Document:

SETTLEMENT AGREEMENT
                                       AND
                                 GENERAL RELEASE

         This Settlement Agreement and GENERAL Release ("Agreement") is made and
entered  into this 26 day of May,  2000,  by and  between  LARRY D.  ROGERS,  an
individual  ("Rogers"),  and  COMMERCIAL  CONCEPTS,  INC.,  a  Utah  corporation
("CCI").  Rogers and CCI shall sometimes be hereinafter referred to collectively
as the "Parties," or individually as a "Party."

                                    RECITALS

         A.  Rogers  and  CCI   executed  a  certain   Agreement   and  Plan  of
Reorganization  dated June 10, 1999 (the "Exchange  Agreement"),  whereby Rogers
exchanged  all  of  his  common  stock  in  Advice  Productions,  Inc.,  a  Utah
corporation ("Advice"), for 1,000,000 "restricted" shares of CCI common stock.

         B.  As a  result  of  the  Exchange  Agreement,  CCI  became  the  sole
shareholder of Advice.

         C. Since the closing of the Exchange  Agreement,  Rogers has  performed
certain work for CCI as an independent  contractor or consultant,  but not as an
employee.

         D. In the Exchange Agreement,  Rogers made certain  representations and
warranties regarding,  among other things, the financial  statements,  property,
assets, liabilities,  contracts, customers and business of Advice (collectively,
the "Representations and Warranties").

         E. CCI believes  that Rogers made various  material  misrepresentations
and  omissions  with  respect  to the  Representations  and  Warranties  and the
Exchange  Agreement,  and  further  believes  that CCI has  claims and causes of
action against Rogers for breach of the Exchange Agreement.

         F. Rogers  disputes that he made any  misrepresentations  and omissions
with respect to the  Representations  and Warranties or the Exchange  Agreement,
and further disputes that CCI has any claims and causes of action against him.

         G.  The  Parties  wish to  fully  and  completely  settle  all of their
disagreements  and  disputes  with  respect to the  Exchange  Agreement  and the
Representations  and  Warranties  upon the terms and conditions set forth below,
for which purpose this document was executed.

                                    AGREEMENT

         NOW  THEREFORE,  based on the  foregoing  and other  good and  valuable
consideration,  the receipt and sufficiency of which are hereby acknowledged, it
is hereby acknowledged and agreed by and between the Parties as follows:

         1. Recitals.  Each of the foregoing Recitals is incorporated  herein by
this reference and shall be deemed contractual and not mere recitals.

<PAGE>

         2.  Acknowledgment  and Settlement.  The Parties  acknowledge  that all
issues  between them that are  associated  with the Exchange  Agreement  and the
Representations  and Warranties  are fully and completely  settled in accordance
with the terms and conditions of this Agreement.

         3. Consideration to be Paid.  Simultaneously with the full execution of
this  Agreement,  Rogers  shall  return,  transfer  and  convey  to CCI  800,000
"restricted" shares of CCI common stock (collectively, the "Settlement Shares").
Rogers shall physically deliver to CCI the stock  certificate(s)  evidencing his
ownership  of  the  Settlement   Shares,   and  shall   properly   endorse  said
certificate(s)  to CCI.  Further,  as set forth  more  fully in Section 9 below,
Rogers shall also waive,  discharge and release any and all claims and causes of
action he may have against CCI in connection  with the Exchange  Agreement,  the
Representations  and Warranties  and the work Rogers  performed for CCI prior to
the effective date of this Agreement.  In addition,  Rogers shall pay all of the
debts  specifically  listed on the  attached  Exhibit A,  which is  incorporated
herein by this reference.

         As set forth more fully in Section 8 below, CCI shall waive,  discharge
and release any and all claims and causes of action it may have  against  Rogers
in connection with the Exchange  Agreement,  the  Representations and Warranties
and the  work  Rogers  performed  for CCI  prior to the  effective  date of this
Agreement. Further, promptly following the full execution of this Agreement, CCI
shall  return to Rogers each item of personal  property  listed on the  attached
Exhibit B, which is incorporated herein by this reference.

         4. Severance;  Shares Retained;  Termination of Business  Relationship.
The Parties  acknowledge  and agree that Rogers has performed work for CCI as an
independent contractor or consultant,  but not as an employee, since the closing
of the Exchange  Agreement.  CCI agrees to pay Rogers all commissions  earned by
Rogers prior to the effective date of this Agreement as such commissions  accrue
(i.e., upon receipt of customer payment) as set forth on the attached Exhibit C,
which is  incorporated  herein by this  reference.  The Parties  acknowledge and
agree  that  Rogers  shall  be  entitled  to  retain  400,000  of the  1,000,000
"restricted"  shares of CCI common stock  acquired by Rogers in connection  with
the  Exchange  Agreement.  Rogers  shall also be  entitled  to retain the 69,300
"restricted"  shares of CCI common  stock that he acquired  from CCI on or about
December 23, 1999.  Finally,  the Parties  acknowledge  and agree that, with the
exception of being a shareholder of CCI, Roger's business  relationship with CCI
shall terminate immediately upon the full execution of this Agreement. Following
the date of the full  execution of this  Agreement,  Rogers shall no longer be a
consultant for or independent  contractor of CCI. Effective immediately upon the
full execution of this Agreement,  the Parties agree that Rogers shall be deemed
to have resigned as an officer and director of CCI, and this Agreement  shall be
deemed to be Rogers' written resignation from such positions.

         5. Dissolution of Advice. Promptly following the full execution of this
Agreement and the delivery of the Settlement Shares to CCI, the Parties agree to
jointly take all  necessary  and desirable  action to formally  dissolve  Advice
including, without limitation,  filing Articles of Dissolution with the State of
Utah. Following the dissolution of Advice,  Rogers shall be permitted to use the
names "Advice," "Advice Production" and "Advice Productions" for any personal or
business purpose Rogers may desire including, without limitation,  forming a new
business entity using any of such names.

         6. Roger's Representations and Warranties. Rogers hereby represents and
warrants to CCI as follows:

                                       2
<PAGE>

         A.       Rogers  has a  complete  knowledge  and  understanding  of the
                  operations,  activities,  purposes and management of CCI since
                  the date of the closing of the Exchange Agreement.

         B.       Rogers  has  disclosed  to  CCI  all  agreements   (verbal  or
                  written),  contracts and other documents,  which he has signed
                  or  entered  into,  as  well  as any  debts,  liabilities  and
                  expenses,  which he has incurred,  in any manner, on behalf of
                  CCI.

         C.       Prior  to his  execution  of this  Agreement,  Rogers  had the
                  opportunity to seek  independent,  legal advice  regarding the
                  propriety and advisability of executing this Agreement.

         D.       Rogers has been granted the  opportunity to conduct a full and
                  fair  examination  of the records,  documents and files of CCI
                  including,   without  limitation,   CCI's  financial  records,
                  Articles of  Incorporation  and Bylaws,  has been  granted the
                  opportunity  to ask  questions  of and  receive  answers  from
                  representatives of CCI, its officers, directors, employees and
                  agents concerning CCI and its business and prospects,  and has
                  been  granted  the  full  opportunity  by  CCI to  obtain  any
                  additional information Rogers deemed necessary or desirable in
                  making the decision to execute this Agreement.

         E.       Rogers executed this Agreement  voluntarily and willingly with
                  full power and authority to enter into this Agreement, and the
                  terms and conditions of this Agreement  shall be fully binding
                  upon Rogers.

         F.       Rogers  has  not  relied  on  any  statement,  representation,
                  omission,  or promise of CCI or any other individual or entity
                  in  executing  this   Agreement,   in  making  the  settlement
                  described  herein,  or with  respect  to the  tax or  economic
                  consequences  relating  to the  settlement  described  in this
                  Agreement.

         G.       Rogers owns full  rights,  title and  interests  in and to the
                  Settlement Shares and has not pledged,  liened,  encumbered or
                  hypothecated the Settlement Shares in any manner whatsoever.

         H.       Rogers has read and  reviewed  this  Agreement in its entirety
                  and knows and  understands  the full  contents and meanings of
                  the provisions hereof.

         7. CCI's  Representations  and  Warranties.  CCI hereby  represents and
warrants to Rogers as follows:

         A.       Prior  to  its  execution  of  this  Agreement,  CCI  had  the
                  opportunity to seek  independent,  legal advice  regarding the
                  propriety and advisability of executing this Agreement.

         B.       CCI executed this  Agreement  voluntarily  with full power and
                  authority  to enter  into  this  Agreement,  and the terms and
                  conditions of this Agreement shall be fully binding upon CCI.

         C.       CCI has not relied on any statement, representation, omission,
                  or  promise  of Rogers or any  other  individual  or entity in
                  executing this Agreement or in making the settlement described
                  herein.

                                       3
<PAGE>

         D.       CCI has read and reviewed  this  Agreement in its entirety and
                  knows and  understands  the full  contents and meanings of the
                  provisions hereof.

         8. General Release by CCI. In consideration of the return, transfer and
conveyance  of the  Settlement  Shares  from Rogers to CCI,  CCI hereby  waives,
discharges,  acquits and releases any and all claims, demands,  damages, losses,
expenses, reimbursements, liabilities, costs and causes of action of every kind,
nature and  character,  that it now has or may have in the  future,  whether now
known or unknown, contingent or liquidated,  against Rogers in any way resulting
from any fact, circumstance, event, happening, omission, or occurrence connected
with, related directly or indirectly to, or arising from the Exchange Agreement,
the  Representations  and Warranties or Rogers employment with or work performed
for CCI prior to the effective date of this Agreement.  The Parties  acknowledge
and agree that this Section 8 is intended to be, and should be interpreted as, a
broad and general  release by CCI of Rogers with  respect to the subject  matter
described herein.

         9.  General  Release  by  Rogers.  In  consideration  of CCI's  waiver,
discharge  and  release  set forth in Section 8 above,  and in  addition  to the
return,  transfer  and  conveyance  of the  Settlement  Shares by Rogers to CCI,
Rogers  hereby  waives,  discharges,  acquits and  releases  any and all claims,
demands,  damages,  losses,  expenses,  reimbursements,  liabilities,  costs and
causes of action of every  kind,  nature and  character,  that he now has or may
have in the  future,  whether now known or unknown,  contingent  or  liquidated,
against  CCI and all of  CCI's  employees,  officers,  directors,  shareholders,
representatives,  agents,  attorneys,  subsidiaries,  affiliates  and all  other
related parties (collectively, the "Released Parties") in any way resulting from
any fact,  circumstance,  event,  happening,  omission,  or occurrence connected
with, related directly or indirectly to, or arising from the Exchange Agreement,
the  Representations  and Warranties or Rogers employment with or work performed
for CCI prior to the effective date of this Agreement.  The Parties  acknowledge
and agree that this Section 9 is intended to be, and should be interpreted as, a
broad and general release by Rogers of CCI and the Released Parties with respect
to the subject matter described herein.

         10. Indemnification. Rogers hereby agrees to indemnify, defend and hold
harmless  CCI and all of the  Released  Parties  from and  against  all  claims,
demands,  damages,  losses,  expenses,  reimbursements,  liabilities,  costs and
causes of action of every kind,  nature and character,  that any third party now
has or may have in the  future,  whether  now known or  unknown,  contingent  or
liquidated,  against CCI or the Released  Parties in any way resulting  from any
unlawful,  wrongful,   negligent,   malicious,   unauthorized  or  illegal  act,
circumstance,  event, happening, omission, or occurrence connected with, related
directly or  indirectly  to, or arising from the  Exchange  Agreement or Roger's
involvement  and  association   with,  and  participation  in,  the  operations,
management and ownership of CCI including, without limitation, Rogers employment
with or work  performed for CCI prior to the effective  date of this  Agreement.
The Parties  acknowledge  and agree that this  Section 10 is intended to be, and
should be interpreted as, a broad and general  indemnification  by Rogers of CCI
and the Released  Parties with respect to the subject matter  described  herein.
This  obligation  shall not  impose  any  liability  on Rogers  for any  actions
approved by the shareholders, officers or directors or CCI.

CCI hereby agrees to indemnify, defend and hold harmless Rogers from and against
all claims, demands,  damages,  losses, expenses,  reimbursements,  liabilities,
costs and causes of action of every kind,  nature and character,  that any third
party  now  has or may  have  in the  future,  whether  now  known  or  unknown,

                                       4
<PAGE>

contingent or liquidated, against Rogers in any way resulting from any unlawful,
wrongful, negligent, malicious,  unauthorized or illegal act of, and any actions
approved by, the shareholders, officer or directors of CCI. Without limiting the
breadth of this provision,  CCI specifically agrees to indemnify and hold Rogers
harmless  from any claims by any taxing  authority  relating to the  business or
operations of CCI.

         11. No Liability. The Parties acknowledge and agree that this Agreement
constitutes a compromise of doubtful and disputed  claims.  This Agreement shall
not  constitute an admission of the occurrence or  non-occurrence  of any facts,
acts, omissions, and/or circumstances by any of the Parties hereto, nor shall it
constitute an admission of liability by any of the Parties.

         12. Entire Agreement;  Binding Effect.  This Agreement  constitutes the
entire  agreement by and between the Parties with respect to the subject  matter
described and referred to herein,  and no statements,  whether  written or oral,
shall be deemed a part of this Agreement  unless  specifically  incorporated  by
reference.  This Agreement  shall be binding upon and shall inure to the benefit
of   the   Parties'   respective   employees,   officers,   directors,   agents,
representatives, heirs, successors and assigns.

         13.  Governing  Law;  Venue.  This  Agreement  shall be  construed  and
governed by the laws of the State of Utah. The Courts of Salt Lake County, State
of Utah shall have exclusive jurisdiction and venue over any disputes or actions
arising out of or relating to this Agreement.

         14.  Confidentiality.  The  Parties  agree to  maintain  the  terms and
conditions of this Agreement  confidential  as among  themselves,  and shall not
disclose its contents to any other  person or entity  without the prior  written
consent of the other Parties hereto, with the exception of those representatives
and  employees  of  the  Parties  and  those  various  taxing  and  governmental
authorities  as  shall  be  necessary  pursuant  to any  legal  requirements  of
disclosure. The failure of any Party to maintain the confidentiality required in
this  Section  14 shall  give rise to a cause of  action  of the  other  Parties
against such Party for all damages, direct and consequential,  arising out of or
caused by such failure,  as well as punitive  damages against such Party for any
intentional failure to maintain the required confidentiality.

         As  used in this  Section  14,  "Confidential  Information"  means  all
information,  not generally  known to the public,  that relates to the business,
products, finances, customers,  prospects, services, suppliers, plans, proposals
or practices of CCI, and all  information  that CCI  specifically  designates as
"confidential."  All Confidential  Information shall be considered trade secrets
of CCI and shall be entitled to all  protections  given by law to trade secrets.
Confidential Information shall include, without limitation,  every form in which
information may exist,  whether written,  verbal,  film, tape, computer disk, or
any other form of media.  Rogers  covenants  and agrees that he shall not use or
disclose to any person or entity any Confidential  Information (except to legal,
accounting  or  tax  representatives  as  reasonably  required,  and  except  as
specifically  required  by law or by  subpoena),  shall  not  in any  other  way
publicly or privately  disseminate any Confidential  Information,  and shall not
assist  anyone  else to do any of these  things.  Upon  full  execution  of this
Agreement,  Rogers shall  promptly  return all  Confidential  Information in his
possession  or control to CCI.  This  covenant  shall endure  indefinitely.  The
Parties  anticipate that Rogers may immediately  engage in a business similar to
that  previously  conducted by Advice  Productions,  Inc. The Parties agree that
Rogers may use any and all  information  and  materials  that he has relating to
Advice Productions, Inc. in conducting his own business.

                                       5
<PAGE>

         Neither Party will make any disparaging  comments  concerning the other
Party.  If CCI receives any  telephone  calls for Rogers,  CCI will politely and
without  negaive comment either take a message and give it to Rogers or give the
caller the current telephone number of Rogers (801-554-8630)

         15.  Attorney's  Fees and Costs.  Each of the Parties shall pay its own
attorney's fees, costs, and expenses incurred in connection with this Agreement.
In the event any Party  breaches  this  Agreement,  the  non-breaching  Party or
Parties  shall be entitled to recover  reasonable  attorneys'  fees and costs in
connection with the execution and enforcement of such Party's or Parties' rights
and remedies hereunder.

         IN WITNESS  WHEREOF,  the  undersigned  have affixed  their  respective
signatures hereto as of the date above first written.

                             [Signatures to Follow]

                                       6
<PAGE>

                                         COMMERCIAL CONCEPTS, INC., a Utah
                                         corporation

                                         By: /s/ George Richards
                                             --------------------------------
                                                  George Richards
                                         Its:     President

                                          /s/ Larry D. Rogers
                                         --------------------------------
                                         LARRY D. ROGERS, an individual

                                       7
<PAGE>

                                    EXHIBIT A

                          (Debts to be Paid by Rogers)

                         All Obligation to KSL Radio/TV

                           Debts to be retained by CCI

Creditor                        Original Debt          Current Debt
-------------------------- ------------------ ----------------------
Arrow America                       $2500.00               $2500.00
-------------------------- ------------------ ----------------------
Excel Graphics                      $1500.00                   $.00
-------------------------- ------------------ ----------------------
Fast Forward                          $90.00                  $4.00
-------------------------- ------------------ ----------------------
Jeff Lambright                      $1500.00                   $.00
-------------------------- ------------------ ----------------------
KJZZ                                  $76.00                  $5.00
-------------------------- ------------------ ----------------------
Mc Carty Agency                      $310.00               ($288.00)
-------------------------- ------------------ ----------------------
Paul Rushton                         $300.00                $300.00
-------------------------- ------------------ ----------------------
Photographic Solutions              $1171.00               $1171.00
-------------------------- ------------------ ----------------------
TMG                                 $1700.00               $1535.00
-------------------------- ------------------ ----------------------
Videomatic                          $1000.00               $1000.00
-------------------------- ------------------ ----------------------
Video West                          $1005.00                $217.00
-------------------------- ------------------ ----------------------
Bill Cherry                         $1500.00                   $.00
-------------------------- ------------------ ----------------------
Peter Semelke                        $700.00                ($30.00)
-------------------------- ------------------ ----------------------
Al Azad                              $475.00                   $.00
-------------------------- ------------------ ----------------------

-------------------------- ------------------ ----------------------
Total                             $13,827.00              $6,164.00
-------------------------- ------------------ ----------------------

<PAGE>

                                    EXHIBIT B

              (Items of Personal Property to be Returned to Rogers)

One walnut desk and credenza,  one beige desk chair, two beige guest chairs,  on
grey locking (lock broken) legal size four drawer filing  cabinet,  one samasung
SensPro 500 notebook computer with accessories,  all historical client files and
historical client electronic media/files, various personal artwork.

<PAGE>

                                    EXHIBIT C

                (Severance to be Paid to Rogers when they Accrue)

                       $1500.00 on or about March 5, 2000
                       $1500.00 on or about March 20, 2000
                       $1500.00 on or about April 5, 2000
                       $1500.00 on or about April 20, 2000
                        $1500.00 on or about May 5, 2000ALLAN PERRES

Dan Mulvena, CEO
Magna-Lab, Inc.
6 Fuller Lane
Marblehead, MA  01945

Gentlemen:

     This letter sets forth our agreement  under which a group of investors (the
"Investors") will make a cash investment in Magna Lab Inc. (the "Company").

     The Company has prepared  and  delivered  to the  Investors a  confidential
private placement  memorandum (the  "Memorandum")  and a subscription  agreement
("Subscription")  covering an offering of shares of common  stock in the Company
which have been  circulated to the  Investors  (the  "Private  Placement").  The
Investors will make an investment under the Memorandum and Subscription  subject
to and provided the Company  agrees to the terms and  conditions of this letter.
To  the  extent  that  the  provisions  of  this  letter  and  the   Memorandum,
Subscription  agreement and any documents  prepared by the Company in connection
with the placement are inconsistent with this letter, this letter shall control,
shall be  deemed  an  amendment  to such  instruments  and  documents,  and such
documents shall incorporate, and not supercede such instruments and documents.

1.  DIRECTORS:  The Company has authorized  seven director seats and now has six
directors. Upon execution of this Agreement,  Seymour Kessler will be elected as
a member of the Board of Directors of the Company to fill a current vacancy.  On
or prior to closing of $1,500,000 of the Private Placement, Allan Perres will be
elected  as a member  of the Board of  Directors  of the  Company.  This will be
accomplished  through  the  filling  of a vacancy  created  either  through  the
resignation  of an existing  director or by increasing  the size of the Board of
Directors  from 7 to 8. In any event,  any  further  increase in the size of the
Board shall require the affirmative  vote of both Messrs.  Kessler and Perres so
long as they remain directors. The Company agrees to include Messrs. Kessler and
Perres  as  director  nominees  at all  future  stockholder  meetings  at  which
directors are to be elected. The obligations of the Company under this Paragraph
shall be for a period  of three  years  from the date of this  Letter or until a
subsequent  offering  of at least $3  million  is  completed,  whichever  occurs
sooner.

2.  EXECUTIVE  COMMITTEE:  The  board of  directors  will  create  an  Executive
Committee  consisting  of Seymour  Kessler,  Dr.  Larry  Minkoff,  and Daniel M.
Mulvena.  The Executive  Committee  shall have the powers defined by the By-Laws
and shall vote by a majority  vote.  The By-Laws of the Company shall be amended
to establish such committee, if it does not exist, with powers determined by the
board of directors.  The  obligation to maintain the Executive  Committee  under
this  Paragraph  shall  apply for a period of three  years from the date of this
Letter or until a  subsequent  offering  of at least $3  million  is  completed,
whichever occurs sooner.

3.  COMPENSATION  TO ALLAN PERRES:  For services  rendered and to be rendered by
Allan Perres as Vice  President of the  Company,  the Company  agrees to pay Mr.
Perres  $90,000  per  year,  payable  monthly,  effective  from  the date of his
appointment as Vice President. It is contemplated that a two year agreement will
be entered into  governing  the terms of such  relationship  promptly  following
execution of this Letter, with compensation for the second year to be determined
by the Board of  Directors.  In addition,  the Company  agrees to issue to Allen
Perres  options  to  purchase  shares  of common  stock.  The  options  shall be
exercisable  at $.02 per share,  shall vest in full  immediately  upon grant and
shall expire five years from date of grant.  The options shall be granted at the
following times in the following amounts: At such time as the Company has raised
at least  $500,000 in the Private  Placement,  the Company  shall issue to Allen
Perres options to purchase 1,000,000 shares of common stock. At such time as the
Company has raised an additional $500,000 in the Private Placement,  the Company
shall issue to Allen Perres options to purchase an additional  1,500,000  shares
of common stock. At such time as the Company has raised an additional $1,500,000
in the Private  Placement,  the Company  shall issue to Allen Perres  options to
purchase an additional  2,000,000  shares of common  stock.  At such time as the
Company has raised an additional  $500,000 in the Private  Placement the Company
shall issue to Allen Perres options to purchase an additional  1,500,000  shares
of common stock. At such time as the Company has raised an additional $1,000,000
in the Private Placement, the Company shall issue to Allen Perres options to
purchase an additional 1,000,000 shares of common stock (for options to purchase
a maximum aggregate of 7,000,000  shares).  The foregoing dollar amounts are net
of commissions which may become payable to registered broker/dealers. The shares
underlying  the  options  shall  not  be  registered,  and  therefore  shall  be
restricted  securities under Rule 144 of the Securities and Exchange Commission.

4. OFFICERS' OPTIONS:  The Company has recently granted options to other Company
executives in the amounts shown below. These options are exercisable at $.22 per
share and expire 5 years from date of grant.

<TABLE>
<CAPTION>

Person                             Amount                                    Vesting
------                             ------                                    -------

<S>                             <C>                             <C>
Larry Minkoff                   2.2 million options             1.3 million vest immediately

                                                                .9 million vest over three years
                                                                beginning at the end of the first year

Dan Mulvena                     1.3 million options             .7 million vest immediately

                                                                .6 million vest over three years
                                                                beginning at the end of the first year

Ken Riscica                     1.0 million options             .53 million vest immediately

                                                                .47 million vest over three years
                                                                beginning at the end of the first year

Board Members (other            75,000 each                     Total vesting
than those specified by
name)

Irwin M. Rosenthal              225,000 options                 Total vesting

</TABLE>

5. MINIMUM OFFERING:  The Company shall not be entitled to close on any proceeds
from the Private Placement unless a minimum of at least $750,000 in proceeds has
been accepted.

6. ASSIGNMENT:  The  Company  will cause the  appropriate  scientists,  officers
and/or directors (including Laurence Minkoff and Dr. Valentine Fuster) to assign
to the Company  all patent  applications  and  patents on the cardiac  probe and
tutervascular cathetors and related items being developed for the Company.

7. COMMISSIONS: Commissions not exceeding 10% of the gross offering proceeds may
be  payable  to  registered   broker/dealers  who  participate  in  the  Private
Placement.

8. ALL DOCUMENTS:  All documents  signed and to be signed by the Investors shall
reflect this  agreement,  and to the extent that any such  documents  state that
there are no documents other than the offering documents reflected therein, such
documents  shall  be  revised  to list  this  Agreement  as one of the  offering
documents.

9. DOCUMENT EXECUTION: This letter agreement may be signed in counterparts, each
of which shall be deemed an original,  and all of which shall constitute one and
the same instrument.

10. GOVERNING LAW: This letter agreement shall be interpreted in accordance with
the laws of the State of New York.

     If  this  letter  correctly  sets  forth  the  Company's  undertakings  and
agreements,  please  sign a copy and  return it to us,  upon which it shall be a
binding  agreement of the Company,  a material  representation by the Company to
the Investors in connection with their investment in the Company and a condition
to the investment by the Investors in the Company.

Very truly yours,

/s/Allen Perres
---------------
Allen Perres

Accepted and agreed to this 6th day of December, 1999.

MAGNA-LAB, INC.

By: /s/Daniel M. Mulvena
------------------------

     The  undersigned,  all  directors  of the  Company,  hereby  consent to the
provisions  of this  letter  agreement  which  require  action  by the  board of
directors of the Company,  and agree that this letter agreement,  when signed by
all of such  directors,  shall be deemed a  unanimous  consent  to action by the
board of directors of the Company.

Dated:  December 6, 1999

         /s/Daniel Mulvena                             /s/Joel Kanter
         -----------------                             --------------
            Daniel Mulvena                                Joel Kanter

         /s/Lawrence A. Minkoff, Ph.D                  /s/Michael J. Rosenberg
         ----------------------------                  -----------------------
            Lawrence A. Minkoff, Ph.D                     Michael J. Rosenberg

        /s/Irwin Rosenthal                             /s/Louis E. Teicholz, MD
        ------------------                             ------------------------
           Irwin Rosenthal                                Louis E. Teicholz, MD

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]