Document:

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                                                                    EXHIBIT 10.2

THIS AGREEMENT RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION
TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S
("REGULATION S") UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"1933 ACT").

NONE OF THE SECURITIES TO WHICH THIS AGREEMENT RELATES HAVE BEEN REGISTERED
UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.

                           FOURTH AMENDMENT AGREEMENT
                          TO CREDIT FACILITY AGREEMENT

THIS FOURTH AMENDMENT AGREEMENT is dated for reference the 16th day of February,
2005,

AMONG:

            MFC MERCHANT BANK S.A., a bank organized under the laws of
            Switzerland (hereinafter, the "LENDER")

AND:

            MYMETICS CORPORATION, a corporation organized under the laws of the
            State of Delaware (hereinafter, the "BORROWER")

AND:

            MFC BANCORP LTD., a corporation continued under the laws of the
            Province of British Columbia (hereinafter, the "GUARANTOR")

WHEREAS:

A. The Lender agreed to make the Credit Facility available to the Borrower
pursuant to and in accordance with the terms of an amended and restated credit
facility agreement dated for reference the 28th day of February, 2003 among the
Lender, the Borrower and the Guarantor (the "FEBRUARY 28, 2003 AGREEMENT");

B. The Lender, the Borrower and the Guarantor agreed to amend the February 28,
2003 Agreement pursuant to and in accordance with the terms of an amendment
agreement dated for reference July 9, 2003, to provide for: (i) the extension of
the Maturity Date of the Credit Facility to December 15, 2003; and (ii) an
increase in the principal amount of the Credit Facility; and

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C. The Lender, the Borrower and the Guarantor agreed to amend the February 28,
2003 Agreement pursuant to and in accordance with the terms of an amendment
agreement dated for reference July 30, 2003, to provide for: (i) an increase in
the principal amount of the Credit Facility; and (ii) conversion of the Credit
Facility from a term credit facility maturing on December 15, 2003 to a demand
credit facility; and

D. The Lender, the Borrower and the Guarantor agreed to amend the February 28,
2003 Agreement pursuant to and in accordance with the terms of an amendment
agreement dated for reference December 31, 2004, to provide for: (i) an increase
in the principal amount of the Credit Facility; and (ii) conversion of the
Credit Facility from a demand credit facility to a credit facility maturing on
March 31, 2005 regarding Euro 200'000, on June 30, 2005 regarding Euro 300'000,
on September 30, 2005 regarding Euro 400'000 and on December 31, 2005, regarding
the remaining balance; and

E. The Lender, the Borrower and the Guarantor have agreed to further amend the
February 28, 2003 Agreement to provide for: (i) the extension of the Maturity
Date of the Credit Facility to December 31, 2006; and (ii) the possibility to
convert all or part of the Credit Facility into common shares of the Borrower,
all on the terms and conditions set out herein (the February 28, 2003 Agreement,
as amended by the July 9, 2003, the July 30, 2003 and the December 31, 2004
amendment agreement and hereby, is referred to as the "CREDIT AGREEMENT"),

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT, in consideration of the premises
and the covenants contained herein the parties hereto agree as follows:

1. DEFINED TERMS. Terms used as defined terms herein and not otherwise defined
have the meanings given to them in the Credit Agreement.

2. EXTENSION OF MATURITY AND REPAYMENT OF THE CREDIT FACILITY.

   (a) Section 3.1 of the Credit Agreement is deleted in its entirety and
replaced with the following:

    "SECTION 3.1. PAYMENTS. 1st repayment shall be on June 30, 2005, the
borrower shall repay Euro 200'000. -- . 2nd repayment of Euro 300'000. -- shall
be on December 31, 2005. 3rd repayment of Euro 400'000. -- shall be on June 30,
2006. Final repayment of the remaining open balance shall occur on December 31,
2006 (the "PAYMENT DATE"). On the Payment Date, the Borrower shall pay to the
Lender all amounts outstanding under the Credit Facility, including all
principal, Interest and other Obligations accruing due there under."

   (b) New Sections 3.1 (a), 3.1 (b) and 3.1 (c) shall be added to the Credit
Agreement with the following:

    "SECTION 3.1.(A) CONVERSION. The Lender shall have the right to convert all
or part of the outstanding amounts under the Credit Facility into common shares
of the Borrower (with a par value of USD 0.01) at a conversion price of USD 0.30

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per common share. The rights of the Lender may be exercised at any time until
three banking days before any repayment date in accordance with Section 3.1 of
the Credit Agreement and/or the Payment Date and, in case of prepayment of the
loan in accordance with section 3.4 of the Credit Agreement, three banking days
before the end of the ten banking days notice period communicated by the
Borrower to the Lender in case of prepayment. The applicable exchange rate Euro
/ USD shall be the Forex Interbank exchange rate, fixed at 9 a.m. GMT on the day
of the request of conversion issued by the Lender."

      "SECTION 3.1.(b) MECHANICS OF CONVERSION. If the Lender wishes to exercise
his right to convert part or all of the outstanding amounts under the Credit
Facility into common shares of the Borrower he shall give notice to the Borrower
in writing, specifying the amount of the outstanding Credit Facility he wishes
to convert and the applicable exchange rate (the "CONVERSION NOTICE"). The
Borrower shall issue and deliver to the Lender the number of common shares
corresponding to converted amount of the Credit Facility within 10 days from the
date of the Conversion Notice, free and clear of any liens, encumbrances, or
other rights of third parties. Upon delivery of the common shares the amount of
the Credit Facility corresponding to the conversion shall be deemed settled with
effect as per the date of the Conversion Notice."

      "SECTION 3.1. (c) RESERVATION OF STOCK. The Borrower shall at all times
reserve and keep available out of his authorized but un-issued shares of common
stock, solely for the purpose of effecting the conversion as described in
Sections 3.1.(a) and 3.1.(b) of the Credit Agreement, such number of common
shares issuable to the Lender in case of exercise of the right of conversion in
full. The Borrower covenants and agrees to take such actions and execute and
deliver to the Lender such further agreements, conveyances, deeds and other
documents and instruments as the Lender shall reasonably request for the purpose
of establishing, perfecting, preserving and protecting the right of conversion
given to the Lender and the obligations of the Borrower under the Credit
Agreement, in each case forthwith upon request therefor by the Lender and in
form and substance reasonably satisfactory to the Lender."

3. CONTINUED PERFECTION AND FURTHER SECURITY. The Borrower and the Guarantor
covenant and agree to take such actions and execute and deliver to the Lender
such further agreements, conveyances, deeds and other documents and instruments
as the Lender shall reasonably request for the purpose of establishing,
perfecting, preserving and protecting the Security and any additional security
given to the Lender to secure the obligations of the Borrower and the Guarantor
under the Credit Agreement, including, without limitation, the additional
security and amended Security Documents contemplated by Section 4.1 of the
Credit Agreement, in each case forthwith upon request therefor by the Lender and
in form and substance reasonably satisfactory to the Lender.

4. REPRESENTATIONS AND WARRANTIES OF THE LENDER. The Lender represents and
warrants to the Borrower (which representations and warranties shall survive the
closing of the transactions contemplated in this Agreement), with the intent
that the Borrower will rely thereon in entering into this Agreement, that the
Lender:

   (a) is not a U.S. Person (as such term is defined in Regulation S of the 1933
   Act) and will not be acquiring any common shares of the Borrower for the
   account or benefit of, directly or indirectly, any U.S. Person;

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      (b) is outside the United States when receiving and executing this
      Agreement; and

      (c) will be acquiring the common shares of the Borrower for investment
      only and not with a view to resale or distribution and, in particular, the
      Lender has no intention to distribute either directly or indirectly any of
      the common shares of the Borrower in the United States or to U.S. Persons,
      except in compliance with the registration provisions of the 1933 Act or
      an exemption therefrom.

5.    ACKNOWLEDGEMENTS OF THE LENDER. The Lender acknowledges and agrees that:

      (a) the common shares of the Borrower have not been registered under the
      1933 Act, or under any state securities or "blue sky' laws of any state of
      the United States, and, unless so registered, may not be offered or sold
      in the United States or, directly or indirectly, to U.S. Persons, except
      in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with any
      applicable securities laws;

      (b) offers and sales of any of the common shares of the Borrower, prior to
      the expiration of a period of one year after the date of issuance of such
      common shares of the Borrower (the "DISTRIBUTION COMPLIANCE PERIOD'),
      shall only be made in compliance with the safe harbor provisions set forth
      in Regulation S, pursuant to the registration provisions of the 1933 Act
      or an exemption therefrom, and that all offers and sales after the
      Distribution Compliance Period shall be made only in compliance with the
      registration provisions of the 1933 Act or an exemption therefrom and in
      each case only in accordance with all applicable securities laws;

      (c) the Lender shall not to engage in any hedging transactions involving
      the common shares of the Borrower, prior to the end of the Distribution
      Compliance Period unless such transactions are in compliance with the
      provisions of the 1933 Act;

      (d) the Lender has not acquired the conversion right entitling it to
      acquire common shares of the Borrower as a result of, and will not itself
      engage in, any "directed selling efforts' (as defined in Regulation S) in
      the United States in respect of any of the common shares of the Borrower
      which would include any activities undertaken for the purpose of, or that
      could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the common shares of
      the Borrower, provided, however, that the Lender may sell or otherwise
      dispose of any of the common shares of the Borrower pursuant to
      registration of any of the common shares of the Borrower pursuant to the
      1933 Act and any applicable state securities laws or under an exemption
      from such registration requirements and as otherwise provided herein; and

      (e) a legend may be placed on the certificates representing the common
      shares of the Borrower to the effect that the Shares represented by such
      certificates are subject to a Distribution Compliance Period and may not
      be traded until the expiry of such except as permitted by applicable
      securities legislation. The Purchaser hereby acknowledges and agrees to
      the Company making a notation on its records or giving instructions to the

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<PAGE>

      registrar and transfer agent of the Company in order to implement the
      restrictions on transfer set forth and described in this Agreement.

6. REPRESENTATIONS OF THE BORROWER. The Borrower represents and warrants that is
has full power and authority to issue the shares of common stock issuable for
the purpose of the conversion pursuant to Sections 3.1.(a), 3.1.(b) and 3.1.(c)
of the Credit Agreement and that the undertakings relating to the conversion are
legal, valid and binding obligations of the Borrower.

7. CONDITIONS PRECEDENT TO AMENDMENT. The Lender shall have no obligation to
amend the Credit Agreement by this Agreement unless the Lender has received:

   (a)  this Agreement duly executed by the Borrower and the Guarantor; and

   (b)  a copy of the authorizing resolutions of the board of directors of the
        Borrower, authorizing the execution and delivery of this Agreement,
        together with any replacements, confirmations, amendments, supplements,
        extensions or renewals to or of the Security as may be required by the
        Lender, all in form and content satisfactory to the Lender and its
        counsel.

8. GOVERNING LAW. This Agreement shall be construed, performed and enforced in
accordance with, and governed by, the internal laws of Switzerland, without
giving effect to the principles of conflict of law thereof.

9. CONSENT TO JURISDICTION. (1) Each of the parties hereto hereby irrevocably
attorns to the exclusive jurisdiction of the Courts of Herisau (Switzerland) in
any action or proceeding arising to this Agreement, in modification of its
Section 9.8., the February 28, 2003 Agreement and the Credit Agreement. The
Borrower agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by Law.

   (2) Nothing in this Section 9(1) shall affect the right of the Lender to
serve legal process in any other manner permitted by Law or affect the right of
the Lender to bring any action or proceeding against the Borrower or its
property in the courts of other jurisdictions.

10. ENGLISH VERSION. The parties hereby represent, warrant, acknowledge and
agree that: (i) they have agreed that this Agreement be drawn up in the English
language; and (ii) the English version of this Agreement shall govern for all
purposes.

11. SEVERABILITY. If one or more provisions of this Agreement is or becomes
invalid or unenforceable in whole or in part in any jurisdiction, the validity
of the remaining provisions of this Agreement shall not be affected. The parties
hereto undertake to replace any such invalid provision without delay with a
valid provision which as nearly as possible duplicates the economic intent of
the invalid provision.

12. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors, heirs,
executors, administrators, legal representatives and assigns.

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13. FULL FORCE AND EFFECT. All of the other provisions of the Credit Agreement
shall continue in full force and effect and shall not be modified hereby.

14. COUNTERPARTS. This Agreement may be executed in counterparts, each of which
will be an original and all of which will constitute the same document.

15. FACSIMILE. The parties hereto agree that this Agreement may be transmitted
by facsimile or such similar device and that the reproduction of signatures by
facsimile or such similar device will be treated as binding as if originals and
each party hereto undertakes to provide each and every other party hereto with a
copy of this Agreement bearing original signatures forthwith upon demand.

THE LENDER:                               THE BORROWER:

MFC MERCHANT BANK S.A.                    MYMETICS CORPORATION

Per: /s/ Peter Hediger                   Per: /s/ Christian Rochet
     ------------------------                 -------------------------
         Authorized Signatory                     Authorized Signatory

Per: /s/ Michael Hattenschwiler          Per: /s/ Ernest Lubke
     -------------------------                -------------------------
         Authorized Signatory                     Authorized Signatory

THE GUARANTOR:

MFC BANCORP LTD.

Per: /s/ Michael Smith
     ------------------------
         Authorized Signatory

Per: /s/ M.Y. Ho
     ------------------------
         Authorized Signatory

                                        6<PAGE>

                                                                    Exhibit 10.1

                            The Lubrizol Corporation
                        Annual Incentive Pay Award Letter

Dear _______________,

For our 2005 plan we have set the following targets:

-     The size of the pool used to fund performance pay will be tied to the
      attainment of our 2005 plan and can vary significantly based on overall
      performance.

-     To reach a "targeted pay-out" we must meet the plan for the following
      metrics with the following weighting factors:

<TABLE>
<CAPTION>
         Metric                            Target           Weighting
         ------                            ------           ---------
<S>                                        <C>              <C>
EBITDA                                                         60%
Divestitures                                                   20%
Capital Management                                             10%
Organizational Performance                                     10%
</TABLE>

-     Meeting all plan objectives will result in the "targeted pay-out".

-     Exceeding objectives can increase the "targeted pay-out". Missing those
      objectives can also significantly decrease it.

-     Your individual "targeted pay-out" is a function of your level of
      responsibility within the corporation and your individual performance.

-     The plan has a "circuit breaker" provision. If the company is below its
      EBITDA target but at or above _____________ in 2005, there will be a
      reduced pay out. Below _____________, there will be no annual incentive
      pay awards for anyone regardless of plan performance in other areas.

-     The Organization & Compensation Committee of the Board of Directors
      reserves the right during the year, and when determining pay-out, to alter
      any of the provisions up or down. Our plan does not provide for guaranteed
      payments.

What does this mean to you for 2005? Depending on the degree to which targeted
performance is achieved, and provided your personal performance remains at a
high level, your annual incentive pay would be in the range shown below:

<TABLE>
<CAPTION>
EBITDA Barely Exceeds Circuit     Meets EBITDA Targets and        Exceeds EBITDA Targets by
Breaker and Less Than Plan in     Meets Plan in All Other       ____% and Exceeds Plan in All
        All Areas                         Areas                          Other Areas
        ---------                         -----                          -----------
<S>                 <C>           <C>              <C>          <C>                 <C>
$______      to     $________     $______    To    $______      $_______     To     $________
</TABLE>

If we do not achieve ____________, your performance pay will be ZERO. As a
leader, we trust that you'll treat the above information as EXTREMELY
CONFIDENTIAL.

Regards,

James L. Hambrick
President and CEO

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