Document:

Exhibit 10.1 Share Purchase Agreement

  Exhibit 10.1

  

  THIS AGREEMENT is
  made the day25th of November 2005.

  
  BETWEEN:

  
  THIS AGREEMENT 
  is
  made the 25th day of November 2005.

  
  
  BETWEEN:

PHARMANET GROUP
LIMITED (ABN 98 006 640
553), of Level 1, 284 Oxford Street, Leederville, Western Australia ("Pharmanet");

    AND

    
  MOLECULAR
  PHARMACOLOGY (USA) LIMITED of
  8721 Santa Monica Boulevard, Suite 1023, Los Angeles, California, U.S.A.
  90069-4507 ("MPLUSA").

    RECITALS:

	Pharmanet is the legal and beneficial
  owner of the MPL Shares.
	Pharmanet has agreed to sell and
  MPLUSA has agreed to purchase the MPL Shares on the terms and conditions set
  out in this Agreement.

  

 IT IS AGREED
    as follows:

  
  
  

  
  1. DEFINITIONS AND INTERPRETATION

  
    1.1 In this Agreement, unless the
    context or subject matter otherwise requires:

    
	"2005 Accounts"
    means MPL's balance sheet as at 30 June 2005 and profit and loss statement
    as at 30 June 2005;
	"2005 Accounts Date"
    means 30 June 2005;
	"Agreement" and
    "this Agreement" means the agreement hereby constituted and
    includes the recitals;
	"ASX" means
    Australian Stock Exchange Limited;
	"Business Day"
    means a day which is not a Saturday, Sunday or public holiday in Western
    Australia;
	"Business Records"
    means all of the records, books, documents and data relating to or used by
    MPL in connection with the affairs of MPL including customer base records,
    rental schedules, computer programs and records, specifications, processors,
    operator sheets, formula, quality control and inspection data and
    instructions;
	"Completion" means
    completion of this Agreement and the sale and purchase of the MPL Shares in
    accordance with the terms of this Agreement;
	"Completion Date"
    means the date on which Completion occurs;
	"Corporations Act"
    means the Corporations Act 2001 (Commonwealth);
	"Encumbrance" means
    an interest or power:

    

  

  	reserved in or over an interest in
      any asset including, but not limited to, any retention of title; or
	created or otherwise arising in or
      over any interest in any asset under a bill of sale, mortgage, charge,
      lien, pledge, trust or power,

  

  
        by way of
        security for the payment of a debt or any other monetary obligation or
        the performance of any other obligation and includes, but is not limited
        to any agreement to grant or create any of the above;

  

    

  	"GST" means the
    Goods and Services Tax imposed by "A new Tax System (Goods and
    Services) Tax Act 1999";
	"Licensed Field"
    means the topical application of the Technology for human use only, and
    specifically excludes:-

    

  	dermatological or cosmetic use, or
      tissue repair or tissue regeneration effect; and
	any use or application of the
      Technology in non-human groups or species

  

  	"Licensed Product"
    means products for use within the Licensed Field which are developed using
    or which otherwise incorporate any aspect of the Intellectual Property and
    specifically excluding the Thermalife cream, presently owned by Pharmanet
    the holding company of the Licensor;
	"MPL" means
    Molecular Pharmacology Limited (ACN 110 037 860) of Level 1, 284 Oxford
    Street, Leederville, Western Australia;11 November 2005 between Cambridge
    Scientific Pty Ltd (ACN 109 247 118) and MPL by which MPL was granted the
    exclusive license to use, develop, commercialize and sub-license the
    Licensed Product on the terms set out in the agreement;
	"MPL Shares" means
    all of the issued capital of MPL;
	"Patents" means all
    patents relating to the Technology, patent applications filed by or on
    behalf of the Licensor now and in the future (including patents or patent
    applications relating to the Licensor's Improvements and the Licensee's
    Improvements) and any proposed patent as set out in a patent strategy in any
    jurisdiction in the Territory including those set out in Schedule 1;
	"Party" means a
    party to this Agreement and "Parties" has a corresponding meaning;
	"Purchase Shares"
    means eighty eight million (88,000,000) fully paid common shares in the
    capital of MPLUSA;
	"Related Body Corporate"
    has the meaning given to that term in the Corporations Act;
	"SEC" means
    Securities and Exchange Commission of the United States of America;
	"Share" means an
    ordinary fully paid share in the capital of MPL;
	"Tax" means any
    tax, levy, charge, impost, duty, fee, deduction, compulsory loan,
    withholding, stamp, transaction, registration, duty or similar charge which
    is assessed, levied, imposed or collected by any government agency and
    includes, but is not limited to any interest, fine, penalty, charge, fee or
    any other amount imposed on, or in respect of any of the above;
	"Technology" means
    the product or invention:-

    

  	metallo-polypeptide analgesic
      production method and all improvements and all industrial and intellectual
      property rights which may be derived or obtained from the Patents; and
	the Documentation which forms part
      of the Patent and contains technical information relating to the Patents;

  

  	"US GAAP" means
    United States Generally Accepted Accounting Principles;
	"Warranties" means
    the warranties given by Pharmanet pursuant to this Agreement.

    
    1.2 Unless the context otherwise
      requires, in the interpretation of this Agreement:
	The singular shall include the
    plural and vice versa;

    -2-

    

	Reference to any Party shall mean
    and include a reference to that Party, its successors and assigns;
	References to recitals, schedules,
    pages and clauses are references to recitals, schedules, pages and clauses
    of this Agreement;
	Headings in this Agreement are for
    convenience only and shall not affect its interpretation; and
	A reference to currency means
    Australian dollars.

2. SALE OF MPL SHARES

  
2.1 Pharmanet agrees to sell to MPLUSA
    and MPLUSA agrees to purchase from Pharmanet the MPL Shares for the purchase
    price and on the terms and conditions set out in this Agreement.
2.2 The purchase price for the MPL
    Shares will be satisfied by MPLUSA issuing to Pharmanet the Purchase Shares
    free from Encumbrances.. 

3. COMPLETION
  

3.1 Completion shall occur at the
    offices of Pharmanet or its solicitors within fourteen (14) days of the date
    of execution of this Agreement.

3.2 At Completion:-

	Pharmanet must deliver to MPLUSA or
    its agent:-

	the share certificates for the MPL
      Shares;
	completed transfers of the MPL
      Shares duly executed by Pharmanet as transferor in favour of MPLUSA as
      transferee;
	the Business Records;
	the certificate of incorporation,
      common seal and all statutory, minute and other record books of MPL;
	all ledgers, journals and books of
      account of MPL;
	all taxation records of MPL; and
	all cheque books and bank records
      of MPL,

	MPLUSA must issue to Pharmanet the
    Purchase Shares which are free from Encumbrances.

3.3 On Completion, beneficial
      ownership in the MPL Shares will pass to MPLUSA.
3.4 At or before Completion, Pharmanet
      must ensure that a meeting of the directors of MPL is held which approves
      the registration of MPLUSA as holder of the MPL Shares in the books of MPL,
      subject to the payment of stamp duty on the transfer of those shares (if
      applicable).

3.5 If the Pharmanet is liable to pay
      GST on the sale of the MPL Shares:-

	MPLUSA must pay to the Pharmanet
    making the supply the GST payable;
	payment of the additional amount
    must be made at the same time as the payment for the taxable supply is
    required to be made; and
	Pharmanet must provide a Tax Invoice
    to MPLUSA.

4. PROXY STATEMENT

  

  As promptly as
  practicable after the execution of this Agreement, MPLUSA shall prepare, and
  file with the SEC, preliminary proxy materials relating to the Agreement to
  obtain stockholder approval. Pharmanet shall provide promptly to MPLUSA such
  information concerning Pharmanet and MPL as, in the reasonable judgment of
  Pharmanet, MPLUSA or their respective counsel, may be required or appropriate
  for inclusion in the proxy statement, or in any amendments or supplements
  thereto. This includes current audited and unaudited quarterly financial
  statements of MPL conforming to US GAAP as required by the SEC. At the
  earliest practicable time following the later of:-

  -3-

	receipt and resolution of SEC
      comments thereon, or
	the expiration of the 10-day
      waiting period provided in Rule 14a-6(a) promulgated under the US
      Securities Exchange Act of 1934,

    MPLUSA shall file
    definitive proxy materials with the SEC and cause the proxy statement to be
    mailed to its stockholders. MPLUSA will use commercially reasonable efforts
    to cause all documents that it is responsible for filing with the SEC or
    other regulatory authorities in connection with the Agreement (or as
    required or appropriate to facilitate the Agreement) to comply in all
    material respects with all applicable legal requirements. Prior to filing
    the preliminary proxy materials, definitive proxy materials or any other
    filing with the SEC or any other governmental entity, MPLUSA shall provide
    Pharmanet with reasonable opportunity to review and comment on each such
    filing in advance and MPLUSA shall in good faith consider including in such
    filings all comments reasonably proposed by Pharmanet.

    
    5. WARRANTIES

    
    
5.1 To the best of its knowledge and
      belief, Pharmanet represents and warrants to MPLUSA as at the time
      immediately before Completion in the terms set out in Schedule 2.
5.2 Pharmanet indemnifies MPLUSA
      against all liabilities, losses, damages, actions, claims, costs, charges
      and expenses suffered or incurred by MPLUSA as a result of any of the
      representations or warranties contained in clause 5.1 proving to be
      incorrect.

5.3 Pharmanet acknowledges that MPLUSA
      enters into this Agreement in reliance upon the Warranties and that MPLUSA
      would not have entered into this Agreement but for the Warranties.

5.4 Each of the Warranties is to be
      construed independently of the others and is not limited by reference to
      any other Warranty.
  
  
  
6. NOTICES
  

6.1 Each notice authorised or required
    to be given to a Party shall be in writing and may be delivered personally
    or sent by properly addressed and prepaid mail or facsimile in each case
    addressed to the Party at its address set out in sub-clause 6.2, or as the
    case may be to such other address as it may from time to time notify to the
    other Parties pursuant to sub-clause 6.3.

6.2 The initial address of the Parties
    shall be as follows:
  

In the case of MPLUSA:

  8721 Santa Monica
  Boulevard

  Suite 1023

  Los Angeles

  California

  U.S.A. 90069-4507

  Attention: Secretary

  
   

  
  In the case of
  Pharmanet:

  

  -4-

  

Level 1

  284 Oxford Street

  Leederville

  Western Australia
  6007

  Facsimile: INT + 61 8
  (9 443 2859)

  Attention: Company
  Secretary

   

  

6.3 Each Party may from time to time
    change its address by giving notice pursuant to clause 6 to the other
    Parties.
6.4 Any notice given pursuant to clause
    6 will be conclusively deemed to have been received:

	In the case of personal delivery, on
    the actual day of delivery if delivered prior to 5 pm (Perth time) on a
    Business Day or on the next following Business Day if delivered after 5 pm
    (Perth time) on a Business Day or on other than a Business Day;
	If sent by mail, on the seventh
    clear Business Day after the day of posting; or
	If sent by facsimile, on the day the
    facsimile was sent by clear transmission.

7. FURTHER ASSURANCE

  
7.1 Each Party shall sign, execute and
    do all deeds, acts, documents and things as may reasonably be required by
    the other Party to effectively carry out and give effect to the terms and
    intentions of this Agreement.
8. GOVERNING LAW

  
This Agreement shall be governed by
    and construed in accordance with the law from time to time in the State of
    Western Australia and the Parties agree to submit to the non-exclusive
    jurisdiction of the courts of Western Australia and the courts which hear
    appeals therefrom.
9. VARIATION

  
9.1 No modification or alteration of the
    terms of this Agreement shall be binding unless made in writing dated
    subsequent to the date of this Agreement and duly executed by the Parties.
  
  
  10. COSTS
  

10.1 MPLUSA shall pay all stamp duty
    assessed and registration fees incurred in relation to this Agreement. Each
    Party shall bear their own legal costs of and incidental to the preparation
    and execution of this Agreement.

11. COUNTERPARTS

  
11.1 This Agreement may be executed in
    any number of counterparts (including by way of facsimile) each of which
    shall be deemed for all purposes to be an original and all such counterparts
    taken together shall be deemed to constitute one and the same instrument.
  
  

12. MISCELLANEOUS

  
12.1 Time shall be of the essence in this
    Agreement in all respects.

    EXECUTED
    as an Agreement.

    -5-

  
	
      EXECUTED by PHARMANET
      GROUP LIMITED (ABN 98 006 640 553) in accordance with Section 127 of
      the Corporations Act 2001:-

      
       

      
       

      

      

      /s/ John Palermo

    	
      )

      )

      )

      )
	
      
      Pharmanet

      Group
      
      

      
      Limited

      ACN 006 640 553
      
      

      
      Common Seal
      
      

       

      
       /s/
Simon Watson

  	
       

      
      Secretary/
      Director : . . . . . . . . . . . . . . . . .

      
       

      
      Full Name : . .John
      Palermo .
      . . . . . . . . . . . . . .
	
       

      
      Director : . . .
      . . . . . . . . . . . . . .

      
       

      
      Full Name : . . .Simon
      Watson
      . . . . . . . . . . . . . .

  

	
      MOLECULAR
      PHARMACOLOGY (USA) LIMITED

      
       

      
      By :
      Ian
      Downs                                                          

      
       

      
      Title :
      President, CEO, CFO, Secretary & Director

      
       

      
      Date :
      November 25,
      2005                                         
	
      )

      )

      )

      )

      )

      )

      )
	
      /s/
      Ian Downs

      _______________________________

      Signature

      

      /s/
      Alixe B. Cormick

      _______________________________

      Witness

      
Alixe
      B. Cormick

      Barrister & Solicitor

      Suite 618 - 688 West Hastings Street

      P.O. Box 28 Vancouver, BC Canada V6B 1P1 

 -6-

SCHEDULE 1

 PATENTS

 

  
	
      Country
	
      Patent application
      number
	
      Date application
      filed
	
      Invention

	
      Australia
	
      2004902854
	
      31 May, 2004
	
      Metallo-polypeptide analgesic
      production method

      
       

      
       

	
      Australia
	
      2005900638
	
      11 February, 2005
	
      Analgesic and anti-inflammatory
      composition

      
       

      
       

	
      United States of America
	
      USA Application 11/059,580 -
      derived from Australia Patent Application 2005900638
	
      16 February, 2005
	
      Analgesic and anti-inflammatory
      composition

      
       

      
       

  

  
    
    SCHEDULE 2

    
    
    WARRANTIES

    
     

    

  

  
1. SHARES AND CAPITAL
1.1 Title
    

    
Pharmanet is the
    beneficial owner of the MPL Shares which are free from Encumbrances.

    
    1.2 Consents
    

    Pharmanet is able
    to sell and transfer the MPL Shares without the consent of any other person
    and free of any pre-emptive rights or rights of first refusal.

    
    1.3 Issued Capital
    

    The MPL Shares are
    all of the issued shares in the capital of MPL.

    
    1.4 Fully Paid
    

    The MPL Shares are
    fully paid and no money is owing in respect of them.

    
    1.5 Issue of other securities
    

    MPL is not under
    any obligation to issue or allot, and has not granted any person the right
    to call for the issue or allotment of any shares or other securities of MPL
    at any time.

    
    1.6 No legal impediment
    

    The execution,
    delivery and performance by Pharmanet of this Agreement complies with:

	each law, regulation, authorisation,
    ruling, judgment, order or decree of any government agency;
	the Constitution of Pharmanet; and
	any Encumbrance or document which is
    binding on Pharmanet in relation to the MPL Shares and MPL.

  

    
    1.7 Authorisations

  

    

    Pharmanet has taken
    all necessary action to authorise the execution, delivery and performance of
    this Agreement in accordance with its terms.

  

    
    2. AUTHORITY

  

    2.1 Corporate Existence

  

    

    MPL:

	is a limited company;
	has the power to own its assets and
    carry on its business as it is now being conducted; and
	is not registered and is not
    required to be registered in any place other than its present place of
    incorporation.

  

    
    2.2 All Subsidiaries disclosed

  

    

    There are no
    subsidiaries of MPL.

  

    
    2.3 Compliance with constituent
      documents

  

    

    The business
    affairs of MPL have been conducted in accordance with the Constitution of
    MPL.

  

  

3. ACCURACY OF INFORMATION

  

3.1 Information accurate

  

    

    
To the best of
    Pharmanet's knowledge and belief, all information given by or on behalf of
    MPL or its advisers to MPLUSA or its advisers in respect of the sale of the
    MPL Shares is accurate and complete and not misleading.

  

    
    3.2 Material information disclosed

  

    

    All information
    which is material to a buyer for value of the MPL Shares has been disclosed
    to MPLUSA.

    

  

  
  4. THE 2005 ACCOUNTS

  

  4.1 Basis of preparation

  

    

    In all material
    respects, the 2005 Accounts:

	have been prepared in accordance
    with appropriate accounting standards required under the Corporations Act;
	where any item has been prepared on
    a different basis from that described in (a) above over the previous five
    (5) financial years, the deviation from the appropriate accounting standards
    is explained to MPLUSA in writing;
	show a true and fair view of the
    financial position and the assets and liabilities of MPL at the 2005
    Accounts Date and of the income, expenses and results of the operations of
    MPL for the financial period ended on the 2005 Accounts Date;
	are not affected by any unusual or
    non-recurring item;
	take account of all gains and
    losses, whether realised or unrealised, arising from foreign currency
    transactions;
	include all reserves and provisions
    for taxation that are necessary to cover all Tax liabilities of MPL in
    respect of any period up to the 2005 Accounts Date;
	include all liabilities of MPL at
    the 2005 Accounts Date; and
	set out all contingent liabilities
    of MPL at the 2005 Accounts Date.

  

5. POSITION SINCE 2005 ACCOUNTS DATE

5.1 Position since 2005 Accounts
        Date

  

    

    Since the 2005
    Accounts Date:

	the business of MPL has been
    conducted in the ordinary course of ordinary business and in a proper and
    efficient manner;
	MPL has not disposed of any of its
    assets;
	MPL has not acquired any assets;
	MPL has not incurred any liabilities
    other than in the ordinary course of ordinary business;
	there has been no material adverse
    change affecting the business of MPL, the assets of MPL or the financial or
    trading position or prospects of MPL; and
	no dividends, bonus issues or other
    distributions or repayments of shareholders' loans have been declared,
    made or paid by MPL.

  

    
    5.2 Liabilities

  

    

    MPL has no
    liabilities other than as disclosed in the 2005 Accounts or incurred by MPL
    in the ordinary course of ordinary business.

  

    -2-

  
  6. ASSETS

  

  
6.1 The only asset to which MPL is
    legally or beneficially entitled is its interest in the MPL Property.

  

6.2 Pharmanet shall execute, seal, do
    and perform all such papers, forms, applications, returns, documents, acts,
    matters and things upon request by MPLUSA in order to facilitate its
    performance of the obligations and undertaking on its part contained herein
    within a reasonable time and at the cost of MPLUSA.
  
  

  

  
7. RECEIVABLES

  

  7.1 Collectability

  

    

    All debts owing to,
    or amounts due to MPL, are collectable within three (3) months for their
    full amounts and are not subject to any counter-claim or set off except to
    the extent described or provided in the 2005 Accounts.

  

    
    7.2 Amounts Owing

  

    

    MPL is not owed any
    money other than trade debts incurred in the ordinary course of business and
    cash at bank.

  
    
    

  

  

  

8. SECURITY INTERESTS

  

8.1 List complete

  

    

    
MPL has granted or
    created, or agreed to grant or create, and is a party to only those loans,
    guarantees, letter of comfort, indemnities, finance leases, hire purchase
    agreements, or Encumbrances which are disclosed in the 2005 Accounts.

  
    
    

  

  

  

9. SHAREHOLDINGS AND MEMBERSHIPS

  

9.1 Shareholdings

  

    

    
MPL is not the
    holder or the beneficial owner of any shares or other capital or securities
    convertible into shares or other capital in any other company.

  

    
    9.2 Officers

  

    

    The details of the
    present directors, secretary, auditor and public officer of MPL are as shown
    in MPL's corporate register.

  

    10. EMPLOYEES

  

    10.1 Employment

  

    Pharmanet has
    arranged for the provision to MPLUSA of details of all employees and all
    written employment or service agreements in relation to MPL and MPL has no
    outstanding obligations to any former employees.

  

  
  11. COMPLIANCE WITH LEGISLATION

  

  11.1 Licenses obtained

  

  

  	To the best of Pharmanet's
    knowledge and belief, MPL has all necessary licenses, consents, permissions,
    authorities and permits required to conduct its business and have paid all
    fees due in relation to them and complied with all conditions under them;
    and
	To the best of its knowledge and
    belief, Pharmanet does not know of any factor which might prejudice the
    continuance or renewal of any license, consent, permission, authority or
    permit required under Warranty 11.1(a).

 -3-

  
  
  

  

  12. LITIGATION

  

  12.1 MPL not a party to any
        litigation

  

    

    
MPL is not, nor has
    it in the last six (6) months been a party or subject to any investigation,
    prosecution, litigation, arbitration proceedings or any other form of
    mediation or dispute resolution in respect of the business or the assets of
    MPL.

  

    
    12.2 No litigation pending or
      threatened

  

    

    No investigation,
    prosecution, litigation, proceeding or any other form of mediation or
    dispute resolution is pending or threatening.

  

    
    12.3 No circumstances

  

    

    To the best of
    Pharmanet's knowledge and belief, there are no circumstances which might
    given rise to any investigation, prosecution, litigation, proceeding or any
    other form of mediation referred to in Warranty 12.

  

    13. 

  

    SOLVENCY

  

    13.1 Liquidation or winding up

  

    

    MPL has not gone
    into liquidation or passed a winding-up resolution nor received a notice
    under Sections 601AA or 601AB of the Corporations Act.

  

    
    13.2 No petition

  

    

    No petition or
    other process for winding-up has been presented or threatened against MPL
    and, to the best of Pharmanet's knowledge and belief, there are no
    circumstances justifying a petition or other process.

  

    14. 

  

    RECORDS AND CONSTITUENT DOCUMENTS

  

    14.1 Records

  

    

    To the best of
    Pharmanet's knowledge and belief, all accounts, books, ledgers and
    financial and other records of MPL:

	are in all material respects
    up-to-date;
	have in all material respects been
    fully and accurately maintained;
	comply in all material respects with
    all legal requirements;
	to the best of Pharmanet's
    knowledge and belief, are in the possession or under the control of MPL; and
	will be delivered to MPLUSA on or
    before Completion.

  

    
    14.2 Constitution

  

    

    Pharmanet has
    arranged for the supply of an accurate and up-to-date copy of the
    Constitution of MPL to MPLUSA.

  

    
    14.3 Register of members

  

    

    MPL has not
    received any notice of any application or intended application for the
    rectification of its register of members or any other register which it is
    required by law to maintain.

  

    15. TAXES AND DUTIES

  

    15. 1Tax paid

  

    

    Any Tax payable in
    respect of any transaction, income or asset of MPL has been paid.

  

    
    15. 2 Provision in 2005 Accounts

  

    

    Adequate provision
    has been made in the 2005 Accounts for any Tax on MPL which Pharmanet is
    aware is payable or may become payable but which is unpaid.

  

    -4-

    
    15.3 Withholding Tax

  

    

    Any obligation
    under any applicable tax law to withhold as Tax amounts at source including
    but not limited to withholding tax, PAYE tax, prescribed payments system tax
    and royalties has been complied with.

  

    
    15.4 No capital gains tax relief

  

    

    MPL has not sought
    capital gains tax relief under Section 160ZZO of the Income Tax Assessment
    Act 1936 (or any other similar provision) with respect to any asset acquired
    by MPL and which is still owned by MPL.

  

    
    15. 5 Documents stamped

  

    

    Any duty payable in
    respect of any tax law in relation to any transaction or agreement to which
    MPL is or has been a party or by which MPL derives, or has derived a
    substantial benefit has been paid.

  

    
    15.6 Records

  

    

    MPL has maintained,
    in all material respects, proper and adequate records to enable it to comply
    with obligations to:

	prepare and submit any information,
    notices, computations, returns and payments required in respect of any
    applicable tax law;
	prepare any accounts necessary for
    the compliance of any applicable tax law; and
	retain necessary records as required
    by any applicable tax law.

  

    
    15.7 Returns submitted

  

    

    MPL has submitted
    any necessary information, notices, computations and returns to the relevant
    government agency in respect of any Tax or duty relating to MPL.

  

    
    15.8 Returns accurate

  

    

    To the best of
    Pharmanet's knowledge and belief having made due enquiry, any information,
    notice, computation and return which has been submitted by MPL to a
    government agency in respect of any Tax or duty:

	discloses all material facts that
    should be disclosed under any tax law;
	is not misleading; and
	has been submitted on time.

  

    
    15.9 Copies accurate

  

    

    All copies of any
    information, notice, computation or return submitted by MPL in respect of
    any Tax or duty which have been supplied by Pharmanet to MPLUSA or its
    advisers are true and complete copies of the originals.

  

    
    15.10 No Tax audit

  

    

    MPL is not aware of
    any pending or threatened Tax or duty audit.

  

    
    15.11 No disputes

  

    

    There are no
    undisclosed disputes with any government agency in respect of any Tax or
    duty.

  

    
    15.12 Availability of future income tax
      benefits

  

    

    To the best of
    Pharmanet's knowledge and belief, no event has occurred which has
    prevented or could prevent MPL obtaining the benefit of any future income
    tax benefit provided for in the 2005 Accounts.

  

    
    15.13 No tax arrangements

  

    

    MPL has not entered
    into any arrangement, agreement or tax ruling with any relevant government
    agency under any applicable tax law.

  

    -5-

    
    15.14 No prejudicial action

  

    

    To the best of
    Pharmanet's knowledge and belief, MPL has not taken any action which has
    or might alter or prejudice any arrangement, agreement or tax ruling which
    has previously been negotiated with or obtained from the relevant government
    agency under any applicable tax law.

  

    
    15.15 No third party liability

  

    

    To the best of
    Pharmanet's knowledge and belief, MPL is not or will not become liable to
    pay, reimburse or indemnify any person in respect of any Tax or duty
    relating to any act or omission occurring before Completion because of the
    failure of any other person to discharge that Tax or duty.

  

    
    15.16 Events since 2005 Accounts Date
  

  	Since the 2005 Accounts Date, MPL
    has not:

	made or incurred or committed to
      make or incur any payment or expenditure which will not be wholly
      deductible in computing its taxable income, other than expenditure on
      assets;
	disposed of any asset or supplied
      any service or business facility (including a loan of money or the
      letting, hiring or licensing of any property) in circumstances where the
      consideration actually received or receivable for the disposal or supply
      is less than the consideration regarded as received for Tax purposes;
	acquired any asset or received any
      service or business facility in circumstances where the consideration
      actually paid for the acquisition or receipt is more than the
      consideration which could be regarded as paid for Tax purposes; and
	entered into or been a party to
      any transaction which will or could give rise to any capital gain accruing
      to MPL under any applicable tax law.

	Since the 2005 Accounts Date, no
    event has occurred which gives rise to a Tax liability in respect of MPL on
    deemed (as opposed to actual) income, profits or gains or which results in
    MPL becoming liable to pay or bear a Tax liability directly or primarily
    chargeable against or attributable to another person.

  

    
    15.17 Disclosure

  

    

    All information
    necessary for the calculation of any Tax liabilities of MPL:

	up to the 2005 Accounts Date, has
    been disclosed to MPLUSA before the date of this Agreement; and
	between the 2005 Accounts Date and
    the Completion Date has been or will be disclosed to MPLUSA before the
    Completion Date.

  

16. INSURANCE

  

16.1 Insurances

  

    

    MPL does not have
    or maintain any current insurance policies.

  

    
    16.2 Claims

  

    

    There are no claims
    outstanding, pending, threatened or capable of arising against MPL (to the
    knowledge of Pharmanet) in respect of any accident or injury which are not
    covered by insurance.

  

  
  17. PURCHASE SHARES

  

  17.1 Purchase Entirely for Own
        Account.

  

    

-6-

    Pharmanet
    understands that MPLUSA is entering into this Agreement with Pharmanet in
    reliance upon Pharmanet's representation to MPLUSA, which by Pharmanet 's
    execution of this Agreement Pharmanet hereby confirms, that the Purchase
    Shares to be received by Pharmanet in the common stock of MPLUSA is for its
    own account, not as a nominee or agent, and not with a view to the resale or
    distribution of any part thereof, and that Pharmanet has no present
    intention of selling, granting any participation in, or otherwise
    distributing the same. By executing this Agreement, Pharmanet further
    represents that Pharmanet does not have any contract, undertaking, agreement
    or arrangement with any person to sell, transfer or grant participations to
    such person or to any third person, with respect to any of the Purchase
    Shares.

  

    
    17.2 Disclosure of Information.
    Pharmanet has
    received and reviewed information about MPLUSA and has had an opportunity to
    discuss the business, management and financial affairs of MPLUSA with its
    management. Pharmanet understands and acknowledges that such discussions, as
    well as any written information issued by MPLUSA, (i) were intended to
    describe the aspects of MPLUSA's business and prospects which MPLUSA
    believes to be material, but were not necessarily an exhaustive description,
    and (ii) may have contained forward-looking statements involving known and
    unknown risks and uncertainties which may cause MPLUSA's actual results in
    future periods or plans for future periods to differ materially from what
    was anticipated and that no representations or warranties were or are being
    made with respect to any such forward-looking statements or the probability
    of achieving any of the results projected in any of such forward-looking
    statements.

    
    17.3 Investment Experience.
    Pharmanet
    acknowledges that it is able to fend for itself, can bear the economic risk
    of its investment and has such knowledge and experience in financial or
    business matters that it is capable of evaluating the merits and risks of
    the Purchase Shares.

    
    17.4 Regulation S.
    Pharmanet is an
    "non-U.S. person" as defined in Regulation S of the US Securities
    Act of 1933. The sale of the shares was completed in an offshore
    transaction, as defined in Rule 902(h) of Regulation S of the US Securities
    Act of 1933, as now in effect and shall submit to MPLUSA such further
    assurances of such status as may be reasonably requested by MPLUSA.
    Pharmanet:

	agrees to resell the Purchase
      Shares only in accordance with the provisions of Regulation S, pursuant to
      registration under the US Securities Act of 1933 or pursuant to an
      exemption from registration under the Securities Act of 1933;
	acknowledges that MPLUSA is
      required to refuse to register any sale of the Purchase Shares unless the
      transfer is in accordance with the provisions of Regulation S, pursuant to
      registration under the US Securities Act of 1933 or pursuant to an
      exemption from registration under the Securities Act of 1933; and
	agrees not to engage in hedging
      transactions with regards to the securities purchased unless in compliance
      with the US Securities Act of 1933.

    
    17.4 Restricted Securities.
    Pharmanet
    acknowledges, that the Purchase Shares to be issued pursuant to this
    Agreement will not have been registered under the US Securities Act of 1933,
    as amended, or any state securities law by reason of specific exemptions
    under the provisions thereof which depend in part upon the other
    representations and warranties made by Pharmanet in this Agreement.
    Pharmanet understands that the Purchase Shares to be received by Pharmanet
    in the transactions contemplated hereby will be "restricted
    securities" under applicable federal securities laws.

    -7-

    
    17.6 Legends.
    It is understood
    that the securities certificates evidencing the Purchase Shares may bear
    this or a similar legend:

    
    "THE
    SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
    THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT") OR
    OTHER APPLICABLE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR
    INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE
    OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE
    WITH THE PROVISIONS OF REGULATIONS S, RULE 901 THROUGH RULE 905, AND
    PRELIMINARY NOTES UNDER THE 1933 ACT OR (2) PURSUANT TO AN AVAILABLE
    EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR (3) PURSUANT
    TO AN EFFECTIVE REGISTRATION STATEMENT. HEDGING TRANSACTIONS INVOLVING THESE
    SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT."
    "

    and

  Any legend required by
  applicable state securities laws.

 

 

 

-8-Exhibit 10.2

    EXHIBIT
      10.2 2005 NON-QUALIFIED STOCK COMPENSATION PLAN

    

    

    

    2005
      NON-QUALIFIED STOCK COMPENSATION PLAN

    

    1. Purpose
      of Plan

    

    1.1 This
      2005
      NON-QUALIFIED STOCK
      COMPENSATION PLAN (the “Plan”) of Diamond Powersports, Inc., a Florida
      corporation (the “Company”), for employees, directors, officers consultants,
      advisors and other persons associated with the Company, is intended to advance
      the best interests of the Company by providing those persons who have a
      substantial responsibility for its management and growth with additional
      incentive and by increasing their proprietary interest in the success of the
      Company, thereby encouraging them to maintain their relationships with the
      Company. Further, the availability and offering of stock options and common
      stock under the Plan supports and increases the Company's ability to attract
      and
      retain individuals of exceptional talent upon whom, in large measure, the
      sustained progress, growth and profitability of the Company
      depends.

    

    2. Definitions

    

    2.1 For
      Plan
      purposes, except where the context might clearly indicate otherwise, the
      following terms shall have the meanings set forth below:

    

    “Board”
      shall mean the Board of Directors of the Company.

    

    “Committee”
      shall mean the Compensation Committee, or such other committee appointed by
      the
      Board, which shall be designated by the Board to administer the Plan, or the
      Board if no committees have been established. The Committee shall be composed
      of
two
      or
      more persons
      as from
      time to time are appointed to serve by the Board. 

    

    “Common
      Shares” shall mean the Company's Common Shares, $.0001 par value per share, or,
      in the event that the outstanding Common Shares are hereafter changed into
      or
      exchanged for different shares of securities of the Company, such other shares
      or securities.

    

    “Company”
      shall mean Diamond
      Powersports, Inc., a Florida corporation, and any parent or subsidiary
      corporation of Diamond
      Powersports, Inc.,
      as such
      terms are defined in Sections 425(e) and 425(f), respectively, of the
      Code.

    

    “Fair
      Market Value” shall mean, with respect to the date a given stock option is
      granted or exercised, the average of the highest and lowest reported sales
      prices of the Common Shares, as reported by such responsible reporting service
      as the Committee may select, or if there were not transactions in the Common
      Shares on such day, then the last preceding day on which transactions took
      place. The above withstanding, the Committee may determine the Fair Market
      Value
      in such other manner as it may deem more equitable for Plan purposes or as
      is
      required by applicable laws or regulations.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    “Optionee”
      shall mean an employee of the company who has been granted one or more Stock
      Options under the Plan.

    

    “Common
      Stock” shall mean shares of common stock which are issued by the Company
      pursuant to Section 5, below.

    

    “Common
      Stockholder” means
      the
      employee of, consultant to, or director of the Company or other person to whom
      shares of Common Stock are issued pursuant to this Plan.

    

    “Common
      Stock Agreement” means an agreement executed by a Common Stockholder and the
      Company as contemplated by Section 5, below, which imposes on the shares of
      Common Stock held by the Common Stockholder such restrictions as the Board
      or
      Committee deem appropriate.

    

    “Stock
      Option” or “Non-Qualified Stock Option” or “NQSO” shall mean a stock option
      granted pursuant to the terms of the Plan.

    

    “Stock
      Option Agreement” shall mean the agreement between the Company and the Optionee
      under which the Optionee may purchase Common Shares hereunder.

    

    3. Administration
      of the Plan

    

    3.1 The
      Committee shall administer the Plan and accordingly, it shall have full power
      to
      grant Stock Options and Common Stock, construe and interpret the Plan, establish
      rules and regulations and perform all other acts, including the delegation
      of
      administrative responsibilities, it believes reasonable and proper.

    

    3.2 The
      determination of those eligible to receive Stock Options and Common Stock,
      and
      the amount, type and timing of each grant and the terms and conditions of the
      respective stock option agreements and Common Stock Agreements shall rest in
      the
      sole discretion of the Committee, subject to the provisions of the
      Plan.

    

    3.3 The
      Committee may cancel any Stock Options awarded under the Plan if an Optionee
      conducts himself in a manner which the Committee determines to be inimical
      to
      the best interest of the Company, as set forth more fully in paragraph 8 of
      Article 11 of the Plan.

    

    3.4 The
      Board, or the Committee, may correct any defect, supply any omission or
      reconcile any inconsistency in the Plan, or in any granted Stock Option, in
      the
      manner and to the extent it shall deem necessary to carry it into
      effect.

    

    3.5 Any
      decision made, or action taken, by the Committee or the Board arising out of
      or
      in connection with the interpretation and administration of the Plan shall
      be
      final and conclusive.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    3.6 Meetings
      of the Committee shall be held at such times and places as shall be determined
      by the Committee. A majority of the members of the Committee shall constitute
      a
      quorum for the transaction of business, and the vote of a majority of those
      members present at any meeting shall decide any question brought before that
      meeting. In addition, the Committee may take any action otherwise proper under
      the Plan by the affirmative vote, taken without a meeting, of a majority of
      its
      members.

    

    3.7 No
      member
      of the Committee shall be liable for any act or omission of any other member
      of
      the Committee or for any act or omission on his own part, including, but not
      limited to, the exercise of any power or discretion given to him under the
      Plan,
      except those resulting from his own gross negligence or willful
      misconduct.

    

    3.8 The
      Company, through its management, shall supply full and timely information to
      the
      Committee on all matters relating to the eligibility of Optionees, their duties
      and performance, and current information on any Optionee's death, retirement,
      disability or other termination of association with the Company, and such other
      pertinent information as the Committee may require. The Company shall furnish
      the Committee with such clerical and other assistance as is necessary in the
      performance of its duties hereunder.

    

    4. Shares
      Subject to the Plan

    

    4.1 The
      total
      number of shares of the Company available for grants of Stock Options and Common
      Stock under the Plan shall be 1,000,000 common shares, subject to adjustment
      in
      accordance with Article 7 of the Plan, which shares may be either authorized
      but
      unissued or reacquired Common Shares of the Company.

    

    4.2 If
      a
      Stock Option or portion thereof shall expire or terminate for any reason without
      having been exercised in full, the unpurchased shares covered by such NQSO
      shall
      be available for future grants of Stock Options.

    

    5. Award
      Of Common Stock

    

    5.1 The
      Board
      or Committee from time to time, in its absolute discretion, may (a) award Common
      Stock to employees of, consultants to, and directors of the Company, and such
      other persons as the Board or Committee may select, and (b) permit Holders
      of
      Options to exercise such Options prior to full vesting therein and hold the
      Common Shares issued upon exercise of the Option as Common Stock. In either
      such
      event, the owner of such Common Stock shall hold such stock subject to such
      vesting schedule as the Board or Committee may impose or such vesting schedule
      to which the Option was subject, as determined in the discretion of the Board
      or
      Committee.

    

    5.2 Common
      Stock shall be issued only pursuant to a Common Stock Agreement, which shall
      be
      executed by the Common Stockholder and the Company and which shall contain
      such
      terms and conditions as the Board or Committee shall determine consistent with
      this Plan, including such restrictions on transfer as are imposed by the Common
      Stock Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    5.3 Upon
      delivery of the shares of Common Stock to the Common Stockholder, below, the
      Common Stockholder shall have, unless otherwise provided by the Board or
      Committee, all the rights of a stockholder with respect to said shares, subject
      to the restrictions in the Common Stock Agreement, including the right to
      receive all dividends and other distributions paid or made with respect to
      the
      Common Stock.

    

    5.4. Notwithstanding
      anything in this Plan or any Common Stock Agreement to the contrary, no Common
      Stockholders may sell or otherwise transfer, whether or not for value, any
      of
      the Common Stock prior to the date on which the Common Stockholder is vested
      therein.

    

    5.5 All
      shares of Common Stock issued under this Plan (including any shares of Common
      Stock and other securities issued with respect to the shares of Common Stock
      as
      a result of stock dividends, stock splits or similar changes in the capital
      structure of the Company) shall be subject to such restrictions as the Board
      or
      Committee shall provide, which restrictions may include, without limitation,
      restrictions concerning voting rights, transferability of the Common Stock
      and
      restrictions based on duration of employment with the Company, Company
      performance and individual performance; provided that the Board or Committee
      may, on such terms and conditions as it may determine to be appropriate, remove
      any or all of such restric-tions. Common Stock may not be sold or encumbered
      until all applicable restrictions have terminated or expire. The restrictions,
      if any, imposed by the Board or Committee or the Board under this Section 5
      need
      not be identical for all Common Stock and the imposition of any restrictions
      with respect to any Common Stock shall not require the imposition of the same
      or
      any other restrictions with respect to any other Common Stock.

    

    5.6 Each
      Common Stock Agreement shall provide that the Company shall have the right
      to
      repurchase from the Common Stockholder the unvested Common Stock upon a
      termination of employment, termination of directorship or termination of a
      consultancy arrangement, as applicable, at a cash price per share equal to
      the
      purchase price paid by the Common Stockholder for such Common
      Stock.

    

    5.7 In
      the
      discretion of the Board or Committee, the Common Stock Agreement may provide
      that the Company shall have the a right of first refusal with respect to the
      Common Stock and a right to repurchase the vested Common Stock upon a
      termination of the Common Stockholder's employment with the Company, the
      termination of the Common Stockholder's consulting arrangement with the Company,
      the termination of the Common Stockholder's service on the Company's Board,
      or
      such other events as the Board or Committee may deem appropriate.

    

    5.8 The
      Board
      or Committee shall cause a legend or legends to be placed on certificates
      representing shares of Common Stock that are subject to restrictions under
      Common Stock Agreements, which legend or legends shall make appropriate
      reference to the applicable restrictions.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    6. Stock
      Option Terms and Conditions

    

    6.1 Consistent
      with the Plan's purpose, Stock Options may be granted to non-employee directors
      of the Company or other persons who are performing or who have been engaged
      to
      perform services of special importance to the management, operation or
      development of the Company.

    

    6.2 All
      Stock
      Options granted under the Plan shall be evidenced by agreements which shall
      be
      subject to applicable provisions of the Plan, and such other provisions as
      the
      Committee may adopt, including the provisions set forth in paragraphs 2 through
      11 of this Section 6.

    

    6.3 All
      Stock
      Options granted hereunder must be granted within ten years from the earlier
      of
      the date of this Plan is adopted or approved by the Company's
      shareholders.

    

    6.4 No
      Stock
      Option granted to any employee or 10% Shareholder shall be exercisable after
      the
      expiration of ten years from the date such NQSO is granted. The Committee,
      in
      its discretion, may provide that an Option shall be exercisable during such
      ten
      year period or during any lesser period of time.

    

    The
      Committee may establish installment exercise terms for a Stock Option such
      that
      the NQSO becomes fully exercisable in a series of cumulating portions. If an
      Optionee shall not, in any given installment period, purchase all the Common
      Shares which such Optionee is entitled to purchase within such installment
      period, such Optionee's right to purchase any Common Shares not purchased in
      such installment period shall continue until the expiration or sooner
      termination of such NQSO. The Committee may also accelerate the exercise of
      any
      NQSO. However, no NQSO, or any portion thereof, may be exercisable until thirty
      (30) days following date of grant (“30-Day Holding Period.”).

    

    6.5 A
      Stock
      Option, or portion thereof, shall be exercised by delivery of (i) a written
      notice of exercise of the Company specifying the number of common shares to
      be
      purchased, and (ii) payment of the full price of such Common Shares, as fully
      set forth in paragraph 6 of this Section 6.

    

    No
      NQSO
      or installment thereof shall be exercisable except with respect to whole shares,
      and fractional share interests shall be disregarded. Not less than 100 Common
      Shares may be purchased at one time unless the number purchased is the total
      number at the time available for purchase under the NQSO. Until the Common
      Shares represented by an exercised NQSO are issued to an Optionee, he shall
      have
      none of the rights of a shareholder.

    

    6.6 The
      exercise price of a Stock Option, or portion thereof, may be paid:

    

    A. In
      United
      States dollars, in cash or by cashier's check, certified check, bank draft
      or
      money order, payable to the order of the Company in an amount equal to the
      option price; or

    

    B. At
      the
      discretion of the Committee, through the delivery of fully paid and
      nonassessable Common Shares, with an aggregate Fair Market Value on the date
      the
      NQSO is exercised equal to the option price, provided such tendered Shares
      have
      been owned by the Optionee for at least one year prior to such exercise;
      or

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    C. By
      a
      combination of both A and B above.

    

    The
      Committee shall determine acceptable methods for tendering Common Shares as
      payment upon exercise of a Stock Option and may impose such limitations and
      prohibitions on the use of Common Shares to exercise an NQSO as it deems
      appropriate.

    

    6.7 With
      the
      Optionee's consent, the Committee may cancel any Stock Option issued under
      this
      Plan and issue a new NQSO to such Optionee.

    

    6.8 Except
      by
      will or the laws of descent and distribution, no right or interest in any Stock
      Option granted under the Plan shall be assignable or transferable, and no right
      or interest of any Optionee shall be liable for, or subject to, any lien,
      obligation or liability of the Optionee. Stock Options shall be exercisable
      during the Optionee's lifetime only by the Optionee or the duly appointed legal
      representative of an incompetent Optionee.

    

    6.9 If
      the
      Optionee shall die while associated with the Company or within three months
      after termination of such association, the personal representative or
      administrator of the Optionee's estate or the person(s) to whom an NQSO granted
      hereunder shall have been validly transferred by such personal representative
      or
      administrator pursuant to the Optionee's will or the laws of descent and
      distribution, shall have the right to exercise the NQSO for one year after
      the
      date of the Optionee's death, to the extent (i) such NQSO was exercisable on
      the
      date of such termination of employment by death, and (ii) such NQSO was not
      exercised, and (iii) the exercise period may not be extended beyond the
      expiration of the term of the Option.

    

    No
      transfer of a Stock Option by the will of an Optionee or by the laws of descent
      and distribution shall be effective to bind the Company unless the Company
      shall
      have been furnished with written notice thereof and an authenticated copy of
      the
      will and/or such other evidence as the Committee may deem necessary to establish
      the validity of the transfer and the acceptance by the transferee or transferee
      of the terms and conditions by such Stock Option.

    

    In
      the
      event of death following termination of the Optionee's association with the
      Company while any portion of an NQSO remains exercisable, the Committee, in
      its
      discretion, may provide for an extension of the exercise period of up to one
      year after the Optionee's death but not beyond the expiration of the term of
      the
      Stock Option.

    

    6.10 Any
      Optionee who disposes of Common Shares acquired on the exercise of a NQSO by
      sale or exchange either (i) within two years after the date of the grant of
      the
      NQSO under which the stock was acquired, or (ii) within one year after the
      acquisition of such Shares, shall notify the Company of such disposition and
      of
      the amount realized upon such disposition. The transfer of Common Shares may
      also be Common by applicable provisions of the Securities Act of 1933, as
      amended.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    7. Adjustments
      or Changes in Capitalization

    

    7.1 In
      the
      event that the outstanding Common Shares of the Company are hereafter changed
      into or exchanged for a different number or kind of shares or other securities
      of the Company by reason of merger, consolidation, other reorganization,
      recapitalization, reclassification, combination of shares, stock split-up or
      stock dividend:

    

    A. Prompt,
      proportionate, equitable, lawful and adequate adjustment shall be made of the
      aggregate number and kind of shares subject to Stock Options which may be
      granted under the Plan, such that the Optionee shall have the right to purchase
      such Common Shares as may be issued in exchange for the Common Shares
      purchasable on exercise of the NQSO had such merger, consolidation, other
      reorganization, recapitalization, reclassification, combination of shares,
      stock
      split-up or stock dividend not taken place;

    

    B. Rights
      under unexercised Stock Options or portions thereof granted prior to any such
      change, both as to the number or kind of shares and the exercise price per
      share, shall be adjusted appropriately, provided that such adjustments shall
      be
      made without change in the total exercise price applicable to the unexercised
      portion of such NQSO's but by an adjustment in the price for each share covered
      by such NQSO's; or

    

    C. Upon
      any
      dissolution or liquidation of the Company or any merger or combination in which
      the Company is not a surviving corporation, each outstanding Stock Option
      granted hereunder shall terminate, but the Optionee shall have the right,
      immediately prior to such dissolution, liquidation, merger or combination,
      to
      exercise his NQSO in whole or in part, to the extent that it shall not have
      been
      exercised, without regard to any installment exercise provisions in such
      NQSO.

    

    7.2 The
      foregoing adjustments and the manner of application of the foregoing provisions
      shall be determined solely by the Committee, whose determination as to what
      adjustments shall be made and the extent thereof, shall be final, binding and
      conclusive. No fractional Shares shall be issued under the Plan on account
      of
      any such adjustments.

    

    8. Merger,
      Consolidation or Tender Offer

    

    8.1 If
      the
      Company shall be a party to a binding agreement to any merger, consolidation
      or
      reorganization or sale of substantially all the assets of the Company, each
      outstanding Stock Option shall pertain and apply to the securities and/or
      property which a shareholder of the number of Common Shares of the Company
      subject to the NQSO would be entitled to receive pursuant to such merger,
      consolidation or reorganization or sale of assets.

    

    8.2 In
      the
      event that:

    

    A. Any
      person other than the Company shall acquire more than 20% of the Common Shares
      of the Company through a tender offer, exchange offer or otherwise;

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    B. A
      change
      in the “control” of the Company occurs, as such term is defined in Rule 405
      under the Securities Act of 1933;

    

    C. There
      shall be a sale of all or substantially all of the assets of the
      Company;

    

    any
      then
      outstanding Stock Option held by an Optionee, who is deemed by the Committee
      to
      be a statutory officer (“Insider”) for purposes of Section 16 of the Securities
      Exchange Act of 1934 shall be entitled to receive, subject to any action by
      the
      Committee revoking such an entitlement as provided for below, in lieu of
      exercise of such Stock Option, to the extent that it is then exercisable, a
      cash
      payment in an amount equal to the difference between the aggregate exercise
      price of such NQSO, or portion thereof, and, (i) in the event of an offer or
      similar event, the final offer price per share paid for Common Shares, or such
      lower price as the Committee may determine to conform an option to preserve
      its
      Stock Option status, times the number of Common Shares covered by the NQSO
      or
      portion thereof, or (ii) in the case of an event covered by B or C above, the
      aggregate Fair Market Value of the Common Shares covered by the Stock Option,
      as
      determined by the Committee at such time.

    

    8.3 Any
      payment which the Company is required to make pursuant to paragraph 8.2 of
      this
      Section 8 shall be made within 15 business days, following the event which
      results in the Optionee's right to such payment. In the event of a tender offer
      in which fewer than all the shares which are validly tendered in compliance
      with
      such offer are purchased or exchanged, then only that portion of the shares
      covered by an NQSO as results from multiplying such shares by a fraction, the
      numerator of which is the number of Common Shares acquired pursuant to the
      offer
      and the denominator of which is the number of Common Shares tendered in
      compliance with such offer shall be used to determine the payment thereupon.
      To
      the extent that all or any portion of a Stock Option shall be affected by this
      provision, all or such portion of the NQSO shall be terminated.

    

    8.4 Notwithstanding
      paragraphs 8.1 and 8.3 of this Section 8, the Committee may, by unanimous vote
      and resolution, unilaterally revoke the benefits of the above provisions;
      provided, however, that such vote is taken no later than ten business days
      following public announcement of the intent of an offer or the change of
      control, whichever occurs earlier.

    

    9. Amendment
      and Termination of Plan

    

    9.1 The
      Board
      may at any time, and from time to time, suspend or terminate the Plan in whole
      or in part or amend it from time to time in such respects as the Board may
      deem
      appropriate and in the best interest of the Company.

    

    9.2 No
      amendment, suspension or termination of this Plan shall, without the Optionee's
      consent, alter or impair any of the rights or obligations under any Stock Option
      theretofore granted to him under the Plan.

    

    9.3 The
      Board
      may amend the Plan, subject to the limitations cited above, in such manner
      as it
      deems necessary to permit the granting of Stock Options meeting the requirements
      of future amendments or issued regulations, if any, to the Code.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    9.4 No
      NQSO
      may be granted during any suspension of the Plan or after termination of the
      Plan.

    

    10. Government
      and Other Regulations

    

    10.1 The
      obligation of the Company to issue, transfer and deliver Common Shares for
      Stock
      Options exercised under the Plan shall be subject to all applicable laws,
      regulations, rules, orders and approval which shall then be in effect and
      required by the relevant stock exchanges on which the Common Shares are traded
      and by government entities as set forth below or as the Committee in its sole
      discretion shall deem necessary or advisable. Specifically, in connection with
      the Securities Act of 1933, as amended, upon exercise of any Stock Option,
      the
      Company shall not be required to issue Common Shares unless the Committee has
      received evidence satisfactory to it to the effect that the Optionee will not
      transfer such shares except pursuant to a registration statement in effect
      under
      such Act or unless an opinion of counsel satisfactory to the Company has been
      received by the Company to the effect that such registration is not required.
      Any determination in this connection by the Committee shall be final, binding
      and conclusive. The Company may, but shall in no event be obligated to, take
      any
      other affirmative action in order to cause the exercise of a Stock Option or
      the
      issuance of Common Shares pursuant thereto to comply with any law or regulation
      of any government authority.

    

    11. Miscellaneous
      Provisions

    

    11.1 No
      person
      shall have any claim or right to be granted a Stock Option or Common Stock
      under
      the Plan, and the grant of an NQSO or Common Stock under the Plan shall not
      be
      construed as giving an Optionee or Common Stockholder the right to be retained
      by the Company. Furthermore, the Company expressly reserves the right at any
      time to terminate its relationship with an Optionee with or without cause,
      free
      from any liability, or any claim under the Plan, except as provided herein,
      in
      an option agreement, or in any agreement between the Company and the
      Optionee.

    

    11.2 Any
      expenses of administering this Plan shall be borne by the Company.

    

    11.3 The
      payment received from Optionee from the exercise of Stock Options under the
      Plan
      shall be used for the general corporate purposes of the Company.

    

    11.4 The
      place
      of administration of the Plan shall be in the State of Florida, and the
      validity, construction, interpretation, administration and effect of the Plan
      and of its rules and regulations, and rights relating to the Plan, shall be
      determined solely in accordance with the laws of the State of
      Florida.

    

    11.5 Without
      amending the Plan, grants may be made to persons who are foreign nationals
      or
      employed outside the United States, or both, on such terms and conditions,
      consistent with the Plan's purpose, different from those specified in the Plan
      as may, in the judgment of the Committee, be necessary or desirable to create
      equitable opportunities given differences in tax laws in other
      countries.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    11.6 In
      addition to such other rights of indemnification as they may have as members
      of
      the Board or the Committee, the members of the Committee shall be indemnified
      by
      the Company against all costs and expenses reasonably incurred by them in
      connection with any action, suit or proceeding to which they or any of them
      may
      be party by reason of any action taken or failure to act under or in connection
      with the Plan or any Stock Option granted thereunder, and against all amounts
      paid by them in settlement thereof (provided such settlement is approved by
      independent legal counsel selected by the Company) or paid by them in
      satisfaction of a judgment in any such action, suit or proceeding, except a
      judgment based upon a finding of bad faith; provided that upon the institution
      of any such action, suit or proceeding a Committee member shall, in writing,
      give the Company notice thereof and an opportunity, at its own expense, to
      handle and defend the same, with counsel acceptable to the Optionee, before
      such
      Committee member undertakes to handle and defend it on his own
      behalf.

    

    11.7 Stock
      Options may be granted under this Plan from time to time, in substitution for
      stock options held by employees of other corporations who are about to become
      employees of the Company as the result of a merger or consolidation of the
      employing corporation with the Company or the acquisition by the Company of
      the
      assets of the employing corporation or the acquisition by the Company of stock
      of the employing corporation as a result of which it becomes a subsidiary of
      the
      Company. The terms and conditions of such substitute stock options so granted
      may vary from the terms and conditions set forth in this Plan to such extent
      as
      the Board of Directors of the Company at the time of grant may deem appropriate
      to conform, in whole or in part, to the provisions of the stock options in
      substitution for which they are granted, but no such variations shall be such
      as
      to affect the status of any such substitute stock options as a stock option
      under Section 422A of the Code.

    

    11.8 Notwithstanding
      anything to the contrary in the Plan, if the Committee finds by a majority
      vote,
      after full consideration of the facts presented on behalf of both the Company
      and the Optionee, that the Optionee has been engaged in fraud, embezzlement,
      theft, insider trading in the Company's stock, commission of a felony or proven
      dishonesty in the course of his association with the Company or any subsidiary
      corporation which damaged the Company or any subsidiary corporation, or for
      disclosing trade secrets of the Company or any subsidiary corporation, the
      Optionee shall forfeit all unexercised Stock Options and all exercised NQSO's
      under which the Company has not yet delivered the certificates and which have
      been earlier granted to the Optionee by the Committee. The decision of the
      Committee as to the cause of an Optionee's discharge and the damage done to
      the
      Company shall be final. No decision of the Committee, however, shall affect
      the
      finality of the discharge of such Optionee by the Company or any subsidiary
      corporation in any manner.

    

    12. Written
      Agreement

    

    12.1 Each
      Stock Option granted hereunder shall be embodied in a written Stock Option
      Agreement which shall be subject to the terms and conditions prescribed above
      and shall be signed by the Optionee and by the President or any Vice President
      of the Company, for and in the name and on behalf of the Company. Such Stock
      Option Agreement shall contain such other provisions as the Committee, in its
      discretion shall deem advisable.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Number
      of
      Shares: _________________        
      Date
      of
      Grant: 

    

    FORM
      OF
      NON-QUALIFIED STOCK OPTION AGREEMENT

    

    AGREEMENT
      made this _____ 
      day
      of_______________200__,
      between________________________(the
      “Optionee”), and Diamond
      Powersports, Inc.
      (the
“Company”).

    

    1. Grant
      of Option

    

    The
      Company, pursuant to the provisions of the Non-Qualified Stock Compensation
      Plan
      (the “Plan”), adopted by the Board of Directors on November 29, 2005, the
      Company hereby grants to the Optionee, subject to the terms and conditions
      set
      forth or incorporated herein, an option to purchase from the Company all or
      any
      part of an aggregate of_________shares
      of
      its $.001 par value common stock, as such common stock is now constituted,
      at
      the purchase price of $.___ per share. The provisions of the Plan governing
      the
      terms and conditions of the Option granted hereby are incorporated in full
      herein by reference.

    

    2. Exercise

    

    The
      Option evidenced hereby shall be exercisable in whole or in part on or
      after_________and
      on or
      before_______________,
      provided that the cumulative number of shares of common stock as to which this
      Option may be exercised (except in the event of death, retirement, or permanent
      and total disability, as provided in paragraph 6.9 of the Plan) shall not exceed
      the following amounts:

    

    Cumulative
      Number               
Prior
      to
      Date

          of
      Shares                      
      (Not
      Inclusive of)

     

    

    The
      Option evidenced hereby shall be exercisable by the delivery to and receipt
      by
      the Company of (i) written notice of election to exercise, in the form set
      forth
      in Attachment B hereto, specifying the number of shares to be purchased; (ii)
      accompanied by payment of the full purchase price thereof in cash or certified
      check payable to the order of the Company, or by fully paid and nonassessable
      common stock of the Company properly endorsed over to the Company, or by a
      combination thereof, and (iii) by return of this Stock Option Agreement for
      endorsement of exercise by the Company on Schedule I hereof. In the event fully
      paid and nonassessable common stock is submitted as whole or partial payment
      for
      shares to be purchased hereunder, such common stock will be valued at their
      Fair
      Market Value (as defined in the Plan) on the date such shares received by the
      Company are applied to payment of the exercise price.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    3.        
      Transferability

    

    The
      Option evidenced hereby is not assignable or transferable by the Optionee other
      than by the Optionee's will or by the laws of descent and distribution, as
      provided in paragraph 6.9 of the Plan. The Option shall be exercisable only
      by
      the Optionee during his lifetime.

    

    

    Diamond
      Powersports, Inc.

    

    

    

    By:

    Name:

    ATTEST:                                                        
       Title:

    

    

    

    _____________________________________

    Secretary

    

    Optionee
      hereby acknowledges receipt of a copy of the Plan, attached hereto and accepts
      this Option subject to each and every term and provision of such Plan. Optionee
      hereby agrees to accept as binding, conclusive and final, all decisions or
      interpretations of the of the Board of Directors administering the Plan on
      any
      questions arising under such Plan. Optionee recognizes that if Optionee's
      employment with the Company or any subsidiary thereof shall be terminated
      without cause, or by the Optionee, prior to completion or satisfactory
      performance by Optionee (except as otherwise provided in paragraph 6 of the
      Plan) all of the Optionee's rights hereunder shall thereupon terminate; and
      that, pursuant to paragraph 6 of the Plan, this Option may not be exercised
      while there is outstanding to Optionee any unexercised Stock Option granted
      to
      Optionee before the date of grant of this Option.

    

    Dated:______                                                   ________________________________________________

    Optionee

    

    

    ________________________________________________

    Print
      Name

    

     

    ________________________________________________

    Address

    

    

                                                                           
________________________________________________

    Social
      Security No.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    ATTACHMENT
      B

    

    NOTICE
      OF
      EXERCISE

    

    

    

    To: Diamond
      Powersports, Inc.

    

    

    

    (1)  The
      undersigned hereby elects to purchase ________ shares of Common Shares (the
      “Common Shares”), of Diamond
      Powersports, Inc.
      pursuant
      to the terms of the attached Non-Qualified Stock Option Agreement, and tenders
      herewith payment of the exercise price in full, together with all applicable
      transfer taxes, if any.

     

    (2)  Please
      issue a certificate or certificates representing said shares of Common Shares
      in
      the name of the undersigned or in such other name as is specified
      below:

     

    

    _______________________________

    (Name)

    

    _______________________________

    (Address)

    _______________________________

    

    

    

    

    Dated:

    

    

    ______________________________

    Signature

    

    

    

    Optionee: ____________________________
        
Date
      of
      Grant:________________________________  

    

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

     

    

    
      
        	
                DATE

              	
                SHARES
                  PURCHASED

              	
                PAYMENT
                  RECEIVED

              	
                UNEXERCISED
                  

                SHARES

                REMAINING

              	
                ISSUING

                OFFICER

                INITIALS

              
	
                 

              	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

      

    
      
        
        

      

      
        14

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