Document:

WARRANT

            	 
	
              NO.
                ________

            	
              CUSTOMER
                ACQUISITION NETWORK HOLDINGS, INC. 

            	
              _______
                Shares

            

    

     

    WARRANT
      TO PURCHASE COMMON STOCK

     

    VOID
      AFTER 5:30 P.M., EASTERN 

    TIME,
      ON THE EXPIRATION DATE

     

    THIS
      WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT
      BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT
      COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE
      FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS
      THEREFROM.

     

    FOR
      VALUE
      RECEIVED, CUSTOMER ACQUISITION NETWORK HOLDINGS, INC., a Delaware corporation
      (the “Company”), hereby agrees to sell upon the terms and on the conditions
      hereinafter set forth, but no later than 5:30 p.m., Eastern Time, on the
      Expiration Date (as hereinafter defined), to [ ], or registered assigns (the
      “Holder”), under the terms as hereinafter set forth, [ ] fully paid and
      non-assessable shares of the Company’s Common Stock, par value $0.001 per share
      (the “Warrant Stock”), at a purchase price of $2.75 per share (the “Warrant
      Price”), pursuant to this warrant (this “Warrant”). The number of shares of
      Warrant Stock to be so issued and the Warrant Price are subject to adjustment
      in
      certain events as hereinafter set forth. The term “Common Stock” shall mean,
      when used herein, unless the context otherwise requires, the stock and other
      securities and property at the time receivable upon the exercise of this
      Warrant.

     

    1. Exercise
      of Warrant.

     

    a. The
      Holder may exercise this Warrant according to its terms by (i) surrendering
      this
      Warrant, properly endorsed, to the Company at the address set forth in Section
      10, (ii) the subscription form attached hereto having then been duly executed
      by
      the Holder, and (iii) payment of the purchase price being made to the Company
      for the number of shares of the Warrant Stock specified in the subscription
      form, or as otherwise provided in this Warrant, prior to 5:30 p.m., Eastern
      Time, on March 28, 2013 (the
      “Expiration
      Date”).

     

    b. (i)
      The
      aggregate purchase price for the shares of Warrant Stock being purchased may
      be
      paid (1) either by cash, certified check or bank draft or wire transfer of
      immediately available funds, or (2) subject to Section 1b.(ii) below, by
      surrender of a number of shares of Warrant Stock having a fair market value
      equal to the aggregate purchase price of the Warrant Stock being purchased
      (“Cashless
      Exercise”)
      as
      determined herein. If the Holder elects the Cashless Exercise method of payment,
      the Company shall issue to the Holder a number of shares of Warrant Stock
      determined in accordance with the following formula:

     

    X
       = Y(A
      -
      B)

      A

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	with: 	X =  the
              number of shares of Warrant Stock to be issued to the Holder;
	 	 
	 	
              Y
                = the
                number of shares of Warrant Stock with respect to which the Warrant
                is
                being exercised;

            
	 	 
	 	
              A
                = the
                fair value per share of Common
                Stock on
                the date of exercise of this Warrant;
                and 

            
	 	 
	 	
              B
                = the
                then-current Warrant Price of
                the Warrant

            

    

                  
      

    For
      the
      purposes of this Section 1b., “fair value” per share of Common Stock shall mean
      (A) the average of the closing sales prices, as quoted on the primary national
      or regional stock exchange on which the Common Stock is listed, or,
      if not
      listed,
      the OTC
      Bulletin Board if quoted thereon, on the five
      consecutive trading days immediately preceding the date of exercise, or (B)
      if
      the Common Stock is not publicly traded as set forth above, as reasonably and
      in
      good faith determined by the Board of Directors of the Company as of the date
      which the notice of exercise is deemed to have been sent to the
      Company.

    

    (ii)
      Notwithstanding the foregoing, the Cashless Exercise option set forth in clause
      (i) of Section 1b. above shall only be available so long as the Company shall
      not have registered the Warrant Stock in an effective registration statement
      with the Securities and Exchange Commission on or prior to the six month
      anniversary of the date that this warrant is issued. 

     

    c. This
      Warrant may be exercised in whole or in part so long as any exercise in part
      hereof would not involve the issuance of fractional shares of Warrant Stock.
      If
      exercised in part, the Company shall deliver to the Holder a new Warrant,
      identical in form, in the name of the Holder, evidencing the right to purchase
      the number of shares of Warrant Stock as to which this Warrant has not been
      exercised, which new Warrant shall be signed by the Chairman, Chief Executive
      Officer, President or any Vice President of the Company. The term Warrant as
      used herein shall include any subsequent Warrant issued as provided
      herein.

     

    d. No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. The Company shall pay cash in lieu of fractions
      with respect to the Warrants based upon the fair market value of such fractional
      shares of Common Stock (which shall be the closing price of such shares on
      the
      exchange or market on which the Common Stock is then traded) at the time of
      exercise of this Warrant.

     

    e. In
      the
      event of any exercise of the rights represented by this Warrant, a certificate
      or certificates for the Warrant Stock so purchased, registered in the name
      of
      the Holder, shall be delivered to the Holder within a reasonable time after
      such
      rights shall have been so exercised. The person or entity in whose name any
      certificate for the Warrant Stock is issued upon exercise of the rights
      represented by this Warrant shall for all purposes be deemed to have become
      the
      holder of record of such shares immediately prior to the close of business
      on
      the date on which the Warrant was surrendered and payment of the Warrant Price
      and any applicable taxes was made, irrespective of the date of delivery of
      such
      certificate, except that, if the date of such surrender and payment is a date
      when the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the holder of such shares at the opening of business
      on
      the next succeeding date on which the stock transfer books are open. Except
      as
      provided in Section 4 hereof, the Company shall pay any and all documentary
      stamp or similar issue or transfer taxes payable in respect of the issue or
      delivery of shares of Common Stock on exercise of this Warrant; provided,
      however, that the Company shall not be required to pay any tax that may be
      payable in respect of any issuance and delivery of shares of Warrant Stock
      to
      any Person other than the Holder or with respect to any income tax due by the
      Holder with respect to any shares of Warrant Stock. “Person” shall mean any
      natural person, corporation, division of a corporation, partnership, limited
      liability company, trust, joint venture, association, company, estate,
      unincorporated organization or government or any agency or political subdivision
      thereof.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2. Disposition
      of Warrant Stock and Warrant.

     

    a. The
      Holder hereby acknowledges that this Warrant and any Warrant Stock purchased
      pursuant hereto are, as of the date hereof, not registered: (i) under the Act
      on
      the ground that the issuance of this Warrant is exempt from registration under
      Section 4(2) of the Act as not involving any public offering or (ii) under
      any
      applicable state securities law because the issuance of this Warrant does not
      involve any public offering; and that the Company’s reliance on the Section 4(2)
      exemption of the Act and under applicable state securities laws is predicated
      in
      part on the representations hereby made to the Company by the Holder that it
      is
      acquiring this Warrant and will acquire the Warrant Stock for investment for
      its
      own account, with no present intention of dividing its participation with others
      or reselling or otherwise distributing the same, subject, nevertheless, to
      any
      requirement of law that the disposition of its property shall at all times
      be
      within its control.

     

    The
      Holder hereby agrees that it will not sell or transfer all or any part of this
      Warrant and/or Warrant Stock, except pursuant to an effective registration
      statement under the Act, unless and until it shall first have given notice
      to
      the Company describing such sale or transfer and furnished to the Company either
      (i) an opinion of counsel for the Company, which the Company shall obtain at
      its
      own expense, to the effect that the proposed sale or transfer may be made
      without registration under the Act and without registration or qualification
      under any state law, or (ii) an interpretative letter from the Securities and
      Exchange Commission to the effect that no enforcement action will be recommended
      if the proposed sale or transfer is made without registration under the
      Act.

     

    b. If,
      at
      the time of issuance of the shares issuable upon exercise of this Warrant,
      no
      registration statement is in effect with respect to such shares under applicable
      provisions of the Act, the Company may at its election require that the Holder
      provide the Company with written reconfirmation of the Holder’s investment
      intent and that any stock certificate delivered to the Holder of a surrendered
      Warrant shall bear a legend reading substantially as follows:

     

    “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
      DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
      OF
      THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.”

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    In
      addition, so long as the foregoing legend may remain on any stock certificate
      delivered to the Holder, the Company may maintain appropriate “stop transfer”
orders with respect to such certificates and the shares represented thereby
      on
      its books and records and with those to whom it may delegate registrar and
      transfer functions.

     

    3. Reservation
      of Shares.
      The
      Company hereby agrees that at all times there shall be reserved for issuance
      upon the exercise of this Warrant such number of shares of its Common Stock
      as
      shall be required for issuance upon exercise of this Warrant. The Company
      further agrees that all shares which may be issued upon the exercise of the
      rights represented by this Warrant will be duly authorized and will, upon
      issuance and against payment of the Warrant Price therefor, be validly issued,
      fully paid and non-assessable, free from all taxes, liens, charges and
      preemptive rights with respect to the issuance thereof, other than taxes, if
      any, in respect of any transfer occurring contemporaneously with such issuance
      and other than transfer restrictions imposed by federal and state securities
      laws.

     

    4. Exchange,
      Transfer or Assignment of Warrant.
      

     

    a. This
      Warrant is exchangeable, without expense, at the option of the Holder, upon
      presentation and surrender hereof to the Company or at the office of its stock
      transfer agent, if any, for other Warrants of different denominations, entitling
      the Holder or Holders thereof to purchase in the aggregate the same number
      of
      shares of Common Stock purchasable hereunder. Upon surrender of this Warrant
      to
      the Company or at the office of its stock transfer agent, if any, with an
      appropriate instrument of assignment duly executed and funds sufficient to
      pay
      any transfer tax, the Company shall, without charge, execute and deliver a
      new
      Warrant in the name of the assignee named in such instrument of assignment
      and
      this Warrant shall promptly be canceled. This Warrant may be divided or combined
      with other Warrants that carry the same rights upon presentation hereof at
      the
      office of the Company or at the office of its stock transfer agent, if any,
      together with a written notice specifying the names and denominations in which
      new Warrants are to be issued and signed by the Holder hereof.

     

    b. Notwithstanding
      anything to the contrary contained herein, at such time as this Warrant shall
      be
      registered by the Company under the Act, Holder shall deliver this Warrant
      to
      the Company in exchange for a warrant certificate representing the registered
      warrant, which shall entitle Holder to purchase the same number of shares of
      Warrant Stock and at the same Warrant Price as exists at the time of the
      surrender. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    5. Capital
      Adjustments.
      This
      Warrant is subject to the following further provisions:

     

    a. Recapitalization,
      Reclassification and Succession.
      If any
      recapitalization of the Company or reclassification of its Common Stock or
      any merger or consolidation of the Company into or with a Person, or the sale
      or
      transfer of all or substantially all of the Company’s assets or of any successor
      corporation’s assets to any Person (any such Person being included within the
      meaning of the term “successor corporation”) shall be effected, at any time
      while this Warrant remains outstanding and unexpired, then, as a condition
      of
      such recapitalization, reclassification, merger, consolidation, sale or
      transfer, lawful and adequate provision shall be made whereby the Holder of
      this
      Warrant thereafter shall have the right to receive upon the exercise hereof
      as
      provided in Section 1 and in lieu of the shares of Common Stock immediately
      theretofore issuable upon the exercise of this Warrant, such shares of capital
      stock, securities or other property as may be issued or payable with respect
      to
      or in exchange for a number of outstanding shares of Common Stock equal to
      the
      number of shares of Common Stock immediately theretofore issuable upon the
      exercise of this Warrant had such recapitalization, reclassification, merger,
      consolidation, sale or transfer not taken place, and in each such case, the
      terms of this Warrant shall be applicable to the shares of stock or other
      securities or property receivable upon the exercise of this Warrant after such
      consummation.

     

    b. Subdivision
      or Combination of Shares.
      If the
      Company at any time while this Warrant remains outstanding and unexpired shall
      subdivide or combine its Common Stock, the number of shares of Warrant Stock
      purchasable upon exercise of this Warrant and the Warrant Price shall be
      proportionately adjusted.

     

    c. Stock
      Dividends and Distributions.
      If the
      Company at any time while this Warrant is outstanding and unexpired shall issue
      or pay the holders of its Common Stock, or take a record of the holders of
      its
      Common Stock for the purpose of entitling them to receive, a dividend payable
      in, or other distribution of, Common Stock, then (i) the Warrant Price shall
      be
      adjusted in accordance with Section 5(e) and (ii) the number of shares of
      Warrant Stock purchasable upon exercise of this Warrant shall be adjusted to
      the
      number of shares of Common Stock that the Holder would have owned immediately
      following such action had this Warrant been exercised immediately prior
      thereto.

     

    d. Stock
      and Rights Offering to Stockholders.
      If the
      Company shall at any time after the date of issuance of this Warrant distribute
      to all holders of its Common Stock any shares of capital stock of the Company
      (other than Common Stock) or evidences of its indebtedness or assets (excluding
      cash dividends or distributions paid from retained earnings or current year’s or
      prior year’s earnings of the Company) or rights or warrants to subscribe for or
      purchase any of its securities (excluding those referred to in the immediately
      preceding paragraph) (any of the foregoing being hereinafter in this paragraph
      called the “Securities”), then in each such case, the Company shall reserve
      shares or other units of such Securities for distribution to the Holder upon
      exercise of this Warrant so that, in addition to the shares of the Common Stock
      to which such Holder is entitled, such Holder will receive upon such exercise
      the amount and kind of such Securities which such Holder would have received
      if
      the Holder had, immediately prior to the record date for the distribution of
      the
      Securities, exercised this Warrant.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    e. Warrant
      Price Adjustment.
      Whenever the number of shares of Warrant Stock purchasable upon exercise of
      this
      Warrant is adjusted, as herein provided, the Warrant Price payable upon the
      exercise of this Warrant shall be adjusted to that price determined by
      multiplying the Warrant Price immediately prior to such adjustment by a fraction
      (i) the numerator of which shall be the number of shares of Warrant Stock
      purchasable upon exercise of this Warrant immediately prior to such adjustment,
      and (ii) the denominator of which shall be the number of shares of Warrant
      Stock
      purchasable upon exercise of this Warrant immediately thereafter.

     

    f. Certain
      Shares Excluded.
      The
      number of shares of Common Stock outstanding at any given time for purposes
      of
      the adjustments set forth in this Section 5 shall exclude any shares then
      directly or indirectly held in the treasury of the Company.

     

    g. Deferral
      and Cumulation of De Minimis Adjustments.
      The
      Company shall not be required to make any adjustment pursuant to this Section
      5
      if the amount of such adjustment would be less than one percent (1%) of the
      Warrant Price in effect immediately before the event that would otherwise have
      given rise to such adjustment. In such case, however, any adjustment that would
      otherwise have been required to be made shall be made at the time of and
      together with the next subsequent adjustment which, together with any adjustment
      or adjustments so carried forward, shall amount to not less than one percent
      (1%) of the Warrant Price in effect immediately before the event giving rise
      to
      such next subsequent adjustment.

     

    h. Duration
      of Adjustment.
      Following each computation or readjustment as provided in this Section 5, the
      new adjusted Warrant Price and number of shares of Warrant Stock purchasable
      upon exercise of this Warrant shall remain in effect until a further computation
      or readjustment thereof is required.

     

    6. Notice
      to Holders.

     

    a. Notice
      of Record Date.
      In
      case:

     

    (i) the
      Company shall take a record of the holders of its Common Stock (or other stock
      or securities at the time receivable upon the exercise of this Warrant) for
      the
      purpose of entitling them to receive any dividend (other than a cash dividend
      payable out of earned surplus of the Company) or other distribution, or any
      right to subscribe for or purchase any shares of stock of any class or any
      other
      securities, or to receive any other right;

     

    (ii) of
      any
      capital reorganization of the Company, any reclassification of the capital
      stock
      of the Company, any consolidation with or merger of the Company into another
      Person, or any conveyance of all or substantially all of the assets of the
      Company to another Person; or

     

    (iii) of
      any
      voluntary dissolution, liquidation or winding-up of the Company;

     

    then,
      and
      in each such case, the Company will mail or cause to be mailed to the Holder
      hereof at the time outstanding a notice specifying, as the case may be, (i)
      the
      date on which a record is to be taken for the purpose of such dividend,
      distribution or right, and stating the amount and character of such dividend,
      distribution or right, or (ii) the date on which such reorganization,
      reclassification, consolidation, merger, conveyance, dissolution, liquidation
      or
      winding-up is to take place, and the time, if any is to be fixed, as of which
      the holders of record of Common Stock (or such stock or securities at the
      time receivable upon the exercise of this Warrant) shall be entitled to exchange
      their shares of Common Stock (or such other stock or securities) for securities
      or other property deliverable upon such reorganization, reclassification,
      consolidation, merger, conveyance, dissolution, liquidation or winding-up.
      Such
      notice shall be mailed at least twenty (20) days prior to the record date
      therein specified, or if no record date shall have been specified therein,
      at
      least twenty (20) days prior to the date of such action, provided, however,
      failure to provide any such notice shall not affect the validity of such
      transaction.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    b. Certificate
      of Adjustment.
      Whenever any adjustment shall be made pursuant to Section 5 hereof, the Company
      shall promptly make a certificate signed by its Chairman, Chief Executive
      Officer, President, Vice President, Chief Financial Officer or Treasurer,
      setting forth in reasonable detail the event requiring the adjustment, the
      amount of the adjustment, the method by which such adjustment was calculated
      and
      the Warrant Price and number of shares of Warrant Stock purchasable upon
      exercise of this Warrant after giving effect to such adjustment, and shall
      promptly cause copies of such certificate to be mailed (by first class mail,
      postage prepaid) to the Holder of this Warrant.

     

    7. Intentionally
      Omitted.

     

    8. Price
      Protection; Reset of Warrant Price.
      Until
      the earlier of (i) 24 months from the date hereof or (ii) such date that there
      is an effective registration statement on file with the Securities and Exchange
      Commission covering the resale of any warrants to purchase shares of capital
      stock, in the event that the Company issues or sells any warrants or options
      to
      purchase shares of capital stock to which they may be acquired at an exercise
      price of less than $2.75 per share, then the Company shall promptly issue
      additional warrants to the Holder in an amount sufficient that the actual price
      per warrant paid hereunder (which is $2.75) (the “Per Warrant Purchase Price”),
      when divided by the total number of warrants issued will result in an actual
      Per
      Warrant Purchase Price paid by the Holder hereunder equal to such lower price
      (this is intended to be a “full ratchet” adjustment). Such adjustment shall be
      made successively whenever such an issuance is made. 

     

    9. Maximum
      Exercise.
      The
      Holder shall not be entitled to exercise this Warrant on an exercise date,
      in
      connection with that number of shares of Common Stock which would be in excess
      of the sum of (i) the number of shares of Common Stock beneficially owned
      by the Holder and its affiliates on an exercise date, and (ii) the number
      of shares of Common Stock issuable upon the exercise of this Warrant with
      respect to which the determination of this limitation is being made on an
      exercise date, which would result in beneficial ownership by the Holder and
      its
      affiliates of more than 4.99% of the outstanding shares of Common Stock on
      such
      date. For the purposes of the immediately preceding sentence, beneficial
      ownership shall be determined in accordance with Section 13(d) of the
      Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.
      Subject to the foregoing, the Holder shall not be limited to aggregate exercises
      which would result in the issuance of more than 4.99%. The restriction described
      in this paragraph may be waived, in whole or in part, upon sixty-one (61)
      days prior notice from the Holder to the Company to increase such percentage
      to
      up to 9.99%, but not in excess of 9.99%.

     

    
      
        
        

      

      
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    10. Loss,
      Theft, Destruction or Mutilation.
      Upon
      receipt by the Company of evidence satisfactory to it, in the exercise of its
      reasonable discretion, of the ownership and the loss, theft, destruction or
      mutilation of this Warrant and, in the case of loss, theft or destruction,
      of
      indemnity reasonably satisfactory to the Company and, in the case of mutilation,
      upon surrender and cancellation hereof, the Company will execute and deliver
      in
      lieu hereof, without expense to the Holder, a new Warrant of like tenor dated
      the date hereof.

     

    11. Warrant
      Holder Not a Stockholder.
      The
      Holder of this Warrant, as such, shall not be entitled by reason of this Warrant
      to any rights whatsoever as a stockholder of the Company.

     

    12. Notices.
      Any
      notice required or contemplated by this Warrant shall be deemed to have been
      duly given if transmitted by registered or certified mail, return receipt
      requested, postage prepaid, or nationally recognized overnight delivery
      service,
      to
      the
      Company at its principal executive offices: 200 Park Avenue South, Suite
      908-909, New York, NY 10003, Attention: Chief Executive Officer, or to the
      Holder at the name and address set forth in the Warrant Register maintained
      by
      the Company.

     

    13. Choice
      of Law.
      THIS
      WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED
      IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
      EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

     

    14. Jurisdiction
      and Venue.
      The
      Company and the Holder, by its acceptance hereof, hereby agree that any dispute
      which may arise between them arising out of or in connection with this Warrant
      shall be adjudicated before a court located in New York City, New York, and
      they
      hereby submit to the exclusive jurisdiction of the federal and state courts
      of
      the State of New York located in New York City with respect to any action or
      legal proceeding commenced by any party, and irrevocably waive any objection
      they now or hereafter may have respecting the venue of any such action or
      proceeding brought in such a court or respecting the fact that such court is
      an
      inconvenient forum, relating to or arising out of this Warrant or any acts
      or
      omissions relating to the sale of the securities hereunder, and consent to
      the
      service of process in any such action or legal proceeding by means of registered
      or certified mail, return receipt requested, postage prepaid, in care of the
      address set forth herein or such other address as either party shall furnish
      in
      writing to the other.

     

    [Signature
      Page Follows]

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the Company has duly caused this Warrant to be signed on its
      behalf, in its corporate name and by its duly authorized officer, as of this
      28th day
      of
      March, 2008.

     

    
      	 	 	 
	 	
              CUSTOMER
                ACQUISITION NETWORK HOLDINGS, INC.

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                

              Title:
                

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    FORM
      OF
      EXERCISE

     

    (to
      be
      executed by the registered holder hereof)

     

    The
      undersigned hereby exercises the right to purchase _________ shares of common
      stock, par value $0.001 per share (“Common Stock”), of Customer Acquisition
      Network Holdings,
      Inc.
      evidenced by the within Warrant Certificate for a Warrant Price of $2.75 per
      share (subject to adjustment in accordance with the Warrant) and herewith makes
      payment of the purchase price in full of (i) $__________ in cash or (ii) solely
      in the event that the Company is not in compliance with Section 1b(ii). of
      the Warrant, shares of Common Stock (pursuant to a Cashless Exercise in
      accordance with Section 1b.). Kindly issue certificates for shares of Common
      Stock (and for the unexercised balance of the Warrants evidenced by the within
      Warrant Certificate, if any) in accordance with the instructions given below.
      

     

    Dated:____________________
      , 20__ . ______________________________

     Name:

    

    Instructions
      for registration of stock:

    

    _____________________________

      Name
      (Please Print)

    

    Social
      Security or other identifying Number: _______________

    

    Address:____________________________________________

           City,
      State and Zip Code

    

    Instructions
      for registration of certificate representing

    the
      unexercised balance of Warrants (if any):

    

    _____________________________
      

    Name
      (Please Print)

     

    Social
      Security or other identifying Number: _______________

    

    Address:____________________________________________

       City,
      State and Zip Code

     

    
      
        
        

      

      
        10EMPLOYMENT
      AGREEMENT

     

    This
      Employment Agreement (the “Agreement”) is made as of the 1st
      day of
      April, 2008 (the “Effective Date”), between Osiris Corporation, Inc., a Delaware
      corporation (the “Company”), and Ilan Danieli (the “Executive”). 

     

    WHEREAS,
      the
      Company desires to employ the Executive and the Executive desires to be employed
      by the Company on the terms contained herein; 

     

    NOW,
      THEREFORE, in
      consideration of the mutual covenants and agreements herein contained and other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties agree as follows: 

     

    1.    Term.
      The
      term of Executive’s employment under this Agreement (the “Term”) shall commence
      on the Effective Date and shall continue until terminated in accordance with
      Section 4. 

     

    2.    Position
      and Duties.
      The
      Executive shall serve as Chief Operating Officer, reporting to the President
      and
      CEO (“CEO”). The Executive shall devote his full working time and efforts to the
      business and affairs of the Company. The Executive may serve on other Board
      of
      directors, with the approval of the CEO, or engage in religious, charitable
      or
      other community activities as long as such services and activities are disclosed
      to the CEO and do not materially interfere with the Executive’s performance of
      his duties to the Company as provided in this Agreement. 

     

    3.    Compensation
      and Related Matters.

     

    (a)    Base
      Salary.
      The
      Executive’s annual base salary shall be $240,000 subject to the increase (but
      not decrease) by the CEO or the Compensation Committee of the CEO (the
“Compensation Committee”). The base salary in effect at any given time is
      referred to herein as “Base Salary.” The Base Salary shall be payable in
      periodic installments in accordance with the Company’s usual practice for senior
      executives. 

     

    (b)    Quarterly
      Bonuses.
      The
      Executive shall be eligible to receive cash incentive compensation in the form
      of a quarterly bonuses based on performance objectives as determined
      by the
      CEO,
      on an annual basis, after consultation with the Executive (the “Quarterly Bonus
      Payments”). The aggregate of Executive’s target Quarterly Bonus Payments on an
      annualized basis shall be 50% of his Base Salary. The Quarterly Bonus Payments
      shall commence with the first full fiscal quarter subsequent to the Effective
      Date and shall be paid within 30 days after the end of each fiscal quarter.
      

     

    (c)    Expenses.
      The
      Executive shall be entitled to receive prompt reimbursement for all reasonable
      expenses incurred by him in performing services hereunder during the Term,
      in
      accordance with the policies and procedures then in effect and established
      by
      the Company for its senior executive officers. In addition, the Executive shall
      be entitled to receive prompt reimbursement by the Company for all legal fees
      and expenses incurred by him in connection with the preparation and negotiation
      of this Agreement.

     

    (d)    Vacation.
      The
      Executive shall be entitled to twenty (20) paid vacation days in each calendar
      year, which shall be accrued ratably during the calendar year. Business Travel
      that takes place over weekends or holidays shall be credited against used
      vacation days. The Executive shall also be entitled to all paid holidays given
      by the Company to its executives. The Executive may not, without the prior
      consent of the CEO, carry forward more than five (5) days of unused
      vacation entitlement to a subsequent calendar year. Any vacation entitlement
      that has not been used by the end of the calendar year or carried forward to
      the
      next calendar year shall be forfeited without pay. Upon
      termination of the Executive’s employment, for whatever reason, the Executive
      shall be entitled to salary in lieu of any accrued but unused vacation.

     

    (e)    Other
      Benefits.
      During
      the Term, the Executive shall be entitled to receive benefits under all of
      the
      Company’s Employee Benefit Plans in effect on the date hereof, or under plans or
      arrangements that provide the Executive with benefits at least substantially
      equivalent to those provided under such Employee Benefit Plans. As used herein,
      the term “Employee Benefit Plans” includes, without limitation, each pension and
      retirement plan; supplemental pension, retirement and deferred compensation
      plan; savings and profit-sharing plan; stock ownership plan; stock purchase
      plan; stock option plan; life insurance plan; medical insurance plan; disability
      plan; and health and accident plan or arrangement established and maintained
      by
      the Company on the date hereof for employees of the same status within the
      hierarchy of the Company. During the Term, the Executive shall be entitled
      to
      participate in or receive benefits under any employee benefit plan or
      arrangement which may, in the future, be made available by the Company to its
      executives and key management employees, subject to and on a basis consistent
      with the terms, conditions and overall administration of such plan or
      arrangement. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (f)    Taxation
      of Payments and Benefits.
      The
      Employer shall undertake to make deductions, withholdings and tax reports with
      respect to payments and benefits under this Agreement to the extent that it
      reasonably and in good faith believes that it is required to make such
      deductions, withholdings and tax reports. Payments under this Agreement shall
      be
      in amounts net of any such deductions or withholdings. Except as expressly
      set
      forth in this Agreement, nothing in this Agreement shall be construed to require
      the Employer to make any payments to compensate the Executive for any adverse
      tax effect associated with any payments or benefits or for any deduction or
      withholding from any payment or benefit. 

     

    4.    Termination.
      The
      Executive’s employment hereunder may be terminated without any breach of this
      Agreement under the following circumstances: 

     

    (a)    Death.
      The
      Executive’s employment hereunder shall terminate upon his death. 

     

    (b)    Disability.
      If the
      Executive shall be disabled so as to be unable to perform the essential
      functions of the Executive’s then existing position or positions under this
      Agreement with or without reasonable accommodation, the CEO may remove the
      Executive from any responsibilities and/or reassign the Executive to another
      position with the Company for the remainder of the Term or during the period
      of
      such disability. Notwithstanding any such removal or reassignment, the Executive
      shall continue to receive the Executive’s full Base Salary (less any disability
      pay or sick pay benefits to which the Executive may be entitled under the
      Company’s policies) and benefits (except to the extent that the Executive may be
      ineligible for one or more such benefits under applicable plan terms) for six
      months. If any question shall arise as to whether during any period the
      Executive is disabled so as to be unable to perform the essential functions
      of
      the Executive’s then existing position or positions with or without reasonable
      accommodation, the Executive may, and at the request of the Company shall,
      submit to the Company a certification in reasonable detail by a physician
      selected by the Company to whom the Executive or the Executive’s guardian has no
      reasonable objection as to whether the Executive is so disabled or how long
      such
      disability is expected to continue, and such certification shall for the
      purposes of this Agreement be conclusive of the issue. The Executive shall
      cooperate with any reasonable request of the physician in connection with such
      certification. If such question shall arise and the Executive shall fail to
      submit such certification, the Company’s determination of such issue shall be
      binding on the Executive. Nothing in this Section 4(b) shall be construed
      to waive the Executive’s rights, if any, under existing law including, without
      limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601
et seq.
      and the
      Americans with Disabilities Act, 42 U.S.C. §12101 et
      seq. 

     

    (c)    Termination
      by Company for Cause.
      At any
      time during the Term, the Company may terminate the Executive’s employment
      hereunder for Cause if such termination is approved by the CEO. For purposes
      of
      this Agreement, “Cause” shall mean: (A) conduct by the Executive
      constituting gross negligence or an act of willful misconduct in connection
      with
      the performance of his duties, including, without limitation, misappropriation
      of funds or property of the Company or any of its subsidiaries or affiliates
      other than the occasional, customary and de minimis use of Company property
      for
      personal purposes; (B) the conviction of or pleading nolo
      contendere
      by the
      Executive of any felony involving deceit, dishonesty or fraud, or any conduct
      by
      the Executive that has resulted in material injury to the Company or any of
      its
      subsidiaries and affiliates; (C)  willful and deliberate non-performance by
      the Executive of his duties hereunder which has continued following written
      notice of such non-performance from the CEO, provided
      however,
      Executive shall not be required to perform tasks or duties that, in Executive’s
      reasonable and good faith judgment, are contrary to legal or ethical principles
      and standards; (D) a breach by the Executive of any of his material
      obligations under this Agreement; (E) a material violation by the Executive
      of the Company’s employment policies which has continued following written
      notice of such violation from the CEO, or (F) willful failure to cooperate
      with a bona fide internal investigation or an investigation by regulatory or
      law
      enforcement authorities, after being instructed by the Company to cooperate,
      or
      the willful destruction or failure to preserve documents or other materials
      known to be relevant to such investigation or the willful inducement of others
      to fail to cooperate or to produce documents or other materials. Anything to
      the
      contrary notwithstanding, (1) the Executive shall not be terminated for “Cause”
within the meaning of clauses (C), (D), (E) or (F) of this subsection (c) unless
      written notice stating the basis for termination is provided to the Executive
      and he is given thirty (30) days to cure the basis for such claim and, if he
      fails to cure such basis, the Executive has an opportunity to be heard in person
      before the CEO at a time and venue selected by the CEO. 

     

    (d)    Termination
      Without Cause.
      At any
      time during the Term, the Company may terminate the Executive’s employment
      hereunder without Cause if such termination is approved by the CEO.

     

    (e)    Termination
      by the Executive Without Good Reason.
      At any
      time during the Term, the Executive may terminate his employment hereunder
      without Good Reason by written notice to the CEO at least thirty (30) days
      prior
      to such termination. Any such termination shall not constitute a breach of
      this
      Agreement by the Executive. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (f)    Notice
      of Termination.
      Except
      for termination as specified in Section 4(a), any termination of the Executive’s
      employment by the Company or any such termination by the Executive shall be
      communicated by written Notice of Termination to the other party hereto.

     

    (g)    Date
      of Termination.
“Date
      of Termination” shall mean: (A) if the Executive’s employment is terminated
      by his death, the date of his death; (B) if the Executive’s employment is
      terminated on account of disability under Section 4(b) or by the Company for
      Cause under Section 4(c), the date on which Notice of Termination is given;
      (C) if the Executive’s employment is terminated by the Company under
      Section 4(d), thirty(30) days after the date on which a Notice of
      Termination is given; and (D) if the Executive’s employment is terminated
      by the Executive under Section 4(e) or Section 4(f), thirty (30) days after
      the date on which a Notice of Termination is given. 

     

    5.    Compensation
      Upon Termination.

     

    (a)    Termination
      Generally.
      If the
      Executive’s employment with the Company is terminated for any reason during the
      Term, the Company shall pay or provide to the Executive (or to his authorized
      representative or estate) any earned but unpaid Base Salary, Quarterly Bonus
      Payments, prorated up until the Date of Termination, unpaid expense
      reimbursements, accrued but unused vacation and any vested benefits the
      Executive may have under any employee benefit plan of the Company (the “Accrued
      Benefit”) on the Date of Termination. 

     

    (b)    Termination
      by the Company Without Cause..
      If the
      Executive’s employment is terminated by the Company without Cause as provided in
      Section 4(d), then the Company shall, through the Date of Termination, pay
      the Executive his Accrued Benefit. In addition, 

     

    (i) within
      ten (10) days of the Date of Termination, the Company shall pay the Executive
      a
      lump sum payment equal to the Executive’s annual Base Salary (the “Severance
      Amount”), 

     

    (ii) all
      stock-based and other equity awards held by the Executive shall vest and become
      exercisable or nonforfeitable as of the Date of Termination; 

     

    (iii) subject
      to the Executive’s election to continue health benefits and co-payment of
      premium amounts at the active employees’ rate, the Executive shall continue to
      participate in the Company’s group health, dental and vision program for
      12 months; provided,
      however,
      that the
      continuation of health benefits under this Section 5(b)(iii) shall reduce and
      count against the Executive’s rights under the Consolidated Omnibus Budget
      Reconciliation Act of 1985, as amended (“COBRA”); 

     

    (iv) anything
      in this Agreement to the contrary notwithstanding, if at the time of the
      Executive’s termination of employment, the Executive is considered a “specified
      employee” within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue
      Code of 1986, as amended (the “Code”), and if any payment that the Executive
      becomes entitled to under this Agreement would be considered deferred
      compensation subject to interest and additional tax imposed pursuant to Section
      409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i)
      of the Code, then no such payment shall be payable prior to the date that is
      the
      earlier of (i) six months after the Executive’s Date of Termination, (ii) the
      Executive’s death. 

     

    6.    Indemnification.
      

     

    (a)    As
      a
      material inducement to Executive to enter into this Agreement, the Company
      and
      the Executive have entered into an indemnification agreement (the
“Indemnification Agreement”). A fully executed copy of the Indemnification
      Agreement is attached hereto as Exhibit
      C.

     

    (b)    The
      Company shall also use its best efforts to secure judicial approval for the
      indemnification of the Executive, to the fullest extent permitted by law, in
      the
      event of a bankruptcy filing or other court administered reorganization or
      liquidation process involving the Company.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    7.    Directors’
      and Officers’ Insurance.
      

     

    (a)    During
      the Term and for a period of three (3) years thereafter, the Company shall
      maintain directors’ and officers’ insurance, which shall include coverage of the
      Executive, in an aggregate amount of $7 million, in a form satisfactory to
      the
      Executive.

     

    (b)    Upon
      the
      cancellation or non-renewal of the insurance described in Section 8(a), the
      Company shall purchase a six (6) year reporting tail for such insurance, which
      shall include coverage of the Executive, in a form satisfactory to the
      Executive.

     

    8.    Confidential
      Information and Cooperation.

     

    (a)    Confidential
      Information.
      As used
      in this Agreement, “Confidential Information” means information belonging to the
      Company which is of value to the Company in the course of conducting its
      business and the disclosure of which could result in a competitive or other
      disadvantage to the Company. Confidential Information includes, without
      limitation, financial information, reports, and forecasts; inventions,
      improvements and other intellectual property; trade secrets; know-how; designs,
      processes or formulae; software; market or sales information or plans; customer
      lists; and business plans, prospects and opportunities (such as possible
      acquisitions or dispositions of businesses or facilities) which have been
      discussed or considered by the management of the Company. Confidential
      Information includes information developed by the Executive in the course of
      the
      Executive’s employment by the Company, as well as other information to which the
      Executive may have access in connection with the Executive’s employment.
      Confidential Information also includes the confidential information of others
      with which the Company has a business relationship. Notwithstanding the
      foregoing, Confidential Information does not include information in the public
      domain, unless due to breach of the Executive’s duties under Section
      10(b).

     

    (b)    Confidentiality.
      The
      Executive understands and agrees that the Executive’s employment creates a
      relationship of confidence and trust between the Executive and the Company
      with
      respect to all Confidential Information. At all times, both during the
      Executive’s employment with the Company and after its termination, the Executive
      will keep in confidence and trust all such Confidential Information, and will
      not use or disclose any such Confidential Information without the written
      consent of the Company, except as may be necessary in the ordinary course of
      performing the Executive’s duties to the Company. Anything herein to the
      contrary notwithstanding, the provisions of this subsection (b) shall not apply
      (i) when disclosure is required by law or by any court, arbitrator, mediator
      or
      administrative or legislative body (including any committee thereof) with
      apparent jurisdiction to order the Executive to disclose or make accessible
      any
      information, provided that, unless otherwise prohibited by law, the Executive
      shall provide Company with prompt notice of any such requested or required
      disclosure and shall cooperate in all reasonable respects with the Company
      in
      any effort by the Company to prevent or otherwise contest such disclosure,
      or
      (ii) with respect to any other litigation, arbitration or mediation involving
      this Agreement, including, but not limited to, the enforcement of this
      Agreement.

     

    (c)    Documents,
      Records, etc.
      All
      documents, records, data, apparatus, equipment and other physical property,
      whether or not pertaining to Confidential Information, which are furnished
      to
      the Executive by the Company or are produced by the Executive in connection
      with
      the Executive’s employment will be and remain the sole property of the Company.
      The Executive will return to the Company all such materials and property as
      and
      when requested by the Company. In any event, the Executive will return all
      such
      materials and property immediately upon termination of the Executive’s
      employment for any reason. The Executive will not retain with the Executive
      any
      such material or property or any copies thereof after such
      termination.

     

    (d)    Third-Party
      Agreements and Rights.
      The
      Executive hereby confirms that the Executive is not bound by the terms of any
      agreement with any previous employer or other party which restricts in any
      way
      the Executive’s use or disclosure of information or the Executive’s engagement
      in any business. The Executive represents to the Company that the Executive’s
      execution of this Agreement, the Executive’s employment with the Company and the
      performance of the Executive’s proposed duties for the Company will not violate
      any obligations the Executive may have to any such previous employer or other
      party. In the Executive’s work for the Company, the Executive will not disclose
      or make use of any information in violation of any agreements with or rights
      of
      any such previous employer or other party, and the Executive will not bring
      to
      the premises of the Company any copies or other tangible embodiments of
      non-public information belonging to or obtained from any such previous
      employment or other party.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (e)    Litigation
      and Regulatory Cooperation.
      During
      and after the Executive’s employment, upon reasonable notice adding normal
      business hours, the Executive shall cooperate fully with the Company in the
      defense or prosecution of any claims or actions now in existence or which may
      be
      brought in the future against or on behalf of the Company which relate to events
      or occurrences that transpired while the Executive was employed by the Company.
      The Executive’s cooperation in connection with such claims or actions shall
      include, but not be limited to, being available to meet with counsel to prepare
      for discovery or trial and to act as a witness on behalf of the Company at
      mutually convenient times. During and after the Executive’s employment, the
      Executive also shall cooperate fully with the Company in connection with any
      investigation or review of any federal, state or local regulatory authority
      as
      any such investigation or review relates to events or occurrences that
      transpired while the Executive was employed by the Company. The Company shall
      reimburse the Executive for any reasonable out-of-pocket expenses incurred
      in
      connection with the Executive’s performance of obligations pursuant to this
      Section 10(e). Such expenses shall include, but not limited to, travel costs
      consistent with the Company’s travel reimbursement policy then in effect, and
      legal fees to the extent that the Executive believes that there is or will
      be a
      conflict between his interests and the interests of the Company in connection
      with the matter about which the Company has requested cooperation and that,
      therefore, separate representation is warranted. In addition, following the
      Term, for all time the Executive expends in cooperating pursuant to this Section
      10(e), the Company shall compensate Executive at the rate of $145 per hour,
      provided,
      however, Executive’s
      right to compensation shall not apply to time spent in activities that could
      have been compelled pursuant to a subpoena, including testimony and related
      attendance at depositions, hearings or trials. The Executive’s entitlement to
      reimbursement of such expenses, including legal fees, shall in no way limit
      or
      affect the Executive’s rights to be indemnified and/or advanced expenses in
      accordance with the Company’s corporate documents, the Company’s insurance
      policies, as referenced in Section 8, and/or in accordance with the
      Indemnification Agreement referenced in Section 7

     

    9.    Consent
      to Jurisdiction.
      The
      parties hereby consent to the jurisdiction of the United States District Court
      for the Southern District of New York. Accordingly, with respect to any such
      court action, the Employer and the Executive (a) submit to the personal
      jurisdiction of such courts; (b) consent to service of process; and (c) waive
      any other requirement (whether imposed by statute, rule of court, or otherwise)
      with respect to personal jurisdiction or service of process.

     

    10.    Resolution
      of Disputes.
      Any
      claim or controversy arising out of or relating to this Agreement or the
      Executive's employment with the Company or the termination thereof (including,
      without limitation, any claims of unlawful employment discrimination whether
      based on age or otherwise) (collectively, "Covered Claims") shall, to the
      fullest extent provided by law, be resolved by binding arbitration to be held,
      unless otherwise agreed, in Boston, Massachusetts under the auspices of the
      American Arbitration Association (“AAA”), in accordance with the National Rules
      for the Resolution of Employment Disputes including, but not limited to, the
      rules and procedures applicable to the selection of arbitrators. In the event
      that any person or entity other than the Executive or the Company may be a
      party
      with regard to any such controversy or claim, such controversy or claim, to
      the
      extent involving such third party, shall be submitted to arbitration subject
      to
      such other person or entity’s agreement. Judgment upon the award rendered by the
      arbitrator(s) may be entered in any court having jurisdiction thereof. This
      Section 12 shall be specifically enforceable. 

     

    11.    Entire
      Agreement and Binding Effect.
      This
      Agreement, the Escrow Agreement between the Company and Executive, a copy of
      which is attached hereto as Exhibit A, the Indemnification Agreement between
      the
      Company and Executive, a copy of which is attached hereto as Exhibit C, and
      each
      equity-related agreement executed by each of the Company and Executive as of
      the
      date hereof, contain the entire agreement of the parties with respect to the
      subject matter hereof and supersedes all prior communications, agreements and
      understandings, written or oral, and shall be binding upon and inure to the
      benefit of the parties hereto and their respective successors, permitted assigns
      and legal representatives. Moreover, the Company shall require any successor
      (whether direct or indirect, by purchase, merger, consolidation or otherwise)
      to
      all or substantially all of the business or assets of the Company to expressly
      assume and agree to perform this Agreement in the same manner and to the same
      extent that the Company would be required to perform if no such succession
      had
      taken place. Notwithstanding the foregoing, nothing in this Agreement shall
      be
      construed to affect Executive’s rights to equity compensation pursuant to
      applicable plans and agreements. 

     

    12.    Enforceability.
      If any
      portion or provision of this Agreement (including, without limitation, any
      portion or provision of any section of this Agreement) shall to any extent
      be
      declared illegal or unenforceable by a court of competent jurisdiction, then
      the
      remainder of this Agreement, or the application of such portion or provision
      in
      circumstances other than those as to which it is so declared illegal or
      unenforceable, shall not be affected thereby, and each portion and provision
      of
      this Agreement shall be valid and enforceable to the fullest extent permitted
      by
      law.

     

    13.    Waiver.
      No
      waiver of any provision hereof shall be effective unless made in writing and
      signed by the waiving party. The failure of any party to require the performance
      of any term or obligation of this Agreement, or the waiver by any party of
      any
      breach of this Agreement, shall not prevent any subsequent enforcement of such
      term or obligation or be deemed a waiver of any subsequent breach.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    14.    409A.
      All
      benefits and payments to the Executive hereunder are intended to be in
      accordance with Section 409A of the Code, and the Company shall have the right,
      acting reasonably, in good faith and upon prior notice to the Executive and/or
      when requested by the Executive, to amend or modify this Agreement, but only
      to
      the extent necessary to avoid the imposition of additional taxes, penalties
      and
      interest under such Section 409A; provided that such amendment or modification
      substantially preserves the value to the Executive of the affected benefit
      or
      payment.

     

    15.    Notices.
      Any
      notices, requests, demands and other communications provided for by this
      Agreement shall be sufficient if in writing and delivered in person or sent
      by a
      nationally recognized overnight courier service or by registered or certified
      mail, postage prepaid, return receipt requested, to the Executive at the last
      address the Executive has filed in writing with the Company or, in the case
      of
      the Company, at its main offices, attention of the CEO.

     

    16.    Amendment.
      This
      Agreement may be amended or modified only by a written instrument signed by
      the
      Executive and by a duly authorized representative of the Company.

     

    17.    Governing
      Law.
      This is
      a Massachusetts contract and shall be construed under and be governed in all
      respects by the laws of the Commonwealth of Massachusetts, without giving effect
      to the conflict of laws principles of such Commonwealth. With respect to any
      disputes concerning federal law, such disputes shall be determined in accordance
      with the law as it would be interpreted and applied by the United States Court
      of Appeals for the First Circuit.

     

    18.    Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed and delivered shall be taken to be an original; but such counterparts
      shall together constitute one and the same document.

     

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Agreement effective on the date and year first above
      written.

     

    
      
        	 	
                OSIRIS
                  CORPORATION

                 

                By:
                  /s/
                  PETTER M. ETHOLM

                Its:
                  President
                  and CEO

                

                 

                /s/
                  ILAN DANIELI

                Ilan
                  Danieli

              

      

    

     

    
      
         

      

      
        6

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