Document:

Exhibit
10.4

PARTICIPATION
AGREEMENT

          This
Participation Agreement is made and entered into this 19th day of May 2008, but
effective January 1 2008, by and between W & T Offshore, Inc., hereinafter
referred to as (“W&T”) and Ridgewood Energy Corporation, hereinafter
referred to as (“REC”), and collectively referred to herein as the Parties
(“Agreement”).

WITNESSETH:

          WHEREAS, W&T is the owner of certain
record title interests in and to certain Federal Oil and Gas Leases as fully
described on Exhibit “A”, attached hereto and the lands covered thereby,
hereinafter referred to as the “Leases”, and      W&T
is the owner and holder of certain leasehold interests in federal leases
currently effective as to Main Pass Block 283 (OCS-G 13662), W/2W/2W/2 of
Viosca Knoll Block 734 (OCS-G 13672) and Main Pass Block 279 (OCS-G 26168); and

          WHEREAS, W&T and REC have executed that
certain Offer to Participate dated May 8, 2008 by which REC may acquire a
twenty-five percent of eight-eighths (25% of 8/8ths) working interest in and to
the Main Pass 283 and Viosca Knoll 734 leases and a fifteen percent of
eight-eighths (15% of 8/8ths) working interest in the Main Pass 279 lease. 

          NOW AND THEREFORE, for and in consideration
of the mutual promises hereinafter contained, W&T and REC agree as follows:

ARTICLE
I

	
 

	
 

	
A.

	
W&T represents that it is the owner of 100% of
  the Record Title Interest in Main Pass Block 283 (OCS-G 13662), 100% of the
  Record Title Interest in the W/2W/2W/2 of Viosca Knoll Block 734 (OCS-G
  13672) and 90% of the Record Title Interest in Main Pass Block 279 (OCS-G
  26168), and that W&T has full power and authority to assign an interest
  to REC as to the rights and obligations under the Leases. 

	
 

	
 

	
B.

	
W&T represents by, through and under its own
  acts that W&T’s interest in the Leases is free and clear of all liens and
  encumbrances, less and except Lessor’s royalty, and the overriding royalty
  interest retained herein.

	
 

	
 

	
C.

	
By its execution of this Participation Agreement,
  REC and W&T agrees to execute (1) an operating agreement providing for
  joint operations as to Main Pass Block 283 and the W/2W/2W/2 of Viosca Knoll
  Block 734 in substantially the same form as that attached hereto as Exhibit
  “B” (“the MP 283/VK 734 OA”), (2) an amendment and ratification of that
  certain Operating Agreement dated June 1, 2005 by and between W&T and
  Magnum Hunter Production, Inc. covering Main Pass Block 279 attached hereto
  as Exhibit “C” (“the MP 279 OA”), (3) a production handling agreement as to production processed at the Main
  Pass Block 283 “A” Platform (“Platform”) from the Leases, in substantially
  the same form as that attached hereto as Exhibit “D” (“the PHA”). In the
  event, any of the agreements are not finally executed on or before May 23,
  2008 by W&T and REC, the attached exhibits will be deemed to be in force
  and effect as to all matters provided for therein.

1

ARTICLE
II

	
 

	
 

	
A.

	
By execution of this Participation Agreement, REC
  acknowledges its obligation to participate in the three (3) wells described
  in Exhibit “E” (the “Wells”) and the rig mobilization/demobilization to the
  Main Pass “A” Platform (the “Platform”). Concurrently with execution hereof,
  REC will execute and return to W&T each Authority for Expenditure (“AFE”)
  attached hereto as Exhibits “E-1, E-2, E-3 and E-4”, each AFE describing the
  drilling and evaluation of three (3) Test Wells and the cost associated the
  mobilization and demobilization of the H&P Rig No. 206 to the Platform as
  listed below:

	
 

	
 

	
 

	
 

	
AFE #D07021: Main Pass 283 – OCS-G 13662 Well A-1
  ST-2

	
 

	
 

	
AFE #D07019: Main Pass 279 - OCS-G 26168 Well A-6
  ST-1

	
 

	
 

	
AFE #D07020: Main Pass 279 - OCS-G 26168 Well A-5
  ST-1

	
 

	
 

	
AFE #D07018: Rig Mobilization/Demobilization

	
 

	
 

	
 

	
B.

	
As consideration for the right to acquire interest in
  the Leases, being (1) a twenty-five percent of eight-eighths (25% of 8/8ths)
  working interest in and to Main Pass 283 and the W/2W/2W/2 of Viosca Knoll
  734 and (2) a fifteen-percent of eight-eighths (15% of 8/8ths) working
  interest in Main Pass 279, REC agrees to pay thirty-three and one-third
  percent of eight-eighths (33 1/3% of 8/8ths) of all of the costs, risk and
  expenses in the drilling and evaluation of the MP 283 A-1 ST2 Well as set out
  in AFE #D07021, and twenty percent of eight-eighths (20% of 8/8ths) of all of
  the costs, risk and expenses in the drilling and evaluation of the MP 279 A-6
  Well as set out in AFE #D07019 (the “Promoted Wells”). 

	
 

	
 

	
C.

	
W&T has contracted for the H&P 206 platform
  rig for the drilling of the Wells, and subject to any elections under
  applicable operating agreement, agrees that upon success will complete and
  hook-up the Wells in a successive “back-to-back” order. For the use of any
  existing wellbore or slot on the Main Pass “A” Platform for operations
  conducted under this Agreement or for future joint operations conducted on
  the Leases, a $250,000 per well slot fee will be borne by the well
  participants in proportion to their working interests; such fee to be billed
  by separate invoice.

	
 

	
 

	
D.

	
Within five (5) business days from the execution of
  this Participation Agreement, REC agrees to remit to W&T by wire transfer
  the amount of $$2,106,480.00 representing an advance payment of REC’s
  Promoted Interest share under the MP 283 A-1 ST2 Well AFE. Such payment
  should be wired to:

	
 

	
 

	
 

	
 

	
 

	
Account Name:

	
W & T Offshore, Inc.

	
 

	
 

	
Street Address:

	
Nine Greenway Plaza, Suite 300

	
 

	
 

	
 

	
Houston, TX 77046

	
 

	
 

	
Recipient Bank:

	
Amegy Bank 

	
 

	
 

	
 

	
ABA Routing # 113-011-258

	
 

	
 

	
 

	
Account # 51581996

	
 

	
 

	
W & T’s Tax I.D. Number is 72-1121985. 

	
 

	
 

	
 

	
 

	
If such payment is not received timely, W&T
  shall have the option in its sole discretion to terminate this Participation
  Agreement.

	
 

	
 

	
E.

	
At such time that a Promoted Well reaches Casing
  Point (defined for purposes herein as such time as Promoted Well has been
  drilled to its Objective Depth and evaluated) or, if prior to reaching Casing
  Point, the cumulative costs associated with the drilling of the Promoted Well
  has exceeded 115% of the AFE drill and evaluation cost (the “Promote Cap”),
  REC’s disproportionate cost sharing will cease and as to all further costs
  associated with that Test Well, REC’s working interest share of costs will
  thereafter be 25.00% WI for the MP 283 A-1 ST2 or 15% WI for the MP 279 A-6.
  For clarification purposes, REC’s disproportionate cost spending is
  applicable to the Promoted Wells only in accordance with Article II.B above;
  all other operations including the Main Pass 279 A-5 ST-1, and the
  mobilization or demobilization of the H&P 206 platform rig will be borne
  on a non-promoted basis.

2

	
 

	
 

	
F.

	
Within ten (10) business days after the Main Pass
  283 Well A-1 ST-2 has reached Casing Point and REC has completed the earning
  requirements (Promoted Well participation to Casing Point and made written
  request for an assignment of the earned interest), W&T shall deliver an
  assignment in favor of REC of operating rights equal to twenty-five percent
  of eight-eighths (25% of 8/8ths) in and to the Main Pass Block 283 lease
  (OCS-G 13662) and an assignment of operating rights equal to twenty-five percent
  of eight-eighths (25% of 8/8ths) in and to the W/2W/2W/2 of Viosca Knoll
  Block 734 lease (OSC-G 13672). Within ten (10) business days after the Main
  Pass 279 Well A-6 ST-1 has reached Casing Point and REC has completed the
  earning requirements (Promoted Well participation to Casing Point,
  reimbursement of sunk costs attributable to 15% of the Main Pass 279 lease,
  and made written request for an assignment of the earned interest) W&T
  shall deliver an assignment in favor of REC of record title interest equal to
  fifteen-percent of eight-eighths (15% of 8/8ths) in the Main Pass Block 279
  lease (OSC-G 26168). It is understood however that any rights assigned
  hereunder shall specifically except any existing wellbores (unless utilized
  for REC and W&T joint operations), the Platform and existing pipelines,
  existing production, proven behind pipe reserves, and/or reservoirs which are
  in pressure communication with W&T’s existing production. Such assignment
  shall be in a form acceptable to the Parties and to the MMS and shall be made
  without warranty other
  than by, through and under W&T but with full substitution and  subrogation in and to all
  covenants and warranties of W&T’s predecessors in title, and shall be made subject to the terms
  of (i) this Participation Agreement, (ii) the MP 279 OA, (iii) the MP 283/VK
  734 OA, and (iv) the PHA (which shall provide, among other terms, for fees of
  $.017 per MCF for handling and processing of gas, $1.00 per barrel of oil and
  water, and $0.07 per MCF per stage for compression, and the allocation of
  platform operating expenses among the wells served by the host processing
  facility), and (v) the retention of an overriding royalty by W&T equal to
  the difference between existing lease burdens and eighty percent (80%).

	
 

	
 

	
G.

	
It is understood and agreed that the assignments to
  be conveyed to REC shall deliver a net revenue interest equal to eighty
  percent (80%) proportionately reduced as to REC’s interest as set out below
  of the production recovered from operations conducted under the terms of this
  Participation Agreement.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
i.

	
 

	
MP 283

	
 

	
25% x 80% = 20% NRI

	
 

	
 

	
ii.

	
 

	
VK 734 (portion)

	
 

	
25% x 80% = 20% NRI

	
 

	
 

	
iii.

	
 

	
MP 279

	
 

	
15% x 80% = 12% NRI

Article
III

	
 

	
 

	
A.

	
EXCEPT WITH RESPECT TO THE SPECIAL WARRANTY OF TITLE
  AS SET FORTH IN ARTICLE II (E), W&T HAS NOT MADE, AND W&T HEREBY
  EXPRESSLY DISCLAIMS AND NEGATES, ANY REPRESENTATION OR WARRANTY, EXPRESS,
  IMPLIED, BY COMMON LAW, BY STATUTE, OR OTHERWISE RELATING TO (i) THE TITLE OR
  CONDITION OF THE LEASES AND CONTRACTS DESCRIBED HEREIN, AND (ii) ANY
  INFORMATION (WHETHER WRITTEN OR ORAL) FURNISHED TO REC BY OR ON BEHALF OF
  W&T (INCLUDING WITHOUT LIMITATION, IN RESPECT OF GEOLOGICAL, GEOPHYSICAL
  AND SEISMIC DATA, THE EXISTANCE OR EXTENT OF OIL, GAS OR OTHER MINERAL
  RESERVES, ANY PRODUCT PRICING ASSUMPTIONS, REC irrevocably waives any and all
  claims it may have against W&T associated with same. This provision does
  not apply to any specific representations or warranties set forth herein.

	
 

	
 

	
B.

	
Except as otherwise expressly provided herein, the
  provisions of this Participation Agreement shall inure to the benefit of, and
  be binding upon, the successors, assigns, heirs, executors and administrators
  of the Parties hereto.

	
 

	
 

	
C.

	
Failure by W&T or REC to enforce any of the
  provisions of this Participation Agreement shall not effect a waiver of any
  violation thereof nor preclude enforcement of that or any other provisions
  hereof at that or any other time.

3

	
 

	
 

	
D.

	
This Participation Agreement, including all Exhibits
  attached hereto, constitutes the full and entire understanding and agreement
  between the Parties relating to the matters herein, and except as otherwise
  provided herein, supersedes any previous agreements or understandings,
  written or oral, in effect between the Parties relating hereto. In the event
  of any conflict between the Parties regarding the terms and conditions of (i)
  this Participation Agreement, (ii) the MP 279 OA, (iii) the MP 283/VK 734 OA,
  and (iv) the PHA, the terms and conditions of this Participation Agreement
  shall prevail and control. The Parties agree to execute any such ancillary
  documents as may be necessary to effect the purposes of this agreement, or as
  may be required by the MMS.

	
 

	
 

	
E.

	
For the purposes of notices pursuant to this
  Agreement:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
REC Energy Corporation

	
 

	
W & T Offshore, Inc.

	
 

	
11700 Katy Freeway Suite 280

	
 

	
Nine Greenway Plaza, Suite 300

	
 

	
Houston, Texas 77079

	
 

	
Houston, Texas 77046

	
 

	
Attention:

	
W. Greg Tabor

	
 

	
Attention:

	
Jeanette Wilkins

	
 

	
Phone:

	
281.293.8488

	
 

	
Phone:

	
713.624.7307

	
 

	
Fax:

	
281.293.7391

	
 

	
Fax:

	
713.624.7378

	
 

	
E-mail:

	
gtabor@ridgewoodenergy.com

	
 

	
E-mail:

	
jwilkins@wtoffshore.com

	
 

	
 

	
 

	
For the delivery of data recovered from operations
  conducted hereunder, REC’s Well Information Requirements are attached hereto
  as Exhibit “F” and made a part hereof.

	
 

	
 

	
F.

	
This Participation Agreement shall not be modified
  or amended except by mutual agreement of the Parties in writing, and no
  action or failure to act on the part of either Party hereto shall be
  construed as a modification or amendment to, or a waiver of, any of the
  provisions of this Participation Agreement.

	
 

	
 

	
G.

	
This Agreement shall be governed by and construed in
  accordance with the laws of the State of Texas, without giving effect to its conflicts of
  law provisions. Venue for any claim or causes of action brought under this
  Participation Agreement shall be in Harris County, Texas.

	
 

	
 

	
H.

	
This Agreement and its Exhibits attached hereto
  shall represent the full and final agreement between the Parties and shall
  supersede any prior agreement, whether written or oral, regarding the
  business transaction that is the subject hereof.

	
 

	
 

	
I.

	
This Participation Agreement is not intended to and
  shall not be construed to create any mining partnership, commercial
  partnership, any other partnership or an association for profit between or
  among the Parties.

	
 

	
 

	
J.

	
All notices, requests, demands, and other
  communications provided for or permitted hereunder shall be in writing
  (including telex and telecopy communications) and shall be sent by mail,
  telex, telecopier or hand delivered as provided for in Article III.E. Said
  notices, requests, demands and communications shall be effective upon
  delivery.

4

IN WITNESS WHEREOF, THIS PARTICIPATION AGREEMENT IS
MADE EFFECTIVE AS OF THE EFFECTIVE DATE ABOVE WRITTEN.

	
 

	
 

	
 

	
 

	
Witness:

	
 

	
W & T OFFSHORE, INC.

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	

	
 

	
 

	

	
 

	
 

	
 

	
Jamie L. Vazquez

	

	
 

	
 

	
Vice-President

	
 

	
 

	
 

	
 

	
 

	
 

	
RIDGEWOOD ENERGY CORPORATION

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	

	
 

	
 

	

	
 

	
 

	
Name:

	
W. Greg Tabor

	

	
 

	
Its: 

	
Executive Vice President

5

EXHIBIT
“A”

Attached
to and made part of that certain Participation Agreement dated the 19th
date of May 2008, but effective January 1, 2008, by and between W & T
Offshore, Inc., and Ridgewood Energy Corporation.

IDENTIFICATION
OF LANDS SUBJECT TO AGREEMENT

I.     All
of Block 279 Main Pass Area

	
 

	
 

	
 

	
That certain Oil and Gas Lease of Submerged Lands
  under the Outer Continental

	
 

	
 

	
 

	
Shelf Lands Act OCS-G 26168 dated effective as of
  July 1, 2004, between the United States of America, as Lessor, and W & T
  Offshore, Inc. as Lessee, covering all of Block 279 Main Pass Area, South and
  East Addition, OCS Leasing Map, Louisiana Map No. 10A, containing
  approximately 4994.55 acres, more or less.

II.     All
of Block 283 Main Pass Area

	
 

	
 

	
 

	
That certain Oil and Gas Lease of Submerged Lands
  under the Outer Continental

	
 

	
 

	
 

	
Shelf Lands Act OCS-G 13662 dated effective as of
  September 1, 1992, between the United States of America, as Lessor, and W
  & T Offshore, Inc. as Lessee, covering all of Block 283 Main Pass Area,
  South and East Addition, OCS Leasing Map, Louisiana Map No. 10A, containing
  approximately 4560.81 acres, more or less.

	
 

	
 

	
III.

	
All of Block 734 Viosca Knoll Area

	
 

	
 

	
 

	
That certain Oil and Gas Lease of Submerged Lands
  under the Outer Continental

	
 

	
 

	
 

	
Shelf Lands Act OCS-G 13672 dated effective as of
  August 1, 1992, between the United States of America, as Lessor, and W &
  T Offshore, Inc. as Lessee, covering all of Block 734 Viosca Knoll Area, OCS
  Official Protraction Diagram, NH 16-7, containing approximately 4195.78
  acres, more or less.

6

EXHIBIT
“E”

Attached to and made part of that certain
Participation Agreement dated the 19th day of May 2008, but effective January
1, 2008, by and between W & T Offshore, Inc., and Ridgewood Energy
Corporation.

WELLS

	
 

	
 

	
 

	
 

	
1.

	
Main Pass 283 – OCS-G 13662 Well A-1 ST-2

	
 

	
 

	
2.

	
Main Pass 279 – OCS-G 26168 Well A-6 ST-1

	
 

	
 

	
3.

	
Main Pass 279 – OCS-G 26168 Well A-5 ST-1

7<PAGE>
Exhibit 4.1.1

                                                                         A469895
                                                                           FILED
                                                                     DEC 29 1995

                          CERTIFICATE OF DETERMINATION
                                       OF
                RIGHTS, PREFERENCES, PRIVILEGES, AND RESTRICTIONS
                                       OF
                            SERIES C PREFERRED STOCK
                                       OF
                                      VOXEL
                           (a California Corporation)

      The undersigned, Man M. Wolfe, MD, and Stephen J. Hart, certft that

      1. They are the duly elected and acting President and Secretary,
respectively, of the corporation.

      2. Pursuant to authority given by the corporation's Articles of
Incorporation, as amended, the Board of Directors of the corporation has duly
adopted the following recitals and resolutions:

      WHEREAS, the Articles of Incorporation, as amended, of this corporation
provide for a class of shares known as Preferred Stock, no par value per share
(the "Preferred Stock"), issuable from time to time in one or more series; and

      WHEREAS, the Board of Directors of this corporation is authorized to
determine or alter the rights, preferences, privileges, and restrictions granted
to or imposed upon any wholly unissued series of Preferred Stock, to fix the
number of shares constituting any such series, and to determine the designation
thereof, or any of them; and

      WHEREAS, this corporation does not currently have any shares of Preferred
Stock issued and outstanding and the Board of Directors of this corporation
desires, pursuant to its authority, to determine and fix the rights,
preferences, privileges, and restrictions relating to a series of Preferred
Stock and the number of shares constituting and the designation of such series;

      NOW, THEREFORE, BE IT RESOLVED, the Board of Directors hereby fixes and
determines the designation of the number of shares constituting, and the rights,
preferences, privileges, and restrictions relating to, a new series of Preferred
Stock as follows:

      (a) DESIGNATION. The series of Preferred Stock designated hereby shall be
designated "Series C Preferred Stock."

      (b) NUMBER: INITIAL ISSUANCE DATE. The number of shares constituting the
Series C Preferred Stock shall be 4,000,000 shares. The term "Initial Issuance
Date" shall mean the date on which the initial share of Series C Preferred Stock
was issued.

      (c) DIVIDEND RIGHTS. The holders of outstanding Series C Preferred Stock
shall be entitled to receive cumulative dividends at the annual rate of eight
cents ($0.08) per share.

                                       -1-
<PAGE>

Dividends shall accrue day by day whether or not declared or then due and
payable. Any such dividend shall be payable only in shares of Common Stork of
this corporation, only upon conversion of shares of Series C Preferred Stock
into shares of Common Stock, and only with reined to such shares of Series C
Preferred Stock then being converted. The number of shares of Common Stock to be
issued as a dividend shall be computed on the basis of the then-current
Conversion Price (as that term is defined below). Dividends will be calculated
on the basis of a 365-day year and actual days elapsed from the Initial Issuance
Date for so long as shares of Series C Preferred Stock shall be outstanding. At
the discretion of this corporation's Board of Directors, cash dividends may be
declared and paid on shares of Series C Preferred Stock subject to the
restrictions on distributions contained In Sections 500, at seq., of the Worlds
Corporations Code. Dividends may not be declared and paid on Common Stock for
any period during which shares of Series C Preferred Stock are issued and out-
standing. Subject to such prohibition, dividends may be paid on the Common
Stock, as and when declared by the Board of Directors, out of any funds of this
corporation legally available for the payment of dividends.

      (d) CONVERSION RIGHTS; MECHANICS OF CONVERSION. Subject to subsections (1)
and (ii), below, each share of Series C Preferred Stock shall be convertible at
the option of the holder thereof at the office of this corporation or its
transfer agent into such number of fully paid and non-assessable shares of
Common Stock as is determined by dividing $1.00 by the Conversion Price
calculated as of the date of conversion. The Conversion Price shall be defined
as the lower of (x) the Closing Price of the Common Stock on the Initial
Issuance Date of the Series C Preferred Stock or (y) 80% of the Closing Price on
the date of such conversion. The (degree)closing Price as of a given date is
defined as the average closing bid price of the Common Stock as reported on the
Nasdaq Stock Market over the five-day trading period ending on the day prior to
such date.

            (i) None of the Series C Preferred Stock will be convertible prior
      to 45 days from the Initial Issuance Date of the Series C Preferred Stock.
      Each holder of Series C Preferred Stock may convert up to one-third of
      such holder's Series C Preferred Stock on or after 45 days from the
      Initial Issuance Date of the Series C Preferred Stock. Each holder of
      Series C Preferred Stock may convert up to an additional one-third of such
      holder's Series C Preferred Stock on or after 75 days from the Initial
      Issuance Date of the Series C Preferred Stock. Each holder of Series C
      Preferred Stock may convert up to an additional one-third of such holder's
      Series C Preferred Stock on or after 105 days from the Initial Issuance
      Date of the Series C Preferred Stock.

            (ii) Each share of Series C Preferred Stock then outstanding shall
      automati- cally be converted into shares of Common Stock immediately upon
      the earlier of (q) the twenty-four month anniversary of the initial
      Issuance Date of the Series C Preferred Stock or (r) the dosing of the
      corporation's sale of its Common Stock in a registered public offering or
      a private placement, the gross proceeds of which offering or placement are
      at least S5,000.000 and the closing date of which offering or placement is
      at least six months after the Initipl Issuance Date of the Series C
      Preferred Stock.

                                      -2-
<PAGE>

      No fractional shares of Common Stock shall be issued upon conversion of
Series C Preferred Stock. in lieu of any fractional share to which the holder
would otherwise be entitled, the corporation shall pay cash to sto:h holder in
an amount equal to such fraction multiplied by the Conversion Price then in
effect. In case of a eispute as to the calculation of the Conversion Prig. the
corporation's calculation shall be deemed conclusive. absent manifest error. In
order to convert Series C Preferred Stock into full ewes of Common Stock, the
holder shall deliver in a single package, by overnight courier, to the. offices
of the corporation (i) written notice of the election to convert same, the
number of shares of Series C Preferred Stock to be converted. and a calculation
of the Conversion Price; and (ii) the certificate or certificates for the shares
to be converted or a written notice that such certificate or certificates have
been lost, stolen, or destroyed and an executed agreement satisfactory to the
corporation to indermdfy the corporation from any loss incurred by it in
connection with such certificates.

      The corporation shall use reasonable efforts to issue and deliver to a
holder of Series C Preferred Stock who has complied with the notice and delivery
provisions of the preceding paragraph, to the holder's address on the stock
books of the corporation. within three (3) business days after such holder's
delivery of notice of conversion, a certificate or certificates for the number
of shares of Common Stock to which the holder shall be entitled as aforesaid.
The date on which the package as referenced in the preceding paragraph is given
to the overnight causer service for delivery shall be deemed to be the date of
conversion and the person or persons entitled to receive-the shares of Common
Stock issuahle upon such conversion shall be treated for all purposes as the
record holder or holders of such shares of Common Stock as of such date.

      (e) LIQUIDATION PREFERENCE. In the event of any liquidation, dissolution,
or winding up of the Corporation, whether voluntary or not, during the 105 day
period commenting on the Initial Issuance Date of the Series C Preferred Stock,
the holders of Series C Preferred Stock shall be entitled to receive, before any
amount shall be paid to holders of Comma Stock, an amount per share equal to
51.00 as adjusted for stock splits. combinations, or similar events, and
hereafter referred to as the "Original Issue Price." If, upon the oa:urrence of
a liquidation, dissolution, or winding up. the assets and surplus funds
distributed among the holders of Preferred Stock shall be insuffident to permit
the payment to such holders of the full preferential amount, then the entire
assets and surplus Rands of the corporation legally available for distribution
shall be distributed ratably among the holders of Series C Preferred Stock based
on the number of abases held and the Original issue Price. If, upon the
eccurrence of a liquidation. dissolution, or winding up. after the payment to
the holders of Series C Preferred Stock of the preferential amount. assets or
surplus funds remain in the Corporation, the holders of Series C Preferred Stock
and Common Stock shall be entitled to receive all such remaining assets and
surplus funds as if all shares of Series C Preferred Stock had been converted
into Common Stock. After such 105 day period, shares of Series C Preferred Stock
shall not be entitled to any liquidation preference.

      For purposes of this Section (e), a liquidation, dissolution, or winding
up of the corporation shall be deemed to b occasioned by, and to include, (i)
the corporation's sale of all or substantially ail of its assets, (ii) the
acquisition of this corporation by another entity by means of merger or
consolkhtdon resulting in the exchange of the outstanding shares of this
corporation for securities or consideration Issued. or caused to be issued, by
the acquiring corporation or its subsidiary, or (iii) a change in control of the
corporation (after the Initial

                                      -3-

<PAGE>

Issuance Date) in a single transaction or a series of related transactions such
that the corporation's shareholders of record as constituted immediately prior
to such transaction or tansactions will, immediately after such transaction or
transactions, hold less than 30% of the voting power of the Corporation (or any
successor entity).

      (f) REDEMPTION RIGHTS. Shares of Series C Preferred Stock shall not be
entitled to any redemption rights.

      (g) PROVISIONS RELATING TO COMMON STOCK. The holders of Common Stock
issued and outstanding, except as otherwise provided by law or by this
Certificate of Determination, shall have and possess the occlusive right to
notice of shareholders' meetings and the exclusive voting rights and powers, and
the holders, as such. of the Series C Preferred Stock shall not be entitled to
any notice of shareholders' meetings or to vote upon the election of directors
or upon any other matter. except if the notice or vote is required by law.

      (h) REISSUANCE OF SERIES C PREFERRED STOCK. Each share of the Series C
Preferred Stock that has been converted or otherwise reacquired in any manner by
the corporation after the original issuance thereof shall not be reissued as
Series C Preferred Stock, but shall be restored to the status of authorized, but
unissued shares of Preferred Stock.

      (1) RESERVATION OF STOCK ISSUABLE UPON CONVERSION. The Corporation shall
at all times reserve and keep available out of its authorized but unissued
shares of Common Stock, solely for the purpose of effecting the conversion of
the shares of the Series C Preferred Stock, such number of its shares of Common
Stock as shall from time to time be sufficient to effect the conversion of all
then outstanding shares of the Series C Preferred Stock: and if at any time the
number of authorized but unissued shares of Common Stock shall not be sufficient
to effect the conversion of all than outstanding shares of the Series C
Preferred Stock. the Corporation will take such corporate action as may be
necessary to increase its authorized but unissued shares of Common Stock to such
number of shares as shall be sufficient for such purpose.

      (j) PROTECTIVE PROVISIONS. So long as shares of Series C Preferred Stock
are outstanding, the corporation shall not without first obtaining the approval
(by vote or written consent. as provided by law) of the holders of at least a
majority of the then outstanding shares of Series C Preferred Stock

            (i) alter or change the rights. preferences, or privileges of the
      shares of Series C Preferred Stock so as to affect adversely the Series C
      Preferred Stock

            (ii) during the 105 day period after the Initial Issuance Date of
      the Series C Preferred Stock, issue any new class or series of stock;

            (iii) during the 105 day period after the Initial Issuance Date of
      the Series C Preferred Stock, issue any Common Stock except pursuant to
      the exercise of options or warrants outstanding as of the Initial Issuance
      Date of the Series C Preferred Stock; or

                                      -4-

<PAGE>

            (iv) do any act or thing not authorized or contemplated by this
      Certificate of Determination that would result in taxation of the holders
      of shares of Series C Preferred Stock under Section 305 of the Internal
      Revenue Code of 1986, as amended (or any comparable provision of the
      Internal Revenue Code as hereafter from time to time amended).

      Except as set forth hereinabove, the relative rights, preferences,
privileges, and restrictions of the Series C Preferred Stock and the Common
Stock shall be identical.

      RESOLVED, FURTHER, that the President and the Secretary of this
corporation are each authorized to execute, verify, and file a certificate of
determination of preferences in accordance with California law.

      3. The authorized number of shares of Preferred Stock of the corporation
is 10,000,000, and the number of shares constituting Series C Preferred Stock,
none of which is issued and outstanding on the date hereof, is 4,000,000.

                                      -5-
<PAGE>

      IN WITNESS WHEREOF, the undersigned have executed this certificate on
December 20, 1995.

                                             /s/ Allan M. Wolfe, M.D.
                                             -----------------------------------
                                             Allan M. Wolfe, M.D., President

                                             /s/ Stephen Hart
                                             -----------------------------------
                                             Stephen Hart, Secretary

      The undersigned, Allan M. Wolfe, MD, and Stephen J. Hart, the President
and Secretary, respectively, of Voxel, each dedares under penalty of perjury
that the matters set out in the foregoing Certificate are true of his own
knowledge.

      Executed at Laguna Hills, on December 20, 1995.

                                             /s/ Allan M. Wolfe, M.D.
                                             -----------------------------------
                                             Allan M. Wolfe, M.D., President

                                             /s/ Stephen Hart
                                             -----------------------------------
                                             Stephen Hart, Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]