Document:

newcardio_ex1016.htm

    EXHIBIT
10.16

    

    FORM OF
LOCK-UP AGREEMENT

     

    December
27, 2007

    

    Each
Purchaser referenced below:

    

    
      	
               
      

            	
              Re:

            	
              Securities
      Purchase Agreement, dated as of December 27, 2007 (the “Purchase Agreement”),
      between Marine Park Holdings, Inc., a Delaware corporation (the “Company”) and
      the purchasers signatory thereto (each, a “Purchaser” and,
      collectively, the “Purchasers”)

            

    

     

    Ladies
and Gentlemen:

     

    Defined
terms not otherwise defined in this letter agreement (the “Letter Agreement”)
shall have the meanings set forth in the Purchase Agreement.  Pursuant
to Section 2.2 of the Purchase Agreement and in satisfaction of a condition of
the Company’s obligations under the Purchase Agreement, the undersigned
irrevocably agrees with the Company that, from the date hereof until the 36
month anniversary of the Effective Date (such period, the “Restriction Period”),
the undersigned will not offer, sell,  contract to sell, hypothecate,
pledge or otherwise dispose of (or enter into any transaction which is designed
to, or might reasonably be expected to, result in the disposition (whether by
actual disposition or effective economic disposition due to cash settlement or
otherwise) by the undersigned or any Affiliate of the undersigned or any person
in privity with the undersigned or any Affiliate of the undersigned), directly
or indirectly, including the filing (or participation in the filing) of a
registration statement with the Commission in respect of, or establish or
increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act with respect to,
any shares of Common Stock or Common Stock Equivalents beneficially owned, held
or hereafter acquired by the undersigned (the “Securities”).  Beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act.  In order to enforce this covenant, the Company shall impose
irrevocable stop-transfer instructions preventing the Transfer Agent from
effecting any actions in violation of this Letter Agreement.

     

    Notwithstanding
the foregoing, the undersigned shall be permitted to make Transfers of the
shares of the Company’s Common Stock held by the undersigned during the
Restriction Period expressly in accordance with the following (collectively, the
“Sale
Allowances”):

     

    1.          During
the 24 month period immediately following the Effective Date, the undersigned
shall be permitted to make Transfers of the shares of the Company’s Common Stock
held by the undersigned, on a monthly basis in an amount equal to up to
_________1
shares of Common Stock, subject to adjustment for reverse and forward stock
splits, stock dividends, stock combinations and other similar transactions of
the Common Stock that occur after the date of this Letter Agreement, per month
(the undersigned acknowledges and agrees that the foregoing limits on Transfers
are non-cumulative and may not be carried over from month to
month).

     

    ___________________

    
      1 Insert
amount that is equal to 1/12th of the
shares of Common Stock beneficially owned by the undersigned.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    The
undersigned acknowledges that the execution, delivery and performance of this
Letter Agreement is a material inducement to each Purchaser to complete the
transactions contemplated by the Purchase Agreement and that each Purchaser
(which shall be a third party beneficiary of this Letter Agreement) and the
Company shall be entitled to specific performance of the undersigned’s
obligations hereunder.  The undersigned hereby represents that the
undersigned has the power and authority to execute, deliver and perform this
Letter Agreement, that the undersigned has received adequate consideration
therefor and that the undersigned will indirectly benefit from the closing of
the transactions contemplated by the Purchase Agreement.

     

    This
Letter Agreement may not be amended or otherwise modified in any respect without
the written consent of each of the Company, each Purchaser and the
undersigned.  This Letter Agreement shall be construed and enforced in
accordance with the laws of the State of New York without regard to the
principles of conflict of laws. The undersigned hereby irrevocably submits to
the exclusive jurisdiction of the United States District Court sitting in the
Southern District of New York and the courts of the State of New York located in
Manhattan, for the purposes of any suit, action or proceeding arising out of or
relating to this Letter Agreement, and hereby waives, and agrees not to assert
in any such suit, action or proceeding, any claim that (i) it is not personally
subject to the jurisdiction of such court, (ii) the suit, action or proceeding
is brought in an inconvenient forum, or (iii) the venue of the suit, action or
proceeding is improper. The undersigned hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action
or proceeding by receiving a copy thereof sent to the Company at the address in
effect for notices to it under the Purchase Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof.  The undersigned hereby waives any right to a trial by
jury.  Nothing contained herein shall be deemed to limit in any way
any right to serve process in any manner permitted by law.  The
undersigned agrees and understands that this Letter Agreement does not intend to
create any relationship between the undersigned and each Purchaser and that each
Purchaser is not entitled to cast any votes on the matters herein contemplated
and that no issuance or sale of the Securities is created or intended by virtue
of this Letter Agreement.

     

    By its
signature below, the Transfer Agent hereby acknowledges and agrees that,
reflecting this Letter Agreement, it has placed an irrevocable stop transfer
instruction on all Securities beneficially owned by the undersigned until the
end of the Restriction Period.  This Letter Agreement shall be binding
on successors and assigns of the undersigned with respect to the Securities and
any such successor or assign shall enter into a similar agreement for the
benefit of the Purchasers.

    

    

    ***
SIGNATURE PAGE FOLLOWS***

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    This
Letter Agreement may be executed in two or more counterparts, all of which when
taken together may be considered one and the same agreement.

    

    

    __________________________________

    Signature

     

    
      __________________________________
Print
Name

     

    
      __________________________________
Position
in Company

    

    Address
for Notice:

     

    __________________________________

     

    __________________________________

    
       

      __________________________________

    

    Number of
shares of Common Stock

     

     

    
      
        
Number of
shares of Common Stock underlying subject to warrants, options, debentures or
other convertible securities

    

     

    By
signing below, the Company agrees to enforce the restrictions on transfer set
forth in this Letter Agreement.

    

    Marine
Park Holdings, Inc.

    

    By:
_________________________________

    Name:

    Title:

    

    

    Acknowledged
and agreed to

    as of the
date set forth above:

    

    [insert name of Transfer
Agent]                             

    

    By:__________________________________                                                                

    Name:

    Title:

     

    3newcardio_ex1017.htm

    EXHIBIT
10.17

     

    ESCROW
DEPOSIT AGREEMENT

     

    This
ESCROW DEPOSIT AGREEMENT
(this “Agreement”) dated as of this 27st day of December, 2007, by and among
Marine Park Holdings,
Inc., a Delaware C corporation (the “Company”), having an address
at 2033 Gateway Place, Suite 500, San Jose, CA, 95110,  and Capstone Investments, (“Placement Agent”), having an
address at 4660 La Jolla Village Drive, Suite 1040, San Diego, CA
92122,  and SIGNATURE
BANK (the “Escrow
Agent”), a New York State chartered bank, having an office at 261 Madison
Avenue, New York, NY 10016.  All capitalized terms not herein defined
shall have the meaning ascribed to them in that certain Securities Purchase
Agreement, dated December 27, 2007, as amended or supplemented from
time-to-time, including all attachments, schedules and exhibits thereto (the
“Purchase
Agreement”).

     

    W I T N E S S E T H:

     

    WHEREAS, pursuant to the terms
of the Purchase Agreement the Company desires to sell (the “Offering”) a minimum of 8,000
(“Minimum Amount”) of $1,000 par value (“Shares”) in the amount of $8,000,000
(“Minimum Amount”) and a maximum of 12,000 of such shares in the amount of
$12,000,000  (“Maximum Amount”). Each Share is being sold at a price
of $1,000 per Share, with a minimum investment of $100,000 (which minimum
investment may be waived by Company); and

     

    WHEREAS, unless the Minimum
Amount is sold by December 28, 2007 (the “Termination Date”), or by January 5,
2008  (the “Final Termination Date”) if the Termination Date has been
extended by Company and the Placement Agent, the Offering shall terminate and
all funds shall be returned to the subscribers in the Offering; and

     

    WHEREAS, the Company and
Placement Agent desire to establish an escrow account with the Escrow Agent into
which the Company and Placement Agent shall instruct subscribers introduced to
the Company by Placement Agent (the “Subscribers”) to deposit
checks and other instruments for the payment of money made payable to the order
of “Signature Bank as Escrow Agent for Marine Park Holdings, Inc.,”
and Escrow Agent is willing to accept said checks and other instruments for the
payment of money in accordance with the terms hereinafter set forth;
and

     

    WHEREAS, the Company and
Placement Agent represent and warrant to the Escrow Agent that they have not
stated to any individual or entity that the Escrow Agent’s duties will include
anything other than those duties stated in this Agreement; and

     

    WHEREAS, the Company and Placement Agent
warrant to the Escrow Agent that a copy of each document that has been delivered
to Subscribers and third parties that include Escrow Agent’s name and duties,
has been attached hereto as Schedule
I.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    NOW, THEREFORE, IT IS AGREED
as follows:

     

    1.     Delivery of Escrow
Funds.

     

    (a)   Placement Agent and
the Company shall instruct Subscribers to deliver to Escrow Agent checks made
payable to the order of “Signature Bank, as Escrow Agent for Marine Park Holdings, Inc.,”
or wire transfer to Signature Bank, 261 Madison Avenue, New York, NY 10016, ABA
No. 026013576 for credit to Signature Bank, as Escrow Agent for Marine Park Holdings, Inc.,
Account No. _____________, in each case, with the name, address and social
security number or taxpayer identification number of the individual or entity
making payment.  In the event any Subscriber’s address and/or social
security number or taxpayer identification number are not provided to Escrow
Agent by the Subscriber, then Placement Agent and/or the Company agree to
promptly provide Escrow Agent with such information in writing.  The
checks or wire transfers shall be deposited into a non interest-bearing account
at Signature Bank entitled “Signature Bank, as Escrow Agent for Marine Park Holdings, Inc.”
(the “Escrow
Account”).

     

    (b)           The
collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

     

    (c)           The
Escrow Agent shall have no duty or responsibility to enforce the collection or
demand payment of any funds deposited into the Escrow Account.  If,
for any reason, any check deposited into the Escrow Account shall be returned
unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return
the check to the Subscriber and advise the Company and Placement Agent promptly
thereof.

     

    2.    Release of Escrow
Funds.  The Escrow Funds shall be paid by the Escrow Agent in
accordance with the following:

     

    (a)           In
the event that the Company and Placement Agent advise the Escrow Agent in
writing that the Offering has been terminated (the “Termination Notice”), the
Escrow Agent shall promptly return the funds paid by each Subscriber to said
Subscriber without interest or offset.

     

    (b)   If prior to 3:00
P.M. Eastern time on the Termination Date, the Escrow Agent receives written
notice, in the form of Exhibit A, attached hereto and made a part hereof, and
signed by the Company and Placement Agent, stating that the Termination Date has
been extended to the Final Termination Date, then the Termination Date shall be
so extended.

     

    (c)   Provided that the
Escrow Agent does not receive the Termination Notice in accordance with
paragraph 2(a) and there is the Minimum Amount deposited into the Escrow Account
on or prior to later of the Termination Date or  the date stated in
the Extension Notice, if any, received by the Escrow Agent in accordance with
paragraph 2(b) above, the Escrow Agent shall, upon receipt of written
instructions, in the form of Exhibit B, attached hereto and made a part hereof,
or in a form and substance satisfactory to the Escrow Agent, received from the
Company and Placement Agent, pay the Escrow Funds in accordance with such
written instructions, such payment or payments to be made by wire transfer
within one (1) business day of receipt of such written
instructions.  Such instructions must be received by the Escrow Agent
no later than 3:00 PM Eastern Time on a Banking Day for the Escrow Agent to
process such instructions that Banking Day.

     

    
      
        
        

      

      
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    (d)           If
by 3:00 P.M. Eastern time on the later of the Termination Date or the date
stated in the Extension Notice, if any, that the Escrow Agent has received in
accordance with paragraph 2(b) above, the Escrow Agent has not received written
instructions from the Company and Placement Agent regarding the disbursement of
the Escrow Funds or the total amount of the Escrow Funds is less than the
Minimum Amount, then the Escrow Agent shall promptly return the Escrow Funds to
the Subscribers without interest or offset.  The Escrow Funds returned
to each Subscriber shall be free and clear of any and all claims of the Escrow
Agent.

     

    (e)           The
Escrow Agent shall not be required to pay any uncollected funds or any funds
that are not available for withdrawal.

     

    (f)           If
the Termination Date, Final Termination Date or any date that is a deadline
under this Agreement for giving the Escrow Agent notice or instructions or for
the Escrow Agent to take action is not a Banking Day, then such date shall be
the Banking Day that immediately preceding that date. A Banking Day is any day
other than a Saturday, Sunday or a day that a New York State chartered bank is
not legally obligated to be opened.

     

    3.    Acceptance by Escrow
Agent.  The Escrow Agent hereby accepts and agrees to perform
its obligations hereunder, provided that:

     

    (a)           The
Escrow Agent may act in reliance upon any signature believed by it to be
genuine, and may assume that any person who has been designated by Placement
Agent or the Company to give any written instructions, notice or receipt, or
make any statements in connection with the provisions hereof has been duly
authorized to do so.  Escrow Agent shall have no duty to make inquiry
as to the genuineness, accuracy or validity of any statements or instructions or
any signatures on statements or instructions.  The names and true
signatures of each individual authorized to act singly on behalf of the Company
and Placement Agent are stated in Schedule II, which is
attached hereto and made a part hereof. The Company and Placement Agent may each
remove or add one or more of its authorized signers stated on Schedule II by
notifying the Escrow Agent of such change in accordance with this Agreement,
which notice shall include the true signature for any new authorized
signatories.

     

    (b)           The
Escrow Agent may act relative hereto in reliance upon advice of counsel in
reference to any matter connected herewith.  The Escrow Agent shall
not be liable for any mistake of fact or error of judgment or law, or for any
acts or omissions of any kind, unless caused by its willful misconduct or gross
negligence.

     

    (c)           Placement
Agent and the Company agree to indemnify and hold the Escrow Agent harmless from
and against any and all claims, losses, costs, liabilities, damages, suits,
demands, judgments or expenses (including but not limited to reasonable
attorney’s fees) claimed against or incurred by Escrow Agent arising out of or
related, directly or indirectly, to this Escrow Agreement unless caused by the
Escrow Agent’s gross negligence or willful misconduct.

     

    
      
        
        

      

      
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    (d)           In
the event that the Escrow Agent shall be uncertain as to its duties or rights
hereunder, the Escrow Agent shall be entitled to (i) refrain from taking any
action other than to keep safely the Escrow Funds until it shall be directed
otherwise by a court of competent jurisdiction, or (ii) deliver the Escrow Funds
to a court of competent jurisdiction.

     

    (e)           The
Escrow Agent shall have no duty, responsibility or obligation to interpret or
enforce the terms of any agreement other than Escrow Agent’s obligations
hereunder, and the Escrow Agent shall not be required to make a request that any
monies be delivered to the Escrow Account, it being agreed that the sole duties
and responsibilities of the Escrow Agent shall be to the extent not prohibited
by applicable law (i) to accept checks or other instruments for the payment of
money and wire transfers delivered to the Escrow Agent for the Escrow Account
and deposit said checks and wire transfers into the non-interest bearing Escrow
Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as
stated above, provided that the checks received by the Escrow Agent have been
collected and are available for withdrawal.

     

    4.    Resignation and Termination
of the Escrow Agent.  The Escrow Agent may resign at any time
by giving 30 days’ prior written notice of such resignation to Placement Agent
and the Company.  Upon providing such notice, the Escrow Agent shall
have no further obligation hereunder except to hold as depositary the Escrow
Funds that it receives until the end of such 30-day period.  In such
event, the Escrow Agent shall not take any action, other than receiving and
depositing Subscribers checks and wire transfers in accordance with this
Agreement, until the Company has designated a banking corporation, trust
company, attorney or other person as successor.  Upon receipt of such
written designation signed by Placement Agent and the Company, the Escrow Agent
shall promptly deliver the Escrow Funds to such successor and shall thereafter
have no further obligations hereunder.  If such instructions are not
received within 30 days following the effective date of such resignation, then
the Escrow Agent may deposit the Escrow Funds held by it pursuant to this
Agreement with a clerk of a court of competent jurisdiction pending the
appointment of a successor.  In either case provided for in this
paragraph, the Escrow Agent shall be relieved of all further obligations and
released from all liability thereafter arising with respect to the Escrow
Funds.

     

    5.    Termination.  The
Company and Placement Agent may terminate the appointment of the Escrow Agent
hereunder upon written notice specifying the date upon which such termination
shall take effect, which date shall be at least 30 days from the date of such
notice.  In the event of such termination, the Company and Placement
Agent shall, within 30 days of such notice, appoint a successor escrow agent and
the Escrow Agent shall, upon receipt of written instructions signed by the
Company and Placement Agent, turn over to such successor escrow agent all of the
Escrow Funds; provided,
however, that if the
Company and Placement Agent fail to appoint a successor escrow agent within such
30-day period, such termination notice shall be null and void and the Escrow
Agent shall continue to be bound by all of the provisions
hereof.  Upon receipt of the Escrow Funds, the successor escrow agent
shall become the escrow agent hereunder and shall be bound by all of the
provisions hereof and Signature Bank shall be relieved of all further
obligations and released from all liability thereafter arising with respect to
the Escrow Funds and under this Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    6.    Investment.  All
funds received by the Escrow Agent shall be invested only in non-interest
bearing bank accounts at Signature Bank.

     

    7.    Compensation.  Escrow
Agent shall be entitled, for the duties to be performed by it hereunder, to a
fee of $3,500, which fee shall be paid by the Company upon the signing of this
Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent
for all fees, costs and expenses incurred or that become due in connection with
this Agreement or the Escrow Account, including reasonable attorney’s
fees.  Neither the modification, cancellation, termination or
rescission of this Agreement nor the resignation or termination of the Escrow
Agent shall affect the right of Escrow Agent to retain the amount of any fee
which has been paid, or to be reimbursed or paid any amount which has been
incurred or becomes due, prior to the effective date of any such modification,
cancellation, termination, resignation or rescission.  To the extent
the Escrow Agent has incurred any such expenses, or any such fee becomes due,
prior to any closing, the Escrow Agent shall advise the Company and the Company
shall direct all such amounts to be paid directly at any such
closing.

     

    8.            Notices.  All
notices, requests, demands and other communications required or permitted to be
given hereunder shall be in writing and shall be deemed to have been duly given
if sent by hand-delivery, by facsimile (followed by first-class mail), by
nationally recognized overnight courier service or by prepaid registered or
certified mail, return receipt requested, to the addresses set forth
below:

     

    If to
Placement Agent:

     

    Capstone
Investments

    4660 La
Jolla Village Drive, Suite 1040

    San
Diego, CA 92122

    

    Attention:
Scott L. Dahle

    Fax:
310.791.8570

     

    If to the
Company:

     

    Marine
Park Holdings, Inc.

    2033
Gateway Place, Suite 500, San Jose, CA, 95110

    Attention:
_____________________

    Fax:

    
      

      If to
Escrow Agent:

       

      Signature
Bank

      261
Madison Avenue

      New York,
NY 10016

      Attention: Cliff
Broder, Group Director and Senior Vice President

      Fax:
646-822-1359

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    9.    General.

     

    (a)   This Agreement
shall be governed by and construed and enforced in accordance with the laws of
the State of New York applicable to agreements made and to be entirely performed
within such State, without regard to choice of law principles and any action
brought hereunder shall be brought in the courts of the State of New York,
located in the County of New York.  Each party hereto irrevocably
waives any objection on the grounds of venue, forum non­conveniens or any
similar grounds and irrevocably consents to service of process by mail or in any
manner permitted by applicable law and consents to the jurisdiction of said
courts.  Each of the parties hereto hereby waives all right to trial
by jury in any action, proceeding or counterclaim arising out of the
transactions contemplated by this Agreement.

     

    (b)           This
Agreement sets forth the
entire
agreement and understanding of the parties with respect to the matters contained
herein and supersedes all prior agreements, arrangements and understandings
relating thereto.

     

    (c)           All
of the terms and conditions of this Agreement shall be binding upon, and inure
to the benefit of and be enforceable by, the parties hereto, as well as their
respective successors and assigns.

     

    (d)           This
Agreement may be amended, modified, superseded or canceled, and any of the terms
or conditions hereof may be waived, only by a written instrument executed by
each party hereto or, in the case of a waiver, by the party waiving
compliance.  The failure of any party at any time or times to require
performance of any provision hereof shall in no manner affect its right at a
later time to enforce the same.  No waiver of any party of any
condition, or of the breach of any term contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or
construed as a further or continuing waiver of any such condition or breach or a
waiver of any other condition or of the breach of any other term of this
Agreement.  No party may assign any rights, duties or obligations
hereunder unless all other parties have given their prior written
consent.

     

    (e)           If
any provision included in this Agreement proves to be invalid or unenforceable,
it shall not affect the validity of the remaining provisions.

     

    (f)           This
Agreement and any modification or amendment of this Agreement may be executed in
several counterparts or by separate instruments and all of such counterparts and
instruments shall constitute one agreement, binding on all of the parties
hereto.

     

    10.   Form of Signature.
The parties hereto agree to accept a facsimile transmission copy of their
respective actual signatures as evidence of their actual signatures to this
Agreement and any modification or amendment of this Agreement; provided, however, that each party who
produces a facsimile signature agrees, by the express terms hereof, to place,
promptly after transmission of his or her signature by fax, a true and correct
original copy of his or her signature in overnight mail to the address of the
other party.

     

    
      
        
        

      

      
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    IN WITNESS WHEREOF, the
parties have duly executed this Agreement as of the date first set forth
above.

    
    

     

     

    
      	Marine Park
      Holdings, Inc.   	Capstone
      Investments 
	 	 
	By:       
      /s/
      Branislav
      Vajdic                         
      	By:         
      /s/ Scott
      L.
      Dahle                           
       
	
              Name: 
      Branislav Vajdic

            	
              Name: 
      Scott L. Dahle

            
	
              Title:   
      Chief Executive Officer

            	
              Title:   
      Managing Director

            

    

     

     

     

    SIGNATURE
BANK

     

    By:     /s/ Cliff
Broder_______________

    Name:  Cliff
Broder

    Title:   
Senior Vice President

     

    

    By:    /s/ Steven
Deneff                                

    Name: 
Steven Deneff

    Title:   
Vice President

     

     

    7

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