Document:

Unassociated Document

    PROMISSORY
      NOTE 

    

    

    
      	
              $15,000,000.00

            	
              January
                31, 2008

            

    

    

     

    FOR
      VALUE
      RECEIVED, the undersigned, Freedom Financial Auto Receivables, LLC, a Delaware
      limited liability company (“Borrower”),
      hereby promises to pay to the order of ReMark Lending Co., a division of ReMark
      Capital Group, LLC, a Delaware limited partnership (“Lender”),
      the
      principal sum of Fifteen Million and No/100 Dollars ($15,000,000.00), or, if
      greater or less, the aggregate unpaid principal amount of the Outstanding
      Advances under the Loan and Security Agreement (as hereinafter defined),
      together with interest on the unpaid principal balance thereof as set forth
      in
      the Loan and Security Agreement, both principal and interest payable as herein
      provided in lawful money of the United States of America at the offices of
      the
      Administrator, Archon Group, L.P., 6011 Connection Drive, Irving, Texas 75039,
      or at such other place as from time to time may be designated by Lender or
      the
      Administrator, on behalf of Lender.

     

    This
      Note
      (a) is issued and delivered under that certain Revolving Loan and Security
      Agreement dated as of January 31, 2008 by and among Borrower,
      Freedom
      Financial Group, Inc., individually and as Servicer, Archon Group, L.P., a
      Delaware limited partnership, as Administrator and Custodian, and
      Lender
      (as from
      time to time supplemented, amended or restated, the “Loan
      and Security Agreement”),
      and
      is a “Note”
as
      defined therein, (b) is subject to the terms and provisions of the Loan and
      Security Agreement, which contains provisions for payments and prepayments
      hereunder and acceleration of the maturity hereof upon the happening of certain
      stated events, and (c) is secured by and entitled to the benefits of the Loan
      and Security Agreement and certain other Transaction Documents (as identified
      and defined in the Loan and Security Agreement). Payments on this Note shall
      be
      made and applied as provided in the Loan and Security Agreement. Reference
      is
      hereby made to the Loan and Security Agreement for a description of certain
      rights, limitations of rights, obligations and duties of the parties hereto
      and
      for the meanings assigned to terms used and not defined herein and to the
      Transaction Documents for a description of the nature and extent of the security
      thereby provided and the rights of the parties thereto.

     

    The
      principal amount of this Note, together with all interest accrued hereon, shall
      be due and payable as set forth in the Loan and Security Agreement and, if
      not
      due earlier in accordance with the Loan and Security Agreement, is due and
      payable in full on the Facility Maturity Date.

     

    Notwithstanding
      the foregoing paragraph and all other provisions of this Note, in no event
      shall
      the interest payable hereon, whether before or after maturity, exceed the
      maximum interest which, under applicable Law, may be contracted for, charged,
      or
      received on this Note, and this Note is expressly made subject to the provisions
      of the Loan and Security Agreement which more fully set out the limitations
      on
      how interest accrues hereon.

     

    If
      this
      Note is placed in the hands of an attorney for collection after default, or
      if
      all or any part of the indebtedness represented hereby is proved, established
      or
      collected in any court or in any bankruptcy, receivership, debtor relief,
      probate or other court proceedings, Borrower and all endorsers, sureties and
      guarantors of this Note jointly and severally agree to pay reasonable attorneys’
fees and collection costs to the holder hereof in addition to the principal
      and
      interest payable hereunder.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Borrower
      and all endorsers, sureties and guarantors of this Note hereby severally waive
      demand, presentment, notice of demand and of dishonor and nonpayment of this
      Note, protest, notice of protest, notice of intention to accelerate the maturity
      of this Note, declaration or notice of acceleration of the maturity of this
      Note, diligence in collecting, the bringing of any suit against any party and
      any notice of or defense on account of any extensions, renewals, partial
      payments or changes in any manner of or in this Note or in any of its terms,
      provisions and covenants, or any releases or substitutions of any security,
      or
      any delay, indulgence or other act of any trustee or any holder hereof, whether
      before or after maturity, except as may be provided for in the Loan and Security
      Agreement.

     

    Lender
      may assign this Note to any Person as provided in Section 9.04 of the Loan
      and
      Security Agreement.

     

    THIS
      NOTE SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS
      LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
      WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR
      THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. THE BORROWER HEREBY
      WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A
      TRIAL
      BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF,
      UNDER OR IN CONNECTION WITH THIS NOTE OR ANY OF THE TRANSACTIONS CONTEMPLATED
      UNDER THE LOAN AND SECURITY AGREEMENT OR THE OTHER TRANSACTION
      DOCUMENTS.

    

     

    [Remainder
      of Page Intentionally Left Blank]

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned Borrower has executed this instrument as of
      the
      day and year first above written.

     

    
      	 	
              FREEDOM
                FINANCIAL AUTO RECEIVABLES, LLC

            
	 	 
	 	 
	 	
              By:
                /s/ Jerry
                Fenstermaker                    
                

            
	 	
                    
                Jerry Fenstermaker, Manager

            

    

    

    
      
        
        

      

      
        3Unassociated Document

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

    
      

    

    

      IN
        WITNESS WHEREOF, Pledgor and Pledgee have executed this Pledge Agreement
        as of
        the date set forth above.

       

      

      
        	 	
                PLEDGOR:

              
	 	 
	 	
                FREEDOM
                  FINANCIAL GROUP, INC., a Delaware corporation

              
	 	 
	 	 
	 	
                By:   
                  /s/ Jerry
                  Fenstermaker                                 
                  

              
	 	
                    
                       Jerry Fenstermaker

              
	 	
                       
                    President

              
	 	 
	 	 
	 	
                SECURED
                  PARTY

              
	 	 
	 	
                REMARK
                  LENDING GO, a division of REMARK CAPITAL GROUP, LLC, a Delaware
                  limited
                  liability company

              
	 	 
	 	
                By:   
                  /s/ Jeffrey W.
                  Kramer                                       
                  

              
	 	
                        
                  Jeffrey W. Kramer

              
	 	
                        
                  Chief Executive OfficerUnassociated Document

    Exhibit
      10.46

     

    COMMON
      STOCK PURCHASE
      AGREEMENT

     

    THIS
      COMMON STOCK PURCHASE AGREEMENT
      (“Agreement”)
      is made as of the 31 day of January, 2008 by and among Intraop
      Medical Corporation, a Nevada corporation (the “Company”),
      and the other Persons set forth on the Schedule of Purchasers attached hereto
      (each an “Investor”
      and collectively the “Investors”).

     

    Recitals

     

    A.           
      The Company and the Investors are executing and delivering this Agreement in
      reliance upon the exemption from securities registration afforded by the
      provisions of Regulation D (“Regulation
      D”), as promulgated by the Securities and Exchange Commission (the “SEC”)
      under the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder (the “Securities
      Act”);

     

    B.           
      The Investors wish to purchase from the Company, and the Company wishes to
      sell
      and issue to the Investors, at the First Closing (as defined below) and upon
      the
      terms and subject to the conditions set forth in this Agreement, an aggregate
      of
      33,832,463 shares (the “InitialShares”)
      of the Company’s common stock, par value $0.001 per share (the “Common
      Stock”) for an aggregate purchase price of $2,368,272.70 (the “InitialPurchase
      Price”);

     

    C.           
      The Investors wish to purchase from the Company, and the Company wishes to
      sell
      and issue to the Investors, at the Second Closing (as defined below) and upon
      the terms and subject to the conditions set forth in this Agreement, an
      aggregate of up to 9,167,537 shares (the “Additional
      Shares” and together with the Initial Shares, the “Shares”)
      of the Company’s common stock, par value $0.001 per share (the “Common
      Stock”) for an aggregate purchase price of up to $641,727.59 (the “AdditionalPurchase
      Price”);

     

    D.           
      This Agreement shall be binding upon the Company and the Investors only upon
      delivery of the signatures pages hereto by the Company and the
      Investors.

     

    Agreement

     

    In
      consideration of the mutual promises
      made herein and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    1.           
      Definitions.  In
      addition to those terms defined above and elsewhere in this Agreement, for
      the
      purposes of this Agreement, the following terms shall have the meanings set
      forth below:

     

    “Affiliate”
      means, with respect to any Person, any other Person which directly or indirectly
      through one or more intermediaries controls, is controlled by, or is under
      common control with, such Person.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Business
      Day” means a day, other than a Saturday or Sunday, on which banks in New
      York City are open for the general transaction of business.

     

    “Confidential
      Information” means trade secrets, confidential information and know-how
      (including but not limited to ideas, formulae, compositions, processes,
      procedures and techniques, research and development information, performance
      specifications, support documentation, drawings, specifications, designs,
      business and marketing plans, and supplier lists and related
      information).

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, as amended, and the rules
      and regulations promulgated thereunder.

     

    “Intellectual
      Property” means all of the following: (i) patents, patent applications,
      patent disclosures and inventions (whether or not patentable and whether or
      not
      reduced to practice); (ii) trademarks, service marks, trade dress, trade names,
      corporate names, logos, slogans and Internet domain names, together with all
      goodwill associated with each of the foregoing; (iii) copyrights and
      copyrightable works; and (iv) registrations, applications and renewals for
      any
      of the foregoing.

     

    “Knowledge”
means
      the actual knowledge
      of the officers and directors of the Company, provided that such persons
      shall have made due and diligent inquiry of all relevant employees of the
      Company whom such executive officers and directors should reasonably believe
      would have actual knowledge of the matters represented.

     

                          
      “Material
      Adverse
      Effect” means any
      of (i) a material and adverse effect on the legality, validity or enforceability
      of this Agreement, (ii) a material and adverse effect on the results of
      operations, assets, prospects, business or condition (financial or otherwise)
      of
      the Company and the Subsidiaries, taken as a whole, or (iii) an adverse
      impairment to the Company’s ability to perform on a timely basis its obligations
      under this Agreement.

     

    “Nasdaq”
      means The Nasdaq Stock Market, Inc.

     

    “Permitted
      Liens” means (i) mechanics’, carriers’, or workmen’s, repairmen’s or
      similar liens arising or incurred in the ordinary course of business, (ii)
      liens
      for taxes, assessments and other governmental charges that are not due and
      payable or which may hereafter be paid without penalty or which are being
      contested in good faith by appropriate proceedings, and (iii) other
      imperfections of title or encumbrances, if any, that do not, individually or
      in
      the aggregate, materially impair the use or value of the property to which
      they
      relate.

     

    “Person”
      means an individual, corporation, partnership, limited liability company, trust,
      business trust, association, joint stock company, joint venture, sole
      proprietorship, unincorporated organization, governmental authority or any
      other
      form of entity not specifically listed herein.

     

    “SEC
      Filings” shall mean (a) the Company’s Annual Report on Form 10-KSB filed
      with the SEC on December 14, 2007, including all exhibits thereto and documents
      incorporated by reference therein, and (b) the Company’s Current Reports on Form
      8-K filed with the SEC on October 30, 2007, November 26, 2007 and November
      29,
      2007, including all exhibits thereto and documents incorporated by reference
      therein.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2.           
      Purchase and Sale
      of
      the Shares.

     

    2.1           
      Initial
      Shares.  Upon the terms and subject to the conditions set forth
      in this Agreement, at the First Closing, each of the Investors shall, severally
      and not jointly, purchase, and the Company shall sell and issue to the
      Investors, the Initial Shares in the respective amounts and at the respective
      purchase prices set forth on the Schedule of Purchasers attached hereto (the
      “Schedule
      of Purchasers”).

     

    2.2           
      Additional
      Shares.  Upon the terms and subject to the conditions set forth
      in this Agreement, at the Second Closing, each of the Investors shall, severally
      and not jointly, purchase, and the Company shall sell and issue to the
      Investors, the Additional Shares in the respective amounts and at the respective
      purchase prices that will be set forth on the Schedule of Purchasers at the
      Second Closing by the Company.

     

    3.           
      Closings.

     

    3.1           
      First
      Closing.  The purchase and sale of the Initial Shares pursuant
      to Section 2.1 (the “FirstClosing”)
      shall take place at the offices of Hanson, Bridgett, Marcus, Vlahos & Rudy,
      LLP, 425 Market Street, San Francisco, CA 94105 (“Hanson”)
      on the date hereof, or at such other location and on such other date as the
      Company and the Investors shall mutually agree (such date is hereinafter
      referred to as the “FirstClosing
      Date”).

     

    3.2           
      Second
      Closing.  The purchase and sale of the Additional Shares
      pursuant to Section 2.2 (the “SecondClosing”
      and together with the First Closing, the “Closings”)
      shall take place at the offices of Hanson at any time on or before February
      13,
      2008, or at such other location and on such other date as the Company and the
      Investors shall mutually agree (such date is hereinafter referred to as the
      “Second
      Closing Date”).

     

    4.           
      Representations
      and
      Warranties of the Company.  The Company hereby represents and
      warrants to the Investors that, except as set forth in the schedules delivered
      herewith (collectively, the “Disclosure
      Schedules”):

     

    4.1           
      Organization, Good
      Standing and Qualification.

     

    (a)           
      The Company is a corporation duly organized, validly existing and in good
      standing under the laws of the State of Nevada and has all requisite corporate
      power and authority to carry on its business as now conducted and to own its
      properties. The Company is duly qualified to do business as a foreign
      corporation and is in good standing in each jurisdiction in which the conduct
      of
      its business or its ownership or leasing of property makes such qualification
      necessary, except where the failure to so qualify, individually or in the
      aggregate, would not have a Material Adverse Effect. To the Company’s Knowledge,
      no proceeding has been instituted in any jurisdiction revoking, limiting or
      curtailing or seeking to revoke, limit or curtail, such power and authority
      or
      qualification.

     

     

    
      
        
        

      

      
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    (b)           
      Each subsidiary of the Company (each a “Subsidiary”
      and collectively the “Subsidiaries”)
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of its jurisdiction of incorporation and has all requisite corporate power
      and authority to carry on its business as now conducted and to own its
      properties.  Each Subsidiary is duly qualified to do business as a
      foreign corporation and is in good standing in each jurisdiction in which the
      conduct of its business or its ownership or leasing of property makes such
      qualification necessary, except where the failure to so qualify, individually
      or
      in the aggregate, would not have a Material Adverse Effect.  To the
      Company’s Knowledge, no proceeding has been instituted in any jurisdiction
      revoking, limiting or curtailing or seeking to revoke, limit or curtail, such
      power and authority or qualification.

     

    4.2           
      Authorization.  The
      Company has full corporate power and authority and has taken all requisite
      action on the part of the Company, its officers, directors and stockholders
      necessary for (i) the authorization, execution and delivery of this Agreement,
      (ii) the authorization of the performance of all obligations of the Company
      hereunder and (iii) the authorization, issuance, sale and delivery of the
      Shares.  This Agreement constitutes the legal, valid and binding
      obligation of the Company, enforceable against the Company in accordance with
      its terms, subject to bankruptcy, insolvency, fraudulent transfer,
      reorganization, moratorium and similar laws of general applicability relating
      to
      or affecting creditors’ rights generally.

     

    4.3           
      Capitalization.

     

    (a)           
      Schedule 4.3
      sets forth as of the date hereof (a) the authorized capital stock of the
      Company; (b) the number of shares of capital stock issued and outstanding;
      (c)
      the number of shares of capital stock available for issuance pursuant to the
      Company’s stock plans; and (d) the number of shares of capital stock issuable
      upon the exercise of warrants.  All of the issued and outstanding
      shares of the Company’s capital stock have been duly authorized and validly
      issued and are fully paid, nonassessable and free of preemptive
      rights.  Except as provided in the Rights Agreement dated as of August
      17, 2007 by and between the Company and the investors named therein, no Person
      is entitled to preemptive or similar statutory or contractual rights with
      respect to any securities of the Company. Except as contemplated under this
      Agreement, there are no contracts, commitments, understandings or arrangements
      by which the Company is bound to issue additional shares of capital stock of
      the
      Company or options, securities or rights convertible into shares of capital
      stock of the Company. Except as provided in the Rights Agreement dated as of
      August 17, 2007 by and between the Company and the investors named therein,
      no
      Person has the right to require the Company to register any securities of the
      Company under the Securities Act, whether on a demand basis or in connection
      with the registration of securities of the Company for its own account or for
      the account of any other Person.  The issue and sale of the Shares
      will not result in the right of any holder of Company securities to adjust
      the
      exercise, conversion or exchange price under such securities.

     

    (b)           
      The Company owns all of the outstanding capital stock of each Subsidiary free
      from liens, encumbrances and defects. All of the issued and outstanding shares
      of capital stock of each Subsidiary are validly issued and are fully paid,
      non-assessable and free of preemptive rights. No Person is entitled to
      preemptive or similar statutory or contractual rights with respect to any
      securities of any Subsidiary. There are no outstanding warrants, options,
      convertible securities or other rights, agreements or arrangements under which
      (i) any Subsidiary is obligated to issue additional shares of its capital stock
      or options, securities or rights convertible into shares of capital stock of
      such Subsidiary or (ii) the Company is obligated to sell or otherwise dispose
      of
      shares of any Subsidiary’s capital stock held by it.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    4.4           
      Valid
      Issuance.  The Shares have been duly and validly
      authorized.  The Shares, when issued and paid for pursuant to this
      Agreement will be validly issued, fully paid and nonassessable, and will be
      free
      of encumbrances and restrictions (other than those created by the Investors),
      except for restrictions on transfer set forth in this Agreement or imposed
      by
      applicable securities laws.

     

    4.5           
      Consents.  The
      execution, delivery and performance by the Company of this Agreement and the
      offer, issuance and sale of the Shares requires no consent of, action by or
      in
      respect of, or filing with, any Person, governmental body, agency, or official
      other than filings that have been made pursuant to applicable state securities
      laws and post-sale filings pursuant to applicable state and federal securities
      laws which the Company undertakes to file within the applicable time
      periods.

     

    4.6           
      Delivery of SEC
      Filings.  The Company has made available to the Investors,
      through the EDGAR system, true and complete copies of the SEC
      Filings.

     

    4.7           
      Use of
      Proceeds.  The net proceeds of the sale of the Shares hereunder
      shall be used by the Company for general working capital purposes.

     

    4.8           
      No Material Adverse
      Change.  Since September 30, 2007, and except as disclosed in
      the SEC Filings, there has not been:

     

    (a)           
      any change in the consolidated assets, liabilities, financial condition or
      operating results of the Company or any Subsidiary from that reflected in the
      financial statements included in the Company’s Annual Report on Form 10-KSB for
      the year ended September 30, 2007, except for changes in the ordinary course
      of
      business which would not have, individually or in the aggregate, a Material
      Adverse Effect;

     

    (b)           
      any declaration or payment of any dividend, or any authorization or payment
      of
      any distribution, on any of the capital stock of the Company or any Subsidiary,
      or any redemption or repurchase of any securities of the Company or any
      Subsidiary (other than in connection with a termination of
      employment);

     

    (c)           
      any material damage, destruction or loss to any assets or properties of the
      Company or any Subsidiary;

     

    (d)           
      any waiver, not in the ordinary course of business, by the Company or any
      Subsidiary of a material right or of a material debt owed to it;

     

    (e)           
      any change or amendment to the Articles of Incorporation or similar
      organizational documents, as applicable, or Bylaws of the Company or any
      Subsidiary, or change to any material contract or arrangement by which the
      Company or any Subsidiary is bound or to which its assets or properties is
      subject;

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (f)           
      any material labor difficulties or labor union organizing activities with
      respect to employees of the Company or any Subsidiary;

     

    (g)           
      any transaction entered into by the Company or any Subsidiary other than in
      the
      ordinary course of business;

     

    (h)           
      the loss of the services of any key employee, or material change in the
      composition or duties of the senior management of the Company or any Subsidiary;
      or

     

    (i)           
      any other event or condition of any character that has had or would reasonably
      be expected to have a Material Adverse Effect.

     

    4.9           
      SEC
      Filings.  At the time of filing thereof, the SEC Filings
      complied as to form in all material respects with the requirements of the
      Exchange Act and did not contain any untrue statement of a material fact or
      omit
      to state any material fact necessary in order to make the statements made
      therein, in the light of the circumstances under which they were made, not
      misleading.

     

    4.10           
      No Conflict, Breach,
      Violation or Default.  Neither the execution, delivery and
      performance by the Company of this Agreement nor the consummation of any of
      the
      transactions contemplated hereby (including, without limitation, the issuance
      and sale of the Shares in conformance with this Agreement) will conflict with
      or
      result in violation of any of the terms and provisions of the Articles of
      Incorporation or similar organizational documents, as applicable, or Bylaws
      of
      the Company or any Subsidiary, both as in effect on the date hereof or will
      give
      rise to the right to terminate or accelerate the due date of any payment under
      or conflict with or result in a breach of any term or provision of, or
      constitute a default (or any event which with notice or lapse of time or both
      would constitute a default) under, or require any consent or waiver under or
      result in the execution or imposition of any lien, charge or encumbrance upon
      the properties or assets of the Company or any Subsidiary pursuant to the terms
      of any indenture, mortgage, deed of trust or other agreement or instrument
      to
      which the Company or any Subsidiary is a party or by which the Company or any
      Subsidiary is bound or to which any of its assets or properties is subject
      or
      any license, permit, statute, rule, regulation, judgment, decree or order of
      any
      governmental agency or body or any court, domestic or foreign, having
      jurisdiction over the Company or any Subsidiary or any of its assets or
      properties, other than a conflict, breach or default that would not have a
      Material Adverse Effect.

     

    4.11           
      Tax
      Matters.  Each of the Company and each Subsidiary has timely
      prepared and filed all tax returns required to have been filed by it with all
      appropriate governmental agencies and timely paid all taxes shown thereon or
      otherwise owed by it, except as would not have a Material Adverse
      Effect.  The charges, accruals and reserves on the books of the
      Company and each Subsidiary in respect of taxes for all fiscal periods are
      adequate in all material respects, and there are no material unpaid assessments
      against the Company or any Subsidiary.  All taxes and other
      assessments and levies that the Company or any Subsidiary are required to
      withhold or to collect for payment have been duly withheld and collected and
      paid to the proper governmental entity or third party when due.  There
      are no tax liens or claims pending or, to the Company’s Knowledge, threatened
      against the Company or any Subsidiary or any of their respective assets or
      property, other than Permitted Liens.  There are no tax audits or
      investigations pending, which if adversely determined would result in a Material
      Adverse Effect. There are no outstanding tax sharing agreements or other such
      arrangements between the Company or any Subsidiary and any other
      Person.  Neither the Company nor any Subsidiary has any deferred
      compensation arrangements or has paid (or is required to pay) any deferred
      compensation which would be subject to Section 409A of the Internal Revenue
      Code.

     

     

    
      
        
        

      

      
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    4.12           
      Title to
      Properties.  Except as disclosed in the SEC Filings, each of
      the Company and each Subsidiary has good and marketable title to all properties
      and assets owned by it, in each case free from liens, encumbrances and defects,
      other than Permitted Liens.  The Company and each Subsidiary hold any
      leased real or personal property under valid and enforceable
      leases.  Neither the Company nor any Subsidiary owns any real
      property.

     

    4.13           
      Certificates,
      Authorities and Permits.  Each of the Company and each
      Subsidiary possesses adequate certificates, approvals, authorities or permits
      (“Permits”)
      issued by governmental agencies or bodies necessary to own, lease and license
      its assets and properties and conduct the business now operated by it, all
      of
      which are valid and in full force and effect, except where the lack of such
      Permits, individually or in the aggregate, would not have a Material Adverse
      Effect.  Each of the Company and each Subsidiary has performed in all
      material respects all of its material obligations with respect to such Permits
      and no event has occurred that allows, or after notice or lapse of time, would
      allow, revocation or termination thereof. Neither the Company nor any Subsidiary
      has received any written notice of proceedings relating to the revocation or
      modification of any such certificate, authority or permit that, if determined
      adversely to the Company or such Subsidiary, would, individually or in the
      aggregate, have a Material Adverse Effect.

     

    4.14           
      Labor
      Matters.

     

    (a)           
      Neither the Company nor any Subsidiary is a party to or bound by any collective
      bargaining agreement. Neither the Company nor any Subsidiary has violated in
      any
      material respect any laws, regulations, orders or contract terms, affecting
      the
      collective bargaining rights of employees, labor organizations or any laws,
      regulations or orders affecting employment discrimination, equal opportunity
      employment or employees’ health, safety, welfare, wages and hours.

     

    (b)           
      (i) There are no labor disputes existing, or to the Company’s Knowledge,
      threatened, involving strikes, slow-downs, work stoppages, job actions,
      disputes, lockouts or any other disruptions of or by the employees of the
      Company or any Subsidiary, (ii) there are no unfair labor practices or petitions
      for election pending or, to the Company’s Knowledge, threatened before the
      National Labor Relations Board or any other federal, state or local labor
      commission relating to the employees of the Company or any Subsidiary, (iii)
      no
      demand for recognition or certification heretofore made by any labor
      organization or group of employees is pending with respect to the Company or
      any
      Subsidiary and (iv) to the Company’s Knowledge, each of the Company and each
      Subsidiary enjoys good labor and employee relations with its
      employees.

     

    (c)           
      Each of the Company and each Subsidiary is in compliance in all material
      respects with applicable laws respecting employment (including laws relating
      to
      classification of employees and independent contractors) and employment
      practices, terms and conditions of employment, wages and hours, and immigration
      and naturalization. No claims are pending against the Company or any Subsidiary
      before the Equal Employment Opportunity Commission or any other administrative
      body or in any court asserting any violation of Title VII of the Civil Rights
      Act of 1964, the Age Discrimination Act of 1967, 42 U.S.C. §§ 1981 or 1983 or
      any other federal, state or local law, statute or ordinance barring
      discrimination in employment.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (d)           
      Except as disclosed in the SEC Filings, neither the Company nor any Subsidiary
      is a party to, or bound by, any employment or other contract or agreement that
      contains any severance, termination pay or change of control liability or
      obligation, including, without limitation, any “excess parachute payment,” as
      defined in Section 280G(b) of the Internal Revenue Code of 1986, as
      amended.

     

    4.15           
      Intellectual
      Property.  Except as disclosed in the SEC Filings:

     

    (a)           
      All Intellectual Property of the Company is valid and enforceable. No
      Intellectual Property owned or licensed by the Company or any Subsidiary that
      is
      necessary for the conduct of the business of the Company and the Subsidiaries
      as
      currently conducted or as proposed to be conducted as described in the SEC
      Filings is involved in any cancellation, dispute or litigation, and, to the
      Company’s Knowledge, no such action is threatened.  No issued patent
      owned by the Company or any Subsidiary is involved in any interference, reissue,
      re-examination or opposition proceeding.

     

    (b)           
      All of the in-bound licenses and sublicenses and consent, royalty or other
      agreements concerning Intellectual Property that are necessary for the conduct
      of the business of the Company and the Subsidiaries as currently conducted
      and
      as proposed to be conducted as described in the SEC Filings to which the Company
      or any Subsidiary is a party (other than  generally commercially available,
      non-custom, off-the-shelf software application programs having a retail
      acquisition price of less than $50,000 per license) (collectively, “In-Bound
      License
      Agreements”) are valid and binding obligations on the Company or such
      Subsidiary, as applicable, and, to the Company’s Knowledge, the other parties
      thereto, enforceable in accordance with their terms, except to the extent that
      enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
      moratorium, fraudulent conveyance or other similar laws affecting the
      enforcement of creditors’ rights generally, and neither the Company nor any
      Subsidiary is in material breach of any of its obligations under any such
      In-Bound License Agreements.

     

    (c)           
      Each of the Company and each Subsidiary owns or has the valid right to use
      all
      of the Intellectual Property that is necessary for the conduct of its business
      as currently conducted and as proposed to be conducted as described in the
      SEC
      Filings and for the ownership, maintenance and operation of the Company’s
      properties and assets, free and clear of all liens, encumbrances, adverse claims
      (in each case, other than Permitted Liens) or, with respect to Intellectual
      Property owned by the Company or any Subsidiary, obligations to license such
      Intellectual Property, other than licenses of the Intellectual Property owned
      by
      the Company or such Subsidiary that are entered into in the ordinary course
      of
      its business.  To the Company’s Knowledge, each of the Company and
      each Subsidiary has a valid and enforceable right to use all third party
      Intellectual Property and Confidential Information used or held for use in
      its
      business.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d)           
      The conduct of the business of the Company and the Subsidiaries as currently
      conducted or as proposed to be conducted as described in the SEC Filings, the
      use or exploitation of any Intellectual Property owned by the Company or any
      Subsidiary, or to the Company’s Knowledge, the use or exploitation of any
      Intellectual Property licensed by the Company or any Subsidiary does not
      infringe, misappropriate or otherwise materially impair or conflict with
      (collectively, “Infringe”)
      any Intellectual Property rights of any third party and the Intellectual
      Property owned by the Company or any Subsidiary which is necessary for the
      conduct of the business of the Company and the Subsidiaries as currently
      conducted or as proposed to be conducted as set forth in the SEC Filings is
      not
      being Infringed by any third party.  There is no litigation, court
      order, claim or assertion pending or outstanding or, to the Company’s Knowledge,
      threatened, that seeks to limit or challenge the ownership, use, validity or
      enforceability of any Intellectual Property owned or licensed by the Company
      or
      any Subsidiary or their respective use of any Intellectual Property owned by
      a
      third party.

     

    (e)           
      The consummation of the transactions contemplated hereby will not result in
      the
      (i) loss, material impairment of or material restriction on any of the
      Intellectual Property or Confidential Information owned by the Company or any
      Subsidiary which is necessary for the conduct of its business as currently
      conducted or as proposed to be conducted as set forth in the SEC Filings or
      (ii)
      material breach of any In-Bound License Agreement.

     

    (f)           
      Each of the Company and each Subsidiary has taken reasonable steps to protect
      its respective rights in its Intellectual Property and Confidential Information.
      Each employee and consultant who has access to the Confidential Information
      of
      the Company or any Subsidiary necessary for the conduct of its business as
      currently conducted has executed an agreement to maintain the confidentiality
      of
      such Confidential Information. To the Company’s Knowledge, and except pursuant
      to non-disclosure agreements entered into between the Company or a Subsidiary
      and third parties in the ordinary course of business, there has been no
      disclosure of the Intellectual Property or Confidential Information of the
      Company or any Subsidiary to any third party.  To the Company’s
      Knowledge, there have been no misappropriations or infringements by any Person
      of any Intellectual Property used in the conduct or operation of the business
      of
      the Company or any Subsidiary.

     

    4.16           
      Environmental
      Matters.  Neither the Company nor any Subsidiary is in
      violation of any statute, rule, regulation, decision or order of any
      governmental agency or body or any court, domestic or foreign, relating to
      the
      use, disposal or release of hazardous or toxic substances or relating to the
      protection or restoration of the environment or human exposure to hazardous
      or
      toxic substances (collectively, “Environmental
      Laws”).  Neither the Company nor any Subsidiary owns or
      operates any real property contaminated with any substance that is subject
      to
      any Environmental Laws, is liable for any off-site disposal or contamination
      pursuant to any Environmental Laws, or is subject to any claim relating to
      any
      Environmental Laws, which violation, contamination, liability or claim would
      reasonably be expected to have, individually or in the aggregate, a Material
      Adverse Effect.  There is no pending or, to the Company’s Knowledge,
      threatened investigation that might lead to such a claim.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    4.17           
      Litigation.  Except
      as disclosed in the SEC Filings, there are no pending or, to the Company’s
      Knowledge, threatened actions, suits, proceedings, inquiries or investigations
      against or affecting the Company or any Subsidiary or any of their properties
      or
      any of the Company’s or any Subsidiary’s officers and directors in their
      capacities as such.

     

    4.18           
      Financial
      Statements.  The financial statements included in each of the
      SEC Filings present fairly, in all material respects, the financial position
      of
      the Company as of the dates shown and its results of operations and cash flows
      for the periods shown, and such financial statements have been prepared in
      conformity with United States generally accepted accounting principles applied
      on a consistent basis (“GAAP”)
      (except as may be disclosed therein or in the notes thereto, and, in the case
      of
      quarterly financial statements, as permitted by Form 10-QSB under the Exchange
      Act).  Except as set forth in the financial statements of the Company
      included in the SEC Filings filed prior to the date hereof, the Company has
      not
      incurred any liabilities, contingent or otherwise, except those incurred in
      the
      ordinary course of business, consistent with past practices since the date
      of
      such financial statements, none of which, individually or in the aggregate,
      would reasonably be expected to have a Material Adverse Effect.

     

    4.19           
      Insurance
      Coverage.  Each of the Company and each Subsidiary maintains in
      full force and effect insurance coverage that is customary for comparably
      situated companies for the business being conducted and properties owned or
      leased by the Company and the Subsidiaries.

     

    4.20           
      Compliance with
      OTC
      Bulletin Board Continued Eligibility Require-ments.  The
      Company is in compliance with applicable OTC Bulletin Board continued
      eligibility requirements.  The Company has not received any written
      notice with respect to the ineligibility of the Common Stock from trading on
      the
      OTC Bulletin Board.

     

    4.21           
      Brokers and
      Finders.  No Person will have, as a result of the transactions
      contemplated by this Agreement, any valid right, interest or claim for any
      commission, fee or other compensation pursuant to any agreement, arrangement
      or
      understanding entered into by or on behalf of the Company.

     

    4.22           
      No Directed Selling
      Efforts or General Solicitation.  Neither the Company nor any
      Person acting on its behalf has conducted any general solicitation or general
      advertising (as those terms are used in Regulation D under the Securities Act)
      in connection with the offer or sale of the Shares.

     

    4.23           
      No Integrated
      Offering.  Neither the Company nor any Person acting on its
      behalf has, directly or indirectly, made any offers or sales of any Company
      security or solicited any offers to buy any security, under circumstances that
      would adversely affect reliance by the Company on Section 4(2) of the Securities
      Act for the exemption from registration for the transactions contemplated hereby
      or would require registration of the Shares under the Securities Act or would
      be
      integrated under the Nasdaq Marketplace Rules.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    4.24           
      Private
      Placement.  Subject to the accuracy of each Investor’s
      representations in Section 5 hereof, the offer and sale of the Shares to the
      Investors as contemplated hereby is exempt from the registration requirements
      of
      the Securities Act.

     

    4.25           
      Questionable
      Payments. Neither
      the Company nor any Subsidiary nor, to the Company’s Knowledge, any of their
      directors, officers, employees, agents or other Persons acting on behalf of
      the
      Company or any Subsidiary, has on behalf of the Company or any Subsidiary or
      in
      connection with its business: (a) used any corporate funds for unlawful
      contributions, gifts, entertainment or other unlawful expenses relating to
      political activity; (b) made any direct or indirect unlawful payments to any
      governmental officials or employees from corporate funds; (c) established or
      maintained any unlawful or unrecorded fund of corporate monies or other assets;
      (d) made any false or fictitious entries on the books and records of the Company
      or any Subsidiary; or (e) made any unlawful bribe, rebate, payoff, influence
      payment, kickback or other unlawful payment of any nature.

     

    4.26           
      Transactions with
      Affiliates.  Except as disclosed in the SEC Filings, none of
      the officers or directors of the Company or any Subsidiary and, to the Company’s
      Knowledge, none of the employees of the Company or any Subsidiary is presently
      a
      party to any material transaction with the Company or any Subsidiary (other
      than
      as holders of stock options and/or warrants, and for services as employees,
      officers and directors), including any contract, agreement or other arrangement
      providing for the furnishing of services to or by, providing for rental of
      real
      or personal property to or from, or otherwise requiring payments to or from
      any
      officer, director or such employee or, to the Company’s Knowledge, any entity in
      which any officer, director, or any such employee has a substantial interest
      or
      is an officer, director, trustee or partner.

     

    4.27           
      Internal
      Controls.  The Company is in material compliance with the
      provisions of the Sarbanes-Oxley Act of 2002 currently applicable to the
      Company.  Each of the Company and each Subsidiary maintains a system
      of internal accounting controls sufficient to provide reasonable assurance
      that
      (i) transactions are executed in accordance with management’s general or
      specific authorizations, (ii) transactions are recorded as necessary to permit
      preparation of financial statements in conformity with GAAP and to maintain
      asset accountability, (iii) access to assets is permitted only in accordance
      with management’s general or specific authorization, and (iv) the recorded
      accountability for assets is compared with the existing assets at reasonable
      intervals and appropriate action is taken with respect to any differences.
      The
      Company has established disclosure controls and procedures (as defined in
      Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such
      disclosure controls and procedures to ensure that material information relating
      to the Company and each Subsidiary is made known to the certifying officers
      by
      others within those entities.  The Company’s certifying officers have
      evaluated the effectiveness of the Company’s controls and procedures as of the
      end of the period covered by the most recently filed periodic report under
      the
      Exchange Act (such date, the “Evaluation
      Date”).  The Company presented in its most recently filed
      periodic report under the Exchange Act the conclusions of the certifying
      officers about the effectiveness of the disclosure controls and procedures
      based
      on their evaluations as of the Evaluation Date.  Since the Evaluation
      Date, there have been no significant changes in the internal controls (as such
      term is defined in Item 307(b) of Regulation S-B) of the Company or any
      Subsidiary or, to the Company’s Knowledge, in other factors that could
      significantly affect such internal controls.  The books, records and
      accounts of the Company and each Subsidiary accurately and fairly reflect,
      in
      all material respects, the transactions in, and dispositions of, the assets
      of,
      and the results of operations of, the Company and each
      Subsidiary.  Each of the Company and each Subsidiary maintains and
      will continue to maintain a standard system of accounting established and
      administered in accordance with GAAP and the applicable requirements of the
      Exchange Act.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    4.28           
      Independent
      Accountants.  PMB Helin Donovan, LLP is the Company’s
      independent registered public accounting firm as required by the Exchange Act,
      and the rules and regulations of the SEC thereunder.

     

    4.29           
      Investment
      Company.  The Company is not and, after giving effect to the
      offering and sale of the Shares, will not be an “investment company” within the
      meaning of the Investment Company Act of 1940, as amended.

     

    4.30           
      Regulatory
      Compliance.  Neither the Company nor any Subsidiary is in
      violation of any applicable statute, rule, regulation, order or restriction
      of
      any domestic or foreign government or any instrumentality or agency thereof
      in
      respect of the conduct of its business or the ownership of its properties,
      except as would not have a Material Adverse Effect.  No governmental
      orders, permissions, consents, approvals or authorizations are required to
      be
      obtained and no registrations or declarations are required to be filed in
      connection with the execution and delivery of this Agreement or the issuance
      of
      the Shares, except such as have been duly and validly obtained or filed, or
      with
      respect to any filings that must be made after the applicable Closing, as will
      be filed in a timely manner.

     

    4.31           
      Market
      Stabilization.  The Company has not taken, nor will it take,
      directly or indirectly, any action designed to or that might reasonably be
      expected to cause or result in, or that has constituted or that might reasonably
      be expected to constitute, the stabilization or manipulation of the price of
      the
      Common Stock or any security of the Company to facilitate the sale or resale
      of
      any of the Shares.

     

    4.32           
      Material
      Contracts.  All material documents, contracts or other
      agreements of the Company and any Subsidiary required to be filed with the
      SEC
      have been filed with the SEC and are included in the exhibits to the SEC
      Filings.  The description of the contracts, documents or other
      agreements contained in the SEC Filings (as the case may be) reflect in all
      material respects the terms of the underlying contract, document or other
      agreement.   Each such contract, document or other agreement is
      in full force and effect and is valid and enforceable by and against the Company
      or the applicable Subsidiary, as applicable, in accordance with its
      terms.  Neither the Company nor any Subsidiary is in default in the
      observance or performance of any term or obligation to be performed by it under
      any such agreement, and no event has occurred which with notice or lapse of
      time
      or both would constitute such a default, in any such case which default or
      event, individually or in the aggregate, would result in a Material Adverse
      Effect.

     

    4.33           
      Application of
      Takeover Protections.  The Company and the Board have taken all
      necessary action, if any, in order to render inapplicable any control share
      acquisition, business combination, poison pill (including any distribution
      under
      a rights agreement) or other similar anti-takeover provision under the Company's
      Articles of Incorporation or the laws of the State of Nevada that are or could
      become applicable to the Investors as a result of the Investors and the Company
      fulfilling their obligations or exercising their rights under this Agreement,
      including without limitation as a result of the Company's issuance of the Shares
      and the Investors’ ownership of the Shares.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    4.34           
      FDA.  The
      properties, business and operations of the Company have been and are being
      conducted in all material respects in accordance with all applicable laws,
      rules
      and regulations of the FDA.  Neither the Company nor any Subsidiary
      has been informed by the FDA that the FDA will prohibit the marketing, sale,
      license or use in the United States of any product proposed to be developed,
      produced or marketed by the Company or any Subsidiary nor has the FDA expressed
      any concern as to approving or clearing for marketing any product being
      developed or proposed to be developed by the Company or any
      Subsidiary.

     

    4.35           
      Press
      Releases.  The press releases disseminated by the Company
      during the twelve months preceding the date of this Agreement taken as a whole
      do not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated therein or necessary in order to make the
      statements therein, in light of the circumstances under which they were made
      and
      when made, not misleading.

     

    4.36           
      Indebtedness;
      Compliance.  Except as disclosed in the SEC Filings, the
      Company is not a party to any indenture, debt, capital lease obligations,
      mortgage, loan or credit agreement by which it or any of its properties is
      bound.  The Company (i) is not in default under or in violation of
      (and no event has occurred that has not been waived that, with notice or lapse
      of time or both, would result in a default by the Company under), nor has the
      Company received notice of a claim that it is in default under or that it is
      in
      violation of, any indenture, loan or credit agreement or any other agreement
      or
      instrument to which it is a party or by which it or any of its properties is
      bound (whether or not such default or violation has been waived), (ii) is in
      violation of any order of any court, arbitrator or governmental body, or (iii)
      is or has been in violation of any statute, rule or regulation of any
      governmental authority, including without limitation all foreign, federal,
      state
      and local laws relating to taxes, environmental protection, occupational health
      and safety, product quality and safety and employment and labor matters, except
      in each case as could not, individually or in the aggregate, have or reasonably
      be expected to result in a Material Adverse Effect.  The Company is in
      compliance with all effective requirements of the Sarbanes-Oxley Act of 2002,
      as
      amended, and the rules and regulations thereunder that are applicable to it,
      except where such noncompliance could not have or reasonably be expected to
      result in a Material Adverse Effect.

     

    4.37           
      Solvency.  Based
      on the financial condition of the Company, as of the First Closing Date (and
      assuming that the First Closing shall have occurred), (i) the Company’s fair
      saleable value of their respective assets exceeds the amount that will be
      required to be paid on or in respect of the Company’s existing debts and other
      liabilities (including known contingent liabilities) as they mature and (ii)
      the
      current cash flow of the Company, together with the proceeds the Company would
      receive, were they to liquidate all of their respective assets, after taking
      into account all anticipated uses of the cash, would be sufficient to pay all
      amounts on or in respect of its debt when such amounts are required to be
      paid.  The Company does not intend to incur debts beyond its ability
      to pay such debts as they mature (taking into account the timing and amounts
      of
      cash to be payable on or in respect of its debt).

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    4.38           
      No Additional
      Agreements.  The Company does not have any agreement or
      understanding with any Investor with respect to the transactions contemplated
      by
      this Agreement other than as specified in this Agreement.

     

    4.39           
      Disclosure.  Neither
      the Company nor any person acting on its behalf has provided any Investor or
      its
      respective agents or counsel with any information that the Company believes
      constitutes material, non-public information concerning the Company, the
      Subsidiaries or their respective businesses, except insofar as the existence
      and
      terms of the proposed transactions contemplated hereunder may constitute such
      information. The Company understands and confirms that the Investors will rely
      on the foregoing representations and covenants in effecting transactions in
      securities of the Company.  All disclosure provided to the Investors
      regarding the Company and their respective businesses and the transactions
      contemplated hereby, furnished by or on behalf of the Company (including the
      representations and warranties set forth in this Agreement) are true and correct
      and do not contain any untrue statement of a material fact or omit to state
      any
      material fact necessary in order to make the statements made therein, in light
      of the circumstances under which they were made, not misleading.

     

    5.           
      Representations
      and
      Warranties of the Investors.  Each of the Investors hereby,
      severally and not jointly, represents and warrants to the Company
      that:

     

    5.1           
      Organization and
      Existence.  Such Investor is a validly existing corporation,
      limited partnership or limited liability company and has all requisite
      corporate, partnership or limited liability company power and authority to
      invest in the Shares pursuant to this Agreement.

     

    5.2           
      Authorization.  The
      execution, delivery and performance by such Investor of this Agreement have
      been
      duly authorized. This Agreement has been duly executed by such Investor, and
      when delivered by such Investor in accordance with the terms hereof, will
      constitute the valid and legally binding obligation of such Investor,
      enforceable against such Investor in accordance with its terms, subject to
      bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
      similar laws of general applicability, relating to or affecting creditors’
rights generally.

     

    5.3           
      Purchase Entirely
      for
      Own Account.  The Shares to be received by such Investor
      hereunder will be acquired for such Investor’s own account, not as nominee or
      agent, and not with a view to the resale or distribution of any part thereof
      in
      violation of the Securities Act, and such Investor has no present intention
      of
      selling, granting any participation in, or otherwise distributing the same
      in
      violation of the Securities Act.

     

    5.4           
      Investment
      Experience.  Such Investor acknowledges that it can bear the
      economic risk and complete loss of its investment in the Shares and has such
      knowledge and experience in financial or business matters that it is capable
      of
      evaluating the merits and risks of the investment in the Shares contemplated
      hereby.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    5.5           
      Disclosure of
      Information.  Such Investor has had an opportunity to receive
      all information related to the Company requested by it and to ask questions
      of
      and receive answers from the Company regarding the Company, its business and
      the
      terms and conditions of the offering of the Shares.

     

    5.6           
      Restricted
      Securities.  Such Investor understands that the Shares are
      characterized as “restricted securities” under the U.S. federal securities laws
      inasmuch as they are being acquired from the Company in a transaction not
      involving a public offering and that under such laws and applicable regulations
      such securities may be resold without registration under the Securities Act
      only
      in certain limited circumstances.

     

    5.7           
      Legends.  It
      is understood that, except as provided below, certificates evidencing the Shares
      may bear the following or any similar legend:

     

    (a)           
      “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
      LAWS.  THE SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS
      (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES
      ACT, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY
      HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH
      TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT
      OR
      QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.”

     

    (b)           
      If required by the authorities of any state in connection with the issuance
      of
      sale of the Shares, the legend required by such state authority.

     

    5.8           
      Accredited
      Investor.  Such Investor is an accredited investor as defined
      in Rule 501(a) of Regulation D under the Securities Act.

     

    5.9           
      No General
      Solicitation.  Such Investor did not learn of the investment in
      the Shares as a result of any public advertising or general
      solicitation.

     

    5.10           
      Brokers and
      Finders.  No Person will have, as a result of the transactions
      contemplated by this Agreements, any valid right, interest or claim against
      or
      upon the Company or an Investor for any commission, fee or other compensation
      pursuant to any agreement, arrangement or understanding entered into by or
      on
      behalf of such Investor.

     

    6.           
      Conditions to the
      First Closing.

     

    6.1           
      Conditions to the
      First Closing.

     

    (a)           
      Conditions to the
      Investors’ Obligations.  The obligation of each Investor to
      purchase the Initial Shares at the First Closing is subject to the satisfaction,
      on or prior to the First Closing Date, of the following conditions, any of
      which
      may be waived by such Investor (as to itself only):

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (i)           
      The representations and warranties made by the Company in Section 4 hereof
      shall
      be true and correct on the date hereof and on the First Closing Date (except
      to
      the extent any such representation or warranty expressly speaks as of a specific
      date, in which case such representation or warranty shall be true and correct
      as
      of such date). The Company shall have performed all obligations and covenants
      herein required to be performed by it on or prior to the First Closing Date.
      The
      Company shall have delivered a certificate, executed on behalf of the Company
      by
      its Chief Executive Officer or its Chief Financial Officer, dated as of the
      First Closing Date, certifying to the fulfillment of the condition specified
      in
      this Section 6.1(a)(i).

     

    (ii)           
      The Company shall have obtained any and all consents, permits, approvals,
      registrations and waivers necessary or appropriate for the purchase and sale
      of
      the Initial Shares and the consummation of the transactions contemplated by
      this
      Agreement.

     

    (iii)           
      No judgment, writ, order, injunction, award or decree of or by any court, or
      judge, justice or magistrate, including any bankruptcy court or judge, or any
      order of or by any governmental authority, shall have been issued, and no action
      or proceeding shall have been instituted by any governmental authority,
      enjoining or preventing the consummation of the transactions contemplated by
      this Agreement.

     

    (iv)           
      The Company shall have delivered a certificate, executed on behalf of the
      Company by its Secretary, dated as of the First Closing Date, certifying the
      resolutions adopted by the Board approving the transactions contemplated by
      this
      Agreement, certifying the current versions of the Articles of Incorporation
      and
      Bylaws of the Company and certifying as to the signatures and authority of
      Persons signing this Agreement and related documents on behalf of the
      Company.

     

    (v)           
      The Investors shall have received an opinion from Hanson, Bridgett, Marcus,
      Vlahos & Rudy, LLP, dated as of the First Closing Date, in substantially the
      form attached hereto as Exhibit
      A.

     

    (vi)           
      No stop order or suspension of trading shall have been imposed by Nasdaq, the
      OTC Bulletin Board, the SEC or any other governmental or regulatory body with
      respect to public trading in the Common Stock. The Company shall not have
      received notice of the ineligibility of the Common Stock for trading on the
      OTC
      Bulletin Board or that it is violation of any Nasdaq, OTC Bulletin Board or
      SEC
      rule, regulation or interpretation which could lead to such
      ineligibility.

     

    (vii)           
      The Company shall have delivered to its transfer agent irrevocable instructions
      to issue and deliver to each Investor (or in such nominee name(s) as designated
      by such Investor in writing) certificates evidencing such number of Initial
      Shares as set forth on the signature pages to this Agreement.

     

    (b)           
      Conditions to
      Obligations of the Company.  The Company’s obligation to sell
      and issue the Initial Shares at the First Closing is subject to the satisfaction
      on or prior to the First Closing Date of the following conditions, any of which
      may be waived by the Company:

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    (i)           
      The representations and warranties made by the Investors in Section 5 hereof
      shall be true and correct in all material respects when made and as of the
      First
      Closing Date with the same force and effect as if they had been made on and
      as
      of said date (except to the extent any such representation or warranty expressly
      speaks as of a specific date, in which case such representation or warranty
      shall be true and correct in all material respects as of such specific
      date).

     

    (ii)           
      The Company shall have obtained any and all consents, permits, approvals,
      registrations and waivers necessary or appropriate for the purchase and sale
      of
      the Initial Shares the consummation of the other transactions contemplated
      by
      this Agreement.

     

    (iii)           
      The Investors shall have executed and delivered this Agreement.

     

    (iv)           
      No judgment, writ, order, injunction, award or decree of or by any court, or
      judge, justice or magistrate, including any bankruptcy court or judge, or any
      order of or by any governmental authority, shall have been issued, and no action
      or proceeding shall have been instituted by any governmental authority,
      enjoining or preventing the consummation of the transactions contemplated by
      this Agreement.

     

    (v)           
      The Investors shall have delivered the Initial Purchase Price to the
      Company.

     

    6.2           
      Conditions to the
      Second Closing.

     

    (a)           
      Conditions to the
      Investors’ Obligations.  The obligation of each Investor to
      purchase the Additional Shares at the Second Closing is subject to the
      satisfaction, on or prior to the Second Closing Date, of the following
      conditions, any of which may be waived by such Investor (as to itself
      only):

     

    (i)           
      The representations and warranties made by the Company in Section 4 hereof
      shall
      be true and correct on the date hereof and on the Second Closing Date (except
      to
      the extent any such representation or warranty expressly speaks as of a specific
      date, in which case such representation or warranty shall be true and correct
      as
      of such date). The Company shall have performed all obligations and covenants
      herein required to be performed by it on or prior to the Second Closing Date.
      The Company shall have delivered a certificate, executed on behalf of the
      Company by its Chief Executive Officer or its Chief Financial Officer, dated
      as
      of the Second Closing Date, certifying to the fulfillment of the condition
      specified in this Section 6.2(a)(i).

     

    (ii)           
      The Company shall have obtained any and all consents, permits, approvals,
      registrations and waivers necessary or appropriate for the purchase and sale
      of
      the Additional Shares and the consummation of the transactions contemplated
      by
      this Agreement.

     

    (iii)           
      No judgment, writ, order, injunction, award or decree of or by any court, or
      judge, justice or magistrate, including any bankruptcy court or judge, or any
      order of or by any governmental authority, shall have been issued, and no action
      or proceeding shall have been instituted by any governmental authority,
      enjoining or preventing the consummation of the transactions contemplated by
      this Agreement.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (iv)           
      The Company shall have delivered a certificate, executed on behalf of the
      Company by its Secretary, dated as of the Second Closing Date, certifying the
      resolutions adopted by the Board approving the transactions contemplated by
      this
      Agreement, certifying the current versions of the Articles of Incorporation
      and
      Bylaws of the Company and certifying as to the signatures and authority of
      Persons signing this Agreement and related documents on behalf of the
      Company.

     

    (v)           
      The Investors shall have received an opinion from Hanson, Bridgett, Marcus,
      Vlahos & Rudy, LLP, dated as of the Second Closing Date, in substantially
      the form attached hereto as Exhibit
      A.

     

    (vi)           
      No stop order or suspension of trading shall have been imposed by Nasdaq, the
      OTC Bulletin Board, the SEC or any other governmental or regulatory body with
      respect to public trading in the Common Stock. The Company shall not have
      received notice of the ineligibility of the Common Stock for trading on the
      OTC
      Bulletin Board or that it is violation of any Nasdaq, OTC Bulletin Board or
      SEC
      rule, regulation or interpretation which could lead to such
      ineligibility.

     

    (vii)           
      The Company shall have delivered to its transfer agent irrevocable instructions
      to issue and deliver to each Investor (or in such nominee name(s) as designated
      by such Investor in writing) certificates evidencing such number of Additional
      Shares as set forth on the signature pages to this Agreement.

     

    (b)           
      Conditions to
      Obligations of the Company.  The Company’s obligation to sell
      and issue the Additional Shares at the Second Closing is subject to the
      satisfaction on or prior to the Second Closing Date of the following conditions,
      any of which may be waived by the Company:

     

    (i)           
      The representations and warranties made by the Investors in Section 5 hereof
      shall be true and correct in all material respects when made and as of the
      Second Closing Date with the same force and effect as if they had been made
      on
      and as of said date (except to the extent any such representation or warranty
      expressly speaks as of a specific date, in which case such representation or
      warranty shall be true and correct in all material respects as of such specific
      date).

     

    (ii)           
      The Company shall have obtained any and all consents, permits, approvals,
      registrations and waivers necessary or appropriate for the purchase and sale
      of
      the Additional Shares the consummation of the other transactions contemplated
      by
      this Agreement.

     

    (iii)           
      The Investors shall have executed and delivered this Agreement.

     

    (iv)           
      No judgment, writ, order, injunction, award or decree of or by any court, or
      judge, justice or magistrate, including any bankruptcy court or judge, or any
      order of or by any governmental authority, shall have been issued, and no action
      or proceeding shall have been instituted by any governmental authority,
      enjoining or preventing the consummation of the transactions contemplated by
      this Agreement.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (v)           
      The Investors shall have delivered the Additional Purchase Price to the
      Company.

     

    

    7.           
      Covenants and
      Agreements.

     

    7.1           
      Removal of
      Legends.

     

    (a)           
      Any legend referred to in Section 5.7 hereof stamped on a certificate evidencing
      the Shares and the stock transfer instructions and record notations with respect
      to such Shares shall be removed and the Company shall cause to be issued a
      certificate without such legend to the holder of such Shares upon delivery
      to
      the Company’s transfer agent (with a copy to the Company) of (i) a written
      request for the removal of the legend, (ii) the original share certificate
      for
      which legend removal is requested, and (iii) either (A) an opinion of counsel
      reasonably acceptable to the Company and its transfer agent to the effect that
      a
      public sale or transfer of such securities may be made without registration
      under the Securities Act or (B) other reasonable assurances in writing
      acceptable to the Company and its transfer agent (which shall not include an
      opinion of counsel) that such securities can be sold pursuant to Rule 144 under
      the Securities Act.  Not longer than three business days following the
      receipt by the Company’s transfer agent and the Company of the documents
      required in clauses (i), (ii) and (iii) above, the Company shall deliver or
      cause to be delivered to such holder a certificate representing such securities
      that is free from all restrictive and other legends.  If the Company
      is then eligible, certificates for Shares subject to legend removal hereunder
      shall be transmitted by the Company’s transfer agent to an Investor by crediting
      the prime brokerage account of such Investor with the Depository Trust Company
      System as directed by such Investor.

     

    (b)           
      If an Investor shall make a sale or transfer of Shares either pursuant to Rule
      144 or pursuant to a registration statement and in each case shall have
      delivered to the Company’s transfer agent (with a copy to the Company) (i) the
      original certificate representing the applicable Shares containing a restrictive
      legend which are the subject of such sale or transfer, (ii) a representation
      letter or letters in customary form, and (iii) in the case of a sale or transfer
      pursuant to Rule 144, either (A) an opinion of counsel reasonably acceptable
      to
      the Company and its transfer agent to the effect that a public sale or transfer
      of such securities may be made without registration under the Securities Act
      or
      (B) other reasonable assurances in writing acceptable to the Company and its
      transfer agent (which shall not include an opinion of counsel) that such
      securities can be sold pursuant to Rule 144 under the Securities Act (the “Share
      Delivery Date” shall
      be the date on
      which both the Company and its transfer agent have received the documents
      required in clauses (i) through (iii)), and (1) the Company shall fail to
      deliver or cause to be delivered to such Investor a certificate representing
      such Shares that is free from all restrictive or other legends by the third
      business day following the Share Delivery Date and (2) following such third
      business day after the Share Delivery Date and prior to the time such Shares
      are
      received free from restrictive legends, the Investor, or any third party on
      behalf of such Investor, purchases (in an open market transaction or otherwise)
      shares of Common Stock to deliver in satisfaction of a sale by the Investor
      of
      such Shares (a "Buy-In"), then, in addition
      to any other rights available to the Investor under this Agreement and
      applicable law, the Company shall pay in cash to the Investor (for costs
      incurred either directly by such Investor or on behalf of a third party) the
      amount by which the total purchase price paid for Common Stock as a result
      of
      the Buy-In (including brokerage commissions, if any) exceeds the proceeds
      received by such Investor as a result of the sale to which such Buy-In
      relates.  The Investor shall provide the Company written notice
      indicating the amounts payable to the Investor in respect of the
      Buy-In.

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (c)           
      The Company may not make any notation on its records or give instructions to
      any
      transfer agent of the Company that enlarge the restrictions on transfer set
      forth in this Section.

     

    7.2           
      Furnishing of
      Information.  As long as any Investor owns any Shares, the
      Company covenants to timely file (or obtain extensions in respect thereof and
      file within the applicable grace period) all reports required to be filed by
      the
      Company after the date hereof pursuant to the Exchange Act.  As long
      as any Investor owns Shares, if the Company is not required to file reports
      pursuant to such laws, it will prepare and furnish to the Investors and make
      publicly available in accordance with Rule 144(c) such information as is
      required for the Investors to sell the Shares under Rule 144.  The
      Company further covenants that it will take such further action as any holder
      of
      Shares may reasonably request, all to the extent required from time to time
      to
      enable such Person to sell the Shares without registration under the Securities
      Act within the limitation of the exemptions provided by Rule 144.

     

    7.3           
      Limitation on Issuance
      of Future Priced Securities.  During the six months following
      each of the First Closing Date and the Second Closing Date, the Company shall
      not issue any “Future Priced Securities” as such term is described by NASD
      IM-4350-1.

     

    7.4           
      Indemnification
      of
      Investors.  The Company will indemnify and hold the Investors
      and their directors, officers, shareholders, partners, employees and agents
      (each, an “Investor
      Party”) harmless
      from any and all losses, liabilities, obligations, claims, contingencies,
      damages, costs and expenses, including all judgments, amounts paid in
      settlements, court costs and reasonable attorneys’ fees and costs of
      investigation (collectively, “Losses”)
      that any such Investor
      Party may suffer or incur as a result of or relating to any misrepresentation,
      breach or inaccuracy of any representation, warranty, covenant or agreement
      made
      by the Company in this Agreement.  In addition to the indemnity
      contained herein, the Company will reimburse each Investor Party for its
      reasonable legal and other expenses (including the cost of any investigation,
      preparation and travel in connection therewith) incurred in connection
      therewith, as such expenses are incurred.

     

    7.5           
      Non-Public
      Information.  The Company covenants and agrees that neither it
      nor any other person acting on its or their behalf will provide any Investor
      or
      its agents or counsel with any information that the Company believes constitutes
      material non-public information, unless prior thereto such Investor shall have
      executed a written agreement regarding the confidentiality and use of such
      information.  The Company understands and confirms that each Investor
      shall be relying on the foregoing representations in effecting transactions
      in
      securities of the Company.

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    7.6           
      Replacement of
      Shares.  If any certificate or instrument evidencing any Shares
      is mutilated, lost, stolen or destroyed, the Company shall issue or cause to
      be
      issued in exchange and substitution for and upon cancellation thereof, or in
      lieu of and substitution therefor, a new certificate or instrument, but only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity, if
      requested.  The applicants for a new certificate or instrument under
      such circumstances shall also pay any reasonable third-party costs associated
      with the issuance of such replacement Shares.  If a replacement
      certificate or instrument evidencing any Shares is requested due to a mutilation
      thereof, the Company may require delivery of such mutilated certificate or
      instrument as a condition precedent to any issuance of a
      replacement.

     

    7.7           
      Remedies.  In
      addition to being entitled to exercise all rights provided herein or granted
      by
      law, including recovery of damages, each of the Investors and the Company will
      be entitled to specific performance under this Agreement.  The parties
      agree that monetary damages may not be adequate compensation for any loss
      incurred by reason of any breach of obligations described in the foregoing
      sentence and hereby agrees to waive in any action for specific performance
      of
      any such obligation the defense that a remedy at law would be
      adequate.

     

    7.8           
      Independent Nature
      of
      Investors’ Obligations and Rights.  The obligations of each
      Investor under this Agreement are several and not joint with the obligations
      of
      any other Investor, and no Investor shall be responsible in any way for the
      performance of the obligations of any other Investor under this
      Agreement.  The decision of each Investor to purchase Shares pursuant
      to this Agreement has been made by such Investor independently of any other
      Investor.  Nothing contained herein, and no action taken by any
      Investor pursuant thereto, shall be deemed to constitute the Investors as a
      partnership, an association, a joint venture or any other kind of entity, or
      create a presumption that the Investors are in any way acting in concert or
      as a
      group with respect to such obligations or the transactions contemplated by
      this
      Agreement.  Each Investor acknowledges that no other Investor has
      acted as agent for such Investor in connection with making its investment
      hereunder and that no Investor will be acting as agent of such Investor in
      connection with monitoring its investment in the Shares or enforcing its rights
      under the Transaction Documents.  Each Investor shall be entitled to
      independently protect and enforce its rights, including without limitation
      the
      rights arising out of this Agreement, and it shall not be necessary for any
      other Investor to be joined as an additional party in any proceeding for such
      purpose.  The Company acknowledges that each of the Investors has been
      provided with the same Agreement for the purpose of closing a transaction with
      multiple Investors and not because it was required or requested to do so by
      any
      Investor.

     

    7.9           
      Limitation of
      Liability.  Notwithstanding anything herein to the contrary,
      the Company acknowledges and agrees that the liability of an Investor arising
      directly or indirectly, under this Agreement of any and every nature whatsoever
      shall be satisfied solely out of the assets of such Investor, and that no
      trustee, officer, other investment vehicle or any other affiliate of such
      Investor or any investor, shareholder or holder of shares of beneficial interest
      of such a Investor shall be personally liable for any liabilities of such
      Investor.

     

    8.           
      Survival of
      Representations and Warranties.

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    8.1           
      Survival.  The
      representations, warranties, covenants and agreements contained in this
      Agreement shall survive after the First Closing Date and Second Closing Date,
      except as otherwise expressly provided in this Agreement.

     

    9.           
      Miscellaneous.

     

    9.1           
      Successors and
      Assigns.  This Agreement shall be binding upon and inure to the
      benefit of the parties and their successors and permitted
      assigns.  The Company may not assign this Agreement or any rights or
      obligations hereunder without the prior written consent of the
      Investors.  Any Investor may assign any or all of its rights under
      this Agreement to any Person to whom such Investor assigns or transfers any
      Shares, provided such transferee agrees in writing to be bound, with respect
      to
      the transferred Shares, by the provisions hereof that apply to the
“Investors.”

     

    9.2           
      Counterparts;
      Faxes.  This Agreement may be executed in two or more
      counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one and the same instrument.  This Agreement
      may also be executed via facsimile or PDF, which shall be deemed an
      original.

     

    9.3           
      Titles and
      Subtitles.  The titles and subtitles used in this Agreement are
      used for convenience only and are not to be considered in construing or
      interpreting this Agreement.

     

    9.4           
      Notices.  Unless
      otherwise provided, any notice required or permitted under this Agreement shall
      be given in writing and shall be deemed effectively given as hereinafter
      described (i) if given by personal delivery, then such notice shall be deemed
      given upon such delivery, (ii) if given by facsimile or electronic mail, then
      such notice shall be deemed given upon receipt of confirmation of complete
      transmittal, (iii) if given by mail, then such notice shall be deemed given
      upon
      the earlier of (A) receipt of such notice by the recipient or (B) three (3)
      days
      after such notice is deposited in first class mail, postage prepaid, and (iv)
      if
      given by an internationally recognized overnight air courier, then such notice
      shall be deemed given one (1) Business Day after delivery to such
      carrier.  All notices shall be addressed to the party to be notified
      at the address as follows, or at such other address as such party may designate
      by ten (10) days’ advance written notice to the other party:

     

    If
      to the Company:

     

    Intraop
      Medical Corporation

    570
      Del
      Rey Avenue

    Sunnyvale,
      CA 94085

    Attention:  Chief
      Financial Officer

    Facsimile:  (734)
      503-6529

     

    With
      a copy to:

     

    Hanson,
      Bridgett, Marcus, Vlahos & Rudy, LLP

    425
      Market
      Street, 26th
      Floor

    San
      Francisco, CA  94105

    Attention:  David
      M. Pike, Esq.

    Facsimile:
      (415) 541-9366

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    If
      to the Investors, to the addresses
      set forth on the Schedule of Purchasers, with a copy to:

     

    Winston
      & Strawn LLP

    200
      Park
      Avenue

    New
      York,
      New York  10166

    Attention:  Eric
      L. Cohen, Esq.

    Facsimile:  (212)
      294-3540

     

    9.5           
      Expenses.  The
      parties hereto shall pay their own costs and expenses in connection
      herewith.  In the event that legal proceedings are commenced by any
      party to this Agreement against another party to this Agreement, the party
      or
      parties that do not prevail in such proceedings shall severally, but not
      jointly, pay their pro rata share of the reasonable attorneys’ fees and other
      reasonable out-of-pocket costs and expenses incurred by the prevailing party
      in
      such proceedings.

     

    9.6           
      Amendments and
      Waivers.  Any term of this Agreement may be amended and the
      observance of any term of this Agreement may be waived (either generally or
      in a
      particular instance and either retroactively or prospectively) only with the
      written consent of the Company and the Investors.  Any amendment or
      waiver effected in accordance with this paragraph shall be binding upon each
      holder of any Shares purchased under this Agreement at the time outstanding,
      each future holder of all such Shares and the Company.

     

    9.7           
      Publicity.  Except
      as set forth below, no public release or announcement concerning the
      transactions contemplated hereby shall be issued by the Investors without the
      prior consent of the Company, except as such release or announcement may be
      required by law or the applicable rules or regulations of Nasdaq, the OTC
      Bulletin Board or the Securities Act.  Notwithstanding the foregoing,
      not later than three (3) trading days immediately following the date hereof,
      the
      Company shall issue a press release disclosing the transactions contemplated
      by
      this Agreement.  The Company will timely file a Current Report on Form
      8-K describing this Agreement and attaching the press release described in
      the
      foregoing sentence.  In addition, the Company will make such other
      filings (including filing this Agreement with the SEC) and notices in the manner
      and time required by the SEC, Nasdaq or the OTC Bulletin Board.  The
      Company shall make the foregoing disclosure such that following such disclosure,
      the Investors shall no longer be in possession of any material, non-public
      information with respect to the Company.  Notwithstanding the
      foregoing, the Company shall not publicly disclose the name of any Investor,
      or
      include the name of any Investor in any filing with the SEC or any regulatory
      agency or trading market, without the prior written consent of such Investor,
      except to the extent such disclosure is required by law or trading market
      regulations.

     

    9.8           
      Severability.  Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof but shall be interpreted as if it were written so as to be
      enforceable to the maximum extent permitted by applicable law, and any such
      prohibition or unenforceability in any jurisdiction shall not invalidate or
      render unenforceable such provision in any other jurisdiction.  To the
      extent permitted by applicable law, the parties hereby waive any provision
      of
      law which renders any provision hereof prohibited or unenforceable in any
      respect.

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    9.9           
      Entire
      Agreement.  This Agreement, including the exhibits and the
      Disclosure Schedules, constitute the entire agreement among the parties hereof
      with respect to the subject matter hereof and thereof and supersede all prior
      agreements and understandings, both oral and written, between the parties with
      respect to the subject matter hereof and thereof.

     

    9.10           
      Further
      Assurances.  The parties shall execute and deliver all such
      further instruments and documents and take all such other actions as may
      reasonably be required to carry out the transactions contemplated hereby and
      to
      evidence the fulfillment of the agreements herein contained.

     

    9.11           
      Governing Law; Consent
      to Jurisdiction; Waiver of Jury Trial.  This Agreement shall be
      governed by, and construed in accordance with, the internal laws of the State
      of
      New York without regard to the choice of law principles thereof.  Each
      of the parties hereto irrevocably submits to the exclusive jurisdiction of
      the
      courts of the State of California located in Santa Clara County and the United
      States District Court for the Northern District of California for the purpose
      of
      any suit, action, proceeding or judgment relating to or arising out of this
      Agreement and the transactions contemplated hereby.  Service of
      process in connection with any such suit, action or proceeding may be served
      on
      each party hereto anywhere in the world by the same methods as are specified
      for
      the giving of notices under this Agreement.  Each of the parties
      hereto irrevocably consents to the jurisdiction of any such court in any such
      suit, action or proceeding and to the laying of venue in such
      court.  Each party hereto irrevocably waives any objection to the
      laying of venue of any such suit, action or proceeding brought in such courts
      and irrevocably waives any claim that any such suit, action or proceeding
      brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO
      WAIVES ANY
      RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
      AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO
      THIS
      WAIVER.

     

    (Signature
      pages
      follow)

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have
      executed this Common Stock Purchase Agreement as of the date first above
      written.

     

    The
      Company:

     

    

    Intraop
      Medical Corporation

    

    By:
/s/
      Howard
      Solovei                                                               

    Printed
      Name: Howard
      Solovei                                                                    
      

    Its: Chief
      Financial
      Officer                                                                

     

     

     

     

     

     

    
       

      
        COMMON
          STOCK PURCHASE AGREEMENT SIGNATURE PAGE

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have
      executed this Common Stock Purchase Agreement as of the date first above
      written.

     

    The
      Investors:

    

    

    The
      Pinnacle Fund, L.P.

    

    By:           
      Pinnacle Advisors, L.P. 

               
       Its
      General Partner

     

    By:           
      Pinnacle Fund Management, L.L.C.

     Its
      General Partner

     

    By:
/s/
      Barry
      Kitt

          Barry
      Kitt, Sole Member

    

     

    

     

    [OTHER
      SIGNATURE PAGES TO FOLLOW]

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    Dr.
      Clay and Mrs. Brenda Cockerell,  JTWROS

    By:
      /s/ Clay
      Cockerell

          Clay
      Cockerell

    

    By:
/s/
      Brenda
      Cockerell

          Brenda
      Cockerell

    

    

    /s/
      Albert
      DeNittis

    Albert
      DeNittis

    

    

    Ellerphund
      IOPM, LP

    By:  Ellerphund
      Capital III, LLC, Its General Partner

    By:
/s/
      Marc
      Eller

          Marc
      Eller, Member

     

    

     

    

    E.U.
      Capital Venture, Inc.

    By:
/s/
      Hans
      Morkner

    Printed
      Name: Hans Morkner

    Its:
      Mgt.
      Director

    

    

    /s/
      Robert W.
      Higgins

    Robert
      W.
      Higgins

    

    

    /s/
      Bailey
      Lemak

    Bailey
      Lemak

    

    

    /s/
      Eleanor J.
      Lemak

    Eleanor
      J.
      Lemak

    

    

    /s/
      John S.
      Lemack

    John
      S.
      Lemak, Jr. UGMA/TX

    John
      S.
      Lemak Custodian

    

    

    /s/
      John S.
      Lemack

    John
      S.
      Lemak

     

     

    COMMON
      STOCK PURCHASE AGREEMENT
      SIGNATURE PAGE

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    /s/
      Lacey
      Lemak

    Lacey
      Lemak

    

    

    /s/
      Barry
      Reder

    Barry
      Reder

     

     

     

     

     

     

     

    COMMON
      STOCK PURCHASE AGREEMENT
      SIGNATURE PAGE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      OF PURCHASERS

     

    FIRST
      CLOSING:

     

    
      
        	
                Investor
                  Name and
                  Address:

              	
                Purchase
                  Price:

              	
                #
                  of Shares
                  Purchased:

              
	 	 	 
	
                Dr.
                  Clay and Mrs. Brenda Cockerell

              	
                $6,656.86

              	
                95,098

              
	JTWROS	 	 
	
                4312
                  Arcady Avenue

              	 	 
	
                Dallas,
                  TX 75205

              	 	 
	 	 	 
	
                Albert
                  DeNittis

              	
                $7,000.00

              	
                100,000

              
	
                c/o
                  Radiation Oncology Dept.

              	 	 
	
                The
                  Lankenau Hospital

              	 	 
	
                100
                  Lancaster Avenue

              	 	 
	
                Wynnewood,
                  PA 19096

              	 	 
	 	 	 
	
                Ellerphund
                  IOPM, LP

              	
                $1,000,000.00

              	
                14,285,714

              
	
                c/o
                  Ellerphund Capital

              	 	 
	
                2616
                  Hibernia St

              	 	 
	
                Dallas,
                  TX  75201

              	 	 
	 	 	 
	
                E.U.
                  Capital Venture, Inc.

              	
                $34,615.91

              	
                494,513

              
	
                c/o
                  Hans Morkner

              	 	 
	
                15720
                  Simoni Drive

              	 	 
	
                San
                  Jose, CA 95127

              	 	 
	 	 	 
	
                Robert
                  W. Higgins

              	
                $70,000.00

              	
                1,000,000

              
	
                5601
                  Perugia Circle

              	 	 
	
                San
                  Jose, CA 95138

              	 	 
	 	 	 
	
                Bailey
                  Lemak

              	
                $25,000.00

              	
                357,142

              
	
                4410
                  Bordeaux

              	 	 
	
                Dallas,
                  TX 75205

              	 	 
	 	 	 
	
                Eleanor
                  J. Lemak

              	
                25,000.00

              	
                357,142

              
	
                4410
                  Bordeaux

              	 	 
	
                Dallas,
                  TX 75205

              	 	 
	 	 	 
	
                John
                  S. Lemak, Jr., UGMA/TX

              	
                $25,000.00

              	
                357,142

              
	
                John
                  S. Lemak Custodian

              	 	 
	
                4410
                  Bordeaux

              	 	 
	
                Dallas,
                  TX 75205

              	 	 
	 	 	 
	
                John
                  S. Lemak

              	
                $100,000.00

              	
                1,428,571

              
	
                4410
                  Bordeaux

              	 	 
	
                Dallas,
                  TX 75205

              	 	 

      

    

     

     

     

    
      COMMON
        STOCK PURCHASE AGREEMENT
        SCHEDULE OF PURCHASERS

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      OF PURCHASERS (Continued)

     

    FIRST
      CLOSING
      (Continued):

     

     

     

    
      
        	
                Lacey
                  Lemak

              	
                $25,000.00

              	
                357,142

              
	
                4410
                  Bordeaux

              	 	 
	
                Dallas,
                  TX 75205

              	 	 
	 	 	 
	
                The
                  Pinnacle Fund, L.P.

              	
                $1,000,000.00

              	
                14,285,714

              
	
                Suite
                  240, 4965 Preston Park Blvd.

              	 	 
	
                Plano,
                  TX 75093

              	 	 
	 	 	 
	
                Barry
                  Reder

              	
                $50,000.00

              	
                714,285

              
	
                54
                  Sixth Avenue

              	 	 
	
                San
                  Francisco, CA 94118

              	 	 

      

    

     

     

     

    
      COMMON
        STOCK PURCHASE AGREEMENT
        SCHEDULE OF PURCHASERS

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    Form
      of Legal Opinion

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    _________________,
      2008

     

    

     

    To
      the
      Investors Listed in

    the
      Schedule of Purchasers of the

    Common
      Stock Purchase Agreement

    dated
      as
      of ______________, 2008

    

    Ladies
      and
      Gentlemen:

     

    Reference
      is made to the Common Stock Purchase Agreement, dated as of ___________, 2008
      (the "Purchase Agreement"), complete with all listed exhibits thereto, by and
      among Intraop Medical Corporation, a Nevada corporation (the "Company"), and
      the
      investors listed in the Schedule of Purchasers to the Purchase Agreement (the
      "Investors"), which provides for, among other things, the issuance by the
      Company to the Investors of shares of Common Stock.  All terms used
      herein have the meanings defined in the Purchase Agreement unless otherwise
      defined herein.

     

    We
      have
      acted as counsel for the Company in connection with the negotiation, preparation
      and execution of the Purchase Agreement and the completion of the transactions
      contemplated thereunder.

     

    In
      rendering this opinion, we have examined the originals, or copies properly
      certified or otherwise identified to our satisfaction as being in the form
      of
      the originals, of the following:

     

    (a)           
      the Purchase Agreement;

     

    
      	
               (b)

            	
              the
                Company's Amended and Restated Articles of Incorporation filed with
                the
                Nevada Secretary of State on March 9, 2005 and the Certificate of
                Amendment to Articles of Incorporation filed with the Nevada Secretary
                of
                State on October 19, 2007, certified to us by an officer of the Company
                as
                being complete and in full force and effect as of the date of this
                letter
                (together, the “Amended Articles”);

            

    

     

    
      	
              (c)

            	
              the
                Bylaws of the Company, certified to us by an officer of the Company
                as
                being complete and in full force and effect as of the date of this
                letter;
                

            

    

     

    
      	
              (d)

            	
              documents
                evidencing the corporate proceedings taken by the Company to authorize
                and
                effect the execution, delivery and performance of the transactions
                contemplated by the Purchase Agreement;

            

    

     

    
      	
              (e)

            	
              a
                Certificate of Existence With Status in Good Standing for the Company
                issued on January 8, 2008 by the Secretary of State of Nevada, a
                Certificate of Status of Foreign Corporation for the Company issued
                on
                January 4, 2008 by the Secretary of State of California, and an Entity
                Status for the Company issued by the California Franchise Tax Board
                on
                January 4, 2008 stating that the Company is in good standing with
                the
                California Franchise Tax Board; and

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    To
      the
      Investors

     

    _______________,
      2008

    Page
      2

     

     

    
      	
              (f)

            	
              an
                Officer’s Certificate of the Company provided to us as of the date of this
                letter concerning certain factual matters relevant to this opinion.
                

            

    

     

    As
      to various questions of fact
      material to our opinion, we have, to the extent we deemed it appropriate,
      reviewed and relied upon the representations and warranties made by the Company
      in Section 4 of the Purchase Agreement and statements and certificates of the
      officers of the Company, and of public officials and others. With regard to
      such
      factual matters relevant to this opinion as to which we have relied upon said
      representations, warranties, statements and certificates of the officers of
      the
      Company and others, we have not sought to verify independently the existence
      of
      the facts as represented to us, but we are aware of no facts which would lead
      us
      to believe that the opinions expressed herein are not appropriate.

     

    In
      rendering this opinion, we have
      assumed the following:

     

    (i)           
      All documents submitted to us as originals are complete and authentic; all
      copies of documents submitted to us conform in all respects to the originals
      thereof, including all amendments or modifications thereto; and all originals
      or
      copies submitted to us have not been amended or modified since the date they
      were submitted to us, by written or oral agreement of the parties thereto,
      by
      the conduct of the parties thereto or otherwise;

     

    (ii)           
      The signatures on all original documents examined by us are genuine and all
      copies of such documents submitted to us are genuine;

     

    (iii)           
      The due authorization, execution and delivery of all documents (other than
      by
      the Company), where authorization, execution and delivery are a prerequisite
      to
      the effectiveness thereof;

     

    (iv)           
      All individuals executing and delivering documents had the legal capacity to
      so
      execute and deliver;

     

    (v)           
      Each party to the Purchase Agreement, other than the Company and individuals,
      is
      duly organized, validly existing and in good standing under its jurisdiction
      of
      organization and is in good standing in each jurisdiction in which the conduct
      of its business or its ownership or leasing of property currently requires
      that
      it qualify to do business in such jurisdiction, with the corporate or other
      organizational power to perform its obligations under the Purchase Agreement;
      each party to the Purchase Agreement, other than the Company, has complied
      with
      any applicable requirement to file tax returns and pay taxes in each
      jurisdiction in which it is required to do so; each party to the Purchase
      Agreement, other than the Company, has validly authorized, executed and
      delivered the Purchase Agreement; and the Purchase Agreement constitutes the
      valid and binding obligation of each such party, enforceable against each such
      party in accordance with its terms;

     

    (vi)           
      The factual matters set forth in the Purchase Agreement are accurate and
      complete in all material respects and all certificates and all other written
      representations as to factual matters delivered or made to us by officers of
      the
      Company are accurate and complete in all material respects; and

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      To
        the
        Investors

       

      _______________,
        2008

      Page
        3

    

     

    (vii)           
      Neither the execution of the Purchase Agreement nor the consummation of the
      transactions provided for therein contravenes any applicable law of any
      jurisdiction, other than California law or federal law.

     

    On
      the basis of the foregoing
      examinations and assumptions and in reliance thereon, upon the representations
      of the Investors and the other parties to the Purchase Agreement, and upon
      all
      such other matters of fact as we deemed relevant under the circumstances, and
      subject to the limitations and qualifications set forth below, it is our opinion
      that as of the date hereof:

     

    1.           
      The Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Nevada. The Company has qualified to
      do
      business and is in good standing in the State of California.

     

    2.           
      The Company has the requisite corporate power to own its property and assets,
      and to conduct its business as it is currently being conducted.

     

    3.           
      The Company has the requisite corporate power to execute, deliver and perform
      its obligations under the Purchase Agreement. The Purchase Agreement has been
      duly executed and delivered by the Company and constitutes a valid and binding
      obligation of the Company, enforceable against the Company in accordance with
      its terms.

     

    4.           
      The Company’s authorized capital stock consists of 500,000,000 shares of Common
      Stock, par value $0.001, of which 324,570,524 shares are issued and outstanding
      immediately prior to the First Closing.  The outstanding shares of
      Common Stock have been duly authorized and validly issued and are fully paid
      and
      nonassessable.  The Shares have been duly authorized, and upon
      issuance and delivery against payment therefor in accordance with the terms
      of
      the Purchase Agreement, the Shares will be validly issued, fully paid and
      nonassessable.    To our knowledge, there are no options,
      warrants, conversion privileges, preemptive rights or other rights outstanding
      prior to the First Closing to purchase any of the authorized but unissued
      capital stock of the Company, other than the participation rights provided
      in
      the Rights Agreement dated as of August 17, 2007 by and between the Company
      and
      the investors named therein, rights created in connection with the transactions
      contemplated by the Purchase Agreement, warrants to purchase 16,336,433 shares
      of Common Stock, outstanding options granted under the Company’s 2005 Equity
      Incentive Plan to purchase 27,068,327 shares of Common Stock, and 18,291,337
      shares of Common Stock reserved for issuance under the Company’s 2005 Equity
      Incentive Plan.

     

    5.           
      The execution and delivery of the Purchase Agreement by the Company and the
      issuance of the Shares pursuant thereto do not violate any provision of the
      Company’s Amended Articles or Bylaws, and do not constitute a default under or a
      material breach of any material agreement that is listed as an exhibit to the
      SEC Filings, and do not violate (a) any United States federal or California
      governmental statute, rule or regulation which in our experience is typically
      applicable to transactions of the nature contemplated by the Purchase Agreement
      or (b) any order, writ, judgment, injunction, decree, determination or award
      which has been entered against the Company and of which we have knowledge,
      in
      each case to the extent the violation of which would materially and adversely
      affect the Company and its subsidiaries, taken as a whole.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        To
          the
          Investors

         

        _______________,
          2008

        Page
          4

      

    

     

     

    6.           
      To our knowledge, there is no action, proceeding or investigation pending or
      overtly threatened against the Company before any court or administrative agency
      that questions the validity of the Purchase Agreement or that could reasonably
      be expected to result, either individually or in the aggregate, in a material
      adverse effect on the Company and its subsidiaries, taken as a
      whole.

     

    7.           
      Based in part on the representations of the Investors in the Purchase Agreement,
      all consents, approvals, authorizations, or orders of, and filings,
      registrations and qualifications with any United States federal or California
      regulatory authority or governmental body on the part of the Company required
      for the issuance of the Shares have been made, obtained or effected as of the
      Closing, except for filings pursuant to (a) Regulation D of the Securities
      Act
      of 1933, as amended (the "1933 Act") and (b) any required filings pursuant
      to
      state “blue sky” laws.

     

    8.           
      Based in part upon the representations made by the Company and the Investors
      in
      the Purchase Agreement, the offer and sale of the Shares in conformity with
      the
      terms of the Purchase Agreement do not require registration under Section 5
      of
      the 1933 Act.

     

    9.           
      The Company is not, and, after giving effect to the offering and sale of the
      Securities and the application of the proceeds thereof, will not be, an
“investment company” as defined in the Investment Company Act of 1940, as
      amended.

     

    The
      opinions expressed above are
      subject to the following:

     

    (a)           
      The application and effect of bankruptcy, insolvency, reorganization,
      moratorium, anti-deficiency, or similar laws or court decisions relating to
      or
      affecting the rights of creditors generally;

     

    (b)           
      We express no opinion as to whether specific performance of any of the remedies,
      covenants or other provisions of the Purchase Agreement is
      available;

     

    (c)           
      We express no opinion as to the compliance or noncompliance with applicable
      federal and state anti-fraud statutes concerning the issuance of
      securities;

     

    (d)           
      We express no opinion on (i) the effect of judicial decisions which may permit
      the introduction of extrinsic evidence to modify the terms or the interpretation
      of the Purchase Agreement; (ii) any requirement that provisions of the Purchase
      Agreement may only be waived in writing as to its enforceability to the extent
      an oral agreement has been executed modifying provisions of the Purchase
      Agreement; (iii) the enforceability of indemnification or contribution
      provisions, which may be unenforceable in certain circumstances; (iv) the
      enforceability of any provision waiving the right to a jury trial; (v) the
      enforceability of broadly or vaguely stated rights; (vi) the right to damages;
      or (vii) the limitations imposed by general principles of equity, including,
      without limitation, concepts of materiality, reasonableness, good faith and
      fair
      dealing, regardless of whether considered in a proceeding equity or
      law;

     

    (e)           
      In rendering the opinions set forth in paragraph (1) above regarding the due
      incorporation, valid existence and good standing of the Company in Nevada and
      in
      paragraphs (2) and (3) regarding the Company’s corporate powers, we inform you
      that we are not licensed to practice law in Nevada and have relied without
      further investigation on our review of (i) the Company's Amended Articles and
      Bylaws; (ii) the Company's minute book; (iii) a Certificate of Existence with
      Status in Good Standing issued by the Secretary of State of the State of Nevada
      with respect to the Company; (iv) relevant portions of the Nevada Revised
      Statutes and (v) a certificate of an officer of the Company as to certain
      factual matters;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        To
          the
          Investors

         

        _______________,
          2008

        Page
          5

      

    

     

    (f)           
      In rendering the opinion set forth in paragraph 4 above relating to the status
      of the capitalization of the Company, we have relied without further
      investigation on our review of the Company's Amended Articles and a summary
      of
      outstanding securities of the Company certified to us by an officer of the
      Company;

     

    (g)           
      We have acted as counsel to the Company only with respect to certain corporate
      matters, the negotiation of the Purchase Agreement and the rendering of these
      opinions. Accordingly, we may not have knowledge of all matters of fact or
      law
      relating to the Company that may be relevant in connection with the opinions
      herein. Any alteration of those facts may adversely affect our opinions.
      Whenever a statement herein is qualified by "known to us," "to our knowledge,"
      "to our current actual knowledge," or similar phrase, it is intended to indicate
      that during the course of our representation of the Company, no information
      that
      would give us current actual knowledge of the inaccuracy of such statement
      has
      come to the attention of those attorneys in this firm who have rendered legal
      services to the Company in connection with the negotiation, execution and
      delivery of the Purchase Agreement. However, except as otherwise expressly
      indicated, we have not undertaken any independent investigation to determine
      the
      accuracy of any such statement (including, without limitation, any search of
      litigation filings in any court), and any limited inquiry undertaken by us
      during the preparation of this letter should not be regarded as such an
      investigation. No inference as to our current actual knowledge of any matters
      bearing on the accuracy of any such statement should be drawn from the fact
      of
      our representation of the Company.

     

    We
      have not been requested to opine,
      and we have not opined, as to any issues other than those expressly set forth
      herein, and no opinion is implied or may be inferred beyond the matters
      expressly stated herein.  Our opinion is limited to the current
      federal laws of the United States of America and the current laws of the State
      of California, present judicial interpretations thereof and to facts as they
      presently exist.  We also refer you to the qualification in paragraph
      (e) above with respect to Nevada law.  We note that the Purchase
      Agreement is governed by New York law and, with your permission, we are
      rendering the opinions in paragraph (3) above regarding the validity, binding
      effect and enforceability of the Purchase Agreement as though the Purchase
      Agreement was governed by the internal law of the State of California and for
      purposes hereof have assumed that New York and California law are identical
      in
      all respects.  We express no opinion as to whether the laws of any
      particular jurisdiction apply, and no opinion to the extent that the laws of
      any
      jurisdiction other than those identified above are applicable to the subject
      matter hereof.  In rendering this opinion, we have no obligation to
      revise or supplement it should the current federal laws of the United States
      of
      America or of the State of California be changed by legislative action, judicial
      decision or otherwise.  With reference to matters of fact, this
      opinion is limited to information that has come to our attention solely in
      connection with matters involving this firm's engagement as counsel to the
      Company.

     

    Further,
      the opinions contained in this
      letter are given as of the date of this letter and are rendered exclusively
      for
      your benefit in accordance with the provisions of Section 6.1(a)(v) of the
      Purchase Agreement and may not be relied upon to state directly or indirectly
      any general proposition or for any other purpose. We hereby disclaim any
      obligation to notify any person or entity after the date hereof if any change
      in
      fact or law should change our opinions with respect to any matter set forth
      in
      this letter.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        To
          the
          Investors

         

        _______________,
          2008

        Page
          6

      

    

     

     

    This
      opinion has been rendered to you
      at the request of the Company and may be relied upon by you only in connection
      with the transactions contemplated under the Purchase Agreement. No other use
      or
      distribution of this opinion may be made, and no other person or party may
      rely
      on this opinion, without our express prior written consent in each
      instance.

     

    Very
      truly
      yours,

     

    

     

    Hanson
      Bridgett Marcus Vlahos & Rudy, LLP

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