Document:

____________________

                          STAGE 2 INVESTMENT AGREEMENT

                              ____________________

                                     Between

                         QUANTRX BIOMEDICAL CORPORATION

                                       and

                               FLUOROPHARMA, INC.

                            Dated as of April 5, 2007

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                                TABLE OF CONTENTS
                                -----------------

                                                                            Page

ARTICLE I DEFINITIONS..........................................................2

SECTION 1.01.  Certain Defined Terms...........................................2
SECTION 1.02.  Definitions.....................................................2
SECTION 1.03.  Interpretation and Rules of Construction........................3

ARTICLE II ISSUANCE OF STOCK...................................................4

SECTION 2.01.  Issuance of Common Stock........................................4
SECTION 2.02.  Payment of Consideration........................................4
SECTION 2.03.  Closing.........................................................4
SECTION 2.04.  Closing Deliveries by the Company...............................4
SECTION 2.05.  Closing Deliveries by the Investor..............................4

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY......................5

SECTION 3.01.  Organization, Authority and Qualification of the Company........5
SECTION 3.02.  Capitalization..................................................5
SECTION 3.03.  No Conflict.....................................................6
SECTION 3.04.  Governmental Consents and Approvals.............................6
SECTION 3.05.  Financial Information; Books and Records........................6
SECTION 3.06.  Litigation......................................................7
SECTION 3.07.  Tax Matters.....................................................7
SECTION 3.08.  Title to Properties.............................................8
SECTION 3.09.  Intellectual Property...........................................8
SECTION 3.10.  Material Contracts.............................................10
SECTION 3.11.  Governmental Approvals; Compliance with Laws...................12
SECTION 3.12.  Insurance Coverage.............................................13
SECTION 3.13.  Employee Benefit Matters.......................................13
SECTION 3.14.  No Brokers or Finders..........................................14
SECTION 3.15.  Transactions with Affiliates...................................14
SECTION 3.16.  Corporate Records..............................................14
SECTION 3.17.  Disclosures....................................................14
SECTION 3.18.  Certain Payments...............................................14
SECTION 3.19.  Environmental..................................................15

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE INVESTOR.....................15

SECTION 4.01.  Authorization..................................................15
SECTION 4.02.  Purchase Entirely for Own Account..............................15
SECTION 4.03.  Disclosure of Information......................................16
SECTION 4.04.  Investment Experience..........................................16
SECTION 4.05.  Restricted Securities..........................................16
SECTION 4.06.  Brokers' Fees..................................................16

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SECTION 4.07.  No Public Market...............................................16
SECTION 4.08.  Securities Filings.............................................17

ARTICLE V INDEMNIFICATION.....................................................17

SECTION 5.01.  Survival of Representations and Warranties.....................17
SECTION 5.02.  Indemnification by the Company.................................17
SECTION 5.03.  Notice of Loss; Third Party Claims.............................18
SECTION 5.04.  Survival of Covenants and Agreements...........................19

ARTICLE VI GENERAL PROVISIONS.................................................19

SECTION 6.01.  Expenses.......................................................19
SECTION 6.02.  Notices........................................................19
SECTION 6.03.  Public Announcements...........................................20
SECTION 6.04.  Severability...................................................20
SECTION 6.05.  Entire Agreement...............................................20
SECTION 6.06.  Assignment.....................................................20
SECTION 6.07.  Amendment......................................................20
SECTION 6.08.  Waiver 21
SECTION 6.09.  No Third Party Beneficiaries...................................21
SECTION 6.10.  Specific Performance...........................................21
SECTION 6.11.  Governing Law..................................................21
SECTION 6.12.  WAIVER OF JURY TRIAL...........................................22
SECTION 6.13.  Counterparts...................................................22
SECTION 6.14.  Original Investment Agreement..................................22

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                          STAGE 2 INVESTMENT AGREEMENT

                  THIS STAGE 2 INVESTMENT AGREEMENT (this "Agreement"), dated as
of April 5, 2007, between QuantRx Biomedical Corporation, a Nevada corporation
(the "Investor") and FluoroPharma, Inc., a Delaware corporation (the "Company").

                  WHEREAS, the Company is a molecular imaging company
headquartered in Boston, Massachusetts, and is engaged in the discovery,
development and commercialization of proprietary products for the positron
emission tomography;

                  WHEREAS, the Investor is a healthcare technology company with
broadly enabling technologies in point of use diagnostics;

                  WHEREAS, on February 17, 2006, the Company and the Investor
entered into an Investment Agreement, as amended (the "Original Investment
Agreement"; capitalized terms that appear but are not defined herein have the
meanings ascribed to such terms in the Original Investment Agreement), pursuant
to which the Company issued to the Investor (i) 1,096,170 shares of Common Stock
(as hereinafter defined) and (ii) an option to purchase 260,000 shares of Common
Stock at an exercise price of $0.75, in exchange for a capital contribution in
the aggregate amount of $1,566,523.10;

                  WHEREAS, the Original Investment Agreement grants the Investor
the option, in its sole discretion, to invest in specified compounds of the
Company on the terms and subject to the conditions set forth therein;

                  WHEREAS, on February 2, 2007, the Investor notified the
Company of its desire to accelerate a Stage 2 Investment in accordance with
Section 2.10 of the Original Investment Agreement; and

                  WHEREAS, on the terms and subject to the conditions set forth
herein, the Investor agrees to purchase, and the Company agrees to issue and
sell, 627,058 shares of Common Stock (the "Shares") in consideration of the
Investor's payment of $1,250,000 (the "Consideration"), consisting of (i) cash
payments aggregating $741,178.08 (the "Cash Payment") and (ii) cancellation in
satisfaction of two promissory notes issued by the Company in favor of the
Investor (the "Promissory Notes") in the aggregate principal amount of $500,000
and with accrued and unpaid interest of $8,821.92 (the amounts described in this
clause (ii) being the "Balance Due").

                  NOW, THEREFORE, in consideration of the promises and the
mutual agreements and covenants hereinafter set forth, and intending to be
legally bound, the Investor and the Company hereby agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

SECTION 1.01. Certain Defined Terms.  For purposes of this Agreement:

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                  "Amended and Restated Investors' Rights Agreement" means the
amended and restated investors' rights agreement, dated as of February 17, 2006,
among the Investor, the Company and the other stockholders that are signatories
thereto.

                  "Common Stock" means the Company's authorized Common Stock
having a par value of $.001 per share.

                  "Disclosure Schedule" means the disclosure schedule attached
hereto as Exhibit A.

                  "Knowledge of the Company" means the actual knowledge of Dr.
David R. Elmaleh and Ljiljana Kundakovic with respect to the Company's
corporate, legal and financial affairs, after due inquiry.

                  SECTION 1.02. Definitions. The following terms have the
meanings set forth in the Sections set forth below:

              Definition                                            Location

              "Agreement".......................................    Preamble
              "Balance Due".....................................    Recitals
              "Benefit Plan"....................................    3.13(a)
              "Cash Payment"....................................    Recitals
              "Closing".........................................    2.03
              "Closing Date"....................................    2.03
              "Company".........................................    Preamble
              "Company Employees"...............................    3.13(c)
              "Compensation Agreements".........................    3.13(c)
              "Compound"........................................    2.06
              "Consideration"...................................    Recitals
              "ERISA"...........................................    3.13(a)
              "Financial Statements"............................    3.05(a)
              "Investor"........................................    Preamble
              "IP License Agreements"...........................    3.09(e)
              "Indemnified Party"...............................    5.02(a)
              "Indemnifying Party"..............................    5.02(a)
              "Intellectual Property"...........................    3.09(a)
              "Loss"............................................    5.02(a)
              "Material Contracts"..............................    3.10(a)
              "Original Investment Agreement"...................    Recitals
              "Preferred Stock".................................    3.02(a)
              "Promissory Notes"................................    Recitals
              "Securities Act"..................................    3.02
              "SEC".............................................    3.11(b)(iii)
              "Shares"..........................................    Recitals
              "Taxes"...........................................    3.07(a)
              "Tax Returns".....................................    3.07(c)

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              "Third Party Claim"...............................    5.05(b)

                  SECTION 1.03. Interpretation and Rules of Construction. In
this Agreement, except to the extent otherwise provided or that the context
otherwise requires:

                           (a) when a reference is made in this Agreement to an
                  Article, Section, Exhibit or Schedule, such reference is to an
                  Article or Section of, or a Schedule or Exhibit to, this
                  Agreement unless otherwise indicated;

                           (b) the table of contents and headings for this
                  Agreement are for reference purposes only and do not affect in
                  any way the meaning or interpretation of this Agreement;

                           (c) whenever the words "include," "includes" or
                  "including" are used in this Agreement, they are deemed to be
                  followed by the words "without limitation";

                           (d) the words "hereof," "herein" and "hereunder" and
                  words of similar import, when used in this Agreement, refer to
                  this Agreement as a whole and not to any particular provision
                  of this Agreement;

                           (e) all terms defined in this Agreement have the
                  defined meanings when used in any certificate or other
                  document made or delivered pursuant hereto, unless otherwise
                  defined therein;

                           (f) the definitions contained in this Agreement are
                  applicable to the singular as well as the plural forms of such
                  terms;

                           (g) any Law defined or referred to herein or in any
                  agreement or instrument that is referred to herein means such
                  Law or statute as from time to time amended, modified or
                  supplemented, including by succession of comparable successor
                  Laws;

                           (h) references to a Person are also to its successors
                  and permitted assigns; and

                           (i) the use of "or" is not intended to be exclusive
                  unless expressly indicated otherwise.

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                                   ARTICLE II

                                ISSUANCE OF STOCK

                  SECTION 2.01. Issuance of Common Stock. Upon the terms and
subject to the conditions of this Agreement and in reliance on the
representations, warranties and covenants herein set forth, the Company shall
issue the Shares to the Investor in exchange for the Consideration as set forth
herein.

                  SECTION 2.02. Payment of Consideration. (a) The Consideration
shall be paid to the Company as follows: (i) the Company shall credit an amount
equal to the Balance Due against the Consideration and the Investor shall cancel
and mark the Promissory Notes as "Paid In Full;" and (ii) the Investor shall pay
an amount equal to the Cash Payment in cash by wire transfer as set forth in
Section 2.04. Notwithstanding any other provision of this Agreement, if the
Closing shall occur on a date other than April 5, 2007, the interest due on the
Promissory Notes shall be determined as of the date of the Closing, and the Cash
Payment and Balance Due shall be adjusted accordingly as of the Closing Date.

                  SECTION 2.03. Closing. Subject to the satisfaction or waiver
of the conditions set forth herein, the purchase and sale of the Shares shall be
made at a closing to be held at the offices of Greenberg Traurig, LLP, 200 Park
Avenue, New York, New York at 10:00 a.m. New York time on the latest to occur of
April 5, 2007 or at such other place or at such other time or on such other date
as the Investor and the Company may mutually agree upon in writing (the
"Closing"). The date on which the Closing occurs shall be referred to herein as
the "Closing Date."

                  SECTION 2.04. Closing Deliveries by the Company. At the
Closing, the Company shall deliver or cause to be delivered to the Investor:

                  (a) a stock certificate representing the Shares; and

                  (b) a true and complete copy, certified by the Secretary or an
Assistant Secretary of the Company, of the resolutions duly and validly adopted
by the Board of Directors of the Company evidencing its authorization of the
execution and delivery of each of this Agreement and the consummation of the
transactions contemplated hereby.

                  SECTION 2.05. Closing Deliveries by the Investor. At the
Closing (or after Closing as specified below), the Investor shall deliver to the
Company:

                  (a) $250,000 by wire transfer in immediately available funds
to the Payment Amount Bank Account within three (3) business days after the
Closing;

                  (b) $491,178.08 within one hundred twenty (120) days of the
Closing; and

                  (c) the Promissory Notes marked "Paid In Full."

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                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES
                                 OF THE COMPANY

                  As an inducement to the Investor to enter into this Agreement,
the Company hereby represents and warrants to the Investor as follows:

                  SECTION 3.01. Organization, Authority and Qualification of the
Company. The Company is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware and has all necessary
power and authority to enter into this Agreement, to carry out its obligations
hereunder and thereunder and to consummate the transactions contemplated hereby
and thereby. The Company is duly licensed or qualified to do business and is in
good standing in each jurisdiction which the properties owned or leased by it or
the operation of its business makes such licensing or qualification necessary.
The execution and delivery of this Agreement by the Company, the performance by
the Company of its obligations hereunder and the consummation by the Company of
the transactions contemplated hereby have been duly authorized by all requisite
action on the part of the Company. This Agreement has been, and upon its
execution shall have been, duly executed and delivered by the Company, and
(assuming due authorization, execution and delivery by the Investor) this
Agreement constitutes, and upon its execution shall constitute, legal, valid and
binding obligations of the Company, enforceable against the Company in
accordance with their respective terms.

                  SECTION 3.02. Capitalization. The authorized capital stock of
the Company consists of 10,700,000 shares, consisting of (i) 10,000,000 shares
of Common Stock and (ii) 700,000 shares of Preferred Stock of the Company,
$0.001 par value (the "Preferred Stock"). As of the date hereof and subject to
the provisions of Section 3.02 of the Disclosure Schedule, (i) 3,220,500 shares
of Common Stock are issued and outstanding, all of which are validly issued,
fully paid and nonassessable, (ii) 128,000 shares of Common Stock are available
for issuance pursuant to employee stock options granted pursuant to the Stock
Option Plan, (iii) 370,000 shares are available for issuance pursuant to
warrants granted by the Company and (iv) no shares of Preferred Stock are issued
and outstanding. Immediately prior to the consummation of the transactions
contemplated hereby, the outstanding shares of capital stock of the Company will
be held beneficially and of record by the Persons identified in Section 3.02 of
the Disclosure Schedule in the amounts indicated thereon. Except as set forth in
Section 3.02 of the Disclosure Schedule, there are no outstanding subscriptions,
options, warrants, phantom rights, commitments, agreements, arrangements or
understandings of any kind for or relating to the issuance, or sale or purchase
of, any shares of capital stock of any class or series or other equity interests
of the Company, or outstanding securities convertible thereinto or exchangeable
therefor. The Company has no obligation to purchase, redeem, or otherwise
acquire any of its capital stock or any interests therein. Except as set forth
in Section 3.02 of the Disclosure Schedule, as of the Closing the Company shall
have reserved and available 932,000 shares of Common Stock for issuance under or
pursuant to the Stock Option Plan. None of the Company's stock purchase
agreements or stock option documents contains a provision for acceleration of
vesting (or lapse or repurchase right) upon the occurrence of any event or
combination of events. Except as set forth in Section 3.02 of the Disclosure
Schedule, the Company has never adjusted or amended the exercise price of any
stock options previously

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awarded, whether through amendment, cancellation, replacement grant, repricing
or any other means. After giving effect to the transactions contemplated hereby,
all of the outstanding shares of capital stock of the Company, including without
limitation the Shares, will have been duly and validly authorized and issued and
will be fully paid and non assessable and free of Encumbrances other than
restrictions on transfer under the Amended and Restated Investors' Rights
Agreement or applicable state and federal securities laws. Subject in part to
the truth and accuracy of the Investor's representations set forth in Article IV
below, the offer, issuance, sale and delivery of the Shares as contemplated by
this Agreement are or will be exempt from the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act") and the qualification
or registration provisions of applicable state securities laws. Neither the
Company nor its authorized agents will take any action that would cause the loss
of such exemption. Except as set forth in Section 3.02 of the Disclosure
Schedule, there are no preemptive rights, rights of first refusal, put or call
rights or obligations or anti dilution rights with respect to the issuance, sale
or redemption of the Company's capital stock. Except as set forth in Section
3.02 of the Disclosure Schedule, there are no rights to have the Company's
capital stock registered for sale to the public pursuant to the laws of any
jurisdiction, and there are no agreements of which the Company is aware, other
than the Amended and Restated Investors' Rights Agreement, relating to the
voting of the Company's voting securities or restrictions on the transfer of the
Company's capital stock. The Company's issuance of the Shares shall not trigger
any adjustments to the conversion prices or exercise prices of any of the
Company's outstanding securities.

                  SECTION 3.03. No Conflict. The execution, delivery and
performance of this Agreement by the Company does not and will not (a) violate,
conflict with or result in the breach of any provision of the certificate of
incorporation or by-laws of the Company, or (b) to the Knowledge of the Company,
conflict with or violate (or cause an event which could have a Material Adverse
Effect as a result of) any Law or Governmental Order applicable to the Company,
or any of its assets, properties or businesses or conflict with, result in any
breach of, constitute a default (or event which with the giving of notice or
lapse of time, or both, would become a default) under, require any consent
under, or give to others any rights of termination, amendment, acceleration,
suspension, revocation or cancellation of, or result in the creation of any
Encumbrance on any of the Shares pursuant to, any note, bond, mortgage or
indenture, contract, agreement, lease, sublease, license, permit, franchise or
other instrument or arrangement to which the Company or is a party or by which
any of the Shares or any of such assets or properties is bound or affected.

                  SECTION 3.04. Governmental Consents and Approvals. To the
Knowledge of the Company, the execution, delivery and performance of this
Agreement by the Company does not and will not require any consent, approval,
authorization or other order of, action by, filing with or notification to, any
Governmental Authority. The Company knows of no reason why all the consents,
approvals and authorizations necessary for the consummation of the transactions
contemplated by this Agreement will not be received.

                  SECTION 3.05. Financial Information; Books and Records.

                  (a) The Company has furnished copies of the Company's
unaudited balance sheet as of December 31, 2006 and related unaudited statements
of operations and statements of

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cash flows for the period then ended (the "Financial Statements"), and such
Financial Statements (a) have been prepared in good faith in accordance with the
books and records of the Company, (b) fairly present the financial condition and
operating results of the Company as of such dates and the financial results of
the Company for such periods and (c) were prepared in accordance with GAAP
consistently applied during the periods covered thereby, except that they do not
contain all of the footnotes required by GAAP and they remain subject to
year-end adjustments, consisting of normally recurring adjustments.

                  (b) Except as set forth in the Financial Statements, the
Company has no material liabilities or obligations, contingent or otherwise,
other than (i) liabilities incurred in the ordinary course of business
subsequent to December 31, 2006 and (ii) obligations under contracts and
commitments incurred in the ordinary course of business and not required under
GAAP to be reflected in the Financial Statements, which, in both cases,
individually and in the aggregate would not have, or be reasonably likely to
have, a Material Adverse Effect.

                  (c) To the Knowledge of the Company, since December 31, 2006,
there has been (i) no material adverse change in the condition (financial or
otherwise) of the Company or in the assets (including intangible assets),
liabilities, condition (financial or other), business, property, results of
operations or prospects or contractual rights of the Company and (ii) no events,
circumstances or occurrences of any kind that, individually and in the
aggregate, have had or could reasonably be likely to have a Material Adverse
Effect.

                  (d) The Company maintains and will continue to maintain a
system of internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management's
general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to
maintain asset accountability, (iii) access to assets is permitted only in
accordance with management's general or specific authorization and (iv) the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.

                  SECTION 3.06. Litigation. There is no action, suit or
proceeding or governmental proceeding, inquiry or investigation pending or, to
the Knowledge of the Company, threatened, by or against the Company or affecting
any of the Company's properties or assets, or against any director, officer or
stockholder of the Company in his, her or its capacity as such, nor, to the
Knowledge of the Company, has there occurred any event nor does there exist any
condition on the basis of which any litigation, proceeding or investigation
might reasonably be instituted. Neither the Company nor any director, officer
or, to the Knowledge of the Company, a stockholder in his, her or its capacity
as such is a party to or in default with respect to any order, writ, injunction,
decree, ruling or decision of any court, commission, board or other government
agency.

                  SECTION 3.07. Tax Matters.

                  (a) The Company has paid all federal, state, local, foreign or
other taxes, including, without limitation, income taxes, estimated taxes,
excise taxes, sales taxes, use taxes,

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<PAGE>

gross receipts taxes, franchise taxes, employment and payroll related taxes,
withholding taxes, stamp taxes, transfer and property taxes, or other tax of any
kind whatsoever, whether or not measured in whole or in part by net income,
including any interest, penalty, or addition thereto, whether disputed or not
(collectively, "Taxes") required to be paid by it through the date hereof.

                  (b) All Taxes and other assessments and levies which the
Company is required to withhold or collect have been withheld and collected and
have been paid over to the proper governmental authorities when due.

                  (c) The Company has, in accordance with applicable Law, timely
and properly filed all federal, state, local and foreign tax returns,
declarations, reports, claims for refund, information returns or statements
relating to Taxes (collectively, "Tax Returns") required to be filed by it
through the date hereof. To the Knowledge of the Company, all such Tax Returns
were correct and complete in all respects. The Company is not currently the
beneficiary of any extension of time within which to file any Tax Return.

                  (d) The Company has not entered into any Reportable
Transactions or Listed Transactions, as defined in Section 6707A of the Code.

                  (e) No issue relating to Taxes has been raised by a federal,
state, local or foreign taxing authority during any pending audit or
examination, and no issue relating to Taxes was raised by a taxing authority in
any completed audit or examination, that reasonably can be expected to recur in
a later taxable period.

                  (f) There are no Encumbrances on any of the assets of Company
that arose in connection with any failure (or alleged failure) to pay any Tax,
except for Encumbrances for Taxes not yet due.

                  (g) The Company has not waived any statute of limitations in
respect of Taxes or agreed to any extension of time with respect to a Tax
assessment or deficiency.

                  SECTION 3.08. Title to Properties. The Company does not own
any real property. The Company has a valid and enforceable leasehold interest in
all of its leased real property, free and clear of any material Encumbrances.
The Company has good title to or a valid and enforceable leasehold interest in
all personal property used in or necessary to the business of the Company, free
and clear of any material Encumbrances, and the same is in good condition and
repair (ordinary wear and tear excepted). The Company is not in violation of any
zoning, building or safety ordinance, regulation or requirement or other law or
regulation applicable to the operation of its owned or leased properties, nor
has the Company received written notice of any violation with which it has not
complied in all material respects.

                  SECTION 3.09. Intellectual Property.

                  (a) The Company owns, or possesses a license or other
sufficient legal right to use, all trademarks, service marks, tradenames,
copyrights, trade secrets, licenses, customer lists, computer programs and
patents, and other technical data, concepts and know-how that is reasonably
necessary or desirable to the conduct of its business as conducted and as
proposed to be conducted (collectively the "Intellectual Property") without, to
the Knowledge of the

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Company, any conflict with or infringement of the valid rights of others.
Section 3.09 of the Disclosure Schedule sets forth a list and brief description
of all domestic and foreign patents, trademarks, service marks, trade names and
copyrights, and all applications therefor, that are owned by or registered in
the name of the Company, or of which the Company is a licensor or licensee or in
which the Company has any right, and in each case a brief description of the
nature of such right.

                  (b) The Company has taken commercially reasonable precautions
to (i) protect its rights in the Intellectual Property and (ii) maintain the
confidentiality of its trade secrets, know-how and other confidential
Intellectual Property. To the Knowledge of the Company, there have been no acts
or omissions by any officer, director, stockholder or employee of, or consultant
to, the Company the result of which would be to materially compromise the rights
of the Company to apply for or enforce appropriate legal protection of any
Intellectual Property. To the Knowledge of the Company, it will not be necessary
to use any inventions of any of its employees (or persons it currently intends
to hire) made prior to their employment by the Company. Each employee has
assigned to the Company all intellectual property rights such employee owns that
are related to the Company's business as now conducted.

                  (c) The Company has the right to use the Intellectual Property
free and clear of any Encumbrances. No written claim has been received by the
Company or, to the Knowledge of the Company, threatened to the effect that the
use of any Intellectual Property by the Company could infringe upon or conflict
with the rights of any other Person and, to the Knowledge of the Company, there
is no basis for any such claim. No written claim has been received by the
Company or, to the Knowledge of the Company, threatened to the effect that any
Intellectual Property owned or licensed by the Company, or which the Company
otherwise has the right to use, is invalid or unenforceable by the Company, and,
to the Knowledge of the Company, there is no basis for any such claim.

                  (d) Each officer of the Company and each employee and
consultant with access to Company confidential information or trade secrets has
executed an agreement with the Company regarding confidentiality and proprietary
information substantially in the form delivered to counsel for the Investor.

                  (e) Section 3.09(e) of the Disclosure Schedule lists all
material agreements (whether written or oral and whether with the Company or
third parties, including license agreements, research agreements, development
agreements, publishing agreements, distribution agreements, settlement
agreements, consent to use agreements and covenants not to sue, other than
licenses for personal computer software that are generally available on
nondiscriminatory pricing terms and have an individual acquisition cost of $50
or less per annual license fee), including any track or mechanical license, to
which the Company is a party or otherwise bound, granting any right to use,
exploit or practice any Intellectual Property, or restricting the right of the
Company to use or enforce any Intellectual Property (the "IP License
Agreements"), specifying the name of the parties thereto and whether such IP
License Agreement is an inbound license, an outbound license or a cross-license
and specifying the product(s) to which such agreement relates. Each IP License
Agreement is valid and binding on the Company and, to the Knowledge of the
Company, all other parties thereto and is enforceable against the Company in
accordance with its terms. Except as set forth in Section 3.09(e), none of the
IP License

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Agreements grants any third party exclusive rights to or under any Intellectual
Property or the right to sublicense any Intellectual Property. The Company is in
material compliance with, and has not breached any term of, such IP License
Agreements, and all other parties to such IP License Agreements are in material
compliance with, and have not breached any term of, such IP License Agreements.

                  SECTION 3.10. Material Contracts.

                  (a) Section 3.10(a) of the Disclosure Schedule lists each of
the following contracts and agreements (including oral agreements) of the
Company entered into by the Company subsequent to March 13, 2006 (the "Material
Contracts"):

                           (i) each contract, agreement, invoice, purchase order
                  and other arrangement, for the purchase of personal property,
                  with any supplier or for the furnishing of services to the
                  Company or otherwise related to the business of the Company
                  under the terms of which the Company: (A) is likely to pay or
                  otherwise give consideration of more than $50,000 in the
                  aggregate during the calendar year ended December 31, 2007,
                  (B) is likely to pay or otherwise give consideration of more
                  than $50,000 in the aggregate over the remaining term of such
                  contract or (C) cannot be cancelled by the Company without
                  penalty or further payment and without more than 30 days'
                  notice;

                           (ii) each contract, agreement, invoice, sales order
                  and other arrangement, for the sale of personal property, or
                  for the furnishing of services by the Company which: (A) is
                  likely to involve consideration of more than $50,000 in the
                  aggregate during the calendar year ended December 31, 2007,
                  (B) is likely to involve consideration of more than $50,000 in
                  the aggregate over the remaining term of the contract or (C)
                  cannot be cancelled by the Company without penalty or further
                  payment and without more than 30 days' notice;

                           (iii) all contracts or agreements relating to the
                  licensing, distribution, development, purchase, sale or
                  servicing of its products or services except in the ordinary
                  course of business consistent with past practices;

                           (iv) all indentures, mortgages, promissory notes,
                  loan agreements, guaranties or other agreements or commitments
                  for borrowing or any pledge or security arrangement;

                           (v) all employment contracts, noncompetition
                  agreements or other agreements with present or former
                  officers, directors, employees or stockholders of the Company
                  or Persons related to or affiliated with such Persons;

                           (vi) all stock redemption or purchase agreements or
                  other agreements affecting or relating to the capital stock of
                  the Company, including, without limitation, any agreement with
                  any stockholder of the Company which includes anti dilution
                  rights, registration rights, voting arrangements, operating
                  covenants or similar provisions;

                                       10
<PAGE>

                           (vii) all pension, profit sharing, bonus, retirement,
                  severance, stock option plans or other similar plans;

                           (viii) all royalty, dividend or similar arrangements
                  based on the revenues or profits of the Company or any
                  contract or agreement involving fixed price or fixed volume
                  arrangements;

                           (ix) all joint venture, partnership, manufacturer,
                  development or supply agreements;

                           (x) all acquisition, merger or similar agreements;

                           (xi) all broker, distributor, dealer, agency, sales
                  promotion, market research, marketing, consulting and
                  advertising contracts and agreements to which the Company is a
                  party;

                           (xii) all management contracts and contracts with
                  independent contractors or consultants (or similar
                  arrangements) to which the Company is a party and which are
                  not cancelable without penalty or further payment and without
                  more than 30 days' notice;

                           (xiii) all contracts and agreements with any
                  governmental authority to which the Company is a party;

                           (xiv) all contracts and agreements that limit or
                  purport to limit the ability of the Company to compete in any
                  line of business or with any Person or in any geographic area
                  or during any period of time;

                           (xv) all contracts and agreements between or among
                  the Company and any of its Affiliates or an officer, director
                  or stockholder of any of them;

                           (xvi) all other contracts and agreements, whether or
                  not made in the ordinary course of business, which are
                  material to the Company or the conduct of the business of the
                  Company, the absence of which, individually or in the
                  aggregate, could reasonably be likely to have a Material
                  Adverse Effect.

                  (b) To the Knowledge of the Company, all contracts,
agreements, leases and instruments set forth on Section 3.10(a) of the
Disclosure Schedule are valid and are in full force and effect in all material
respects and constitute legal, valid and binding obligations of the Company, as
applicable, and, to the Knowledge of the Company, of the other parties, and are
enforceable in accordance with their respective terms, except (A) as
enforceability may be limited by applicable bankruptcy, insolvency, moratorium,
reorganization or similar laws, from time to time in effect, which affect
enforcement of creditors' rights generally, (B) as limited by laws relating to
the availability of specific performance, injunctive relief, or general
principles of equity or other equitable remedies and (C) to the extent the
indemnification provisions contained therein may further be limited by
applicable Laws and principles of public policy. The Company has not received
any written notice and has no knowledge of any other notice or overt threat to
terminate any such contracts, agreements, leases or instruments. The Company is
not, nor to the

                                       11
<PAGE>

Knowledge of the Company, any other party, is not in material default in
complying with any provisions of any such contract, agreement, lease or
instrument, and to the Knowledge of the Company, no condition or event or fact
exists which, with notice, lapse of time or both, would constitute a material
default thereunder on the part of the Company.

                  (c) The Company has made available to the Investor true and
complete copies of all Material Contracts.

                  SECTION 3.11. Governmental Approvals; Compliance with Laws.

                  (a) To the Knowledge of the Company, the Company is in
compliance in all material respects with all applicable Laws and regulations.
The Company has all of the material permits, licenses, orders, franchises and
other rights and privileges of all federal, state, local or foreign governmental
or regulatory bodies reasonably necessary for the Company to conduct its
business as presently conducted and as contemplated to be conducted. All such
permits, licenses, orders, franchises and other rights and privileges are in
full force and effect and, to the Knowledge of the Company, no suspension or
cancellation of any of them is threatened, and none of such permits, licenses,
orders, franchises or other rights and privileges will be affected by the
consummation of the transactions contemplated by this Agreement. The Company has
never entered into or been subject to any judgment, consent decree, compliance
order or administrative order with respect to any material aspect of the
business, affairs, properties or assets of the Company or received any request
for information, notice, demand letter, administrative inquiry or formal or
informal complaint or claim from any regulatory agency with respect to any
aspect of the business, affairs, properties or assets of the Company.

                  (b) Neither the Company, nor the Company's officers, nor to
the Knowledge of the Company, its directors, have ever:

                           (i) Filed a petition under the federal bankruptcy
                  laws or any state insolvency law or had a filing against, or
                  had a receiver, fiscal agent or similar officer appointed by a
                  court for the business or property of such Person, or any
                  partnership in which he or it was a general partner;

                           (ii) Been convicted of a crime or been a named
                  subject of a pending criminal proceeding (excluding traffic
                  violations and other minor offenses);

                           (iii) Been found by a court of competent jurisdiction
                  in a civil action or by the Securities and Exchange Commission
                  (the "SEC") or any other regulatory authority to have violated
                  any federal or state securities law, banking law or any
                  federal commodities law and the judgment in such civil action
                  or finding has not been subsequently reversed, suspended, or
                  vacated; or

                           (iv) Been subject to any order, judgment or decree of
                  any court of competent jurisdiction permanently or temporarily
                  enjoining him, her or it from engaging or otherwise imposing
                  limits or conditions on his, her or its engagement in any
                  securities, banking, insurance, investment advisory or other
                  type of business or acting as an officer or director of a
                  public company.

                                       12
<PAGE>

                  SECTION 3.12. Insurance Coverage. Section 3.12 of the
Disclosure Schedule provides a complete list of the Company's insurance policies
currently in effect. The Company has insurance coverage in types and amounts
customary for similarly situated companies and as otherwise required by law.

                  SECTION 3.13. Employee Benefit Matters.

                  (a) Section 3.13(a) of the Disclosure Schedule contains a list
as of the date hereof, complete and accurate in all material respects, of any
plan, program, policy, practice, contract, agreement or other arrangement
providing for compensation, severance, termination pay, deferred compensation,
performance awards, stock or stock-related awards, fringe benefits or other
employee benefits or remuneration of any kind, whether written, unwritten or
otherwise, funded or unfunded, including, without limitation, each "employee
benefit plan," within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA") (whether or not ERISA is
applicable to such plan), that is or has been maintained, contributed to, or
required to be contributed to, by the Company or any Company Affiliate for the
benefit of any employee of the Company, or with respect to which the Company or
any Company Affiliate has or may have any liability or obligation, other than a
Compensation Agreement (as defined below) (the "Benefit Plan"). As of the date
hereof, the Company has not committed to establish or enter into any new Benefit
Plan, or to modify any Benefit Plan (except to the extent required by law or to
conform any such Benefit Plan to the requirements of any applicable Law). All
Benefit Plans and any related material documents have been made available to the
Investor.

                  (b) The Company and all Company Affiliates have performed all
material obligations required to be performed by them under, are not in default
or violation of, and have no knowledge of any default or violation by any other
party to, the material terms of any Benefit Plan, and each Benefit Plan has been
established and maintained in all material respects in accordance with its terms
and in compliance with applicable Laws. There are no claims, suits or actions
pending, or to the Knowledge of the Company, threatened (other than routine
claims for benefits), against any the Benefit Plan or against the assets of any
the Benefit Plan. To the Knowledge of the Company, there are no audits,
inquiries or proceedings pending or threatened by the Internal Revenue Service,
the United States Department of Labor or any other governmental authority with
respect to any the Benefit Plan. To the Knowledge of the Company, the Company
and all the Company Affiliates have made all contributions and other payments
required by and due under the terms of each the Benefit Plan.

                  (c) Section 3.13(c) of the Disclosure Schedule contains a list
as of the date hereof, complete and accurate in all material respects, of each
management, employment, severance, consulting, relocation, repatriation,
expatriation, or other agreement, or contract between the Company or any Company
Affiliate and any employee, consultant, director, advisor or independent
contractor of the Company (the "Company Employees") (such agreements, the
"Compensation Agreements"), excluding any such agreement or contract that, by
its terms, in all circumstances, the Company's obligation is less than $50,000
per annum. Except as set forth in Section 3.13(c) of the Disclosure Schedule, to
the Knowledge of the Company, the Company and all of the Company Affiliates: (i)
are in material compliance with all applicable Laws with respect to employment,
employment practices, discrimination, withholding, employment taxes,

                                       13
<PAGE>

reporting and payment of any compensation, harassment, terms and conditions of
employment, classification of employees and consultants and wages and hours;
(ii) have no agreements with the Company Employees that provide for severance
payments or benefits or payments contingent upon a change in control or
ownership of the Company; (iii) do not have and have not had any organizational
activity or labor dispute, and no application for certification of a collective
bargaining agreement is pending or, to the Knowledge of the Company, is
threatened; (iv) have no employees who are also employees of other entities or
who have any conflicting obligations or agreements for their services, and the
relationship of such employees with the Company has been fully disclosed to such
entities. Except as set forth in Section 3.13(c) of the Disclosure Schedule, to
the Knowledge of the Company, there are no pending, threatened, or reasonably
anticipated claims or actions against the Company or any Company Affiliate under
any Compensation Agreement or workers' compensation policy or long-term
disability policy.

                  SECTION 3.14. No Brokers or Finders. No Person has or will
have, as a result of the transactions contemplated by this Agreement, any right,
interest or claim against or upon the Company for any commission, fee or other
compensation as a finder or broker because of any act or omission by the Company
or its stockholders or its Affiliates.

                  SECTION 3.15. Transactions with Affiliates. There are no
loans, leases or other continuing arrangements between the Company on one hand,
and any officer, director or stockholder of the Company or any respective family
member or Affiliate of such officer, director or stockholder, on the other hand.

                  SECTION 3.16. Corporate Records. The corporate record books of
the Company accurately record all material corporate action taken by its
stockholders and board of directors and committees. The copies of the corporate
records of the Company, as made available to the Investor for review, are true
and complete copies of the originals of such documents.

                  SECTION 3.17. Disclosures. Neither this Agreement nor any
other agreement, document or written statement made by the Company and furnished
by the Company to the Investor in connection with the transactions contemplated
hereby, taken as a whole, contains any untrue statement of a material fact or
omits to state any material fact necessary to make the statements contained
herein or therein, collectively or taken as a whole, not misleading in the light
of the circumstances in which they were made; it being understood that with
respect to any information provided by the Company based upon or constituting a
forecast or projection, the Company represents only that (a) it acted in good
faith and utilized reasonable assumptions in light of conditions existing at the
time of delivery of such information and (b) it exercised due care in the
preparation of such information. There is no material fact directly relating to
the business, operations, condition or prospects of the Company (including any
competitive developments, but other than facts which relate to general economic
or industry trends or conditions) that, individually or in the aggregate, has
had or could reasonably be likely to have a Material Adverse Effect that has not
been set forth in this Agreement or in any Schedule hereto.

                  SECTION 3.18. Certain Payments. The Company has not, nor to
the Knowledge of the Company, any director, officer, agent, employee, or other
Person acting on behalf of any of them, has not directly or indirectly (a) made
any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or
other payment to any Person, private or public, regardless of

                                       14
<PAGE>

form, whether in money, property, or services (i) to obtain favorable treatment
in securing business, (ii) to pay for favorable treatment for business secured,
(iii) to obtain special concessions or for special concessions already obtained,
for or in respect of the Company or any Affiliate of the Company, or (iv) in
violation of any Federal, state, local, or foreign statute, law, regulation,
ordinance, rule, judgment, order, decree or other governmental requirement, or
(b) established or maintained any fund or asset that has not been recorded in
the books and records of the Company.

                  SECTION 3.19. Environmental.

                  (a) The Company is in compliance with all Environmental Laws,
except where such non-compliance, individually or in the aggregate, has not had
or would not reasonably be likely to have a Material Adverse Effect.

                  (b) The Company has not received any notice that alleges that
the Company is not in compliance with any Environmental Laws. There is no
Environmental Claim pending, or to the Knowledge of the Company, threatened
against the Company with respect to the operations or business of the Company,
or against any Person whose liability for any Environmental Claim the Company
has retained or assumed either contractually or by operation of law, and to the
Knowledge of the Company, there are no circumstances that could form the basis
of any such Environmental Claim in the future.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES
                                 OF THE INVESTOR

                  As an inducement to the Company to enter into this Agreement,
the Investor hereby represents and warrants to the Company as follows:

                  SECTION 4.01. Authorization. The Investor has all requisite
corporate power and authority to enter into this Agreement, and, assuming the
due authorization, execution and delivery by the other parties thereto, this
Agreement when executed and delivered by the Investor will constitute its valid
and binding obligation, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, moratorium or other similar laws relating to
creditors' rights and general principles of equity. The execution of this
Agreement and the consummation of the transactions contemplated hereby have been
duly authorized by all necessary action on the part of the Investor.

                  SECTION 4.02. Purchase Entirely for Own Account. This
Agreement is made with the Investor in reliance upon the Investor's
representation to the Company, which by the Investor's execution of this
Agreement the Investor hereby confirms, that Shares to be received by such
Investor will be acquired for investment for the Investor's own account (or the
account of its respective Affiliates), not as a nominee or agent, for the
purpose of investment and not with a view to the resale or distribution of any
part thereof in violation of any applicable Law, and that

                                       15
<PAGE>

such Investor has no present intention of selling, granting any participation in
or otherwise distributing the same to any other Person in violation of any
applicable Law. By executing this Agreement, the Investor further represents
that it does not have any contract, undertaking, agreement or arrangement with
any Person to sell, transfer or grant participation to such Person or to any
third Person, with respect to any of the Shares. The Investor understands that
the offer and sale of the Shares has not been, and will not be, registered under
the Securities Act by reason of a specific exemption from the registration
provisions of the Securities Act, the availability of which depends upon, among
other things, the bona fide nature of the Investor's investment intent and the
accuracy of the Investor's representations as expressed herein.

                  SECTION 4.03. Disclosure of Information. The Investor
represents that it has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the offering of the
Shares and the business, properties, prospects and financial condition of the
Company. The foregoing, however, does not limit or modify the representations
and warranties of the Company in Article III of this Agreement or the right of
the Investor to rely thereon.

                  SECTION 4.04. Investment Experience. The Investor acknowledges
that it is able to fend for itself, can bear the economic risk of its
investment, and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the investment
in the Shares. The Investor further represents that it has not been organized
for the sole purpose of acquiring the Shares. The Investor can bear the economic
risk of its investment and is able, without impairing the Investor's financial
condition, to hold the Shares for an indefinite period of time and to suffer a
complete loss of the Investor's investment.

                  SECTION 4.05. Restricted Securities. The Investor understands
that the Shares it is purchasing are characterized as "restricted securities"
under the federal securities laws inasmuch as they are being acquired from the
Company in a transaction not involving a public offering and that under such
laws and applicable regulations such Shares may be resold without registration
under the Securities Act only in certain limited circumstances. In the absence
of any effective registration statement covering the Shares or an available
exemption from registration under the Securities Act, the Shares must be held
indefinitely. In this connection, such Investor represents that it is familiar
with Rule 144, as presently in effect, and understands the resale limitations
imposed thereby and by the Securities Act, including without limitation the Rule
144 condition that current information about the Company be available to the
public. Such Investor understands and agrees that, except as provided herein,
the Company is not under any obligation to register the Shares under the
Securities Act or to comply with Regulation A or any other exemption and that
Rule 144 is not currently available for sales of the Shares.

                  SECTION 4.06. Brokers' Fees. The Investor has taken no action
which would give rise to any claim by any other Person for any brokerage
commissions, finders' fees or the like relating to the sale of the Shares to the
Investor.

                  SECTION 4.07. No Public Market. The Investor understands and
acknowledges that no public market now exists for any of the securities issued
by the Company and that the Company has made no assurances that a public market
will ever exist for the Company's securities.

                                       16
<PAGE>

                  SECTION 4.08. Securities Filings. To the knowledge of the
Investor, all disclosures required to be made by the Investor under federal and
state securities laws have been made and are true, accurate and complete in all
material respects.

                                   ARTICLE V

                                 INDEMNIFICATION

                  SECTION 5.01. Survival of Representations and Warranties. The
representations and warranties of the Company contained in this Agreement shall
survive until the 18th month after the Closing; provided, however, that the
representations and warranties contained in Sections 3.01, 3.02, 3.07, 3.13 and
3.19 shall survive until the expiration of the relevant statute of limitations.
Neither the period of survival nor the liability of the Company for breaches of
representations and warranties shall be reduced by any investigation made at any
time by or on behalf of the Investor pursuant to any provisions of this
Agreement. If written notice of a claim has been given prior to the expiration
of the applicable survival period by an Investor to the Company, then the
relevant representations and warranties shall survive as to such claim, until
such claim has been finally resolved.

                  SECTION 5.02. Indemnification by the Company.

                  (a) The Investor and its Affiliates, and their respective
officers, directors, employees, managers, agents, successors and assigns (in
each case, on the date hereof, each an "Indemnified Party") shall be indemnified
and held harmless by the Company (the "Indemnifying Party") for and against any
and all liabilities, losses, damages, claims, costs and expenses, interest,
awards, judgments and penalties (including reasonable attorneys' and
consultants' fees and expenses) actually suffered or incurred by them (including
in any action brought or otherwise initiated by any of them) (hereinafter a
"Loss"), arising out of or resulting from (i) the breach of any representation
or warranty made by the Company in this Agreement or (ii) the breach of any
covenant or agreement by the Company in this Agreement. Notwithstanding the
foregoing, the Indemnifying Party shall not be liable for any claim for
indemnification pursuant to this Section 5.02(a), unless and until the aggregate
amount of indemnifiable Losses which may be recovered from the Indemnifying
Party equals or exceeds $10,000, after which the Indemnifying Party shall be
liable for all Losses; provided, however, that the Indemnifying Party's total
indemnity obligation hereunder shall not exceed the Payment Amount.

                  (b) To the extent that the Company's undertakings set forth in
this Section 5.02 may be unenforceable, the Company shall contribute the maximum
amount that it is permitted to contribute under applicable Law to the payment
and satisfaction of all Losses incurred by any Indemnified Party.

                                       17
<PAGE>

                  SECTION 5.03. Notice of Loss; Third Party Claims.

                  (a) During the period in which the indemnification obligations
under this Article V are in effect, an Indemnified Party shall give the
Indemnifying Party written notice of any matter which an Indemnified Party has
reasonably determined has given or could give rise to a right of indemnification
under this Agreement, within sixty (60) days of such determination, stating the
estimated amount of the Loss, if known, and method of computation thereof, and
containing a reference to the provisions of this Agreement in respect of which
such right of indemnification is claimed or arises; provided, however, that the
failure to provide such notice shall not release the Indemnifying Party from any
of its obligations under this Article V except to the extent the Indemnifying
Party shall be materially prejudiced thereby.

                  (b) If an Indemnified Party shall receive notice of any third
party claim, action, suit, arbitration, inquiry, proceeding, investigation
audit, demand or assessment (each, a "Third Party Claim") against it or which
may give rise to a claim for Loss under this Article V, within thirty (30) days
of the receipt of such notice, the Indemnified Party shall give the Indemnifying
Party written notice of such Third Party Claim; provided, however, that the
failure to provide such notice shall not release the Indemnifying Party from any
of its obligations under this Article V except to the extent that the
Indemnifying Party is materially prejudiced by such failure, and shall not
relieve the Indemnifying Party from any other obligation or liability that it
may have to any Indemnified Party otherwise than under this Article V. If the
Indemnifying Party acknowledges in writing its obligation to indemnify the
Indemnified Party hereunder against any Losses that may result from such Third
Party Claim, then the Indemnifying Party shall be entitled to assume and control
the defense of such Third Party Claim at its expense and through counsel of its
choice if it gives notice of its intention to do so to the Indemnified Party
within thirty (30) days of the receipt of such notice from the Indemnified
Party; provided, however, that if either: (x) the Indemnifying Party does not so
assume such defense or (y) there exists or is reasonably likely to exist a
conflict of interest that would make it inappropriate in the reasonable judgment
of the Indemnified Party for the same counsel to represent both the Indemnified
Party and the Indemnifying Party, then the Indemnified Party shall be entitled
to retain its own counsel (up to one counsel for all Indemnified Parties), at
the reasonable expense of the Indemnifying Party. In the event that the
Indemnifying Party exercises the right to undertake any such defense against any
such Third Party Claim as provided above, the Indemnified Party shall cooperate
with the Indemnifying Party in such defense and make available to the
Indemnifying Party, at the Indemnifying Party's expense, all witnesses,
pertinent records, materials and information in the Indemnified Party's
possession or under the Indemnified Party's control relating thereto as is
reasonably required by the Indemnifying Party. Similarly, in the event the
Indemnified Party is, directly or indirectly, conducting the defense against any
such Third Party Claim, the Indemnifying Party shall cooperate with the
Indemnified Party in such defense and make available to the Indemnified Party,
at the Indemnifying Party's expense, all such witnesses, records, materials and
information in the Indemnifying Party's possession or under the Indemnifying
Party's control relating thereto as is reasonably required by the Indemnified
Party. No such Third Party Claim may be settled by the Indemnifying Party
without the prior written consent of the Indemnified Party (not to be
unreasonably withheld), unless such settlement contains a full release of such
Indemnified Party.

                                       18
<PAGE>

                  SECTION 5.04. Survival of Covenants and Agreements. The
covenants and agreements of the parties contained in this Agreement shall
survive the Closing and will remain in full force and effect in accordance with
their terms.

                                   ARTICLE VI

                               GENERAL PROVISIONS

                  SECTION 6.01. Expenses. Except as otherwise specified in this
Agreement, all costs and expenses, including fees and disbursements of counsel,
financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated by this Agreement shall be paid by the party
incurring such costs and expenses, whether or not any Closing shall have
occurred.

                  SECTION 6.02. Notices. All notices, requests, claims, demands
and other communications hereunder shall be in writing and shall be given or
made (and shall be deemed to have been duly given or made upon receipt) by
delivery in person, by an internationally recognized overnight courier service,
by facsimile or registered or certified mail (postage prepaid, return receipt
requested) or by electronic mail to the respective parties hereto at the
following addresses (or at such other address for a party as shall be specified
in a notice given in accordance with this Section 6.02):

                       (a) if to the Company:

                           FluoroPharma, Inc.
                           c/o Puretech Ventures, LLC
                           222 Berkley Street Suite 1040,
                           Boston, MA 02116
                           Telephone: 617-482-2333
                           Email: lkundakovic@fluoropharma.com
                           Attention:  Ljiljana Kundakovic, President

                           with a copy to:

                           Burns and Levinson LLP
                           125 Summer Street
                           Boston, MA 02116
                           Telecopy:  617-345-3299
                           Telephone: 617-345-3875
                           Email: JBelanger@burnslev.com
                           Attention:  James H. Belanger

                       (b) if to the Investor:

                           QuantRx Biomedical Corporation
                           100 S. Main Street, Suite 300

                                       19
<PAGE>

                           Doylestown, Pennsylvania 18901
                           Telephone:  (267) 880-1595
                           E-mail:  wwitoshkin@quantrxbiomedical.com
                           Attention:  Walter Witoshkin, Chief Executive Officer

                           with a copy to:

                           Greenberg Traurig, LLP
                           200 Park Avenue
                           New York, NY  10166
                           Telecopy: (212) 805-9284
                           Telephone: (212) 801-6962
                           E-mail:  helselm@gtlaw.com
                           Attention: Michael D. Helsel, Esq.

                  SECTION 6.03. Public Announcements. Neither party hereto shall
make, or cause to be made, any press release or public announcement in respect
of this Agreement or the transactions contemplated hereby or otherwise
communicate with any news media without prior notification to the other party
unless otherwise required by Law or applicable stock exchange regulation, and
the parties hereto shall cooperate as to the timing and contents of any such
press release, public announcement or communication.

                  SECTION 6.04. Severability. If any term or other provision of
this Agreement is invalid, illegal or incapable of being enforced by any Law or
public policy, all other terms and provisions of this Agreement shall
nevertheless remain in full force and effect for so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to either party hereto. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as
to effect the original intent of the parties as closely as possible in an
acceptable manner in order that the transactions contemplated hereby are
consummated as originally contemplated to the greatest extent possible.

                  SECTION 6.05. Entire Agreement. This Agreement constitutes the
entire agreement of the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and undertakings, both written and oral,
between the Company and the Investor with respect to the subject matter hereof.

                  SECTION 6.06. Assignment. This Agreement may not be assigned
by operation of law or otherwise without the express written consent of the
Company and the Investor (which consent may be granted or withheld in the sole
discretion of the Company or the Investor); provided, however, that the Investor
may assign this Agreement or any of its rights and obligations hereunder to one
or more Affiliates of the Investor without the consent of the Company.

                  SECTION 6.07. Amendment. This Agreement may not be amended or
modified except (a) by an instrument in writing signed by, or on behalf of, the
Company and the Investor or (b) by a waiver in accordance with Section 6.08.

                                       20
<PAGE>

                  SECTION 6.08. Waiver. Either party to this Agreement may (a)
extend the time for the performance of any of the obligations or other acts of
the other party, (b) waive any inaccuracies in the representations and
warranties of the other party contained herein or in any document delivered by
the other party pursuant hereto or (c) waive compliance with any of the
agreements of the other party or conditions to such party's obligations
contained herein. Any such extension or waiver shall be valid only if set forth
in an instrument in writing signed by the party to be bound thereby. Any waiver
of any term or condition shall not be construed as a waiver of any subsequent
breach or a subsequent waiver of the same term or condition, or a waiver of any
other term or condition of this Agreement. The failure of either party hereto to
assert any of its rights hereunder shall not constitute a waiver of any of such
rights. All rights and remedies existing under this Agreement are cumulative to,
and not exclusive of, any rights or remedies otherwise available.

                  SECTION 6.09. No Third Party Beneficiaries. Except for the
provisions of Article VII relating to indemnified parties, this Agreement shall
be binding upon and inure solely to the benefit of the parties hereto and their
respective successors and permitted assigns and nothing herein, express or
implied, is intended to or shall confer upon any other Person, including any
union or any employee or former employee of the Company, any legal or equitable
right, benefit or remedy of any nature whatsoever, including any rights of
employment for any specified period, under or by reason of this Agreement.

                  SECTION 6.10. Specific Performance. The Company and Investor
acknowledge and agree that they would be irreparably damaged if any of the
provisions of this Agreement are not performed in accordance with their specific
terms and that any breach of this Agreement by the other party could not be
adequately compensated in all cases by monetary damages alone. Accordingly, in
addition to any other right or remedy to which the Company or the Investor may
be entitled, at law or in equity, they shall be entitled to enforce any
provision of this Agreement by a decree of specific performance and to
temporary, preliminary and permanent injunctive relief to prevent breaches or
threatened breaches of any of the provisions of this Agreement, without posting
any bond or other undertaking.

                  SECTION 6.11. Governing Law. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York
applicable to contracts executed in and to be performed in that State. All
Actions arising out of or relating to this Agreement shall be heard and
determined exclusively in any New York federal court sitting in the Borough of
Manhattan of The City of New York, provided, however, that if such federal court
does not have jurisdiction over such Action, such Action shall be heard and
determined exclusively in any New York state court sitting in the Borough of
Manhattan of The City of New York. Consistent with the preceding sentence, the
parties hereto hereby (a) submit to the exclusive jurisdiction of any federal or
state court sitting in the Borough of Manhattan of The City of New York for the
purpose of any Action arising out of or relating to this Agreement brought by
any party hereto and (b) irrevocably waive, and agree not to assert by way of
motion, defense, or otherwise, in any such Action, any claim that it is not
subject personally to the jurisdiction of the above-named courts, that its
property is exempt or immune from attachment or execution, that the Action is
brought in an inconvenient forum, that the venue of the Action is improper, or
that this Agreement or the transactions contemplated by this Agreement may not
be enforced in or by any of the above-named courts.

                                       21
<PAGE>

                  SECTION 6.12. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 6.12.

                  SECTION 6.13. Counterparts. This Agreement may be executed and
delivered (including by facsimile transmission) in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which when
executed shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement.

                  SECTION 6.14. Original Investment Agreement. This Agreement is
being executed in accordance with, as contemplated by and in furtherance of the
terms of the Original Investment Agreement. The parties hereto agree that the
Original Investment Agreement remains in full force and effect, and no provision
of the Original Investment Agreement shall be deemed to be amended, revised or
modified by the execution of this Agreement and the consummation of the
transactions contemplated hereby.

                  [Remainder of page intentionally left blank]

<PAGE>

                  IN WITNESS WHEREOF, the Company and the Investor have caused
this Agreement to be executed as of the date first written above by their
respective officers thereunto duly authorized.

                                      QUANTRX BIOMEDICAL CORPORATION

                                      By: /s/Walter Witoshkin
                                          --------------------------------------
                                          Name:  Walter Witoshkin
                                          Title:  Chief Executive Officer

                                      FLUOROPHARMA, INC.

                                      By: /s/Ljiljana Kundakovic
                                          --------------------------------------
                                          Name: Ljiljana Kundakovic
                                           Title: President

                                       22Amended and Restated Omnibus Agreement Exhibit 4.15

    

    Exhibit
      4.15

    

    

    
      
        

      

    

    AMENDED
      AND RESTATED

    

     

    OMNIBUS
      AGREEMENT

     

    among

     

    TEEKAY
      SHIPPING CORPORATION,

     

    and

     

    TEEKAY
      GP L.L.C.,

     

    TEEKAY
      LNG PARTNERS L.P. and

     

    TEEKAY
      LNG OPERATING L.L.C.

     

    and

     

    TEEKAY
      OFFSHORE GP L.L.C.,

     

    TEEKAY
      OFFSHORE PARTNERS L.P.,

     

    TEEKAY
      OFFSHORE OPERATING GP L.L.C. and

     

    TEEKAY
      OFFSHORE OPERATING L.P.

     

     

    
      
        

      

    

    

    

     

    
      
        
          

          

          

          21785-0030/LEGAL11774635.3 

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    AMENDED
      AND RESTATED OMNIBUS AGREEMENT

     

    THIS
      AMENDED AND RESTATED OMNIBUS AGREEMENT is entered into on, and effective as
      of,
      the Offshore Closing Date (as defined herein), among Teekay Shipping
      Corporation, a Marshall Islands corporation (“Teekay”),
      Teekay GP L.L.C., a Marshall Islands limited liability company (including any
      permitted successors and assigns under the Teekay LNG MLP Agreement (as defined
      herein), “Teekay
      LNG General Partner”),
      for
      itself and on behalf of Teekay LNG MLP in its capacity as general partner,
      Teekay LNG Operating L.L.C., a Marshall Islands limited liability company
      (“Teekay
      LNG OLLC”),
      Teekay LNG Partners L.P., a Marshall Islands limited partnership (“Teekay
      LNG MLP”),
      Teekay Offshore GP L.L.C., a Marshall Islands limited liability company
      (including any permitted successors and assigns under the Teekay Offshore MLP
      Agreement (as defined herein), “Teekay
      Offshore General Partner”),
      for
      itself and on behalf of the Teekay Offshore MLP in its capacity as general
      partner, Teekay Offshore Partners L.P., a Marshall Islands limited partnership
      (“Teekay
      Offshore MLP”),
      Teekay Offshore Operating GP L.L.C., a Marshall Islands limited liability
      company ("Teekay
      Offshore Operating General Partner"),
      for
      itself and on behalf of Teekay Offshore OLP in its capacity as general partner,
      and Teekay Offshore Operating L.P., a Marshall Islands limited partnership
      ("Teekay
      Offshore OLP").

     

    R
      E C I T A L S:

     

    1.  Teekay,
      Teekay LNG General Partner, Teekay LNG OLLC and Teekay LNG MLP are parties
      to
      the Omnibus Agreement dated as of May 10, 2005 (the "Original
      Agreement")
      entered into in connection with the initial public offering of common units
      by
      Teekay LNG MLP and pursuant to which such parties evidenced their understandings
      with respect to various matters set forth therein.

     

    2.  Teekay
      Offshore MLP proposes to undertake an initial public offering of its common
      units and the Parties desire to enter into this Agreement to evidence their
      understanding with respect to the various matters set forth herein.

     

    3.  The
      Conflicts Committee (as defined herein) of the board of directors of Teekay
      LNG
      General Partner and the boards of directors of Teekay, Teekay LNG General
      Partner and Teekay Offshore General Partner have approved the amendment and
      restatement of the Original Agreement as set forth in this
      Agreement.

     

    4.  The
      Parties desire by their execution of this Agreement to evidence their
      understanding, as more fully set forth in Articles II, III and V, with respect
      to (a) those business opportunities that the Teekay Entities (as defined herein)
      will not pursue during the term of this Agreement and (b) the procedures whereby
      such business opportunities are to be offered to the LNG Partnership Group
      (as
      defined herein) or the Offshore Partnership Group (as defined herein), as
      applicable, and accepted or declined.

     

    5.  The
      Parties desire by their execution of this Agreement to evidence their
      understanding, as more fully set forth in Articles II, IV and V, with respect
      to
      (a) those business opportunities that the Offshore Partnership Group will not
      pursue during the term of this Agreement and (b) the procedures whereby such
      business opportunities are to be offered to Teekay or the LNG Partnership Group,
      as applicable, and accepted or declined.

     

    6.  The
      Parties desire by their execution of this Agreement to evidence their
      understanding, as more fully set forth in Articles III, IV and V, with respect
      to (a) those business opportunities that the LNG Partnership Group will not
      pursue during the term of this Agreement and (b) the procedures whereby such
      business opportunities are to be offered to Teekay or the Offshore Partnership
      Group, as applicable, and accepted or declined.

     

    7.  The
      Parties desire by their execution of this Agreement to evidence their
      understanding, as more fully set forth in Article VI, with respect to (a)
      Teekay’s right of first offer relating to certain Crude Oil Assets (as defined
      herein), (b) Teekay LNG MLP’s right of first offer relating to certain LNG
      Assets (as defined herein) and (c) Teekay Offshore MLP's right of first offer
      relating to certain Offshore Assets (as defined herein).

     

    8.  The
      Parties desire by their execution of this Agreement to evidence their
      understanding, as more fully set forth in Article VII, with respect to certain
      indemnification obligations of Teekay.

     

    In
      consideration of the premises and the covenants, conditions, and agreements
      contained herein, and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, the parties hereto hereby agree
      as
      follows:

     

    ARTICLE
      I

    DEFINITIONS

     

    1.1  Definitions.

     

    As
      used
      in this Agreement, the following terms shall have the respective meanings set
      forth below:

     

    “Affiliate”
means,
      with respect to any Person, any other Person that directly or indirectly through
      one or more intermediaries controls, is controlled by or is under common control
      with, the Person in question. As used herein, the term "control" means the
      possession, direct or indirect, of the power to direct or cause the direction
      of
      the management and policies of a Person, whether through ownership of voting
      securities, by contract or otherwise.

     

    “Aframax
      Assets”
means
      the Aframax tankers included in Teekay Offshore OLP as of the Offshore Closing
      Date and any Replacement Aframax Assets relating to such original Aframax
      tankers.

     

    “Agreement”
means
      this Amended and Restated Omnibus Agreement, as it may be amended, modified,
      or
      supplemented from time to time in accordance with Section 8.6
      hereof.

     

    "Acquiring
      Party"
      has the
      meaning given such term in Section 5.1(a).

     

    "Bid
      LNG Assets"
      has the
      meaning given such term in Section 2.2(b).

     

    "Bid
      Offshore Assets" has
      the
      meaning given such term in Section 3.2(c).

     

    “Break-up
      Costs”
means
      the aggregate amount of any and all additional taxes and other similar costs
      to
      (a) the Teekay Entities or the Offshore Partnership Group, as applicable, that
      would be required to transfer LNG Assets acquired by the Teekay Entities or
      the
      Offshore Partnership Group as part of a larger transaction to an LNG Partnership
      Group Member pursuant to Section 2.2(a), (b) the LNG Partnership Group or
      the Offshore Partnership Group, as applicable, that would be required to
      transfer Crude Oil Assets acquired by the LNG Partnership Group or the Offshore
      Partnership Group as part of a larger transaction to a Teekay Entity pursuant
      to
      Section 4.2(c) or (c) the Teekay Entities or the LNG Partnership Group, as
      applicable, that would be required to transfer Offshore Assets acquired by
      the
      Teekay Entities or the LNG Partnership Group as part of a larger transaction
      to
      an Offshore Partnership Group Member pursuant to Section 3.2(b). 

     

    "Change
      of Control” means,
      with respect to any Person (the “Applicable Person”), any of the following
      events: (a)
      any
      sale, lease, exchange or other transfer (in one transaction or a series of
      related transactions) of all or substantially all of the Applicable Person’s
      assets to any other Person, unless immediately following such sale, lease,
      exchange or other transfer such assets are owned, directly or indirectly, by
      the
      Applicable Person; (b)
      the
      consolidation or merger of the Applicable Person with or into another Person
      pursuant to a transaction in which the outstanding Voting Securities of the
      Applicable Person are changed into or exchanged for cash, securities or other
      property, other than any such transaction where (i)
      the
      outstanding Voting Securities of the Applicable Person are changed into or
      exchanged for Voting Securities of the surviving Person or its parent and
(ii)
      the
      holders of the Voting Securities of the Applicable Person immediately prior
      to
      such transaction own, directly or indirectly, not less than a majority of the
      outstanding Voting Securities of the surviving Person or its parent immediately
      after such transaction; and (c)
      a
“person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the
      Exchange Act) (other than Teekay or its Affiliates, with respect to Teekay
      LNG
      General Partner, Teekay Offshore General Partner or Teekay Offshore OLP), being
      or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
      the Exchange Act) of more than 50% of all of the then outstanding Voting
      Securities of the Applicable Person, except in a merger or consolidation which
      would not constitute a Change of Control under clause (b) above. 

     

    “Conflicts
      Committee”
means
      the Conflicts Committee of the board of directors of Teekay LNG General Partner
      or Teekay Offshore General Partner, as applicable.

     

    “Contribution
      Assets”
      means
      the LNG Contribution Assets or the Offshore Contribution Assets, as
      applicable.

     

    “control”
means
      the possession, direct or indirect, of the power to direct or cause the
      direction of the management and policies of a Person, whether through ownership
      of voting securities, by contract or otherwise.

     

    “Covered
      Environmental Losses”
means
      all environmental and toxic tort Losses suffered or incurred by the LNG
      Partnership Group or the Offshore Partnership Group, as applicable, by reason
      of
      or arising out of:

     

    (i)  any
      violation or correction of violation of Environmental Laws; or

     

    (ii)  any
      event
      or condition associated with ownership or operation by the Teekay Entities
      of
      the LNG Contribution Assets, with respect to the LNG Partnership Group, or
      the
      Offshore Contribution Assets, with respect to the Offshore Partnership Group
      (including, without limitation, the presence of Hazardous Substances on, under,
      about or migrating to or from the LNG Contribution Assets or the Offshore
      Contribution Assets or the disposal or release of Hazardous Substances generated
      by operation of the LNG Contribution Assets or the Offshore Contribution Assets,
      as applicable), including, without limitation, (A) the cost and expense of
      any
      investigation, assessment, evaluation, monitoring, containment, cleanup, repair,
      restoration, remediation or other corrective action required or necessary under
      Environmental Laws, (B) the cost or expense of the preparation and
      implementation of any closure, remedial, corrective action or other plans
      required or necessary under Environmental Laws and (C) the cost and expense
      for
      any environmental or toxic tort pre-trial, trial or appellate legal or
      litigation support work;

     

    but
      only
      to the extent that such violation complained of under clause (i), or such events
      or conditions included in clause (ii), occurred before the LNG Closing Date,
      with respect to the LNG Contribution Assets, or the Offshore Closing Date,
      with
      respect to the Offshore Contribution Assets; and provided that in no event
      shall
      Losses to the extent arising from a change in any Environmental Law after the
      LNG Closing Date or the Offshore Closing Date, as applicable, be deemed "Covered
      Environmental Losses."

     

    "Crude
      Oil Assets"
      means
      crude oil tankers and related charters, excluding any crude oil tankers and
      related charters that constitute Offshore Assets.

     

    "Crude
      Oil Restricted Business"
      has the
      meaning given such term in Section 4.1.

     

    “Environmental
      Laws”
means
      all U.S. federal, state and local and all foreign laws, statutes, rules,
      regulations, orders, judgments and ordinances relating to protection of health
      and safety and the environment, including, without limitation, the United States
      federal Comprehensive Environmental Response, Compensation and Liability Act,
      the Resource Conservation and Recovery Act, the Clean Air Act, the Clean Water
      Act, the Safe Drinking Water Act, the Toxic Substances Control Act, the Oil
      Pollution Act of 1990, the Hazardous Materials Transportation Act, the Marine
      Mammal Protection Act, the Endangered Species Act, the National Environmental
      Policy Act, and other environmental conservation and protection laws, each
      as
      amended through the LNG Closing Date or the Offshore Closing Date, as
      applicable.

     

    “Event
      of Loss”
means
      any of the following events: (a) the actual or constructive total loss of a
      Suezmax Asset or an Aframax Asset or the agreed or compromised total loss of
      a
      Suezmax Asset or an Aframax Asset; (b) the destruction of a Suezmax Asset or
      an
      Aframax Asset; (c) the damage to a Suezmax Asset or an Aframax Asset to an
      extent, determined in good faith by Teekay LNG General Partner's Conflicts
      Committee, with respect to a Suezmax Asset, or Teekay Offshore General Partner's
      Conflicts Committee, with respect to an Aframax Asset, within 90 days after
      the
      occurrence of such damage, as shall make repair thereof uneconomical or shall
      render such Suezmax Asset or Aframax Asset permanently unfit for normal use
      (other than obsolescence); or (d) the condemnation, confiscation, requisition,
      seizure, forfeiture or other taking of title to or use of a Suezmax Asset or
      an
      Aframax Asset that shall not be revoked within six months. An Event of Loss
      shall be deemed to have occurred: (i) in the event of the destruction or other
      actual total loss of a Suezmax Asset or an Aframax Asset, on the date of such
      loss; (ii) in the event of a constructive, agreed or compromised total loss
      of a
      Suezmax Asset or an Aframax Asset, on the date of determination of such total
      loss pursuant to the relevant insurance policy; (iii) in the case of any event
      referred to in clause (c) above, upon such determination by the applicable
      Conflicts Committee; or (iv) in the case of any event referred in clause (d)
      above, on the date six months after the occurrence of such event.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “Existing
      Offshore Project Assets”
means
      the following Offshore Assets: two conventional crude oil tankers (the
Navion
      Bergen
      and the
Navion
      Gothenburg)
      that
      Teekay currently is converting to shuttle tankers and one floating storage
      and
      offtake unit (the Dampier
      Spirit)
      currently being upgraded.

     

    “First
      Offer Negotiation Period”
      has the
      meaning given such term in Section 6.2.

     

    "Fully-Built-Up
      Cost"”
means,
      with respect to an LNG Asset or an Offshore Asset to be acquired or leased
      (pursuant to a capitalized lease obligation) by an LNG Partnership Group Member
      or an Offshore Partnership Group Member, respectively, the aggregate amount
      of
      all expenditures incurred (or to be incurred prior to delivery to the LNG
      Partnership Group Member or the Offshore Partnership Group Member) to acquire,
      construct and/or convert and bring such LNG Asset or Offshore Asset to the
      condition and location necessary for its intended use by the LNG Partnership
      Group Member or the Offshore Partnership Group Member, as applicable, plus
      a
      reasonable allocation of overhead costs related to the development of such
      project and other projects that would have been subject to the offer rights
      set
      forth in this Agreement but were not completed; provided,
      however,
      that in
      determining the Fully-Built-Up Cost of an Offshore Asset that is constructed
      or
      converted using a hull from Teekay's fleet (including the Existing Offshore
      Project Assets), such hull shall be valued at its fair market value at the
      time
      of the vessel's transfer by Teekay and the Fully-Built-Up Cost of such Offshore
      Asset (other than the hull) shall be determined as otherwise set forth in this
      definition.

     

    “Hazardous
      Substances”
means
      (a) substances which contain substances defined in or regulated under applicable
      Environmental Laws; (b) petroleum and petroleum products, including crude
      oil and any fractions thereof; (c) natural gas, synthetic gas and any
      mixtures thereof; (d) any substances with respect to which a federal, state,
      foreign or local agency requires environmental investigation, monitoring,
      reporting or remediation; (e) any hazardous waste or solid waste, within the
      meaning of any Environmental Law; (f) any solid, hazardous, dangerous or toxic
      chemical, material, waste or substance, within the meaning of and regulated
      by
      any Environmental Law; (g) any radioactive material; and (h) any
      asbestos-containing materials that represent a health hazard.

    

    “LNG”
      means
      liquefied natural gas.

     

    “LNG
      Assets”
means
      LNG carriers and related time charters.

     

    “LNG
      Closing Date”
means
      May 10, 2005, the date of the closing of the initial public offering of common
      units representing limited partner interests in Teekay LNG MLP.

     

    “LNG
      Contribution Agreement” means
      that certain Contribution, Conveyance and Assumption Agreement, dated as of
      May
      10, 2005, among Teekay, Teekay LNG General Partner, Teekay LNG MLP, Teekay
      LNG
      OLLC and Teekay Shipping Spain, S.L., together with the additional conveyance
      documents and instruments contemplated or referenced thereunder.

     

    “LNG
      Contribution Assets”
      means
      the assets of the Teekay LNG Partnership Group as of the LNG Closing
      Date.

     

    “LNG
      Partnership Entities”
means
      Teekay LNG General Partner, Teekay LNG MLP, Teekay LNG OLLC and any Person
      controlled by any such entity. 

     

    “LNG
      Partnership Group”
means
      Teekay LNG MLP, Teekay LNG OLLC and any Person controlled by any such
      entity.

     

    “LNG
      Partnership Group Member” means
      any
      Person in the LNG Partnership Group.

     

    "LNG
      Restricted Business"
      has the
      meaning given such term in Section 2.1.

     

    “Losses”
means
      losses, damages, liabilities, claims, demands, causes of action, judgments,
      settlements, fines, penalties, costs and expenses (including, without
      limitation, court costs and reasonable attorneys’ and experts’ fees) of any and
      every kind or character; provided, however, that such term shall not include
      any
      special, indirect, incidental or consequential damages.

     

    “Offer”
      has
      the
      meaning given such term in Section 5.1(b).

     

    "Offered
      Assets"
      has the
      meaning given such term in Section 5.1(a).

     

    “Offeree”
has
      the
      meaning given such term in Section 5.1(a).

     

    “Offer
      Period”
      has the
      meaning given such term in Section 5.1(e).

     

    “Offshore
      Assets”
means
      (a) dynamically-positioned shuttle tankers (excluding dynamically-positioned
      shuttle tankers that operate in conventional crude oil tanker trades under
      Qualifying Contracts), (b) floating storage and offtake units, (c) floating
      production, storage and offloading units and (d) related time charters or
      contracts of affreightment.

     

    “Offshore
      Closing Date”
means
      the date of the closing of the initial public offering of common units
      representing limited partner interests in Teekay Offshore MLP.

     

    “Offshore
      Contribution Agreement” means
      that certain Contribution, Conveyance and Assumption Agreement, dated as of
      the
      Offshore Closing Date, among Teekay, Teekay Offshore General Partner, Teekay
      Offshore MLP, Teekay Offshore OLP and Teekay Offshore Operating General Partner,
      together with the additional conveyance documents and instruments contemplated
      or referenced thereunder.

     

    “Offshore
      Contribution Assets”
      means
      the assets of Teekay Offshore OLP as of the Offshore Closing Date.

     

    “Offshore
      Partnership Entities”
means
      Teekay Offshore General Partner, Teekay Offshore MLP, Teekay Offshore Operating
      General Partner, Teekay Offshore OLP and any Person controlled by any such
      entity. 

     

    “Offshore
      Partnership Group”
means
      Teekay Offshore MLP, Teekay Offshore Operating General Partner, Teekay Offshore
      OLP and any Person controlled by any such Person.

     

    “Offshore
      Partnership Group Member” means
      any
      Person in the Offshore Partnership Group.

     

    “offshore
      project” means
      any
      project involving the marine transportation, production, processing or storage
      of crude oil using Offshore Assets.

     

    "Offshore
      Restricted Business"
      has the
      meaning given such term in Section 3.1.

     

    “Original
      Agreement”
is
      defined in the recitals to this Agreement.

     

    “Parties"
      means
      the
      parties to this Agreement and their successors and permitted
      assigns.

     

    “Petrojarl”
means
      Petrojarl ASA, a Norwegian company of which Teekay owns a majority of its
      outstanding capital stock as of the date of this Agreement.

     

    "Petrojarl
      Excluded Assets"
      has the
      meaning given such term in Section 3.2(h).

     

    “Petrojarl
      Joint Venture Agreement”
means
      the Joint Venture Partners' Agreement dated June 14, 2006 among Petrojarl JV
      AS,
      Teekay Petrojarl Offshore Holdings L.L.C. and Teekay Petrojarl GP L.L.C., as
      it
      may be amended, modified, or supplemented from time to time.

     

    “Person”
means
      an individual, corporation, partnership, joint venture, trust, limited liability
      company, unincorporated organization or any other entity.

     

    "Potential
      Transferee"
      has the
      meaning given such term in Section 6.2.

     

    “Qualifying
      Contract”
means
      a
      time charter or contract of affreightment with a remaining duration, excluding
      any extension options, of at least three years. For purposes of this definition,
      the duration of any life-of-field contract of affreightment shall be deemed
      to
      equal the expected remaining life of the relevant oil field as determined by
      Wood Mackenzie Ltd., or, if Wood Mackenzie is not available, another reasonably
      suitable independent entity qualified to estimate the remaining life of the
      relevant oil field.

     

    “Qualifying
      Petrojarl Joint Venture Offshore Projects”
means
      projects subject to the Petrojarl Joint Venture Agreement that involve Offshore
      Assets that are subject to a Qualifying Contract.

     

    “Re-Charter”
      means
      the
      chartering-out of an LNG Asset, an Offshore Asset or a Crude Oil Asset pursuant
      to a Qualifying Contract in the event that its existing charter or contract
      of
      affreightment expires or is terminated early (including, without limitation,
      the
      chartering of any Replacement Suezmax Asset or Replacement Aframax Asset but
      only if the charter party for the Replacement Suezmax Asset or Replacement
      Aframax Asset, as applicable, is not the same charter party (or an Affiliate
      of
      such charter party) as for the replaced Suezmax Asset or Aframax Asset).

     

    “Replacement Aframax
      Assets” means
      any
      Aframax tankers that replace any Afraxmax Assets upon (a) an Event of Loss
      or
      (b) the replacement of a time-charter arrangement existing as of the Offshore
      Closing Date where the original Aframax Asset which was subject to such time
      charter has been sold or transferred due to the exercise by the charter party
      of
      its right under the time charter to cause such sale or transfer.

     

    “Replacement Suezmax
      Assets” means
      any
      Suezmax tankers that replace any Suezmax Assets upon (a) an Event of Loss or
      (b)
      the replacement of a time-charter arrangement existing as of the LNG Closing
      Date where the original Suezmax Asset which was subject to such time charter
      has
      been sold or transferred due to the exercise by the charter party of its right
      under the time charter to cause such sale or transfer.

     

    "Restricted
      Business"
      means,
      as applicable, the LNG Restricted Business, the Offshore Restricted Business
      or
      the Crude Oil Restricted Business.

     

    "Retained
      Assets"
      means
      all right, title and interest in and to assets other than (a) the LNG
      Contribution Assets or (b) the Offshore Contribution Assets, as
      applicable.

     

    "Retained
      Liabilities"
      means
      any and all liabilities and obligations of any and every kind or character
      not
      assumed by (a) the LNG Partnership Group pursuant to the LNG Contribution
      Agreement or (b) the Offshore Partnership Group pursuant to the Offshore
      Contribution Agreement, as applicable.

     

    “Sale
      Assets” has
      the
      meaning given such term in Section 6.2.

     

    “Suezmax
      Assets”
means
      the Suezmax tankers included in the LNG Contribution Assets and any Replacement
      Suezmax Assets relating to such original Suezmax tankers.

     

    “Teekay”
is
      defined in the introduction to this Agreement.

     

    “Teekay
      Entities”
means
      Teekay and any Person controlled, directly or indirectly, by Teekay other than
      the LNG Partnership Entities and the Offshore Partnership Entities.

     

    “Teekay
      LNG General Partner”
is
      defined in the introduction to this Agreement.

     

    “Teekay
      LNG MLP”
is
      defined in the introduction to this Agreement.

     

    “Teekay
      LNG MLP Agreement”
means
      the First Amended and Restated Agreement of Limited Partnership of the Teekay
      LNG MLP, dated as of May 10, 2005, as amended by Amendment No. 1 dated
      as of May 31, 2006, as such agreement is in effect on the Offshore Closing
      Date, to which reference is hereby made for all purposes of this Agreement.
      No
      amendment or modification to the Teekay LNG MLP Agreement subsequent to the
      Offshore Closing Date shall be given effect for purposes of this Agreement
      unless consented to by each of the Parties to this Agreement.

     

    “Teekay
      LNG OLLC”
is
      defined in the introduction to this Agreement.

     

    “Teekay
      Offshore General Partner”
is
      defined in the introduction to this Agreement.

     

    “Teekay
      Offshore MLP”
is
      defined in the introduction to this Agreement.

     

    “Teekay
      Offshore MLP Agreement”
means
      the First Amended and Restated Agreement of Limited Partnership of the Teekay
      Offshore MLP, dated as of the Offshore Closing Date, as such agreement is in
      effect on the Offshore Closing Date, to which reference is hereby made for
      all
      purposes of this Agreement. No amendment or modification to the Teekay Offshore
      MLP Agreement subsequent to the Offshore Closing Date shall be given effect
      for
      purposes of this Agreement unless consented to by each of the Parties to this
      Agreement.

     

    “Teekay
      Offshore OLP”
is
      defined in the introduction to this Agreement.

     

    “Teekay
      Offshore Operating General Partner”
is
      defined in the introduction to this Agreement.

     

    “Transfer”
      means
      any transfer, assignment, sale or other disposition of (a) any LNG Assets
      by a Teekay Entity or an Offshore Partnership Group Member, (b) any Offshore
      Assets by a Teekay Entity or an LNG Partnership Group Member, or (c) any Crude
      Oil Assets by an LNG Partnership Group Member or an Offshore Partnership Group
      Member; provided,
      however,
      that
      such term shall not include: (i) transfers, assignments, sales or other
      dispositions from a Teekay Entity to another Teekay Entity, from an LNG
      Partnership Group Member to another LNG Partnership Group Member or from an
      Offshore Partnership Group Member to another Offshore Partnership Group Member;
      (ii) transfers, assignments, sales or other dispositions pursuant to the terms
      of any related charter, contract of affreightment or other agreement with a
      charter party or the party to the contract of affreightment, as applicable;
      (iii) transfers, assignments, sales or other dispositions pursuant to Article
      II, III or IV of this Agreement; (iv) grants of security interests in or
      mortgages or liens on such LNG Assets, Offshore Assets or Crude Oil Assets
      in
      favor of a bona
      fide
      third-party lender (but not the foreclosing of any such security interest,
      mortgage or lien); or (v) transfers, assignments, sales or other
      dispositions by a Teekay Entity (other than Petrojarl or any Person controlled
      thereby) of any Offshore Assets it owns as of the date of this agreement if,
      at
      the time of the proposed transfer, assignment, sale or other disposition, the
      applicable Offshore Asset is not subject to a Qualifying Contract.

     

    “Transfer
      Notice” has
      the
      meaning given such term in Section 6.2.

     

    "Transferring
      Party"
      has the
      meaning given such term in Section 6.2.

     

    “Voting
      Securities”
means
      securities of any class of Person entitling the holders thereof to vote in
      the
      election of members of the board of directors or other similar governing body
      of
      the Person.

     

    ARTICLE
      II

    LNG
      RESTRICTED BUSINESS OPPORTUNITIES

     

    2.1  LNG
      Restricted Businesses.
      Subject
      to Section 8.4 and except as permitted by Section 2.2, each of the Teekay
      Entities and the Offshore Partnership Group Members shall be prohibited from
      engaging in or acquiring or investing in any business that owns, operates or
      charters
      LNG
      Assets (each an “LNG
      Restricted Business”).

     

    2.2  Permitted
      Exceptions.
      Notwithstanding any provision of Section 2.1
      to the
      contrary, the Teekay Entities and the Offshore Partnership Group Members may
      engage in
      the
      following activities under any of the following circumstances:

     

    (a)  the
      ownership, operation and/or chartering of any LNG Assets that they acquire
      after
      the date of this Agreement if:

     

    (i) such
      LNG
      Assets are acquired as part of a business or package of assets in a transaction
      in which the fair market value of such LNG Assets represents less than a
      majority of the fair market value of the total assets or business acquired
      (fair
      market value as determined in good faith by the board of directors of Teekay
      or
      Teekay Offshore General Partner's Conflicts Committee, as applicable);
      and

     

    (ii) the
      Teekay Entity or the Offshore Partnership Group Member has offered Teekay LNG
      General Partner the opportunity for any of the Teekay LNG Partnership Group
      Members to purchase such LNG Assets in accordance with the procedures set forth
      in Section 5.1 and Teekay LNG General Partner, with the approval of Teekay
      LNG
      General Partner's Conflicts Committee, has elected not to cause any Teekay
      LNG
      Partnership Group Member to purchase such LNG Assets;

     

    (b)  the
      ownership, operation and/or chartering of LNG Assets that (i) are subject to
      an
      offer to purchase by a Teekay Entity or an Offshore Partnership Group Member
      as
      described in Section 2.2(a)(ii) or (ii) subject to Section 5.1, relate to a
      tender, bid or award for a proposed LNG project that a Teekay Entity has
      submitted or received (or hereafter submits or receives) (such LNG Assets in
      clause (ii) being referred to herein as "Bid
      LNG Assets"),
      in
      each case pending the applicable offer of such LNG Assets to Teekay LNG General
      Partner and Teekay LNG General Partner's determination pursuant to Section
      5.1
      whether to purchase the LNG Assets and, if Teekay LNG General Partner's
      Conflicts Committee determines to cause a Teekay LNG Partnership Group Member
      to
      purchase such LNG Assets, pending the closing of such purchase;

     

    (c)  the
      provision by Teekay Entities of ship management services relating to an LNG
      Restricted Business;

     

    (d)  the
      acquisition of up to a 9.9% equity ownership, voting or profit participation
      interest in any publicly traded Person (other than Teekay LNG MLP) that engages
      in an LNG Restricted Business; 

     

    (e)  the
      ownership, operation and/or chartering of any LNG Assets with respect to which
      Teekay LNG General Partner has advised Teekay or Teekay Offshore General
      Partner, as applicable, that Teekay LNG General Partner has elected, with the
      approval of Teekay LNG General Partner's Conflicts Committee, not to cause
      a
      Teekay LNG Partnership Group Member to acquire (or seek to acquire); or

     

    (f)  the
      ownership, operation and/or chartering by Teekay Entities of the LNG Assets
      subject to the Nakilat Share Purchase Agreement dated as of May 10, 2005,
      between Teekay and Teekay LNG MLP if the Teekay LNG MLP fails to perform its
      obligations to purchase (or to cause other Teekay LNG Partnership Group Members
      to purchase) such LNG Assets under such agreement.

     

    ARTICLE
      III

    OFFSHORE
      RESTRICTED BUSINESS OPPORTUNITIES

     

    3.1  Offshore
      Restricted Businesses.
      Subject
      to Section 8.4 and except as permitted by Section 3.2, each of the Teekay
      Entities and the LNG Partnership Group Members shall be prohibited from engaging
      in or acquiring or investing in any business that owns, operates or charters
      Offshore Assets (each an “Offshore
      Restricted Business”);
      provided,
      however,
      that,
      subject to Section 6.1, nothing in this Agreement shall prohibit the LNG
      Partnership Group Members from owning, operating or chartering any Suezmax
      Assets that are hereafter converted into Offshore Assets.

     

    3.2  Permitted
      Exceptions.
      Notwithstanding any provision of Section 3.1 to the contrary, the Teekay
      Entities and the LNG Partnership Group Members may engage in the following
      activities under any of the following circumstances:

     

    (a)  the
      ownership, operation and/or chartering of Offshore Assets that are not subject
      to a Qualifying Contract;

     

    (b)  the
      ownership, operation and/or chartering of any Offshore Assets that they acquire
      after the date of this Agreement if:

     

    (i) such
      Offshore Assets are acquired as part of a business or package of assets in
      a
      transaction in which the fair market value of such Offshore Assets represents
      less than a majority of the fair market value of the total assets or business
      acquired (fair market value as determined in good faith by the board of
      directors of Teekay or Teekay LNG General Partner's Conflicts Committee, as
      applicable); and

     

    (ii) the
      Teekay Entity or the LNG Partnership Group Member has offered Teekay Offshore
      General Partner the opportunity for any of the Teekay Offshore Partnership
      Group
      Members to purchase such Offshore Assets in accordance with the procedures
      set
      forth in Section 5.1 and Teekay Offshore General Partner, with the approval
      of
      Teekay Offshore General Partner's Conflicts Committee, has elected not to cause
      any Teekay Offshore Partnership Group Member to purchase such Offshore
      Assets;

     

    (c)  the
      ownership, operation and/or chartering of Offshore Assets that (i) are subject
      to an offer to purchase by a Teekay Entity or an LNG Partnership Group Member
      as
      described in Section 3.2(b)(ii), or (ii) subject to Section 5.1, relate to
      a tender, bid or award for a proposed offshore project that a Teekay Entity
      has
      submitted or received (or hereafter submits or receives), including Qualifying
      Petrojarl Joint Venture Offshore Projects and the Existing Offshore Project
      Assets (such Offshore Assets in clause (ii) being referred to herein as
      "Bid
      Offshore Assets"),
      in
      each case pending the applicable offer of such Offshore Assets to Teekay
      Offshore General Partner and Teekay Offshore General Partner's determination
      pursuant to Section 5.1 whether to purchase the Offshore Assets and, if Teekay
      Offshore General Partner's Conflicts Committee determines to cause a Teekay
      Offshore Partnership Group Member to purchase such Offshore Assets, pending
      the
      closing of such purchase;

     

    (d)  the
      provision by Teekay Entities of ship management services relating to an Offshore
      Restricted Business;

     

    (e)  the
      acquisition of up to a 9.9% equity ownership, voting or profit participation
      interest in any publicly traded Person that engages in an Offshore Restricted
      Business; 

     

    (f)  the
      ownership, operation and/or chartering of any Offshore Assets with respect
      to
      which Teekay Offshore General Partner has advised Teekay or Teekay LNG General
      Partner, as applicable, that Teekay Offshore General Partner has elected, with
      the approval of Teekay Offshore General Partner's Conflicts Committee, not
      to
      cause a Teekay Offshore Partnership Group Member to acquire (or seek to
      acquire); 

     

    (g)  the
      ownership by Teekay Entities of (i) a limited partnership interest in Teekay
      Offshore OLP, (ii) interests in Teekay Offshore MLP and (iii), subject to
      Section 3.2(h), interests in Petrojarl; 

     

    (h)  (i)
      prior
      to Teekay Entities owning 100% of Petrojarl, the ownership, operation and/or
      chartering by Petrojarl or its controlled affiliates of (A) the Offshore
      Assets owned, operated and/or chartered by Petrojarl or its controlled
      affiliates as of the Offshore Closing Date ("Petrojarl
      Excluded Assets")
      or
      (B) interests in Qualifying Petrojarl Joint Venture Offshore Projects and
      (ii) subject to Section 5.1, following the acquisition by the Teekay
      Entities of 100% of Petrojarl, the ownership, operation and/or chartering by
      Petrojarl or its controlled affiliates of Offshore Assets then subject to
      Qualifying Contracts (including interests in Qualifying Petrojarl Joint Venture
      Offshore Projects) pending the applicable offer of such Offshore Assets to
      Teekay Offshore General Partner and Teekay Offshore General Partner's
      determination pursuant to Section 5.1 whether to purchase such Offshore Assets
      and, if Teekay Offshore General Partner's Conflicts Committee determines to
      cause an Offshore Partnership Group Member to purchase such Offshore Assets,
      pending the closing of such purchase.

     

    ARTICLE
      IV

    CRUDE
      OIL RESTRICTED BUSINESS OPPORTUNITIES

     

    4.1  Crude
      Oil Restricted Businesses.
      Subject
      to Section 8.4 and except as permitted by Section 4.2, each LNG Partnership
      Group Member and each Offshore Partnership Group Member shall be prohibited
      from
      engaging in or acquiring or investing in any business that owns, operates or
      charters Crude Oil Assets (each a “Crude
      Oil Restricted Business”).

     

    4.2  Permitted
      Exceptions.
      Notwithstanding any provision of Section 4.1 to the contrary, the LNG
      Partnership Group Members and the Offshore Partnership Group Members may engage
      in the following activities under any of the following
      circumstances:

     

    (a)  the
      LNG
      Partnership Group Members may engage in the ownership, operation and/or
      chartering of any of the Suezmax Assets, including any Replacement Suezmax
      Assets;

     

    (b)  the
      Offshore Partnership Group Members may engage in the ownership, operation and/or
      chartering of any of the Aframax Assets, including any Replacement Aframax
      Assets;

     

    (c)  the
      ownership, operation and/or chartering of any Crude Oil Assets that it acquires
      after the date of this Agreement if:

     

    (i) such
      Crude Oil Assets are acquired as part of a business or package of assets in
      a
      transaction in which the fair market value of such Crude Oil Assets represents
      less than a majority of the fair market value of the total assets or business
      acquired (fair market value as determined in good faith by the Conflicts
      Committee of the board of directors of Teekay LNG General Partner or Teekay
      Offshore General Partner, as applicable); and

     

    (ii) the
      LNG
      Partnership Group Member or Offshore Partnership Group Member, as applicable,
      has offered Teekay the opportunity for Teekay or any other Teekay Entity to
      purchase such Crude Oil Assets in accordance with the procedures set forth
      in
      Section 5.1 and Teekay has elected not to purchase and not to cause another
      Teekay Entity to purchase such Crude Oil Assets;

     

    (d)  the
      ownership, operation and/or chartering of Crude Oil Assets that are subject
      to
      an offer by an LNG Partnership Group Member or an Offshore Partnership Group
      Member as described in Section 4.2(c) pending Teekay's determination whether
      to
      purchase the Crude Oil Assets and, if Teekay determines to cause a Teekay Entity
      to purchase such Crude Oil Assets, pending the closing of such
      purchase;

     

    (e)  the
      acquisition of up to a 9.9% equity ownership, voting or profit participation
      interest in any publicly traded Person that engages in a Crude Oil Restricted
      Business; or

     

    (f)  the
      ownership, operation and/or chartering by an LNG Partnership Group Member or
      an
      Offshore Partnership Group Member of any Crude Oil Assets with respect to which
      Teekay has previously advised Teekay LNG General Partner or Teekay Offshore
      General Partner, as applicable, that Teekay has elected not to cause a Teekay
      Entity to acquire (or seek to acquire).

     

    ARTICLE
      V

    BUSINESS
      OPPORTUNITIES
      PROCEDURES

     

    5.1  Procedures. (a)
      In
      the
      event that (i) an LNG Partnership Group Member or an Offshore Partnership
      Group Member acquires Crude Oil Assets as part of a larger transaction in
      accordance with Section 4.2(c), (ii) a Teekay Entity or an Offshore Partnership
      Group Member acquires LNG Assets as part of a larger transaction in accordance
      with Section 2.2(a), (iii) a Teekay Entity or an LNG Partnership Group Member
      acquires Offshore Assets as part of a larger transaction in accordance with
      Section 3.2(b), (iv) a Teekay Entity is awarded a contract for the
      transportation requirements for all or any portion of any proposed LNG project
      or offshore project for which a Teekay Entity has tendered or submitted a bid
      (and, with respect to Offshore Assets, the contract is a Qualifying Contract),
      including, without limitation, the projects to be served by the Existing
      Offshore Project Assets, (v) the Teekay Entities acquire 100% ownership of
      Petrojarl or (vi) a Teekay Entity proposes to Re-Charters any LNG Assets or
      Offshore Assets (including any Petrojarl Excluded Assets once the Teekay
      entities acquire 100% ownership of Petrojarl), then: 

     

    (x)
      in
      the case of clause (i), (ii), (iii), (v) or (vi) above, not later than 30 days
      after the consummation of the acquisition or the proposed Re-Chartering of
      any
      Offshore Assets; provided,
      however,
      that
      such period shall be 365 days for acquisitions of Offshore Assets by any Teekay
      Entities or any LNG Partnership Group Members or the acquisition of 100%
      ownership of Petrojarl by any Teekay Entities; or

     

    (y)
      in
      the case of clause (iv) above, not later than 180 days before the scheduled
      delivery date of the relevant Bid LNG Asset or 365 days after the delivery
      date
      of the relevant Bid Offshore Asset, 

     

    such
      acquiring party or such party proposing to Re-Charter the LNG Assets or Offshore
      Assets (as applicable, the "Acquiring
      Party")
      shall
      notify (A) Teekay, in the case of an acquisition by an LNG Partnership Group
      Member or an Offshore Partnership Group Member of Crude Oil Assets, (B) Teekay
      LNG General Partner, in the case of (x) an acquisition by a Teekay Entity
      or an Offshore Partnership Group Member of LNG Assets, (y) a proposed
      acquisition of Bid LNG Assets or (z) the proposed Re-Chartering by a Teekay
      Entity of LNG Assets or (C) Teekay Offshore General Partner, in the case of
      (w) an acquisition by a Teekay Entity or an LNG Partnership Group Member of
      Offshore Assets, (x) a proposed acquisition of Bid Offshore Assets, (y) the
      acquisition of 100% ownership of Petrojarl or (z) the proposed
      Re-Chartering by a Teekay Entity of Offshore Assets, in each case of such
      acquisition (or proposed acquisition) or proposed Re-Chartering, and offer
      such
      party to be notified (each an "Offeree")
      the
      opportunity for the Offeree (or, in the case of Teekay, Teekay LNG General
      Partner or Teekay Offshore General Partner, any other Teekay Entity, LNG
      Partnership Group Member or Teekay Offshore Partnership Group Member,
      respectively) to purchase such Crude Oil Assets, LNG Assets, Bid LNG Assets,
      Bid
      Offshore Assets or Offshore Assets, including, with respect to Petrojarl,
      Offshore Assets subject to Qualifying Contracts at the time Teekay acquires
      100%
      ownership of Petrojarl (including any Petrojarl interest in a joint venture
      that
      owns, operates or charters an Offshore Asset subject to a Qualifying Contract),
      as applicable (the "Offered
      Assets").

     

    (b) The
      purchase price for any Offered Assets pursuant to Section 5.1(a) above
      shall be (i) the Offered Assets' fair market value (plus any Break-up Costs),
      in
      the case of Section 5.1(a)(i), (ii), (iii), (v) or (vi) or (ii) the Offered
      Assets' Fully-Built-Up Cost, in the case of Section 5.1(a)(iv) or for
      Existing Offshore Project Assets, in each case on commercially reasonable terms
      in accordance with this Section (the “Offer”).
      

     

    (c) The
      Offer
      shall set forth the Acquiring Party's proposed terms relating to the purchase
      of
      the Offered Assets by the Offeree (or, in the case of Teekay, Teekay LNG General
      Partner or Teekay Offshore General Partner, any other Teekay Entity, LNG
      Partnership Group Member or Offshore Partnership Group Member, respectively),
      including any liabilities to be assumed by the Offeree as part of the Offer.
      

     

    (d) As
      soon
      as practicable after the Offer is made, the Acquiring Party will deliver to
      the
      Offeree all information prepared by or on behalf of or in the possession of
      such
      Acquiring Party relating to the Offered Assets and reasonably requested by
      the
      Offeree. As soon as practicable, but in any event, within 90 days after receipt
      of such notification (30 days in the case of a proposed Re-Chartering of LNG
      Assets or Offshore Assets), the Offeree shall notify the Acquiring Party in
      writing that either:

     

    (i) the
      Offeree (with the concurrence of the applicable Conflicts Committee if the
      Offeree is Teekay LNG General Partner or Teekay Offshore General Partner) has
      elected not to purchase (or not to cause any of its permitted Affiliates to
      purchase) such Offered Assets, in which event the Acquiring Party and its
      Affiliates shall, subject to the other terms of this Agreement (including,
      without limitation, this Section 5.1 and Article VI in connection with any
      subsequently proposed Re-Chartering by a Teekay Entity of any LNG Assets or
      Offshore Assets), be forever free to continue to own, operate and charter such
      Offered Assets or, with respect to any proposed Re-Chartering of LNG Assets
      or
      Offshore Assets, be free to Re-Charter the LNG Assets or Offshore Assets in
      such
      instance as provided in Article VI; or

     

    (ii) the
      Offeree (with the concurrence of the applicable Conflicts Committee if the
      Offeree is Teekay LNG General Partner or Teekay Offshore General Partner) has
      elected to purchase (or to cause any of its permitted Affiliates to purchase)
      such Offered Assets, in which event the procedures set forth in
      Section 5.1(e) below shall be followed.

     

    (e) In
      the
      event of a proposed purchase pursuant to Section 5.1(d)(ii): 

     

    (i) After
      the
      receipt of the Offer by the Offeree, the Acquiring Party and the Offeree shall
      determine the fair market value (and any Break-up Costs) or the Fully-Built-Up
      Cost, as applicable, of the Offered Assets that are subject to the Offer and
      the
      other terms of the Offer on which the Offered Assets will be sold to the
      Offeree. If the Acquiring Party and the Offeree agree (with the concurrence
      of
      the applicable Conflicts Committee) on the fair market value (and any Break-up
      Costs) or the Fully-Built-Up Cost, as applicable, of the Offered Assets that
      are
      subject to the Offer and the other terms of the Offer during the 30-day period
      after receipt by the Acquiring Party of the Offeree's election to purchase
      (or
      to cause any permitted Affiliate of the Offeree to purchase) the Offered Assets
      (the “Offer
      Period”),
      the
      Offeree shall purchase (or cause any of its permitted Affiliates to purchase)
      the Offered Assets on such terms as soon as commercially practicable after
      such
      agreement has been reached.

     

    (ii) If
      the
      Acquiring Party and the Offeree are unable to agree on the fair market value
      (and any Break-up Costs) or the Fully-Built-Up Cost, as applicable, of the
      Offered Assets that are subject to the Offer or on any other terms of the Offer
      during the Offer Period, the Acquiring Party and the Offeree will engage an
      independent ship broker and/or an independent investment banking firm prior
      to
      the end of the Offer Period to determine the fair market value (and any Break-up
      Costs) or the Fully-Built-Up Cost, as applicable, of the Offered Assets and/or
      the other terms on which the Acquiring Party and the Offeree are unable to
      agree. In determining the fair market value or the Fully-Built-Up Cost of the
      Offered Assets and other terms on which the Offered Assets are to be sold,
      the
      ship broker or investment banking firm, as applicable, will have access to
      the
      proposed sale and purchase values and terms for the Offer submitted by the
      Acquiring Party and the Offeree, respectively, and to all information prepared
      by or on behalf of the Acquiring Party relating to the Offered Assets and
      reasonably requested by such ship broker or investment banking firm. Such ship
      broker or investment banking firm will determine the fair market value (and
      any
      Break-up Costs) or Fully-Built-Up Cost of the Offered Assets and/or the other
      terms on which the Acquiring Party and the Offeree are unable to agree within
      60
      days of its engagement and furnish the Acquiring Party and the Offeree its
      determination. The fees and expenses of the ship broker or investment banking
      firm, as applicable, will be divided equally between the Acquiring Party and
      the
      Offeree. Upon receipt of such determination, the Offeree will have the option,
      but not the obligation, to (with the concurrence of the applicable Conflicts
      Committee if the Offeree is Teekay LNG General Partner or Teekay Offshore
      General Partner):

     

    (x) purchase
      the Offered Assets for the fair market value (and any Break-up Costs) or
      Fully-Built-Up Cost, as applicable, and on the other terms determined by the
      ship broker or investment banking firm, as soon as commercially practicable
      after determinations have been made; or

     

    (y) elect
      not
      to purchase such Offered Assets, in which event the Acquiring Party and its
      Affiliates shall, subject to the other terms of this Agreement (including,
      without limitation, this Section 5.1 and Article VI in connection with
      any subsequently proposed Re-Chartering by a Teekay Entity of any LNG Assets
      or
      Offshore Assets), be forever free to continue to own, operate and/or charter
      such Offered Assets or, with respect to any proposed Re-Chartering of LNG Assets
      or Offshore Assets, be free to Re-Charter the LNG Assets or Offshore Assets
      in
      such instance as provided in Article VI.

     

    5.2  Scope
      of Prohibition.
      If any
      Party or its Affiliates engages in a Restricted Business pursuant to any of
      the
      exceptions described in Section 2.2, 3.2 or 4.2, as applicable, the Party and
      its Affiliates may not subsequently expand that portion of their business other
      than pursuant to the exceptions contained in such Sections 2.2, 3.2 or 4.2.
      Except as otherwise provided in this Agreement, the Teekay LNG MLP Agreement
      and
      the Teekay Offshore MLP Agreement, each Party and its Affiliates shall be free
      to engage in any business activity whatsoever, including those that may be
      in
      direct competition with the Teekay Entities, the LNG Partnership Group or the
      Offshore Partnership Group.

     

    5.3  Enforcement.
      Each
      Party agrees and acknowledges that the other Parties do not have an adequate
      remedy at law for the breach by any such Party of its covenants and agreements
      set forth in this Article
      V,
      and
      that any breach by any such Party of its covenants and agreements set forth
      in
      this Article
      V
      would
      result in irreparable injury to such other Parties. Each Party further agrees
      and acknowledges that any other Party may, in addition to the other remedies
      which may be available to such other Party, file a suit in equity to enjoin
      such
      Party from such breach, and consent to the issuance of injunctive relief to
      enforce the provisions of this Article
      V
      of this
      Agreement.

     

    ARTICLE
      VI

    RIGHTS
      OF FIRST OFFER

     

    6.1  Rights
      of First Offer.

     

    (a)  The
      LNG
      Partnership Group hereby grants (i) Teekay a right of first offer on any
      proposed Transfer or Re-Charter by any LNG Partnership Group Member of any
      Crude
      Oil Assets owned or acquired by any LNG Partnership Group Member and (ii) Teekay
      Offshore MLP a right of first offer on any proposed Transfer or Re-Charter
      by
      any LNG Partnership Group Member of any Offshore Assets owned or acquired by
      any
      LNG Partnership Group Member. The Offshore Partnership Group hereby grants
      (i) Teekay a right of first offer on any proposed Transfer or Re-Charter by
      any Offshore Partnership Group Member of any Crude Oil Assets owned or acquired
      by any Offshore Partnership Group Member and (ii) Teekay LNG General Partner
      a
      right of first offer on any proposed Transfer or Re-Charter by any Offshore
      Partnership Group Member of any LNG Assets owned or acquired by any Offshore
      Partnership Group Member. The Teekay Entities hereby grant (i) Teekay LNG
      MLP a right of first offer on any proposed Transfer or, subject to
      Section 5.1, Re-Charter of any LNG Assets owned or acquired by any Teekay
      Entity and (ii) Teekay Offshore MLP a right of first offer on any proposed
      Transfer or, subject to Section 5.1, Re-Charter of any Offshore Assets
      owned or acquired by any Teekay Entity. 

     

    (b)  The
      Parties acknowledge that all potential Transfers or Re-Charters of Crude Oil
      Assets, LNG Assets or Offshore Assets pursuant to this Article VI are subject
      to
      obtaining any and all written consents of governmental authorities and other
      non-affiliated third parties and to the terms of all existing agreements in
      respect of such Crude Oil Assets, LNG Assets or Offshore Assets, as
      applicable.

     

    6.2  Procedures
      for Rights of First Offer.
      In the
      event that an LNG Partnership Group Member, an Offshore Partnership Group Member
      or a Teekay Entity (as applicable, the "Transferring
      Party")
      proposes to Transfer or Re-Charter any Crude Oil Assets, LNG Assets or Offshore
      Assets, as applicable (the “Sale
      Assets”),
      prior
      to engaging in any negotiation for such Transfer or Re-Charter with any
      non-affiliated third party or otherwise offering to Transfer or Re-Charter
      the
      Sale Assets to any non-affiliated third party, such Transferring Party shall
      give Teekay, Teekay LNG MLP or Teekay Offshore MLP, as applicable (the
      "Potential
      Transferee"),
      written notice setting forth all material terms and conditions (including,
      without limitation, the purchase price (in the event of a Transfer) or the
      terms
      of the charter agreement (in the event of a Re-Charter) and a description of
      the
      Sale Asset(s) on which such Transferring Party desires to Transfer or Re-Charter
      the Sale Assets (the “Transfer
      Notice”).
      The
      material terms set forth in the Transfer Notice shall have been approved, in
      any
      case where an LNG Partnership Group Member or an Offshore Partnership Group
      Member is the Transferring Party, by the applicable Conflicts Committee of
      Teekay LNG General Partner or Teekay Offshore General Partner. Subject to
      Section 5.1 with respect to any proposed Re-Charter by a Teekay Entity of
      any LNG Assets or Offshore Assets, the Transferring Party then shall be
      obligated to negotiate in good faith for a 30-day period following the delivery
      by the Transferring Party of the Transfer Notice (the “First
      Offer Negotiation Period”)
      to
      reach an agreement for the Transfer or Re-Charter of such Sale Assets to the
      Potential Transferee or any of its Affiliates on the terms and conditions set
      forth in the Transfer Notice. Subject to Section 5.1 with respect to any
      proposed Re-Charter by a Teekay Entity of any LNG Assets or Offshore Assets,
      if
      no such agreement with respect to the Sale Assets is reached during the First
      Offer Negotiation Period, and the Transferring Party has not Transferred or
      Re-Chartered, or agreed in writing to Transfer or Re-Charter, such Sale Assets
      to a third party within 180 days after the end of the First Offer Negotiation
      Period on terms generally no less favorable to the Transferring Party than
      those
      included in the Transfer Notice, then the Transferring Party shall not
      thereafter Transfer or Re-Charter any of the Sale Assets without first offering
      such assets to the applicable Potential Transferee in the manner provided
      above.

     

    ARTICLE
      VII

    INDEMNIFICATION

     

    7.1  Teekay
      Indemnification.
      Subject
      to the provisions of Section 7.2 and Section 7.3, Teekay shall indemnify, defend
      and hold harmless the LNG Partnership Group and the Offshore Partnership Group,
      respectively, from and against: (a) any Covered Environmental Losses relating
      to
      the applicable Contribution Assets and events, circumstances or conditions
      existing prior to or on the LNG Closing Date or the Offshore Closing Date,
      respectively, to the extent that Teekay is notified by Teekay LNG General
      Partner or Teekay Offshore General Partner of any such Covered Environmental
      Losses within five (5) years after the LNG Closing Date or the Offshore Closing
      Date, as applicable; (b) Losses to the Teekay LNG Partnership Group or the
      Teekay Offshore Partnership Group, as applicable, arising from (i) the
      failure of (A) the LNG Partnership Group, immediately after the LNG Closing
      Date, or (B) the Offshore Partnership Group, immediately after the Offshore
      Closing Date, to be the owner of such valid leasehold interests or fee ownership
      interests in and to the applicable Contribution Assets as are necessary to
      enable the LNG Partnership Entities or the Offshore Partnership Entities to
      own
      and operate such Contribution Assets in substantially the same manner that
      such
      Contribution Assets were owned and operated by the Teekay Entities immediately
      prior to the LNG Closing Date or the Offshore Closing Date, as applicable,
      or
      (ii) the failure of (A) the LNG Partnership Entities to have on the LNG
      Closing Date or (B) the Offshore Partnership Entities to have on the
      Offshore Closing Date, as applicable, any consent or governmental permit
      necessary to allow the LNG Partnership Entities or the Offshore Partnership
      Entities, as applicable, to own or operate the applicable Contribution Assets
      in
      substantially the same manner that such Contribution Assets were owned and
      operated by the Teekay Entities immediately prior to the LNG Closing Date or
      the
      Offshore Closing Date, as applicable, in each of clauses (i) and (ii) above,
      to
      the extent that Teekay is notified by Teekay LNG General Partner or Teekay
      Offshore General Partner of such Losses within three (3) years after the LNG
      Closing Date or the Offshore Closing Date, as applicable; (c) all U.S. federal,
      state and local and all foreign income tax liabilities attributable to the
      operation of the applicable Contribution Assets prior to the LNG Closing Date
      or
      the Offshore Closing Date, as applicable, including any such income tax
      liabilities of the Teekay Entities that may result from the consummation of
      the
      formation transactions for the LNG Partnership Group and Teekay LNG General
      Partner or the Offshore Partnership Group and Teekay Offshore General Partner,
      as applicable, but excluding any U.S. federal, state and local and any foreign
      income taxes reserved on the books of the LNG Partnership Group on the LNG
      Closing Date or of the Offshore Partnership Group as of the Offshore Closing
      Date; (d) any events or conditions attributable to or associated with ownership
      or operation of the Retained Assets, whether occurring
      before or after
      the
      LNG Closing Date or the Offshore Closing Date; and (e) any Retained
      Liabilities.

     

    7.2  Limitation
      Regarding Indemnification.
      

     

    (a) The
      aggregate liability of Teekay under Section 7.1(a) above in connection with
      the
      LNG Partnership Group and the LNG Contribution Assets shall not exceed $10
      million. Furthermore, no claim may be made against Teekay for indemnification
      pursuant to Section 7.1(a) in connection with the LNG Partnership Group and
      the
      LNG Contribution Assets unless the aggregate dollar amount of all claims for
      indemnification by the LNG Partnership Group pursuant to such section shall
      exceed $500,000, in which case Teekay shall be liable for claims for
      indemnification only to the extent such aggregate amount exceeds
      $500,000.

     

    (b) The
      aggregate liability of Teekay under Section 7.1(a) above in connection with
      the
      Offshore Partnership Group and the Offshore Contribution Assets shall not exceed
      $10 million. Furthermore, no claim may be made against Teekay for
      indemnification pursuant to Section 7.1(a) in connection with the Offshore
      Partnership Group and the Offshore Contribution Assets unless the aggregate
      dollar amount of all claims for indemnification by the Offshore Partnership
      Group pursuant to such section shall exceed $500,000, in which case Teekay
      shall
      be liable for claims for indemnification only to the extent such aggregate
      amount exceeds $500,000.

     

    7.3  Indemnification
      Procedures.
      

     

    (a)  The
      LNG
      Partnership Group Members and the Offshore Partnership Group Members agree
      that
      within a reasonable period of time after they become aware of facts giving
      rise
      to a claim for indemnification pursuant to Section 7.1, they will provide notice
      thereof in writing to Teekay specifying the nature of and specific basis for
      such claim.

     

    (b)  Teekay
      shall have the right to control all aspects of the defense of (and any
      counterclaims with respect to) any claims of third parties brought against
      the
      LNG Partnership Group or the Offshore Partnership Group that are covered by
      the
      indemnification set forth in Section 7.1, including, without limitation, the
      selection of counsel, determination of whether to appeal any decision of any
      court and the settling of any such matter or any issues relating thereto;
provided,
      however,
      that no
      such settlement shall be entered into without the consent (which consent shall
      not be unreasonably withheld) of Teekay LNG General Partner, on behalf of the
      LNG Partnership Group, or Teekay Offshore General Partner, on behalf of the
      Offshore Partnership Group, as applicable (with the concurrence of the
      applicable Conflicts Committee), unless it includes a full release of the LNG
      Partnership Group or the Offshore Partnership Group, as applicable, from such
      matter or issues, as the case may be.

     

    (c)  The
      LNG
      Partnership Group Members and the Offshore Partnership Group Members agree
      to
      cooperate fully with Teekay with respect to all aspects of the defense of any
      claims covered by the indemnification set forth in Section 7.1, including,
      without limitation, the prompt furnishing to Teekay of any correspondence or
      other notice relating thereto that the LNG Partnership Group or the Offshore
      Partnership Group may receive, permitting the names of the members of the LNG
      Partnership Group or the Offshore Partnership Group, as applicable, to be
      utilized in connection with such defense, the making available to Teekay of
      any
      files, records or other information of the LNG Partnership Group or the Offshore
      Partnership Group that Teekay considers relevant to such defense and the making
      available to Teekay of any employees of the LNG Partnership Group or the
      Offshore Partnership Group, as applicable; provided,
      however,
      that in
      connection therewith Teekay agrees to use reasonable efforts to minimize the
      impact thereof on the operations of the LNG Partnership Group and the Offshore
      Partnership Group and further agrees to maintain the confidentiality of all
      files, records and other information furnished by an LNG Partnership Group
      Member or an Offshore Partnership Group Member pursuant to this Section 7.3.
      In
      no event shall the obligation of the LNG Partnership Group or the Offshore
      Partnership Group, as applicable, to cooperate with Teekay as set forth in
      the
      immediately preceding sentence be construed as imposing upon the LNG Partnership
      Group or the Offshore Partnership Group an obligation to hire and pay for
      counsel in connection with the defense of any claims covered by the
      indemnification set forth in this Article VII; provided,
      however,
      that
      the LNG Partnership Group Members and the Offshore Partnership Group Members,
      respectively, may, at their own option, cost and expense, hire and pay for
      counsel in connection with any such defense. Teekay agrees to keep any such
      counsel hired by the LNG Partnership Group or the Offshore Partnership Group
      reasonably informed as to the status of any such defense (including providing
      such counsel with such information related to any such defense as such counsel
      may reasonably request) but Teekay shall have the right to retain sole control
      over such defense. 

     

    (d) In
      determining the amount of any Loss for which any of the members of the LNG
      Partnership Group or the Offshore Partnership Group, as applicable, are entitled
      to indemnification under this Agreement, the gross amount of the indemnification
      will be reduced by (i) any insurance proceeds realized by the LNG Partnership
      Group or the Offshore Partnership Group, as applicable, and such correlative
      insurance benefit shall be net of any incremental insurance premium that becomes
      due and payable by the LNG Partnership Group or the Offshore Partnership Group
      as a result of such claim, and (ii) all amounts recovered by the LNG Partnership
      Group or the Offshore Partnership Group, as applicable, under contractual
      indemnities from third Persons. Teekay LNG MLP and Teekay Offshore MLP each
      hereby agrees to use commercially reasonable efforts to realize any applicable
      insurance proceeds or amounts recoverable under such contractual indemnities;
      provided,
      however,
      that
      the costs and expenses (including, without limitation, court costs and
      reasonable attorneys' fees) of the LNG Partnership Group or the Offshore
      Partnership Group, as applicable, in connection with such efforts shall be
      promptly reimbursed by Teekay in advance of any determination of whether such
      insurance proceeds or other amounts will be recoverable.

     

    ARTICLE
      VIII

    MISCELLANEOUS

     

    8.1  Choice
      of Law; Submission to Jurisdiction.
      This
      Agreement shall be subject to and governed by the laws of the State of New
      York,
      excluding any conflicts-of-law rule or principle that might refer the
      construction or interpretation of this Agreement to the laws of another
      jurisdiction. Each party hereby submits to the jurisdiction of the state and
      federal courts located in the State of New York and to venue in New York, New
      York.

     

    8.2  Notice.
      All
      notices or requests or consents provided for or permitted to be given pursuant
      to this Agreement must be in writing and must be given by depositing same in
      the
      mail, addressed to the Person to be notified, postpaid, and registered or
      certified with return receipt requested or by delivering such notice in person
      or by private-courier, prepaid, or by telecopier to such party. Notice given
      by
      personal delivery or mail shall be effective upon actual receipt. Couriered
      notices shall be deemed delivered on the date the courier represents that
      delivery will occur. Notice given by telecopier shall be effective upon actual
      receipt if received during the recipient’s normal business hours, or at the
      beginning of the recipient’s next business day after receipt if not received
      during the recipient’s normal business hours. All notices to be sent to a party
      pursuant to this Agreement shall be sent to or made at the address set forth
      below such party’s signature to this Agreement, or at such other address as such
      party may stipulate to the other parties in the manner provided in this
      Section.

     

    8.3  Entire
      Agreement.
      This
      Agreement constitutes the entire agreement of the parties relating to the
      matters contained herein, superseding all prior contracts or agreements, whether
      oral or written, relating to the matters contained herein, including, without
      limitation, the Original Agreement.

     

    8.4  Termination.
      The
      provisions of Articles II, III, IV, V and VI of this Agreement (but not less
      than all of such Articles) may be terminated by (a) Teekay, with respect to
      all
      Teekay Entities, upon notice to the other Parties upon a Change of Control
      of
      Teekay, (b) Teekay LNG General Partner, with respect to the Teekay LNG
      Partnership Group, upon notice to the other Parties upon a Change of Control
      of
      Teekay LNG General Partner, and (c) Teekay Offshore General Partner, with
      respect to the Teekay Offshore Partnership Group, upon notice to the other
      Parties upon a Change of Control of Teekay Offshore General Partner.

     

    8.5  Waiver;
      Effect of Waiver or Consent.
      Any
      party hereto may (a) extend the time for the performance of any obligation
      or other act of any other party hereto or (b) waive compliance with any
      agreement or condition contained herein. Except as otherwise specifically
      provided herein, any such extension or waiver shall be valid only if set forth
      in a written instrument duly executed by the party or parties to be bound
      thereby; provided,
      however,
      that
      (x) Teekay LNG MLP and Teekay LNG OLLC may not, without the prior approval
      of Teekay LNG General Partner's Conflicts Committee, agree to any extension
      or
      waiver of this Agreement that, in the reasonable discretion of Teekay LNG
      General Partner, will adversely affect the holders of common units of Teekay
      LNG
      MLP and (y) Teekay Offshore MLP, Teekay Offshore Operating General Partner
      and Teekay Offshore OLP may not, without the prior approval of Teekay Offshore
      General Partner's Conflicts Committee, agree to any extension or waiver of
      this
      Agreement that, in the reasonable discretion of Teekay Offshore General Partner,
      will adversely affect the holders of common units of Teekay Offshore MLP. No
      waiver or consent, express or implied, by any party of or to any breach or
      default by any Person in the performance by such Person of its obligations
      hereunder shall be deemed or construed to be a waiver or consent of or to any
      other breach or default in the performance by such Person of the same or any
      other obligations of such Person hereunder. Failure on the part of a party
      to
      complain of any act of any Person or to declare any Person in default,
      irrespective of how long such failure continues, shall not constitute a waiver
      by such party of its rights hereunder until the applicable statute of
      limitations period has run.

     

    8.6  Amendment
      or Modification.
      This
      Agreement may be amended or modified from time to time only by the written
      agreement of all the parties hereto; provided,
      however,
      that
      (a) Teekay LNG MLP and Teekay LNG OLLC may not, without the prior approval
      of
      Teekay LNG General Partner's Conflicts Committee, agree to any amendment or
      modification of this Agreement that, in the reasonable discretion of Teekay
      LNG
      General Partner, will adversely affect the holders of common units of Teekay
      LNG
      MLP, and (b) Teekay Offshore MLP, Teekay Offshore Operating General Partner
      and
      Teekay Offshore OLP may not, without the prior approval of Teekay Offshore
      General Partner's Conflicts Committee, agree to any amendment or modification
      of
      this Agreement that, in the reasonable discretion of Teekay Offshore General
      Partner, will adversely affect the holders of common units of Teekay Offshore
      MLP.

     

    8.7  Assignment.
      No party
      shall have the right to assign its rights or obligations under this Agreement
      without the consent of the other parties hereto.

     

    8.8  Counterparts.
      This
      Agreement may be executed in any number of counterparts with the same effect
      as
      if all signatory parties had signed the same document. All counterparts shall
      be
      construed together and shall constitute one and the same
      instrument.

     

    8.9  Severability.
      If any
      provision of this Agreement or the application thereof to any Person or
      circumstance shall be held invalid or unenforceable to any extent, the remainder
      of this Agreement and the application of such provision to other Persons or
      circumstances shall not be affected thereby and shall be enforced to the
      greatest extent permitted by law.

     

    8.10  Gender,
      Parts, Articles and Sections.
      Whenever
      the context requires, the gender of all words used in this Agreement shall
      include the masculine, feminine and neuter, and the number of all words shall
      include the singular and plural. All references to Article numbers and Section
      numbers refer to Articles and Sections of this Agreement.

     

    8.11  Further
      Assurances.
      In
      connection with this Agreement and all transactions contemplated by this
      Agreement, each signatory party hereto agrees to execute and deliver such
      additional documents and instruments and to perform such additional acts as
      may
      be necessary or appropriate to effectuate, carry out and perform all of the
      terms, provisions and conditions of this Agreement and all such
      transactions.

     

    8.12  Withholding
      or Granting of Consent.
      Each
      party may, with respect to any consent or approval that it is entitled to grant
      pursuant to this Agreement, grant or withhold such consent or approval in its
      sole and uncontrolled discretion, with or without cause, and subject to such
      conditions as it shall deem appropriate.

     

    8.13  Laws
      and Regulations.
      Notwithstanding any provision of this Agreement to the contrary, no party to
      this Agreement shall be required to take any act, or fail to take any act,
      under
      this Agreement if the effect thereof would be to cause such party to be in
      violation of any applicable law, statute, rule or regulation.

     

    8.14  Negotiation
      of Rights of Teekay, Limited Partners, Assignees, and Third
      Parties.
      The
      provisions of this Agreement are enforceable solely by the parties to this
      Agreement, and no shareholder of Teekay and no limited partner, member, assignee
      or other Person of Teekay LNG MLP, Teekay LNG OLLC, Teekay Offshore MLP, Teekay
      Offshore Operating General Partner or Teekay Offshore OLP shall have the right,
      separate and apart from Teekay, Teekay LNG MLP, Teekay LNG OLLC, Teekay Offshore
      MLP, Teekay Offshore Operating General Partner or Teekay Offshore OLP, to
      enforce any provision of this Agreement or to compel any party to this Agreement
      to comply with the terms of this Agreement.

     

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
        
          

          Amended
            and Restated Omnibus Agreement

          

          21785-0030/LEGAL11774635.3 

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    IN
      WITNESS WHEREOF, the Parties have executed this Amended and Restated Omnibus
      Agreement on, and effective as of, the Offshore Closing Date.

    

    

    TEEKAY
      SHIPPING CORPORATION 

     

    By:__________________________________  

         
Name:
      Peter Evensen

     
Title:
      Executive Vice
      President and Chief Strategy Officer

    

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

    

    

    TEEKAY
      GP L.L.C.

     

    By:__________________________________  

         
      Name: Peter Evensen

         
      Title: Chief Executive Officer and Chief Financial Officer

    

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TEEKAY
      LNG OPERATING L.L.C.

    

    By: Teekay
      LNG Partners L.P.,

       
its
      sole
      member

     

    
         
By: 
Teekay
        GP
        L.L.C., 

    

        its
      general partner

     

    By:__________________________________  

     
      Name: Peter Evensen

     
      Title: Chief Executive Officer and Chief Financial Officer

     

    

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

    

    

    TEEKAY
      LNG PARTNERS L.P.

    

    By: Teekay
      GP
      L.L.C., its general partner 

     

       By:__________________________________  

     Name:
      Peter Evensen

     Title:
      Chief Executive Officer and Chief Financial Officer

     

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TEEKAY
      OFFSHORE GP L.L.C.

     

    By:__________________________________   

         
      Name: Peter Evensen

         
      Title: Chief Executive Officer and Chief Financial Officer

    

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

    

    

    TEEKAY
      OFFSHORE OPERATING GP L.L.C.

    By: Teekay
      Offshore Partners L.P.,

           its
      sole member

     

    
         By:
Teekay
        Offshore GP L.L.C., 

                   
        its general partner 

       

    

      By:__________________________________ 

        Name:
      Peter
      Evensen

    Title:
      Chief Executive Officer and Chief Financial Officer

     

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TEEKAY
      OFFSHORE OPERATING L.P.

    

    By: Teekay
      Offshore Operating GP L.L.C.,

           its
      general partner

     

       By: Teekay
      Offshore Partners L.P.,

      
      its sole member

     

    
            
        By: Teekay
        Offshore GP L.L.C., 
             
its general partner 

       

            
        By:__________________________________

    

                                                                                                                
      Name: Peter Evensen

     Title:
      Chief Executive Officer and Chief Financial Officer

     

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

    

    

    TEEKAY
      OFFSHORE PARTNERS L.P.

    

    By: Teekay
      Offshore GP L.L.C., 

           
      its general partner 

     
      

           
      By:__________________________________  

     
      Name: Peter Evensen

     
      Title: Chief Executive Officer and Chief Financial Officer

     

    Address
      for Notice:

    

    Bayside
      House, Bayside Executive Park

    West
      Bay
      Street and Blake Road

    P.O.
      Box
      AP-59213

    Nassau,
      Commonwealth of the Bahamas

    Phone:
      (242) 502-8820

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]