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                                                                   EXHIBIT 10.4

                              MYMETICS CORPORATION.
                            PLACEMENT AGENT AGREEMENT

                                                   Dated as of: October__, 2004

Newbridge Securities Corporation
1451 Cypress Creek Road, Suite 204
Fort Lauderdale, Florida 33309

Ladies and Gentlemen:

         The undersigned, Mymetics Corporation., a Delaware corporation (the
"Company"), hereby agrees with Newbridge Securities Corporation (the "Placement
Agent") and Cornell Capital Partners, LP, a Delaware Limited Partnership (the
"Investor"), as follows:

         Offering. The Company hereby engages the Placement Agent to act as its
exclusive placement agent in connection with the Standby Equity Distribution
Agreement dated the date hereof (the "Standby Equity Distribution Agreement"),
pursuant to which the Company shall issue and sell to the Investor, from time to
time, and the Investor shall purchase from the Company (the "Offering") up to
Five Million U.S. Dollars ($5,000,000) of the Company's common stock (the
"Commitment Amount"), par value US$.01 per share (the "Common Stock"), at price
per share equal to the Purchase Price, as that term is defined in the Standby
Equity Distribution Agreement. The Placement Agent services shall consist of
reviewing the terms of the Standby Equity Distribution Agreement and advising
the Company with respect to those terms.

         All capitalized terms used herein and not otherwise defined herein
shall have the same meaning ascribed to them as in the Standby Equity
Distribution Agreement. The Investor will be granted certain registration rights
with respect to the Common Stock as more fully set forth in the Registration
Rights Agreement between the Company and the Investor dated the date hereof (the
"Registration Rights Agreement"). The documents to be executed and delivered in
connection with the Offering, including, but not limited, to the Company's
latest Quarterly Report on Form 10-QSB or Form 10-Q, as the case may be, as
filed with the United States Securities and Exchange Commission, this Agreement,
the Standby Equity Distribution Agreement, the Registration Rights Agreement,
and the Escrow Agreement dated the date hereof (the "Escrow Agreement"), are
referred to sometimes hereinafter collectively as the "Offering Materials." The
Company's Common Stock purchased by the Investor hereunder or to be issued in
connection with the conversion of any debentures are sometimes referred to
hereinafter as the "Securities." The Placement Agent shall not be obligated to
sell any Securities.

         Compensation.

                  Upon the execution of this Agreement, the Company shall issue
to the Placement Agent or its designee shares of the Company's Common Stock in
an amount equal to Ten Thousand U.S. Dollars (US$10,000) divided by the volume
weighted average price of the Company's Common Stock, as quoted by Bloomberg,
LP, on the date hereof (the "Placement Agent's Shares"). The Placement Agent
shall be entitled to "piggy-back" registration rights, which shall be triggered
upon registration of any shares of Common Stock by the Investor with respect to
the Placement Agent's Shares pursuant to the Registration Rights Agreement dated
the date hereof.

         Representations, Warranties and Covenants of the Placement Agent.

                  The Placement Agent represents, warrants and covenants as
follows:

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                           The Placement Agent has the necessary power to enter
into this Agreement and to consummate the transactions contemplated hereby.

                           The execution and delivery by the Placement Agent of
this Agreement and the consummation of the transactions contemplated herein will
not result in any violation of, or be in conflict with, or constitute a default
under, any agreement or instrument to which the Placement Agent is a party or by
which the Placement Agent or its properties are bound, or any judgment, decree,
order or, to the Placement Agent's knowledge, any statute, rule or regulation
applicable to the Placement Agent. This Agreement when executed and delivered by
the Placement Agent, will constitute the legal, valid and binding obligations of
the Placement Agent, enforceable in accordance with their respective terms,
except to the extent that (a) the enforceability hereof or thereof may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
from time to time in effect and affecting the rights of creditors generally, (b)
the enforceability hereof or thereof is subject to general principles of equity,
or (c) the indemnification provisions hereof or thereof may be held to be in
violation of public policy.

                           Upon receipt and execution of this Agreement, the
Placement Agent will promptly forward copies of this Agreement to the Company or
its counsel and the Investor or its counsel.

                           The Placement Agent will not intentionally take any
action that it reasonably believes would cause the Offering to violate the
provisions of the Securities Act of 1933, as amended (the "1933 Act"), the
Securities Exchange Act of 1934 (the "1934 Act"), the respective rules and
regulations promulgated thereunder (the "Rules and Regulations") or applicable
"Blue Sky" laws of any state or jurisdiction.

                           The Placement Agent is a member of the National
Association of Securities Dealers, Inc., and is a broker-dealer registered as
such under the 1934 Act and under the securities laws of the states in which the
Securities will be offered or sold by the Placement Agent unless an exemption
for such state registration is available to the Placement Agent. The Placement
Agent is in material compliance with the rules and regulations applicable to the
Placement Agent generally and applicable to the Placement Agent's participation
in the Offering.

         Representations and Warranties of the Company.

                  The Company represents and warrants as follows:

                           The execution, delivery and performance of each of
this Agreement, the Standby Equity Distribution Agreement, the Escrow Agreement,
and the Registration Rights Agreement has been or will be duly and validly
authorized by the Company and is, or with respect to this Agreement, the Standby
Equity Distribution Agreement, the Escrow Agreement, and the Registration Rights
Agreement, will be a valid and binding agreement of the Company, enforceable in
accordance with its respective terms, except to the extent that (a) the
enforceability hereof or thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws from time to time in effect and
affecting the rights of creditors generally, (b) the enforceability hereof or
thereof is subject to general principles of equity or (c) the indemnification
provisions hereof or thereof may be held to be in violation of public policy.
The Securities to be issued pursuant to the transactions contemplated by this
Agreement and the Standby Equity Distribution Agreement have been duly
authorized and, when issued and paid for in accordance with this Agreement, the
Standby Equity Distribution Agreement and the certificates/instruments
representing such Securities, will be valid and binding obligations of the
Company, enforceable in accordance with their respective terms, except to the
extent that (1) the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws from time to time in
effect and affecting the rights of creditors generally, and (2) the

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enforceability thereof is subject to general principles of equity. All corporate
action required to be taken for the authorization, issuance and sale of the
Securities has been duly and validly taken by the Company.

                           The Company has a duly authorized, issued and
outstanding capitalization as set forth herein and in the Standby Equity
Distribution Agreement. The Company is not a party to or bound by any
instrument, agreement or other arrangement providing for it to issue any capital
stock, rights, warrants, options or other securities, except for this Agreement,
the agreements described herein and as described in the Standby Equity
Distribution Agreement, dated the date hereof and the agreements described
therein. All issued and outstanding securities of the Company, have been duly
authorized and validly issued and are fully paid and non-assessable; the holders
thereof have no rights of rescission or preemptive rights with respect thereto
and are not subject to personal liability solely by reason of being security
holders; and none of such securities were issued in violation of the preemptive
rights of any holders of any security of the Company.

                           The Common Stock to be issued in accordance with this
Agreement and the Standby Equity Distribution Agreement has been duly authorized
and, when issued and paid for in accordance with this Agreement, the Standby
Equity Distribution Agreement and the Compensation Debenture, the
certificates/instruments representing such Common Stock will be validly issued,
fully-paid and non-assessable; the holders thereof will not be subject to
personal liability solely by reason of being such holders; such Securities are
not and will not be subject to the preemptive rights of any holder of any
security of the Company.

                           The Company has good and marketable title to, or
valid and enforceable leasehold estates in, all items of real and personal
property necessary to conduct its business (including, without limitation, any
real or personal property stated in the Offering Materials to be owned or leased
by the Company), free and clear of all liens, encumbrances, claims, security
interests and defects of any material nature whatsoever, other than those set
forth in the Offering Materials and liens for taxes not yet due and payable.

                           There is no litigation or governmental proceeding
pending or, to the best of the Company's knowledge, threatened against, or
involving the properties or business of the Company, except as set forth in the
Offering Materials.

                           The Company has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of
Delaware. Except as set forth in the Offering Materials, the Company does not
own or control, directly or indirectly, an interest in any other corporation,
partnership, trust, joint venture or other business entity. The Company is duly
qualified or licensed and in good standing as a foreign corporation in each
jurisdiction in which the character of its operations requires such
qualification or licensing and where failure to so qualify would have a material
adverse effect on the Company. The Company has all requisite corporate power and
authority, and all material and necessary authorizations, approvals, orders,
licenses, certificates and permits of and from all governmental regulatory
officials and bodies (domestic and foreign) to conduct its businesses (and
proposed business) as described in the Offering Materials. Any disclosures in
the Offering Materials concerning the effects of foreign, federal, state and
local regulation on the Company's businesses as currently conducted and as
contemplated are correct in all material respects and do not omit to state a
material fact. The Company has all corporate power and authority to enter into
this Agreement, the Standby Equity Distribution Agreement, the Registration
Rights Agreement, and the Escrow Agreement, to carry out the provisions and
conditions hereof and thereof, and all consents, authorizations, approvals and
orders required in connection herewith and therewith have been obtained. No
consent, authorization or order of, and no filing with, any court, government
agency or other body is required by the Company for the issuance of the
Securities or execution and delivery of the Offering Materials except for
applicable federal and state securities laws. The Company, since its inception,

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has not incurred any liability arising under or as a result of the application
of any of the provisions of the 1933 Act, the 1934 Act or the Rules and
Regulations.

                           There has been no material adverse change in the
condition or prospects of the Company, financial or otherwise, from the latest
dates as of which such condition or prospects, respectively, are set forth in
the Offering Materials, and the outstanding debt, the property and the business
of the Company conform in all material respects to the descriptions thereof
contained in the Offering Materials.

                           Except as set forth in the Offering Materials, the
Company is not in breach of, or in default under, any term or provision of any
material indenture, mortgage, deed of trust, lease, note, loan or Standby Equity
Distribution Agreement or any other material agreement or instrument evidencing
an obligation for borrowed money, or any other material agreement or instrument
to which it is a party or by which it or any of its properties may be bound or
affected. The Company is not in violation of any provision of its charter or
by-laws or in violation of any franchise, license, permit, judgment, decree or
order, or in violation of any material statute, rule or regulation. Neither the
execution and delivery of the Offering Materials nor the issuance and sale or
delivery of the Securities, nor the consummation of any of the transactions
contemplated in the Offering Materials nor the compliance by the Company with
the terms and provisions hereof or thereof, has conflicted with or will conflict
with, or has resulted in or will result in a breach of, any of the terms and
provisions of, or has constituted or will constitute a default under, or has
resulted in or will result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Company or pursuant to the terms
of any indenture, mortgage, deed of trust, note, loan or any other agreement or
instrument evidencing an obligation for borrowed money, or any other agreement
or instrument to which the Company may be bound or to which any of the property
or assets of the Company is subject except (a) where such default, lien, charge
or encumbrance would not have a material adverse effect on the Company and (b)
as described in the Offering Materials; nor will such action result in any
violation of the provisions of the charter or the by-laws of the Company or,
assuming the due performance by the Placement Agent of its obligations
hereunder, any material statute or any material order, rule or regulation
applicable to the Company of any court or of any foreign, federal, state or
other regulatory authority or other government body having jurisdiction over the
Company.

                           Subsequent to the dates as of which information is
given in the Offering Materials, and except as may otherwise be indicated or
contemplated herein or therein and the securities offered pursuant to the
Securities Purchase Agreement dated the date hereof, the Company has not (a)
issued any securities or incurred any liability or obligation, direct or
contingent, for borrowed money, or (b) entered into any transaction other than
in the ordinary course of business, or (c) declared or paid any dividend or made
any other distribution on or in respect of its capital stock. Except as
described in the Offering Materials, the Company has no outstanding obligations
to any officer or director of the Company.

                           There are no claims for services in the nature of a
finder's or origination fee with respect to the sale of the Common Stock or any
other arrangements, agreements or understandings that may affect the Placement
Agent's compensation, as determined by the National Association of Securities
Dealers, Inc.

                           The Company owns or possesses, free and clear of all
liens or encumbrances and rights thereto or therein by third parties, the
requisite licenses or other rights to use all trademarks, service marks,
copyrights, service names, trade names, patents, patent applications and
licenses necessary to conduct its business (including, without limitation, any
such licenses or rights described in the Offering Materials as being owned or
possessed by the Company) and, except as set forth in the Offering Materials,
there is no claim or action by any person pertaining to, or proceeding, pending
or threatened, which challenges the exclusive rights of the Company with respect
to any trademarks,

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service marks, copyrights, service names, trade names, patents, patent
applications and licenses used in the conduct of the Company's businesses
(including, without limitation, any such licenses or rights described in the
Offering Materials as being owned or possessed by the Company) except any claim
or action that would not have a material adverse effect on the Company; the
Company's current products, services or processes do not infringe or will not
infringe on the patents currently held by any third party.

                           Except as described in the Offering Materials, the
Company is not under any obligation to pay royalties or fees of any kind
whatsoever to any third party with respect to any trademarks, service marks,
copyrights, service names, trade names, patents, patent applications, licenses
or technology it has developed, uses, employs or intends to use or employ, other
than to their respective licensors.

                           Subject to the performance by the Placement Agent of
its obligations hereunder the offer and sale of the Securities complies, and
will continue to comply, in all material respects with the requirements of Rule
506 of Regulation D promulgated by the SEC pursuant to the 1933 Act and any
other applicable federal and state laws, rules, regulations and executive
orders. Neither the Offering Materials nor any amendment or supplement thereto
nor any documents prepared by the Company in connection with the Offering will
contain 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 light of the circumstances under which they were made, not misleading. All
statements of material facts in the Offering Materials are true and correct as
of the date of the Offering Materials.

                           All material taxes which are due and payable from the
Company have been paid in full or adequate provision has been made for such
taxes on the books of the Company, except for those taxes disputed in good faith
by the Company

                           None of the Company nor any of its officers,
directors, employees or agents, nor any other person acting on behalf of the
Company, has, directly or indirectly, given or agreed to give any money, gift or
similar benefit (other than legal price concessions to customers in the ordinary
course of business) to any customer, supplier, employee or agent of a customer
or supplier, or official or employee of any governmental agency or
instrumentality of any government (domestic or foreign) or any political party
or candidate for office (domestic or foreign) or other person who is or may be
in a position to help or hinder the business of the Company (or assist it in
connection with any actual or proposed transaction) which (A) might subject the
Company to any damage or penalty in any civil, criminal or governmental
litigation or proceeding, or (B) if not given in the past, might have had a
materially adverse effect on the assets, business or operations of the Company
as reflected in any of the financial statements contained in the Offering
Materials, or (C) if not continued in the future, might adversely affect the
assets, business, operations or prospects of the Company in the future.

         Representations, Warranties and Covenants of the Investor.

                  The Investor represents, warrants and covenants as follows:

                           The Investor has the necessary power to enter into
this Agreement and to consummate the transactions contemplated hereby.

                           The execution and delivery by the Investor of this
Agreement and the consummation of the transactions contemplated herein will not
result in any violation of, or be in conflict with, or constitute a default
under, any agreement or instrument to which the Investor is a party or by which
the Investor or its properties are bound, or any judgment, decree, order or, to
the Investor's knowledge, any statute, rule or regulation applicable to the
Investor. This Agreement when executed and delivered by the Investor, will
constitute the legal, valid and binding obligations of the Investor,

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enforceable in accordance with their respective terms, except to the extent that
(a) the enforceability hereof or thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws from time to time in
effect and affecting the rights of creditors generally, (b) the enforceability
hereof or thereof is subject to general principles of equity, or (c) the
indemnification provisions hereof or thereof may be held to be in violation of
public policy.

                           The Investor will promptly forward copies of any and
all due diligence questionnaires compiled by the Investor to the Placement
Agent.

                           The Investor is an Accredited Investor (as defined
under the 1933 Act).

                           The Investor is acquiring the Securities for the
Investor's own account as principal, not as a nominee or agent, for investment
purposes only, and not with a view to, or for, resale, distribution or
fractionalization thereof in whole or in part and no other person has a direct
or indirect beneficial interest in such Securities. Further, the Investor does
not have any contract, undertaking, agreement or arrangement with any person to
sell, transfer or grant participations to such person or to any third person,
with respect to any of the Securities.

                           The Investor acknowledges the Investor's
understanding that the offering and sale of the Securities is intended to be
exempt from registration under the 1933 Act by virtue of Section 3(b) of the
1933 Act and the provisions of Regulation D promulgated thereunder ("Regulation
D"). In furtherance thereof, the Investor represents and warrants as follows:

                           The Investor has the financial ability to bear the
economic risk of the Investor's investment, has adequate means for providing for
the Inventor's current needs and personal contingencies and has no need for
liquidity with respect to the Investor's investment in the Company; and

                           The Investor has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of the prospective investment. The Inventor also represents it has not
been organized for the purpose of acquiring the Securities.

                           The Investor has been given the opportunity for a
reasonable time prior to the date hereof to ask questions of, and receive
answers from, the Company or its representatives concerning the terms and
conditions of the Offering, and other matters pertaining to this investment, and
has been given the opportunity for a reasonable time prior to the date hereof to
obtain such additional information in connection with the Company in order for
the Investor to evaluate the merits and risks of purchase of the Securities, to
the extent the Company possesses such information or can acquire it without
unreasonable effort or expense. The Investor is not relying on the Placement
Agent or any of its affiliates with respect to the accuracy or completeness of
the Offering Materials or for any economic considerations involved in this
investment.

         Certain Covenants and Agreements of the Company.

         The Company covenants and agrees at its expense and without any expense
to the Placement Agent as follows:

                  To advise the Placement Agent and the Investor of any material
adverse change in the Company's financial condition, prospects or business or of
any development materially affecting the Company or rendering untrue or
misleading any material statement in the Offering Materials occurring at any
time as soon as the Company is either informed or becomes aware thereof.

                  To use its commercially reasonable efforts to cause the Common
Stock issuable in connection with the Standby Equity Distribution Agreement to
be qualified or registered for sale on

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terms consistent with those stated in the Registration Rights Agreement and
under the securities laws of such jurisdictions as the Placement Agent and the
Investor shall reasonably request. Qualification, registration and exemption
charges and fees shall be at the sole cost and expense of the Company.

                  Upon written request, to provide and continue to provide the
Placement Agent and the Investor copies of all quarterly financial statements
and audited annual financial statements prepared by or on behalf of the Company,
other reports prepared by or on behalf of the Company for public disclosure and
all documents delivered to the Company's stockholders.

                  To deliver, during the registration period of the Standby
Equity Distribution Agreement, to the Investor upon the Investor's request,
within forty five (45) days, a statement of its income for each such quarterly
period, and its balance sheet and a statement of changes in stockholders' equity
as of the end of such quarterly period, all in reasonable detail, certified by
its principal financial or accounting officer; (ii) within ninety (90) days
after the close of each fiscal year, its balance sheet as of the close of such
fiscal year, together with a statement of income, a statement of changes in
stockholders' equity and a statement of cash flow for such fiscal year, such
balance sheet, statement of income, statement of changes in stockholders' equity
and statement of cash flow to be in reasonable detail and accompanied by a copy
of the certificate or report thereon of independent auditors if audited
financial statements are prepared; and (iii) a copy of all documents, reports
and information furnished to its stockholders at the time that such documents,
reports and information are furnished to its stockholders.

                  To comply with the terms of the Offering Materials.

                  To ensure that any transactions between or among the Company,
or any of its officers, directors and affiliates be on terms and conditions that
are no less favorable to the Company, than the terms and conditions that would
be available in an "arm's length" transaction with an independent third party.

         Indemnification and Limitation of Liability.

                  The Company hereby agrees that it will indemnify and hold the
Placement Agent and each officer, director, shareholder, employee or
representative of the Placement Agent and each person controlling, controlled by
or under common control with the Placement Agent within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act or the SEC's Rules and
Regulations promulgated thereunder (the "Rules and Regulations"), harmless from
and against any and all loss, claim, damage, liability, cost or expense
whatsoever (including, but not limited to, any and all reasonable legal fees and
other expenses and disbursements incurred in connection with investigating,
preparing to defend or defending any action, suit or proceeding, including any
inquiry or investigation, commenced or threatened, or any claim whatsoever or in
appearing or preparing for appearance as a witness in any action, suit or
proceeding, including any inquiry, investigation or pretrial proceeding such as
a deposition) to which the Placement Agent or such indemnified person of the
Placement Agent may become subject under the 1933 Act, the 1934 Act, the Rules
and Regulations, or any other federal or state law or regulation, common law or
otherwise, arising out of or based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in (a) Section 4 of this
Agreement, (b) the Offering Materials (except those written statements relating
to the Placement Agent given by the Placement Agent for inclusion therein), (c)
any application or other document or written communication executed by the
Company or based upon written information furnished by the Company filed in any
jurisdiction in order to qualify the Common Stock under the securities laws
thereof, or any state securities commission or agency; (ii) the omission or
alleged omission from documents described in clauses (a), (b) or (c) above of a
material fact required to be stated therein or necessary to make the statements
therein not misleading; or (iii) the breach of any representation, warranty,
covenant or agreement made by the Company in this Agreement. The Company further

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agrees that upon demand by an indemnified person, at any time or from time to
time, it will promptly reimburse such indemnified person for any loss, claim,
damage, liability, cost or expense actually and reasonably paid by the
indemnified person as to which the Company has indemnified such person pursuant
hereto. Notwithstanding the foregoing provisions of this Paragraph 7(A), any
such payment or reimbursement by the Company of fees, expenses or disbursements
incurred by an indemnified person in any proceeding in which a final judgment by
a court of competent jurisdiction (after all appeals or the expiration of time
to appeal) is entered against the Placement Agent or such indemnified person
based upon specific finding of fact that the Placement Agent or such indemnified
person's gross negligence or willful misfeasance will be promptly repaid to the
Company.

                  The Placement Agent hereby agrees that it will indemnify and
hold the Company and each officer, director, shareholder, employee or
representative of the Company, and each person controlling, controlled by or
under common control with the Company within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act or the Rules and Regulations, harmless
from and against any and all loss, claim, damage, liability, cost or expense
whatsoever (including, but not limited to, any and all reasonable legal fees and
other expenses and disbursements incurred in connection with investigating,
preparing to defend or defending any action, suit or proceeding, including any
inquiry or investigation, commenced or threatened, or any claim whatsoever or in
appearing or preparing for appearance as a witness in any action, suit or
proceeding, including any inquiry, investigation or pretrial proceeding such as
a deposition) to which the Company or such indemnified person of the Company may
become subject under the 1933 Act, the 1934 Act, the Rules and Regulations, or
any other federal or state law or regulation, common law or otherwise, arising
out of or based upon (i) the material breach of any representation, warranty,
covenant or agreement made by the Placement Agent in this Agreement, or (ii) any
false or misleading information provided to the Company in writing by one of the
Placement Agent's indemnified persons specifically for inclusion in the Offering
Materials.

                  The Investor hereby agrees that it will indemnify and hold the
Placement Agent and each officer, director, shareholder, employee or
representative of the Placement Agent, and each person controlling, controlled
by or under common control with the Placement Agent within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and
Regulations, harmless from and against any and all loss, claim, damage,
liability, cost or expense whatsoever (including, but not limited to, any and
all reasonable legal fees and other expenses and disbursements incurred in
connection with investigating, preparing to defend or defending any action, suit
or proceeding, including any inquiry or investigation, commenced or threatened,
or any claim whatsoever or in appearing or preparing for appearance as a witness
in any action, suit or proceeding, including any inquiry, investigation or
pretrial proceeding such as a deposition) to which the Placement Agent or such
indemnified person of the Placement Agent may become subject under the 1933 Act,
the 1934 Act, the Rules and Regulations, or any other federal or state law or
regulation, common law or otherwise, arising out of or based upon (i) the
conduct of the Investor or its officers, employees or representatives in its
acting as the Investor for the Offering, (ii) the material breach of any
representation, warranty, covenant or agreement made by the Investor in the
Offering Materials, or (iii) any false or misleading information provided to the
Placement Agent by one of the Investor's indemnified persons.

                  The Placement Agent hereby agrees that it will indemnify and
hold the Investor and each officer, director, shareholder, employee or
representative of the Investor, and each person controlling, controlled by or
under common control with the Investor within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act or the Rules and Regulations, harmless
from and against any and all loss, claim, damage, liability, cost or expense
whatsoever (including, but not limited to, any and all reasonable legal fees and
other expenses and disbursements incurred in connection with investigating,
preparing to defend or defending any action, suit or proceeding, including any
inquiry or investigation, commenced or threatened, or any claim whatsoever or in
appearing or preparing for appearance as a witness in any action, suit or
proceeding, including any inquiry, investigation or pretrial proceeding such as
a deposition) to which the Investor or such indemnified person of the

<PAGE>

Investor may become subject under the 1933 Act, the 1934 Act, the Rules and
Regulations, or any other federal or state law or regulation, common law or
otherwise, arising out of or based upon the material breach of any
representation, warranty, covenant or agreement made by the Placement Agent in
this Agreement.

                  Promptly after receipt by an indemnified party of notice of
commencement of any action covered by Section 7(A), (B), (C) or (D), the party
to be indemnified shall, within five (5) business days, notify the indemnifying
party of the commencement thereof; the omission by one (1) indemnified party to
so notify the indemnifying party shall not relieve the indemnifying party of its
obligation to indemnify any other indemnified party that has given such notice
and shall not relieve the indemnifying party of any liability outside of this
indemnification if not materially prejudiced thereby. In the event that any
action is brought against the indemnified party, the indemnifying party will be
entitled to participate therein and, to the extent it may desire, to assume and
control the defense thereof with counsel chosen by it which is reasonably
acceptable to the indemnified party. After notice from the indemnifying party to
such indemnified party of its election to so assume the defense thereof, the
indemnifying party will not be liable to such indemnified party under such
Section 7(A), (B), (C), or (D) for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof, but
the indemnified party may, at its own expense, participate in such defense by
counsel chosen by it, without, however, impairing the indemnifying party's
control of the defense. Subject to the proviso of this sentence and
notwithstanding any other statement to the contrary contained herein, the
indemnified party or parties shall have the right to choose its or their own
counsel and control the defense of any action, all at the expense of the
indemnifying party if (i) the employment of such counsel shall have been
authorized in writing by the indemnifying party in connection with the defense
of such action at the expense of the indemnifying party, or (ii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
such indemnified party to have charge of the defense of such action within a
reasonable time after notice of commencement of the action, or (iii) such
indemnified party or parties shall have reasonably concluded that there may be
defenses available to it or them which are different from or additional to those
available to one or all of the indemnifying parties (in which case the
indemnifying parties shall not have the right to direct the defense of such
action on behalf of the indemnified party or parties), in any of which events
such fees and expenses of one additional counsel shall be borne by the
indemnifying party; provided, however, that the indemnifying party shall not, in
connection with any one action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or
circumstance, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys at any time for all such indemnified parties. No
settlement of any action or proceeding against an indemnified party shall be
made without the consent of the indemnifying party.

                  In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in Section 7(A) or 7(B)
is due in accordance with its terms but is for any reason held by a court to be
unavailable on grounds of policy or otherwise, the Company and the Placement
Agent shall contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with the
investigation or defense of same) which the other may incur in such proportion
so that the Placement Agent shall be responsible for such percent of the
aggregate of such losses, claims, damages and liabilities as shall equal the
percentage of the gross proceeds paid to the Placement Agent and the Company
shall be responsible for the balance; provided, however, that no person guilty
of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933
Act shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 7(F), any person
controlling, controlled by or under common control with the Placement Agent, or
any partner, director, officer, employee, representative or any agent of any
thereof, shall have the same rights to contribution as the Placement Agent and
each person controlling, controlled by or under common control with the Company
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
and each officer of the

<PAGE>

Company and each director of the Company shall have the same rights to
contribution as the Company. Any party entitled to contribution will, promptly
after receipt of notice of commencement of any action, suit or proceeding
against such party in respect of which a claim for contribution may be made
against the other party under this Section 7(D), notify such party from whom
contribution may be sought, but the omission to so notify such party shall not
relieve the party from whom contribution may be sought from any obligation they
may have hereunder or otherwise if the party from whom contribution may be
sought is not materially prejudiced thereby.

                  The indemnity and contribution agreements contained in this
Section 7 shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of any indemnified person or any termination
of this Agreement.

                  The Company hereby waives, to the fullest extent permitted by
law, any right to or claim of any punitive, exemplary, incidental, indirect,
special, consequential or other damages (including, without limitation, loss of
profits) against the Placement Agent and each officer, director, shareholder,
employee or representative of the placement agent and each person controlling,
controlled by or under common control with the Placement Agent within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules
and Regulations arising out of any cause whatsoever (whether such cause be based
in contract, negligence, strict liability, other tort or otherwise).
Notwithstanding anything to the contrary contained herein, the aggregate
liability of the Placement Agent and each officer, director, shareholder,
employee or representative of the Placement Agent and each person controlling,
controlled by or under common control with the Placement Agent within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules
and Regulations shall not exceed the compensation received by the Placement
Agent pursuant to Section 2 hereof. This limitation of liability shall apply
regardless of the cause of action, whether contract, tort (including, without
limitation, negligence) or breach of statute or any other legal or equitable
obligation.

         Payment of Expenses.

         The Company hereby agrees to bear all of the expenses in connection
with the Offering, including, but not limited to the following: filing fees,
printing and duplicating costs, advertisements, postage and mailing expenses
with respect to the transmission of Offering Materials, registrar and transfer
agent fees, escrow agent fees and expenses, fees of the Company's counsel and
accountants, issue and transfer taxes, if any.

         Conditions of Closing.

         The Closing shall be held at the offices of the Investor or its
counsel. The obligations of the Placement Agent hereunder shall be subject to
the continuing accuracy of the representations and warranties of the Company and
the Investor herein as of the date hereof and as of the Date of Closing (the
"Closing Date") with respect to the Company or the Investor, as the case may be,
as if it had been made on and as of such Closing Date; the accuracy on and as of
the Closing Date of the statements of the officers of the Company made pursuant
to the provisions hereof; and the performance by the Company and the Investor on
and as of the Closing Date of its covenants and obligations hereunder and to the
following further conditions:

                  Upon the effectiveness of a registration statement covering
the Standby Equity Distribution Agreement, the Investor and the Placement Agent
shall receive the opinion of Counsel to the Company, dated as of the date
thereof, which opinion shall be in form and substance reasonably satisfactory to
the Investor, their counsel and the Placement Agent.

                  At or prior to the Closing, the Investor and the Placement
Agent shall have been furnished such documents, certificates and opinions as it
may reasonably require for the purpose of enabling them to review or pass upon
the matters referred to in this Agreement and the Offering

<PAGE>

Materials, or in order to evidence the accuracy, completeness or satisfaction of
any of the representations, warranties or conditions herein contained.

                  At and prior to the Closing, (i) there shall have been no
material adverse change nor development involving a prospective change in the
condition or prospects or the business activities, financial or otherwise, of
the Company from the latest dates as of which such condition is set forth in the
Offering Materials; (ii) there shall have been no transaction, not in the
ordinary course of business except the transactions pursuant to the Securities
Purchase Agreement entered into by the Company on the date hereof which has not
been disclosed in the Offering Materials or to the Placement Agent in writing;
(iii) except as set forth in the Offering Materials, the Company shall not be in
default under any provision of any instrument relating to any outstanding
indebtedness for which a waiver or extension has not been otherwise received;
(iv) except as set forth in the Offering Materials, the Company shall not have
issued any securities (other than those to be issued as provided in the Offering
Materials) or declared or paid any dividend or made any distribution of its
capital stock of any class and there shall not have been any change in the
indebtedness (long or short term) or liabilities or obligations of the Company
(contingent or otherwise) and trade payable debt; (v) no material amount of the
assets of the Company shall have been pledged or mortgaged, except as indicated
in the Offering Materials; and (v) no action, suit or proceeding, at law or in
equity, against the Company or affecting any of its properties or businesses
shall be pending or threatened before or by any court or federal or state
commission, board or other administrative agency, domestic or foreign, wherein
an unfavorable decision, ruling or finding could materially adversely affect the
businesses, prospects or financial condition or income of the Company, except as
set forth in the Offering Materials.

                  If requested at Closing the Investor and the Placement Agent
shall receive a certificate of the Company signed by an executive officer and
chief financial officer, dated as of the applicable Closing, to the effect that
the conditions set forth in subparagraph (C) above have been satisfied and that,
as of the applicable closing, the representations and warranties of the Company
set forth herein are true and correct.

                  The Placement Agent shall have no obligation to insure that
(x) any check, note, draft or other means of payment for the Common Stock will
be honored, paid or enforceable against the Investor in accordance with its
terms, or (y) subject to the performance of the Placement Agent's obligations
and the accuracy of the Placement Agent's representations and warranties
hereunder, (1) the Offering is exempt from the registration requirements of the
1933 Act or any applicable state "Blue Sky" law or (2) the Investor is an
Accredited Investor.

         Termination.

         This Agreement shall be co-terminus with, and terminate upon the same
terms and conditions as those set forth in, the Standby Equity Distribution
Agreement. The rights of the Investor and the obligations of the Company under
the Registration Rights Agreement, and the rights of the Placement Agent and the
obligations of the Company shall survive the termination of this Agreement
unabridged.

         Miscellaneous.

                  This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all which shall be deemed
to be one and the same instrument.

                  Any notice required or permitted to be given hereunder shall
be given in writing and shall be deemed effective when deposited in the United
States mail, postage prepaid, or when received if personally delivered or faxed
(upon confirmation of receipt received by the sending party), addressed as
follows to such other address of which written notice is given to the others):

<PAGE>

If to Placement Agent, to:             Newbridge Securities Corporation
                                       1451 Cypress Creek Road, Suite 204
                                       Fort Lauderdale, Florida 33309
                                       Attention:    Doug Aguililla
                                       Telephone:    (954) 334-3450
                                       Facsimile:    (954) 229-9937

If to the Company, to:                 Mymetics Corporation
                                       14 rue de la Colombiere
                                       1260 Nyon (Switzerland)
                                       Attention:    Ernest Lubke
                                       Telephone:    011-41-22-363-13-10
                                       Facsimile:    011-41-22-363-13-11

With a copy to:                        Schiff Hardin LLP
                                       1101 Connecticut Avenue, N.W. - Suite 600
                                       Washington, D.C. 20036
                                       Attention:    Ernest M. Stern, Esq.
                                       Telephone:    (202) 778-6461
                                       Facsimile:    (202) 778-6460

If to the Investor:                    Cornell Capital Partners, LP
                                       101 Hudson Street - Suite 3700
                                       Jersey City, NJ  07302
                                       Attention:    Mark A. Angelo
                                                     Portfolio Manager
                                       Telephone:    (201) 985-8300
                                       Facsimile:    (201) 985-8266

With copies to:                        David Gonzalez, Esq.
                                       101 Hudson Street - Suite 3700
                                       Jersey City, NJ 07302
                                       Telephone:    (201) 985-8300
                                       Facsimile:    (201) 985-8266

                  This Agreement shall be governed by and construed in all
respects under the laws of the State of Delaware, without reference to its
conflict of laws rules or principles. Any suit, action, proceeding or litigation
arising out of or relating to this Agreement shall be brought and prosecuted in
such federal or state court or courts located within the State of New Jersey as
provided by law. The parties hereby irrevocably and unconditionally consent to
the jurisdiction of each such court or courts located within the State of New
Jersey and to service of process by registered or certified mail, return receipt
requested, or by any other manner provided by applicable law, and hereby
irrevocably and unconditionally waive any right to claim that any suit, action,
proceeding or litigation so commenced has been commenced in an inconvenient
forum.

                  This Agreement and the other agreements referenced herein
contain the entire understanding between the parties hereto and may not be
modified or amended except by a writing duly signed by the party against whom
enforcement of the modification or amendment is sought.

                  If any provision of this Agreement shall be held to be invalid
or unenforceable, such invalidity or unenforceability shall not affect any other
provision of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

                                            COMPANY:
                                            MYMETICS CORPORATION

                                            By:
                                                -------------------------------
                                                Name:
                                                Title:

                                            PLACEMENT AGENT:
                                            NEWBRIDGE SECURITIES CORPORATION

                                            By:
                                                -------------------------------
                                                Name:    Guy S. Amico
                                                Title:   President

                                            INVESTOR:
                                            CORNELL CAPITAL PARTNERS, LP

                                            BY:      YORKVILLE ADVISORS, LLC
                                            ITS:     GENERAL PARTNER

                                            By:
                                                -------------------------------
                                                Name:    Mark A. Angelo
                                                Title:   Portfolio Manager<PAGE>
                                                                EXHIBIT 10.5

                              AMENDED AND RESTATED
                          CERTIFICATE OF INCORPORATION
                                       OF
                              MYMETICS CORPORATION

         Mymetics Corporation, a corporation organized and existing under the
General Corporation Law of the State of Delaware (the "Corporation"), DOES
HEREBY CERTIFY:

         1. The name of the corporation is Mymetics Corporation. The date of
filing its original Certificate of Incorporation (originally incorporated under
the name ICHOR Corporation) with the Secretary of State was September 16, 1996.

         2. A Certificate of Designation was filed with the Secretary of State
of Delaware on March 6, 1998 to designate the rights and preferences of the
Series 1 Preferred Stock.

         3. A Certificate of Designation was filed with the Secretary of State
of Delaware on December 6, 1999 to designate the rights and preferences of the
Series 2 Preferred Stock.

         4. A Certificate of Designation was filed with the Secretary of State
of Delaware on March 23, 2001 to designate the rights and preferences of the
Special Voting Preferred Stock.

         5. An Amendment to the Certificate of Incorporation was filed with the
Secretary of State of Delaware on May 21, 2001.

         6. An Amendment to the Certificate of Incorporation was filed with the
Secretary of State of Delaware on July 23, 2001 to change the name of the
Corporation to "Mymetics Corporation."

         7. A Certificate of Correction to the Certificate of Incorporation was
filed with the Secretary of State of Delaware on July 26, 2001.

         8. A Certificate of Renewal and Revival of Certificate of Incorporation
was filed with the Secretary of State of Delaware on May 10, 2002.

         9. A Certificate of Renewal and Revival of Certificate of Incorporation
was filed with the Secretary of State of Delaware on March 22, 2004.

         10. This Amended and Restated Certificate of Incorporation so adopted
reads in full as set forth in Exhibit A attached hereto and is hereby
incorporated herein by this reference.

<PAGE>

         IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
signed by its President this ____ day of November, 2004.

                                          MYMETICS CORPORATION

                                          By:
                                              ----------------------------
                                              CHRISTIAN J. F. ROCHET, PRESIDENT

<PAGE>

                                    EXHIBIT A

                              AMENDED AND RESTATED

                          CERTIFICATE OF INCORPORATION

                                       OF

                              MYMETICS CORPORATION

                                    ARTICLE I

         The name of the corporation is Mymetics Corporation (the
"Corporation").

                                   ARTICLE II

         The name of its registered agent is The Corporation Trust Company and
the address of its registered office in the State of Delaware is Corporation
Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.

                                   ARTICLE III

         The purpose of the Corporation is to engage in any lawful act or
activity for which corporations may be organized under the General Corporation
Law of the State of Delaware, as from time to time amended.

                                   ARTICLE IV

         The total number of shares of all classes of stock which the
Corporation shall have authority to issue is Five Hundred Million (500,000,000)
shares. The total number of shares of Common Stock authorized to be issued is
Four Hundred Ninety-Five Million (495,000,000) shares, $0.01 par value per
share. The total number of shares of Preferred Stock authorized to be issued is
Five Million (5,000,000) shares, $0.01 par value per share, of which (i) Five
Hundred Thousand (500,000) shares are designated as 5% Cumulative Redeemable
Convertible Preferred Stock, Series 1 (the "Series 1 Preferred Stock"), (ii) of
which One Hundred Thousand (100,000) shares are designated as "5% Cumulative
Redeemable Convertible Preferred Stock, Series 2" (the "Series 2 Preferred
Stock") and (iii) of which One (1) share is designated as "Special Voting
Preferred Stock."

                  Except as otherwise provided by law, the shares of stock of
the Corporation, regardless of class, may be issued by the Corporation from time
to time in such amounts, for such consideration and for such corporate purposes
as the Corporation's Board of Directors may from time to time determine.

                  The rights, preferences, privileges and restrictions granted
to or imposed upon the Preferred Stock are as follows:

                           A. Series 1 Preferred Stock

                  The first series of Preferred Stock, designated 5% Cumulative
Redeemable Convertible Preferred Stock, Series 1 (the "Series 1 Shares") shall
have attached thereto, in addition to the rights, privileges, restrictions,
conditions and limitations attaching to the Preferred Stock as a class, the
following rights, privileges, restrictions and conditions (the "Series 1
Provisions"):

<PAGE>

1.       GENERAL

1.1      DEFINITIONS

         Where used in these Series 1 Provisions, the following words and
phrases shall, unless there is something in the context otherwise inconsistent
therewith, have the following meanings, respectively:

(a)      "business day" means a day other than a Saturday, Sunday or any other
         day treated as a holiday in the State of Delaware;

(b)      "close of business" means the normal closing hour of the principal
         office of the transfer agent for the Series 1 Shares;

(c)      "Common Shares" means the Common Shares in the Corporation as such
         shares were constituted on February 20, 1998, or as such shares may be
         changed from time to time, provided that any adjustment in the
         Conversion Rate required by clause 3.5 hereof has been made;

(d)      "Conversion Price" means 90% of the Current Market Price;

(e)      "Conversion Rate" means the number of Common Shares into which one
         Series 1 Share may be converted at such time in accordance with the
         provisions of Section 3;

(f)      "Current Market Price" of the Common Shares on any date means the
         arithmetic weighted average of the closing prices for sales of Common
         Shares on the designated exchange based upon the 20 day average closing
         trading price on the designated exchange, provided that in the event
         that the Common Shares are not listed on any stock exchange or through
         any quotation system, Current Market Price shall be determined by the
         board of directors of the Corporation, which determination shall be
         conclusive;

(g)      "designated exchange" means on any date, the stock exchange or
         quotation system through which the largest number of Common Shares of
         the Corporation traded over the 20 trading day period immediately
         preceding such date;

(h)      "director" means a director of the Corporation for the time being and
         "directors" or "board of directors" means the board of directors of the
         Corporation or, if duly constituted and empowered, the executive
         committee of the board of directors of the Corporation for the time
         being, and reference, without further elaboration, to action by the
         directors means either action by the directors of the Corporation as a
         board or action by the said executive committee as such committee;

(i)      "herein", "hereto", "hereunder", "hereof", "hereby" and similar
         expressions mean or refer to these Series 1 Provisions and not to any
         particular Section, clause, subclause, subdivision or portion hereof,
         and the expressions "Section", "clause" and "subclause" followed by a
         number or a letter mean and refer to the specified Section, clause or
         subclause hereof;

(j)      "Initial Issue Date" means the first date on which any Series 1 Shares
         are issued and outstanding;

(k)      " Issue Price" means $10.00 per Series 1 Share;

(l)      "Junior Shares" means any shares in the capital of the Corporation
         ranking after or subordinate to the Series 1 Shares as to the payment
         of dividends or the return of capital, including, without limiting the
         generality of the foregoing, the Common Shares;

<PAGE>

(m)      "Liquidation Distribution" means the distribution of assets of the
         Corporation on the liquidation, dissolution or winding-up of the
         Corporation, whether voluntary or involuntary, or any other
         distribution of assets of the Corporation among its shareholders for
         the purpose of winding up its affairs;

(n)      "ranking as to capital" means ranking or priority with respect to the
         distribution of assets in the event of a Liquidation Distribution;

(o)      "Series 1 Holder" means a person recorded on the securities register of
         the Corporation as being the registered holder of one or more Series 1
         Shares;

(p)      "trading day" means any day on which the designated exchange is open
         for business and on which the relevant class of shares of the
         Corporation are traded; and

(q)      "transfer agent" means the corporation or corporations from time to
         time appointed by the directors as the transfer agent for the Series 1
         Shares and, in the event that no such person is appointed, "transfer
         agent" means the Corporation.

1.2      GENDER, ETC.

         Words importing only the singular number include the plural and vice
versa and words importing any gender include all genders.

1.3      CURRENCY

         All monetary amounts referred to herein shall be in lawful money of the
United States.

1.4      HEADINGS

         The division of these Series 1 Provisions into Sections, clauses,
subclauses or other subdivisions and the insertion of headings are for
convenience of reference only and shall not affect the construction or
interpretation hereof

1.5      BUSINESS DAY

         In the event that any date upon which any dividends on the Series l
Shares are payable by the Corporation, or upon or by which any other action is
required to be taken by the Corporation or any Series 1 Holder hereunder, is not
a business day, then such dividend shall be payable or such other action shall
be required to be taken on or by the next succeeding day which is a business
day.

2.       DIVIDENDS

2.1      DECLARATION AND PAYMENT OF DIVIDENDS

         The holders of Series 1 Shares shall be entitled to receive and the
Corporation shall pay thereon, as and when declared by the board of directors
out of funds legally available for such purpose, fixed preferential cumulative
cash dividends at the rate of $0.50 per share per annum. Such dividends shall
accrue, whether or not earned or declared, from and including the date of issue
of such shares and, subject as hereinafter provided, shall be payable in equal
quarterly installments of $0.125 per share on the last day of each of March,
June, September and December in each year (each of which date is hereinafter
referred to as a "dividend payment date"). The first dividend payment date shall
be March 31, 1998.

<PAGE>

2.2      AMOUNT OF DIVIDEND

         The amount of the dividend for any period which is less than a full
quarter with respect to any Series 1 Share:

         (i)      which is issued, redeemed or purchased; or

         (ii)     where assets of the Corporation are distributed to the Series
                  1 Holders pursuant to Section 6 hereof;

shall be equal to the amount calculated by multiplying $0.125 by a fraction the
numerator of which is the number of days in such quarter for which such share
has been outstanding (including the dividend payment date at the beginning of
such quarter if such share was outstanding on that date excluding the next
succeeding dividend payment date if such share was outstanding on that date),
and the denominator of which is the number of days in such quarter (including
the dividend payment date at the beginning thereof and excluding the next
succeeding dividend payment date).

         The amount of dividend payable in respect of each Series 1 Share on the
first dividend payment date following the Initial Issue Date shall be that
proportion of $0.125 which the number of days from and including the Initial
Issue Date to but excluding such dividend payment date is to the total number of
days in the 3 month period immediately preceding such dividend payment date.

2.3      CUMULATION OF DIVIDENDS

         If on any dividend payment date a dividend accrued to and payable on
such date is not paid in full on the Series 1 Shares then issued and
outstanding, the dividend or the unpaid part thereof shall be paid on a
subsequent dividend payment date or dividend payment dates determined by the
board of directors on which the Corporation shall have sufficient moneys legally
available for the payment of the same. The Series 1 Holders shall not be
entitled to any dividends other than or in excess of the fixed preferential
cumulative dividends provided for in this Section 2.

3.       CONVERSION

3.1      RIGHT TO CONVERT

         Upon and subject to the terms and conditions hereinafter set forth, the
holders of Series 1 Shares shall have the right, at any time and from time to
time, up to the close of business on March 6, 2003, or, in the case of Series l
Shares called for redemption, to the close of business on the business day
immediately preceding the date fixed for redemption, whichever is earlier
(provided, however, that if the Corporation shall fail to redeem such Series 1
Shares in accordance with the notice of redemption the right of conversion shall
thereupon be restored as if such call for redemption had not been made), to
convert all or any part of their Series 1 Shares into fully paid and
non-assessable Common Shares, at the Conversion Rate in effect on the date of
conversion. Unless and until adjusted in accordance with these Series 1
Provisions, the Conversion Rate shall be equal to the quotient obtained when the
Issue Price plus all accrued and unpaid dividends thereon outstanding as at the
date of conversion is divided by the Conversion Price.

3.2      CONVERSION PROCEDURE

         The conversion right provided for in clause 3.1 may be exercised by
completing and executing a notice of conversion on the certificate or
certificates representing the Series 1 Shares in respect of which the holder
thereof desires to exercise such right of conversion or such other form of
notice approved by the Corporation and by delivering the said notice and
certificate or certificates to the transfer agent for the Series 1 Shares at any
office for the transfer of the Series 1 Shares. The said

<PAGE>

notice of conversion shall be signed by such holder or by his duly authorized
attorney or agent, with signature guaranteed in a manner satisfactory to the
transfer agent and shall specify the number of Series 1 Shares which the Series
1 Holder desires to have converted. The transfer form in the certificate or
certificates in question need not be endorsed, except in the circumstances
contemplated by clause 3.3. If less than all the Series 1 Shares represented by
a certificate or certificates are to be converted, the Series 1 Holder shall be
entitled to receive, at the expense of the Corporation, a new certificate
representing the Series 1 Shares represented by the certificate or certificates
surrendered as aforesaid which are not to be converted.

3.3      PERSON TO WHOM COMMON SHARES WILL BE ISSUED

         On any conversion of Series 1 Shares the share certificates for Common
Shares resulting therefrom shall be issued at the expense of the Corporation in
the name of the registered holder of the Series 1 Shares converted or in such
name or names as such registered holder may direct in writing, provided that
such registered holder shall pay any applicable security transfer taxes. In any
case where the Common Shares are to be issued in the name of a person other than
the holder of the converted Series l Shares, the transfer form on the back of
the certificates in question shall be endorsed by the registered holder of the
Series 1 Shares or his duly authorized attorney or agent, with signature
guaranteed in a manner satisfactory to the transfer agent.

3.4      EFFECTIVE DATE OF CONVERSION

         Each Series 1 Holder whose shares are to be converted in whole or in
part (or any other person or persons in whose name or names any certificates
representing Common Shares are issued as provided in clause 3.3) shall be deemed
to have become the holder of record of the Common Shares into which such Series
1 Shares are converted, for all purposes, on the respective dates of receipt by
the transfer agent of the certificate or certificates representing the Series 1
Shares to be converted as provided in clause 3.2, notwithstanding any delay in
the delivery of the certificate or certificates representing the Common Shares
into which such Series 1 Shares have been converted and, effective as of and
throughout such respective dates, the Series 1 Holder shall cease to be
registered as the holder of record of the Series 1 Shares so converted.

3.5      ADJUSTMENT OF CONVERSION RATE

3.5.1    If and whenever at any time and from time to time the Corporation shall
         (i) subdivide, redivide or change its then outstanding Common Shares
         into a greater number of Common Shares, (ii) reduce, combine or
         consolidate or change its then outstanding Common Shares into a lesser
         number of Common Shares, or (iii) issue Common Shares (or securities
         exchangeable or convertible into Common Shares) to the holders of all
         or substantially all of its then outstanding Common Shares by way of
         stock dividend or other distribution (other than a stock dividend paid
         in the ordinary course) (any of such events being herein called a
         "Common Share Reorganization"), the Conversion Rate shall be adjusted
         effective immediately after the record date at which the holders of
         Common Shares are determined for the purpose of the Common Share
         Reorganization to provide that each Series 1 Holder shall thereafter be
         entitled to receive such number of Common Shares as he would have been
         entitled to receive had he exercised his conversion rights immediately
         prior to such Common Share Reorganization.

3.5.2    If and whenever there is a capital reorganization of the Corporation
         not otherwise provided for in this clause 3.5 or a consolidation,
         merger, arrangement or amalgamation (statutory or otherwise) of the
         Corporation with or into another body corporate (any such event being
         called a "Capital Reorganization"), any Series 1 Holder who has not
         exercised his right of conversion prior to the record date for such

<PAGE>

         Capital Reorganization shall be entitled to receive and shall accept,
         upon the exercise of such right at any time after the record date for
         such Capital Reorganization, in lieu of the number of Common Shares to
         which he was theretofore entitled upon conversion, the aggregate number
         of shares or other securities of the Corporation or of the corporation
         or body corporate resulting, surviving or continuing from the Capital
         Reorganization that such holder would have been entitled to receive as
         a result of such Capital Reorganization if, on the record date, he had
         been the registered holder of the number of Common Shares to which he
         was theretofore entitled upon conversion, subject to adjustment
         thereafter in accordance with provisions the same, as nearly as may be
         possible, as those contained in this clause 3.5; provided that no such
         Capital Reorganization shall be carried into effect unless all
         necessary steps shall have been taken so that the Series 1 Holder shall
         thereafter be entitled to receive such number of shares or other
         securities of the Corporation or of the corporation or body corporate
         resulting, surviving or continuing from the Capital Reorganization.

3.5.3    In case of any reclassification of, or other change in, the outstanding
         Common Shares other than a Common Share Reorganization or a Capital
         Reorganization, the right of conversion shall be adjusted immediately
         after the record date for such reclassification or other change so that
         Series 1 Holders shall be entitled to receive, upon the exercise of
         such right at any time after the record date of such reclassification
         or other change, such shares, securities or rights as they would have
         received had such Series 1 Shares been converted into Common Shares
         immediately prior to such record date subject to adjustment thereafter
         in accordance with provisions, the same as nearly may be possible, as
         those contained in this clause 3.5.

3.6      ENTITLEMENT TO DIVIDENDS

         Each Series 1 Holder on the record date for any dividend declared
payable on the Series 1 Shares shall be entitled to such dividend
notwithstanding that any Series 1 Share owned by him is converted after such
record date and before the payment date of such dividend. The registered holder
of any Common Share resulting from any conversion effected pursuant to this
Section 3 shall be entitled to rank equally with the registered holders of all
other Common Shares in respect of all dividends declared payable to holders of
Common Shares of record on or after the date of conversion.

3.7      AVOIDANCE OF FRACTIONAL SHARES

         In any case where a fraction of a Common Share would otherwise be
issuable on conversion of one or more Series 1 Shares, the Corporation shall, at
its option, either (i) adjust such fractional interest by payment by check in an
amount equal to the then current market value of such fractional interest or
(ii) issue in respect of such fraction a scrip certificate transferable by
delivery entitling the holder thereof and of other similar certificates
aggregating one full Common Share, upon surrender of such certificates at such
place as may be designated therein, to obtain from the Corporation a full Common
Share and to receive a share certificate therefor; such checks shall be payable
to the holders thereof in lawful money of the United States at par at any branch
in the United States of the Corporation's bankers for the time being and such
scrip certificates shall be in such form and shall be subject to such terms and
conditions as the directors may determine and shall provide that the holder
thereof shall not thereby be a shareholder and shall not be entitled to receive
dividends or to any other rights of a shareholder. The amount of any cash
adjustment shall equal the current market value of such fractional interest
computed on the basis of the last sale price (or average of the bid and asked
prices if there were no sales) per share for the Common Shares on the NASDAQ
Stock Market (or, if such shares are not then listed and posted for trading on
such stock exchange, on such stock exchange or quotation system through which
such shares are listed and posted for trading as may be selected by the board of
directors) on the business day next preceding the conversion date. In the event
that the Common Shares of the Corporation are not listed on any stock exchange
or through any quotation system the current market value shall be determined by
the board of directors which determination shall be conclusive.

<PAGE>

4.       REDEMPTION

4.1      OPTIONAL REDEMPTION

4.1.1    The Corporation, upon giving notice as hereinafter provided, may redeem
         all at any time and part from time to time of the then outstanding
         Series 1 Shares, on payment for each share to be redeemed of the Issue
         Price together in each case with an amount equal to all accrued and
         unpaid cumulative preferential dividends thereon calculated to but
         excluding the date fixed for redemption, the whole constituting and
         herein referred to as the "Redemption Price". The Redemption Price
         shall be adjusted in the event of any subdivision, redivision,
         reduction, combination or consolidation of the outstanding Series 1
         Shares to provide that the Series 1 Holders shall thereafter be
         entitled to receive the same amount in respect of the Redemption Price
         as they would have been entitled to receive had the Corporation
         redeemed the Series 1 Shares prior to the occurrence of any such event.

4.2      PARTIAL REDEMPTION

         If less than all the Series 1 Shares are at any time to be redeemed,
the shares to be redeemed shall be selected by lot or in such other manner as
the board of directors may deem equitable or, if the board of directors so
determines, on a pro rata basis, disregarding fractions, according to the number
of Series 1 Shares held by each of the registered holders thereof. If less than
all of the Series 1 Shares are at any time to be redeemed and a Series 1 Holder
has duly exercised his right to convert into Common Shares all or any part of
the number of Series 1 Shares held by such holder which have been called for
redemption, the number of Series 1 Shares held by such Series 1 Holder to be
redeemed shall be reduced by the number (but not exceeding the number of Series
1 Shares held by such Series 1 Holder called for redemption) of Series 1 Shares
in respect of which such registered holder has duly exercised his right to
convert into Common Shares. If only a part of the Series 1 Shares represented by
any certificate shall be redeemed, a new certificate representing the balance of
such shares shall be issued to the holder thereof at the expense of the
Corporation upon presentation and surrender of the first mentioned certificate.

4.3      METHOD OF REDEMPTION

4.3.1    In any case of redemption of Series 1 Shares, the Corporation shall not
         less than 10 days and not more than 45 days before the date specified
         for redemption send by prepaid first class mail or deliver to the
         registered address of each person who at the date not more than 50 days
         prior to the date of mailing or delivery is a Series 1 Holder to be
         redeemed a notice in writing of the intention of the Corporation to
         redeem the Series 1 Shares registered in the name of such holder.
         Accidental failure or omission to give such notice to one or more
         holders shall not affect the validity of such redemption, but upon such
         failure or omission being discovered notice shall be given forthwith to
         such holder or holders and such notice shall have the same force and
         effect as if given in due time. Such notice shall set out the number of
         Series 1 Shares held by the person to whom it is addressed which are to
         be redeemed, the Redemption Price, the date specified for redemption
         and the place or places at which holders of Series 1 Shares may present
         and surrender such shares for redemption.

4.3.2    On the date so specified for redemption, the Corporation shall pay or
         cause to be paid to or to the order of the Series 1 Holders to be
         redeemed the Redemption Price of such shares on presentation and
         surrender of the certificate or certificates representing the Series 1
         Shares called for redemption at the registered office of the
         Corporation or any other place or places specified in the notice of
         redemption. Payment in respect of Series 1 Shares being redeemed shall
         be made by check payable to the holder thereof in lawful money of the
         United States at par at any branch in the United States of the
         Corporation's bankers for the time being.

<PAGE>

4.3.3    From and after the date specified for redemption in any such notice of
         redemption, the Series 1 Shares called for redemption shall cease to be
         entitled to dividends or any other participation in the assets of the
         Corporation and the holders thereof shall not be entitled to exercise
         any of their other rights as shareholders in respect thereof unless
         payment of the Redemption Price shall not be made upon presentation and
         surrender of the certificates in accordance with the foregoing
         provisions, in which case the rights of the holders shall remain
         unaffected.

4.3.4    The Corporation shall have the right at any time on or after the
         mailing or delivery of notice of its intention to redeem Series 1
         Shares to deposit the Redemption Price of the Series 1 Shares so called
         for redemption, or of such of the Series 1 Shares which are represented
         by certificates which have not at the date of such deposit been
         surrendered by the holders thereof in connection with such redemption,
         to a special account in any specified United States bank named in such
         notice of redemption or in a subsequent notice to the registered
         holders of the shares in respect of which the deposit is made, to be
         paid without interest to or to the order of the respective Series 1
         Holders whose shares have been called for redemption, upon presentation
         and surrender to such bank of the certificates representing such
         shares. Upon such deposit being made, the Series 1 Shares in respect of
         which such deposit shall have been made shall be deemed to have been
         redeemed and the rights of the holders thereof after such shall be
         limited to receiving their proportion (less any tax required to be
         deducted or withheld therefrom) of the amount so deposited without
         interest, upon presentation and surrender of the certificate or
         certificates representing the Series 1 Shares being redeemed. Any
         interest allowed on any such deposit shall belong to the Corporation.

4.3.5    Redemption moneys that are represented by a check which has not been
         presented to the Corporation's bankers for payment or that otherwise
         remain unclaimed (including moneys held on deposit in a special account
         as provided for above) for a period of 5 years from the date specified
         for redemption shall be forfeited to the Corporation.

5.       RESTRICTIONS ON DIVIDENDS, RETIREMENT AND ISSUANCE OF SHARES

         While any Series 1 Shares are outstanding, the Corporation shall not,
without the approval of the holders of Series 1 Shares given as hereinafter
specified:

(a)      declare, set aside for payment or pay any dividends on or make
         distributions on or in respect of any Junior Shares (other than
         dividends consisting of Junior Shares); or

(b)      call for redemption, redeem, purchase, retire or acquire for value or
         distribute in respect of any Junior Shares (except to the extent and
         out of net cash proceeds received by the Corporation from a
         substantially concurrent issue of Junior Shares); or

(c)      call for redemption, redeem, purchase or otherwise retire or acquire
         for value less than all of the Series 1 Shares outstanding;

unless, in each such case, all dividends then payable on the Series 1 Shares
then outstanding accrued up to and including the dividends payable on the
immediately preceding respective date or dates for the payment of dividends
thereon shall have been declared and paid or set apart for payment or unless
such action has been approved by the Series 1 Holders.

6.       LIQUIDATION, DISSOLUTION OR WINDING-UP

         In the event of any Liquidation Distribution, each Series 1 Holder
shall be entitled to receive before any amount shall be paid by the Corporation
or any assets of the Corporation shall be distributed to registered holders of
shares ranking as to capital junior to the Series 1 Shares in connection with
the Liquidation Distribution, an amount equal to the stated capital per share of
all Series 1 Shares held by

<PAGE>

such holder, together with an amount equal to all accrued but unpaid cumulative
dividends thereon. After payment to the Series 1 Holders of the amount so
payable to them, they shall not be entitled to share in any further distribution
of assets of the Corporation.

7.       VOTING RIGHTS

         Except as otherwise required by law, the holders of the Series 1 Shares
shall not be entitled, as such, to receive notice of or attend or vote at any
meeting of shareholders of the Corporation other than a meeting of Series 1
Holders.

8.       AMENDMENTS TO SERIES 1 PROVISIONS

         These Series 1 Provisions may be repealed, altered, modified, amended
or varied only with the prior approval of the holders of the Series 1 Shares
given in the manner provided in Section 9 hereof in addition to any other
approval required by any statutory provision of like or similar effect
applicable to the Corporation, from time to time in force.

9.       CONSENTS AND APPROVALS

9.1 The approval of the Series l Holders with respect to any and all matters may
be given by one or more consents in writing signed by the holders of at least
2/3 of the issued and outstanding Series 1 Shares or by a resolution passed by
at least 2/3 of the votes cast at a meeting of the Series l Holders duly called
for that purpose and held upon at least 10 days' notice, at which the holders of
at least 1/3 of the outstanding Series 1 Shares are present or represented by
proxy. If at any such meeting the holders of 1/3 of the outstanding Series 1
Shares are not present or represented by proxy within one-half hour after the
time appointed for such meeting, then the meeting may be adjourned to such date
being not less than 7 days later and to such time and place as may be appointed
by the chairman of the meeting.

9.2 The formalities to be observed with respect to the giving of notice of any
such meeting and the conduct thereof shall be those from time to time prescribed
by the by-laws of the Corporation with respect to meetings of shareholders.

9.3 On every vote taken at every such meeting or adjourned meeting every Series
1 Holder shall be entitled to one vote in respect of each Series 1 Share of
which he is the registered holder.

10.      NOTICES

10.1 Any notice required or permitted to be given to any Series 1 Holder shall
be sent by first class mail, postage prepaid, or delivered to such holder at his
address as it appears on the records of the Corporation or, in the event of the
address of any such shareholder not so appearing, to the last known address of
such shareholder. The accidental failure to give notice to one or more of such
shareholders shall not affect the validity of any action requiring the giving of
notice by the Corporation. Any notice given as aforesaid shall be deemed to be
given on the date upon which it is mailed or delivered.

                           B. Series 2 Preferred Stock

         The second series of Preferred Stock, designated 5% Cumulative
Redeemable Convertible Preferred Stock, Series 2 (the "Series 2 Shares") shall
have attached thereto, in addition to the rights, privileges, restrictions,
conditions and limitations attaching to the Preferred Stock as a class, the
following rights, privileges, restrictions and conditions (the "Series 2
Provisions"):

<PAGE>

1.       GENERAL

1.1      DEFINITIONS

         Where used in these Series 2 Provisions, the following words and
phrases shall, unless there is something in the context otherwise inconsistent
therewith, have the following meanings, respectively:

(a)      "business day" means a day other than a Saturday, Sunday or any other
         day treated as a holiday in the State of Delaware;

(b)      "close of business" means the normal closing hour of the principal
         office of the transfer agent for the Series 2 Shares.;

(c)      "Common Shares" means the Common Shares in the Corporation as such
         shares were constituted on November 30, 1999, or as such shares may be
         changed from time to time, provided that any adjustment in the
         Conversion Rate required by clause 3.5 hereof has been made;

(d)      "Conversion Price" means 90% of the Current Market Price;

(e)      "Conversion Rate" means at any time the number of Common Shares into
         which one Series 2 Share may be converted at such time in accordance
         with the provisions of Section 3;

(f)      "Current Market Price" of the Common Shares on any date means the
         arithmetic weighted average of the closing prices for sales of Common
         Shares on the designated exchange based upon the 20 day average closing
         trading price on the designated exchange, provided that in the event
         that the Common Shares are not listed on any stock exchange or through
         any quotation system, Current Market Price shall be determined by the
         board of directors of the Corporation, which determination shall be
         conclusive;

(g)      "designated exchange" means on any date, the stock exchange or
         quotation system through which the largest number of Common Shares of
         the Corporation traded over the 20 trading day period immediately
         preceding such date;

(h)      "director" means a director of the Corporation for the time being and
         "directors" or "board of directors" means the board of directors of the
         Corporation or, if duly constituted and empowered, the executive
         committee of the board of directors of the Corporation for the time
         being, and reference, without further elaboration, to action by the
         directors means either action by the directors of the Corporation as a
         board or action by the said executive committee as such committee;

(i)      "herein", "hereto", "hereunder", "hereof', "hereby" and similar
         expressions mean or refer to these Series 2 Provisions and not to any
         particular Section, clause, subclause, subdivision or portion hereof,
         and the expressions "Section", "clause" and "subclause" followed by a
         number or a letter mean and refer to the specified Section, clause or
         subclause hereof;

(j)      "Initial Issue Date" means the first date on which any Series 2 Shares
         are issued and outstanding;

(k)      "Issue Price" means $10.00 per Series 2 Share;

(l)      "Junior Shares" means any shares in the capital of the Corporation
         ranking after or subordinate to the Series 2 Shares as to the payment
         of dividends or the return of capital, including, without limiting the
         generality of the foregoing, the Common Shares;

<PAGE>

(m)      "Liquidation Distribution" means the distribution of assets of the
         Corporation on the liquidation, dissolution or winding-up of the
         Corporation, whether voluntary or involuntary, or any other
         distribution of assets of the Corporation among its shareholders for
         the purpose of winding up its affairs;

(n)      "ranking as to capital" means ranking or priority with respect to the
         distribution of assets in the event of a Liquidation Distribution;

(o)      "Series 1 Shares" means the first series of Preferred Stock, designated
         5% Cumulative Redeemable Convertible Preferred Stock, Series 1, of
         which 467,500 are issued and outstanding as at November 30, 1999;

(p)      "Series 1 Holder" means a person recorded in the securities register of
         the Corporation as being the registered holder of one or more Series 1
         Shares;

(q)      "Series 2 Holder" means a person recorded on the securities register of
         the Corporation as being the registered holder of one or more Series 2
         Shares;

(r)      "trading day" means any day on which the designated exchange is open
         for business and on which the relevant class of shares of the
         Corporation are traded; and

(s)      "transfer agent" means the corporation or corporations from time to
         time appointed by the directors as the transfer agent for the Series 2
         Shares and, in the event that no such person is appointed, "transfer
         agent" means the Corporation.

1.2      GENDER, ETC.

         Words importing only the singular number include the plural and vice
versa and words importing any gender include all genders.

1.3      CURRENCY

         All monetary amounts referred to herein shall be in lawful money of the
United States.

1.4      HEADINGS

         The division of these Series 2 Provisions into sections, clauses,
subclauses or other subdivisions and the insertion of headings are for
convenience of reference only and shall not affect the construction or
interpretation hereof.

1.5      BUSINESS DAY

         In the event that any date upon which any dividends on the Series 2
Shares are payable by the Corporation, or upon or by which any other action is
required to be taken by the Corporation or any Series 2 Holder hereunder, is not
a business day, then such dividend shall be payable or such other action shall
be rewired to be taken on or by the next succeeding day which is a business day.

2.       DIVIDENDS

2.1      DECLARATION AND PAYMENT OF DIVIDENDS

         The holders of Series 2 Shares shall be entitled to receive and the
Corporation shall pay thereon, as and when declared by the board of directors
out of funds legally available for such purpose, fixed preferential cumulative
cash dividends at the rate of $0.50 per share per annum. Such dividends shall

<PAGE>

accrue, whether or not earned or declared, from and including the date of issue
of such shares and, subject as hereinafter provided, shall be payable in equal
quarterly installments of $0.125 per share on the last day of each of March,
June, September and December in each year (each of which date is hereinafter
referred to as a "dividend payment date"). The first dividend payment date shall
be December 31, 1999. In the event that the Corporation does not have sufficient
funds legally available for the purpose of payment of dividends to allow full
payment of dividends to Series 1 Holders and Series 2 Holders on any dividend
payment date, payment of dividends on such date shall be made pro rata and pari
passu to the holders of the Series 1 Shares and the Series 2 Shares.

2.2      AMOUNT OF DIVIDEND

         The amount of the dividend for any period which is less than a full
quarter with respect to any Series 2 Share:

         (i)      which is issued, redeemed or purchased; or

         (ii)     where assets of the Corporation are distributed to the Series
                  2 Holders pursuant to Section 6 hereof;

shall be equal to the amount calculated by multiplying $0.125 by a fraction the
numerator of which is the number of days in such quarter for which such share
has been outstanding (including the dividend payment date at the beginning of
such quarter if such share was outstanding on that date excluding the next
succeeding dividend payment date if such share was outstanding on that date),
and the denominator of which is the number of days in such quarter (including
the dividend payment date at the beginning thereof and excluding the next
succeeding dividend payment date).

         The amount of dividend payable in respect of each Series 2 Share on the
first dividend payment date following the Initial Issue Date shall be that
proportion of $0.125 which the number of days from and including the Initial
Issue Date to but excluding such dividend payment date is to the total number of
days in the 3 month period immediately preceding such dividend payment date.

2.3      CUMULATION OF DIVIDENDS

         If on any dividend payment date a dividend accrued to and payable on
such date is not paid in full on the Series 2 Shares then issued and
outstanding, the dividend or the unpaid part thereof shall be paid on a
subsequent dividend payment date or dividend payment dates determined by the
board of directors on which the Corporation shall have sufficient moneys legally
available for the payment of the same. The Series 2 Holders shall not be
entitled to any dividends other than or in excess of the fixed preferential
cumulative dividends provided for in this Section 2.

3.       CONVERSION

3.1      RIGHT TO CONVERT

         Upon and subject to the terms and conditions hereinafter set forth, the
holders of Series 2 Shares shall have the right, at any time and from time to
time, up to the close of business on November 30, 2004, or, in the case of
Series 2 Shares called for redemption, to the close of business on the business
day immediately preceding the date fixed for redemption, whichever is earlier
(provided, however, that if the Corporation shall fail to redeem such Series 2
Shares in accordance with the notice of redemption the right of conversion shall
thereupon be restored as if such call for redemption had not been made), to
convert all or any part of their Series 2 Shares into fully paid and
non-assessable Common Shares, at the Conversion Rate in effect on the date of
conversion. Unless and until adjusted in accordance with these Series 2
Provisions, the Conversion Rate shall be equal to the quotient obtained when the

<PAGE>

Issue Price plus all accrued and unpaid dividends thereon outstanding as at the
date of conversion is divided by the Conversion Price.

3.2      CONVERSION PROCEDURE

         The conversion right provided for in clause 3.1 may be exercised by
completing and executing a notice of conversion on the certificate or
certificates representing the Series 2 Shares in respect of which the holder
thereof desires to exercise such right of conversion or such other form of
notice approved by the Corporation and by delivering the said notice and
certificate or certificates to the transfer agent for the Series 2 Shares at any
office for the transfer of the Series 2 Shares. The said notice of conversion
shall be signed by such holder or by his duly authorized attorney or agent, with
signature guaranteed in a manner satisfactory to the transfer agent and shall
specify the number of Series 2 Shares which the Series 2 Holder desires to have
converted. The transfer form in the certificate or certificates in question need
not be endorsed, except in the circumstances contemplated by clause 3.3. If less
than all the Series 2 Shares represented by a certificate or certificates are to
be converted, the Series 2 Holder shall be entitled to receive, at the expense
of the Corporation, a new certificate representing the Series 2 Shares
represented by the certificate or certificates surrendered as aforesaid which
are not to be converted.

3.3      PERSON TO WHOM COMMON SHARES WILL BE ISSUED

         On any conversion of Series 2 Shares the share certificates for Common
Shares resulting therefrom shall be issued at the expense of the Corporation in
the name of the registered holder of the Series 2 Shares converted or in such
name or names as such registered holder may direct in writing, provided that
such registered holder shall pay any applicable security transfer taxes. In any
case where the Common Shares are to be issued in the name of a person other than
the holder of the converted Series 2 Shares, the transfer form on the back of
the certificates in question shal1 be endorsed by the registered holder of the
Series 2 Shares or his duty authorized attorney or agent, with signature
guaranteed in a manner satisfactory to the transfer agent.

3.4      EFFECTIVE DATE OF CONVERSION

         Each Series 2 Holder whose shares are to be converted in whole or in
part (or any other person or persons in whose name or names any certificates
representing Common Shares are issued as provided in clause 3.3) shall be deemed
to have become the holder of record of the Common Shares into which such Series
2 Shares are converted, for all purposes, on the respective dates of receipt by
the transfer agent of the certificate or certificates representing the Series 2
Shares to be converted as provided in clause 3.2, notwithstanding any delay in
the delivery of the certificate or certificates representing the Common Shares
into which such Series 2 Shares have been converted and, effective as of and
throughout such respective dates, the Series 2 Holder shall cease to be
registered as the holder of record of the Series 2 Shares so converted.

3.5      ADJUSTMENT OF CONVERSION RATE

3.5.1    If and whenever at any time and from time to time the Corporation shall
         (i) subdivide, redivide or change its then outstanding Common Shares
         into a greater number of Common Shares, (ii) reduce, combine or
         consolidate or change its then outstanding Common Shares into a lesser
         number of Common Shares, or (iii) issue Common Shares (or securities
         exchangeable or convertible into Common Shares) to the holders of all
         or substantially all of its then outstanding Common Shares by way of
         stock dividend or other distribution (other than a stock dividend paid
         in the ordinary course) (any of such events being herein called a
         "Common Share Reorganization"), the Conversion Rate shall be adjusted
         effective immediately after the record date at which the holders of
         Common Shares are determined for the purpose of the Common

<PAGE>

         Share Reorganization to provide that each Series 2 Holder shall
         thereafter be entitled to receive such number of Common Shares as he
         would have been entitled to receive had he exercised his conversion
         rights immediately prior to such Common Share Reorganization.

3.5.2    If and whenever there is a capital reorganization of the Corporation
         not otherwise provided for in this clause 3.5 or a consolidation,
         merger, arrangement or amalgamation (statutory or otherwise) of the
         Corporation with or into another body corporate (any such event being
         called a "Capital Reorganization"), any Series 2 Holder who has not
         exercised his right of Conversion prior to the record date for such
         Capital Reorganization shall be entitled to receive and shall accept,
         upon the exercise of such right at any time after the record date for
         such Capital Reorganization, in lieu of the number of Common Shares to
         which he was theretofore entitled upon conversion, the aggregate number
         of shares or other securities of the Corporation or of the corporation
         or body corporate resulting, surviving or continuing from the Capital
         Reorganization that such holder would have been entitled to receive as
         a result of such Capital Reorganization if on the record date, he had
         been the registered holder of the number of Common Shares to which he
         was theretofore entitled upon conversion, subject to adjustment
         thereafter in accordance with provisions the same, as nearly as may be
         possible, as those contained in this clause 3.5; provided that no such
         Capital Reorganization shall be carried into effect unless all
         necessary steps shall have been taken so that the Series 2 Holder shall
         thereafter be entitled to receive such number of shares or other
         securities of the Corporation or of the corporation or body corporate
         resulting, surviving or continuing from the Capital Reorganization.

3.5.3    In case of any reclassification of, or other change in, the outstanding
         Common Shares other than a Common Share Reorganization or a Capital
         Reorganization, the right of conversion shall be adjusted immediately
         after the record date for such reclassification or other change so that
         Series 2 Holders shall be entitled to receive, upon the exercise of
         such right at any time after the record date of such reclassification
         or other change, such shares, securities or rights as they would have
         received had such Series 2 Shares been converted into Common Shares
         immediately prior to such record date subject to adjustment thereafter
         in accordance with provisions, the same as nearly may be possible, as
         those contained in this clause 3.5.

3.6      ENTITLEMENT TO DIVIDENDS

         Each Series 2 Holder on the record date for any dividend declared
payable on the Series 2 Shares shall be entitled to such dividend
notwithstanding that any Series 2 Share owned by him is converted after such
record date and before the payment date of such dividend. The registered holder
of any Common Share resulting from any conversion effected pursuant to this
Section 3 shall be entitled to rank equally with the registered holders of all
other Common Shares in respect of all dividends declared payable to holders of
Common Shares of record on or after the date of conversion.

3.7      AVOIDANCE OF FRACTIONAL SHARES

         In any case where a fraction of a Common Share would otherwise be
issuable on conversion of one or more Series 2 Shares, the Corporation shall, at
its option, either (i) adjust such fractional interest by payment by check in an
amount equal to the then current market value of such fractional interest or
(ii) issue in respect of such fraction a scrip certificate transferable by
delivery entitling the holder thereof and of other similar certificates
aggregating one full Common Share, upon surrender of such certificates at such
place as may be designated therein, to obtain from the Corporation a full Common
Share and to receive a share certificate therefor; such checks shall be payable
to the holders thereof in lawful money of the United States at par at any branch
in the United States of the Corporation's bankers for the time being and such
scrip certificates shall be in such form and shall be subject to such terms and
conditions as the directors may determine and shall provide that the holder
thereof shall not

<PAGE>

thereby be a shareholder and shall not be entitled to receive dividends or to
any other rights of a shareholder. The amount of any cash adjustment shall equal
the current market value of such fractional interest computed on the basis of
the last sale price (or average of the bid and asked prices if there were no
sales) per share for the Common Shares on the NASDAQ Stock Market (or, if such
shares are not then listed and posted for trading on such stock exchange, on
such stock exchange or quotation system through which such shares are listed and
posted for trading as may be selected by the board of directors) on the business
day next preceding the conversion date. In the event that the Common Shares of
the Corporation are not listed on any stock exchange or through any quotation
system the current market value shall be determined by the board of directors
which determination shall be conclusive.

4.       REDEMPTION

4.1      OPTIONAL REDEMPTION

4.1.1    The Corporation, upon giving notice as hereinafter provided, may redeem
         all at any time and part from time to time of the then outstanding
         Series 2 Shares, on payment for each share to be redeemed of the Issue
         Price together in each case with an amount equal to all accrued and
         unpaid cumulative preferential dividends thereon calculated to but
         excluding the date fixed for redemption, the whole constituting and
         herein referred to as the "Redemption Price". The Redemption Price
         shall be adjusted in the event of any subdivision, redivision,
         reduction, combination or consolidation of the outstanding Series 2
         Shares to provide that the Series 2 Holders shall thereafter be
         entitled to receive the same amount in respect of the Redemption Price
         as they would have been entitled to receive had the Corporation
         redeemed the Series 2 Shares prior to the occurrence of any such event.

4.2      PARTIAL REDEMPTION

         If less than all the Series 2 Shares are at any time to be redeemed,
the shares to be redeemed shall be selected by lot or in such other manner as
the board of directors may deem equitable or, if the board of directors so
determines, on a pro rata basis, disregarding fractions, according to the number
of Series 2 Shares held by each of the registered holders thereof. If less than
all of the Series 2 Shares are at any time to be redeemed and a Series 2 Holder
has duly exercised his right to convert into Common Shares all or any part of
the number of Series 2 Shares held by such holder which have been called for
redemption, the number of Series 2 Shares held by such Series 2 Holder to be
redeemed shall be reduced by the number (but not exceeding the number of Series
2 Shares held by such Series 2 Holder called for redemption) of Series 2 Shares
in respect of which such registered holder has duly exercised his right to
convert into Common Shares. If only a part of the Series 2 Shares represented by
any certificate shall be redeemed, a new certificate representing the balance of
such shares shall be issued to the holder thereof at the expense of the
Corporation upon presentation and surrender of the first mentioned certificate.

4.3      METHOD OF REDEMPTION

4.3.1    In any case of redemption of Series 2 Shares, the Corporation shall not
         less than 10 days and not more than 45 days before the date specified
         for redemption send by prepaid first class mail or deliver to the
         registered address of each person who at the date not more than 50 days
         prior to the date of mailing or delivery is a Series 2 Holder to be
         redeemed a notice in writing of the intention of the Corporation to
         redeem the Series 2 Shares registered in the name of such holder.
         Accidental failure or omission to give such notice to one or more
         holders shall not affect the validity of such redemption, but upon such
         failure or omission being discovered notice shall be given forthwith to
         such holder or holders and such notice shall have the same force and
         effect as if given in due time. Such notice shall set out the number of
         Series 2 Shares held by the person

<PAGE>

         to whom it is addressed which are to be redeemed, the Redemption Price,
         the date specified for redemption and the place or places at which
         holders of Series 2 Shares may present and surrender such shares for
         redemption.

4.3.2    On the date so specified for redemption, the Corporation shall pay or
         cause to be paid to or to the order of the Series 2 Holders to be
         redeemed the Redemption Price of such shares on presentation and
         surrender of the certificate or certificates representing the Series 2
         Shares called for redemption at the registered office of the
         Corporation or any other place or places specified in the notice of
         redemption. Payment in respect of Series 2 Shares being redeemed shall
         be made by check payable to the holder thereof in lawful money of the
         United States at par at any branch in the United States of the
         Corporation's bankers for the time being.

4.3.3    From and after the date specified for redemption in any such notice of
         redemption, the Series 2 Shares called for redemption shall cease to be
         entitled to dividends or any other participation in the assets of the
         Corporation and the holders thereof shall not be entitled to exercise
         any of their other rights as shareholders in respect thereof unless
         payment of the Redemption Price shall not be made upon presentation and
         surrender of the certificates in accordance with the foregoing
         provisions, in which case the rights of the holders shall remain
         unaffected.

4.3.4    The Corporation shall have the right at any time an or after the
         mailing or delivery of notice of its intention to redeem Series 2
         Shares to deposit the Redemption Price of the Series 2 Shares so called
         for redemption, or of such of the Series 2 Shares which are represented
         by certificates which have not at the date of such deposit been
         surrendered by the holders thereof in connection with such redemption,
         to a special account in any specified United States bank named in such
         notice of redemption or in a subsequent notice to the registered
         holders of the shares in respect of which the deposit is made, to be
         paid without interest to or to the order of the respective Series 2
         Holders whose shares have been called for redemption, upon presentation
         and surrender to such bank of the certificates representing such
         shares. Upon such deposit being made, the Series 2 Shares in respect of
         which such deposit shall have been made shall be deemed to have been
         redeemed and the rights of the holders thereof after such shall be
         limited to receiving their proportion (less any tax required to be
         deducted or withheld therefrom) of the amount so deposited without
         interest, upon presentation and surrender of the certificate or
         certificates representing the Series 2 Shares being redeemed. Any
         interest allowed on any such deposit shall belong to the Corporation.

4.3.5    Redemption moneys that are represented by a check which has not been
         presented to the Corporation's bankers for payment or that otherwise
         remain unclaimed (including moneys held on deposit in a special account
         as provided for above) for a period of 5 years from the date specified
         for redemption shall be forfeited to the Corporation.

5.       RESTRICTIONS ON DIVIDENDS, RETIREMENT AND ISSUANCE OF SHARES

         While any Series 2 Shares are outstanding, the Corporation shall not,
without the approval of the holders of Series 2 Shares given as hereinafter
specified:

(a)      declare, set aside for payment or pay any dividends on or make
         distributions on or in respect of any Junior Shares (other than
         dividends consisting of Junior Shares); or

(b)      call for redemption, redeem, purchase, retire or acquire for value or
         distribute in respect of any Junior Shares (except to the extent and
         out of net cash proceeds received by the Corporation from a
         substantially concurrent issue of Junior Shares); or

<PAGE>

(c)      call for redemption, redeem, purchase or otherwise retire or acquire
         for value less than all of the Series 2 Shares outstanding;

unless, in each such case, all dividends then payable on the Series 2 Shares
then outstanding accrued up to and including the dividends payable on the
immediately preceding respective date or dates for the payment of dividends
thereon shall have been declared and paid or set apart for payment or unless
such action has been approved by the Series 2 Holders.

6.       LIQUIDATION, DISSOLUTION OR WINDING-UP

         In the event of any Liquidation Distribution, each Series 2 Holder
shall be entitled to receive before any amount shall be paid by the Corporation
or any assets of the Corporation shall be distributed to registered holders of
shares ranking as to capital junior to the Series 2 Shares in connection with
the Liquidation Distribution, an amount equal to the stated capital per share of
all Series 2 Shares held by such holder, together with an amount equal to all
accrued but unpaid cumulative dividends thereon. After payment to the Series 2
Holders of the amount so payable to them, they shall not be entitled to share in
any further distribution of assets of the Corporation.

7.       VOTING RIGHTS

         Except as otherwise required by law, the holders of the Series 2 Shares
shall not be entitled, as such, to receive notice of or attend or vote at any
meeting of shareholders of the Corporation other than a meeting of Series 2
Holders.
8.       AMENDMENTS TO SERIES 2 PROVISIONS

         These Series 2 Provisions may be repealed, altered, modified, amended
or varied only with the prior approval of the holders of the Series 2 Shares
given in the manner provided in Section 9 hereof in addition to any other
approval required by any statutory provision of like or similar effect
applicable to the Corporation, from time to time in force.

9.       CONSENTS AND APPROVALS

9.1 The approval of the Series 2 Holders with respect to any and all matters may
be given by one or more consents in writing signed by the holders of at least
2/3 of the issued and outstanding Series 2 Shares or by a resolution passed by
at least 2/3 of the votes cast at a meeting of the Series 2 Holders duly called
for that purpose and held upon at least 10 days' notice, at which the holders of
at least 1/3 of the outstanding Series 2 Shares are present or represented by
proxy. If at any such meeting the holders of 1/3 of the outstanding Series 2
Shares are not present or represented by proxy within one-half hour after the
time appointed for such meeting, then the meeting may be adjourned to such date
being not less than 7 days later and to such time and place as may be appointed
by the chairman of the meeting.

9.2 The formalities to be observed with respect to the giving of notice of any
such meeting and the conduct thereof shall be those from time to time prescribed
by the by-laws of the Corporation with respect to meetings of shareholders.

9.3 On every vote taken at every such meeting or adjourned meeting every Series
2 Holder shall be entitled to one vote in respect of each Series 2 Share of
which he is the registered holder.

10.      NOTICES

10.1 Any notice required or permitted to be given to any Series 2 Holder shall
be sent by first class mail, postage prepaid, or delivered to such holder at his
address as it appears on the records of the

<PAGE>

Corporation or, in the event of the address of any such shareholder not so
appearing, to the last known address of such shareholder. The accidental failure
to give notice to one or more of such shareholders shall not affect the validity
of any action requiring the giving of notice by the Corporation. Any notice
given as aforesaid shall be deemed to be given on the date upon which it is
mailed or delivered.

                       C. Special Voting Preferred Stock.

         A series of Preferred Stock, designated Special Voting Preferred Stock
(the "Special Voting Preferred Share") shall have attached thereto, in addition
to the rights, privileges, restrictions, conditions and limitations attaching to
the Preferred Stock as a class, the following rights, privileges, restrictions
and conditions:

1.       NUMBER OF SHARES. There shall be one Special Voting Preferred Share.

2.       DIVIDENDS OR DISTRIBUTIONS. Neither the holder nor, if different, the
         owner of the Special Voting Preferred Share shall be entitled to
         receive dividends or distributions in its capacity as holder or owner
         thereof.

3.       VOTING RIGHTS. Except as provided in section 4 below, the holder of the
         Special Voting Preferred Share shall have the following voting rights:

         (a)      The holder of the Special Voting Preferred Share shall be
                  entitled to vote on each matter on which holders of the shares
                  (the "Common Shares") of common stock of Mymetics Corporation
                  (the "Corporation"), $0.01 par value per share or stockholders
                  generally are entitled to vote, and the holder of the Special
                  Voting Preferred Share shall be entitled to cast on each such
                  matter a number of votes equal to the number of exchangeable
                  preferential non voting shares of class B of 6543 Luxembourg
                  S.A. (the "Exchangeable Preferred Shares") then outstanding:

                  (i)      that are not owned by the Corporation or its
                           affiliates; and

                  (ii)     as to which the holder of the Special Voting
                           Preferred Share has duly and timely received voting
                           instructions from the holders of such Exchangeable
                           Preferred Shares in accordance with the terms of such
                           Exchangeable Preferred Shares or any agreement
                           governing the provision of voting instructions to the
                           holder of the Special Voting Preferred Share,

                  multiplied by 1,066.44, subject to adjustment by as determined
                  by the board of directors of LuxCo as a result of:

                  (iii)    the subdivision, redivision or change of the then
                           outstanding Common Shares into a greater number of
                           Common Shares;

                  (iv)     the reduction, combination or change of the then
                           outstanding Common Shares into a lesser number of
                           Common Shares; or

                  (v)      the reclassification or other change of the Common
                           Shares or the effectuation of an amalgamation,
                           merger, reorganization or other transaction affecting
                           the Common Shares; and

         (b)      Except as otherwise provided herein or by applicable law, the
                  holder of the Special Voting Preferred Share and the holders
                  of Common Shares shall vote together as one class for the
                  election of directors of the Corporation and on all other
                  matters submitted to a vote of stockholders of the
                  Corporation.

<PAGE>

4.       LIQUIDATION RIGHTS. In the event of voluntary or involuntary
         liquidation, dissolution or winding up of the Corporation, the holder
         of the Special Voting Preferred Share shall be entitled to receive out
         of the assets of the Corporation available for distribution to the
         stockholders, an amount equal to $1.00 before any distribution is made
         on the Common Shares or any other stock ranking junior to the Special
         Voting Preferred Share as to distribution of assets upon voluntary or
         involuntary liquidation. After payment of the full amount of the
         liquidation preference of the Special Voting Preferred Share, the
         holder of the Special Voting Preferred Share shall not be entitled to
         any further participation in any distribution of assets of the
         Corporation.

         For the purposes of this section 4, neither the sale, conveyance,
         exchange or transfer (for cash, shares of stock, securities or other
         consideration) of all or substantially all of the property or assets of
         the Corporation nor the consolidation or merger of the Corporation with
         or into one or more other entities shall be deemed to be a voluntary or
         involuntary liquidation.

5.       NO REDEMPTION; NO SINKING FUND. The Special Voting Preferred Share
         shall not be subject to redemption by the Corporation or at the option
         of its holder, except that at such time as no Exchangeable Preferred
         Shares (other than Exchangeable Preferred Shares owned by the
         Corporation or its affiliates) shall be outstanding, the Special Voting
         Preferred Share shall automatically be redeemed and cancelled, with an
         amount of $1.00 due and payable upon such redemption.

         The Special Voting Preferred Share shall not be subject to or entitled
         to the operation of a retirement or sinking fund.

6.       RANKING. The Special Voting Preferred Share shall rank senior to all
         series of Common Shares of the Corporation and junior to all series of
         Preferred Stock of the Corporation.

7.       RESTRICTIONS. During the term of the Voting Agreement, no term of the
         Special Voting Preferred Share shall be amended, except upon approval
         of the holder of the Special Voting Preferred Share.

                                    ARTICLE V

         In furtherance and not in limitation of the powers conferred by law,
the Board of Directors is expressly authorized to make, alter or repeal the
By-laws of the Corporation, but any By-laws so made, altered or repealed may be
amended or repealed by the stockholders entitled to vote thereon.

                                   ARTICLE VI

                  (a) The Corporation shall, to the fullest extent permitted by
Section 145 of the General Corporation Law of the State of Delaware, as amended
from time to time, indemnify every person who is or was a party, or is
threatened to be made a party, to (i) any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative, or (ii) any threatened, pending or completed action or suit by or
in the right of the Corporation to procure a judgment in its favor, by reason of
the fact that such person serves or has served at any time as a Director or
officer of the Corporation, or who at the request of the Corporation serves or
at any time has served as a Director or officer of another corporation
(including subsidiaries of the Corporation) or of any partnership, joint
venture, trust or other enterprise, from and against any and all of the
expenses, liabilities or other matters referred to in or covered by said law.
Such indemnification shall continue as to a person who has ceased to be a
Director or officer and shall inure to the benefit of the heirs, executors and
administrators of such a person. The Corporation may also indemnify any and all
other persons whom it shall have power to indemnify under any applicable law
from time to time in effect to the extent authorized by the Board of Directors
and permitted by such law. The indemnification provided by this

<PAGE>

Article 6 shall not be deemed exclusive of any other rights to which any person
may be entitled under any provision of the Certificate of Incorporation, other
By-Law, agreement, vote of stockholders or disinterested Directors, or
otherwise, both as to action in his official capacity and as to action in
another capacity while holding such office.

                  (b) To the extent that a director, officer, employee or agent
of the Corporation, or a person serving in any other enterprise at the request
of the Corporation, shall have been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in subsection (a) of this
Article 6 or in defense of any claim, issue or matter therein, he shall be
indemnified against all expenses (including attorneys' fees) actually and
reasonably paid or incurred by him in connection therewith.

                  (c) Any indemnification under this Article 6 (unless ordered
by a court) shall be made by the Corporation only as authorized in the specific
case upon a determination that indemnification of the director, officer,
employee or agent is proper in the circumstance because he has met the
applicable standard of conduct set forth in this Article 6. Such determination
shall be made (1) by the board of directors by a majority vote of a quorum
consisting of Directors who were not parties to such action, suit or proceeding,
or (2) if such a quorum is not obtainable, or, even if obtainable a quorum of
disinterested Directors so directs, by independent legal counsel, who may be one
of the regular independent legal counsel of the Corporation, in a written
opinion, or (3) by the stockholders.

                  (d) Expenses (including attorneys' fees) incurred by a person
in defending any civil, criminal, administrative or investigative action, suit
or proceeding may be paid by the Corporation in advance of the final disposition
of such action, suit or proceeding upon receipt by the Corporation of an
undertaking in writing by or on behalf of the person to be indemnified to repay
such amount if it shall ultimately be determined that he is not entitled to be
indemnified by the Corporation as authorized in this Article 6. Such expenses
(including attorneys' fees) incurred by other employees and agents may be so
paid upon such terms and conditions, if any, as the Board of Directors deems
appropriate.

                  (e) The Corporation may purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the
Corporation, or is or was serving at the request of the Corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against any liability asserted against him
and incurred by him in any such capacity, or arising out of his status as such,
whether or not the Corporation would have the power to indemnify him against
such liability under the provisions of this Article 6.

                  (f) For purposes of this Article 6, the term "corporation"
shall include constituent corporations referred to in Subsection (h) of Section
145 of the General Corporation Law of the State of Delaware (or any similar
provision of applicable law at the time in effect), and references to "other
enterprises" shall include employee benefit plans.

                                   ARTICLE VII

         A director of the Corporation shall not be personally liable to the
Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (A) for any breach of the director's
duty of loyalty to the Corporation or its stockholders, (B) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing
violation of law, (C) under Section 174 of the Delaware General Corporation Law
or (D) for any transaction from which the director derives an improper personal
benefit. If the Delaware General Corporation Law is amended after this Article 7
becomes effective to authorize elimination or limitation of liability of
directors, then, upon the effective date of any such amendment, the liability of
a director of the Corporation shall, without further act, be eliminated or
limited to the fullest extent permitted by the Delaware General Corporation Law
as so amended. Any repeal or modification of this article by the stockholders of

<PAGE>

the Corporation shall not adversely affect any right or protection of a director
of the Corporation existing at the time of such repeal or modification.

                                  ARTICLE VIII

         The Corporation shall not be governed by the provisions of Section 203
of the Delaware General Corporation Law.

                                   ARTICLE IX

         In elections for directors, voting need not be by ballot, unless
required by vote of the stockholders before the voting for the election of
directors begins.

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