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                                                                    Exhibit 10.3

                             SUBSCRIPTION AGREEMENT

          SUBSCRIPTION  AGREEMENT  made as of  this  5th  day of  January  2006,
between Marco Hi-Tech JV Ltd., a New York corporation,  with offices at One Penn
Plaza,   Suite  2514,  New  York,  New  York  10119  and  the  undersigned  (the
"Subscriber").  The term  Company as used  herein is defined as set forth in the
PPM (as defined below).

          WHEREAS,  pursuant to a Confidential Memorandum dated January 5, 2006,
(the "PPM"),  the Company is offering in a private placement (the "Offering") to
accredited investors up to 150 Units for a purchase price of $25,000 per Unit to
a maximum of  $3,750,000.  Each Unit  consists of 10,000 shares of the Company's
common stock, par value $0.001 per share (the "Common Stock"),  and a three-year
warrant  to  purchase  2,500  shares  of Common  Stock at $5.00  per share  (the
"Warrants"); and

          WHEREAS,  the Subscriber  desires to subscribe for the number of Units
set forth on the signature page hereof, on the terms and conditions  hereinafter
set forth.

          NOW,  THEREFORE,  for and in  consideration  of the  premises  and the
mutual  covenants  hereinafter set forth,  the parties hereto do hereby agree as
follows:

     I.   SUBSCRIPTION FOR UNITS AND REPRESENTATIONS AND COVENANTS OF SUBSCRIBER

          1.1  Subject to the terms and conditions  hereinafter  set forth,  the
Subscriber  hereby  subscribes  for and agrees to purchase from the Company such
number of Units as is set forth upon the signature page hereof, at a price equal
to $25,000 per Unit, and the Company agrees to sell such Units to the Subscriber
for  said  purchase  price,  subject  to the  Company's  right  to  sell  to the
Subscriber  such lesser number of Units (or no Units) as the Company may, in its
sole discretion,  deem necessary or desirable.  The purchase price is payable by
wire  transfer of  immediately  available  funds to the account of the  Company,
pursuant to the wire instructions attached hereto as EXHIBIT A.

          1.2  The Subscriber  recognizes  that the purchase of Units involves a
high  degree  of  risk  in that  (i) an  investment  in the  Company  is  highly
speculative  and  only  investors  who  can  afford  the  loss of  their  entire
investment  should  consider  investing  in the Company and the Units;  (ii) the
Units are not  registered  under the  Securities  Act of 1933,  as amended  (the
"Act"),  or any state  securities  law; (iii) there is no trading market for the
Units,  none is likely ever to develop,  and the  Subscriber  may not be able to
liquidate  his,  her or its  investment;  (iv)  transferability  of the Units is
extremely limited;  and (v) an investor could suffer the loss of his, her or its
entire investment.

          1.3  The  Subscriber  is an  "accredited  investor"  as  such  term in
defined in Rule 501 of  Regulation  D  promulgated  under the Act,  and that the
Subscriber is able to bear the economic risk of an investment in the Units.

          1.4  The  Subscriber  has  prior  investment   experience   (including
investment  in non  listed  and non  registered  securities),  and has  read and
evaluated,  or has employed the services of an investment  advisor,  attorney or
accountant  to  read  and  evaluate,  all of the  documents  furnished  or  made
available  by the  Company  to the  Subscriber  and  to  all  other  prospective
investors  in the Units,  including  the PPM, as well as the merits and risks of
such an investment by the Subscriber.  The  Subscriber's  overall  commitment to
investments  which are not readily  marketable  is not  disproportionate  to the
Subscriber's net worth,  and the  Subscriber's  investment in the Units will not
cause  such  overall  commitment  to become  excessive.  The  Subscriber,  if an
individual,  has adequate  means of providing  for his or her current  needs and
personal and family  contingencies  and has no need for  liquidity in his or her
investment in the Units. The Subscriber is financially able to bear the economic
risk of this  investment,  including the ability to afford holding the Units for
an indefinite period or a complete loss of this investment.

          1.5  The  Subscriber  acknowledges  receipt and careful  review of the
PPM, the draft Current  Report on Form 8-K with regard to the  Company's  merger
with a  publicly-traded  company,  all  supplements  to the PPM,  and all  other
documents  furnished in  connection  with this  transaction  (collectively,  the
"Offering Documents") and has been furnished by the Company during the course of
this transaction with all information regarding the Company which the Subscriber
has  requested  or desires to know;  and the  Subscriber  has been  afforded the
opportunity  to ask  questions  of and  receive  answers  from  duly  authorized
officers  or other  representatives  of the  Company  concerning  the  terms and
conditions of the Offering,  and any additional information which the Subscriber
has requested.

          1.6  The  Subscriber  acknowledges  that the  purchase  of  Units  may
involve tax consequences to the Subscriber and that the contents of the Offering
Documents  do not contain  tax  advice.  The  Subscriber  acknowledges  that the
Subscriber must retain his, her or its own professional advisors to evaluate the
tax and other  consequences to the Subscriber of an investment in the Units. The
Subscriber  acknowledges  that it is the  responsibility  of the  Subscriber  to
determine the  appropriateness  and the merits of a corporate  entity to own the
Subscriber's Units and the corporate structure of such entity.

          1.7  The  Subscriber  acknowledges  that  this  Offering  has not been
reviewed by the  Securities  and  Exchange  Commission  (the "SEC") or any state
securities commission,  and that no federal or state agency has made any finding
or  determination  regarding  the  fairness  or  merits  of  the  Offering.  The
Subscriber represents that the Units are being purchased for his, her or its own
account,  for investment only, and not with a view toward distribution or resale
to others.  The Subscriber  agrees that he, she or it will not sell or otherwise
transfer the Units or the Common Stock and Warrants comprising the Units, unless
they are registered under the Act or unless an exemption from such  registration
is available, as the same may be amended from time to time.

          1.8  The Subscriber  understands that the provisions of Rule 144 under
the Act are not  available  for at least one (1) year to permit  resales  of the
Units or the Common Stock and Warrants comprising the Units, and there can be no
assurance that the conditions necessary to permit such sales under Rule 144 will
ever be  satisfied.  The  Subscriber  understands  that the  Company is under no

                                       2

obligation  to comply with the  conditions  of Rule 144 or take any other action
necessary in order to make any exemption for the sale of the Units or the Common
Stock and Warrants comprising the Units without registration available.

          1.9  The  Subscriber  agrees to hold the  Company  and its  directors,
officers and controlling  persons and their respective  heirs,  representatives,
successors and assigns  harmless and to indemnify them against all  liabilities,
costs and expenses incurred by them as a result of any misrepresentation made by
the Subscriber contained herein or any sale or distribution by the Subscriber in
violation  of the  Act  (including  without  limitation  the  rules  promulgated
thereunder),  any  state  securities  laws,  or  the  Company's  certificate  of
incorporation or by-laws, as amended from time to time.

          1.10 The  Subscriber  consents  to the  placement  of a legend  on any
certificate  or other  document  evidencing the Units stating that they have not
been registered under the Act and setting forth or referring to the restrictions
on transferability and sale thereof.

          1.11 The Subscriber  understands that the Company will review and rely
on this Subscription Agreement without making any independent investigation; and
it is agreed that the Company reserves the unrestricted right to reject or limit
any subscription and to withdraw the Offering at any time.

          1.12 The  Subscriber   hereby  represents  that  the  address  of  the
Subscriber  furnished  at  the  end  of  this  Subscription   Agreement  is  the
undersigned's  principal  residence if the  Subscriber  is an  individual or its
principal business address if it is a corporation or other entity.

          1.13 The  Subscriber   acknowledges   that  if  the  Subscriber  is  a
Registered  Representative of an NASD member firm, the Subscriber must give such
firm the notice  required by the NASD's Conduct Rules,  receipt of which must be
acknowledged by such firm on the signature page hereof.

          1.14 The Subscriber  hereby  represents that,  except as expressly set
forth in the Offering Documents, no representations or warranties have been made
to the  Subscriber  by the Company or any agent,  employee or  affiliate  of the
Company and in entering into this transaction,  the Subscriber is not relying on
any  information,  other than that  contained in the Offering  Documents and the
results of independent investigation by the Subscriber.

          1.15 All  information  provided  by the  Subscriber  in  the  Investor
Questionnaire  attached  as  EXHIBIT  B to the PPM is true and  accurate  in all
respects,  and the Subscriber  acknowledges  that the Company will be relying on
such  information to its possible  detriment in deciding whether the Company can
sell these  securities to the  Subscriber  without giving rise to the loss of an
exemption from registration under the applicable securities laws.

          1.16 The Subscriber is aware that the Company has not entered into any
agreement or understanding  providing for the purchase of any business or assets
other than those referred to in the PPM and no such  agreements  have been made,
or are being negotiated,  and that by execution of this Subscription  Agreement,

                                       3

the Subscriber  consents to any and all resulting  terms of such purchases which
will be in the sole  discretion  of the Company over which the  Subscriber  will
have no effective influence.

     II.  REPRESENTATIONS BY THE COMPANY

          The Company  represents and warrants to the Subscriber that as
of the date of the closing of this Offering (the "Closing Date"):

               (a)  The  Company is a  corporation  duly  incorporated,  validly
existing  and in good  standing  under the laws of the State of Delaware and has
the  corporate  power to conduct the business  which it conducts and proposes to
conduct.

               (b)  The execution, delivery and performance of this Subscription
Agreement by the Company have been duly  authorized by the Company and all other
corporate  action required to authorize and consummate the offer and sale of the
Units have been duly taken and approved.

               (c)  The Units have been duly and validly authorized and issued.

               (d)  The Company has obtained, or is in the process of obtaining,
all licenses,  permits and other  governmental  authorizations  necessary to the
conduct of its  business,  except where the failure to so obtain such  licenses,
permits  and  authorizations  would not have a  material  adverse  effect on the
Company. Such licenses,  permits and other governmental  authorizations obtained
are in full force and effect, except where the failure to be so would not have a
material  adverse  effect on the  Company,  and the  Company is in all  material
respects complying therewith.

               (e)  The  Company  knows of no  pending  or  threatened  legal or
governmental  proceedings to which the Company is a party which would materially
adversely affect the business, financial condition or operations of the Company.

               (f)  The Company is not in  violation  of or default  under,  nor
will the execution and delivery of this  Subscription  Agreement or the issuance
of the Units,  or the  consummation  of the  transactions  herein  contemplated,
result  in a  violation  of,  or  constitute  a  default  under,  the  Company's
certificate of incorporation or by-laws, any material  obligations,  agreements,
covenants or conditions contained in any bond, debenture, note or other evidence
of  indebtedness  or  in  any  material  contract,  indenture,   mortgage,  loan
agreement,  lease,  joint venture or other  agreement or instrument to which the
Company is a party or by which it or any of its  properties  may be bound or any
material order, rule, regulation, writ, injunction, or decree of any government,
governmental instrumentality or court, domestic or foreign.

     III. COVENANTS BY THE COMPANY

          The Company  agrees  Subscribers  shall have the certain  registration
rights with respect to the shares of Common Stock underlying the Units issued to
Subscribers  pursuant to the terms of the Registration  Rights Agreement annexed
hereto as EXHIBIT C.

                                       4

     IV.  TERMS OF SUBSCRIPTION

          4.1  Subject to Section 4.2 hereof, the subscription period will begin
as of January 5, 2006 and will  terminate at 11:59 PM Eastern  Time, on February
28, 2006, unless sooner terminated by the Company, or extended by the Company.

          4.2  The Subscriber has effected a wire transfer in the full amount of
the purchase price for the Units to the Company's account in accordance with the
wire instructions set forth on EXHIBIT A hereto.

          4.3  The  Subscriber  hereby  authorizes  and  directs  the Company to
deliver any certificates or other written instruments  representing the Units to
be issued to such  Subscriber  pursuant to this  Subscription  Agreement  to the
address indicated on the signature page hereof.

          4.4  The  Subscriber  hereby  authorizes  and  directs  the Company to
return any funds,  without  interest,  for unaccepted  subscriptions to the same
account from which the funds were drawn.

          4.5  If the Subscriber is not a United States person,  such Subscriber
shall  immediately  notify the Company and the Subscriber hereby represents that
the  Subscriber  is  satisfied  as to the  full  observance  of the  laws of its
jurisdiction in connection with any invitation to subscribe for the Units or any
use of this Subscription Agreement,  including (i) the legal requirements within
its  jurisdiction  for the  purchase  of the Units,  (ii) any  foreign  exchange
restrictions  applicable  to such  purchase,  (iii)  any  governmental  or other
consents  that may need to be  obtained,  and (iv) the  income tax and other tax
consequences, if any, that may be relevant to the purchase, holding, redemption,
sale or  transfer  of the Units or the  securities  comprising  the Units.  Such
Subscriber's  subscription and payment for, and continued  beneficial  ownership
of,  the Units and the  securities  comprising  the Units will not  violate  any
applicable securities or other laws of the Subscriber's jurisdiction.

     V.   MISCELLANEOUS

          5.1  Any notice or other communication given hereunder shall be deemed
sufficient  if in writing and sent by  reputable  overnight  courier,  facsimile
(with receipt of confirmation)  or registered or certified mail,  return receipt
requested,  addressed  to the  Company,  at the  address  set forth in the first
paragraph hereof, Attention Reuben Seltzer, facsimile (212) 798-8180, and to the
Subscriber at the address indicated on the signature page hereof.  Notices shall
be deemed to have been given on the date of mailing  or fax,  except  notices of
change of address, which shall be deemed to have been given when received.

          5.2  This  Subscription  Agreement  shall not be changed,  modified or
amended  except  by a writing  signed by the  parties  to be  charged,  and this
Subscription Agreement may not be discharged except by performance in accordance
with its terms or by a writing signed by the party to be charged.

          5.3  This  Subscription  Agreement  shall be binding upon and inure to
the  benefit  of  the  parties  hereto  and to  their  respective  heirs,  legal
representatives,  successors and assigns. This Subscription Agreement sets forth

                                       5

the entire  agreement  and  understanding  between the parties as to the subject
matter thereof and merges and supersedes all prior  discussions,  agreements and
understandings of any and every nature among them.

          5.4  Notwithstanding  the place where this Subscription  Agreement may
be executed by any of the parties hereto,  the parties  expressly agree that all
the terms and  provisions  hereof  shall be  construed  in  accordance  with and
governed by the laws of the State of Delaware. The parties hereby agree that any
dispute which may arise  between them arising out of or in connection  with this
Subscription  Agreement  shall be adjudicated  before a court located in Broward
County,  Florida and they hereby  submit to the  exclusive  jurisdiction  of the
federal and state courts of the State of Florida  located in Broward County with
respect  to  any  action  or  legal  proceeding  commenced  by  any  party,  and
irrevocably  waive any objection  they now or hereafter may have  respecting the
venue of any such action or proceeding brought in such a court or respecting the
fact that such court is an  inconvenient  forum,  relating  to or arising out of
this Subscription Agreement or any acts or omissions relating to the sale of the
securities  hereunder,  and consent to the service of process in any such action
or legal  proceeding by means of registered or certified  mail,  return  receipt
requested,  in care of the address set forth below or such other  address as the
undersigned shall furnish in writing to the other.

          5.5  This Subscription Agreement may be executed in counterparts. Upon
the execution  and delivery of this  Subscription  Agreement by the  Subscriber,
this Subscription  Agreement shall become a binding obligation of the Subscriber
with respect to the purchase of Units as herein provided;  subject,  however, to
the right hereby  reserved to the Company to (i) enter into the same  agreements
with other  subscribers,  (ii) add and/or to delete other persons as subscribers
and (iii) cut back or reject any subscription.

          5.6  The holding of any provision of this Subscription Agreement to be
invalid or unenforceable by a court of competent  jurisdiction  shall not affect
any other provision of this Subscription  Agreement,  which shall remain in full
force and effect.

          5.7  It is agreed  that a waiver  by  either  party of a breach of any
provision of this Subscription Agreement shall not operate, or be construed,  as
a waiver of any subsequent breach by that same party.

          5.8  The  parties  agree to  execute  and  deliver  all  such  further
documents,  agreements and instruments and take such other and further action as
may be  necessary  or  appropriate  to carry out the purposes and intent of this
Subscription Agreement.

                            [SIGNATURE PAGES FOLLOW]

                                       6

          IN WITNESS  WHEREOF,  the  parties  have  executed  this  Subscription
Agreement as of the day and year first written above.

______________________________  X $25,000 for each Unit     = $_____________________.
Number of Units subscribed for                              Aggregate Purchase Price

             MANNER IN WHICH TITLE IS TO BE HELD (PLEASE CHECK ONE):

1.  ___  Individual                        7.   ___  Trust/Estate/Pension or Profit sharing
                                                     Plan
                                                     Date Opened:______________

2.  ___  Joint Tenants with Right of       8.   ___  As a Custodian for
         Survivorship                                ________________________________
                                                     Under the Uniform Gift to Minors Act
                                                     of the State of
                                                     ________________________________

3.  ___  Community Property                9.   ___  Married with Separate Property

4.  ___  Tenants in Common                 10.  ___  Keogh

5.  ___  Corporation/Partnership/ Limited  11.  ___  Tenants by the Entirety
         Liability Company

6.  ___  IRA                               12.  ___  Foundation described in Section
                                                     501(c)(3)of the Internal Revenue Code
                                                     of 1986, as amended.

             IF MORE THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST SIGN.
                   INDIVIDUAL SUBSCRIBERS MUST COMPLETE PAGE 8
              SUBSCRIBERS WHICH ARE ENTITIES MUST COMPLETE PAGE 9.

                                       7

                          EXECUTION BY NATURAL PERSONS

________________________________________________________________________________
Exact Name in Which Title is to be Held

_________________________________           ____________________________________
Name (Please Print)                         Name of Additional Subscriber

_________________________________           ____________________________________
Residence: Number and Street                Address of Additional Subscriber

_________________________________           ____________________________________
City, State and Zip Code                    City, State and Zip Code

_________________________________           ____________________________________
Social Security Number                      Social Security Number

_________________________________           ____________________________________
Telephone Number                            Telephone Number

_________________________________           ____________________________________
Fax Number (if available)                   Fax Number (if available)

_________________________________           ____________________________________
E-Mail (if available)                       E-Mail (if available)

_________________________________           ____________________________________
(Signature)                                 (Signature of Additional Subscriber)

                                    ACCEPTED this ___ day of _________ 2006,
                                    on behalf Marco Hi-Tech JV Ltd.

                                    By: ________________________________________
                                        Name:
                                        Title:

                                       8

                   EXECUTION BY SUBSCRIBER WHICH IS AN ENTITY
                     (Corporation, Partnership, Trust, Etc.)

________________________________________________________________________________
                          Name of Entity (Please Print)

Date of Incorporation or Organization: _________________________________________

State of Principal Office: _____________________________________________________

Federal Taxpayer Identification Number: ________________________________________

__________________________________________
Office Address

__________________________________________
City, State and Zip Code

__________________________________________
Telephone Number

__________________________________________
Fax Number (if available)

__________________________________________
E-Mail (if available)

[seal]                                          By: ____________________________
                                                    Name:
Attest:  ________________________________           Title:
(If Entity is a Corporation)

*IF SUBSCRIBER IS A REGISTERED
REPRESENTATIVE WITH AN NASD MEMBER FIRM,
HAVE THE FOLLOWING ACKNOWLEDGEMENT SIGNED
BY THE APPROPRIATE PARTY:

The undersigned NASD member firm
acknowledges  receipt of the notice
required by Rule 3050 of the NASD
Conduct Rules

                                        ACCEPTED  this ____ day  of  __________
                                        2006, on behalf of Marco Hi-Tech JV Ltd.

                                        By: ____________________________________
                                           Name:
                                           Title:

                                       9sec document

                                                                    Exhibit 10.4

                             MARCO HI-TECH JV LTD.

                         REGISTRATION RIGHTS AGREEMENT

                                JANUARY 5, 2006

                                TABLE OF CONTENTS

                                                                           PAGE

1. Registration Rights.........................................................1
   1.1  Definitions............................................................1
   1.2  Company Registration...................................................2
   1.3  Obligations of the Company.............................................3
   1.4  Furnish Information....................................................4
   1.5  Delay of Registration..................................................5
   1.6  Indemnification........................................................5
   1.7  Reports Under Securities Exchange Act..................................7
   1.8  Transfer or Assignment of Registration Rights..........................7
   1.9  "Market Stand-Off" Agreement...........................................7
2. Covenants of the Company to the Investors...................................8
   2.1  Information Rights.....................................................8
   2.2  Confidentiality........................................................8
3. Legend......................................................................9
4. Miscellaneous...............................................................9
   4.1  Governing Law..........................................................9
   4.2  Waivers and Amendments.................................................9
   4.3  Successors and Assigns................................................10
   4.4  Entire Agreement......................................................10
   4.5  Notices...............................................................10
   4.6  Interpretation........................................................10
   4.7  Severability..........................................................10
   4.8  Counterparts..........................................................10
   4.9  Telecopy Execution and Delivery.......................................10

                                       i

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is made as of January
5, 2006,  between Marco Hi-Tech JV Ltd., a New York corporation (the "COMPANY"),
and the  individuals  and  entities  listed  on  Schedule  A  hereto  (each,  an
"INVESTOR" and collectively, the "INVESTORS").

                                 R E C I T A L S

     WHEREAS,  the Company  and the  Investors  are parties to the  Subscription
Agreement  dated January 5, 2006 (the  "SUBSCRIPTION  AGREEMENT")  pursuant to a
Private Placement Memorandum dated January 5, 2006 ("PPM");

     WHEREAS,  the Investors'  obligations under the Subscription  Agreement are
conditioned upon certain  registration  rights under the Securities Act of 1933,
as amended (the "SECURITIES  ACT") as described in the  Subscription  Agreement;
and

     WHEREAS,  the Investors and the Company desire to provide for the rights of
registration  under the Securities Act as are provided herein upon the execution
and delivery of this Agreement by such investors and the Company.

     NOW, THEREFORE, in consideration of the promises, covenants, and conditions
set forth herein, the parties hereto hereby agree as follows:

1.   REGISTRATION RIGHTS.

     1.1  DEFINITIONS. As used in this Agreement, the following terms shall have
the meanings set forth below:

          (a)  "COMMISSION"  means the United  States  Securities  and  Exchange
Commission.

          (b)  "COMMON STOCK" means the Company's common stock, par value $0.001
per share.

          (c)  "CONVERSION  STOCK"  means the shares of Common  Stock  issued or
issuable  upon  conversion  of the  Warrants to  purchase  Common  Stock  issued
pursuant to the Subscription Agreement.

          (d)  "EFFECTIVENESS  DATE"  means  the 180th  day  following  the date
hereof.

          (e)  "EXCHANGE  ACT" means the  Securities  Exchange  Act of 1934,  as
amended.

          (f)  "FAIR MARKET  VALUE" means the average of the high and low prices
of publicly  traded shares of Common Stock,  rounded to the nearest cent, on the
principal  national  securities  exchange  on which  shares of Common  Stock are
listed (if the shares of Common  Stock are so  listed),  or on the Nasdaq  Stock
Market (if the shares of Stock are regularly quoted on the Nasdaq Stock Market),
or, if not so listed or regularly  quoted,  the mean between the closing bid and

asked prices of publicly  traded shares of Common Stock in the  over-the-counter
market, or, if such bid and asked prices shall not be available,  as reported by
any  nationally  recognized  quotation  service  selected by the Company,  or as
determined by the Board of Directors in a manner  consistent with the provisions
of the Internal Revenue Code, as amended.

          (g)  "FILING DATE" means,  with respect to the Registration  Statement
required to be filed hereunder,  a date no later than ninety (90) days following
the date hereof.

          (h)  "INVESTOR" means any person owning Registrable Securities.

          (i)  The terms "REGISTER,"  "REGISTERED" and "REGISTRATION" refer to a
registration  effected  by  preparing  and filing a  registration  statement  or
similar  document in compliance  with the Securities Act, and the declaration or
ordering of effectiveness of such registration statement or document.

          (j)  "REGISTRABLE  SECURITIES" means (i) the Conversion Stock and (ii)
any of the Shares (or issuable  upon the  conversion or exercise of any warrant,
right or other  security that is issued as) or a dividend or other  distribution
with respect to, or in exchange for, or in replacement of, the shares referenced
in (i) and (ii) above; PROVIDED,  HOWEVER, that Registrable Securities shall not
include any shares of Common  Stock which have  previously  been  registered  or
which have been sold to the public either  pursuant to a registration  statement
or Rule 144,  or which  have been  sold in a  private  transaction  in which the
transferor's rights under this Section 1 are not assigned.

          (k)  "RULE 144" means Rule 144 as promulgated by the Commission  under
the  Securities  Act,  as such Rule may be  amended  from  time to time,  or any
similar successor rule that may be promulgated by the Commission.

          (l)  "RULE 145" means Rule 145 as promulgated by the Commission  under
the  Securities  Act,  as such Rule may be  amended  from  time to time,  or any
similar successor rule that may be promulgated by the Commission.

          (m)  "SHARES" means the shares of the Common Stock issued  pursuant to
the Subscription Agreement.

          (n)  "WARRANTS"  means the  warrants to purchase  Common  Stock issued
pursuant to the Subscription Agreement.

      1.2 COMPANY REGISTRATION.

          (a)  On or prior to the Filing Date the Company shall prepare and file
with the Commission a Registration Statement covering the Registrable Securities
for an  offering to be made on a  continuous  basis  pursuant  to Rule 415.  The
Registration  Statement shall be on Form SB-2 or Form S-3 (except if the Company
is not then eligible to register for resale the  Registrable  Securities on Form
SB-2  or  Form  S-3,  in  which  case  such  registration  shall  be on  another
appropriate  form  in  accordance   herewith).   The  Company  shall  cause  the

                                       2

Registration  Statement  to become  effective  and remain  effective as provided
herein.  The Company shall use its  reasonable  commercial  efforts to cause the
Registration  Statement to be declared  effective  under the  Securities  Act as
promptly as possible  after the filing  thereof,  but in any event no later than
the Effectiveness Date. The Company shall use its reasonable  commercial efforts
to keep the Registration  Statement  continuously effective under the Securities
Act  until  the date  which  is the  earlier  date of when  (i) all  Registrable
Securities  have  been  sold  or (ii)  all  Registrable  Securities  may be sold
immediately  without  registration  under the  Securities Act and without volume
restrictions  pursuant  to Rule  144(k),  as  determined  by the  counsel to the
Company  pursuant to a written  opinion  letter to such  effect,  addressed  and
acceptable to the Company's transfer agent and the affected Investors.

          (b)  If: (i) the  Registration  Statement  is not filed on or prior to
the Filing Date; (ii) the  Registration  Statement is not declared  effective by
the  Commission  by the  Effectiveness  Date;  or (iii)  after the  Registration
Statement  is  filed  with  and  declared  effective  by  the  Commission,   the
Registration Statement ceases to be effective (by suspension or otherwise) as to
all  Registrable  Securities to which it is required to relate at any time prior
to  the  expiration  of  the  Effectiveness   Period  (without  being  succeeded
immediately  by  an  additional   registration   statement  filed  and  declared
effective)  for a period of time which shall exceed 30 days in the aggregate per
year or more than 20 consecutive  calendar days (defined as a period of 365 days
commencing on the date the Registration  Statement is declared effective);  (any
such  failure or breach  being  referred to as an "Event,"  and for  purposes of
clause (i) or (ii) the date on which  such  Event  occurs,  or for  purposes  of
clause  (iii) the date  which such 30 day or 20  consecutive  day period (as the
case may be) is exceeded,  or for purposes of clause (iv) the date on which such
three (3) Trading Day period is exceeded,  being  referred to as "Event  Date"),
then until the applicable Event is cured, the Company shall pay to each Investor
in  Common  Stock at Fair  Market  Value,  as  liquidated  damages  and not as a
penalty,  equal to 1.0% payable, up to a maximum of 6%, for each thirty (30) day
period  (prorated for partial  periods) on a daily basis of the aggregate amount
invested by such Investor.  While such Event continues,  such liquidated damages
shall be paid not less often than each thirty (30) days.  Any unpaid  liquidated
damages as of the date when an Event has been cured by the Company shall be paid
within three (3) days  following  the date on which such Event has been cured by
the Company.

          (c)  The  Company  shall  bear  and  pay  all  expenses   incurred  in
connection  with  any  registration,  filing  or  qualification  of  Registrable
Securities  with respect to the  registrations  pursuant to this Section 1.2 for
each Investor,  including  (without  limitation)  all  registration,  filing and
qualification fees,  printer's fees,  accounting fees and fees and disbursements
of counsel for the Company, but excluding underwriting discounts and commissions
relating to Registrable Securities and fees and disbursements of counsel for the
Investors.

     1.3  OBLIGATIONS OF THE COMPANY.  Whenever required under this Section 1 to
effect the  registration  of any Registrable  Securities,  the Company shall, as
expeditiously as reasonably possible:

          (a)  Prepare and file with the  Commission  a  registration  statement
with respect to such Registrable Securities and use its commercially  reasonable
efforts to cause such registration statement to become effective,  and, upon the
request of the  Investors of at least a majority of the  Registrable  Securities
registered  thereunder,  keep such registration statement effective for a period
which shall end the  earlier of when (i) all  Registrable  Securities  have been

                                       3

sold  or  (ii)  all  Registrable  Securities  may be  sold  immediately  without
registration under the Securities Act and without volume  restrictions  pursuant
to Rule 144(k);

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

          (c)  Furnish to the Investors  such numbers of copies of a prospectus,
including a preliminary  prospectus,  in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable  Securities owned by them (provided
that the Company  would not be required  to print such  prospectuses  if readily
available to Investors from any electronic service,  such as on the EDGAR filing
database maintained at www.sec.gov);

          (d)  Use its commercially  reasonable  efforts to register and qualify
the  securities  covered  by  such  registration   statement  under  such  other
securities'  or blue sky  laws of such  jurisdictions  as  shall  be  reasonably
requested by the  Investors;  provided that the Company shall not be required in
connection  therewith or as a condition  thereto to qualify to do business or to
file  a  general   consent  to  service  of  process  in  any  such   states  or
jurisdictions;

          (e)  In the event of any underwritten public offering,  enter into and
perform its obligations under an underwriting  agreement, in usual and customary
form,  with  the  managing   underwriter(s)  of  such  offering  (each  Investor
participating  in such  underwriting  shall  also  enter  into and  perform  its
obligations under such an agreement);

          (f)  Notify each Investor of  Registrable  Securities  covered by such
registration  statement  at any  time  when a  prospectus  relating  thereto  is
required to be delivered  under the Securities Act of the happening of any event
as a result of which the prospectus included in such registration  statement, as
then in effect,  includes  an untrue  statement  of a material  fact or omits to
state a material  fact  required to be stated  therein or  necessary to make the
statements  therein  not  misleading  in the  light  of the  circumstances  then
existing;

          (g)  Cause  all  such  Registrable   Securities   registered  pursuant
hereunder  to be listed on each  securities  exchange or  nationally  recognized
quotation  system on which  similar  securities  issued by the  Company are then
listed; and

          (h)  Provide  a  transfer  agent  and  registrar  for all  Registrable
Securities  registered  pursuant  hereunder  and a CUSIP  number  for  all  such
Registrable  Securities,  in each case not later than the effective date of such
registration.

     1.4  FURNISH  INFORMATION.  It  shall  be  a  condition  precedent  to  the
Company's obligations to take any action pursuant to this Section 1 with respect
to the Registrable  Securities of any selling  Investor that such Investor shall
furnish to the Company such information regarding such Investor, the Registrable
Securities held by such Investor, and the intended method of disposition of such
securities as shall be required by the Company or the managing underwriters,  if
any, to effect the registration of such Investor's Registrable Securities.

                                       4

     1.5  DELAY OF  REGISTRATION.  No Investor shall have any right to obtain or
seek an injunction  restraining or otherwise  delaying any such  registration as
the  result  of  any   controversy   that  might  arise  with   respect  to  the
interpretation or implementation of this Section 1.

     1.6  INDEMNIFICATION.

          (a)  To the extent  permitted by law, the Company will  indemnify  and
hold harmless each Investor,  any underwriter (as defined in the Securities Act)
for such  Investor  and each  person,  if any,  who  controls  such  Investor or
underwriter  within  the  meaning of the  Securities  Act or the  Exchange  Act,
against any losses, claims,  damages, or liabilities (joint or several) to which
any of the foregoing  persons may become subject under the  Securities  Act, the
Exchange Act or other federal or state  securities law,  insofar as such losses,
claims,  damages or liabilities (or actions in respect  thereof) arise out of or
are  based  upon  any of  the  following  statements,  omissions  or  violations
(collectively,  a  "VIOLATION"):  (i) any untrue  statement  or  alleged  untrue
statement of a material fact  contained in a registration  statement,  including
any  preliminary  prospectus  or  final  prospectus  contained  therein  or  any
amendments  or  supplements  thereto  (collectively,  the  "FILINGS"),  (ii) the
omission or alleged omission to state in the Filings a material fact required to
be stated therein,  or necessary to make the statements  therein not misleading,
or (iii) any  violation or alleged  violation  by the Company of the  Securities
Act,  the  Exchange  Act,  any state  securities  law or any rule or  regulation
promulgated  under the Securities Act, the Exchange Act or any state  securities
law; and the Company will pay any legal or other expenses reasonably incurred by
any person to be indemnified  pursuant to this Section 1.7(a) in connection with
investigating or defending any such loss,  claim,  damage,  liability or action;
PROVIDED, HOWEVER, that the indemnity agreement contained in this Section 1.7(a)
shall not apply to amounts paid in settlement of any such loss,  claim,  damage,
liability,  or action if such settlement is effected  without the consent of the
Company  (which  consent  shall  not be  unreasonably  withheld),  nor shall the
Company be liable in any such case for any such loss, claim, damage,  liability,
or action to the extent that it arises out of or is based upon a Violation  that
occurs in reliance upon and in  conformity  with written  information  furnished
expressly for use in connection  with such  registration  by any such  Investor,
underwriter or controlling person.

          (b) To the extent  permitted by law, each Investor will indemnify and
hold harmless the Company,  each of its directors,  each of its officers who has
signed the registration statement, each person, if any, who controls the Company
within the meaning of the Securities  Act, any  underwriter,  any other Investor
selling securities in such registration  statement and any controlling person of
any such underwriter or other Investor,  against any losses, claims, damages, or
liabilities  (joint or several) to which any of the foregoing persons may become
subject  under the  Securities  Act, the Exchange Act or other  federal or state
securities  law  insofar as such  losses,  claims,  damages or  liabilities  (or
actions in respect  thereto)  arise out of or are based upon any  Violation,  in
each case to the extent (and only to the extent) that such  Violation  occurs in
reliance  upon and in  conformity  with  written  information  furnished by such
Investor expressly for use in connection with such  registration;  and each such
Investor will pay any legal or other expenses  reasonably incurred by any person
to  be  indemnified   pursuant  to  this  Section  1.6(b)  in  connection   with
investigating or defending any such loss,  claim,  damage,  liability or action;
PROVIDED, HOWEVER, that the indemnity agreement contained in this Section 1.6(b)
shall not apply to amounts paid in settlement of any such loss,  claim,  damage,
liability or action if such  settlement  is effected  without the consent of the
Investor (which consent shall not be unreasonably withheld);  PROVIDED, HOWEVER,

                                       5

in no event shall any indemnity  under this  subsection  1.6(b) exceed the gross
proceeds from the offering received by such Investor.

          (c)  Promptly after receipt by an indemnified party under this Section
1.6 of notice of the  commencement  of any action  (including  any  governmental
action),  such  indemnified  party will, if a claim in respect  thereof is to be
made  against any  indemnifying  party under this  Section  1.6,  deliver to the
indemnifying  party  a  written  notice  of the  commencement  thereof  and  the
indemnifying  party shall have the right to  participate  in, and, to the extent
the indemnifying  party so desires,  jointly with any other  indemnifying  party
similarly  noticed,   to  assume  the  defense  thereof  with  counsel  mutually
satisfactory  to the  parties;  PROVIDED,  HOWEVER,  that an  indemnified  party
(together with all other  indemnified  parties that may be  represented  without
conflict by one counsel)  shall have the right to retain one  separate  counsel,
with  the  fees  and  expenses  to  be  paid  by  the  indemnifying   party,  if
representation  of  such  indemnified  party  by  the  counsel  retained  by the
indemnifying  party would be inappropriate due to actual or potential  differing
interests between such indemnified party and any other party represented by such
counsel  in such  proceeding.  The  failure  to  deliver  written  notice to the
indemnifying  party within a  reasonable  time of the  commencement  of any such
action,  if materially  prejudicial to its ability to defend such action,  shall
relieve such indemnifying  party of any liability to the indemnified party under
this  Section  1.6,  but  the  omission  so to  deliver  written  notice  to the
indemnifying  party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 1.6.

          (d)  If the indemnification provided for in Sections 1.6(a) and (b) is
held by a court of competent  jurisdiction  to be  unavailable to an indemnified
party with respect to any loss,  claim,  damage or expense  referred to therein,
then the  indemnifying  party in lieu of  indemnifying  such  indemnified  party
hereunder,  shall  contribute to the amount paid or payable by such  indemnified
party as a result of such loss,  claim,  damage or expense in such proportion as
is appropriate to reflect the relative  fault of the  indemnifying  party on the
one  hand and of the  indemnified  party on the  other  in  connection  with the
statements or omissions or alleged statements or omissions that resulted in such
loss,  liability,  claim or  expense  as well as any  other  relevant  equitable
considerations.  The  relative  fault  of  the  indemnifying  party  and  of the
indemnified  party shall be  determined  by reference  to,  among other  things,
whether the untrue or alleged  untrue  statement  of a material  fact relates to
information  supplied by the indemnifying  party or by the indemnified party and
the parties' relative intent,  knowledge,  access to information and opportunity
to correct or prevent such statement or omission. In no event shall any Investor
be required to  contribute  an amount in excess of the gross  proceeds  from the
offering received by such Investor.

          (e)  Notwithstanding the foregoing,  to the extent that the provisions
on  indemnification  and contribution  contained in the  underwriting  agreement
entered into in connection with the underwritten public offering are in conflict
with the foregoing  provisions,  the  provisions of the  underwriting  agreement
shall control.

          (f)  The  obligations of the Company and Investors  under this Section
1.7 shall survive the completion of any offering of Registrable  Securities in a
registration statement under this Section 1, and otherwise.

                                       6

     1.7  REPORTS UNER SECURITIES  EXCHANGE ACT. With a view to making available
the benefits of certain rules and regulations of the Commission,  including Rule
144,  that may at any time permit an Investor to sell  securities of the Company
to the public without  registration  or pursuant to a registration on Form SB-2,
the Company agrees to:

          (a)  make and keep public  information  available,  as those terms are
understood  and defined in Rule 144,  at all times after  ninety (90) days after
the effective date of the first registration  statement filed by the Company for
the offering of its securities to the general public;

          (b)  take such action,  including  the voluntary  registration  of its
Common Stock under Section 12 of the Exchange Act, as is necessary to enable the
Investors  to utilize  Form SB-2 for the sale of their  Registrable  Securities,
such action to be taken as soon as practicable  after the end of the fiscal year
in which the first registration  statement filed by the Company for the offering
of its securities to the general public is declared effective;

          (c)  file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and

          (d)  furnish  to any  Investor,  so  long  as the  Investor  owns  any
Registrable  Securities,  forthwith upon request (i) a written  statement by the
Company that it has complied with the reporting requirements of Rule 144 (at any
time after  ninety  (90)  calendar  days after the  effective  date of the first
registration  statement  filed  by the  Company),  the  Securities  Act  and the
Exchange  Act (at  any  time  after  it has  become  subject  to such  reporting
requirements),  or that it  qualifies as a registrant  whose  securities  may be
resold pursuant to Form SB-2 (at any time after it so qualifies), (ii) a copy of
the most recent annual or quarterly report of the Company and such other reports
and documents so filed by the Company,  and (iii) such other  information as may
be  reasonably  requested in availing any Investor of any rule or  regulation of
the  Commission  that  permits  the  selling  of  any  such  securities  without
registration or pursuant to such form.

     1.8  TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause the
Company to register  Registrable  Securities  pursuant to this  Section 1 may be
transferred or assigned, but only with all related obligations, by a Investor to
a transferee  or assignee who (a)  acquires at least 50,000  shares  (subject to
appropriate  adjustment for stock splits,  stock dividends and  combinations) of
Registrable  Securities from such transferring Investor or (b) holds Registrable
Securities  immediately  prior to such transfer or assignment;  provided that in
the case of (a),  (i) prior to such  transfer  or  assignment,  the  Company  is
furnished with written notice stating the name and address of such transferee or
assignee and identifying the securities with respect to which such  registration
rights are being  transferred  or  assigned,  (ii) such  transferee  or assignee
agrees in writing to be bound by and subject to the terms and conditions of this
Agreement,  including without limitation the provisions of Section 1.9 and (iii)
such transfer or assignment  shall be effective  only if  immediately  following
such transfer or assignment the further  disposition  of such  securities by the
transferee or assignee is restricted under the Securities Act.

     1.9  "MARKET STAND-OFF" AGREEMENT. Each Investor hereby agrees that it will
not, without the prior written consent of the managing  underwriter,  during the
period commencing on the date of the final prospectus  relating to the Company's
initial  underwritten  public  offering and ending on the date  specified by the
Company  and the  managing  underwriter  (such  period not to exceed one hundred

                                       7

eighty (180) calendar days) (i) lend,  offer,  pledge,  sell,  contract to sell,
sell any option or  contract  to  purchase,  purchase  any option or contract to
sell, grant any option,  right or warrant to purchase,  or otherwise transfer or
dispose of,  directly or indirectly,  any  securities of the Company,  including
(without  limitation) shares of Common Stock or any securities  convertible into
or exercisable or exchangeable  for Common Stock (whether now owned or hereafter
acquired)  or (ii) enter into any swap or other  arrangement  that  transfers to
another,  in whole or in part, any of the economic  consequences of ownership of
any securities of the Company,  including (without  limitation) shares of Common
Stock or any securities  convertible  into or exercisable  or  exchangeable  for
Common  Stock  (whether  now  owned or  hereafter  acquired),  whether  any such
transaction  described  in clause (i) or (ii) above is to be settled by delivery
of securities, in cash or otherwise. The foregoing covenants shall apply only to
the Company's initial  underwritten public offering of equity securities,  shall
not apply to the sale of any shares by a Investor to an underwriter  pursuant to
an  underwriting  agreement and shall only be applicable to the Investors if all
the Company's executive  officers,  directors and greater than five percent (5%)
stockholders enter into similar  agreements.  Each Investor agrees to execute an
agreement(s)  reflecting  (i) and (ii) above as may be requested by the managing
underwriters  at the  time of the  initial  underwritten  public  offering,  and
further agrees that the Company may impose stop transfer  instructions  with its
transfer  agent in order to enforce the  covenants  in (i) and (ii)  above.  The
underwriters  in  connection  with the  Company's  initial  underwritten  public
offering are intended third party beneficiaries of the covenants in this Section
1.9 and shall have the right,  power and authority to enforce such  covenants as
though they were a party hereto.

2.   COVENANTS OF THE COMPANY TO THE INVESTORS.

     2.1  INFORMATION  RIGHTS.  The Company  shall  deliver to each Investor who
holds  (and  continues  to hold) at least  50,000  shares  of  Conversion  Stock
(subject  to  appropriate  adjustment  for stock  splits,  stock  dividends  and
combinations),  upon the request of such  Investor,  (which may be  satisfied by
filing of Company quarterly and annual reports under the Exchange Act):

          (a)  as soon as  practicable,  but in any  event  within  one  hundred
twenty  (120)  calendar  days after the end of each fiscal year of the  Company,
consolidated  balance sheets of the Company and its subsidiaries,  if any, as of
the  end of  such  fiscal  year,  and  consolidated  statements  of  income  and
consolidated  statements of cash flows of the Company and its  subsidiaries,  if
any, for such year,  prepared in accordance with generally  accepted  accounting
principles ("GAAP"), all in reasonable detail; and

          (b)  as soon as practicable,  but in any event within  forty-five (45)
calendar  days  after the end of each of the first  three (3)  quarters  of each
fiscal year of the Company,  consolidated  balance sheets of the Company and its
subsidiaries, if any, as of the end of such quarter, and consolidated statements
of income  and  consolidated  statements  of cash flows of the  Company  and its
subsidiaries,  if any, for such quarter prepared in accordance with GAAP, all in
reasonable detail.

     2.2  CONFIDENTIALITY. Each Investor receiving any non-public information of
the  Company  hereby  agrees  to hold in  confidence  and  trust and to act in a
fiduciary manner with respect to all information so provided; PROVIDED, HOWEVER,
that  notwithstanding  the foregoing,  an Investor may include summary financial

                                       8

information  concerning the Company and general statements concerning the nature
and  progress  of  the  Company's  business  in an  Investor's  reports  to  its
affiliates.

3.   LEGEND.

          (a)  Each certificate  representing the shares of Common Stock held by
the Investors shall be endorsed with the following legend (the "LEGEND"):

          THE SHARES  REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
          LOCK-UP  PERIOD OF UP TO 180 DAYS  FOLLOWING  THE  EFFECTIVE
          DATE OF A REGISTRATION  STATEMENT OF THE COMPANY FILED UNDER
          THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN THAT
          CERTAIN    REGISTRATION   RIGHTS   AGREEMENT   BETWEEN   THE
          CORPORATION AND THE ORIGINAL HOLDER OF THESE SHARES,  A COPY
          OF WHICH  MAY BE  OBTAINED  AT THE  CORPORATION'S  PRINCIPAL
          OFFICE.  SUCH LOCK-UP  PERIOD IS BINDING ON  TRANSFEREES  OF
          THESE SHARES.

          (b)  The Company agrees that,  during the term of this  Agreement,  it
will not  remove,  and will not  permit  to be  removed  (upon  registration  of
transfer,  re-issuance or otherwise),  the Legend from any such  certificate and
will place or cause to be placed the Legend on any new  certificate  theretofore
represented by a certificate carrying the Legend.

4.   MISCELLANEOUS.

     4.1  GOVERNING LAW. This Agreement shall be governed in all respects by the
laws of the State of  Delaware as such laws are  applied to  agreements  between
Delaware  residents  entered into and to be performed  entirely within Delaware,
without regard to conflict of laws rules.

     4.2  WAIVERS AND AMENDMENTS.  This Agreement may be terminated and any term
of this Agreement may be amended or waived (either  generally or in a particular
instance and either  retroactively or prospectively) with the written consent of
the  Company  and  Investors  holding  at least a  majority  of the  Registrable
Securities then  outstanding  (the "MAJORITY  INVESTORS").  Notwithstanding  the
foregoing,  additional  parties may be added as Investors  under this  Agreement
with the  written  consent of the Company and the  Majority  Investors.  No such
amendment or waiver shall reduce the  aforesaid  percentage  of the  Registrable
Securities,  the holders of which are  required  to consent to any  termination,
amendment  or waiver  without  the  consent of the record  holders of all of the
Registrable  Securities.  Any  termination,  amendment  or  waiver  effected  in
accordance  with  this  Section  4.2  shall  be  binding  upon  each  holder  of
Registrable  Securities  then  outstanding,  each  future  holder  of  all  such
Registrable Securities and the Company.

                                       9

     4.3  SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided herein,
the provisions of this  Agreement  shall inure to the benefit of, and be binding
upon,  the  successors,  assigns,  heirs,  executors and  administrators  of the
parties hereto.

     4.4  ENTIRE  AGREEMENT.  This  Agreement  constitutes  the full and  entire
understanding  and agreement among the parties with regard to the subject matter
hereof,  and no party  shall be liable or bound to any other party in any manner
by any warranties, representations or covenants except as specifically set forth
herein.

     4.5  NOTICES.  All notices and other  communications  required or permitted
under this  Agreement  shall be in writing and shall be delivered  personally by
hand or by courier,  mailed by United States  first-class mail, postage prepaid,
sent by facsimile or sent by electronic mail directed (a) if to an Investor,  at
such Investor's  address,  facsimile number or electronic mail address set forth
in the  Company's  records,  or at  such  other  address,  facsimile  number  or
electronic mail address as such Investor may designate by ten (10) days' advance
written  notice to the other  parties  hereto or (b) if to the  Company,  to its
address,  facsimile number or electronic mail address set forth on its signature
page to this  Agreement  and directed to the attention of the  President,  or at
such other address,  facsimile  number or electronic mail address as the Company
may  designate by ten (10) days'  advance  written  notice to the other  parties
hereto. All such notices and other  communications  shall be effective or deemed
given upon  personal  delivery,  on the date of mailing,  upon  confirmation  of
facsimile transfer or upon confirmation of electronic mail delivery.

     4.6  INTERPRETATION.  The words "include,"  "includes" and "including" when
used herein  shall be deemed in each case to be  followed by the words  "without
limitation."  The  titles  and  subtitles  used in this  Agreement  are used for
convenience  only and are not  considered  in construing  or  interpreting  this
Agreement.

     4.7  SEVERABILITY.  If one or more provisions of this Agreement are held to
be  unenforceable  under  applicable  law, such provision shall be excluded from
this Agreement, and the balance of the Agreement shall be interpreted as if such
provision  were so excluded,  and shall be  enforceable  in accordance  with its
terms.

     4.8  COUNTERPARTS.  This  Agreement  may  be  executed  in  any  number  of
counterparts,  each of which  shall be an  original,  but all of which  together
shall constitute one instrument.

     4.9  TELECOPY  EXECUTION  AND  DELIVERY.  A  facsimile,  telecopy  or other
reproduction  of this  Agreement may be executed by one or more parties  hereto,
and an executed  copy of this  Agreement may be delivered by one or more parties
hereto by facsimile or similar electronic  transmission device pursuant to which
the signature of or on behalf of such party can be seen,  and such execution and
delivery shall be considered valid,  binding and effective for all purposes.  At
the request of any party hereto, all parties hereto agree to execute an original
of this  Agreement  as well as any  facsimile,  telecopy  or other  reproduction
hereof.

     4.10 WARRANT EXERCISE. Any warrant exercised pursuant to which Common Stock
may be  issued  subject  to the  registration  rights  herein  shall  constitute
restricted Common Stock.

                                       10

     IN WITNESS  WHEREOF,  the parties have executed this  Agreement on the day,
month and year first set forth above.

                                       "Company"

                                       Marco Hi-Tech JV Ltd.

                                       By:________________________________
                                            Name: Reuben Seltzer
                                            Title: Chief Executive Officer

                                       ADDRESS:
                                       --------
                                       Mr. Reuben Seltzer
                                       Marco Hi-Tech JV Ltd.
                                       One Penn Plaza
                                       New York, New York  10119
                                       Telephone: (212) 798-8100
                                       Telecopy: (212) 798-8180
                                       Attention: Chief Executive Officer

     IN WITNESS  WHEREOF,  the parties have executed this  Agreement on the day,
month and year first set forth above.

                                       "Investor"

                                       ___________________________________

                                       By:________________________________
                                          Name
                                          Title:

                                       ADDRESS:
                                       --------

                                       ___________________________________
                                       ___________________________________
                                       ___________________________________
                                       Telephone:__________________________
                                       Telecopy:___________________________
                                       Email:______________________________

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