.  If any event occurs as to which the other
provisions of this Selling Agent’s Warrant are not strictly applicable or if
strictly applicable would not fairly protect the purchase rights of this
Selling Agent’s Warrant in accordance with the essential intent and principles
of such provisions, then the Board of Directors shall make an adjustment in the
application of such provisions, in accordance with such essential intent and
principles, in order to protect such purchase rights.  This Selling Agent’s Warrant shall bind the
successors and assigns of the Company.

 

6.             Notices
of Record Dates, Etc.

 

(a)           If
the Company shall fix a record date of the holders of the Common Stock  (or other securities at the time deliverable
upon exercise of this Selling Agent’s

 

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Warrant) for the purpose
of entitling or enabling them to receive any dividends or other distribution,
or to receive any right to subscribe for or purchase any shares of any class of
any securities, or to receive any other right contemplated by Section 5 or
otherwise; or

 

(b)           In
the event of any reorganization or recapitalization of the Company, any
reclassification of the capital stock of the Company, any consolidation or
merger of the Company with or into another corporation or any transfer of all
or substantially all of the assets of the Company to another entity; or

 

(c)           In
the event of the voluntary or involuntary dissolution, liquidation or winding
up of the Company;

 

then, in any such event,
the Company shall mail or cause to be mailed to the Holder a notice specifying,
as the case may be, (1) the date on which a record is to be taken for the
purpose of such dividend, distribution or right and stating the amount and
character of such dividend, distribution or right, or (2) the date on
which a record is to be taken for the purpose of voting on or approving such reorganization,
recapitalization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding up and the date on which such event is to
take place and the time, if any is to be fixed, as of which the Holder of
record of Shares shall be entitled to exchange its Shares for securities or
other property deliverable on such reorganization, recapitalization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation
or winding up.  Such notice shall be
mailed at the same date as the Company shall inform its stockholders, but in no
event less than ten days preceding such record date.

 

7.             Reservation
of Shares.

 

The Company shall at all
times reserve, for the purpose of issuance on exercise of this Selling Agent’s
Warrant, such number of Shares or other securities as shall from time to time
be sufficient to comply with this Selling Agent’s Warrant, and the Company
shall take such corporate action as may in the opinion of its counsel be
necessary to increase its authorized and unissued shares of Common Stock or
other securities in such number as shall be sufficient for such purpose.

 

8.             Registration.

 

(a)           Definitions.  As used in this Section 8, the following
terms shall have the meanings set forth below:

 

(i)            The
terms “register,” “registered” and “registration” shall refer to a registration
effected by preparing and filing a registration statement or similar document
in compliance with the Act, and the declaration or ordering of the
effectiveness of such registration statement or document.

 

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(ii)           The term “Registrable
Securities” shall mean:  (A) the
Common Stock issued or issuable upon exercise of this Selling Agent’s Warrant;
and (B) Common Stock or other securities of the Company issued (or
issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) as a dividend or other distribution with respect
to, in exchange for or in replacement of such warrant or Common Stock,
referenced in (B) or (C) immediately above, excluding in all cases,
however, any Registrable Securities sold to the public pursuant to a
registration under the Act or an applicable exemption therefrom.

 

(b)           Demand
Registration Rights.  If, at any time during the period commencing
on the Issue Date and ending five (5) years thereafter, the Company shall
receive a written request (a “Request”), from Holders who in the aggregate own
(or upon exercise of all Registrable Securities then outstanding or issuable
would own) a majority of the total number of shares of Common Stock then
included (or which upon such exercise would be included) in the Registrable
Securities (the “Majority Holders”), to register the resale of at least a
majority of the Registrable Securities then outstanding, the Company shall, as
promptly as practicable, prepare and file with the Securities and Exchange
Commission (“SEC”) a registration statement sufficient to permit the public
offering and sale of the Registrable Securities through the facilities of all
appropriate securities exchanges and the over-the-counter market, and will use
its best efforts through its officers, directors, auditors, and counsel to
cause such registration statement to become effective as promptly as
practicable; provided that the Company shall only be obligated to register
Registrable Securities on two (2) occasions (at least 12 months apart)
pursuant to this Section 8(b). 
Within five (5) business days after receiving a Request, the
Company shall give written notice to all the other Holders, advising each of
them that the Company is proceeding with such registration and offering to
include therein all or any portion of any such other Holder’s Registrable
Securities, provided that the Company received a written request to do so from
such Holder within thirty (30) days after receipt by him or it of the Company’s
notice.  Notwithstanding anything
contained in this Section 8(b) to the contrary:  (i) no person may make a Request that
the Company file, nor shall the Company be obligated to file, a registration
statement on any date that is within ninety (90) days of the effective date of
any registration statement filed by the Company and pursuant to which such
person was given full “piggyback” registration rights in accordance with Section 8(c) hereof
including without limitation the ability to include all Registrable Securities
requested to be included therein; and (ii) the Company may delay the
registration of the securities to which a Request relates if upon receipt of
such Request (A) the Company notifies the person making the Request that
it is contemplating filing a Registration Statement within ninety (90) days of
such request, or (B) the Company notifies the person making the request
that the Board of Directors of the Company has determined that a material event
has occurred that has not been publicly disclosed and which if disclosed would
have a material adverse effect on the Company; provided that (x) in the case of
clause (ii)(A)

 

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of
this paragraph, the Company shall, as soon as practical, upon the first to
occur of the abandonment of such contemplated registration statement or the
expiration of such ninety (90) day period, register the securities to which the
Request relates unless such Request is withdrawn; and (y) in the case of clause
(ii)(B) of this paragraph, the Company may not delay the filing of the
registration statement for more than thirty (30) days from the date of the
Request unless such Request is withdrawn.

 

(c)           Piggy-back
Registration Rights.  If (but without
any obligation to do so) at any time during the five (5) year period
commencing on the Issue Date, the Company proposes to register (including for
this purpose a registration effected by the Company for securityholders other
than the Holder) any of its securities under the Act in connection with the
public offering of such securities solely for cash (other than a registration
on Form S-4, Form S-8 or any form which does not include
substantially the same information as would be required to be included in a
registration statement covering the sale of the Registrable Securities), the
Company shall, each such time, promptly give the Holder written notice of such
registration.  Upon the written request
of the Holder given within twenty (20) days after receipt of such written
notice from the Company, the Company shall, subject to the provisions of this Section 8,
cause to be registered under the Act all of the Registrable Securities that the
Holder has requested to be registered; and provided further, however, that the
Registrable Securities shall be subject to restrictions on transfer for
forty-five (45) days after the effective date of the subject registration
statement.  The inclusion of any of the
Holder’s Registrable Securities in a registration statement filed by the
Company and declared effective by the Securities and Exchange Commission (“SEC”)
shall be deemed to be the exercise by such Holder of the piggy-back
registration rights granted herein to such Holder.

 

(d)           Obligations
of the Company.  Whenever required
hereunder to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

 

(i)            Prepare
and file with the SEC a registration statement with respect to such Registrable
Securities and use its best efforts to cause such registration statement to
become effective, and, upon the request of the Holders of a majority of the
Registrable Securities registered thereunder, keep such registration statement
effective for at least twelve (12) months.

 

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

 

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(iii)          Furnish
to the Holders such numbers of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Act, and such other
documents as they may reasonably request in order to facilitate the disposition
of Registrable Securities owned by them.

 

(iv)          Use its
best efforts to register and qualify the securities covered by such
registration statement under the securities laws of such jurisdictions as shall
be reasonably requested by the Holders for the distribution of the securities
covered by the registration statement, provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such
jurisdiction.

 

(v)           In
the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement with terms generally satisfactory
to the managing underwriter of such offering.

 

(vi)          Notify
the Holders, promptly after the Company shall have received notice thereof, of
the time when the registration statement becomes effective or any supplement to
any prospectus forming a part of the registration statement has been filed.

 

(vii)         Notify
the Holders of any stop order suspending the effectiveness of the registration
statement and use its reasonable best efforts to remove such stop order.

 

(e)           Furnish
Information.  It shall be a condition
precedent to the obligations of the Company to take any action pursuant hereto
that the Holder, having chosen to have its Registrable Securities included for
registration, shall furnish to the Company such information regarding the
Holder, its Registrable Securities and the intended method of disposition of
such securities as shall be required to effect the registration thereof.  The Holder shall be required to represent to
the Company that all such information which is given is complete and accurate
in all material respects.  The Holder
shall deliver to the Company a statement in writing from the beneficial owners
of such securities that such beneficial owners bona fide intend to sell,
transfer or otherwise dispose of such securities.

 

(f)            Expenses.

 

(i)            Registration
Expenses.  All expenses incurred by
the Company in complying with Subsections 8(b), 8(c) and 8(d) hereof,
including without limitation, all registration and filing fees, printing
expenses, fees and disbursements of counsel for the Company, “Blue Sky” fees
and expenses, and the expense of any special audits incident to or required by
any such registration

 

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(but excluding the
compensation of regular employees of the Company which shall be paid in any
event by the Company) shall be borne by the Company.

 

(ii)           Selling
Expenses.  All underwriting
discounts, underwriters’ expense allowance, and selling commissions applicable
to the sale of Registrable Securities by the Holders and all fees and
disbursements of any special counsel (other than the Company’s regular counsel)
shall be borne by the Holders of the Registrable Securities so registered pro
rata on the basis of the number of Registrable Securities so registered.

 

(g)           Underwriting
Requirements.  All Holders proposing
to distribute their Registrable Securities through an underwriting in which the
Company has proposed or is proposing to participate, shall (together with the
Company and any other Holders distributing their securities through such
underwriting) enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for underwriting by the Company and
perform their obligations thereunder. 
Notwithstanding any other subsection of this Section 8, at the
request of the managing underwriter, the Holder shall delay the sale of
Registrable Securities which such Holder has requested be registered hereunder
for up to 90 days following the effective date of the registration
statement.  If any Holder disapproves of
the terms of any such underwriting, such Holder may elect to withdraw therefrom
by written notice to the Company and the managing underwriter.  Any Registrable Securities excluded or
withdrawn from such underwriting shall not be withdrawn from such registration
except at the election of the Holder.

 

(h)           Delay
of Registration.  No Holder shall
have any right to obtain or seek an injunction restraining or otherwise
delaying any such registration as the result of any controversy that might
arise with respect to the interpretation or implementation of this section.

 

(i)            Indemnification.  In the event that any Registrable Securities
are included in a registration statement pursuant hereto:

 

(i)            To
the extent permitted by law, the Company will indemnify and hold harmless each
Holder, the officers, directors, partners and legal counsel of each Holder, any
underwriter (as defined in the Act) for such Holder and each person, if any,
who controls such Holder or underwriter within the meaning of the Act or the
Exchange Act, against any losses, claims, damages or liabilities (joint or
several) to which they may become subject under the Act, the Exchange Act or
other federal or state law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
of the following statements, omissions or violations (collectively, a “Violation”):  (A) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement,
including any preliminary

 

10

 

prospectus or final
prospectus contained therein or any amendments or supplements thereto; (B) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading; or (C) any
violation or alleged violation by the Company of the Act, the Exchange Act, any
applicable state securities law or any rule or regulation promulgated
under the Act, the Exchange Act or any applicable state securities law; and the
Company will reimburse the Holder for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this Subsection 8(i)(i) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in
any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based upon a Violation which occurs in reliance
upon and in conformity with information furnished expressly for use in
connection with such registration by any such Holder, underwriter or
controlling person; provided, however, that the Company will not be liable in
any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in said registration statement, said
preliminary prospectus, said final prospectus or said amendment or supplement
in reliance upon and in conformity with information furnished by such Holder or
any other Holder, for use in the preparation thereof; and further provided,
however, that the foregoing indemnity agreement is subject to the condition that,
insofar as it relates to any untrue statement, alleged untrue statement,
omission or alleged omission made in any preliminary prospectus but eliminated
or remedied in a subsequent or final prospectus, such indemnity agreement shall
not inure to the benefit of any underwriter or broker, if a copy of such a
subsequent or final prospectus was not sent or given to such person with or
prior to the confirmation of the sale of such securities to such person.

 

(ii)           To
the extent permitted by law, each selling Holder will indemnify and hold
harmless the Company, its directors, its officers, its employees, any person
who controls the Company within the meaning of the Act or the Exchange Act, any
underwriter (within the meaning of the Act) for the Company and any person who
controls such underwriter against any losses, claims, damages or liabilities
(joint or several) to which the Company or any such director, officer,
employee, controlling person, or underwriter or controlling person may become
subject, under the Act, the Exchange Act or other federal or state law, insofar
as such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and
only to the extent) that such Violation occurs in

 

11

 

reliance upon and in
conformity with information furnished by the Holder expressly for use in
connection with such registration; and the Holder will reimburse any legal or
other expenses reasonably incurred by the Company or any such director,
officer, employee controlling person, underwriter or controlling person
thereof, in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the indemnity agreement
contained in this Subsection 8(i)(ii) shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder, which consent shall
not be unreasonably withheld.

 

(iii)          Promptly
after receipt by an indemnified party under this Subsection 8(i) of
notice of the commencement of any action (including any governmental action),
such indemnified party will, if a claim in respect thereof is to be made against
any indemnifying party under this Subsection 8(i), notify the indemnifying
party in writing of the commencement thereof and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly notified, to
assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party shall have the right to retain its
own counsel, with the fees and expenses to be paid by the indemnifying party,
if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by
such counsel in such proceeding.  The
failure to notify an indemnifying party within a reasonable time of the
commencement of any such action, to the extent prejudicial to its ability to
defend such action, shall relieve such indemnifying party of any liability to
the indemnified party under this Subsection 8(i), but the omission so to
notify the indemnifying party will not relieve it of any liability that it may
have to any indemnified party otherwise than under this Subsection 8(i).

 

(j)            Reports
Under Exchange Act.  Following
registration of the Company’s securities under the Exchange Act and with a view
of making available to the Holders the benefits of Rule 144 promulgated
under the Act and any other rule or regulation of the SEC that may at any time
permit a Holder to sell securities of the Company to the public without
registration, the Company agrees to:

 

(i)            use
its best efforts to make and keep public information available, as those terms
are understood and defined in Rule 144, at all times; and

 

(ii)           use
its best efforts to file with the SEC in a timely manner all reports and other
documents required of the Company under the Act and the Exchange Act.

 

12

 

(k)           Termination
of the Company’s Obligations.

 

(i)            The
Company shall have no obligations pursuant to Subsections 8(b) or 8(c) with
respect to any request made by the Holder after May          ,
2008.

 

(ii)           Notwithstanding
any provision hereof to the contrary, the Company shall not be required to
effect any registration under the Act or under any state securities laws on
behalf of any Holder or Holders if, in the opinion of counsel for the Company,
the offering or transfer by such Holder or Holders in the manner proposed
(including without limitation, the number of shares proposed to be offered or
transferred and the method of offering or transfer) is exempt from the
registration requirements of the Act and the securities or “Blue Sky” laws of
applicable states.

 

(iii)          The
Company’s obligations under Sections 8(b) and 8(c) shall terminate
with respect to a particular Holder at such time as Rule 144, or another
similar exemption, is available for the sale, without registration, of all of
such Holder’s Registrable Securities in any three (3) month period;
provided, however, and subject to compliance with the requirements of Rule 144,
that the Company shall consent to such Rule 144 sale and provide the
appropriate legal opinion to the transfer agent of the Company so as allow the Rule 144
transfer or legend removal to occur as may be appropriate.

 

(l)            Holder’s
Acceptance of Obligations. 
Acceptance of this Warrant by its Holder(s) shall be deemed to
constitute the unqualified acceptance by the Holder of all of the terms and
conditions set forth herein.

 

9.             Approvals.

 

The Company shall from
time to time use its best efforts to obtain and continue in effect any and all
permits, consents, registrations, qualifications and approvals of governmental
agencies and authorities and to make all filings under applicable securities
laws that may be or become necessary in connection with the issuance, sale,
transfer and delivery of this Selling Agent’s Warrant, the issuance of
securities on any exercise hereof, and if any such permits, consents,
qualifications, registrations, approvals or filings are not obtained or
continued in effect as required, the Company shall immediately notify the
Holder hereof.

 

13

 

10.          Survival.

 

All agreements,
covenants, representations and warranties herein shall survive the execution
and delivery of this Selling Agent’s Warrant and any investigation at any time
made by or on behalf of any parties hereto and the exercise, sale and purchase
of this Selling Agent’s Warrant for three years.

 

11.          Remedies.

 

The Company agrees that
the remedies at law of the Holder, in the event of any default or threatened
default by the Company in the performance or compliance with any of the terms
of this Selling Agent’s Warrant, may not be adequate and such terms may, in
addition to and not in lieu of any other remedy, be specifically enforced by a
decree of specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

 

12.          Notices.

 

All demands, notices,
consents and other communications to be given hereunder shall be in writing and
shall be deemed duly given when delivered personally or five days after being
mailed by first class mail, postage prepaid, properly addressed, as follows:

 

	
  If to the Company, to:

  	
   

  
	
   

  	
  IVOW, Inc.

  
	
   

  	
  2101FaradayAvenue

  
	
   

  	
  Carlsbad,
  CA 92008

  
	
   

  	
  Attention: Chief
  Financial Officer

  
	
   

  	
   

  
	
  With a copy by

  	
   

  
	
  contemporaneous like
  means, to:

  	
  Heller Ehrman
  White & McAuliffe, LLP

  
	
   

  	
  4350 La Jolla Village
  Dr., 7th Floor

  
	
   

  	
  San Diego, CA 92122

  
	
   

  	
  Attention: Jeffrey
  Thacker, Esq.

  
	
   

  	
   

  
	
  If to the Holder, to:

  	
  Dawson James
  Securities,

  
	
   

  	
  925 S. Federal Highway

  
	
   

  	
  6th Floor

  
	
   

  	
  Boca Raton, FL 33432

  
	
   

  	
  Attention: Robert
  Keyser

  

 

14

 

	
  With a copy by

  	
   

  
	
   

  	
  contemporaneous like
  means, to:

  
	
   

  	
  Blank Rome LLP

  
	
   

  	
  1200 North Federal
  Highway, suite 417

  
	
   

  	
  Boca Raton, FL 33432

  
	
   

  	
  Attention: Bruce C. Rosetto, Esq.

  

 

The Company and each
Holder may change such address at any time or times by notice hereunder to the
other.

 

13.          Amendments;
Waivers; Terminations; Governing Law; Headings.

 

This Selling Agent’s
Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought.  This Selling Agent’s Warrant shall be
governed by and construed and interpreted in accordance with the laws of the
State of Florida.  The headings in this
Selling Agent’s Warrant are for convenience of reference only and are not part
of this Selling Agent’s Warrant.

 

	
  DATED:

  	
   

  	
  , 2005

  	
   

  
	
   

  	
   

  
	
   

  	
  iVOW, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

FORM OF
ASSIGNMENT

 

(To be executed
upon transfer of Selling Agent’s Warrant)

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers to                                
the right represented by the within Selling Agent’s Warrant, No. SAW2-1,
as such right may apply to              
shares of Common Stock which are the subject of the within Selling Agent’s
Warrant, together with all rights, title and interest therein, and does hereby
irrevocably constitute and appoint                                    
attorney to transfer such Selling Agent’s Warrant on the warrant register of
the within named Company, with full power of substitution.

 

 

	
  DATED:

  	
   

  	
  , 2005.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Signature must conform in

  all respects to name of

  Holder as specified on the

  

 

15

 

	
   

  	
  face of the Selling Agent’s

  Warrant)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

SUBSCRIPTION

 

(To be completed and
signed only upon an exercise of the Selling Agent’s Warrant in whole or in
part)

 

TO:

 

The undersigned, the
Holder of the attached Selling Agent’s Warrant (“Warrant”), hereby irrevocably
elects to exercise the purchase right represented by the Warrant for, and to
purchase thereunder,                  
shares of Common Stock  (as such term is
defined in the Selling Agent’s Warrant dated                    ,
2005, from                          
to Dawson James Securities, Inc or its assignees (or other securities or
property), and herewith makes payment of $                   
therefor in cash, by certified or official bank check or such other form of
payment as may be permitted under the Warrant. 
The undersigned hereby requests that the Certificate(s) for such
securities be issued in the name(s) and delivered to the address(es) as
follows:

 

Name:

Address:

Social Security Number:

Deliver to:

Address:

 

If the foregoing
Subscription evidences- an exercise of the Selling Agent’s Warrant to purchase
fewer than all of the Shares (or other securities or property) to which the
undersigned is entitled under such Selling Agent’s Warrant, please issue a new
Selling Agent’s Warrant, of like date and tenor, for the remaining portion of
the Selling Agent’s Warrant (or other securities or property) in the name(s),
and deliver the same to the address(es), as follows:

 

Name:

Address:

 

	
  DATED:

  	
   

  	
  , 200   

  	
   

  

 

2

 

	
   

  
	
  (Social Security or
  Taxpayer Identification (Name of Holder)

  
	
  (Number of Holder)

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Signature of Holder or
  Authorized Signatory)

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

2EXHIBIT 10.4

 

Confidential

 

iVOW, Inc

2101 Faraday Avenue

Carlsbad, CA 92008

 

May 3, 2005

 

Dawson James Securities

925 South Federal Highway

6th Floor

Boca Raton, FL 33432

 

Re:  Selling
Agreement (the “Agreement”)

 

Gentlemen:

 

IVOW, Inc., a Delaware corporation (the “Seller”),
proposes to offer and sell (the “Offering”), to selected investors, upon the
terms set forth herein and in the Confidential Private Placement Memorandum and
other documents to be supplied to the investors (which collectively, together
with the attachments and exhibits thereto, is referred to as the “Offering
Document”), a copy of which has been delivered to you, up to 8,500,000 units
(the “Units”); each Unit consisting of 1 share of Common Stock (the “Common
Stock”) and a warrant to purchase 1 share of Common Stock (the “Warrants”).  The Common Stock and Warrants shall have
those provisions described in Exhibit B hereto, and shall be acceptable to
the Selling Agent.  (The Units are
sometimes referred to hereafter as the “Offered Securities”).  Dawson James Securities, Inc. (the “Selling
Agent”) agrees to offer and sell on an exclusive “best efforts, all or none”
basis, that number of Units that results in an aggregate sales price of at
least $2,000,000  (the
“Minimum Number”), and on a best efforts basis with respect to additional Units
having an aggregate sales price of no more than $2,500,000 during the offering
period described in the Offering Document (the “Offering Period”). Capitalized
terms used and not otherwise defined herein shall have the respective meanings
set forth in the Offering Document.  It
is intended that the offer, offer for sale and sale of the Offered Securities
will be exempt from the federal registration requirements of the Securities Act
of 1933, as amended (the “1933 Act”), pursuant to Regulation D promulgated
under Section 3(b) and/or Section 4(2), respectively, of the
1933 Act and will qualify for an exemption from registration, if necessary,
under the applicable state securities laws and regulations.

 

The Seller hereby confirms its agreement with
Selling Agent as follows:

 

1.             Offer
and Sale of Offered Securities by Selling Agent; Compensation; Closing.

 

1.1           On
the basis of Selling Agent’s representations, covenants and warranties, the
Seller appoints Selling Agent the agent of the Seller for the period commencing
on the date of the completion of the Offering Document and ending on the date
set forth in the Offering Document, unless extended by the Seller and Selling
Agent by their mutual

 

1

 

agreement for a period not to exceed an additional thirty (30) days (“Offering
Termination Date”), to use Selling Agent’s best efforts to offer and sell, on
the terms and conditions set forth in this Agreement and in the Offering
Document, subject only to Selling Agent’s right to engage participating broker-dealers
pursuant to Section 2 hereof.  The
Selling Agent hereby accepts such appointment and agrees pursuant to the terms
and conditions set forth herein and in the Offering Document to use its best
efforts to offer and sell the Offered Securities as agent for the Seller during
the period specified above, and to attempt to find suitable accredited
purchasers for the Offered Securities acceptable to the Seller.

 

1.2           Prior
to and subject to the closing, subscription proceeds from the sale of the
Offered Securities will be deposited in an escrow account at Silicon Valley
Bank (the “Escrow Agent”).  The Seller
will be responsible for setting up the Escrow Account, pursuant to an escrow
agreement among the Seller, the Selling Agent and the Escrow Agent, which
escrow agreement will be approved by the Selling Agent.  Subscribers will be instructed to make their
checks payable to “Silicon Valley Bank, Escrow Agent for IVOW, Inc.,” or
shall cause the wire transfer of immediately available funds in favor of
Silicon Valley Bank, Escrow Agent for IVOW, Inc., in accordance with
instructions provided by the Selling Agent. 
Unless at least the Minimum Number of Units have been sold during the
Offering Period (as the same may be extended by the mutual agreement of the
Selling Agent and the Seller), the Offering will be terminated at the end of
the Offering Period, no Offered Securities will be sold in the Offering and all
subscription proceeds will be refunded to subscribers by the Escrow Agent,
without interest thereon.  If
subscriptions for at least the Minimum Number of Units are received by the end
of the Offering Period (as the same may be extended by the mutual agreement of
the Selling Agent and the Seller), a closing (the “First Closing”) will occur
as soon as possible after subscriptions for the Minimum Number have been
accepted by the Seller.  After the First
Closing, one or more subsequent closings (the “Additional Closings”) will occur
thereafter on such dates as mutually determined by the Seller and the Selling
Agent, but in no event later than ten (10) days after the end of the
Offering Period.  (The First Closing and
any Additional Closing shall each be referred to herein as a “Closing” and the
last of the Closings shall be referred to as the “Final Closing”).

 

1.3           For
purposes hereof, the Minimum Number of Units shall not be deemed to have been
sold unless (x) subscription agreements, completed and fully executed by
subscribers who are accredited investors have been received covering the
Minimum Number of the Units and (y) all checks, drafts and wire transfers
submitted by such subscribers in payment of the purchase price of such Units
have been received by the Escrow Agent and have cleared so that there are “good
funds” in the Escrow Account at least equal to the aggregate purchase price of
the Minimum Number of Units.

 

1.4           As
compensation for the Selling Agent’s services hereunder, the Seller shall pay
to Selling Agent in cash a selling commission (“Commission”) upon each Closing, in an amount equal to five percent (5%) of the
aggregate offering price of the Offered Securities sold by the Selling Agent or
its authorized agent at such Closing. At each Closing of the Offering, the
Seller shall pay the Selling Agent its Commission relating to the sale of the
Offered Securities that are subject of the Closing provided that the Seller or
counsel for the

 

2

 

Seller has received all documents, including but not limited to, an
executed Subscription Agreement for each investor (“Subscription Documents”)
previously furnished to Selling Agent which the Selling Agent is required to
deliver to the Seller or counsel for the Seller prior to Closing.  All or any portion of such Commission may be
re-allowed to Participating Broker-Dealers (as hereinafter defined).  No Offered Securities shall be considered to
have been sold by Selling Agent or any Participating Broker-Dealer selected by
Selling Agent unless the purchaser is acceptable to the Seller, and no
compensation will be payable with respect to any agreement for the purchase of
Offered Securities if the Subscription Agreement therefor is not actually
accepted by the Seller.  Anything in this
Agreement to the contrary notwithstanding, the Seller shall not be required to
pay a Commission to Selling Agent and Selling Agent shall not be entitled to a
Commission, pursuant to this Section 1.4 or any other provision, if to do
so would cause the Seller to violate federal or state securities laws,
regulations or rules or any other law applicable to the Offering.

 

1.5           The
Seller will pay all of its costs relating to the Offering contemplated hereby,
including, without limitation, audit expenses, issuance costs and taxes,
counsel fees for the preparation of the Offering Documents, filing fees and
disbursements of counsel relating to the qualification of the Offered
Securities under federal securities laws, and legal fees and expenses of
counsel in connection with qualifying the Offered Securities under the state
blue sky laws.  To the extent required by
law, the Seller shall qualify the Offered Securities for offer and sale in
those jurisdictions designated by the Selling Agent.  The Seller’s counsel shall be responsible for
state blue sky securities laws compliance by the Seller.

 

1.6           The
Seller shall pay the Selling Agent at each Closing a
non-accountable expense allowance of 1.0% of the aggregate dollar value of
Units sold at such Closing, $5,000 of which shall be advanced to Selling Agent
contemporaneous with the execution of this Agreement.

 

1.7           Once the Offered Securities are sold, or the Offering Period terminates,
the agency between the Seller and the Selling Agent shall terminate.  The Selling Agent, on the basis of the
representations and warranties herein contained, but subject to the terms and
conditions herein set forth, accepts such appointment as the limited agent of
the Seller and agrees to use its best efforts to find purchasers for the
Offered Securities.

 

1.8           Upon
each Closing of the sale of the Offered Securities offered by the Seller
hereunder, the Seller will issue to the Selling Agent at a purchase price of
$.001 per warrant, warrants to purchase five percent (5%) of the Units sold in
the Offering (“Selling Agent’s Warrants”). 
The Selling Agent’s Warrants shall be exercisable at any time during the
five (5) years from the date of First Closing at an exercise price equal
to one hundred and twenty percent (120%) of the offering price. The Selling
Agent’s Warrants shall be in the form and shall contain the provisions set
forth in Exhibit A attached hereto.

 

3

 

1.10         Each Closing shall be held at the offices of the Selling Agent, 925 S.
Federal Highway, 6th Floor, Boca Raton, FL 33432, or in an
alternative location and at such time and date as Selling Agent and the Seller
may mutually agree.

 

2.             Participating
Broker-Dealers.  The Seller hereby
authorizes Selling Agent to engage other qualified broker-dealers (the “Participating
Broker-Dealers”) to assist the Selling Agent in the placement of the Offered
Securities; provided that during all times that each such Participating Broker-Dealer
shall offer and sell the Offered Securities, each such Participating Broker-Dealer
shall be registered as a broker-dealer under the Securities Exchange Act of
1934 (the “1934 Act”), shall be a member in good standing of the National
Association of Securities Dealers, Inc. (“NASD”), and shall be authorized
to offer and sell the Offered Securities under the laws of the jurisdictions in
which the Offered Securities will be offered and sold by such Participating
Broker-Dealer.  All Participating Broker-Dealers
will be required to execute a Participating Broker-Dealer Agreement, the form
of which is subject to the reasonable approval of the Seller, with Selling
Agent containing substantially the same terms and conditions as this Agreement,
including, without limitation, the representations and warranties contained in Section 3.2
below and provisions for indemnification of the Seller to the same extent as
your indemnification provided in Section 7 below.  Any commissions, fees, or expenses payable to
such Participating Broker-Dealers will be paid by the Selling Agent and not by
the Seller.

 

3.             Representations,
Warranties and Covenants.

 

3.1           The Seller
represents, warrants and covenants to Selling Agent that, except as set forth
in Schedule 3.1 hereof:

 

(a)           The Seller
and each subsidiary is a corporation duly formed and validly existing and in
good standing under the laws of the jurisdiction of its incorporation as in
effect on the date of this Agreement, with adequate power and authority to
enter into and perform this Agreement and to own its property and to conduct
its business as described in the Offering Document; and the Seller and each
subsidiary is duly qualified as a foreign corporation to transact business and
is in good standing in each jurisdiction in which it owns or leases substantial
properties or in which the conduct of its business requires such qualification
except for such jurisdictions in which the failure to qualify in the aggregate
would not have material and adverse effect on the earnings, affairs or business
prospects of the Seller or any such subsidiary (a “Material Adverse Effect”)
and in which jurisdictions such failure may be cured without such Material
Adverse Effects; the execution and delivery of this Agreement by the Seller has
been duly and validly authorized and will not result in a breach of its
Certificate of Incorporation or By-laws; and when executed and delivered by
both parties hereto, this Agreement will be a valid and binding obligation of
the Seller, assuming the due execution by the Selling Agent, enforceable in
accordance with its terms (except to the extent that enforceability of the
indemnification provisions may be limited under applicable securities laws and
except as enforcement may be limited by bankruptcy, moratorium or other laws
affecting creditors’ rights or general principles of equity); and the execution
and delivery of this Agreement, the consummation of the transactions herein
contemplated and compliance

 

4

 

with the terms of this
Agreement by the Seller do not and will not conflict with or result in a breach
of any of the terms or provisions of, or constitute a default under, any
agreement or any applicable law, rule, regulation, judgment, order or decree of
any government, government instrumentality or court, domestic or foreign,
having jurisdiction over the Seller, to which the Seller is a party or by which
it is bound;

 

(b)           The
Offering Document does not contain and will not contain, at any time between
the date hereof and to and including the date of each Closing, any untrue
statement of a material fact and does not omit nor during such period will omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading;

 

(c)           Except
as is otherwise disclosed in the Offering Document, there is no litigation or
governmental proceeding pending or, to the best of its knowledge, threatened
against or involving the property or business of the Seller or any subsidiary
of the Seller;

 

(d)           Except
as is otherwise disclosed in the Offering Document, no material defaults exist
in the due performance and observance of any material obligation, term,
covenant or condition of any agreement or instrument to which the Seller or any
subsidiary is a party or by which they are bound;

 

(e)           The offer,
offer for sale, and sale of the Offered Securities have not been and will not
be registered with the Securities and Exchange Commission (the “SEC”) except as
contemplated in the Offering Document. 
The Company’s actions with respect to the offer, offer for sale and sale
of the Offering Securities will be pursuant to the exemptions from the
registration requirements of Section 5 of the 1933 Act provided by Section 4(2) thereof
and/or by Regulation D thereunder;

 

(f)            To
the best of its knowledge and belief, assuming the offer, offer for sale and
sale of the Offered Securities is made in compliance with the terms of the
Offering Document, the applicable filings with the SEC and any applicable Blue
Sky States, and subject to the performance of the Selling Agent’s obligations
hereunder, the Seller will have complied in all material respects with the 1933
Act and with all state securities laws and regulations applicable to it in
connection with the offer, offer for sale, and sale of the Offered
Securities.  The Seller has not taken and
will not take any action in conflict with the 1933 Act or applicable state or
foreign securities or Blue Sky laws, or which would make the exemption, qualification
or registration pursuant to applicable federal or state securities or Blue Sky
laws unavailable with respect to the offer, offer for sale and sale of the
Offered Securities.  The Seller and its
officers, directors or partners are not subject to any disqualification,
including but not limited to any judgment, decree, order or decision issued by
the SEC, any state or foreign securities regulatory authority, any court of
competent jurisdiction or the United States Postal Service.  In offering the Offered Securities, the
Seller will comply with all applicable federal, state or foreign securities
laws, including the rules covering exemptions from registration;

 

5

 

(g)           Subject to
the performance of the Selling Agent’s obligations hereunder, the Offered
Securities, upon the payment therefor and issuance thereof, will conform to all
statements and descriptions in relation thereto contained in the Offering
Document and will have the rights set forth in the Seller’s Certificate of
Incorporation;

 

(h)           To the best
of the Seller’s knowledge, the Seller has neither been engaged in, nor been the
subject of, any of the actions or proceedings specified in subsection (a) of
Rule 262 promulgated under Section 3(b) of the 1933 Act, or any
substantially similar provisions under the securities laws of any state in
which the Offered Securities are to be sold, such that no exemption from
registration would be available for the offering of the Offered Securities by
the Seller under applicable federal or state securities laws;

 

(i)            Since the
respective dates as of which information is given in the Offering Document,
there has been no material adverse change in the condition, business, property,
capital commitments, working capital and liabilities or prospects of the Seller
or any subsidiary, financial or otherwise; and the property and business of the
Seller materially conform to the descriptions thereof contained in the Offering
Document; there have been no material liabilities or obligations incurred or
material transactions entered into by the Seller or any subsidiary other than
those in the ordinary course of business; there have been no dividends or
distributions of any kind declared, paid or made by the Seller on its capital
stock; there has not been any change in the capital stock, or any material
increase in the current or long-term debt except as disclosed in the Offering
Document, or any issuance of options, warrants, convertible securities or other
rights to purchase the capital stock of the Seller or any subsidiary; and there
have been no transactions between the Seller, shareholders owning five percent
(5%) or more of its issued and outstanding capital stock, the Seller’s officers
and/or directors, nor have there been any corporate opportunities taken or
assumed by controlling shareholders, officers or directors, that are not fully
disclosed in the Offering Document.

 

(j)            The Seller
will notify the Selling Agent immediately and confirm the notice in writing (i) of
the issuance by the SEC or by any state attorney general or securities
administrator of any order enjoining the sale of the Offered Securities or
suspending the effectiveness of any qualification of the Offered Securities for
sale or (ii) of the initiation of any proceedings for that purpose.  The Seller will make every reasonable effort
to prevent the issuance of any such order and, if any such order shall at any
time be issued, to obtain the lifting thereof at the earliest possible moment;

 

(k)           The audited
and unaudited combined financial statements of the Seller (including the
related notes) included in the Offering Document present fairly the financial
position of the Seller and its subsidiaries at the dates indicated; said
financial statements have been prepared in conformity with United States generally
accepted accounting principles applied on a consistent basis, except as
expressly qualified therein, and are in conformity with Regulation S-X
promulgated under the Act;

 

6

 

(l)            Except as
set forth in the Offering Document, the Seller does not have any subsidiaries
and does not own any interest in any other corporation, partnership, joint
venture or other entity;

 

(m)          As of the
date of this Agreement, the Seller and its subsidiaries have not agreed, or agreed
in principle, to any merger or acquisition, or combination with, of any other
corporation, partnership, person, party, entity or trust or the sale of its
business or assets to any other corporation, partnership, person, party, entity
or trust;

 

(n)           The Seller
and its subsidiaries have not, directly or indirectly, at any time during their
existence (i) made any unlawful contribution to any candidate for
political office, or failed to disclose fully any contribution in violation of
law, or (ii) made any payment to any federal, state or foreign
governmental officer or official, or other person charged with similar public
or quasi-public duties, other than payments required or permitted by the laws
of the United States or any jurisdiction thereof;

 

(o)           To the best
of Seller’s knowledge, the Seller and its subsidiaries have filed all necessary
federal, state, local, foreign and other tax returns required to be filed by
them and have paid all taxes shown as due thereon; the Seller and its
subsidiaries have not been notified, either orally or in writing, that any
state, local, federal or foreign taxing authority is conducting or intends to
conduct an audit of any tax return or report filed by the Seller and its
subsidiaries or concerning their business or properties; and the Seller has no
knowledge of any tax deficiency which has been asserted or threatened against
the Seller and any subsidiary which would materially and adversely affect the
business, properties, financial condition, results of operations, liabilities
or working capital of the Seller;

 

(p)           The Seller
and its subsidiaries make and keep accurate books and records and maintain
internal accounting controls which provide reasonable assurance that (i) transactions
are executed in accordance with management’s authorization, (ii) transactions
are recorded as necessary to permit preparation of its financial statements and
to maintain accountability for its assets, (iii) access to their assets is
permitted only in accordance with management’s authorization, and (iv) the
reported assets are compared with existing assets at reasonable intervals;

 

(q)           There
are no pre-emptive rights applicable to any of the Seller’s outstanding
securities, or granted by the Seller to any person or party;

 

(r)            The
capitalization of the Seller is as described in the Offering Document and the
Seller has outstanding no more than 11,062,346 shares of its Common Stock as of
the date hereof; all presently outstanding shares of the Seller’s Common Stock
are duly and validly authorized and issued, fully paid and non-assessable and
contain no preemptive rights; the Seller has not contracted for the issuance of
any additional equity securities other than as set forth herein or as
contemplated or described in the Offering Document; and no shares of any other
classes of equity securities are issued and outstanding;

 

7

 

(s)           The Seller
agrees that, for a period of six months (6) months from the date hereof,
it shall not solicit any offer to buy from or offer to sell to any person
introduced to the Seller by the Selling Agent in connection with the Offering,
with the exception of MedCap Partners and their related funds and the Dugdale
family and friends who invested in Seller’s February 2004 private placement,
directly or indirectly, any securities of the Seller or provide the name of any
such person to any other securities broker or dealer or selling agent.  In the event that the Seller or any of its
affiliates, directly or indirectly, solicits, offers to buy from or offers to
sell to any such person any such securities, or provides the name of any such
person to any other securities broker or dealer or selling agent, and such
person purchases such securities or purchases securities from any other securities
broker or dealer or selling agent, the Seller shall pay to the Selling Agent an
amount equal to five percent (5.0%) of the aggregate purchase price of the
securities so purchased by such person.

 

3.2           The Selling
Agent represents and warrants to the Seller as follows:

 

(a)           The Selling
Agent is, has been and will be at all times during the Offering Period, a
Delaware corporation duly organized and validly existing under the laws of the
state of its incorporation, with all requisite power and authority to enter
into and perform this Agreement; the execution and delivery of this Agreement
by the Selling Agent has been duly and validly authorized; and when executed
and delivered by the Seller, this Agreement will be a valid and binding
obligation of the Selling Agent enforceable in accordance with its terms
subject to:  (i) due authorization,
execution and delivery hereof by the Seller; (ii) the enforcement of
remedies under applicable bankruptcy, insolvency and other laws affecting
creditors’ rights generally and moratorium laws from time to time in effect; (iii) general
equitable principles which may limit the right to obtain the remedy of specific
performance; and (iv) the public policy limitation on indemnification
under the federal securities laws;

 

(b)           The Selling
Agent shall not offer or sell the Offered Securities in any state or states
without the approval of the Seller and completion by the Seller of all, or any,
Blue Sky filings for such states and shall not offer or sell the Offered
Securities in any state or states in which it is not qualified or registered as
a broker-dealer or authorized to engage in the brokerage business; and

 

(c)           The Selling
Agent is (i) a broker-dealer registered with the SEC pursuant to the 1934
Act, and no proceeding has been initiated to revoke such registration; (ii) a
member in good standing of the NASD; and (iii) a broker-dealer registered
with the securities authorities of each jurisdiction in which it is required to
be registered in connection with the offers or sales of the Offered Securities,
and all such offers or sales will be made only by individuals licensed as
required by all applicable federal and state securities laws.  The Selling Agent agrees to maintain each of
the foregoing memberships and registrations in good standing throughout the
Offering Period.

 

8

 

(d)  The Selling
Agent has no material litigation pending against it or its affiliates.

 

(e)  The Selling
Agent does not currently have any material enforcement action or disciplinary
procedure against it or its affiliates.

 

(f)  The Selling
Agent will require that each purchaser of Offered Securities hereunder
represent that such purchaser is an accredited investor and will solicit only
accredited investors.

 

4.             Sale
and Delivery of Offered Securities.

 

4.1           No sale of
Offered Securities shall take place or be regarded as effective unless and
until accepted by the Seller, such acceptance to occur at Closing, and the
Seller reserves the right in its sole and absolute discretion to refuse to sell
Offered Securities to any or all persons at any time.  Selling Agent shall send to the Seller and to
the Escrow Agent designated in Section 1.2, with copies to counsel for the
Seller, all acceptable executed Subscription Documents, promptly upon receipt
of the same, subject to any reasonable delay occasioned by further inquiry as
to a prospective purchaser’s qualification or requests by the Seller or Selling
Agent for further information from a prospective purchaser.  The Seller shall notify Selling Agent as to
whom to send the originals of such executed Subscription Documents and to whom
to send copies.  Selling Agent shall
promptly send each such prospective purchaser’s payment for his Offered
Securities to Silicon Valley Bank, the Escrow Agent.  Subject to review by counsel for the Seller,
the Seller shall notify Selling Agent whether such prospective purchaser will
be accepted by the Seller at Closing within ten (10) business days after
receipt of the executed subscription documents for each prospective purchaser
of Offered Securities, but in no event later than the earlier of (i) the
date the parties have agreed to for Closing or (ii) the Offering
Termination Date.  For every prospective
purchaser of Offered Securities whose subscription is rejected, the Seller will
promptly return all of such prospective purchaser’s executed Subscription
Documents to Selling Agent for return to the prospective purchaser, and will
notify the Escrow Agent to return the funds received to such prospective
purchaser without interest and without deduction.

 

5.             Conditions
to the Obligations of the Seller.

 

The obligations of the
Seller hereunder are subject to the accuracy of Selling Agent’s representations
and warranties, to the observance and performance by Selling Agent of its
obligations hereunder, and to the following further conditions (any of which
may be waived in writing in whole or in part by the Seller):

 

(a)           Selling
Agent shall not have taken or failed to take any action at any time at or prior
to Closing, which, in the opinion of the Seller or counsel for Seller,
conflicts or would conflict with, or otherwise make unavailable, the exemption
from registration requirements for the offer and sale of the Offered Securities
under applicable securities laws and regulations.

 

9

 

(b)           If
any of the conditions specified in this Section 5 shall not have been
fulfilled when and as required by this Agreement to be fulfilled, all the
obligations of the Seller under this Agreement may be terminated in writing at
any time at or prior to Closing, and any such termination shall be without
liability to the parties, and further provided that the obligations under Section 7
and Section 9.1 shall nevertheless survive and continue thereafter.

 

6.             Conditions
of the Obligations of the Selling Agent.

 

The obligations of the Selling Agent to act
as agent hereunder, to find purchasers for the Offered Securities, and to
attend and to deliver documents at Closing shall be subject to the following
conditions:

 

(a)           Between the
date hereof and Closing, the Seller and its subsidiaries shall not have
sustained any loss on account of fire, explosion, flood, accident, calamity or
other cause, of such character as results in a Material Adverse Effect on the
Seller and its subsidiaries, whether or not such loss is covered by insurance.

 

(b)           Between the
date hereof and Closing, there shall be no material litigation instituted or
threatened against the Seller or any subsidiary (other than as set forth in the
Offering Document) and there shall be no material proceeding instituted or
threatened before or by any federal or state commission, regulatory body or
administrative agency or other governmental body, domestic or foreign, wherein an
unfavorable ruling, decision or finding would materially adversely affect the
business, franchises, licenses, permits, operations or financial condition or
income of the Seller.

 

(c)           Except
as contemplated herein or as set forth in the Offering Document, during the
period subsequent to the date hereof, and prior to Closing, the Seller and each
subsidiary:  (i) shall have
conducted its business in the usual and ordinary manner as the same was being
conducted on the date hereof, and (ii) except in the ordinary course of
its business, the Seller and each subsidiary shall not have incurred any
liabilities or obligations (direct or contingent), or disposed of any assets,
or entered into any material transaction or suffered or experienced any
substantially adverse change in its condition, financial or otherwise, or in
its working capital position.  At
Closing, the capitalization of the Seller shall be substantially the same as
set forth in the Offering Document.

 

(d)           The
authorization for the issuance and delivery of the Offered Securities and the
Offering Document and related materials, and for the execution and delivery of
this Agreement, and all other legal matters incident thereto, shall be
reasonably satisfactory in all respects to counsel for Selling Agent.

 

(e)           The Seller
shall have furnished to the Selling Agent the opinion, dated the Closing Date,
of its counsel, which opinion shall be acceptable to the Selling Agent.

 

10

 

(f)            The
representations and warranties of the Seller made in this Agreement or in any
document or certificate delivered to the Selling Agent pursuant hereto shall be
true and correct on and as of the Closing with the same force and effect as
though such representations and warranties have been made on and as of the
Closing, and the Selling Agent shall have received a certificate, dated the
Closing Date, to such effect executed by the Chairman of the Board or President
of the Seller.

 

(g)           The Seller
shall have performed and complied in all material respects with all covenants,
terms and agreements to be performed and complied with by the Seller on or
before the Closing.

 

(h)           The Seller
shall have provided such certificates as the Selling Agent shall reasonably
request.

 

(i)            The Seller
and its President shall provide certificates to the Selling Agent certifying
that the proceeds of the Offering will be used in accordance with the uses
designated in “Use of Proceeds” in the Offering Document.

 

7.             Indemnification.

 

7.1           The Seller
agrees to indemnify and hold harmless Selling Agent and each person, if any,
who controls Selling Agent within the meaning of the 1933 Act or the 1934 Act
(together, the “Acts”), the Selling Agent’s affiliated entities, partners,
employees, legal counsel and agents (the “SA Indemnified Parties”) against any
losses, claims, damages, obligations, penalties, judgments, awards,
liabilities, costs, expenses and disbursements (and any and all actions, suits,
proceedings and investigations in respect thereof and any and all legal and
other costs, expenses and disbursements in giving testimony or furnishing
documents in response to a subpoena or otherwise), joint or several, to which
Selling Agent or such person may be subject, under the Acts or otherwise,
including, without limitation, the costs, expenses and disbursements, as and
when incurred, of investigating, preparing or defending any such action, suit,
proceeding or investigation (whether or not in connection with litigation in
which the Selling Agent is a party), directly or indirectly, caused by,
relating to, based upon, arising out of, or in connection with (i) the
violation or breach of any representation, warranty or covenant or agreement of
the Seller set forth in this Agreement or in any instrument, document,
agreement or certificate delivered by the Seller in connection herewith; (ii) any
untrue statement or omission or any alleged untrue statement or omission in the
Offering Document or selling material, excluding information contained in or
omitted from the Offering Document or selling material in reliance upon, and in
conformity with, information furnished to the Seller by Selling Agent or any
Participating Broker-Dealer specifically for use in preparation of the Offering
Document or selling material, as the case may be; (iii) any information
provided by or on behalf of Seller in order to qualify or exempt the Offered
Securities for sale in any jurisdiction; or (iv) the failure of the Seller
to comply with the provisions of the Acts and the regulations thereunder, including
Regulation D; and will reimburse the SA Indemnified Parties for any legal
or other expenses reasonably incurred by

 

11

 

the SA Indemnified
Parties in connection with investigation of or defending against any such loss,
claim, expense, damage, liability, (or actions in respect thereof); provided,
however, that the Seller shall not be required to indemnify the SA Indemnified
Parties for any payment made to any claimant in settlement of any suit or claim
unless such payment is agreed to by the Seller (which agreement shall not be
unreasonably withheld) or by a court having jurisdiction of the
controversy.  This indemnity agreement
shall remain in full force and effect notwithstanding any investigation made by
Selling Agent or on Selling Agent’s behalf, shall survive consummation of the
sale of the Offered Securities hereunder and shall be in addition to any
liability which the Seller may otherwise have.

 

7.2           Selling
Agent agrees to indemnify and hold harmless the Seller and each person, if any,
who controls the Seller within the meaning of the Acts, Seller’s affiliated
entities, partners, employees, legal counsel and agents (the “Seller
Indemnified Parties”) against any losses, claims, expenses, damages or liabilities
(or actions in respect thereof), joint or several, to which the Seller
Indemnified Parties or any such controlling person may become subject, under
the Acts or otherwise, insofar as such losses, claims, expenses, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or omission or any alleged untrue statement or omission in the
Offering Document contained in or omitted from the Offering Document in
reliance upon, and in conformity with, information furnished to the Seller by
Selling Agent or any Participating Broker-Dealer or either of them specifically
for use in preparation of the Offering Document or selling material, as the
case may be; and will reimburse the Seller Indemnified Parties for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending against any such loss, claim, expense, damage, liability, (or actions
in respect thereof); provided, however, that Selling Agent shall not be
required to indemnify the Seller Indemnified Parties for any payment made to
any claimant in settlement of any suit or claim unless such payment is approved
by a court having jurisdiction over the controversy or Selling Agent agrees to
such settlement (which agreement shall not be unreasonably withheld); and
provided further that Selling Agent shall not be liable under this Section 7.2
for any losses, claims, expenses, damages or liabilities arising out of any act
or failure to act on the part of any other person except Selling Agent, its
partners, employees and agents (including registered representatives) or any
Participating Broker-Dealer.  This
indemnity agreement shall remain in full force and effect notwithstanding any
investigation made by or on behalf of the Seller and shall survive consummation
of the sale of the Offered Securities hereunder and the termination of this
Agreement, and shall be in addition to any liability which Selling Agent may
otherwise have.  Notwithstanding the
foregoing, in no event shall the amount that the Selling Agent is required to
indemnify the Seller Indemnified Parties, exceed in the aggregate the
compensation received by the Selling Agent hereunder, except in the case of
fraud on the part of the Selling Agent.

 

7.3           The
indemnified party shall notify the indemnifying party in writing promptly after
the summons or other first legal process giving information of the nature of
any and all claims which have been served upon the indemnified party.  In case any action is brought against any
indemnified party upon any such claim, the indemnifying party shall be entitled
to participate at its own expense in the defense, or if it so elects, in
accordance with arrangements satisfactory to any other indemnifying party or
parties similarly notified, to

 

12

 

assume the defense
thereof, with counsel who shall be satisfactory to such indemnified party and
other indemnified parties who are defendants in such action; and after notice
from the indemnifying party to such indemnified party of its election so to
assume the defense thereof and the retaining of such counsel by the
indemnifying party, the indemnifying party shall not be liable to such
indemnified party under this Section 7 for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense
thereof, other than the reasonable costs of investigation, unless the
indemnified party shall have reasonably concluded that there are or may be
defenses available to it which are different from or in addition to those
available to the indemnifying party (in which case the indemnifying party shall
not have the right to direct the defense of such action on behalf of the
indemnified party), in any of which circumstances such expenses shall be borne
by the indemnifying party.

 

8.             Termination
of Agreement.

 

8.1           This
Agreement shall terminate:

 

(a)           If at any
time after commencement of the Offering, any material condition of Selling
Agent’s obligations hereunder shall not have been met or shall cease to be met
and Selling Agent shall have given to the Seller notice of Selling Agent’s
desire to terminate this Agreement on account of the nonfulfillment of such
condition; or

 

(b)           If the
Seller, at any time, gives notice to Selling Agent to terminate the Offering;
or

 

(c)           At such time
as all of the Offered Securities shall have been sold and the subscriptions
therefor have been accepted or the Offering Termination Date has been reached,
whichever shall first occur.

 

Notwithstanding the termination
of this Agreement in accordance with the foregoing provisions of this Section 8,
the respective indemnities, covenants, agreements, representations, warranties
and other statements of the Seller and Selling Agent set forth in or made
pursuant to this Agreement will remain operative and in full force and effect.

 

8.2           If this
Agreement is terminated pursuant to Section 8.1(a) above, the Selling
Agent shall have no liability to the Seller, and if this Agreement is
terminated pursuant to Section 8.1(b) above, the Seller shall have no
liability to the Selling Agent.

 

9.             Miscellaneous.

 

9.1           Except as
otherwise specifically provided in this Agreement or as may be otherwise agreed
between the parties hereto, Selling Agent, on the one hand, and the Seller, on
the other, shall each pay their respective expenses incident to this Agreement
and the transactions contemplated hereby (including, without limitation, the
fees and disbursements of their respective counsel), and no party to the
Agreement shall have any liability for such expenses incurred by any other
party.

 

13

 

9.2           It is
understood and agreed that Selling Agent’s relationship to the Seller is that
of an independent contractor and that nothing herein shall be construed to
create a relationship of partners, affiliates, joint venturers or employer and
employee between Selling Agent or either of them and the Seller.

 

9.3           No rights or
interests arising hereunder may be assigned except with the prior written consent
of both the Seller and the Selling Agent. 
Subject to this limitation, this Agreement shall inure to the benefit
and be binding upon Selling Agent and the Seller and their respective
successors and assigns.  This Agreement
is intended to be and is for the sole and exclusive benefit of the parties
hereto, and their respective successors and assigns and for the benefit of no
other person.  Except as provided in this
Agreement, nothing expressed or mentioned in this Agreement is intended or
shall be construed to give any person, other than the parties to it and their
respective successors and assigns, any legal or equitable right, remedy or
claim under or with respect to this Agreement or any of its provisions.  No purchaser of Offered Securities shall be construed
as a successor or assign merely by reason of such purchase.

 

9.4           If any
portion of this Agreement shall be held invalid or inoperative, then so far as
is reasonable and possible:

 

(a)           the remainder
of this Agreement shall be considered valid and operative; and

 

(b)           to the extent possible under applicable law, effect shall be
given to the intent manifest by the portion held invalid or inoperative.

 

9.5           This
Agreement may be executed in a number of identical counterparts and by
facsimile, each of which shall be deemed to be an original, but all of which
constitute, collectively, one and the same Agreement; but, in making proof of
this Agreement, it shall not be necessary to produce or account for more than
one counterpart.

 

9.6           This
Agreement may not be modified or amended except by written agreement executed
by each of the parties to this Agreement.

 

9.7           Whenever
the context so requires, the masculine shall include the feminine and neuter,
and the singular shall include the plural, and conversely.  The words “shall” and “will” and “agrees” are
mandatory, “may” is permissive.

 

9.8           The
parties to this Agreement covenant and agree that they will execute any other
and further instruments and documents which reasonably are or may become
necessary or convenient to effectuate and carry out this Agreement.

 

9.9           This
Agreement (and the other documents and agreements referenced herein) contains
the entire understanding between the parties and supersedes prior

 

14

 

understandings or
written or oral agreements between the parties with respect to the subject
matter of this Agreement.

 

9.10         This
Agreement shall be construed and governed by the laws of the State of
Florida.  Any terms and conditions of
this Agreement which are inconsistent with the terms and conditions of the
Offering Document, shall be modified to conform to the terms and conditions set
forth in the Offering Document.

 

9.11         All notices
or communications, except as otherwise specifically provided, shall be in
writing, and, if sent to any party, shall be mailed, delivered or telegraphed
and confirmed to that party at the address set forth below:

 

	
  If to the Seller:

  	
  iVOW, Inc.

  
	
   

  	
  2101 Faraday Avenue

  
	
   

  	
  Carlsbad, CA 92008

  
	
   

  	
  Attention: Chief Financial Officer

  
	
   

  	
   

  
	
  With a copy contemporaneously

  	
   

  
	
  by like means:

  	
  Heller Ehrman White & McAuliffe, LLP

  
	
   

  	
  4350 La Jolla Village Dr. 7th
  Floor

  
	
   

  	
  San Diego, CA 92122

  
	
   

  	
  Attention: Jeffrey Thacker, Esq.

  
	
   

  	
   

  
	
  If to Selling Agent, to:

  	
  Dawson James Securities,

  
	
   

  	
  925 S. Federal Highway

  
	
   

  	
  6th Floor

  
	
   

  	
  Boca Raton, FL 33432

  
	
   

  	
  Attention: Robert Keyser

  
	
   

  	
   

  
	
  With a copy contemporaneously

  	
   

  
	
  by like means:

  	
  Blank Rome LLP

  
	
   

  	
  1200 North Federal Highway, Suite 417

  
	
   

  	
  Boca Raton, FL 33432

  
	
   

  	
  Attention: Bruce C. Rosetto, Esq.

  

 

9.12         All of the
terms of this Agreement, including all representations, warranties, covenants
and agreements of Selling Agent and the Seller, shall survive completion of the
Offering for three years.

 

9.13         Section titles
or captions contained in this Agreement are inserted only as a matter of
convenience and for reference.  Those
titles in no way define, limit, extend or describe the scope of this Agreement,
or the intent of any provision of this Agreement.

 

15

 

If the foregoing correctly sets forth the
understanding between us, please indicate acceptance by signing in the space
provided below for that purpose and return to us a counterpart hereof so
signed, whereupon this letter and Selling Agent’s acceptance shall constitute a
binding agreement between us.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Howard Sampson

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard Sampson

  	
   

  
	
   

  	
   

  	
  (Authorized Officer)

  
					

 

The foregoing Selling Agreement for IVOW, Inc.
is hereby accepted and agreed to as of the date first above written.

 

 

	
  DAWSON JAMES SECURITIES, INC.

  
	
  As Selling Agent

  
	
   

  
	
  By:

  	
  /s/ Robert Keyser

  	
   

  
	
   

  	
  (Authorized Officer)

  	
   

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Authorized Officer)

  	
   

  

 

16

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