Document:

Exhibit
4.3

FIRST
AMENDMENT TO

ADMINISTRATION AGREEMENT

THIS FIRST AMENDMENT TO
ADMINISTRATION AGREEMENT, dated as of as of June 28, 2006 (this “Amendment”),
is among CNH Wholesale Master Note Trust (the “Issuer”), CNH Capital
America LLC (the “Administrator”) and JPMorgan Chase Bank, N.A. (the “Indenture
Trustee”).

BACKGROUND

WHEREAS, the
parties hereto are parties to an administration agreement, dated as of September 1,
2003 (the “Administration Agreement”); and

WHEREAS, the
parties hereto desire to amend the Administration Agreement as set forth
herein.

NOW, THEREFORE,
in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows:

SECTION 1.   Definitions.   Capitalized
terms used but not otherwise defined herein have the meanings ascribed them in
the Administration Agreement.

SECTION 2.   Amendments.   The
Administration Agreement is hereby amended by the addition of the following Section 1(d) thereto.

“(d)         Regulation AB Compliance   The
Administrator shall promptly furnish to the Issuer any and all reports,
certifications, records, attestations and any other information necessary in
the good faith determination of the Issuer, to permit the Issuer to comply with
the provisions of Regulation AB under the Securities Act of 1933, as amended,
and the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
including without limitation, such reports, assessments and attestations as may
be required to be delivered in accordance with Rules 13a-18 and 15d-18
of the Exchange Act and Items 1122 and 1123 of Regulation AB.”

SECTION 3.   Representations
and Warranties.   In order to induce the parties hereto to enter into
this Amendment, each of the parties hereto represents and warrants unto the
other parties hereto as set forth in this Section 3:

(a)           Due Authorization, Non
Contravention, etc.   The execution, delivery and performance by such
party of this Amendment are within its powers, have been duly authorized by all
necessary action and do not (i) contravene its organizational documents or
(ii) contravene any contractual restriction, law or governmental
regulation or court decree or order binding on or affecting it; and

(b)           Validity, etc.   This
Amendment constitutes the legal, valid and binding obligation of such party
enforceable against such party in accordance with its terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights
and general equitable principles.

  
  
 

 

SECTION 4.   Binding
Effect; Ratification.

(a)           This Amendment shall become
effective, as of the date first set forth above, when counterparts hereof shall
have been executed and delivered by the parties hereto, and thereafter shall be
binding on the parties hereto and their respective successors and assigns.

(b)           The Administration Agreement, as
amended hereby, remains in full force and effect. Any reference to the
Administration Agreement from and after the date hereof shall be deemed to
refer to the Administration Agreement as amended hereby, unless otherwise
expressly stated.

(c)           Except as expressly amended hereby,
the Administration Agreement shall remain in full force and effect and is
hereby ratified and confirmed by the parties hereto.

SECTION 5.   Miscellaneous.

(a)           THIS AMENDMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT
REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

(b)           EACH PARTY HERETO HEREBY CONSENTS AND
AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN
NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIM
OR DISPUTES BETWEEN THEM PERTAINING TO THIS AMENDMENT OR TO ANY MATTER ARISING
OUT OF OR RELATED TO THIS AMENDMENT; PROVIDED, THAT EACH PARTY HERETO
ACKNOWLEDGES THAT ANY APPEAL FROM THOSE COURTS MAY HAVE TO BE HEARD BY A
COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY
HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO WAIVES ANY OBJECTION
THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM  NON  CONVENIENS AND HEREBY CONSENTS
TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY
SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS,
COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY
REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED
IN ACCORDANCE WITH SECTION 10 OF THE ADMINISTRATION AGREEMENT AND THAT
SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S
ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL,
PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF
ANY PARTY 

 

 

 

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HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW.

(c)           BECAUSE DISPUTES ARISING IN
CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH
APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF
THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY
DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF,
CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG
THEM IN CONNECTION WITH THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

(d)           Headings used herein are for
convenience of reference only and shall not affect the meaning of this
Amendment or any provision hereof.

(e)           This Amendment may be executed in any
number of counterparts, and by the parties hereto on separate counterparts,
each of which when executed and delivered shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement.

(f)            Executed counterparts of this
Amendment may be delivered electronically.

[SIGNATURES FOLLOW]

 

 

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the date
and year first above written.

	
  

  	
   

  	
  CNH WHOLESALE MASTER NOTE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  THE BANK OF NEW YORK, not in its individual 

  capacity but solely as Owner Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ CATHERINE
  MURRAY 

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Catherine Murray 

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CNH CAPITAL AMERICA LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ BRIAN J.
  O’KEANE

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Brian J. O’Keane

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JPMORGAN CHASE BANK, N.A., not in its individual

  capacity but solely as Indenture Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ KEITH
  RICHARDSON

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Keith Richardson

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Attorney-In-Fact

  

 

 

 

 

 

S-1

  
  
 

 

ACKNOWLEDGED AND
CONSENTED TO, as of the date and year first written above.

	
  

  	
  THE BANK OF NEW YORK, not in its individual 

  capacity but solely as Owner Trustee 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CATHERINE
  MURRAY 

  
	
   

  	
   

  	
  Name: Catherine Murray 

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CNH WHOLESALE RECEIVABLES, LLC, as Transferor

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRIAN J.
  O’KEANE

  
	
   

  	
   

  	
  Name: Brian J. O’Keane

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Treasurer

  	
   

  	
   

  

 

 

 

 

S-2Exhibit 4.1

OPTION EXERCISE
AND LICENSE AGREEMENT

This Amendment Agreement (this “Agreement”), dated this 28th day of
June 2006, (the “Effective Date”) is between Genetronics, Inc., a
California corporation, having its principal place of business at 11494
Sorrento Valley Road, San Diego, California, 92121-1318 (“Genetronics”),
and RMR, a Florida LLC having an address at RMR Technologies, 4207 University
Drive, Coral Gables, Florida 33146 (“RMR”) and amends that certain Option for a
License Agreement dated January 27, 2004 by and between Genetronics and
RMR (the “Option Agreement”). Both Genetronics and RMR are periodically
referred to herein as a “Party” or the “Parties.”

WHEREAS, RMR and Genetronics have previously entered into the Option
Agreement wherein Genetronics received an Option to acquire certain
intellectual property licensed by RMR from University of South Florida
Research Foundation, Inc. (“USFRF”), a direct-support organization of the
University of South Florida (“USF”), pursuant to that certain RMR and USFRF Technology
Transfer Agreement dated February 1, 2000 (the “Technology Transfer
Agreement”), including the patents listed in Exhibit I
hereto;

WHEREAS, Genetronics now desires to exercise its Option to obtain a
license to certain intellectual property,

WHEREAS, RMR and Genetronics desire to amend the scope and content of the
Option Agreement, and

WHEREAS, RMR desires to grant Genetronics hereunder, and Genetronics
wishes to accept, a fully-paid, irrevocable, exclusive, worldwide license to
such intellectual property on the terms set forth in the Option Agreement, as
amended hereby;

NOW THEREFORE, in
consideration of the foregoing premises and the following mutual covenants, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties agree as follows:

Article I

Genetronics Consideration

1.                                       Genetronics
hereby exercises its Option to purchase a fully-paid, irrevocable, exclusive, worldwide license to the five
patent families (the “Licensed Patents”) listed in Exhibit I
by paying to RMR the equivalent of the sum of $125,000 in the manner set forth
in this Article I, paragraph 3.

2.                                       In
consideration for RMR’s agreements as set forth in Article II paragraphs 2
and 3, Genetronics also agrees to loan to RMR the equivalent of $50,000 in the
manner as set forth in this Article I, paragraph 3.

3.                                       With
respect to the amounts set forth in paragraphs 1 and 2 immediately above, the
form of said payment and loan shall consist of the issuance and delivery of
shares of common stock, $0.001 par value, of Inovio Biomedical Corporation (the
“Inovio Shares”). The number of Inovio Shares to be so issued and delivered
shall be determined by dividing $200,000 by the average of the daily volume
weighted average price (“VWAP”) of the Company’s common stock (the “Common
Stock”) as reported on the American
Stock Exchange (“AMEX”) for each of the maximum number of trading days
(not to exceed 20 trading days) immediately preceding the Effective Date as may
be permitted by applicable rules of AMEX for determining (the “Market
Value”); provided,
however, that in no event shall such number of Inovio Shares
exceed 200,000. In the event that the
number of Inovio Shares to be issued pursuant to this paragraph would exceed
200,000, then Inovio shall pay to RMR in cash the shortfall between $200,000
and the Market Value. In the event that the calculation of the number of Inovio
Shares to be issued pursuant to this paragraph would result in a fraction, such
fraction shall be rounded up or down to the nearest whole share.

4.                                       For clarity, as between Genetronics and RMR,
the allocation of the Market Value of the Inovio Shares constituting
Genetronics’ consideration under paragraph 3 shall be as follows: (a) $25,000
for each of the five patent families being licensed hereunder (the “Licensed
Patents”) in accordance with Section 5.1.4 of the Option Agreement, which
for the five patent families listed in Exhibit I
totals $125,000; (b) $50,000 with respect to a portion of the outstanding
license maintenance fees due to USFRF by RMR as set forth on Exhibit II; which $50,000 shall be
repayable to Genetronics by RMR pursuant to a convertible secured 

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debt
instrument as set forth in Article II, paragraph 2; and (c) $25,000
as the purchase price for Inovio to acquire from RMR an equity position in RMR
as described in Article II, paragraph 7 below.

5.                                       Genetronics,
agrees to loan to RMR, or at Inovio’s election, pay to USFRF on RMR’s behalf,
future amounts for patent prosecution costs for the Licensed Patents, in
consideration for which, RMR hereby agrees as set forth in Article II
paragraph 3. With respect to future
patent applications filed by USFRF for inventions not within patent families of
the Licensed Patents, but within the “Field” as defined in the Option
Agreement, in the event that Genetronics, in its sole discretion, determines
that such invention should be added to the Licensed Patents, Genetronics will
request that RMR seek to have such invention subject matter added to the list
of patents available to license from RMR per the Option Agreement. In
the event that RMR is successful in
having such invention/patent application added to the Option list, then
Genetronics will, at its sole discretion, exercise its option to said invention
according to terms of the Option Agreement. In the event that RMR cannot pay to
the USFRF sums for the cost of filing, prosecuting, and/or maintaining such
patent applications then Genetronics may, in its sole discretion, elect to pay
for the costs in exchange for a license in the Field under the same terms and
conditions as set forth in this Agreement inclusive of the possible execution
of a convertible secured debt instrument. In the event RMR pays for the patent
costs and maintenance fees, then the IP/technology shall in any respect be
available to Genetronics subject to terms set forth in the Option Agreement.

6.                                       Genetronics
agrees to loan to RMR, or at Inovio’s election, pay to USFRF on RMR’s behalf,
amounts for future license maintenance fees required by the Technology Transfer
Agreement, if and only to the extent said fees are related to the Licensed
Patents, in consideration for which payment, RMR hereby agrees as set forth in Article II
paragraph 3. Amounts loaned to RMR
hereunder shall be paid by RMR to USFRF on account of such license
maintenance fees for the Licensed Patents. With respect to such future
maintenance fee payments, Genetronics and RMR may, at Genetronics sole
discretion, in the event that RMR determines not to pay such future maintenance
fee itself, enter into a new convertible secured debt instrument on the same or
substantially the same terms (except as to date and amount) as stated in Article II,
paragraph 3.

7.                                       Notwithstanding
Genetronics’ acquiring a fully paid-up license to the Licensed Patents hereunder,
Genetronics nonetheless agrees to pay to RMR a royalty on any product sold by
Genetronics in commerce which but for the license granted hereunder would
constitute an infringement. In consideration for such payment, RMR hereby
agrees to the covenants set forth in Article II, paragraph 8. The royalty
shall be ([***])% of the annual net
sales of such product once product sales commence, or ([***])% of sublicensing
fees (including but not limited to upfront and milestone payments) paid by any
third party to Genetronics for a sublicense to any patent or group of patents
licensed hereunder prior to the commencement of product sales. Only during the
first year that both sublicensing and royalty income are received Genetronics
agrees to pay RMR both the ([***])% of annual net sales and ([***])% of
sublicensing fees paid by any third party to Genetronics for sublicense to
patents licensed hereunder.

Article II

RMR Consideration

1.                                       In
partial consideration for Genetronics’ payments as set forth in Article I,
RMR hereby grants to Genetronics, under the Option for a License Agreement, and
Genetronics hereby accepts, an exclusive, fully paid-up, irrevocable, worldwide
license in the Field, with right to sublicense, to make, have made, use,
sublicense, lease, market, offer for sale, import and sell products the
manufacture, use, sale, and importation of which would comprise an infringement
of the Licensed Patents but for the license granted hereunder.

2.                                       Without limiting the foregoing, RMR also
hereby grants to Genetronics, and Genetronics hereby accepts, a limited right to use US patent [***] in
order to assist RMR in the commercialization of RMR’s Fusion Chamber product (the
“Fusion Chamber”) as set forth in Article III,
section I hereunder.

3.                                       In
consideration for Genetronics’ delivery of Inovio Shares with a Market Value of
$50,000 as allocated as set forth in clause (c) of Article I,
paragraph 4, RMR agrees to execute a secured promissory note (the “Note”)
evidencing RMR’s indebtedness to Genetronics of $50,000. The Note shall be
drafted in such 

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form as may be specified by Genetronics, shall be
dated and delivered on the Closing Date (as hereinafter defined) and contain
standard terms of a secured promissory note and shall reflect the following
terms, among others: maturity in five years from its date, equal annual of
payments of principal plus accrued and unpaid interest beginning on the first
anniversary of the Note and continuing on the same day of each year thereafter
until paid. Interest on the Note shall accrue at the rate equal to the prime
rate (as published for the business day immediately preceding the date of the
Note in the Western Edition of the Wall Street Journal and adjusted on each
anniversary of the Note to such prime rate on the business day preceding such
anniversary) plus 1.5% per annum. The Note shall contain a provision
accelerating payment of all unpaid principal and accrued interest in the event
of RMR’s bankruptcy or uncured default (as provided in paragraph 5 of this Article II)
or other material breach of RMR’s obligations under the Note or this Agreement.
For future license maintenance fees, if Genetronics determines to pay for such
fees, Genetronics may require RMR to enter into and deliver a secured
convertible note on substantially same terms and like tenor as stated in this
Agreement.

4.                                       The
Note will be secured by a first priority lien and security interest in favor of
Genetronics on all intellectual property, including licenses to the same, of
RMR as delineated in the Technology Transfer Agreement (the “Collateral”). RMR
shall, or shall enable Genetronics to, file appropriate UCC financing statement(s) in
order to perfect Genetronics’ security interest in the Collateral. The Note
shall provide for Genetronics to have the right to collect when due the amounts
owed and/or otherwise assert its rights and security interest with respect to
the Collateral.

5.                                       If
RMR fails to pay when due amounts owed or for any other material breach by RMR
under the Note or hereunder (if such breach is curable), RMR shall have sixty
(60) days from the date of such breach or default to cure the same. In the
event the material breach remains uncured or is not curable at the date of
breach, RMR hereby assigns to Genetronics all its rights and interests under
the Technology Transfer Agreement, such assignment to occur on the sixty-first
(61st) day following the uncured material breach event or on the date of breach
if the breach is not capable of being cured. RMR acknowledges that Genetronics
has obtained the prior consent, pursuant to Article III, Section 3 of
the Technology Transfer Agreement of USF to such assignment in the event of RMR’s
uncured material breach.

6.                                       At
any time while payment obligations remain outstanding under the Note, Genetronics
shall have the right, at its sole discretion, to convert a portion of the
outstanding indebtedness to equity interests in RMR such that for every $25,000
dollars in unpaid principal, interest or other amounts due Genetronics under
the Note (prorated for amounts less than $25,000), RMR shall satisfy its
payment obligation by issuing to Genetronics equity interests in RMR equal to
1.5% of RMR’s total issued and outstanding equity interests, calculated on a
fully diluted basis, at the time of the conversion.

7.                                       In
further partial consideration for Genetronics’ delivery of Inovio Shares with a
Market Value of $25,000 as allocated as set forth in clause (c) of Article I,
paragraph 4, RMR agrees to issue and sell to Genetronics, and Genetronics
agrees to acquire, 4% of all outstanding equity interests of RMR, calculated on
a fully diluted basis, as of the Closing Date. RMR further agrees to apply the
$25,000 sum for the purpose of conducting research as delineated in Exhibits
III and IV.

8.                                       In
further partial consideration for Genetronics agreeing to pay to RMR a product
sale based royalty, as well as for Genetronics agreeing to pay future patent
prosecution costs and future license maintenance fees owed by RMR to the USFRF,
RMR agrees to the following covenants:

a)                                      Payment
to RMR. As soon as practical following the Closing Date and, in any event
no later than 30 days after the Closing Date, RMR shall pay to USFRF no less
than $[********] on account of RMR’s
past due patent prosecution costs for the Licensed Patents and on account of
RMR’s past due license maintenance fees under the Technology Transfer
Agreement, as listed on Exhibit II
hereto.

b.)                                Non-Compete.
RMR and each of its Officers identified on the signature page hereto
agrees that it or he shall not compete commercially or form new commercial
entities competitive with Genetronics regarding the Field for a period of 5
years from the Effective Date of this Agreement. 

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Such non-compete prohibition shall automatically renew
in 5 year increments unless the Parties mutually agree to terminate this
non-compete provision. The foregoing shall not prevent any Officer with an
academic appointment from conducting research or otherwise carrying out faculty
duties in the Field, so long as such research is not sponsored by a competitor
of Genetronics.

c)                                    Disclosure.
On an ongoing basis, RMR shall disclose to Genetronics in English and in
writing or in an electronic format all RMR Technology not previously disclosed
and Genetronics shall promptly disclose to RMR such Genetronics Know-How that
is, in Genetronics’ sole discretion, necessary or useful to RMR in the
performance of its obligations hereunder.

d.)                                Research.
RMR agrees to conduct research described in Exhibit III
(with respect to the ex vivo chamber) and in Exhibit IV
(with respect to skin versus muscle electroporation) (collectively, the “Contracted
Research”) per instructions as determined by the Joint Research Committee,
defined below.

i.)                                    Contracted
Research data and IP Ownership. RMR and Genetronics agree that any and all
data, results and intellectual property rights arising from the Contracted
Research shall, in the first instance, constitute a “work for hire,” and
Genetronics shall own exclusively the same. However, to the extent that RMR
personnel discover new patentable inventions having application outside the
Field and such discoveries arise from solely RMR personnel, or comprise
discoveries arising from personnel of both RMR and Genetronics (i.e., Joint
Inventions), then RMR shall have the right to disclose such discovery first to
the USFRF, which entity shall determine whether it is interested in such
discovery. If USFRF is not interested in controlling such discovery, RMR may
then control such discovery and potential future rights to Genetronics
respecting said discovery shall be governed by the Option Agreement.

ii.)                                 Establishment
of Joint Research Committee. RMR and Genetronics agree that with respect to its
development activities in the Field, each of RMR and Genetronics shall abide by
directives originating from a joint research committee (JRC). The JRC shall be
comprised of a total of six persons wherein three shall be named by RMR and
three shall be named by Genetronics. Each Party may change its representatives
to the Committee from time to time, in its sole discretion, effective upon
notice to the other Party of such change. These representatives shall have
appropriate technical credentials, experience and knowledge, and ongoing
familiarity with the projects. Additional representatives or consultants may
from time to time, by mutual consent of the Parties, be invited to attend
Committee meetings. Each Party shall bear its own expenses related to the
attendance of such meetings by its representatives. The Committee shall be
chaired by a representative of Genetronics. Decisions of the Committee shall be
made based on a 2/3rds vote of the representatives. In the event that the
Committee cannot or does not, after good faith efforts, reach a 2/3rds majority
vote with respect to any issue, the resolution and/or course of conduct shall
be determined by Genetronics, in its sole discretion. The foregoing
notwithstanding, in the event that the Committee is deadlocked as to:  (a) any proposed significant
reorientation of the projects, or any request by Genetronics that RMR perform
services outside of RMR core areas of competency; or (b) any material
change in financial or other resources required to be expended by RMR in
connection with selected projects  (each,
a “Critical Issue”), then the Parties shall refer the Critical Issue to
Genetronics’ Chief Executive Officer for discussion and resolution. The Project
Leaders (defined below) shall present both sides of any Critical Issue to
Genetronics’ CEO.

iii.)                              JRC
Oversight With respect to the Roles and Responsibilities of the JRC, RMR and
Genetronics agree that the JRC shall be responsible for oversight of all
research and development efforts for projects worked on by RMR in the Field,
said projects having funding by any of 1) support from Genetronics, 2) private
and public fund grants.

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iv.)                             Committee
Meetings. The Committee shall meet in accordance with a schedule established by
mutual written agreement of the Parties, but no less frequently than four (4) times
per year, with the location for such meetings alternating between RMR and
Genetronics facilities (or such other location as may be determined by the
Committee). Alternatively, the Committee may meet by means of teleconference,
videoconference or other similar communications equipment. The Committee shall
confer regarding the status of the Collaboration, review relevant data,
consider and advise on any technical issues that arise, consider issues of
priority, and review and advise on any budgetary and economic matters relating
to the Collaboration which may be referred to the Committee.

v.)                                  Project
leader appointment. Genetronics and RMR each shall appoint a person (a “Project
Leader”) from the Committee to coordinate its part of the research project. The
Project Leaders shall be the primary contact between the Parties with respect
to such project. Each Party shall notify the other within thirty (30) days of
the Effective Date of the appointment of its Project Leader and shall notify
the other Party as soon as practicable upon changing this appointment

vi.)                             Records.
RMR and Genetronics shall maintain records, in sufficient detail and in good
scientific manner appropriate for patent and regulatory purposes, which shall
fully and properly reflect all work done and results achieved in the performance
of the various projects by RMR.

vii.)                          Copies
and Inspection of Records. Genetronics shall have the right, during normal
business hours and upon reasonable notice, to inspect and copy such records of
RMR that concern project related data. Genetronics shall maintain such records
and the information disclosed therein in confidence. Genetronics shall have the
right to arrange for its employees and/or consultants involved in the
activities contemplated hereunder to visit the offices and laboratories of RMR
and any of its Third Party contractors during normal business hours and upon
reasonable prior written notice, and to discuss the project work and its
results in detail with the technical personnel and consultants of RMR. Upon
request, RMR shall provide copies of the records described above.

viii.)                       Quarterly
Reports. Within two (2) weeks prior to each Quarterly Committee meeting
during the Term, RMR shall provide to Genetronics a written progress report in
English which shall describe the work performed to date on selected projects,
evaluate the work performed in relation to the goals of the project and provide
such other information as may be required by the RMR and/or reasonably
requested by Genetronics relating to the progress of the goals or performance
of said projects.

ix.)                               Initial
Objectives. A list of initial objectives for the JRC is detailed in Exhibit V attached hereto

Article III

Fusion Chamber

1.                                       Separately
from the Licensed Patents, Genetronics agrees to assist RMR in the commercial
development of RMR’s Fusion Chamber technology as described in US patent
[********]. Genetronics’ assistance shall include identifying third parties
that may distribute the fusion chamber, and negotiating a distribution
agreement with at least one said third party. Genetronics shall also attempt to
negotiate terms in such distribution agreement wherein RMR will receive [**]%
of the proceeds from the negotiated transfer price from which the cost of
manufacturing will be deducted. For the sake of clarity, if the transfer price
to the distributor is agreed at a figure of $[***], then RMR would receive
$[***] per unit sold or transferred. The Parties agree that the target transfer
price to be negotiated with a distributor will be based on industry standards
for comparable items and will make reasonable efforts to negotiate a target of
$4.00 as the average selling price. RMR will continue to identify manufacturers
for such chambers and Genetronics and

  5
 
 
 

 

RMR will jointly decide on which manufacture will be
awarded the contract to produce the fusion chamber. In negotiating said
distribution agreement, Genetronics will seek terms that will allow orders for
units to be placed in advance to obviate the need of out of pocket expenses associated
with manufacturing.

2.               All ownership
rights in the patents covering the Fusion Chamber will remain vested in RMR and
shall be treated by the Parties as intellectual property available for
exclusive sublicensing to Genetronics under the original Option Agreement dated
January 27, 2004.

3.               Genetronics agrees
to use commercially reasonable efforts to find a distributor for the Fusion
Chamber.

Article IV

Representations and Warranties. 

1.                                       Mutual
Representations and Warranties. RMR hereby makes the following representations
and warranties to Genetronics, and Genetronics hereby makes the following
representations and warranties to RMR:

a)                                      It
has full power and authority to enter into this agreement and to perform and
consummate the transactions contemplated hereby and the execution, delivery and
performance by it of this Agreement and the transactions contemplated hereby
have been duly authorized, and no additional action is required for the
approval of this Agreement (other than, in the case of the Inovio Shares, the
approval of the American Stock Exchange to the listing of the Inovio Shares);

b)                                     This
Agreement is valid and binding, enforceable against each of Genetronics and RMR
in accordance with its terms; and

c)                                      Neither
the execution and delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will violate, result in a breach of any of
the terms or provisions of, constitute a default (or any event that, with the
giving of notice or the passage of time or both would constitute a default)
under, accelerate any obligations
under, or conflict with, (A) its charter, articles or certificate of
incorporation or bylaws (or other organizational documents), if applicable, or
any agreement, indenture or other instrument to which it is a party or by which
it or its properties are bound, (B) any judgment, decree, order or award
or any court, governmental body or arbitrator to which it is subject or (C) any
law, rule or regulation applicable to it.

2.                                       Representations
and Warranties of Genetronics 
Genetronics hereby represents and warrants to RMR that:

a)                                      It
is a corporation duly incorporated, validly existing and in good standing under
the laws of its jurisdiction of incorporation;

b)                                     Upon
issuance of the Inovio Shares to be issued by Inovio pursuant hereto and the
filing by Genetronics with the SEC of a prospectus supplement relating to the
issuance and sale of the Shares to be issued by it pursuant hereto,   the Inovio Shares will be duly and validly
authorized and issued, fully paid and non-assessable;

d)                                     the
RMR will acquire the Inovio Shares free and clear of any liens, encumbrances,
pledges, security interest or other restrictions or claims of third parties,
other than any of the foregoing created RMR;

e)                                    The
Inovio Shares have has registered with the Securities and Exchange Commission
(the “SEC”) pursuant to a Registration Statement on Form S-3 (SEC
file number 333- 134084) (the “Registration Statement), which Registration
Statement was declared effective by the SEC on May 25, 2006; and

f)                                        The
Inovio Shares, having been registered under the Registration Statement, are
freely tradable so long as the RMR is not an affiliate of Inovio within the
meaning of the Securities Act of 1933 or the Securities and Exchange Act of
1934.

  6
 
 
 

 

 

3.                                       Representations
and Warranties of RMR. RMR hereby represents and warrants to Genetronics that:

a)                                      It
is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization;

b)                                     It
is acquiring the Inovio Shares for its own account for investment and not with
a present view towards the distribution thereof; provided,
however, that by making the foregoing representation, RMR does not
agree to hold the Shares for any minimum or other specific term and reserves
the right to dispose of the Shares at any time.

c)                                    RMR
has all right and title (by license) to the Licensed Patents;

d)                                   The
licenses and other property of RMR being transferred to Genetronics hereunder,
do not, considered individually or in the aggregate, constitute a a substantial
portion of the assets of RMR so as to require approval its equity holders under
applicable;

e)                                    RMR
has no present plans to, and in any event shall not dissolve or attempt to
dissolve as a legal business entity for at least one year from the Closing
Date, or distribute any of the Inovio Shares acquired hereunder to its equity
holders or take any action in the furtherance thereof; and

f)                                        As
of the date hereof, (a) the fair market value of the tangible property of
RMR is greater than the total amount of liabilities, including, without
limitation, contingent liabilities, of RMR, and (b) RMR is paying its
debts as they become due.

Article V

Closing and Conditions

1.                                       Closing
and Closing Date. The consummation of the transactions contemplated by this
Agreement (the “Closing”) shall take place at 12:00 p.m. California time,
as soon as practical, but no later than the third business following, the date
that the Inovio Shares to be issued under this Agreement have been approved for
listing on the AMEX or the date this Agreement has been executed by the
Parties, whichever is later (such later date, the “Closing Date”). The Closing
shall occur at the offices of Genetronics. Closing may occur at such other
date, time and place as Parties may agree.

2.                                       Conditions
Precedent to Obligation of RMR. The obligation of RMR to proceed with the
Closing is subject to the fulfillment prior to or at Closing of the conditions
set forth in this Section. Any one or more of these conditions may be waived in
whole, or in part, by RMR at RMR sole option.

a)                                      The
representations and warranties of Genetronics contained herein shall be
accurate and complete, individually and collectively, in all material respects (i) as
of the date of this Agreement and (ii) as of the Closing Date as if made
on the Closing Date and RMR shall have received a certificate signed by an
officer of Genetronics to such effect..

b)                                   Agreements.
Genetronics shall have performed all of the covenants and agreements and
complied with all of the provisions required by this Agreement to be performed
or complied with, individually and collectively, in all material respects, by
such party at or before the Closing Date and RMR shall have received a
certificate signed by an officer of Genetronics to such effect.

c)                                      Genetronics
shall deliver to RMR a certificate or certificates evidencing the Inovio Shares
to be delivered to RMR hereunder.

d)                                     Genetronics
shall have delivered to RMR such other agreements and documents as RMR may
reasonably request.

  7
 
 
 

 

 

3.                                       Conditions
Precedent to Obligation of Genetronics. The obligation of Genetronics to
proceed with the Closing is subject to the fulfillment prior to or at Closing
of the conditions set forth in this Section. Any one or more of these
conditions may be waived in whole, or in part, by Genetronics at Genetronics’
sole option.

a)                                      The
representations and warranties of RMR contained herein shall be accurate and
complete, individually and collectively, in all material respects (i) as
of the date of this Agreement and (ii) as of the Closing Date as if made
on the Closing Date and Genetronics shall have received a certificate signed by
an officer of RMR to such effect..

b)                                   Genetronics
shall have performed all of the covenants and agreements and complied with all
of the provisions required by this Agreement to be performed or complied with,
individually and collectively, in all material respects, by such party at or
before the Closing Date and Genetronics shall have received a certificate
signed by an officer of RMR to such effect.

c)                                      No
stop order suspending the effectiveness of the Registration Statement shall be
in effect and no proceedings for such purpose shall be pending before or
threatened by the SEC;

d)                                     On
or before the Closing, Inovio shall file with the SEC a prospectus supplement
relating to the issuance and sale of the Inovio Shares to be issued by it and
delivered by Genetronics to RMR pursuant hereto and Genetronics shall deliver
the same to RMR along with its prospectus dated May 25, 2006 that Inovio
heretofore filed with the SEC and at the closing RMR shall acknowledge receipt
thereof in writing.

d)                                     Genetronics
shall have delivered to RMR such other agreements and documents as RMR may
reasonably request.

Article VI

Miscellaneous 

1.                                       The
implementation of this Agreement shall be subject to prior approval and written
agreement between Genetronics, USF and USFRF wherein USF and USFRF shall agree
to vest in Genetronics all rights to the Licensed Patents in the event of a
material breach, bankruptcy, or uncured default by RMR of its obligation under
the Note.

2.                                       Upon
the execution of this Agreement, the Option for a License Agreement shall
terminate with respect to the Licensed Patents but otherwise shall continue in
full force and effect with respect to those patents not licensed by this
Agreement and future inventions and discoveries made by RMR and not paid for by
Genetronics.

3.                                       In
the event of dissolution of RMR or the filing of a petition for bankruptcy,
arrangement or receivership, Genetronics shall have a right to keep its exclusive
irrevocable license to all USF Fields and this Agreement shall be considered an
agreement supplementary (together with any modification, supplement, or
replacement thereof agreed to by the parties) to the Option for a License
Agreement pursuant to Title 11 United States Bankruptcy Code Section 365(n).

4.                                       In
the event that either Party breaches a material provision of this Agreement,
such Party may attempt to cure said breach within 60 days of notification in
writing from the other Party that the Party is in breach. In the event that
said breach is not cured within said 60 days, then 1) if Genetronics remains in
breach, RMR shall have the right to terminate the license granted hereunder
and, 2) if RMR remains in breach then Genetronics shall, with respect to RMR,
have the right to a royalty free, fully paid-up license with right to
sublicense the Licensed Patents, and such rights to the license shall then
spring from USFRF according to paragraph 5, Article II of the Technology
Transfer Agreement between RMR and USFRF.

  8
 
 
 

 

5.                                       Notices.
Notices from one party to the other shall be in the form stated in the Option
Agreement.

6.                                       Governing
Law. This Agreement shall be governed by and construed and enforced in
accordance with the internal substantive law, and not the law pertaining to
conflicts or choice of law, of the State of California, except for the
provision of subparagraph (b) of Article II, paragraph 8, which shall
be governed by the internal substantive law, and not the law pertaining to
conflicts or choice of law, of the State of Florida.

7.                                       Counterparts.
This Agreement may be executed in several counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same
instrument.

8.                                       Modifications,
Amendments and Waivers. This agreement may be modified, amended or otherwise
supplemented only by a writing signed by the party against whom it is sought to
be enforced. No waiver of any right or power hereunder shall be deemed
effective unless and until a writing waiving such right or power is executed by
the party waiving such right or power.

9.                                       Severability.
The provisions of this Agreement are severable, and in the event that any
provisions of this Agreement shall be determined to be invalid or unenforceable
under any controlling body of the law, such invalidity or unenforceability
shall not in any way affect the validity or enforceability of the remaining
provisions hereof.

10.                                 Joint
Participation in Drafting. Each party to this Agreement has participated in the
negotiation and drafting of this Agreement. As such, the language used herein
shall be deemed to be the language chosen by the parties hereto to express
their mutual intent, and no rule of strict construction will be applied
against any party to this Agreement

  9
 
 
 

 

IN
WITNESS WHEREOF, the Parties hereto have caused their duly authorized officers
to execute this Agreement as of the day and year first above written.

	
  GENETRONICS, INC.

  	
   

  	
   

  	
  RMR TECHNOLOGIES, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Avtar S. Dhillon.

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Howard Goldman

  
	
   

  	
  Avtar S. Dhillon, M.D.

  	
   

  	
   

  	
   

  	
   

  	
  Howard Goldman

  
	
   

  	
  President and CEO

  	
   

  	
   

  	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  6/20/06

  	
   

  	
   

  	
  Date:

  	
   

  	
  6/16/06

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Individually and only with respect to
  Article II Paragraph 8(b) hereof;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Richard Heller

  	
   

  	
   

  	
  Date:

  	
   

  	
  6-16-06

  
	
   

  	
  Richard Heller

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Richard Gilbert

  	
   

  	
   

  	
  Date:

  	
   

  	
  6-19-06

  
	
   

  	
  Richard Gilbert

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Mark J. Jaroszeski

  	
   

  	
   

  	
  Date:

  	
   

  	
  6-22-06

  
	
   

  	
  Mark J. Jaroszeski

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GENETRONICS, INC

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Douglas C. Murdock

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Douglas C. Murdock, Esq

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Director, Intellectual Property

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1)

  	
  Date:

  	
  6/22/06

  	
   

  	
   

  	
   

  	
   

  	
   

  
								

 

NOTE: EXHIBITS AND CERTAIN INFORMATION (INDICATED
IN BRACKETS WITH ASTERISKS, e.g.,  [***]
IN THE FORGOING DOCUMENT, WHICH ARE NOT RELEVANT TO THE SECURITIES ISSUED BY
THE REGISTRANT OR THE CONSIDERATION RECEIVED THEREFOR HAVE BEEN OMITTED

 

  10

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