Document:

Unassociated Document

    

      SUBSCRIPTION
        PROCEDURE

      

      To
        Subscribe for Notes and Warrants of 

      Novint
        Technologies, Inc.:

      

      

      
        	1.	
                Date
                  and Fill In
                  the amount of Notes and Warrants being subscribed to and

                
                  Complete
                    and Sign
                    the Subscription Agreement on the applicable Signature
                    Page.

                

              

      

      
        
 

      

      
        	
                2.

              	
                Fax
                  the signed Subscription Agreement to, and send all signed originals
                  to and
                  form of payment to:

              

      

      

      Novint
        Technologies, Inc.

      Attn:
        CEO

      4601
        Paradise Blvd NW

      Albuquerque,
        NM 87114

      Phone:
        505-463-1469

      Fax:
        866-298-4420

      

      
        	3.	
                Please
                  make your subscription payment payable to the order of “Novint
                  Technologies, Inc.” 

              

      

      

      
        	4.	
                Wire
                  Transfer Instructions if paying by wire
                  transfer:

              

      

       

      Wells
        Fargo Bank, NM

      routing
        number: 121000248

      account
        number: 2374173264

      account
        name: Novint Technologies, Inc.

       

      Thank
        you
        for your interest.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SUBSCRIPTION
        AGREEMENT

      

      This
        SUBSCRIPTION
        AGREEMENT
        ("Subscription
        Agreement")
        is
        made and entered into as of ___________, 2008 by and between Novint
        Technologies, Inc.,
        a
        Delaware corporation ("Company"),
        and
        the subscribers whose names and addresses are set forth on the signature
        page
        hereto (each a "Subscriber").
        

      

      The
        Notes
        and Warrants are sometimes referred to herein as the “Securities.”

      

      In
        connection with this subscription, Subscriber and the Company agree as
        follows:

      

      
        	A.	
                Subscription
                  of the Subscriber.

              

      

       

      1. Purchase
        of Notes and Warrants.The
        undersigned Subscriber hereby irrevocably agrees, represents and warrants
        with,
        to and for the benefit of the Company, that such Subscriber is executing
        this
        Subscription Agreement in connection with the subscription by the Subscriber
        for
        (A) that aggregate principal amount of the 7% Unsecured Promissory Notes
        (“Notes”)
        in the
        form of that attached hereto as Exhibit A in the amount as set forth on the
        signature page hereof (“Subscription
        Price”)
        (which
        aggregate amount for all Subscribers shall be up to $_________) and (B)
        warrants, in the form attached hereto as Exhibit B (the “Warrants”)
        to
        acquire up to that number of additional shares of common stock of the Company
        set forth on the signature page hereof (as exercised, the “Warrant
        Shares”).
        With
        respect to each Subscriber, the number of Warrant Shares underlying the Warrant
        shall equal the principal amount of the Note purchased by the Subscriber.
        The
        Warrants are exercisable for a term of five (5) years at an exercise price
        of
        $1.00.

       

      The
        Subscriber understands that the Company is relying upon the accuracy and
        completeness of the information contained herein in complying with its
        obligations under federal and state securities and other applicable laws.
        Subject to the terms and conditions of this Subscription Agreement, upon
        execution and delivery hereof by the Subscriber, the Subscriber hereby agrees
        to
        purchase the Securities pursuant to the transaction hereof, and against
        concurrent delivery of the purchase price for such shares. The date upon
        which
        the final subscription is accepted by the Company and the full Subscription
        Price has been tendered to the Company, shall be known as the “Closing
        Date.”
        

      

      2. Offering.
        This
        offering of the Securities (the "Offering")
        is
        being made to a limited group of investors, all of whom shall represent to
        the
        Company pursuant to this Subscription Agreement that they are "accredited
        investors," as that term is defined in Regulation D promulgated under the
        Securities Act of 1933, as amended (the "Securities
        Act")
        or who
        have otherwise been qualified as investors by the Company. All of the Securities
        offered hereby is being sold by the Company. The Company is offering the
        Securities for the consideration set forth herein. The Company may sell less
        than all of the Securities offered hereby, and shall be entitled to accept
        subscriptions and receive the Subscription Price for each subscription prior
        to
        the entire Offering being subscribed for. The Offering is being made on a
“best
        efforts” basis. The minimum subscription amount per investor is $100,000. The
        maximum offering by the Company is $_________ worth of Securities. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      3. Convertible
        Notes. The principal and interest amount owed under the Notes may be
        converted during the term of the Note into the Company’s equity securities at
        each holder’s option as follows: the principal amount then due may be converted
        into common stock of the Company at the conversion rate of $1.00 per share.
        Upon
        conversion, the holder will also receive warrants to purchase common stock
        at an
        exercise price of $1.50 per share (“Additional
        Warrants”).
        The
        number of shares of common stock underlying the Additional Warrants shall
        equal
        one-half (1⁄2) the principal and interest amounts converted. The Additional
        Warrants shall be exercisable for a term of five (5) years at an exercise
        price
        of $1.50. Accrued interest may at the option of the Company be paid in cash
        or
        common stock and warrants in accordance with the conversion terms in this
        Section 3. 

       

      
        	B.	
                Representations
                  and Warranties of the
                  Subscriber

              

      

       

      .
        The
        Subscriber hereby represents and warrants to the Company as of the date
        hereof:

       

      1. Place
        of Business.
        The
        principal place of business address set forth below is such Subscriber's
        true
        and correct principal place of business and is the only jurisdiction in which
        an
        offer to sell the Securities was made to such Subscriber and such Subscriber
        has
        no present intention of moving its principal place of business to or of becoming
        a resident of any other state or jurisdiction.

       

      2. Sale
        or Transfer of the Securities. The
        Subscriber understands that the Securities have not been registered under
        the
        Securities Act, or under the laws of any other jurisdiction. The Subscriber
        understands and agrees that transfer or sale of the Securities may be restricted
        or prohibited unless they are subsequently registered under the Securities
        Act
        and, where required, under the laws of other jurisdictions or an exemption
        from
        registration is available. The Subscriber will not offer, sell, transfer
        or
        assign its Securities or any interest therein in contravention of this
        Subscription Agreement, the Securities Act or any state or federal law. The
        Subscriber understands and acknowledges that, because of the substantial
        restrictions on the transferability of the Securities, it may not be possible
        for the Subscriber to liquidate the Subscriber's investment in the Company
        readily, even in the case of an emergency.

       

      3. Representation
        of Accredited Investor Status, Investment Experience and Ability to Bear
        Risk.
        Subscriber
        acknowledges that the Offering has not been registered with the Securities
        and
        Exchange Commission because the Company is relying on an exemption from
        registration under Section 4(2) of the Securities Act and Regulation D
        promulgated thereunder. Subscriber believes
        that at the time of the sale of the Securities to Subscriber, Subscriber
        (or, if
        Subscriber is a corporation, limited liability company or trust, each of
        its
        equity owners) qualifies as an "accredited investor" (as defined under Rule
        501
        of Regulation D promulgated under the Securities Act) using the following
        qualification factors (check all appropriate items):

      

      (__)        
        $1,000,000
        Net Worth Test:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      I,
        Subscriber, am a natural person and my individual net worth, or joint net
        worth
        with my spouse (if any), inclusive
        of home,
        furnishings and automobiles, at the time of this purchase is in excess of
        $1,000,000.

      

       (__)       
        $200,000 Individual/$300,000 Joint Annual Income Test:

      

      I,
        Subscriber, am a natural person and my individual annual gross income (exclusive
        of my spouse's income) has been in excess of $200,000 in each of the two
        most
        recent tax years, and I reasonably expect individual annual gross income
        (exclusive of my spouse's income) to be in excess of $200,000 for the current
        tax year; or I am a natural person and my joint annual gross income (including
        my spouse's annual gross income) has been in excess of $300,000 in each of
        the
        two most recent tax years, and I reasonably expect our joint annual gross
        incomes to be in excess of $300,000 for the current tax year.

      

      ("Income"
        under
        this test is defined as adjusted gross income for federal income tax purposes
        plus
        (i)
        deductions for long-term capital gains under the Internal Revenue Code; (ii)
        deductions for depletion under section 611 et seq. of the Code; (iii) any
        exclusion for interest received on tax-exempt securities; and (iv) any losses
        of
        a Company allocated to the individual limited partners of the Company as
        reported on Form 1040).

      

       (__)      
        Bank
        or Investment Company Test:

       

      Subscriber
        is a bank as defined in section 3(a)(2) of the Securities Act, or any savings
        and loan association or other institution as defined in section 3(a)(5)(A)
        of
        the Securities Act, whether acting in its individual or fiduciary capacity;
        or
        is a broker or dealer registered pursuant to section 15 of the Securities
        Exchange Act of 1934; or is an insurance company as defined in section 2(13)
        of
        the Securities Act; or is any investment company registered under the Investment
        Corporation Act of 1940, or a business development company as defined in
        section
        2(a)(48) of that Act; or is a Small Business Investment Corporation licensed
        by
        the U.S. Small Business Administration under section 301(c) or (d) of the
        Small
        Business Investment Act of 1958; is a plan established and maintained by
        a
        state, its political subdivision, or any agency or instrumentality of a state
        or
        its political subdivisions, for the benefit of its employees, if such plan
        has
        total assets in excess of $5,000,000; or is an employee benefit plan within
        the
        meaning of the employee Retirement Income Security Act of 1974, if the
        investment decision is made by a plan fiduciary, as defined in section 3(21)
        of
        such Act, which is either a bank, savings and loan association, insurance
        company, or registered investment adviser, or if the employee benefit plan
        has
        total assets in excess of $5,000,000, or, if a self-directed plan, with
        investment decisions made solely by persons that are accredited
        investors.

      

       (__) 
             Private
        Business Development Corporation Test:

      

                  Subscriber
        is a private business development company as defined in section 202(a)(22)
        of
        the Investment Advisors Act of 1940.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (__)    
           IRC
        Section 501(c)(3) Organization Test:

      

      Subscriber
        is an organization described in Section 501(c)(3) of the Internal Revenue
        Code,
        corporation, Massachusetts or similar business trust, or Company, not formed
        for
        the specific purpose of acquiring the securities being offered, with total
        assets in excess of $5,000,000.

      

      (__)     
          Direct
        Relationship to Issuer Test:

      

      Subscriber
        is a director, executive officer, partner or manager of the Company of the
        securities being offered or sold, or any director, executive officer or manager
        of a partner or partner of that issuer.

      

      (__)        
        $5,000,000
        Noninvestment Trust Test:

      

       Subscriber
        is a trust with total assets in excess of $5,000,000 not formed for the specific
        purpose of acquiring the securities being offered, whose purchase is directed
        by
        a "sophisticated person" as described in section 230.506(b)(2)(ii).

      

      (__)     
        Equity
        Entity Comprised of Accredited Investors Test:

      

      Subscriber
        is any equity entity in which all of the equity owners are accredited investors
        as defined above. Subscriber has had one of the persons responsible for
        overseeing and/or managing one or more of Subscriber’s financial accounts
        complete the attestation in Section D hereof in order to verify the information
        in this Section B:

      

      Yes
        _________           No
        _________

      

       

      In
        addition, Subscriber is knowledgeable and experienced with respect to the
        financial and business activities contemplated by the Company and is capable
        of
        evaluating the risks and merits of investing in the Securities and, in making
        a
        decision to proceed with this investment, has not relied upon any
        representations, warranties or agreements, other than those set forth in
        this
        Subscription Agreement and can bear the economic risk of an investment in
        the
        Company for an indefinite period of time, and can afford to suffer the complete
        loss thereof.

       

      4. Own
        Advice.
        In
        connection with the Subscriber's investment in the Company, the Subscriber
        has
        carefully considered and has, to the extent the Subscriber believes such
        discussion necessary, discussed with the Subscriber's professional legal,
        tax
        and financial advisers (the "Investment
        Advisors")
        the
        suitability of an investment in the Securities for the Subscriber's particular
        tax and financial situation and the Subscriber has determined that the
        Securities are a suitable investment for the Subscriber.

       

      5. Risks.
        The
        Subscriber represents and warrants that the Subscriber is aware (i) that
        the Securities involve a substantial degree of risk of loss of the Subscriber's
        entire investment and that there is no assurance of any income from the
        Subscriber's investment; and (ii) that any federal and/or state income tax
        benefits which may be available to the Subscriber, if any, may be lost through
        the adoption of new laws or regulations, to changes to existing laws and
        regulations and to changes in the interpretation of existing laws and
        regulations. The Subscriber further represents that the Subscriber is relying
        solely on the Subscriber's own conclusions or the advice of the Subscriber’s
        Investment Advisors with respect to tax aspects of any investment in the
        Securities. The Subscriber further represents that it has read and reviewed
        the
        Company’s filings made with the Securities and Exchange Commission.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      6. Inquiries.
        The
        Subscriber and its Investment Advisors have been given access to, and prior
        to
        the execution of this Subscription Agreement, have been provided with an
        opportunity to ask questions of, and receive answers from, the Company officers
        concerning the Company and the terms and conditions of the Offering and the
        Securities, and to obtain any other information which the Subscriber and
        the
        Subscriber's Investment Advisors required with respect to the Company and
        an
        investment in the Company in order to evaluate such investment and verify
        the
        accuracy of all information furnished to the Subscriber and its Investment
        Advisors regarding the Company. All such questions, if asked, were answered
        satisfactorily and all information or documents provided were found to be
        satisfactory. Neither the Subscriber nor its Investment Advisors have been
        furnished any offering literature on which they have relied on other this
        Subscription Agreement and the Subscriber and its Investment Advisors have
        relied only on this Subscription Agreement. At no time was the Subscriber
        presented with or solicited by any leaflet, public promotion meeting, newspaper
        or magazine article, radio or television advertisement or any other form
        of
        general advertising or general solicitation.

       

      7. Authority.
        The Subscriber is authorized and has full right and power to subscribe for
        the
        Securities and to perform the Subscriber's obligations pursuant to the
        provisions of this Subscription Agreement; the person signing this Subscription
        Agreement and any other instrument executed and delivered herewith on behalf
        of
        such Subscriber has been duly authorized by such entity and has full power
        and
        authority to do so. If the Subscriber is a corporation, partnership,
        unincorporated association or other entity, the person signing this agreement
        has the legal capacity to authorize, deliver and be bound by this Subscription
        Agreement and to take all actions required pursuant hereto and further certifies
        that all necessary approvals of directors, shareholders or otherwise have
        been
        given and obtained; and if the Subscriber is an individual, it is of the
        full
        age of majority in the jurisdiction in which the Subscriber is resident and
        is
        legally competent to execute, deliver and be bound by this Subscription
        Agreement and take all action pursuant hereto.

       

      8. No
        Default.
        The
        execution and delivery of this Subscription Agreement and the consummation
        of
        the transactions contemplated hereby and thereby will not conflict with,
        or
        result in any violation of or default pursuant to, any provision of any
        governing instrument applicable to the Subscriber, or any agreement or other
        instrument to which the Subscriber is a party or by which the Subscriber
        or any
        of the Subscriber's properties are bound or any permit, franchise, judgment,
        decree, statute, rule or regulation applicable to the Subscriber or any of
        the
        Subscriber's business or properties.

       

      9. ERISA.
        If the
        Subscriber is an employee benefit plan subject to ERISA, then such Subscriber
        acknowledges that such Subscriber has been informed of and understands the
        operations and business of the Company, and represents that such Subscriber's
        investment in the Company (i) is permissible under the documents and instruments
        governing such plan; (ii) satisfies the diversification requirements of ERISA;
        (iii) is prudent considering all the facts and circumstances, including the
        fact
        that there is no trading market for the Securities; and (iv) is not a
        "prohibited transaction" within the meaning of Section 406 of
        ERISA.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      10. Purchase
        Entirely For Own Account.
        This
        Subscription Agreement is made with the Subscriber in reliance upon the
        Subscriber's representations to the Company, which by the Subscriber's execution
        of this Subscription Agreement, the Subscriber hereby confirms, that the
        Securities issuable to the Subscriber will be acquired for investment for
        the
        Subscriber's own account, not as a nominee or agent, and not with a view
        to the
        resale or distribution of any part thereof, and that the Subscriber has no
        present intention of selling, granting any participation in, or otherwise
        distributing the same. The Subscriber represents and warrants that the
        Subscriber has no contract, understanding, agreement or arrangement with
        any
        person to sell or transfer or pledge to such person or anyone else any of
        the
        Securities for which the Subscriber hereby subscribes (in whole or in part)
        or
        any interest therein; and the Subscriber represents and warrants that the
        Subscriber has no present plans to enter into any such contract, undertaking,
        agreement or arrangement.

       

      The
        Subscriber represents and warrants that the funds representing the Subscription
        Price which will be advanced by the Subscriber hereunder will not represent
        proceeds of crime and the Subscriber acknowledges that the Company may in
        the
        future be required by law to disclose the Subscriber's name and other
        information relating to this Subscription Agreement and the Subscriber's
        subscription hereunder, on a confidential basis, and to the best of the
        Subscriber's knowledge (i) none of the subscription funds to be provided
        by the
        Subscriber (a) have been or will be derived from or related to any activity
        that
        is deemed criminal under the laws of the United States of America, or any
        other
        jurisdiction, or (b) are being tendered on behalf of a person or entity who
        has
        not been identified to the Subscriber, and (ii) it shall promptly notify
        the
        Company if the Subscriber discovers that any of such representations ceases
        to
        be true, and to provide the Company with appropriate information in connection
        therewith.

      

      The
        Subscriber represents and warrants that the current structure of this
        transaction and all transactions and activities contemplated hereunder is
        not a
        plan or scheme to evade the registration provisions of the Securities
        Act.

      

      The
        Subscriber acknowledges that:

       

      
        	
              	(i)	
                no
                  securities commission or similar regulatory authority has reviewed
                  or
                  passed on the merits of the Securities;
                  and

              

      

      

      
        	
              	(ii)	
                there
                  is no government or other insurance covering the Securities;
                  and

              

      

      

      
        	
              	(iii)	
                there
                  are risks associated with the purchase of the Securities;
                  and

              

      

      

      
        	
              	(iv)	
                there
                  are restrictions on the Subscriber's ability to resell the Securities
                  and
                  it is the responsibility of the Subscriber to find out what those
                  restrictions are and to comply with them before selling the Securities;
                  and

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	
              	(v)	
                the
                  Company has advised the Subscriber that the Company is relying
                  on an
                  exemption from the requirements to provide the Subscriber with
                  a
                  prospectus and to sell securities through a person or company registered
                  to sell securities under applicable securities laws and, as a consequence
                  of acquiring the Securities pursuant to this exemption, certain
                  protections, rights and remedies provided by applicable securities
                  laws,
                  including statutory rights of rescission or damages, will not be
                  available
                  to the Subscriber.

              

      

      

      The
        Subscriber represents and warrants that neither the Company, nor any of their
        respective directors, officers, employees or representatives, have made any
        representations (oral or written) to the Subscriber regarding the future
        value
        of the Securities.

      

      The
        Subscriber acknowledges that (i) the Company may complete secured or unsecured
        debt financings or equity financings in the future in order to develop the
        Company's business and to fund its ongoing development, (ii) there is no
        assurance that such financings will be available and, if available, on
        reasonable terms, (iii) any such future financings may have a dilutive effect
        on
        current security holders, including the Subscriber, and (iv) if such future
        financings are not available, the Company may be unable to fund its ongoing
        development and the lack of capital resources may result in the failure of
        its
        business.

      

      The
        Subscriber will not, directly or indirectly, except in compliance with (that
        is,
        only to the extent required to comply with) the Securities Act and such other
        securities or “Blue Sky” laws as may be applicable, (i) offer, sell, pledge,
        transfer or otherwise dispose of (or solicit any offers to buy, purchase
        or
        otherwise acquire or take a pledge of) any of the Securities, (ii) engage
        in any
        short sale which results in a disposition of any of the Securities by
        Subscriber, or (iii) hedge the economic risk of the Subscriber’s investment in
        the Securities.

      

      

      
        	C.	
                Representations
                  and Warranties of the Company

              

      

       

      1. Corporate
        Organization; Authority; Due Authorization.

       

      (a) The
        Company (i) is a corporation duly organized, validly existing and in good
        standing under the laws of the jurisdiction of the State of Delaware, (ii)
        has
        the corporate power and authority to own or lease its properties as and in
        the
        places where its business is now conducted and to carry on its business as
        now
        conducted, and (iii) is duly qualified as a foreign corporation authorized
        to do
        business in every jurisdiction where the failure to so qualify, individually
        or
        in the aggregate, would have a material adverse effect on the operations,
        assets, liabilities, financial condition or business of the Company taken
        as a
        whole (a “Material
        Adverse Effect”).
        

       

      (b) The
        Company (i) has the requisite corporate power and authority to execute, deliver
        and perform this Subscription Agreement, the Note and the Warrant (collectively,
        the “Transaction
        Documents”)
        to
        which it is a party and to incur the obligations herein and therein and (ii)
        has
        been authorized by all necessary corporate action to execute, deliver and
        perform the Transaction Documents and to consummate the transactions
        contemplated hereby and thereby (the “Contemplated
        Transactions”).
        The
        Transaction Documents will be on each Closing Date valid and binding obligations
        of the Company enforceable in accordance with their terms except as limited
        by
        applicable bankruptcy, reorganization, insolvency, moratorium or similar
        laws
        affecting the enforcement of creditors’ rights and the availability of equitable
        remedies (regardless of whether such enforceability is considered in a
        proceeding at law or equity).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2. Capitalization.
        The
        authorized capital stock of the Company consists of one hundred and fifty
        million (150,000,000) shares of common stock, $.01 par value, of which
        approximately thirty-one million nine hundred six thousand six hundred nineteen
        (31,906,619) shares of common stock are outstanding. All outstanding shares
        of
        capital stock of the Company were issued in compliance with all applicable
        Federal and state securities laws, and the issuance of such shares was duly
        authorized by all necessary corporate action on the part of the Company.
        Except
        as contemplated by this Subscription Agreement or as set forth in the SEC
        Documents (hereinafter defined), there are (A) no outstanding subscriptions,
        warrants, options, conversion privileges or other rights or agreements
        obligating the Company to purchase or otherwise acquire or issue any shares
        of
        capital stock of the Company (or shares reserved for such purpose), (B) no
        preemptive rights contained in the Company’s Certificate of Incorporation, as
        amended (the “Certificate
        of Incorporation”),
        the
        By-laws of the Company or contracts to which the Company is a party or rights
        of
        first refusal with respect to the issuance of additional shares of capital
        stock
        of the Company, including without limitation the Securities and (C) no
        commitments or understandings (oral or written) of the Company to issue any
        shares, warrants, options or other rights to acquire any equity securities
        of
        the Company other than with respect to existing antidilution rights of existing
        investors. To the Company’s knowledge, except as set forth in the SEC Documents,
        none of the shares of common stock are subject to any stockholders’ agreement,
        voting trust agreement or similar arrangement or understanding. Except as
        set
        forth in the SEC Documents, the Company has no outstanding bonds, debentures,
        notes or other obligations the holders of which have the right to vote (or
        which
        are convertible into or exercisable for securities having the right to vote)
        with the stockholders of the Company on any matter.

       

      3. Validity
        of Securities.
        The
        issuance of the Securities has been duly authorized by all necessary corporate
        action on the part of the Company and, when issued to, delivered to, and
        paid
        for by the Subscribers in accordance with this Subscription Agreement, the
        Securities will be validly issued, fully paid and non-assessable. 

       

      4. Underlying
        Securities.
        The
        issuance of the Warrant Shares has been duly authorized, and the Warrant
        Shares,
        prior to exercise of the Warrants, will have been duly reserved for issuance
        upon such exercise and, when so issued, will be validly issued, fully paid
        and
        non assessable. 

       

      5. Private
        Offering.
        The
        Company agrees that neither the Company nor anyone authorized to act on its
        behalf will offer the Securities or any part thereof or any similar securities
        for issuance or sale to, or solicit any offer to acquire any of the same
        from,
        anyone so as to make the issuance and sale of the Securities subject to the
        registration requirements of Section 5 of the Securities Act. 

       

      6. No
        Conflict; Required Filings and Consents.
        The
        Company's execution, delivery and performance of this Agreement and all other
        agreements contemplated hereby and thereby and the consummation of the
        transactions contemplated hereby and thereby will not with or without the
        giving
        of notice or the lapse of time or both (A) violate any provision of law,
        statute, rule or regulation to which the Company is subject, (B) violate
        any
        order, judgment or decree applicable to it, or (C) conflict with or result
        in a
        breach or default under any term or condition of its applicable governing
        instruments or any agreement or other instrument to which it is a party or
        by
        which it is bound.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      7. Compliance.
        Except
        as set forth in the SEC Documents, the Company is not in conflict with, or
        in
        default or violation of (i) any law, rule, regulation, order, judgment or
        decree
        applicable to the Company or by which any property or asset of the Company
        is
        bound or affected (“Legal
        Requirement”),
        or
        (ii) any Material Agreement, in each case except for any such conflicts,
        defaults or violations that would not, individually or in the aggregate,
        have a
        Material Adverse Effect. The Company has not received any written notice
        or
        other communication from any Governmental Body regarding any actual or possible
        violation of, or failure to comply with, any Legal Requirement, except any
        such
        violations or failures that would not, individually or in the aggregate,
        have a
        Material Adverse Effect. 

       

      8. SEC
        Documents; Financial Statements.

       

      (a) The
        information contained in the following documents, did not, as of the date
        of the
        applicable document, include any untrue statement of a material fact or omit
        to
        state any material fact required to be stated therein or necessary to make
        the
        statements therein, in the light of the circumstances in which they were
        made,
        not misleading, as of their respective filing dates or, if amended, as so
        amended (the following documents, collectively, the “SEC
        Documents”),
        provided that the representation in this sentence shall not apply to any
        misstatement or omission in any SEC Document filed prior to the date of this
        Subscription Agreement which was superseded by a subsequent SEC Document
        filed
        prior to the date of this Subscription Agreement:

       

      (i) the
        Company’s Quarterly Reports on Form 10-QSB for the quarters ended March 31,
        2007, June 30, 2007 and September 30, 2007; and

       

      (ii) the
        Company’s interim filings on Form 8-K or other appropriate forms filed on any
        date after December 31, 2007 and on or before each Closing.

       

      (b) In
        addition, as of the date of this Subscription Agreement, when read together
        with
        the SEC Documents and the information, qualifications and exceptions contained
        in this Subscription Agreement, do not include any untrue statement of a
        material fact or omit to state a material fact in light of the circumstances
        in
        which such written disclosures were made.

       

      (c) The
        Company has filed all forms, reports and documents required to be filed by
        it
        with the SEC for the 12 months preceding the date of this Subscription
        Agreement, including without limitation the SEC Documents. As of their
        respective dates, the SEC Documents filed prior to the date hereof complied
        as
        to form in all material respects with the applicable requirements of the
        Securities Act, the Exchange Act, and the rules and regulations
        thereunder.

       

      (d) The
        Company’s Annual Report on Form 10-KSB for the year ended December 31, 2006,
        includes consolidated balance sheets as of December 31, 2005 and 2006 and
        consolidated statements of income for the one year periods then ended
        (collectively, the “Form
        10-KSB Financial Statements”).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (e) The
        Company’s Quarterly Report on Form 10-QSB for the quarter ended September 30,
        2007, includes consolidated balance sheets as of September 30, 2007 and
        consolidated statements of income for the quarters ended June 30, 2006 and
        2007
        (the “Form
        10-QSB Financial Statements”
and
        together with the Form 10-KSB Financial Statements, the “Financial
        Statements”).

       

      (f) The
        Financial Statements (including the related notes and schedules thereto)
        fairly
        present in all material respects the consolidated financial position, the
        results of operations, retained earnings or cash flows, as the case may be,
        of
        the Company for the periods set forth therein (subject, in the case of unaudited
        statements, to normal year-end audit adjustments that would not be material
        in
        amount or effect), in each case in accordance with generally accepted accounting
        principles consistently applied during the periods involved, except as may
        be
        noted therein. 

       

      9.
        Use
        of
        Proceeds.
        The net
        proceeds received by the Company from the sale of the Securities shall be
        used
        by the Company for working capital and general corporate purposes.

       

      10. Subsidiaries.
        The
        Company has no
        subsidiaries.

       

      

      D.    Legend.
        The
        certificate representing the Securities issued by the Company shall bear
        the
        following (or similar) legends:

       

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
        LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS
        FROM
        THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. THESE
        SECURITIES MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS PURSUANT TO AN
        EFFECTIVE REGISTRATION STATEMENT OR EXEMPTION THEREFROM.

       

      E.    Indemnification.
        The
        Subscriber agrees to indemnify and hold harmless the Company and its officers,
        managers, members, employees, agents and affiliates against any and all loss,
        liability, claim, damage and expense whatsoever (including without limitation
        any and all expenses reasonably incurred in investigating, preparing or
        defending against any litigation commenced or threatened or any claim
        whatsoever) arising out of or based upon any false representation or warranty
        or
        breach or failure by the Subscriber to comply with any covenant agreement
        made
        by the Subscriber herein. The Company agrees to indemnify and hold harmless
        the
        Subscriber and its officers, managers, members, employees, agents and affiliates
        against any and all loss, liability, claim, damage and expense whatsoever
        (including without limitation any and all expenses reasonably incurred in
        investigating, preparing or defending against any litigation commenced or
        threatened or any claim whatsoever) arising out of or based upon any false
        representation or warranty or breach or failure to comply with any covenant
        agreement made by the Company herein.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      F.    Modification.
        Neither
        this Subscription Agreement nor any provision hereof shall be waived, modified,
        discharged or terminated except by an instrument in writing signed by the
        party
        against whom any such waiver, modification, discharge or termination is
        sought.

       

      G.    Assignability.
        This
        Subscription Agreement and the rights and obligations hereunder are not
        transferable or assignable by the Subscriber.

       

      H.    Governing
        Law.
        This
        Subscription Agreement shall be governed by and construed in accordance with
        the
        laws of the State of New Mexico without regard to principles of conflicts
        of
        law. 

       

      I.     Survival
        of Representations and Warranties.
        All
        representations and warranties made by the Subscriber in this Subscription
        Agreement shall survive the execution and delivery of this Subscription
        Agreement, as well as any investigation at any time made by or on behalf
        of the
        Company and the issue and sale of the Securities.

       

      J.     Reliance.
        The
        Subscriber understands and acknowledges that the Subscriber's representations,
        warranties, acknowledgements and agreements in this Subscription Agreement
        will
        be relied upon by the Company in determining the Subscriber's suitability
        as a
        purchaser of the Securities.

       

      K.    Further
        Assurances.
        The
        Subscriber agrees to provide, if requested, any additional information that
        may
        be requested or required to determine the Subscriber's eligibility to purchase
        the Securities.

       

      L.    Entire
        Agreement.
        This
        Subscription Agreement constitutes the full and entire understanding and
        agreement between the parties with regard to the subject matter hereof and
        no
        party shall be liable or bound to any other in any manner by any
        representations, warranties, covenants and agreements except as specifically
        set
        forth herein and therein.

       

      M.    Severability.
        In the
        event one or more of the provisions of this Subscription Agreement should,
        for
        any reason, be held to be invalid, illegal or unenforceable in any respect,
        such
        invalidity, illegality, or unenforceability shall not affect any other
        provisions of this Subscription Agreement, and this Subscription Agreement
        shall
        be construed as if such invalid, illegal or unenforceable provision had never
        been contained herein.

       

      N.    Notices.
        Any
        notice or other communication required or permitted to be given hereunder
        (each
        a “Notice”)
        shall
        be given in writing and shall be made by personal delivery or sent by courier
        or
        certified or registered first-class mail (postage prepaid), addressed to
        a party
        at its address shown below or at such other address as such party may designate
        by three days’ advance Notice to the other parties. 

       

      Any
        Notice to any of the Subscribers shall be sent to the addresses for such
        Subscriber set forth on the signature pages hereof.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      Any
        Notice to the Company shall be sent to:

      

      Novint
        Technologies, Inc.

      4601
        Paradise Blvd NW

      Albuquerque,
        NM 87114

      Attention:
        CEO

      

      with
        a
        copy to: 

      

      Richardson
        & Patel LLP 

      10900
        Wilshire Blvd., Suite 500 

      Los
        Angeles, CA. 90024 

      Fax:
        310.208.1154 

      Attention:
        Jennifer A. Post, Esq.

      

      Each
        Notice shall be deemed given and effective upon receipt (or refusal of receipt).
        

       

      REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Subscription Agreement
        as of
        the date set forth on this signature page.

       

      

       

      Subscription
        Price: $________________________

       

      Amount
        of
        Note:     $________________________

       

      Number
        of
        Shares underlying Warrant:  
        _________________________

       

       

      

      ___________________________  _________________________________

      Print
        Name of Individual, Company, 

      Limited
             Print
        Name of Authorized Representative

      Liability
        Company, Corporation 

      or
        Trust

      

      By:____________________________ ____________________________ 

       

      Signature
        of Authorized Representative Capacity
        of Authorized Representative

       

      Date: _____________

      Address:
        _______________________

      

       

      Social
        Security Number of U.S. Tax Identification No:
        ___________________________

       

      
        	
                SUBSCRIPTION
                  ACCEPTED:

                NOVINT
                  TECHNOLOGIES, INC., a Delaware corporation

                By:___________________________

                Name:
                  

                Title:
                  

              	
                 

                 

                 

                 

                Date:
                  ____________, 2008

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

       

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        BWAIVER
      AND FIRST AMENDMENT TO PUT/CALL AGREEMENT

     

    THIS
      WAIVER AND FIRST AMENDMENT TO PUT/CALL AGREEMENT
      is dated
      as of
      April
      9,
      2008
      (this “Amendment”),
      by
      and between EMERALD
      DAIRY INC.,
      a
      Nevada corporation (the “Company”),
      and
FORTUNE
      LAND HOLDING LTD.,
      a
      limited liability company organized and existing under the laws of the British
      Virgin Islands (the “Shareholder”).
      Capitalized terms used and not otherwise defined herein are used as defined
      in
      the Put/Call Agreement (as defined below).

     

    RECITALS:

     

    WHEREAS,
      the
      Company and the Shareholder are parties to that certain Put/Call Agreement,
      dated as of October 9, 2007 (the “Put/Call
      Agreement”);
      and

     

    WHEREAS,
      the
      parties desire
      to
      amend the Put/Call Agreement to delete the current Section 2(d)(iii) in its
      entirety.

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and the other mutual covenants contained herein,
      the receipt and sufficiency of which are hereby acknowledged, the parties hereto
      agree as follows:

     

    1. Amendments
      to Put/Call Agreement.
      Section
      2(d) of the Put/Call Agreement is hereby amended by deleting such section in
      its
      entirety and substituting the following therefor:

     

    “2(d) Conditions
      to Exercise of Put Right.
      The
      Shareholder may exercise its Put Right in the event that:

     

    (i) the
      Company fails to exercise its Call Option within ten (10) days of a date on
      which all of the Call Option Conditions have been met; or

     

    (ii) the
      Company consummates a private offering of not less than $5,000,000 of its
      securities (a “Qualified
      Offering”);
      or

     

    (iii) the
      Company fails to consummate a Qualified Offering within two (2) years of the
      date hereof (each of 2(d)(i), (ii), and (iii), a “Put
      Right Trigger”).”

     

    2. Waiver
      and General Release.
      Each
      of
      the parties hereto on their own behalf, and on behalf of their legal and
      personal representatives, heirs, executors, administrators, affiliates,
      partners, parents, subsidiaries and each of their respective officers,
      directors, shareholders, owners, employees, agents, and successors and assigns
      (collectively, in each case, the “Releasors”)
      hereby
      absolutely, fully, irrevocably and unconditionally release, remise relieve,
      waive, relinquish, and forever discharge the other party, and such party’s legal
      and personal representatives, affiliates, partners, parents, subsidiaries and
      each of their respective officers, directors, shareholders, owners, employees,
      agents, and successors and assigns (collectively,in each case, the “Releasees”),
      from
      all actions, causes of action, suits, debts, dues, sums of money, accounts,
      reckonings, bonds, bills, specialties, covenants, contracts, controversies,
      agreements, obligations, promises, variances, trespasses, damages, costs,
      judgments, liabilities, extents, executions, claims and demands whatsoever,
      in
      law or equity, whether based on state or federal statute or common law, known
      or
      unknown, fixed or contingent, that they have against any of the Releasees,
      as of
      the date hereof, for, upon, or by reason of any matter, cause or thing
      whatsoever, relating to the Put/Call Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Put/Call
      Agreement in Full Force and Effect as Amended.
      Except
      as specifically amended hereby, the Put/Call Agreement shall remain in full
      force and effect and hereby is ratified and confirmed as so amended. The parties
      hereto agree to be bound by the terms and conditions of the Put/Call Agreement
      as amended by this Amendment, as though such terms and conditions were set
      forth
      herein and therein in full. Each reference in the Put/Call Agreement to “this
      Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall
      mean and be a reference to the Put/Call Agreement as amended by this Amendment,
      and each reference herein shall mean and be a reference to the Put/Call
      Agreement as amended and modified by this Amendment.

     

    4. Miscellaneous.

     

    (a) The execution,
      delivery and effectiveness of this Amendment shall not, except as expressly
      provided herein, be deemed to be an amendment
      or modification of, or operate as a waiver of, any
      provision of the Put/Call Agreement, nor constitute a waiver of any provision
      of
      the Put/Call Agreement. This Amendment shall not preclude the future exercise
      of
      any right, remedy, power or privilege available to the parties whether under
      the Put/Call
      Agreement, at law or otherwise.

     

    (b) This
      Amendment may be executed in any number of counterparts (including by
      facsimile), and by the different parties hereto or thereto on the same or
      separate counterparts, each of which shall be deemed to be an original
      instrument but all of which together shall constitute one and the same
      agreement. Each party agrees that it will be bound
      by
      its own facsimile signature and that it accepts the facsimile
      signature of each other party. The descriptive headings of the various
      sections of this Amendment are inserted for convenience of reference only and
      shall not be deemed to affect the meaning
      or construction of any of the provisions hereof or thereof. Whenever the context
      and construction so require, all words herein in the singular number herein
      shall be deemed to have been used in the
      plural, and vice versa, and the masculine
      gender shall include the feminine and neuter and the neuter shall include the
      masculine and feminine.

     

    (c) This
      Amendment may not be changed, amended, restated, waived, supplemented,
      discharged, canceled, terminated or otherwise
      modified orally or by any course of dealing
      or
      in any
      manner other than as provided in the Put/Call Agreement. This Amendment shall
      be
      considered part of the Put/Call Agreement. In the event of any inconsistency
      between this Amendment and the Put/Call Agreement, the terms of this Amendment
      shall control.

     

    (d) This
      Amendment and the Put/Call Agreement constitute the final, entire agreement
      and
      understanding between the parties with respect to the subject matter hereof
      and
      thereof and may not be contradicted by evidence of prior, contemporaneous or
      subsequent oral agreements between the parties, and shall be binding upon and
      inure to the benefit of the successors and assigns of the parties hereto and
      thereto. There are no unwritten oral agreements between the parties with respect
      to the subject matter hereof and thereof. If any provision of this Amendment
      is
      adjudicated to be invalid under applicable laws or regulations, such provision
      shall be inapplicable to the extent of such invalidity without affecting the
      validity or enforceability of the remainder of this Amendment which shall be
      given effect so far as possible.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e) This
      Amendment and the rights and obligations of the parties hereunder shall be
      governed by and construed and interpreted in accordance with the choice of
      law
      provisions set forth in the Put/Call Agreement.

     

    (f) Each
      party shall execute and deliver such other documents, certificates and/or
      instruments and
      take
      such
      other actions as the other party may reasonably request in order more
      effectively to consummate the transactions contemplated hereby.

     

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    IN
      WITNESS WHEREOF,
      the
      parties have caused this Waiver
      and First Amendment
      to Put/Call Agreement to be executed
      under seal by their
      respective officers thereunder duly authorized, as of the date first
      above written.

     

    
      	 	COMPANY:
	 	  
	 	
              EMERALD
                DAIRY INC.

            

    

     

    
      	 	
              By:           
                /s/ Shu Kaneko
                
                  

                

              

            
	 	
              Name:       Shu
                Kaneko

              
                

              

            
	 	
              Title:        
                Chief Financial Officer

              
                

              

              
              

            

    

     

    
      	 	
              SHAREHOLDER:

            
	 	  
	 	
              
                FORTUNE
                  LAND HOLDING LTD.

              

            

    

     

    
      	 	
              By:           
                /s/ Xiaohong Yu
                
                  

                

              

            
	 	
              Name:       Xiaohong
                Yu

              
                

              

            
	 	
              Title:        
                Director

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