Document:

exhibit102.htm - Generated by SEC Publisher for SEC Filing

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CONVERTIBLE PREFERRED PURCHASE AGREEMENT

 

 

This Convertible Preferred Stock Purchase Agreement dated
June 17, 2011 is by and between:

 

 

Huntington Chase
Financial Group, LLC

 

 

_________________________________________

(the “Purchaser”)

 

 

Parallax Diagnostics,
Inc

 

 

__________________________________________

(the “Company”  or 
“PRLX”)

 

 

 

WHEREAS, Parallax Diagnostics, Inc. (“PRLX” “Seller”)
a Nevada corporation at 2 Canal Park, 5th Floor Cambridge, MA 02141
is authorized to sell one hundred thousand (100,000) shares of Convertible
Preferred stock (“Preferred”) of Parallax Diagnostics, Inc.  

 

WHEREAS, Parallax Diagnostics, Inc. has not yet
priced the Common Stock that the holder of Preferred is to convert into, the
Purchaser and the Company have agreed to use the valuation of the Company at
the time of its next financing to determine the price per share of Common
stock.  If the Company has not completed a financing within the next six (6)
months then the price of the Common Stock that the Preferred converts into will
be priced at one ($1.00) dollar per share; and

 

WHEREAS, Huntington Chase Financial Group, LLC (“HCFG”
“Purchaser”) a Nevada Limited Liability Co which has signed the Investor
Questionnaire, reviewed a Term Sheet, Subscription Supplement and Risk Factors;
and 

 

WHEREAS the parties wish to enter into a transaction
whereby HCFG will acquire one hundred thousand (“100,000”) shares of Preferred
stock of PRLX (the “Shares”) at one ($1.00) dollar per share from PRLX on the
terms and conditions set out herein;

 

NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained in the Agreement, and in order to consummate the purchase
and the sale of the Parallax Diagnostics, Inc. Preferred stock aforementioned,
it is hereby agreed as follows:

             

Confidential Convertible

Preferred Stock Purchase Agreement                                                    Parallax

Diagnostics, Inc                                                                                                                              November

12, 2010                                                                                      

                                                                                                                                                                                                                 

 

Page | 2 

 

1.     
PURCHASE AND SALE: Subject to the terms and conditions hereinafter set
forth, at the closing of the transaction contemplated herby, the Seller shall
sell, convey, transfer, and deliver to the Purchaser certificates representing
such stock, and the Purchaser shall purchase from the Seller Parallax
Diagnostic, Inc. Preferred stock in consideration of the purchase price set
forth in this Agreement. The certificates representing the Corporation’s stock
shall be duly endorsed for transfer of accompanied by appropriate stock
transfer powers duly executed in blank, in either case with signatures
guaranteed in the customary fashion, and shall have all the necessary
documentary transfer tax stamps affixed thereto at the expense of the Seller.
The closing of the transactions contemplated by this Agreement (“Closing”),
shall be held at 1327 Ocean Ave, Suite M Santa Monica CA 90401, on June 17,
2011 at 10:00 AM PST, or such other place, date and time as the parties hereto
may otherwise agree.

 

2.      The
check issuance instructions are set forth below as follows;

 

Parallax Diagnostics, Inc.

In Care of: J. Michael Redmond

2 Canal Park, 5th Floor

Cambridge, MA 02141

             

            3.  Information for payment via bank wire;

 

Bank Name:                Bank
of America

Branch:                        1301
4th Street

                                    Santa
Monica, CA 90401

Account Name:           Parallax
Diagnostics, Inc.

                        Account Number:       02184-22996 

            Routing Number:        122000661

 

3.      The
address of Purchaser where the Shareholder is to send the Parallax Diagnostics,
Inc share certificate is outlined below:

 

Huntington Chase Financial Group,
LLC

2341 Tuna Canyon Road

Topanga,
CA 90290

 

4.      AMOUNT
AND PAYMENT OF PURCHASE PRICE. The total consideration for the stock purchase
is fully set out below:

 

Purchase one hundred thousand
(“100,000”) shares of preferred stock priced at $1.00 per share for one hundred
thousand (“USD $100,000”) dollars. 

 

5.      REPRESENTATIONS
AND WARRANTIES OF SELLER. Seller hereby warrants and represent:

 

Confidential Convertible

Preferred Stock Purchase Agreement                                                    Parallax

Diagnostics, Inc                                                                                                                              November

12, 2010                                                                                      

                                                                                                                                                                                                                 

 

Page | 3 

 

a.      
Organization and Standing. Parallax Diagnostics, Inc is a corporation
duly organized under the laws of the State of Nevada and has the corporate
power and authority to carry on its business as it is now being conducted.

 

6.        REPRESENTATIONS
AND WARRANTIES OF SELLER AND PURCHASER.

 

 Seller and Purchaser hereby
represent and warrant that there has been no act or omission by Seller,
Purchaser or the Corporation which would give rise to any valid claim against
any of the parties hereto for a brokerage commission, finder’s fee, or other
like payment in connection with the transactions contemplated hereby.

 

7.      GENERAL
PROVISIONS

 

a.       Entire
Agreement. This agreement (including the exhibits hereto and any written
agreements hereof executed by the parties) constitutes the entire Agreement and
supersedes all prior agreements and understandings, oral and written, between
the parties hereto with respect to the subject matter hereof.

 

b.      Section
and Other Heading. The section and other headings contained in this Agreement
are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.

 

c.       Governing
Law. This agreement and all transactions contemplated hereby, shall be governed
by, construed and enforced in accordance with the laws of the State of California. The parties herein waive trial by jury and agree to submit to the personal
jurisdiction and venue of a court of subject matter jurisdiction located in Los Angeles County, State of California. In the event that litigation results from or arises
out of this Agreement or the performance thereof, the parties agree to
reimburse the prevailing party’s reasonable attorney’s fees, court costs, and
all other expenses, whether or not taxable by the court as costs, in addition
to any other relief to which the prevailing party may be entitled.

 

 

 

 

 

 

 

(balance of page
intentionally left blank – signature page follows)

 

 

 

 

 

 

Confidential Convertible

Preferred Stock Purchase Agreement                                                    Parallax

Diagnostics, Inc                                                                                                                              November

12, 2010                                                                                      

                                                                                                                                                                                                                 

 

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IN WITNESS WHEREOF, This Agreement has been executed by each
of the individual parties hereto on the date first above written.

 

 

 

 

 

Signed:

 

 

PARALLAX DIAGNOSTICS, INC.

 

 

 

By: _/s/ J. Michael
Redmond _____________

       J. Michael Redmond                 Date

       President

       Parallax Diagnostics, Inc

 

 

HUNTINGTON CHASE FINANCIAL GROUP, LLC

 

 

 

By: __/s/ Edward W Withrow
III___               _  

       Edward W. Withrow III           Date

       Managing Member

       Huntington Chase Financial Group, LLC

 

 

Confidential Convertible

Preferred Stock Purchase Agreement                                                    Parallax

Diagnostics, Inc                                                                                                                              November

12, 2010exhibit103.htm - Generated by SEC Publisher for SEC Filing

 

DEVELOPMENT and SUPPLY AGREEMENT

 

This Development and Supply Agreement (the
"Agreement") is entered into as of this 1st day of July 2011 (the
"Effective Date"), by and between Parallax Diagnostics Ltd., Inc. a Nevada corporation with offices at 2 Canal Park
Cambridge, MA 02141 (or  "PRLX") and Corder Engineering, LLC
at1357 N 100 E Chesterton, IN 46304 ("Supplier") (together the
"Parties").

WHEREAS, Supplier possesses certain skills and
expertise in engineering and manufacturing medical devices and instruments; 

WHEREAS, PRLX wishes to purchase from Supplier
certain engineering services as well as have Supplier manufacture and deliver a
medical device (Target Instrument) whose specifications are on Exhibit B, on
the terms and conditions set forth below, and 

WHEREAS, Supplier is willing to provide services to
the PRLX, on the terms and conditions set forth below, 

NOW, THEREFORE, the parties agree as
follows:

1.                 
Engineering Services and Supply Instruments.  Supplier will
perform the services set forth on Exhibit A, or as amended by mutual written
agreement.  It is agreed and understood that the nature and manner of services
provided hereunder shall be within Supplier’s area of professional expertise
and/or historical experience.

(a)               
Direction.  Supplier shall be directed by and shall report to
Michael Redmond or his successor.

(b)              
Start Date.  Supplier's consulting obligations to PRLX shall
begin on July 1 2011.

(c)               
Term.  This Agreement shall commence on the Start Date and, unless
earlier terminated in accordance with Section 15, shall continue up to the time
that the last milestone on Exhibit A is successfully completed (the
"Term").  The Term can be automatically extended in three month
increments upon mutual agreement by the Parties. Any extension shall be in
writing.

2.                 
Method of Performance.  The Supplier shall determine the
method, details, and means of performing and fulfilling the work scope  on
Exhibit A hereunder.

3.                 
Other Projects.  The PRLX acknowledges and agrees that Supplier
may assume other commitments, and has ongoing or intends to obtain engagements
outside of Supplier's work for PRLX during the Term ("Other
Engagements"); provided that Supplier fully complies with the
confidentiality obligations contained in Section 9.  Supplier shall reasonably
notify PRLX of any Other Engagements, which may pose a conflict of interest, it
being understood that such notice shall allow PRLX sufficient basis to proceed
in accordance with Section 15(b), below.  

 

 

 

 

4.                 
Status as Independent Contractor; Nature of Relationship.  It
is agreed and understood that the Supplier is an independent contractor and
will not act as an agent nor shall he or she be deemed an employee of Supplier
for the purposes of any employee benefit programs, income tax withholding, FICA
taxes, unemployment benefits, and worker’s compensation insurance, or
otherwise.  Supplier shall not enter into any agreement or incur any
obligations on PRLX’s behalf, or commit PRLX in any manner without PRLX’s prior
written consent.

5.                 
Resources.  Supplier shall provide such tools and facilities
as Supplier may deem necessary in the performance of Supplier's duties
hereunder.  Upon Supplier's reasonable request, the PRLX shall provide such
incidental resources to Supplier as the PRLX in its discretion believes may be
warranted.  

6.                 
Compensation.  It is agreed and understood, that subject to
the Term and performance and under Section 1, the Supplier shall be paid as set
forth in Exhibit A.  

7.                 
Expenses.   Supplier will be reimbursed for the reasonable
expenses Supplier incurs directly in connection with services provided under
this Agreement, All Expenses must be agreed to in writing by PRLX prior to
incurring the expense. Expenses will be paid following the submission of
documentation evidencing and confirming such expenses. 

8.                 
Compliance with all Laws.  Supplier agrees that in the course
of providing his services to the PRLX, he or she will not engage in any
practice or commit any acts in violation of any federal, state or local law or
ordinance.

9.                 
Non-Disclosure Obligations.

(a)               
Definition of "Information."  “Information” shall mean
materials, data, or information in any form, whether written, oral, digital, or
otherwise, provided by or obtained from PRLX, PRLX's agents, or PRLX's
contractors in connection with the Supplier's engagement by PRLX.  Technical or
business information of a third person furnished or disclosed to the Supplier
under this Agreement shall constitute Information of PRLX unless otherwise
specifically indicated in writing.

(b)              
Confidential Information.  For purposes of this Agreement, the term "Confidential
Information" shall mean Information regarding PRLX's business
including, but not limited to, Information regarding diagnostic and medical
device products,  processing and manufacturing capabilities, copyrighted or
patentable subject matter, research, development, innovations, inventions,
designs, technology, improvements, trade secrets, business affairs and
finances, customers, employees, operations, facilities, consumer markets,
products, capacities, systems, procedures, security practices, data formats,
and business methodologies.  

(c)               
Supplier's Obligations.  All
Confidential Information relating to or obtained from PRLX by the Supplier
shall be maintained in confidence by the Supplier, and the Supplier shall use
best efforts to protect and safeguard the Confidential Information. 

(d)              
Use of Confidential Information.  Without PRLX's prior written
approval, the Supplier: (a) shall not use Confidential
Information directly or indirectly for any purpose except in connection with
the services the Supplier performs on behalf of PRLX; and (b) shall not
disclose, sell, assign, transfer, share or lease Confidential Information of
PRLX, or make such Confidential Information available to, or make it available
for the use or benefit of, any third party.

 

	

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(e)               
Exceptions to Confidentiality Obligations. 
The obligations of this Agreement shall not apply to Confidential
Information which the Supplier shall demonstrate, by clear and convincing
evidence: 

1.                 
is or becomes publicly available (other than through unauthorized
disclosure under this Agreement); 

2.                 
is already known by the Supplier without an obligation of
confidentiality prior to the disclosure thereof by PRLX, as evidenced by the
Supplier's written records, maintained in the ordinary course, existing before
the first date of Supplier's engagement with PRLX; or 

3.                 
is rightfully received by the Supplier from a third party free of any
obligation of confidentiality.

10.             
Former Engagement Information.  The Supplier shall not,
during the Supplier's engagement with the PRLX, improperly use or disclose any
proprietary information or trade secrets of any former employer, hiring party,
or other person or entity with which the Supplier has an agreement or duty to
keep in confidence, if any, and shall not bring onto the premises of the PRLX
any unpublished document or proprietary information belonging to any such
employer, person or entity unless consented to in writing by such employer,
person, hiring party, or entity.

11.             
Court or Agency Order.  In the event the Supplier receives a subpoena or
order of a court or administrative body requesting disclosure of PRLX’s
Confidential Information, the Supplier agrees (a) that, as promptly as possible
after learning of such disclosure obligation and before making such disclosure,
the Supplier shall notify PRLX of such obligation to make such disclosure, to
allow PRLX an opportunity to object to such disclosure or to obtain a
protective order or other appropriate relief; (b) that the Supplier shall
provide such cooperation and assistance, at PRLX's expense, as PRLX may
reasonably request in any effort by PRLX to obtain such relief; and (c) that
the Supplier shall take all appropriate steps to limit the amount and scope of
Confidential Information so disclosed and to protect its confidentiality.

12.             
Non-Solicitation.   The Supplier agrees not to solicit or
encourage employees of Supplier to work for a Competitor during the Term, and
for a period of one year after expiration of the Term. "Competitor"
means any person or organization, including the Supplier him or herself,
engaged in, or about to become engaged in, research on or the acquisition,
development, production, distribution, marketing or providing of a Competing
Product.  "Competing Product" means any product, process, or service
of any person or organization other than the PRLX, in existence or under
development, which both (A) is identical to, substantially the same as, or an
adequate substitute for any product, process, or service of the PRLX, in
existence or under development, on which the Supplier works during
the Term or about which the Supplier acquires Confidential Information, and (B)
is (or could reasonably be anticipated to be) marketed or distributed in such a
manner and in such a geographic area as to actually compete with such product,
process or service of the PRLX.

 

	

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13.             
Inventions.  For purposes of this Agreement, the term
"Inventions" shall mean any and all inventions, original works of
authorship, developments, concepts, improvements, or trade secrets (whether or
not patentable or registrable under copyright or similar laws) which relate to
the business of the PRLX and which the Supplier either (i) solely or jointly
conceives, develops, or reduces to practice during PRLX time, at the PRLX's
direction, or using PRLX equipment or resources; or (ii) solely or jointly
conceives, develops, or reduces to practice based on PRLX Confidential
Information.  The Supplier will promptly make full written disclosure of
Inventions to the PRLX and will hold such Inventions in trust for the sole
right and benefit of the PRLX.  The Supplier hereby assigns to the PRLX all the
Supplier's right, title and interest in and to Inventions.  Without limiting
the foregoing, the Supplier further acknowledges that all Inventions (x) which
are original works of authorship; (y) which are made by the Supplier (solely or
jointly with others) within the scope of the Supplier's engagement hereunder;
and (z) which are protectable by copyright, shall be deemed, to the extent
applicable, “works made for hire,” as that term is defined in the United States
Copyright Act.  It is agreed and understood that Supplier inventions, original
works of authorship, developments, concepts, improvements, or trade secrets
(whether or not patentable or registrable under copyright or similar laws)
which do not qualify as "Inventions" hereunder shall not be subject
to this Section 13.  

14.             
Patent and Copyright Registration.  The Supplier agrees to
assist the PRLX, or its designee, at the PRLX’s expense, in every reasonable
way to secure the PRLX’s rights in the Inventions and any copyrights, patents,
mask work rights or other intellectual property rights relating thereto in any
and all countries, including the disclosure to the PRLX of all pertinent
information and data with respect thereto and the execution of all
applications, specifications, oaths, assignments and all other instruments
which the PRLX shall deem necessary in order to apply for and obtain such
rights and in order to assign and convey to the PRLX, its successors, assigns
and nominees the sole and exclusive rights, title and interest in and to such
Inventions, and any copyrights, patents, mask work rights or other intellectual
property rights relating thereto.

15.             
Termination.   This Agreement may be terminated without
liability as follows:

(a)               
For Cause.  If either Party is in material breach, the
non-breaching party may terminate this Agreement upon providing the breaching
party (a) with written notice, specifying the breach, and (b) with a ten (10)
day opportunity to cure, commencing upon the effective date of such notice.

(b)              
For Convenience. Either Party may terminate this agreement upon
fifteen (15) days notice.

 

 

	

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16.             
Survival.   The following provisions shall survive the
expiration or termination of this Agreement:  Sections the applicable part of 6
(success fee) 9, 11, 12, 14, and 17. 

17.             
Return of Property.  Supplier expressly agrees that upon
completion of his or her consulting services under this Agreement, or at any
time prior to that time upon request of the PRLX, Supplier will return to the
PRLX all property of the PRLX obtained or received by Supplier during the Term
of this Agreement including, but not limited to, any and all files, computers,
computer equipment, software, diskettes or other storage media, documents,
papers, records, notes, agenda, memoranda, plans, calendars and other books and
records of any kind and nature whatsoever containing information concerning the
PRLX or its customers or operations.  

18.             
No Oral Modification.  This Agreement may not be changed
orally, and no modification, amendment, or waiver of any provision contained in
this Agreement, or any future representation, promise, or condition in
connection with the subject matter of this Agreement shall be binding upon any
party hereto, unless made in writing and signed by such party.

19.             
Entire Agreement.  This Agreement contains the entire
agreement between the Parties and supersedes any and all previous agreements of
any kind whatsoever between them, whether written or oral, and all prior and
contemporaneous discussions and negotiations have been and are merged and integrated
into, and are superseded by, this Agreement.  This is an integrated document.

20.             
Severability.  In the event that any provision of this
Agreement or the application thereof should be held to be void, voidable,
unlawful or, for any reason, unenforceable, the remaining portion and
application shall remain in full force and effect, and to that end the
provisions of this Agreement are declared to be severable.

21.             
Governing Law.  This Agreement is made and entered into, and
shall be subject to, governed by, and interpreted in accordance with the laws
of the Commonwealth of Massachusetts and shall be fully enforceable in the
courts of that state, without regard to principles of conflict of laws.  The
Parties (i) agree that any suit, action or other legal proceeding arising
out of this Agreement may be brought in the United States District Court for
the District of Massachusetts, or if such court does not have jurisdiction or
will not accept jurisdiction, in any court of general jurisdiction in Suffolk
County, Massachusetts; (ii) consent to the jurisdiction of any such court;
and (iii) waive any objection which they may have to the laying of venue
in any such court.  The Parties also consent to the service of process,
pleadings, notices or other papers by regular mail, addressed to the party to
be served, postage prepaid, and registered or certified with return receipt
requested.

22.             
Notices.  All notices, requests, consents, approvals and
other communications required or permitted under this Agreement
("Notices") shall be in writing and shall be delivered to the
addresses listed above, by mail, by hand, or by facsimile transmission, unless
otherwise provided in this Agreement.  Such Notices shall be effective (i) if
sent by mail, three business days after mailing; (ii) if sent by hand, on the
date of delivery; and (iii) if sent by facsimile, on the date indicated on the
facsimile confirmation.  Any party may change its address or facsimile number
for notification purposes by giving all of the individuals
and entities noted above notice, in accordance with the notice provisions set
forth in this Section, of the new address or facsimile number and the date upon
which it will become effective.

 

	

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23.             
No Assignment.  Neither this Agreement nor any portion hereof
is assignable.  

24.             
Counterparts.   This Agreement may be executed in
counterparts, and each counterpart, when executed, shall have the effect of a
signed original.

 

IN WITNESS WHEREOF, the Parties hereto have caused
this Agreement to be executed by the undersigned duly authorized persons as of
the day and year above stated.

 

 

Parallax Diagnostics Ltd.

 

 

By:__   /s/ J. Michael Redmond     ___   __

Name: Michael Redmond

Title:   CEO

 

 

Corder Engineering LLC

 

 

By: __  /s/ Rodney Corder    _______

Name: Rodney Corder

Title:   Managing Member

 

 

	

  6

  

 

 

EXHIBIT
“A”

 

SUPPLIER SERVICES 

AND 

PAYMENT SCHEDULE

 

 

 

 

 

Statement of Work

 

Supplier shall provide Evaluation Units which replicate  the
functionality Target. Target 1000 firmware ver 3.20 and add software for a
C-reactive protein (CRP) quantitative assay.

 

1)      Develop
electronic hardware for evaluating CRP Target Cassettes.  Reflective
Densiometer shall be implemented using the same type reflectometer LED and
Photodiode as the Target Instrument.

2)      Develop
mechanical components for Target Cassette receiver and OKW MOTEC enclosure if
needed. Existing molds of the mechanical parts may be used if the cost,
timeframe and quality are acceptable to PRLX. Should PRLX determine to use
existing molds for the Target Cassette receiver, the total development cost
shall be reduced by $4,250 reflecting the change in project effort.

3)      Develop
front panel label and membrane switches for Evaluation units.

4)      Develop
operational firmware for the Evaluation units to emulate the functionality of
the Target Instrument as documented in the Parallax Diagnostics Target Analyzer
operation manual.

5)      Evaluate
and collect raw reflectometer data on actual assay reflecting known
quantitative samples to correlate reflectometer readings and quantitative
results.  PRLX is responsible for arranging the execution of the tests in a
timely manner at PRLX expense.  

6)      Provide
a minimum of five assembled units labeled “Evaluation Only, Not for Resale” for
evaluation of the CRP Target Cassettes. 

7)      A
Data Package containing any and all new software code, a list of parts
suppliers, any and all drawings related to the instrument.

8)      Up
to one trip as required, to a facility with adequate laboratory capabilities
designated by PRLX, in the Continental United States, for a duration of not
more than 2 days, for the purposes of adjusting the calibration of the
Evaluation Units to provide adequate accuracy in reading the CRP Target
Cassettes.  Additional trips required, not as a result of
a deficiency in the Evaluation Units or their operational firmware, shall be
reimbursed as an Expense, and billed at a daily rate of $1,000 per day.

 

	

  7

  

 

 

 

Payment and Schedule:

	
  Milestone

  	
  Duration

  	
  Payment

  
	
  Project
  Initiation

  	
  T0

  	
  $10,000.00

  
	
  Assembled
  PCB Prototypes (12 units)

  Deliverable is digital
  photograph of the assembled prototypes

  	
  T0+ 5 weeks

  	
  $7,500.00

  
	
  Mechanical
  Component Prototypes (12 sets) 

  Deliverable is digital
  photograph of the assembled prototypes

  	
  T0+ 9 weeks

  	
  $7,500.00

  
	
  Delivery of
  10 functional Evaluation Units and Data Package

  	
  T0+ 12 weeks

  	
  $10,000.00

  
	
   

  Receipt of Project Initiation payment is required to start
  the Work Order and set the start date of the Project.  Payment terms are
  Net-15 after delivery of Milestone. All prices are firm and fixed and cannot
  increase without written approval of PRLX.  Should PRLX decide to use molded
  parts in lieu of the reverse engineering of current parts, the Milestones and
  payments shall be adjusted as follows:  Mechanical Component Prototypes from
  $7,500 to $5,750, Delivery of 10 functional Evaluation Units from $10,000 to
  $7,500 for a Total of $30,750.   A 1.5% fee per month will be assessed for
  any payments late or returned for insufficient funds.

   

   

  PRLX Responsibilities:

  PRLX is responsible to provide a Target Instrumentr unit
  for reverse engineering, a minimum of 5 unused (white) Target Cassettes, and
  a definition of the quantitative units and change in reflectivity for the CRP
  immunoassay Target Cassette. 

  PRLX is responsible to prepare samples for assay and
  collect raw reflectometer data from the enhanced firmware for analysis and
  programming of the final evaluation firmware.

  PRLX is responsible to reimburse the actual costs of the
  construction of up to12 Evaluation units developed to ensure the delivery of
  up to 10 functional Evaluation units up to a maximum
  of $12,000. Each evaluation unit is estimated to cost $1,000. PRLX will
  inform Supplier of the exact number of evaluation units to be built within 30
  days of the Effective Date.

  PRLX understands that timely performance of its
  Responsibilities is crucial to the timely completion of the Work Order.

   

  II.       Ownership
  of Work Product:

  All schematics, layouts, bills of materials, assembly
  instructions, component models and device firmware created as a result of
  this Agreement (“Work Product”) shall be considered work made by Supplier for
  hire to PRLX and shall belong exclusively to PRLX and its designees.  Upon
  receipt of full and complete payment of all milestones Supplier will deliver
  to PRLX all Work Product.

   

  III.    No
  Patent Protection:

  Supplier does not covenant, warrant or indemnify PRLX
  against infringement by the Work Product of any patent, now existing or
  pending.  Supplier is not responsible for intellectual property analysis.
  Supplier will not knowingly include, define or require the infringement of
  any known intellectual property rights of any third parties without prior
  written approval from PRLX.  PRLX is solely responsible for the use of the
  Work Product.

   

  	
  Total

  	
  $35,000.00

   

  	 

 

	

  8

  

 

 

 

 

 

 

Exhibit B

Targer
Instrument Specs to be added here

 

	

  9

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