Document:

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                                                                    Exhibit 10.3

                                LICENSE AGREEMENT
                                   as amended
      September 30, 1997, March 11, 1998, August 10, 1998 & August 25, 1998

          THIS LICENSE AGREEMENT is made and entered into as of the 30th day of
July 1997, by and between IRVINE SENSORS CORPORATION, a Delaware Corporation
(the "Company"), and ADVANCED TECHNOLOGY PRODUCTS, LLC, a California limited
liability company ("ATP"), with reference to the following facts:

               A. The Company is the owner of certain intellectual property
               rights (the "Technology") to two high technology products, the
               Real Time Vector Image Processor ("VIP-20") and Electronic Film
               ("E-Film"). The Technology is described in Exhibit A annexed
               hereto.

               B. ATP desires to obtain the Technology for $400,000 and to
               license the Technology back to the Company to develop the VIP-20
               and E-Film into commercially marketable products.

               C. The parties desire to enter into this Agreement to define
               their future rights to the Technology.

          NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto do hereby agree as
follows:

     1. Purchase of Technology. ATP hereby agrees to purchase the Technology
from the Company for the sum of Four Hundred Thousand Dollars ($400,000). The
parties shall use their best efforts to consummate the sale of the Technology by
December 31, 1997.

     2. License. ATP hereby grants to the Company and the Company accepts a
transferable, exclusive, worldwide license to use the Technology for the purpose
of developing and manufacturing products utilizing the Technology ("Licensed
Products"), to enter into and perform contracts that utilize the Technology with
any party, and to use, sell or otherwise dispose of Licensed Products in all
countries of the world.

     3. Product Development Funding. ATP shall have the right, but not the
obligation, to fund the research and development and manufacturing and marketing
activities to be carried out by the Company, in an amount not to exceed
$1,100,000. If ATP commences to fund such activities it shall have the right to
suspend such funding in its sole discretion.

     4. Royalties.

          4.1 In consideration of the license granted in Section 2 hereof and
its commitment to fund certain activities relating to the Products pursuant to
Section 3 hereof, the Company agrees that its direct sales of Licensed Products
covered by one or more claims of any of the patents or Technology listed in
Exhibit A shall be subject to royalty payments on the Gross Selling Price
thereof (as hereinafter defined). Such royalty shall be paid at the following
rates, subject to the election of investors in ATP's offering of limited
liability company interests (the "Offering"):

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               a. Royalty Program "A". This section deleted in its entirety.

               b. Royalty Program "B". For investors not electing the Share
redemption option provided for in Section 5.2, royalties will be paid at the
following rates for each $100,000 contributed by ATP on behalf of such investors
to the Company pursuant to Sections 1 and 3 hereof: (i) 1% of the Gross Selling
Price of Licensed Products for each $100,000 invested in the Company until
distributions equal $300,000 per $100,000 invested, thereafter (ii) 1/3% of the
Gross Selling Price of Licensed Products for each $100,000 invested in the
Company until distributions equal $1,000,000 per $100,000 invested, thereafter
(iii) 1/10% of the Gross Selling Price of Licensed Products for each $100,000
invested in the Company for the life of the Licensed Products. The parties
acknowledge that for purposes of calculating royalties due under this section
that the amount of capital invested by ATP in the Company is deemed to be
$200,000.

               c. Royalty Program "C". For investors who have previously elected
Royalty Program "A" or "B" as set forth above, these investors may now elect by
September 30, 1998 to participate in Royalty Program "C" and end their
participation in Royalty Program "A" or "B". Investors previously electing
Royalty Program "A" have the option of: (a) exchanging their interest in E-Film
product royalties for shares of common stock ("Shares") in IMAGEK, Inc., a
wholly owned subsidiary of Irvine Sensors Corporation at the exchange rate of
8,500 Shares per $10,000 invested in the Company (IMAGEK has reserved
approximately 11.3% of its initial capital structure to effectuate this offer to
the Company); (b) retaining their VIP 20 product royalties, but agreeing that
such VIP 20 product royalties shall end when the sum of those royalties and the
public market value of their IMAGEK, Inc. common stock received pursuant to (a)
above equals three (3) times their initial investment in the Company; and (c)
retaining 50% of their share redemption rights as granted in Section 5.2 of the
Licensing Agreement. Investors previously electing Royalty Program "B" have the
option of: (a) exchanging their interest in E-Film product royalties for shares
of common stock ("Shares") in IMAGEK, Inc. a wholly owned subsidiary of Irvine
Sensors Corporation at the exchange rate of 8,500 Shares per $10,000 invested in
the Company (IMAGEK has reserved approximately 11.3% of its initial capital
structure to effectuate this offer to the Company); and (b) retaining their VIP
20 product royalties, but agreeing that such VIP 20 product royalties shall end
when the sum of those royalties and the public market value of their IMAGEK,
Inc. common stock received pursuant to (a) above equals ten (10) times their
initial investment in the Company. The parties acknowledge that all investors in
this classification have elected to have their E-Film royalty rights converted
to shares of common stock of IMAGEK, but shall continue to be entitled to
receive royalty payments for VIP 20 sales as stated in the Third Amendment to
the License Agreement.

          4.2 The expression "Gross Selling Price" shall for the purpose of this
Agreement mean the invoice price for Licensed Products sold by the Company
during the term of this Agreement, such price not to include normal discounts
actually granted, insurance fees and packing and transportation charges as
invoiced separately to customers, and duties and sales taxes actually incurred
and paid by the Company in connection with delivery of such Licensed Products.

          4.3 Within thirty (30) days after the close of each fiscal quarter of
the Company of each year during which this Agreement shall be in force, the
Company hereby undertakes to submit to ATP a statement in writing duly certified
by an officer of the Company, setting forth with respect to the Company for the
quarterly period concerned:

          a)   the Gross Selling Price of royalty-bearing Licensed Products sold
               by the Company;

          b)   the royalties and other license fees received by the Company from

<PAGE>

               its sublicensees; and

          c)   the royalty accrued to ATP.

Payment of the above-described royalties shall be made within thirty (30) days
after the end of each fiscal quarter of the Company.

     5. Reversion of Technology to the Company/Share Redemption Provision

          5.1 At such time as the Company has paid to ATP 315% of the gross
capital contributions contributed by ATP to the Company all of ATP's right,
title and interest in and to the Technology shall forthwith be transferred to
the Company, without any further action on the part of ATP or the Company. This
Agreement shall not terminate, however, and the Company's obligation to pay
royalties to ATP pursuant to Section 4.1 shall continue if there were any
investors in the Offering electing Royalty Program "B." If there were none then
this Agreement shall thereupon terminate.

          5.2 Each ATP investor electing Royalty Program "A" as set forth in
Section 4.1 above shall have the right to cause the Company to redeem such
contributions by giving notice to ATP within five years after such contribution
date, but prior to such investor receiving an amount of distributions equal to
100% of said capital contributions. Such redemption shall be in the form of
restricted shares of common stock of ISC to be issued at the greater of: (a) the
discounted rate of 20% less than the market price of the Company's common stock
at the time of redemption, or (b) $1.00 per share, for each dollar invested.
Notwithstanding the foregoing, if such shares of common stock of ISC issued
pursuant to this redemption provision are "registered" and "free trading" then
they shall be issued at the market price of the Company with no discount. (For
example, if the Company's common stock were trading at $2.00 per share at the
time of redemption then the conversion price, assuming the shares to be issued
were "restricted" and not "free trading," would be $1.60 per share; however, if
the common stock were trading at $.875 at the time of redemption, then the
conversion price would be $1.00). Such redemption provision shall automatically
be triggered if any termination event pursuant to section 8.1(b) herein shall
occur. Any such capital contributions redeemed pursuant to this section shall
reduce, dollar for dollar, the amount of the Company's obligation set forth in
section 5.1 herein. Royalty Program "A" investors who have elected Royalty
Program "C" shall retain 50% of their share redemption rights as granted in this
Section of the Licensing Agreement.

     6. Term of Agreement.

          6.1 Unless terminated earlier in accordance with the provisions of
section 5 or section 9 hereof, this Agreement shall continue in force and effect
until June 30, 2025.

          6.2 In the event that this Agreement is terminated in accordance with
section 9 hereof, all rights of the Company under this Agreement shall
terminate, but the accrued obligations of the Company set forth in section 2
shall continue.

     7. Warranties of ATP and the Company.

          7.1 ATP represents and warrants to the Company that it has legal power
to enter into this Agreement and to extend the rights granted to the Company in
this Agreement, that subject to payment of the purchase price as set forth in
section 1 hereof, it owns the Technology and has the right to transfer the same
to the Company, and that it has not made any commitments to others inconsistent
with or in derogation of such rights. ATP makes no representations, extends no
warranty of any kind, either

<PAGE>

expressed or implied, and assumes no responsibilities whatever with respect to
the adequacy, accuracy or utility of any information obtained by the Company
under this Agreement; and ATP assumes no responsibilities whatever with respect
to use by the Company or any third party of any information obtained by the
Company under this Agreement or with respect to any use, sale or other
disposition by the Company or its vendees or other transferees of any Licensed
Products.

          7.2 The Company represents and warrants to ATP that it will use its
best efforts to perform all reasonable and customary research and development
activities necessary to bring the Products to market. The Company further
represents and warrants to ATP that it will use its best efforts to manufacture
and market the Products either directly or through third parties.

          7.3 The Company represents and warrants to ATP that it is not
presently subject to an material pending or threatened litigation that could
affect its ability to perform under this Agreement.

          7.4 Nothing contained in this Agreement shall be construed as a
warranty or representation that the Company will be able to successfully
manufacture, sell or use any Licensed Products or that the manufacture, sale,
use or other disposition of Licensed Products hereunder will be free from
infringement of patents, utility models, copyrights, trademarks and/or design
patents of third parties.

     8. Sublicenses.

          8.1 The Company shall have the right, throughout the term of this
Agreement, to enter into sublicense agreements with third parties for the use of
the Technology. The Company agrees to negotiate all such sublicense agreements
at arms/ length and in good faith, so as to maximize the return to it under each
such sublicense agreement, and, in turn, the return to ATP under this Agreement.

          8.2 In the event of the valid termination of the Company's license
under this Agreement for any reason, any existing sublicensee shall have the
option for 90 days from the date of notice of termination by ATP to covert to a
direct license from ATP on comparable terms as contained herein, as nearly as
may be practicable.

          8.3 The Company agrees to give ATP (i) notice of any agreement in
principle to enter into any such sublicense, within 10 days of the date of said
agreement, and (ii) a copy of the fully executed agreement promptly upon
execution thereof.

          8.4 ATP shall give notice promptly to every sublicensee of any notice
of default sent to the Company hereunder, to enable such sublicensee to utilize
the option provided for in section 8.2. above.

     9. Termination.

          9.1 Notwithstanding the provisions of section 4 hereof, this Agreement
may be terminated:

               a) by ATP giving notice by registered mail or telegram to the
Company in the event of the Company being in breach of or in default under any
duty or obligation of this Agreement and the Company having failed to remedy
such breach or default within thirty (30) days of ATP having served written
notice to remedy such breach or default, with the date of service deemed to be
the date of mailing or the date of the telegram; or

               b) by ATP upon written or telegraphic notice to the Company in
the event of (i) the bankruptcy of ISC, (ii) cessation of operations by ISC,
(iii) the seizure or attachment of all or a

<PAGE>

substantial part of ISC's assets, or (iv) the termination of ISC's research and
development or manufacturing and marketing activities relating to the Products.
In any of the foregoing events ATP shall also have the right to elect to not
terminate this Agreement, but to treat the Company as a non-exclusive licensee
and ATP will be entitled to contract with other third parties to further develop
and market the Products.

          9.2 In the event that a dispute shall arise as to the validity of any
notice of default sent by ATP to the Company hereunder, the parties agree to
submit the same to arbitration in Orange County, California, in accordance with
the then current rules of the American Arbitration Association.

     10. Waiver/Severability.

          10.1 The waiver by either party of a breach or default in any of the
provisions of this Agreement by the other party shall not be construed as a
waiver by such party of any succeeding breach of the same or other provisions
nor shall any delay or omission on the part of either party to exercise or avail
itself of any right, power or privilege that it has or may have hereunder
operate as a waiver of any right, power or privilege by such party.

          10.2 If any term, clause or provision of this Agreement shall be
judged to be invalid, the validity of any other term, clause or provision shall
not be thereby affected and such invalid term, clause or provision shall be
deemed deleted from this Agreement.

     11. Applicable Law. This Agreement shall be governed by and construed, and
any claim or controversy arising with respect thereto shall be determined, in
accordance with the laws and in the competent courts of the State of California.

     12. Miscellaneous.

          12.1 This Agreement embodies the entire understanding of the parties
as it relates to their respective rights in and to the Technology, and this
Agreement supersedes any prior agreement or understanding between the parties
with respect to such subject matter. No amendment or modification of this
Agreement shall be valid or binding upon the parties unless signed by their
respective, duly authorized, officers.

          12.2 Nothing contained in this Agreement shall be construed as
conferring by implication, estoppel or otherwise upon either party hereunder any
license or other right expect the licenses and rights expressly granted
hereunder to a party hereto.

          12.3 This Agreement cannot be assigned by any party without the
written consent of the other party hereto and should any assignment be made by
the one party without the written consent of the other party such assignment
will be null and void. ATP does hereby consent to the assignment of certain
rights of the Company to IMAGEK as contained in the Technology Transfer
Agreement dated August 25, 1998.

          12.4 Any notice or statement hereunder shall be deemed to be
sufficiently given or rendered when sent by registered mail, postage prepaid,
and if given or rendered to ATP, addressed to:

<PAGE>

          Advanced Technology Products, LLC
          3001 Redhill Avenue
          Building III, Suite 208
          Costa Mesa, CA  92626
          Attn: John C. Carson

or, if given or rendered to the Company, addressed to:

          Irvine Sensors Corporation
          3001 Redhill Avenue
          Costa Mesa, CA  92626
          Attn: James D. Evert, President

or in any case to such changed address or person as ATP or the Company shall
have specified to the other by written notice.

     IN WITNESS WHEREOF, the parties hereof have caused this Agreement to be
signed as of the date first above written.

IRVINE SENSORS CORPORATION
a Delaware corporation

By: /s/ James D. Evert
    -------------------------
    James D. Evert, President

ADVANCED TECHNOLOGY PRODUCTS, LLC
a California limited liability company

By: /s/ John C. Carson
    --------------------------------
    John C. Carson, Managing Member

<PAGE>

                         EXHIBIT A TO LICENSE AGREEMENT

For purposes of establishing the Company's rights, "Technology" shall be defined
as any and all technology conceived and/or developed by the Company for the
Products defined as "VIP-20" and "Electronic Film" in ATP's Private Placement
Memorandum dated August 1, 1997, including any technology covered by any of the
U.S. Patents secured by the Company through applications made on behalf of the
Products.<PAGE>

                                                                    Exhibit 10.1

                            Asset Purchase Agreement

     Asset Purchase Agreement by and among Universal Tanning Ventures, Inc., a
Delaware corporation, having its principal place of business located at 1025
Greenwood Blvd., Suite 121, Lake Mary, Florida 32746 ("Universal Tanning"), UT
Holdings, Inc. ("Holdings"), a Delaware corporation and wholly owned subsidiary
of Universal Tanning, having its principal place of business at 1025 Greenwood
Blvd., Suite 121, Lake Mary, Florida 32746 ("Buyer,") and Altamonte Tan, Inc.
dba Tan USA #9, a Florida S Corporation doing business at 600 E Altamonte Drive,
Altamonte Springs, Florida 32701 ("Seller,") hereby agree as follows:

                                   ARTICLE 1.

                          PURCHASE AND SALE OF ASSETS.

     1.01. Assets Being Purchased. Seller shall sell to Buyer and Buyer shall
purchase from Seller on the terms specified in this Agreement, the tangible and
intangible assets listed and shown on the attached schedule marked EXHIBIT I -
Asset Listing by Group (hereinafter called the "Assets"). Such Assets being all
of the Assets currently used by the Seller in the conduct of his retail tanning
salon business under the name "Altamonte Tan, Inc. dba Tan USA #9." In
connection with the sale of the Assets, and at the Closing (as hereinafter
defined), the Seller shall execute and deliver to and in favor of the Buyer, an
Assignment and Bill of Sale and such other instruments as may be required in
order to transfer of record all right, title and interest of the Assets to the
Buyer except as otherwise herein expressly provided.

     1.02. Liabilities Assumed. The Buyer shall assume only those liabilities of
Seller set forth on Exhibit II hereto (the "Assumed Liabilities")

     1.03. Purchase Price. At the Closing (as hereinafter defined), Buyer shall
pay seller $30,000 USD.

     1.04. Closing. The sale and purchase described in this Agreement shall be
consummated on or before February 14, 2002 ("Closing" or "Closing Date"), or
such other date as shall be mutually agreed by the parties, at the offices of
Greenberg Traurig, LLP, 111 North Orange Avenue, Suite 2050, Orlando, FL 32801
or a place mutually agreed to buy both the Buyer and Seller.

                                   ARTICLE 2.

                    REPRESENTATIONS AND WARRANTIES BY SELLER.

     2.01. Title to Assets. Seller has good and marketable title to all assets
covered by this Agreement. Seller's title to all assets is free and clear of any
liens, encumbrances, or other defects.

     2.02. Authority to Sell. Seller has complied with all of the requirements
of any applicable law of the State of Florida relative to the sale of assets
described in this Agreement and that prior to Closing, all of the consents,
approvals and notices that may be required by law or by agreements to which
Seller may be a party will be obtained and given, respectively.

     2.03. Liabilities. Except as set forth on Exhibit II hereto, there are no
liabilities to which the Seller's assets are subject. The Assumed Liabilities
all arose in the ordinary course of business.

     2.04. Defaults and Violations. Seller is not in default or material
violation of any contracts, agreements, leases, or other instruments or
obligations relating to the Assets to be sold and transferred to Buyer pursuant
to this Agreement, and this Agreement and the purchase and sale to be
consummated pursuant to this Agreement will not create or cause a default or
material violation of any contract, agreement, lease or other instrument to
which Seller may be a party. All contracts and agreements, and other obligations
of Seller related to the Assets are attached hereto as Exhibit III.

<PAGE>

     2.05. Taxes. All Federal, state and local tax returns and payments relating
to the Assets that have become due from Seller to the date of this Agreement
have been timely filed and timely paid by it including any returns or taxes due
for: (1) state or federal income or franchise tax, (2) personal or real property
tax levied on any of the assets, (3) sales tax, or (4) other tax. All tax
returns and payments for the above taxes relating to the Assets which become due
between the date of this Agreement through the Closing Date shall be timely
filed and paid by Seller.

     2.06. Litigation. There is now no litigation pending against it of which it
or its officers are aware that will, might, or could affect consummation of the
purchase and sale described in this Agreement or transfer of title of any of the
Assets in good and marketable condition to Buyer and Seller is not aware of any
threatened litigation which may affect the consummation of the purchase and sale
described in this Agreement.

     2.07 Intellectual Property. To the best of Seller's knowledge, none of the
Assets to be purchased hereunder including, but not limited to, the software
code, trademarks and tradenames enumerated on Exhibit I, violate or infringe any
patents, trademark, service mark, copyrights, trade secrets or other
intellectual property rights of any third person.

     2.08 Survival of Warranties. Seller agrees that all warranties made by it
in this Agreement shall survive the Closing.

                                   ARTICLE 3.

                    REPRESENTATIONS AND WARRANTIES BY BUYER.

     3.01. Consents, Approvals and Notices. Buyer has complied with all of the
requirements of any applicable law of the State of Delaware, its state of
organization, relative to its purchase of the Assets described in this Agreement
and that prior to Closing, all of the consents, approvals and notices that may
be required by law or by agreements to which Buyer may be a party will be
obtained and given, respectively.

     3.02. Litigation. There is now no litigation pending against it of which it
or its officers are aware that will, might, or could affect consummation of the
purchase and sale described in this Agreement and Buyer is not aware of any
threatened litigation which may affect the consummation of the purchase and sale
described in this Agreement.

     3.03. Due Organization. Buyer is a corporation duly organized and existing
under the General Corporation Law of the State of Delaware and that its power as
a corporation has never been and is not now suspended.

     3.04. Authority to Buy. This Agreement has been approved by Buyer's Board
of Directors and that Buyer has full power and authority to both execute and
perform this contract.

     3.05. Survival of Warranties. Buyer agrees that all warranties made by it
in this Agreement shall survive the Closing.

                                   ARTICLE 4.

                              OPERATION OF ASSETS.

     4.01. Seller to Continue Business. Seller shall continue to operate its
business as it is currently being operated until the Closing. Any and all risk
of loss or damages to the Assets during such period from any and all causes
shall be borne by the Seller.

                                       2

<PAGE>

                                   ARTICLE 5.

                         SELLER'S AND BUYER'S COVENANTS.

     5.01. Conduct of Business. From the date of this Agreement to the Closing,
Seller shall operate the business as it is currently being conducted without
causing detriment thereto, shall maintain in effect all governmental permits and
approvals necessary for the operation of the business as it is now being
conducted, and shall maintain the relationships with all persons and entities
with whom Seller currently is doing business. After the Closing the Seller's
business shall be conducted by the Seller. See 7.01. Terms of Closing.

     5.02. Buyer's Investigation. Seller shall make available to Buyer at all
reasonable times all books and records of the business and such other items as
may be from time to time requested by Buyer.

     5.03 Relinquishment of Name. Immediately following the Closing, Seller
shall cause himself and all others who currently are using the name " Altamonte
Tan, Inc. dba Tan USA #9" to relinquish the use of the name by all appropriate
acts and filings as may be required with various state and local authorities,
and to acknowledge that Seller and all other persons have no rights with respect
to the use and exploitation of the name " Altamonte Tan, Inc. dba Tan USA #9",
unless otherwise permitted in writing by the Buyer.

                                    ARTICLE 6

                                 MISCELLANEOUS.

     6.01. Entire Agreement. This instrument with its attachments constitutes
the entire agreement between Buyer and Seller respecting the Assets or the sale
of the Assets to Buyer by Seller, and any agreement or representation respecting
the Assets or their sale by Seller to Buyer not expressly set forth in this
instrument is null and void.

     6.02. Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (i) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section 6.02 prior to 5:30 p.m. on a Business
Day, (ii) the Business Day following the date of mailing, if sent by nationally
recognized overnight courier service, or (iii) upon actual receipt by the party
to whom such notice is required to be given. The address for such notices and
communications shall be as follows:

          if to Buyer, to:
                            Frank Ioppolo, Jr.
                            Greenberg Traurig, LLP
                            111 North Orange Avenue
                            Suite 2050
                            Orlando, Florida 32801

          If to Seller, to:
                            Glen Woods
                            600 E Altamonte Drive
                            Altamonte Springs, Florida 32701

     6.03. Assignment. This Agreement may not be assigned by either party to any
other person or corporation without the express written consent of the other
party to this Agreement.

                                       3

<PAGE>

     6.04. Governing Law. This Agreement shall be governed and all rights and
liabilities under it determined in accordance with the laws of the State of
Florida, without regard to the conflicts of laws principles thereof.

     6.05. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be an original, but all of which shall
constitute but one Agreement.

     6.06. Expenses. Each party shall pay all costs and expenses incurred by it
in negotiating and preparing this Agreement and in closing and carrying out the
transactions contemplated herein and hereby.

     6.07. Further Assurances. The parties agree that at any time and from time
to time after the Closing Date, they will execute and deliver to any other party
such further instruments or documents as may be reasonably required to give
effect to the transactions contemplated hereunder.

                                    ARTICLE 7

                                TERMS OF CLOSING

     7.01. Seller's Right of Repurchase. Seller has a right of purchase of all
of the issued and outstanding shares of UT Holdings, Inc., a Delaware
corporation, and a wholly owned subsidiary of Universal Tanning Ventures, Inc.,
a Delaware corporation for a period of 3 years from the date of this agreement.
The purchase price will be ALL of the shares received by seller in this purchase
agreement less 200,000 shares, subject to adjustment for changes in business
conditions.

     7.02. Closing Contingent on Buyer Notification. The closing of this
purchase agreement is contingent on notification to the seller, either in
written or verbal form, from the buyer, that the Buyer has the proper funding to
execute this purchase agreement. This notification must occur from the buyer
within 30 days of the date of this purchase agreement.

     7.03. Employment Agreement. The closing of this purchase agreement is
contingent upon the signing of the employment agreement by Glen Woods. See
Exhibit IV.

                                       4

<PAGE>

     IN WITNESS WHEREOF, the Buyer, and the Seller., have, signed and delivered
this agreement and agree to be bound by the terms hereof as of this 28th day of
February, 2002.

___________________________                 Altamonte Tan, Inc.
Glen Woods                                  A Florida corporation

                                   By_________________________________
                                     Name:____________________________
                                     Title: President
                                            ---------
                                            A Duly Authorized Signatory

___________________________                 UT Holdings, Inc.
Glen Woods                                  A Delaware corporation

                                   By________________________________
                                     Name:_________________________
                                     Title: President
                                            -----------------,
                                            A Duly Authorized Signatory

                                       5

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