Document:

Exhibit
10.34

AMENDMENT
TO PLACEMENT AGENCY AGREEMENT

This amendment
dated November 8, 2006 (the “Amendment”) to the Placement Agency
Agreement dated as of October 17, 2006 (the “Agreement”) is made by and
between Commonwealth Associates, L.P., a New York limited partnership (“Commonwealth”)
and Averion International Corp., a Delaware corporation (the “Company”).
Capitalized terms used in this Amendment shall have the same meanings as set
forth in the Agreement, except as otherwise set forth herein.

WHEREAS,
Commonwealth and the Company wish to amend the terms of the Agreement to
reflect a reduction in the Minimum Offering.

NOW, THEREFORE,
the parties hereto agree as follows:

1. The second paragraph
of the Agreement is hereby deleted in its entirety and replaced with the
following:

“The
Company proposed to offer for sale solely to “accredited investors,” in a
private placement (the “Placement”), shares of its common stock (the “Shares”)
at a purchase price (the “Purchase Price”) equal to $0.15 per share, as negotiated
by the Company and the investors in the Placement based on a discount to the
average trading price at the time of the initial closing of the Placement (the “Initial
Closing”).  A minimum of $4,000,000
(the “Minimum Offering”) and a maximum of $10,000,000 (the “Maximum
Offering”) of Shares will be sold in the Placement. The Maximum Offering
may be increased by $5,000,000 by mutual agreement of the Company and
Commonwealth to cover over-subscriptions.”

2. Effectiveness.
This Amendment shall be deemed effective as of the date hereof.

3. Miscellaneous.

a.     Agreement Amended.  Subject to the provisions of this Section 3,
this Amendment shall be deemed to be an amendment to the Agreement.  All references to the Agreement in any other
document, instrument, agreement or writing hereafter shall be deemed to refer
to the Agreement as amended hereby.

b.     Successors and Assigns.  This Amendment shall be binding upon and
inure to the benefit of the Company, the Placement Agents and their respective
successors and assigns.

c.     Governing Law.  This Amendment and the rights and obligations
of the parties hereunder shall be construed in accordance with and governed by
the law of the State of New York, without regard to conflict of laws
principles.

d.     Counterparts.  This Amendment may be executed simultaneously
in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

IN
WITNESS THEREOF, the parties hereto have each caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of this
day and year first above written.

	
  

  	
  AVERION INTERNATIONAL CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dr. Philip
  T. Lavin

  	
   

  
	
   

  	
   

  	
  Name: Dr. Philip T. Lavin

  
	
   

  	
   

  	
  Title: Chief Executive Officer

  

 

	
  Agreed: COMMONWEALTH ASSOCIATES, L.P.

  
	
   

  	
   

  
	
  By:

  	
  Commonwealth Associates Management Company, Inc.

  
	
   

  	
   

  
	
  By:

  	
  /s/ Robert
  O’Sullivan

  	
   

  
	
   

  	
  Name: Robert O’ Sullivan

  
	
   

  	
  Title: President

  

 

 2Exhibit
10.35

AVERION INTERNATIONAL
CORP.

SUBSCRIPTION AGREEMENT made as of this        
day of                    ,
2006 between Averion International Corp., a corporation organized under the
laws of the State of Delaware with offices at 225 Turnpike Road, Southborough,
MA 01772 (the “Company”), and the undersigned (the “Subscriber”).

WHEREAS, the Company desires to issue a minimum of $4,000,000 (the “Minimum
Offering”) and a maximum of $10,000,000 (the “Maximum Offering”) of
shares (the “Shares”) of Common Stock, par value $0.001 per share (the “Common
Stock”) in a private placement (the “Offering”) on the terms and
conditions set forth herein and in the Confidential Private Placement
Memorandum dated October 16, 2006, as supplemented on November 8, 2006 (together
with all the Exhibits thereto, the “Memorandum”), and the Subscriber
desires to acquire the number of Shares set forth on the signature page hereof,
which shall be at least equal to $50,000 of Shares; and

WHEREAS, the purchase price for each Share (the “Per Share Purchase
Price”) shall be a discount to the average closing price of the Common
Stock to be determined by negotiation by and among the Company, the Placement
Agent (as defined below) and the Subscribers; and

WHEREAS, the Shares are entitled to registration rights on the terms
set forth in this Subscription Agreement; and

WHEREAS, Commonwealth Associates, L.P. is acting as placement agent
(the “Placement Agent”) for the Offering pursuant to a placement agency
agreement dated October 16, 2006, as amended, between the Company and the
Placement Agent (the “Agency Agreement”); and

WHEREAS, the Subscriber is delivering simultaneously herewith a
completed confidential investor questionnaire (the “Questionnaire”).

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

I.              SUBSCRIPTION FOR
SHARES AND REPRESENTATIONS BY AND COVENANTS OF SUBSCRIBER

1.1.          Subscription for Shares.  Subject to the terms and conditions
hereinafter set forth, the Subscriber hereby subscribes for and agrees to
purchase from the Company such number of Shares as is set forth upon the
signature page hereof at a price equal to the product of the Per Share Purchase
Price multiplied by such number of Shares and the Company agrees to sell such
Shares to the Subscriber for said purchase price subject to the Company’s right
to sell to the Subscriber such lesser number of Shares as the Company may, in
its sole discretion, deem necessary or desirable.  The purchase price is payable by certified or
bank check made payable to “American Stock Transfer & Trust Company as
Escrow Agent for Averion International Corp.” or by wire transfer of funds,
contemporaneously with the execution and delivery of this Subscription
Agreement.  American Stock Transfer &
Trust Company (the “Escrow Agent”) shall act as such in accordance with
the terms and conditions of an escrow agreement to be entered into among the
Placement Agent, the Company and the Escrow Agent.  Certificates representing the Shares shall be
delivered by the Company within

 1
 

five (5) business
days following the consummation of the Offering as set forth in Article III
hereof.

1.2.          Reliance on Exemptions.  The Subscriber acknowledges that this
Offering has not been reviewed by the United States Securities and Exchange
Commission (the “SEC”) or any state agency because of the Company’s
representations that this is intended to be a nonpublic offering exempt from
the registration requirements of the Securities Act of 1933, as amended (the “1933
Act”) and state securities laws.  The
Subscriber understands that the Company is relying in part upon the truth and
accuracy of, and the Subscriber’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of the Subscriber
set forth herein in order to determine the availability of such exemptions and
the eligibility of the Subscriber to acquire the Shares.

1.3.          Investment Purpose.  The Subscriber represents that the Shares are
being purchased for its own account, for investment purposes only and not for
distribution or resale to others in contravention of the registration
requirements of the 1933 Act.  The
Subscriber agrees that it will not sell or otherwise transfer the Shares unless
they are registered under the 1933 Act or unless an exemption from such
registration is available.

1.4.          Accredited Investor.  The Subscriber represents and warrants that
it is an “accredited investor” as such term is defined in Rule 501 of Regulation
D promulgated under the 1933 Act, as indicated by its responses to the
Questionnaire, and that it is able to bear the economic risk of any investment
in the Shares.  The Subscriber further
represents and warrants that the information furnished in the Questionnaire is
accurate and complete in all material respects.

1.5.          Risk of Investment.  The Subscriber recognizes that the purchase
of the Shares 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 Shares; (ii)
transferability of the Shares is limited; and (iii) the Company may require
substantial additional funds to operate its business and there can be no
assurance that the Maximum Offering will be completed or that any other funds
will be available to the Company, in addition to all of the other risks set
forth in the SEC Documents (as defined in Section 2.5 hereof) and the
Memorandum.

1.6.          Information.  The Subscriber acknowledges careful review
of: (a) the Company’s Annual Report on Form 10-KSB for the year ended December
31, 2005, (b) the Company’s Quarterly Report on Form 10-QSB for the period
ended June 30, 2006, (c) the Company’s Proxy Statement  for the 2006 Annual Meeting of Stockholders,
(d) the Company’s Current Reports on Form 8-K filed with the SEC on October 13,
2006, September 22, 2006, September 19, 2006, September 12, 2006, September 5,
2006, August 17, 2006, August 4, 2006 and July 7, 2006, (e) the Memorandum, (f)
this Subscription Agreement, and (g) all exhibits, schedules and appendices
which are part of the aforementioned documents (collectively, the “Offering
Documents”), and hereby represents that: (i) the Subscriber has been
furnished by the Company during the course of this transaction with all
information regarding the Company which it has requested; (ii) that the
Subscriber has been afforded the opportunity to ask questions of and receive
answers from duly authorized officers of the Company concerning the terms and
conditions of the Offering, and any additional information which it has
requested; and (iii) the Subscriber has been given the opportunity by the
Placement Agent to review the Agency Agreement if it has so requested.

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1.7.          No Representations.  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, including the Placement Agent, 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.

1.8.          Tax Consequences.  The Subscriber acknowledges that the Offering
may involve tax consequences and that the contents of the Offering Documents do
not contain tax advice or information. 
The Subscriber acknowledges that he must retain his own professional
advisors to evaluate the tax and other consequences of an investment in the
Shares.

1.9.          Transfer or Resale.  The Subscriber understands that Rule 144
(the “Rule”) promulgated under the 1933 Act requires, among other
conditions, a one-year holding period prior to the resale (in limited amounts)
of securities acquired in a non-public offering without having to satisfy
the registration requirements under the 1933 Act.  The Subscriber understands that the Company
makes no representation or warranty regarding its fulfillment in the future of
any reporting requirements under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or its dissemination to the public of any
current financial or other information concerning the Company, as is required
by the Rule as one of the conditions of its availability.  The Subscriber understands and hereby
acknowledges that the Company is under no obligation to register the Shares
under the 1933 Act, with the exception of certain registration rights set forth
in Article IV herein.  The Subscriber
consents that the Company may, if it desires, permit the transfer of the Shares
out of the Subscriber’s name only when the Subscriber’s request for transfer is
accompanied by an opinion of counsel reasonably satisfactory to the Company that
neither the sale nor the proposed transfer results in a violation of the 1933
Act or any applicable state “blue sky” laws.

1.10.        No Hedging Transactions. 
The Subscriber represents and warrants to the Company that it has not
engaged in any transactions involving the securities of the Company (including
Hedging Transactions) since the earlier to occur of (i) the time such
Subscriber was first contacted by the Company or Placement Agent regarding an
investment in the Company, or (ii) the 30th day prior to the
date of this Agreement.  In addition, the
Subscriber hereby agrees not to engage in any Hedging Transaction until such
time as the Shares have been registered for resale under the 1933 Act or may
otherwise be sold in the public market without an effective registration
statement under the 1933 Act. “Hedging Transaction” means any short sale
(whether or not against the box) or any purchase, sale or grant of any right
(including, without limitation, any put or call option) with respect to any
security (other than a broad-based market basket or index) that includes,
relates to or derives any significant part of its value from the Common Stock
or any rights, warrants, options or other securities that are convertible into,
or exercisable or exchangeable for, Common Stock.

1.11.        Legends.  The Subscriber
understands that the certificates representing the Shares, until such time as
they have been registered under the 1933 Act, shall bear a restrictive legend
in substantially the following form (and a stop-transfer order may be placed
against transfer of such certificates or other instruments):

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF

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1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SHARES MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OF COUNSEL, IN
A REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
OR APPLICABLE STATE SECURITIES LAWS, OR (II) UNLESS SOLD PURSUANT TO RULE 144
UNDER SAID ACT.

The legend set forth above shall be removed and the
Company shall issue a certificate without such legend to the holder of the
Shares upon which it is stamped, if (a) such Shares are being sold pursuant to
a registration statement under the 1933 Act, or (b) such holder delivers to the
Company an opinion of counsel, in a reasonably acceptable form, to the Company
that a disposition of the Shares is being made pursuant to an exemption from
such registration provided by Rule 144 and such holder is not an affiliate of
the Company, or (c) such holder provides the Company with reasonable assurance
that a disposition of the Shares may be made pursuant to Rule 144(k).

1.12.        No General Solicitation. 
The Subscriber represents that the Subscriber was not induced to invest
by any form of general solicitation or general advertising including, but not
limited to, the following: (i) any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or
broadcast over the news or radio; and (ii) any seminar or meeting whose
attendees were invited by any general solicitation or advertising.

1.13.        Validity; Enforcement. 
If the Subscriber is a corporation, partnership, trust or other entity,
the Subscriber represents and warrants that: (a) it is authorized and otherwise
duly qualified to purchase and hold the Shares; and (b) that this Subscription
Agreement has been duly and validly authorized, executed and delivered and
constitutes the legal, binding and enforceable obligation of the undersigned.

1.14.        Address; Identification Number.  The Subscriber hereby represents that the
address of Subscriber furnished by the Subscriber 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 and that the tax payer identification number or
social security number, as applicable, furnished herein is correct.

1.15.        Foreign Subscriber.  If
the Subscriber is not a United States person, such Subscriber hereby represents
that it has satisfied itself as to the full observance of the laws of its
jurisdiction in connection with any invitation to subscribe for the Shares or
any use of this Subscription Agreement, including: (a) the legal requirements
within its jurisdiction for the purchase of the Shares; (b) any foreign
exchange restrictions applicable to such purchase; (c) any governmental or
other consents that may need to be obtained; and (d) the income tax and other
tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale or transfer of the Shares. 
Such Subscriber’s subscription and payment for, and his or her continued
beneficial ownership of the Shares, will not violate any applicable securities
or other laws of the Subscriber’s jurisdiction.

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1.16.        NASD Member.  The
Subscriber acknowledges that if it is a Registered Representative of a NASD
member firm, the Subscriber must give such firm notice required by the NASD’s
Rules of Fair Practice, receipt of which must be acknowledged by such firm on
the signature page hereof.

1.17.        Increase in Maximum Offering. 
The Subscriber acknowledges that the Maximum Offering may be increased
by up to $5,000,000 of additional Shares without notice to Subscribers.

II.            REPRESENTATIONS BY THE
COMPANY

The Company represents and warrants to the Subscriber,
except as set forth in the disclosure schedules attached hereto:

2.1.          Organization and Qualification.  The Company is duly organized and validly
existing in good standing under the laws of the jurisdiction in which it is
organized, and has the requisite power and authorization to own its properties
and to carry on its business as now being conducted.  The Company is duly qualified as a foreign
corporation to do business and is in good standing in every jurisdiction in
which its ownership of property or the nature of the business conducted by it
makes such qualification necessary, except to the extent that the failure to be
so qualified or be in good standing would not have a Material Adverse
Effect.  As used in this Subscription
Agreement, “Material Adverse Effect” means any material adverse effect on the
business, properties, assets, operations, results of operations, financial
condition or prospects of the Company, or on the transactions contemplated
hereby, or by the other Offering Documents or the agreements and instruments to
be entered into in connection herewith or therewith, or on the authority or
ability of the Company to perform its obligations under the Offering
Documents.  The Company does not have any
operating subsidiaries other than as set forth in the Offering Documents and
all of the non-operating subsidiaries are wholly-owned by the Company.

2.2.          Authorization; Enforcement; Validity.  The Company has the requisite corporate power
and authority to enter into and perform its obligations under this Subscription
Agreement and the other Offering Documents, to file and perform its obligations
under the Offering Documents, and to issue the Shares in accordance with the
terms of the Offering Documents.  The
execution and delivery of the Offering Documents by the Company and the
consummation by the Company of the transactions contemplated by the Offering
Documents, including without limitation the issuance of the Shares, have been
duly authorized by the Company’s board of directors (the “Board”) and no
further consent or authorization is required by the Company, its Board or its
stockholders.

2.3.          Issuance of Shares.  The issuance, sale and delivery of the Shares
have been duly authorized by all requisite corporate action by the Company and,
upon issuance in accordance with the Offering Documents, shall be (a) duly
authorized, validly issued, fully paid and non-assessable, and (b) free from
all taxes, liens and charges with respect to the issue thereof.

2.4.          No Conflicts.  The execution, delivery and performance of
the Offering Documents by the Company and the consummation by the Company of
the transactions contemplated therein, will not (a) result in a violation of
the Company’s Certificate of Incorporation, any certificate of designations,
preferences and rights of any outstanding series

 5
 

of preferred stock of the
Company, or the Company’s Bylaws, (b) conflict with, or constitute a default or
an event which with notice or lapse of time or both would become a default
under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any material agreement, lease, license or instrument
(including without limitation, any document filed as an exhibit to any of the
SEC Documents (as defined below)), or (c) result in a violation of any law,
rule, regulation, order, judgment or decree (including federal and state
securities laws and regulations and the rules and regulations of The Nasdaq
Stock Market, Inc.) applicable to the Company or by which any property or asset
of the Company is bound or affected.

2.5.          SEC Documents; Financial Statements.  Since January 1, 2003, the Company has filed
all reports, schedules, forms, statements and other documents required to be
filed by it with the SEC pursuant to the reporting requirements of the Exchange
Act (all of the foregoing filed prior to the date hereof and all exhibits
included therein and financial statements and schedules thereto and documents
incorporated by reference therein being hereinafter referred to as the “SEC
Documents”).  The Company has made
available to the Subscriber or its representatives copies of the SEC
Documents.  As of their respective dates,
the SEC Documents complied in all material respects with the requirements of
the Exchange Act and the rules and regulations of the SEC promulgated
thereunder applicable to the SEC Documents, and none of the SEC Documents, at
the time they were filed with the SEC, contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.  Except as set forth in the SEC Documents or
the Offering Documents, as of their respective dates, the financial statements
of the Company included in the SEC Documents complied as to form in all
material respects with applicable accounting requirements and the published
rules and regulations of the SEC with respect thereto.  Except as set forth on Schedule 2.5, such
financial statements have been prepared in accordance with generally accepted
accounting principles, consistently applied, during the periods involved
(except (a) as may be otherwise indicated in such financial statements or the
notes thereto, or (b) in the case of unaudited interim statements, to the
extent they may exclude footnotes or may be condensed or summary statements)
and fairly present in all material respects the financial position of the
Company as of the dates thereof and the results of its operations and cash
flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments that will not be material).

2.6.          Absence of Litigation.  Except as set forth in the Offering Documents
or the SEC Documents, there is no action, suit, proceeding, inquiry or
investigation before or by the Nasdaq Stock Market, Inc., any court, public
board, government agency, self-regulatory organization or body, or arbitrator
pending or, to the knowledge of the Company, threatened against the Company or
any of the Company’s officers or directors in their capacities as such which
would have a Material Adverse Effect.

2.7.          Securities Law Compliance.  The offer, offer for sale, and sale of the
Shares have not been registered with the SEC. 
The Shares are to be offered for sale and sold in reliance upon the
exemptions from the registration requirements of Section 5 of the 1933
Act.  The Company will conduct the
Offering in compliance with the requirements of Regulation D under the 1933
Act, and the Company will file all appropriate notices of offering with the
SEC.

2.8.          Disclosure. 
None of the representations and warranties of the Company appearing in
this Subscription Agreement or any information appearing in any of the Offering
Documents, when considered together as a whole, contains, or on any Closing
Date (as defined

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in Section 3.1 below)
will contain, any untrue statement of a material fact or omits, or on any
Closing Date will omit, to state any material fact required to be stated herein
or therein in order for the statements herein or therein, in light of the
circumstances under which they were made, not to be misleading.

III.           TERMS OF SUBSCRIPTION

3.1.          Offering Period.  The subscription period will begin as of
October 16, 2006 and will terminate at 11:59 PM Eastern time on December 31,
2006, unless extended by mutual agreement of the Company and the Placement
Agent for up to an additional 30 days (the “Termination Date”).  Provided the Minimum Offering shall have been
subscribed for, funds representing the sale thereof shall have cleared, all
conditions to closing set forth in the Agency Agreement have been satisfied or
waived and neither the Company nor the Placement Agent have notified the other
that they do not intend to effect the closing of the Minimum Offering, the
first Closing (the “Initial Closing”) shall take place at the offices of
counsel to the Placement Agent, Loeb & Loeb LLP, 345 Park Avenue, New York,
New York 10154, within three business days thereafter (but in no event later than
three days following the Termination Date, which closing date may be
accelerated or adjourned by agreement between the Company and the Placement
Agent).  At the Initial Closing, payment
for the Shares issued and sold by the Company shall be made against delivery of
the Shares.  Subsequent closings (each of
which shall be deemed a “Closing” hereunder) shall take place by mutual
agreement of the Company and the Placement Agent.  The date of the last closing of the Offering
is hereinafter referred to as the “Final Closing” and the date of any
Closing hereunder is hereinafter referred to as a “Closing Date”.

3.2.          Expenses; Fees.  Simultaneously with payment for and delivery
of the Shares at each Closing, the Company shall pay to the Placement Agent a
cash fee equal to 7.5% of the gross proceeds of the Shares sold and shall issue
to the Placement Agent and its designees five-year warrants (the “Agent’s
Warrants”) to purchase that number of shares of Common Stock as equals 5%
of the Shares sold in the Offering at an exercise price equal to the Per Share
Purchase Price. The Company shall also reimburse the Placement Agent for its
actual out-of-pocket expenses incurred in connection with the Offering,
including, without limitation, the reasonable fees and expenses of its counsel
(Loeb & Loeb LLP), due diligence investigation expenses, travel and
road-show expenses. The Company shall also pay all expenses in connection with
the qualification of the Shares under the blue sky laws of the states which the
Placement Agent shall designate, including legal fees, filing fees and
disbursements of Placement Agent’s counsel in connection with such blue sky
matters. The Company shall pay its own expenses, including, without limitation,
fees and expenses of its counsel and accountants, road-show, printing and
escrow expenses.

3.3.          Escrow. 
Pending the sale of the Shares, all funds paid hereunder shall be
deposited by the Company in escrow with the Escrow Agent.  If the Company shall not have obtained the
Minimum Offering on or before the Termination Date, then this subscription
shall be void and all funds paid hereunder by the Subscriber, without interest,
shall be promptly returned to the Subscriber, subject to Section 3.5 hereof.

3.4.          Certificates.  The Subscriber hereby authorizes and directs
the Company, upon each Closing in the Offering, to deliver the Shares to be
issued to such Subscriber pursuant to this Subscription Agreement either (a) to
the Subscriber’s address

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indicated in the
Questionnaire, or (b) directly to the Subscriber’s account maintained with the
Placement Agent, if any.

3.5.          Return of Funds.  The Subscriber hereby authorizes and directs
the Company to return any funds for unaccepted subscriptions to the same
account from which the funds were drawn, including any customer account
maintained with the Placement Agent.

IV.           REGISTRATION RIGHTS

4.1.          Automatic Registration.  The Company hereby agrees with the
Subscribers or their transferees (other than a transferee who acquires shares
pursuant to the Rule or an effective registration statement) (collectively, the
“Holders”) that no later than three months following the date of the
Final Closing (the “Filing Date”), the Company shall prepare and file a
registration statement under the 1933 Act with the SEC covering the resale of
the Shares, and the Company will use its best efforts to cause such
registration to become effective within six months after the Final Closing (the
“Effectiveness Date”); provided, however, that the Subscribers agree
that the company may avail itself of Rule 429 and combine any existing and
effective prospectus with the prospectus to be included in the registration
statement.  In the event that the Company’s
registration statement has not been filed on or prior to the Filing Date or has
not been declared effective by the SEC on or before the Effectiveness Date, the
Company shall pay each Holder an amount in cash, as liquidated damages and not
as a penalty, equal to 1.0% of the aggregate purchase price paid by such Holder
for the Shares that are then held by such Holder for each thirty (30) day
period (prorated on a daily basis for partial periods) until such time as the
registration statement is filed or effective, as the case may be; provided,
however, that no such liquidated damages shall be due or payable with respect
to any Shares withdrawn from the registration as a result of any SEC comment
asserting that the applicable selling stockholder shall be deemed an
underwriter with respect to such registration. 
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) business days following the
date on which such event has been cured by the Company. The Company’s
obligation to keep the registration statement effective shall continue until
the earlier of (a) the date that all of the Shares have been sold pursuant to
Rule 144 or an effective registration statement, or (b) such time as the Shares
are eligible for immediate resale pursuant to Rule 144(k), or (c) two years
after the Final Closing.  In addition, if
(i) there is material non-public information regarding the Company which the
Board reasonably determines not to be in the Company’s best interest to
disclose and which the Company is not otherwise required to disclose, or (ii)
there is a significant business opportunity (including, but not limited to, the
acquisition or disposition of assets (other than in the ordinary course of
business) or any merger, consolidation, tender offer or other similar
transaction) available to the Company which the Board reasonably determines not
to be in the Company’s best interest to disclose and which the Company would be
required to disclose under the registration statement, then the Company may
postpone or suspend filing or effectiveness of the registration statement,
without any penalty or liquidated damages, for a period not to exceed 45
consecutive days, provided that the Company may not postpone or suspend its
obligation under this Section 4.1 for more than 90 days in the aggregate during
any 12-month period (each, a “Blackout Period”).

4.2.          “Piggyback” Registration Rights.  At any time after the Initial Closing, if the
Company shall determine to proceed with the actual preparation and filing of a
new registration statement under the 1933 Act in connection with the proposed
offer and sale of any of its securities by it or any of its security holders
(other than a registration statement on Form

 8
 

S-4, S-8 or
other limited purpose form), the Company will give written notice of its
determination to all record holders of the Shares.  Upon the written request from any Holders
(the “Requesting Holders”), within 15 days after receipt of any such
notice from the Company, the Company will, except as herein provided, cause all
of the Shares covered by such request (the “Requested Stock”) held by
the Requesting Holders to be included in such registration statement, all to
the extent requisite to permit the sale or other disposition by the prospective
seller or sellers of the Requested Stock; provided, further, that nothing
herein shall prevent the Company from, at any time, abandoning or delaying any
registration.  If any registration
pursuant to this Section 4.2 shall be underwritten in whole or in part,
the Company may require that the Requested Stock be included in the
underwriting on the same terms and conditions as the securities otherwise being
sold through the underwriters.  In such
event, the Requesting Holders shall, if requested by the underwriters, execute
an underwriting agreement containing customary representations and warranties
by selling stockholders and a lock-up on Shares not being sold.  If in the good faith judgment of the managing
underwriter of such public offering the inclusion of all of the Requested Stock
would reduce the number of shares to be offered by the Company or interfere
with the successful marketing of the shares of stock offered by the Company,
the number of shares of Requested Stock otherwise to be included in the
underwritten public offering may be reduced pro rata (by number of shares)
among the Requesting Holders and all other holders of registration rights who
have requested inclusion of their securities or excluded in their entirety if
so required by the underwriter.  To the
extent only a portion of the Requested Stock is included in the underwritten
public offering, those shares of Requested Stock which are thus excluded from
the underwritten public offering and any other securities of the Company held
by such Holders shall be withheld from the market by the Holders thereof for a
period, not to exceed 90 days, which the managing underwriter reasonably
determines is necessary in order to effect the underwritten public offering.  The obligation of the Company under this
Section 4.2 shall not apply after the earlier of (a) the date that all of the
Shares have been sold pursuant to the Rule or an effective registration
statement, or (b) such time as the Shares are eligible for immediate resale
pursuant to Rule 144(k).

4.3.          Registration Procedures.  To the extent required by Sections 4.1 or
4.2, the Company will:

(a)           prepare and file with
the SEC a registration statement with respect to such securities, and use its
commercially reasonable efforts to cause such registration statement to become
and remain effective;

(b)           prepare and file with
the SEC such amendments to such registration statement and supplements to the
prospectus contained therein as may be necessary to keep such registration
statement effective;

(c)           furnish to the Holders
participating in such registration and to the underwriters of the securities
being registered such reasonable number of copies of the registration
statement, preliminary prospectus, final prospectus and such other documents as
such underwriters may reasonably request in order to facilitate the public
offering of such securities;

(d)           use its commercially
reasonable efforts to register or qualify the securities covered by such
registration statement under such state securities or blue sky laws of such
jurisdictions as the Holders may reasonably request in writing within twenty
(20) days following the original filing of such registration statement, except
that the Company shall not for any purpose be required to execute a general
consent to service of process or to qualify to do business as a foreign
corporation in any jurisdiction wherein it is not so qualified;

 9
 

(e)           notify the Holders,
promptly after it shall receive notice thereof, of the time when such
registration statement has become effective;

(f)            notify the Holders
promptly of any request by the SEC for the amending or supplementing of such
registration statement or prospectus or for additional information;

(g)           prepare and file with
the SEC, promptly upon the request of any Holders, any amendments or
supplements to such registration statement or prospectus which, in the opinion
of counsel for such Holders (and concurred in by counsel for the Company), is
required under the 1933 Act or the rules and regulations thereunder in
connection with the distribution of Common Stock by such Holders;

(h)           prepare and promptly
file with the SEC and promptly notify such Holders of the filing of such
amendment or supplement to such registration statement or prospectus as may be
necessary to correct any statements or omissions if, at the time when a
prospectus relating to such securities is required to be delivered under the
1933 Act, any event shall have occurred as the result of which any such
prospectus or any other prospectus as then in effect would include an untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances in which they
were made, not misleading; and

(i)            advise the Holders,
promptly after it shall receive notice or obtain knowledge thereof, of the
issuance of any stop order by the SEC suspending the effectiveness of such
registration statement or the initiation or threatening of any proceeding for
that purpose and promptly use its commercially reasonable efforts to prevent
the issuance of any stop order or to obtain its withdrawal if such stop order
should be issued.

4.4.          Obligations of Each Holder.  In connection with the registration of
Registrable Securities pursuant to the Registration Statement, each Holder
shall:

(a)           in the event of an
underwritten offering of such Registrable Securities in which such Holder
participates, enter into a customary and reasonable underwriting agreement and
execute such other documents as the Company and the managing underwriter for
such offering may reasonably request;

(b)           agree that, upon
receipt of any notice from the Company of either (i) the commencement of
Blackout Period pursuant to Section 4.1 or (ii) the happening of an event
pursuant to Section 4(h) such Holder will immediately discontinue disposition
of Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities, until the Holder’s receipt of the copies of the
supplemented or amended prospectus filed with the Commission and until any
related post-effective amendment is declared effective and, if so directed by
the Company, the Holder shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a certificate of destruction)
all copies in the Holder’s possession of the Prospectus covering the
Registrable Securities current at the time of receipt of such notice; and

(c)           cooperate with the
Company in providing the information necessary to effect the registration of
their Shares, including completion of the customary questionnaires.  Failure to do so may result in exclusion of
such Holders’ Shares from the registration statement.

 10
 

4.5.          Expenses.

(a)           With respect to the any
registration required pursuant to Section 4.1 or 4.2 hereof, all fees,
costs and expenses of and incidental to such registration, inclusion and public
offering (as specified in paragraph (b) below) in connection therewith
shall be borne by the Company, provided, however, that the Holders shall bear
their pro rata share of the underwriting discount and commissions and transfer
taxes and the cost of their own counsel.

(b)           The fees, costs and
expenses of registration to be borne by the Company as provided in
paragraph (a) above shall include, without limitation, all registration,
filing, and NASD fees, printing expenses, fees and disbursements of counsel and
accountants for the Company, and all legal fees and disbursements and other
expenses of complying with state securities or blue sky laws of any
jurisdictions in which the securities to be offered are to be registered and
qualified (except as provided in 4.5(a) above). 
Fees and disbursements of counsel and accountants for the Holders and
any other expenses incurred by the Holders not expressly included above shall
be borne by the Holders.

4.6.          Indemnification.

(a)           The Company will
indemnify and hold harmless each Holder of Shares which is included in a
registration statement pursuant to the provisions of Sections 4.1 and 4.2
hereof, its directors and officers, and any underwriter (as defined in the 1933
Act) for such Holder and each person, if any, who controls such Holder or such
underwriter within the meaning of the 1933 Act, from and against, and will
reimburse such Holder and each such underwriter and controlling person with
respect to, any and all loss, damage, liability, cost and expense to which such
Holder or any such underwriter or controlling person may become subject under
the 1933 Act or otherwise, insofar as such losses, damages, liabilities, costs
or expenses are caused by any untrue statement or alleged untrue statement of
any material fact contained in such registration statement, any prospectus
contained therein or any amendment or supplement thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances in which they were made, not misleading;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, damage, liability, cost or expenses arises out of or
is based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by or on
behalf of such Holder, such underwriter or such controlling person in writing
specifically for use in the preparation thereof.

(b)           Each Holder of Shares
included in a registration pursuant to the provisions of Sections 4.1 or 4.2
hereof will indemnify and hold harmless the Company, its directors and
officers, any controlling person and any underwriter from and against, and will
reimburse the Company, its directors and officers, any controlling person and
any underwriter with respect to, any and all loss, damage, liability, cost or
expense to which the Company or any controlling person and/or any underwriter
may become subject under the 1933 Act or otherwise, insofar as such losses,
damages, liabilities, costs or expenses are caused by (i) any untrue statement
or alleged untrue statement of any material fact contained in such registration
statement, any prospectus contained therein or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances in which they were
made, not misleading, in each case to the extent, but only to the extent, that
such untrue statement or alleged untrue statement or omission or alleged
omission was so made in reliance upon and in strict conformity with written
information furnished by or on behalf of such Holder specifically for use in
the preparation thereof, (ii) a violation of any prospectus delivery
requirements under the 1933 Act, or (iii) use of a prospectus 

 11
 

after such Holder has
been notified by the Company in writing of a Blackout Period or that such
prospectus is outdated or defective.

(c)           Promptly after receipt
by an indemnified party pursuant to the provisions of paragraph (a) or (b) of
this Section 4.6 of notice of the commencement of any action involving the
subject matter of the foregoing indemnity provisions such indemnified party
will, if a claim thereof is to be made against the indemnifying party pursuant
to the provisions of said paragraph (a) or (b), promptly notify the
indemnifying party of the commencement thereof; but the omission to so notify
the indemnifying party will not relieve it from any liability which it may have
to any indemnified party otherwise under this Section except to the extent the
defense of the claim is prejudiced.  In
case such action is brought against any indemnified party and it notifies the
indemnifying party of the commencement thereof, the indemnifying party shall
have the right to participate in, and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party, provided,
however, if counsel for the indemnifying party concludes that a single counsel
cannot under applicable legal and ethical considerations, represent both the
indemnifying party and the indemnified party, the indemnified party or parties
have the right to select separate counsel to participate in the defense of such
action on behalf of such indemnified party or parties; provided that there
shall be no more than one such separate counsel.  After notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof, the
indemnifying party will not be liable to such indemnified party pursuant to the
provisions of said paragraph (a) or (b) for any legal or other expense
subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation, unless (i) the
indemnified party shall have employed counsel in accordance with the provisions
of the preceding sentence, (ii) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after the notice of the commencement
of the action or (iii) the indemnifying party has, in its sole discretion,
authorized the employment of counsel for the indemnified party at the expense
of the indemnifying party.

V.            MISCELLANEOUS

5.1.          Notice. 
Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Subscription Agreement must be in
writing and will be deemed to have been delivered: (a) upon receipt, when
delivered personally, (b) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party), or (c) one (1) business day after deposit
with an overnight courier service, in each case properly addressed to the party
to receive the same.  The addresses and
facsimile numbers for such communications shall be:

If to the Company:

	
  

  	
  Averion International Corp.

  
	
   

  	
  225 Turnpike Rd

  
	
   

  	
  Southborough,
  Massachusetts 01772

  
	
   

  	
  Attn: Dr. Philip
  T. Lavin

  
	
   

  	
  Tel. # (508)
  597-6216

  
	
   

  	
  Fax # (508)
  597-5765

  

 

With a copy to:

	
   

  	
  Foley & Lardner, LLP

  

 

 12
 

 

	
  

  	
  402 West
  Broadway

  
	
   

  	
  Suite 2300

  
	
   

  	
  San Diego,
  California 92101

  
	
   

  	
  Tel. # (619)
  234-6655

  
	
   

  	
  Fax # (619)
  234-3510

  
	
   

  	
  Attention:
  Kenneth Polin

  

 

If to the Subscriber, to its address and facsimile
number set forth at the end of this Subscription Agreement, or to such other
address and/or facsimile number and/or to the attention of such other person as
specified by written notice given to the Company five (5) days prior to the
effectiveness of such change.  Written
confirmation of receipt (a) given by the recipient of such notice, consent,
waiver or other communication, (b) mechanically or electronically generated by
the sender’s facsimile machine containing the time, date, recipient facsimile
number and an image of the first page of such transmission, or (c) provided by
an overnight courier service shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from an overnight courier service in accordance
with clause (a), (b) or (c) above, respectively.

5.2.          Entire Agreement; Amendment.  This Subscription Agreement supersedes all
other prior oral or written agreements between the Subscriber, the Company,
their affiliates and persons acting on their behalf with respect to the matters
discussed herein, and this Subscription Agreement and the instruments
referenced herein contain the entire understanding of the parties with respect
to the matters covered herein and therein and, except as specifically set forth
herein or therein, neither the Company nor the Subscriber makes any
representation, warranty, covenant or undertaking with respect to such
matters.  No provision of this
Subscription Agreement may be amended or waived other than by an instrument in
writing signed by the Company and the holders of at least a majority of the
Shares then outstanding (or if prior to the Closing, the Subscribers purchasing
at least a majority of the Shares to be purchased at the Closing).  No such amendment shall be effective to the
extent that it applies to less than all of the holders of the Shares then
outstanding.

5.3.          Severability.  If any provision of this Subscription
Agreement shall be invalid, illegal or unenforceable in any jurisdiction, such
invalidity, legality or unenforceability shall not affect the validity,
legality or enforceability of the remainder of this Subscription Agreement in
that jurisdiction or the validity, legality or enforceability of any provision
of this Subscription Agreement in any other jurisdiction.

5.4.          Governing Law; Jurisdiction; Jury Trial.  All questions concerning the construction,
validity, enforcement and interpretation of this Subscription Agreement shall
be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of
the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New
York.  Each party hereby irrevocably
submits to the non-exclusive jurisdiction of the state and federal courts
sitting in the Southern District of New York, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of
such suit, action or proceeding is improper. Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address for such notices to it under this Subscription Agreement and agrees
that such service shall constitute good and sufficient service of process

 13
 

and notice thereof.  Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by
law.  Each party hereby irrevocably
waives any right it may have, and agrees not to request, a jury trial for the
adjudication of any dispute hereunder or in connection with or arising out of
this Subscription Agreement or any transaction contemplated hereby.

5.5.          Headings. 
The headings of this Subscription Agreement are for convenience of
reference and shall not form part of, or affect the interpretation of, this
Subscription Agreement.

5.6.          Successors And Assigns.  This Subscription Agreement shall be binding
upon and inure to the benefit of the parties and their respective successors
and assigns, including any purchasers of the Shares.  The Company shall not assign this
Subscription Agreement or any rights or obligations hereunder without the prior
written consent of the holders of at least a majority of the Shares then
outstanding, except by merger or consolidation. 
The Subscriber may assign some or all of its rights hereunder without
the consent of the Company, provided, however, that any such assignment shall
not release the Subscriber from its obligations hereunder unless such
obligations are assumed by such assignee and the Company has consented to such
assignment and assumption, which consent shall not be unreasonably withheld.

5.7.          No Third Party Beneficiaries.  This Subscription Agreement is intended for
the benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be
enforced by, any other person.

5.8.          Survival. 
The representations and warranties of the Company and the Subscriber
contained in Articles I and II and the agreements set forth in this Article V
shall survive the Final Closing for a period of two years.

5.9.          Further Assurances.  Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Subscription Agreement and the consummation of
the transactions contemplated hereby.

5.10.        No Strict Construction. 
The language used in this Subscription Agreement will be deemed to be
the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party.

5.11.        Legal Representation. 
The Subscriber acknowledges that: (a) it has read this Subscription
Agreement and the exhibits hereto; (b) it understands that the Company has been
represented in the preparation, negotiation, and execution of this Subscription
Agreement by Foley & Lardner, LLP, counsel to the Company; (c) it
understands that the Placement Agent has been represented by Loeb & Loeb
LLP, counsel to the Placement Agent, and that such counsel has not represented
and is not representing the Subscriber; (d) it has either been represented in
the preparation, negotiation, and execution of this Subscription Agreement by
legal counsel of its own choice, or has chosen to forego such representation by
legal counsel after being advised to seek such legal representation; and (e) it
understands the

 14
 

terms and consequences of
this Subscription Agreement and is fully aware of its legal and binding effect.

5.12.        Expenses of Enforcement. 
The Company shall pay all fees and expenses (including reasonable fees
and expenses of counsel and other professionals) incurred by the Subscriber or
any successor holder of Shares in enforcing any of its rights and remedies
under this Subscription Agreement.

5.13.        Confidentiality.  The
Subscriber agrees that it shall keep confidential and not divulge, furnish or
make accessible to anyone, the confidential information concerning or relating
to the business or financial affairs of the Company contained in the Offering
Documents to which it has become privy by reason of this Subscription Agreement
until such information has been publicly disclosed by the Company or until such
information is no longer material.

5.14.        Counterparts.  This
Subscription Agreement may be executed in two or more identical counterparts,
all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the
other party; provided that a facsimile signature shall be considered due execution
and shall be binding upon the signatory thereto with the same force and effect
as if the signature were an original, not a facsimile signature.

[Remainder of Page Intentionally
Left Blank]

 15
 

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

	
  SUBSCRIBER**:

  	
   

  	
  CO-SUBSCRIBER**:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature of
  Subscriber

  	
   

  	
  Signature of Co-Subscriber

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of
  Subscriber [please print]

  	
   

  	
  Name of Co-Subscriber [please print]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of
  Subscriber

  	
   

  	
  Address of Co-Subscriber

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Social Security
  or Taxpayer 

  	
   

  	
  Social Security or Taxpayer Identification Number of
  Co-

  
	
  Identification
  Number of Subscriber

  	
   

  	
  Subscriber

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Holder(s) as it should appear on the
  security certificates*

  	
   

  	
   

  
	
  [please print]

  	
   

  	
   

  	
   

  	
   

  

 

*Please provide the exact names
that you wish to see on the certificates

(1)For individuals, print full
name of subscriber.

(2)For joint, print full name of
subscriber and all co-subscribers.

(3)For corporations,
partnerships, LLC, print full name of entity, including “&,” “Co.,” “Inc.,”
“etc.,” “LLC,” “LP,” etc. (4)For Trusts, print trust name (please contact your
trustee for the exact name that should appear on the certificates).

(5)For
IRA account maintained at Commonwealth, print “Wexford Clearing Corp. as C/F
FBO [client name].”

	
  

  	
   

  	
  Subscription Accepted: 

  
	
  Subscriber’s Account Number at 

  	
   

  	
  AVERION INTERNATIONAL CORP.

  
	
  Commonwealth Associates, if applicable

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dollar Amount of Shares Subscribed For: 

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:Dr. Philip T. Lavin  

  
	
  $

  	
   

  	
   

  	
  Title:Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
  Dollar Amount of Subscription Accepted

  
	
   

  	
   

  	
   

  
	
  

  ** If Subscriber is a Registered Representative
  with an NASD member firm or an affiliated person of an NASD member firm, have
  the acknowledgment to the right signed by the appropriate party

  	
   

  	
  The undersigned NASD member firm acknowledges
  receipt of the notice required by Rule 3040 of the NASD Conduct Rules.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of NASD Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By 

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer Accepted

  
								

 

 16

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