Document:

CMALT 2007-A1 FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

     

     

    
 

    EXHIBIT
      10.1

     

     

    FORM
      OF MORTGAGE LOAN PURCHASE AGREEMENT

    

    This
      Mortgage Loan Purchase Agreement (the "Agreement") dated as of January 1, 2007
      is between CitiMortgage, Inc. ("CMI" or the "Seller") and Citicorp Mortgage
      Securities, Inc., a Delaware corporation ("CMSI"). The Seller agrees to sell,
      and CMSI agrees to purchase, the mortgage loans originated or acquired by CMI
      as
      described and set forth in the Mortgage Loan Schedule attached as exhibit B
      (the
      "mortgage loans") to the Pooling and Servicing Agreement dated as of January
      1,
      2007 (the "Pooling Agreement"), between CMSI, CMI, U.S. Bank National
      Association, a national banking association, in its individual capacity and
      as
      Trustee (the "Trustee"), and Citibank, N.A., in its individual capacity and
      as
      Paying Agent, Certificate Registrar and Authentication Agent, relating to the
      issuance of CMALT (CitiMortgage Alternative Loan Trust), Series 2007-A1 REMIC
      Pass-Through Certificates class A, class B and residual certificates. Terms
      used
      without definition herein shall have the respective meanings assigned to them
      in
      the Pooling Agreement or, if not defined therein, in the Underwriting Agreement
      dated January 4, 2007 (the "Underwriting Agreement"), among CMSI, Citigroup
      Inc.
      and Citigroup Global Markets Inc. (the "Underwriter").

    

    1.  Purchase
      Price.
      The
      purchase price (the "Purchase Price") for the mortgage loans shall consist
      of
      (a) cash in the amount of ______________% of the aggregate scheduled principal
      balance thereof as of the cut-off date, plus accrued interest thereon at the
      rate of 6.00% per annum on the mortgage loans in pool I and 5.50% per annum
      on
      the mortgage loans in pool II, from and including the cut-off date to but
      excluding the closing date, (b) the class IA-IO and IIA-IO certificates, (c)
      the
      class LR certificates and (d) the class PR certificates. Such cash shall be
      payable by CMSI to the Seller on the closing date in same-day funds, and the
      Seller will receive on the closing date: (a) the class IA-IO and IIA-IO
      certificates and (b) the class LR and class PR certificates evidencing the
      residual interests in the lower-tier REMIC and the pooling REMIC, respectively.
      If CMSI for any reason shall repay to the Underwriter any portion of the price
      paid to CMSI by the Underwriter pursuant to the Underwriting Agreement, the
      Seller shall simultaneously and in the same manner repay to CMSI a proportionate
      amount of the Purchase Price as such repayment to the Underwriter.

    

    Upon
      payment of the Purchase Price, the Seller shall transfer, assign, set over
      and
      otherwise convey to CMSI without recourse all of the Seller's right, title
      and
      interest in and to the mortgage loans, including all interest and principal
      received or receivable by the Seller on or with respect to the mortgage loans
      (other than payments of principal and interest due and payable on the mortgage
      loans on or before the cut-off date and prepayments of principal on the mortgage
      loans received or posted prior to the close of business on the cut-off date),
      together with all of the Seller's right, title and interest in and to the
      proceeds of any related title, hazard or other insurance policies and Primary
      Mortgage Insurance Certificates. The Seller agrees to deliver to CMSI all
      documents, instruments and agreements required to be delivered by CMSI to the
      Trustee under the Pooling Agreement and such other documents, instruments and
      agreements as CMSI shall reasonably request. CMSI hereby directs the Seller
      to
      execute and deliver to the Trustee assignments of the Mortgages to the Trustee
      (and endorsements of any Mortgage Notes relating thereto) in recordable form.
      Such assignments and endorsements shall not affect the rights of the parties
      hereto or to the Pooling Agreement.

    
      
         

      

      
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    2.  Representations.
      The
      Seller hereby represents and warrants to CMSI (i) that CMSI's representations
      and warranties pursuant to the Pooling Agreement to the Trustee with respect
      to
      the mortgage loans are true and correct and (ii) that the Seller has not dealt
      with any broker, investment banker, agent or other person (other than CMSI
      and
      the Underwriter) who may be entitled to any commission or compensation in
      connection with the sale of the related mortgage loans. The Seller hereby agrees
      to cure any breach of such representations and warranties in accordance with
      the
      terms of the Pooling Agreement.

    

    3.  Underwriting.
      The
      Seller hereby agrees to furnish any and all information, documents,
      certificates, letters or opinions reasonably requested by CMSI in order to
      perform any of its obligations or satisfy any of the conditions on its part
      to
      be performed or satisfied at or prior to the closing date.

    

    4.  Costs.
      CMSI
      shall pay all expenses incidental to the performance of its obligations under
      the Underwriting Agreement, including without limitation (i) any recording
      fees
      or fees for title policy endorsements and continuations, (ii) the expenses
      of
      preparing, printing and reproducing the Registration Statement, the Prospectus,
      the Underwriting Agreement, the Pooling Agreement and the certificates and
      (iii)
      the cost of delivering the certificates to the offices of The Depository Trust
      Company or the Underwriter, as the case may be.

    

    5.  Indemnification.
      The
      Seller hereby agrees to indemnify, defend and hold harmless CMSI against any
      and
      all losses, claims, damages or liabilities (i) resulting from the Seller's
      failure to perform any of its obligations hereunder, (ii) resulting from the
      inaccuracy of the Seller's representations and warranties herein or of CMSI's
      representations and warranties in the Pooling Agreement or (iii) insofar as
      such
      losses, claims, damages or liabilities (or actions or demands for reimbursement
      or contribution in respect thereof) arise out of or are based upon information
      relating to the Seller or the mortgage loans pursuant to the Underwriting
      Agreement.

    

    6.  Purchase
      and Sale; Security Interest.
      The
      parties hereto intend the conveyance by the Seller to CMSI of all of its right,
      title and interest in and to the mortgage loans pursuant to this Agreement
      to
      constitute a purchase and sale and not a loan. Notwithstanding the foregoing,
      to
      the extent that such conveyance is held not to constitute a sale under
      applicable law, it is intended that this Agreement shall constitute a security
      agreement under applicable law and that the Seller shall be deemed to have
      granted to CMSI a first priority security interest in all of the Seller's right,
      title and interest in and to the mortgage loans.

    

    7.  Notices.
      All
      demands, notices and communications hereunder shall be in writing, shall be
      effective only upon receipt and shall, if sent to CMSI be addressed to it at
      1000 Technology Drive, O’Fallon, Missouri 63368, Attn: Daniel P. Hoffman or if
      sent to Seller be addressed to it at 1000 Technology Drive, O’Fallon, Missouri
      63368, Attn: General Counsel.

    

    8.  Trustee
      Beneficiary.
      The
      representations and agreements made by the Seller in this Agreement are made
      for
      the benefit of, and may be enforced by, the Trustee, and the holders of
      certificates to the same extent that the Trustee and the holders of
      certificates, respectively, have rights against CMSI under the Pooling Agreement
      in respect of representations and agreements made by CMSI
      therein.

    
      
         

      

      
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    9.  Cross-Receipt.
      The
      Seller, by executing this Agreement below, hereby acknowledges receipt of the
      Purchase Price from CMSI. CMSI, by executing this Agreement below, hereby
      acknowledges receipt of the Mortgage Loans from the Seller.

    

    10.  Miscellaneous.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York. Neither this Agreement nor any term hereof may be changed,
      waived, discharged or terminated except by a writing signed by the party against
      whom enforcement of such change, waiver, discharge or termination is sought.
      This Agreement may not be changed in any manner which would have a material
      adverse affect on holders of any class of certificates without the prior written
      consent of the Trustee. The Trustee shall be protected in consenting to any
      such
      change to the same extent provided in section 10 of the Pooling Agreement.
      This
      Agreement may be signed in any number of counterparts, each of which shall
      be
      deemed an original, which taken together shall constitute one and the same
      instrument. This Agreement shall bind and inure to the benefit of and be
      enforceable by CMSI and the Seller and their respective successors and assigns;
      provided,
      however,
      that
      this Agreement cannot be assigned by either party without the consent of the
      other party hereto, and any assignment hereof without such consent shall be
      void.

    

    
      
         

      

      
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    IN
      WITNESS WHEREOF, CMSI and the Seller have caused this Agreement to be duly
      executed by their respective officers as of the day and year first above
      written.

    

    

    CITIMORTGAGE,
      INC.

    

    

    

    By:________________________     

    Deborah
      A. Snow

    Vice
      President

    

    

    

    CITICORP
      MORTGAGE SECURITIES, INC.

    

    

    

    By:________________________     

    Daniel
      P.
      Hoffman

    President

    
 

     

     

    
      
         

      

      
        4DOR Securities Purchase Agreement Pipe 2007

Exhibit 10.1

     

    SECURITIES
      PURCHASE AGREEMENT

     

    This
      Securities Purchase Agreement (this "Agreement")
      is
      dated as of February 7, 2007, among DOR BioPharma, Inc., a Delaware corporation
      (the "Company"),
      and
      the investors identified on the signature pages hereto (each, an "Investor"
      and
      collectively, the "Investors").

     

    WHEREAS,
      subject to the terms and conditions set forth in this Agreement and pursuant
      to
      Section 4(2) of the Securities Act (as defined below) and Rule 506 promulgated
      thereunder, the Company desires to issue and sell to the Investors, and each
      Investor, severally and not jointly, desires to purchase from the Company
      certain securities of the Company, as more fully described in this
      Agreement.

     

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration the receipt and adequacy of which
      are hereby acknowledged, the Company and the Investors agree as
      follows:

     

    ARTICLE
      I.  

     

    DEFINITIONS

     

    1.1  Definitions.
      In
      addition to the terms defined elsewhere in this Agreement, for all purposes
      of
      this Agreement, the following terms shall have the meanings indicated in this
      Section 1.1:

     

    "Action"
      means
      any action, suit, inquiry, notice of violation, proceeding (including any
      partial proceeding such as a deposition) or investigation pending or threatened
      in writing against or affecting the Company, any Subsidiary or any of their
      respective properties before or by any court, arbitrator, governmental or
      administrative agency, regulatory authority (federal, state, county, local
      or
      foreign), stock market, stock exchange or trading facility.

     

    "Affiliate"
      means
      any Person that, directly or indirectly through one or more intermediaries,
      controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 144.

     

    "Business
      Day"
      means
      any day except Saturday, Sunday and any day that is a federal legal holiday
      or a
      day on which banking institutions in the State of New York are authorized or
      required by law or other governmental action to close.

     

    "Closing"
      means
      the closing of the purchase and sale of the Securities pursuant to Article
      II.

     

    "Closing
      Date"
      means
      the Business Day immediately following the date on which all the conditions
      set
      forth in Sections 5.1 and 5.2 hereof are satisfied, or such other date as the
      parties may agree.

     

    "Commission"
      means
      the Securities and Exchange Commission.

     

    "Common
      Stock"
      means
      the common stock of the Company, par value $.001 per share, and any securities
      into which such common stock may hereafter be reclassified. 

     

    "Common
      Stock Equivalents"
      means
      any securities of the Company or any Subsidiary which entitle the holder thereof
      to acquire Common Stock at any time, including without limitation, any debt,
      preferred stock, rights, options, warrants or other instrument that is at any
      time convertible into or exchangeable for, or otherwise entitles the holder
      thereof to receive, Common Stock or other securities that entitle the holder
      to
      receive, directly or indirectly, Common Stock.

     

    "Company
      Counsel"
      means
      Edwards Angell Palmer & Dodge LLP.

     

    "Delaware
      Courts"
      has the
      meaning set forth in Section 6.8 hereof.

     

    "Disclosure
      Materials"
      has the
      meaning set forth in Section 3.1(h) hereof.

     

    "Discussion
      Time"
      has the
      meaning set forth in Section 3.2(g) hereof.

     

    "Effective
      Date"
      means
      the date that the Registration Statement required by Section 2(a) of the
      Registration Rights Agreement is first declared effective by the
      Commission.

     

    "Exchange
      Act"
      means
      the Securities Exchange Act of 1934, as amended.

     

    "First
      Notice"
      has the
      meaning set forth in Section 4.2 hereof.

     

    "GAAP"
      has the
      meaning set forth in Section 3.1(h) hereof.

     

    "Intellectual
      Property Rights"
      has the
      meaning set forth in Section 3.1(o) hereof.

     

    "Investment
      Amount"
      means,
      with respect to each Investor, the investment amount indicated below the
      Investor's name on the signature page of this Agreement.

     

    "Investor
      Party"
      has the
      meaning set forth in Section 4.6 hereof.

     

    "Investors"
      shall
      mean the parties listed on the signature pages attached hereto.

     

    "Lien"
      means
      any lien, charge, encumbrance, security interest, right of first refusal or
      other restrictions of any kind.

     

    "Losses"
      shall
      have the meaning set forth in Section 4.6 hereof.

     

    "Material
      Adverse Effect"
      has the
      meaning set forth in Section 3.1(b) hereof. 

     

    "Material
      Permits"
      has the
      meaning set forth in Section 3.1(m) hereof.

     

    "Per
      Unit Purchase Price"
      equals
      $0.47 per common share.

     

    "Person"
      means an
      individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

     

    "Proceeding"
      means an
      action, claim, suit, investigation or proceeding (including, without limitation,
      an investigation or partial proceeding, such as a deposition), whether commenced
      or threatened.

     

    "Registration
      Statement"
      means a
      registration statement meeting the requirements set forth in the Registration
      Rights Agreement and covering the resale by the Investors of the
      Shares.

     

    "Registration
      Rights Agreement"
      means
      the Registration Rights Agreement, dated as of the date of this Agreement,
      among
      the Company and the Investors, in the form of Exhibit
      A
      hereto.

     

    "Rule
      144"
      means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule.

     

    “Securities”
      means
      the Shares.

     

    "Securities
      Act"
      means
      the Securities Act of 1933, as amended.

     

    "SEC
      Reports"
      has the
      meaning set forth in Section 3.1(h) hereof.

     

    "Shares"
      means
      the shares of Common Stock issued or issuable to the Investors pursuant to
      this
      Agreement.

     

    "Short
      Sales"
      means,
      without limitation, all "short sales" as defined in Rule 3b-3 of the Exchange
      Act.

     

    "Subsidiary"
      means
      any "significant subsidiary" as defined in Rule 1-02(w) of the Regulation S-X
      promulgated by the Commission under the Exchange Act.

     

    "Trading
      Day"
      means
      (i) a day on which the Common Stock is traded in the over-the-counter market,
      as
      reported by the OTC Bulletin Board, or (ii) if the Common Stock is not quoted
      on
      the OTC Bulletin Board, a day on which the Common Stock is quoted in the
      over-the-counter market as reported by the National Quotation Bureau
      Incorporated (or any similar organization or agency succeeding to its functions
      of reporting prices); provided, that in the event that the Common Stock is
      not
      listed or quoted as set forth in (i) and (ii) hereof, then Trading Day shall
      mean a Business Day.

     

    "Trading
      Market"
      means
      the OTC Bulletin Board on which the Common Stock is listed or quoted for trading
      on the date in question.

     

    "Transaction
      Documents"
      means
      this Agreement, the Registration Rights Agreement, and any other documents
      or
      agreements executed in connection with the transactions contemplated
      hereunder.

     

    

     

    ARTICLE
      II.  

     

    PURCHASE
      AND SALE

     

    2.1  Closing.
      Subject
      to the terms and conditions set forth in this Agreement, at the Closing the
      Company shall issue and sell to the Investors, and each Investor shall,
      severally and not jointly, purchase from the Company, the Shares representing
      each Investor’s Investment Amount. The Closing shall take place at the offices
      of Edwards Angell Palmer & Dodge LLP, 750 Lexington Avenue, New York, New
      York 10022 on the Closing Date or at such other location or time as the parties
      may agree.

     

    2.2  Closing
      Deliveries.
      (a)  At
      the Closing, the Company shall deliver or cause to be delivered to the Investors
      the following (the “Company
      Deliverables”):

     

    (i)  a
      stock
      certificate evidencing a number of Shares equal to each Investor’s Investment
      Amount divided by the Per Unit Purchase Price, registered in the name of the
      Investor; and

     

    (ii)  this
      Agreement and the Registration Rights Agreement, duly executed by the
      Company.

     

    (iii)  The
      legal
      opinion of Company Counsel, in agreed form, addressed to the
      Investors.

     

    (b)  At
      the
      Closing, the Investors shall deliver or cause to be delivered to the Company
      the
      following:

     

    (i)  its
      Investment Amount, in United States dollars and in immediately available funds,
      by wire transfer to an account designated in writing by the Company for such
      purpose; and

     

    (ii)  this
      Agreement and the Registration Rights Agreement, duly executed by the
      Investors.

     

    ARTICLE
      III.  

     

    REPRESENTATIONS
      AND WARRANTIES

     

    3.1  Representations
      and Warranties of the Company.
      The
      Company hereby makes the following representations and warranties to the
      Investors:

     

    (a)  Subsidiaries.
      The
      Company has no direct or indirect Subsidiaries other than as specified in the
      SEC Reports. The Company owns, directly or indirectly, all of the capital stock
      of each Subsidiary free and clear of any and all Liens, other than restrictions
      on transfer under applicable securities laws, and all the issued and outstanding
      shares of capital stock of each Subsidiary are validly issued and are fully
      paid, non-assessable and free of preemptive and similar rights. 

     

    (b)  Organization
      and Qualification.
      Each of
      the Company and each Subsidiary is an entity duly incorporated or otherwise
      organized, validly existing and in good standing under the laws of the
      jurisdiction of its incorporation or organization (as applicable), with the
      requisite power and authority to own and use its properties and assets and
      to
      carry on its business as currently conducted. Neither the Company nor any
      Subsidiary is in violation of any of the provisions of its respective
      certificate or articles of incorporation, bylaws or other organizational or
      charter documents. Each of the Company and each Subsidiary is duly qualified
      to
      conduct business and is in good standing as a foreign corporation or other
      entity in each jurisdiction in which the nature of the business conducted or
      property owned by it makes such qualification necessary, except where the
      failure to be so qualified or in good standing, as the case may be, would not,
      individually or in the aggregate, have or reasonably be expected to result
      in
      (i) a material and adverse effect on the legality, validity or enforceability
      of
      any Transaction Document, (ii) a material and adverse effect on the results
      of
      operations, assets, prospects, business or condition (financial or otherwise)
      of
      the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse
      impairment to the Company's ability to perform on a timely basis its obligations
      under any Transaction Document (any of (i), (ii) or (iii), a "Material
      Adverse Effect").

     

    (c)  Authorization;
      Enforcement.
      The
      Company has the requisite corporate power and authority to enter into and to
      consummate the transactions contemplated by each of the Transaction Documents
      and otherwise to carry out its obligations thereunder. The execution and
      delivery of each of the Transaction Documents by the Company and the
      consummation by it of the transactions contemplated thereby have been duly
      authorized by all necessary action on the part of the Company and no further
      action is required by the Company in connection therewith other than the filings
      referred to in Section 3.1(e) hereof and required pursuant to Section 4.5
      hereof. Each Transaction Document has been (or upon delivery will have been)
      duly executed by the Company and, when delivered in accordance with the terms
      hereof, will constitute the valid and binding obligation of the Company
      enforceable against the Company in accordance with its terms, except (i) as
      such
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, liquidation or similar laws relating to, or
      affecting generally the enforcement of, creditors’ rights and remedies or by
      other equitable principles of general application affecting enforcement of
      creditors’ rights generally, (ii) as limited by laws relating to the
      availability of specific performance, injunctive relief or other equitable
      remedies and (iii) insofar as indemnification and contribution provisions may
      be
      limited by applicable law. 

     

    (d)  No
      Conflicts.
      The
      execution, delivery and performance of the Transaction Documents by the Company
      and the consummation by the Company of the transactions contemplated thereby
      do
      not and will not (i) conflict with or violate any provision of the Company's
      or
      any Subsidiary's certificate or articles of incorporation, bylaws or other
      organizational or charter documents, or (ii) conflict with, or constitute a
      default (or an event that with notice or lapse of time or both would become
      a
      default) under, or give to others any rights of termination, amendment,
      acceleration or cancellation (with or without notice, lapse of time or both)
      of,
      any agreement, credit facility, debt or other instrument (evidencing a Company
      or Subsidiary debt or otherwise) or other understanding to which the Company
      or
      any Subsidiary is a party or by which any property or asset of the Company
      or
      any Subsidiary is bound or affected, or (iii) result in a violation of any
      law,
      rule, regulation, order, judgment, injunction, decree or other restriction
      of
      any court or governmental authority to which the Company or a Subsidiary is
      subject (including federal and state securities laws and regulations), or by
      which any property or asset of the Company or a Subsidiary is bound or affected;
      except in the case of each of clauses (ii) and (iii), such as would not,
      individually or in the aggregate, have or reasonably be expected to result
      in a
      Material Adverse Effect.

     

    (e)  Filings,
      Consents and Approvals.
      The
      Company is not required to obtain any consent, waiver, authorization or order
      of, give any notice to, or make any filing or registration with, any court
      or
      other federal, state, local or other governmental authority or other Person
      in
      connection with the execution, delivery and performance by the Company of the
      Transaction Documents, other than (i) the filing with the Commission of one
      or
      more Registration Statements in accordance with the requirements Registration
      Rights Agreement, (ii) filings required by state securities laws, and the
      timely filing of a Notice of Sale of Securities on Form D with the Commission,
      (iii) the filings required in accordance with Section 4.5, and (iv) those that
      have been made or obtained prior to the date of this Agreement.

     

    (f)  Issuance
      of the Securities.
      The
      Securities have been duly authorized and, when issued and paid for in accordance
      with the Transaction Documents, will be duly and validly issued, fully paid
      and
      nonassessable, free and clear of all Liens, other than restrictions on transfer
      under applicable securities laws. The Company has reserved from its duly
      authorized capital stock the shares of Common Stock issuable pursuant to this
      Agreement.

     

    (g)  Capitalization.
      The
      number of shares and type of all authorized, issued and outstanding capital
      stock of the Company, and all shares of Common Stock reserved for issuance
      under
      the Company’s various option and incentive plans, is set forth in the SEC
      Reports. As of the date hereof, the authorized capital stock of the Company
      consists of (i) 250,000,000 shares of Common Stock, of which as of the date
      hereof, 73,916,781 shares are issued and outstanding, and (ii) 4,600,000 shares
      of preferred stock, no shares of which are outstanding. Except as set forth
      in
Schedule
      3.1(g),
      no
      securities of the Company are entitled to preemptive or similar rights, and
      no
      Person has any right of first refusal, preemptive right, right of participation,
      or any similar right to participate in the transactions contemplated by the
      Transaction Documents, and there are no outstanding options, warrants, scrip
      rights to subscribe to, calls or commitments of any character whatsoever
      relating to, or securities, rights or obligations convertible into or
      exchangeable for, or giving any Person any right to subscribe for or acquire,
      any shares of Common Stock, or contracts, commitments, understandings or
      arrangements by which the Company or any Subsidiary is or may become bound
      to
      issue additional shares of Common Stock, or securities or rights convertible
      or
      exchangeable into shares of Common Stock. Except as set forth in Schedule
      3.1(g),
      the
      issue and sale of the Securities will not, immediately or with the passage
      of
      time, obligate the Company to issue shares of Common Stock or other securities
      to any Person (other than the Investors) and will not result in a right of
      any
      holder of Company securities to adjust the exercise, conversion, exchange or
      reset price under such securities.

     

    (h)  SEC
      Reports; Financial Statements.
      The
      Company has filed all reports required to be filed by it under the Securities
      Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
      for the 12 months preceding the date hereof (or such shorter period as the
      Company was required by law to file such reports) (the foregoing materials
      being
      collectively referred to herein as the "SEC
      Reports"
      and,
      together with the Schedules to this Agreement (if any), the "Disclosure
      Materials")
      on a
      timely basis or has timely filed a valid extension of such time of filing and
      has filed any such SEC Reports prior to the expiration of any such extension.
      As
      of their respective dates, the SEC Reports complied in all material respects
      with the requirements of the Securities Act and the Exchange Act and the rules
      and regulations of the Commission promulgated thereunder, and none of the SEC
      Reports, when filed, contained any untrue statement of a material fact or
      omitted to state a material fact required to be stated therein or necessary
      in
      order to make the statements therein, in light of the circumstances under which
      they were made, not misleading. The financial statements of the Company included
      in the SEC Reports comply in all material respects with applicable accounting
      requirements and the rules and regulations of the Commission with respect
      thereto as in effect at the time of filing. Such financial statements have
      been
      prepared in accordance with generally accepted accounting principles applied
      on
      a consistent basis during the periods involved ("GAAP"),
      except
      as may be otherwise specified in such financial statements or the notes thereto
      and except that unaudited financial statements may not contain all footnotes
      required by GAAP, and fairly present in all material respects the financial
      position of the Company and its consolidated Subsidiaries as of and for the
      dates thereof and the results of operations and cash flows for the periods
      then
      ended, subject, in the case of unaudited statements, to normal, year-end audit
      adjustments disclosed therein. 

     

    (i)  Material
      Changes.
      Since
      the date of the latest audited financial statements included within the SEC
      Reports, except as specifically disclosed in the SEC Reports, (i) there has
      been
      no event, occurrence or development that has had or that would reasonably be
      expected to result in a Material Adverse Effect, (ii) the Company has not
      incurred any liabilities (contingent or otherwise) other than (A) trade
      payables, accrued expenses, and other liabilities incurred in the ordinary
      course of business consistent with past practice and (B) liabilities not
      required to be reflected in the Company's financial statements pursuant to
      GAAP
      or required to be disclosed in filings made with the Commission, (iii) the
      Company has not altered its method of accounting or the identity of its
      auditors, (iv) the Company has not declared or made any dividend or distribution
      of cash or other property to its stockholders or purchased, redeemed or made
      any
      agreements to purchase or redeem any shares of its capital stock, and (v) the
      Company has not issued any equity securities to any officer or director, except
      pursuant to existing Company stock option plans. The Company does not have
      pending before the Commission any request for confidential treatment of
      information.

     

    (j)  Litigation.
      Except
      as disclosed in the SEC Reports, there is no Action which (i) adversely affects
      or challenges the legality, validity or enforceability of any of the Transaction
      Documents or the Securities or (ii) except as specifically disclosed in the
      SEC
      Reports, would, if there were an unfavorable decision, individually or in the
      aggregate, have or reasonably be expected to result in a Material Adverse
      Effect. Neither the Company nor any Subsidiary, nor any director or officer
      thereof (in his or her capacity as such), is or has been the subject of any
      Action involving a claim of violation of or liability under federal or state
      securities laws or a claim of breach of fiduciary duty, except as specifically
      disclosed in the SEC Reports. There has not been, and to the knowledge of the
      Company, there is not pending any investigation by the Commission involving
      the
      Company or any current or former director or officer of the Company (in his
      or
      her capacity as such). The Commission has not issued any stop order or other
      order suspending the effectiveness of any registration statement filed by the
      Company or any Subsidiary under the Exchange Act or the Securities
      Act.

     

    (k)  Labor
      Relations.
      No
      material labor dispute exists or, to the actual knowledge of the executive
      officers or directors of the Company, is imminent with respect to any of the
      employees of the Company.

     

    (l)  Compliance.
      Neither
      the Company nor any Subsidiary (i) is in default under or in violation of (and
      no event has occurred that has not been waived that, with notice or lapse of
      time or both, would result in a default by the Company or any Subsidiary under),
      nor has the Company or any Subsidiary received notice of a claim that it is
      in
      default under or that it is in violation of, any indenture, loan or credit
      agreement or any other agreement or instrument to which it is a party or by
      which it or any of its properties is bound (whether or not such default or
      violation has been waived), (ii) is in violation of any order of any court,
      arbitrator or governmental body, or (iii) is or has been in violation of any
      statute, rule or regulation of any governmental authority, including without
      limitation all foreign, federal, state and local laws relating to taxes,
      environmental protection, occupational health and safety, product quality and
      safety and employment and labor matters, except in each case as would not,
      individually or in the aggregate, have or reasonably be expected to result
      in a
      Material Adverse Effect. The Company is in compliance with the applicable
      effective requirements of the Sarbanes-Oxley Act of 2002, as amended, and the
      rules and regulations thereunder, except where such noncompliance would not
      have
      or reasonably be expected to result in a Material Adverse Effect. 

     

    (m)  Regulatory
      Permits.
      The
      Company and the Subsidiaries possess all certificates, authorizations and
      permits issued by the appropriate federal, state, local or foreign regulatory
      authorities necessary to conduct their respective businesses as described in
      the
      SEC Reports, except where the failure to possess such permits would not,
      individually or in the aggregate, have or reasonably be expected to result
      in a
      Material Adverse Effect ("Material
      Permits"),
      and
      neither the Company nor any Subsidiary has received any notice of proceedings
      relating to the revocation or modification of any Material Permit.

     

    (n)  Title
      to Assets.
      The
      Company and the Subsidiaries have good and marketable title in fee simple to
      all
      real property owned by them that is material to their respective businesses
      and
      good and marketable title in all personal property owned by them that is
      material to their respective businesses, in each case free and clear of all
      Liens, except for Liens as do not materially affect the value of such property
      and do not materially interfere with the use made and proposed to be made of
      such property by the Company and the Subsidiaries. Any real property and
      facilities held under lease by the Company and the Subsidiaries are held by
      them
      under valid, subsisting and enforceable leases of which the Company and the
      Subsidiaries are in compliance, except as would not, individually or in the
      aggregate, have or reasonably be expected to result in a Material Adverse
      Effect.

     

    (o)  Patents
      and Trademarks.
      The
      Company and the Subsidiaries have, or have rights to use, all patents, patent
      applications, trademarks, trademark applications, service marks, trade names,
      copyrights, licenses and other similar rights that are necessary or material
      for
      use in connection with their respective businesses as described in the SEC
      Reports and which the failure to so have would, individually or in the
      aggregate, have or reasonably be expected to result in a Material Adverse Effect
      (collectively, the "Intellectual
      Property Rights").
      Neither the Company nor any Subsidiary has received a written notice that the
      Intellectual Property Rights used by the Company or any Subsidiary violates
      or
      infringes upon the rights of any Person where such infringement would have
      or
      could reasonably be expected to have a Material Adverse Effect. Except as set
      forth in the SEC Reports and file histories of pending patent applications,
      to
      the actual knowledge of the executive officers and directors of the Company,
      all
      such Intellectual Property Rights are enforceable and there is no existing
      infringement by another Person of any of the Intellectual Property
      Rights.

     

    (p)  Insurance.
      The
      Company and the Subsidiaries are insured by insurers of recognized financial
      responsibility against such losses and risks and in such amounts as are prudent
      and customary in the businesses in which the Company and the Subsidiaries are
      engaged. The Company has no reason to believe that it will not be able to renew
      its existing insurance coverage as and when such coverage expires or to obtain
      similar coverage from similar insurers as may be necessary to continue its
      business on terms consistent with market for the Company’s line of
      business.

     

    (q)  Transactions
      With Affiliates and Employees.
      Except
      as set forth in the SEC Reports, none of the officers or directors of the
      Company and, to the knowledge of the Company, none of the employees of the
      Company is presently a party to any transaction with the Company or any
      Subsidiary (other than for services as employees, officers and directors),
      including any contract, agreement or other arrangement providing for the
      furnishing of services to or by, providing for rental of real or personal
      property to or from, or otherwise requiring payments to or from any officer,
      director or such employee or, to the knowledge of the Company, any entity in
      which any officer, director, or any such employee has a substantial interest
      or
      is an officer, director, trustee or partner.

     

    (r)  Internal
      Accounting Controls.
      The
      Company and the Subsidiaries 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 generally accepted accounting principles 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. The Company has established disclosure controls and procedures
      (as
      defined in Exchange Act rules 13a-15(e) and 15d-15(e)) for the Company and
      designed such disclosure controls and procedures to ensure that material
      information relating to the Company, including its Subsidiaries, is made known
      to the certifying officers by others within those entities, particularly during
      the period in which the Company’s Form 10-KSB or 10-QSB, as the case may be, is
      being prepared. 

     

    (s)  Solvency.
      Based
      on the financial condition of the Company as of the Closing Date (and assuming
      the Closing with $4 million in proceeds shall have occurred), the Company’s
      assets constitute sufficient capital to enable the Company to carry on its
      business for the current fiscal year as now conducted and as currently proposed
      to be conducted through December 2007. 

     

    (t)  Certain
      Fees.
      Except
      as may be payable to MidSouth Capital, Inc. by the Company, no brokerage or
      finder's fees or commissions are or will be payable by the Company to any
      broker, financial advisor or consultant, finder, placement agent, investment
      banker, bank or other Person with respect to the transactions contemplated
      by
      this Agreement. The Investors shall have no obligation with respect to any
      fees
      payable to MidSouth Capital, Inc. or with respect to any claims (other than
      such
      fees or commissions owed by the Investors pursuant to written agreements
      executed by the Investors which fees or commissions shall be the sole
      responsibility of the Investors) made by or on behalf of other Persons for
      fees
      of a type contemplated in this Section that may be due in connection with the
      transactions contemplated by this Agreement. 

     

    (u)  Certain
      Registration Matters.
      Assuming the accuracy of the Investors' representations and warranties set
      forth
      in Section 3.2(b)-(e), no registration under the Securities Act is required
      for
      the offer and sale of the Shares by the Company to the Investors under the
      Transaction Documents. Except as set forth in Schedule
      3.1(u),
      the
      Company has not granted or agreed to grant to any Person any rights (including
      "piggy-back" registration rights) to have any securities of the Company
      registered with the Commission or any other governmental authority that have
      not
      been satisfied.

     

    (v)  Listing
      and Maintenance Requirements.
      The
      issuance and sale of the Securities under the Transaction Documents does not
      contravene the rules and regulations of the Trading Market on which the Common
      Stock is currently listed or quoted, and no approval of the shareholders of
      the
      Company thereunder is required for the Company to issue and deliver to the
      Investors the maximum number of Securities contemplated by Transaction
      Documents.

     

    (w)  Investment
      Company.
      The
      Company is not, and is not an Affiliate of, an “investment company” within the
      meaning of the Investment Company Act of 1940, as amended.

     

    (x)  Application
      of Takeover Protections.
      The
      Company has taken all necessary action, if any, in order to render inapplicable
      any control share acquisition, business combination, poison pill (including
      any
      distribution under a rights agreement) or other similar anti-takeover provision
      under the Company's Certificate of Incorporation (or similar charter documents)
      or the laws of its state of incorporation that is or could become applicable
      to
      the Investors as a result of the Investors and the Company fulfilling their
      obligations or exercising their rights under the Transaction Documents,
      including without limitation the Company's issuance of the Securities and the
      Investors' ownership of the Securities.

     

    (y)  No
      Additional Agreements.
      The
      Company does not have any agreement or understanding with the Investors with
      respect to the transactions contemplated by the Transaction Documents other
      than
      as specified in the Transaction Documents.

     

    (z)  Disclosure.
      Upon
      the filing of the initial Current Report on Form 8-K required under Section
      4.5,
      the Investors will not have received from the Company or any Person acting
      on
      its behalf any information that the Company believes constitutes material,
      non-public information concerning the Company. The Company understands and
      confirms that the Investors will rely on the foregoing representations and
      covenants in effecting transactions in securities of the Company. All written
      disclosures provided to the Investors regarding the Company, its business and
      the transactions contemplated hereby, furnished by or on behalf of the Company
      (including the Company’s representations and warranties set forth in this
      Agreement) are true and correct and do not contain any untrue statement of
      a
      material fact or omit to state any material fact necessary in order to make
      the
      statements made therein, in light of the circumstances under which they were
      made, not misleading.

     

    3.2  Representations
      and Warranties of the Investors.
      Each
      Investor hereby, for itself and for no other Investor, represents and warrants
      to the Company as follows:

     

    (a)  Organization;
      Authority.
      Such
      Investor is an entity duly organized, validly existing and in good standing
      under the laws of the jurisdiction of its organization with the requisite
      corporate or partnership power and authority to enter into and to consummate
      the
      transactions contemplated by the applicable Transaction Documents and otherwise
      to carry out its obligations thereunder. The execution, delivery and performance
      by such Investor of the transactions contemplated by this Agreement has been
      duly authorized by all necessary corporate or, if such Investor is not a
      corporation, such partnership, limited liability company or other applicable
      like action, on the part of such Investor. Each of this Agreement and the
      Registration Rights Agreement has been duly executed by such Investor, and
      when
      delivered by such Investor in accordance with terms hereof, will constitute
      the
      valid and legally binding obligation of such Investor, enforceable against
      it in
      accordance with its terms, except (i) as such enforceability may be limited
      by
      applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
      or
      similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general application
      affecting enforcement of creditors’ rights generally, (ii) as limited by laws
      relating to the availability of specific performance, injunctive relief or
      other
      equitable remedies and (iii) insofar as indemnification and contribution
      provisions may be limited by applicable law.

     

    (b)  Investment
      Intent.
      The
      Investor is acquiring the Securities as principal for its own account for
      investment purposes only and not with a view to or for distributing or reselling
      such Securities or any part thereof, without prejudice, however, to such
      Investor's right at all times to sell or otherwise dispose of all or any part
      of
      such Securities in compliance with applicable federal and state securities
      laws.
      Subject to the immediately preceding sentence, nothing contained herein shall
      be
      deemed a representation or warranty by such Investor to hold the Securities
      for
      any period of time. The Investor is acquiring the Securities hereunder in the
      ordinary course of its business. The Investor does not have any agreement or
      understanding, directly or indirectly, with any Person to distribute any of
      the
      Securities.

     

    (c)  Investor
      Status.
      At the
      time such Investor was offered the Securities, it was, and at the date hereof
      it
      is an "accredited investor" as defined in Rule 501(a) under the Securities
      Act.
      The Investor is not required to be registered as a broker-dealer under Section
      15 of the Exchange Act.

     

    (d)  General
      Solicitation.
      The
      Investor is not purchasing the Securities as a result of any advertisement,
      article, notice or other communication regarding the Securities published in
      any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      presented at any seminar or any other general solicitation or general
      advertisement.

     

    (e)  Access
      to Information.
      The
      Investor acknowledges that it has reviewed the Disclosure Materials and has
      been
      afforded (i) the opportunity to ask such questions as it has deemed necessary
      of, and to receive answers from, representatives of the Company concerning
      the
      terms and conditions of the offering of the Shares and the merits and risks
      of
      investing in the Securities; (ii) access to information about the Company and
      the Subsidiaries and their respective financial condition, results of
      operations, business, properties, management and prospects sufficient to enable
      it to evaluate its investment; and (iii) the opportunity to obtain such
      additional information that the Company possesses or can acquire without
      unreasonable effort or expense that is necessary to make an informed investment
      decision with respect to the investment. Neither such inquiries nor any other
      investigation conducted by or on behalf of such Investor or its representatives
      or counsel shall modify, amend or affect such Investor's right to rely on the
      truth, accuracy and completeness of the Disclosure Materials and the Company's
      representations and warranties contained in the Transaction
      Documents.

     

    (f)  Independent
      Investment Decision.
      The
      Investor has independently evaluated the merits of its decision to purchase
      Securities pursuant to this Agreement, such decision has been independently
      made
      by such Investor and such Investor confirms that it has only relied on the
      advice of its own business and/or legal counsel and not on the advice of any
      other Investor’s business and/or legal counsel in making such
      decision.

     

    (g)  Short
      Sales.
      The
      Investor has not directly or indirectly, nor has any Person acting on behalf
      of
      or pursuant to any understanding with such Investor, executed any Short Sales
      in
      the securities of the Company since the date that such Investor was first
      contacted regarding an investment in the Company ("Discussion
      Time").

     

    (h)  Residency.
      The
      Investor is a resident of that jurisdiction specified as the address that such
      Investor is to receive notices hereunder on the signature pages hereto.

     

    The
      Company acknowledges and agrees that the Investor does not make or has not
      made
      any representations or warranties with respect to the transactions contemplated
      hereby other than those specifically set forth in this Section 3.2.

     

    

     

    

     

    

     

    ARTICLE
      IV.  

     

    OTHER
      AGREEMENTS OF THE PARTIES

     

    4.1  (a)Securities
      may only be disposed of in compliance with state and federal securities laws.
      In
      connection with any transfer of the Securities other than pursuant to an
      effective registration statement, to the Company, to an Affiliate of such
      Investor or in connection with a pledge as contemplated in Section 4.1(b),
      the
      Company may require the transferor thereof to provide to the Company an opinion
      of counsel selected by the transferor, reasonably acceptable to the Company,
      the
      form and substance of which opinion shall be reasonably satisfactory to the
      Company, to the effect that such transfer does not require registration of
      such
      transferred Securities under the Securities Act. 

     

    (b) Certificates
      evidencing the Securities will contain the following legend, until such time
      as
      they are not required under Section 4.1(c):

     

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
      OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
      TO
      SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
      COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
      ACCOUNT SECURED BY SUCH SECURITIES.

     

    The
      Company acknowledges and agrees that an Investor may from time to time pledge,
      and/or grant a security interest in some or all of the Securities pursuant
      to a
      bona fide margin agreement with a registered broker-dealer or grant a security
      interest in some or all of the Securities to a financial institution that is
      an
      "accredited investor" as defined in Rule 501(a) under the Securities Act and
      who
      agrees to be bound by the provisions of this Agreement and the Registration
      Rights Agreement and, if required under the terms of such agreement or account,
      such Investor may transfer pledged or secured Securities to the pledgees or
      secured parties. Such a pledge or transfer would not be subject to approval
      or
      consent of the Company and no legal opinion of legal counsel to the pledgee,
      secured party or pledgor shall be required in connection with the pledge, but
      such legal opinion may be required in connection with a subsequent transfer
      following default by the Investor transferee of the pledge. No notice shall
      be
      required of such pledge. At the appropriate Investor’s expense, the Company will
      execute and deliver such reasonable documentation as a pledgee or secured party
      of Securities may reasonably request in connection with a pledge or transfer
      of
      the Securities including the preparation and filing of any required prospectus
      supplement under Rule 424(b)(3) of the Securities Act or other applicable
      provision of the Securities Act to appropriately amend the list of Selling
      Stockholders thereunder.

     

    (c) Certificates
      evidencing the Shares shall not contain any legend (including the legend set
      forth in Section 4.1(b)): (i) following a sale of such Securities pursuant
      to an
      effective registration statement (including the Registration Statement), or
      (ii)
      following a sale of such Shares pursuant to Rule 144 (assuming the transferor
      is
      not an Affiliate of the Company), or (iii) while such Shares are eligible for
      sale under Rule 144(k). Following such time as restrictive legends are not
      required to be placed on certificates representing Shares pursuant to the
      preceding sentence, the Company will, no later than three Trading Days following
      the delivery by such Investor to the Company or the Company's transfer agent
      of
      a certificate representing Shares containing a restrictive legend, deliver
      or
      cause to be delivered to such Investor a certificate representing such Shares
      that is free from all restrictive and other legends. The Company may not make
      any notation on its records or give instructions to any transfer agent of the
      Company that enlarge the restrictions on transfer set forth in this
      Section.

     

    4.2  Right
      of First Negotiation.
      If, at
      any time before the one year anniversary of the Closing Date, the Company
      proposes to sell any newly issued equity Common Stock or Common Stock
      Equivalents in a financing transaction (collectively, “New
      Issue Securities”),
      the
      Company shall not commence negotiations with any party regarding the offer
      of
      the New Issue Securities without first offering such Investor the right to
      negotiate to purchase a portion of such New Issue Securities in accordance
      with
      the following provisions:

     

    (a)  The
      Company shall give a notice to each Investor (the “First
      Notice”)
      stating
      (i) its intention to sell the New Issue Securities, (ii) the number and
      description of the New Issue Securities proposed to be sold and (iii) the
      proposed purchase price (calculated as of the proposed issuance date) and the
      other terms and conditions upon which the Company is proposing to offer the
      New
      Issue Securities.

     

    (b)  Upon
      receipt of the First Notice, each Investor, if it elects to do so, may commence
      negotiations with the Company to purchase up to his, her or its proportionate
      number of fifty percent (50%) of the New Issue Securities (based upon his,
      her
      or its percentage ownership of the total number of issued and outstanding shares
      of Common Stock) (the "New
      Issue Percentage");
      provided however that in no event may any Investor purchase an amount of New
      Issue Securities so that the Investor, after such purchase, would own more
      than
      fifteen percent (15%) of the voting capital stock of the Company (the
      "Investor
      Cap").
      In
      order to commence such negotiations with the Company, such Investor shall
      provide notice to the Company of such decision ("Notice
      of Negotiation")
      within
      two (2) Business Days after the First Notice and, for a period of no more than
      five (5) Business Days after receipt of the Notice of Negotiation, both parties
      shall negotiate the terms of an agreement for such Investor to purchase the
      New
      Issue Percentage subject to the Investor Cap. 

     

    (c)  If
      such
      Investor does not provide the Notice of Negotiation or the parties are unable
      to
      agree on the terms of such agreement within such five-Business Day period,
      the
      Company may immediately proceed to negotiate with other parties with respect
      to
      such an issuance of New Issue Securities; provided, however that if the Company
      has not entered into a definitive agreement with a third party for the purchase
      of the New Issue Securities within forty-five (45) days after the date of the
      Notice of Negotiation, the provisions of this Section 4.2 shall be reinstated.
      

     

    4.3  Integration.
      The
      Company shall not, and shall use its best efforts to ensure that no Affiliate
      of
      the Company shall, sell, offer for sale or solicit offers to buy or otherwise
      negotiate in respect of any security (as defined in Section 2 of the Securities
      Act) that would be integrated with the offer or sale of the Securities in a
      manner that would require the registration under the Securities Act of the
      sale
      of the Securities to such Investor, or that would be integrated with the offer
      or sale of the Securities for purposes of the rules and regulations of any
      Trading Market in a manner that would require stockholder approval of the sale
      of the securities to such Investor.

     

    4.4   Subsequent
      Registrations.
      Except
      for the items described on Schedule
      4.4
      and the
      Registration Statement, prior to the Effective Date, the Company may not file
      any registration statement (other than on Form S-8) with the Commission with
      respect to any securities of the Company.

     

    4.5  Securities
      Laws Disclosure; Publicity.
      By 9:00
      a.m. (New York time) on the next Business Day following the Closing Date, the
      Company will file a Current Report on Form 8-K disclosing the material terms
      of
      the Transaction Documents (and attach as exhibits thereto the Transaction
      Documents), and on the Closing Date the Company will file an additional Current
      Report on Form 8-K to disclose the Closing. In addition, the Company will make
      such other filings and notices in the manner and time required by the Commission
      and the Trading Market on which the Common Stock is listed. Notwithstanding
      the
      foregoing, the Company shall not publicly disclose the name of any Investor,
      or
      include the name of any Investor in any filing with the Commission (other than
      the Registration Statement and any exhibits to filings made in respect of this
      transaction in accordance with periodic filing requirements under the Exchange
      Act) or any regulatory agency or Trading Market, without the prior written
      consent of such Investor, except to the extent such disclosure is required
      by
      law or Trading Market regulations, in which case the Company shall provide
      such
      Investor with prior notice of such disclosure.

     

    4.6  Indemnification
      of the Investors.
      In
      addition to the indemnity provided in the Registration Rights Agreement, the
      Company will indemnify and hold each Investor and its directors, officers,
      shareholders, partners, employees and agents (each, an "Investor
      Party")
      harmless from any and all losses, liabilities, obligations, claims,
      contingencies, damages, costs and expenses, including all judgments, amounts
      paid in settlements, court costs and reasonable attorneys' fees and costs of
      investigation (collectively, "Losses")
      that
      any such Investor Party may suffer or incur as a result of or relating to any
      misrepresentation, breach or inaccuracy of any representation, warranty,
      covenant or agreement made by the Company in any Transaction Document. In
      addition to the indemnity contained herein, the Company will reimburse the
      Investor Party for its reasonable legal and other expenses (including the cost
      of any investigation, preparation and travel in connection therewith) incurred
      in connection therewith, as such expenses are incurred. 

     

    4.7  Non-Public
      Information.
      The
      Company covenants and agrees that neither it nor any other Person acting on
      its
      behalf will provide any Investor or its agents or counsel with any information
      that the Company believes constitutes material non-public information, unless
      prior thereto such Investor shall have executed a written agreement regarding
      the confidentiality and use of such information. The Company understands and
      confirms that each Investor shall be relying on the foregoing representations
      in
      effecting transactions in securities of the Company. 

     

    4.8  Use
      of
      Proceeds.
      The net
      proceeds from the offer and sale of the Securities will be used to advance
      the
      pre-clinical, clinical and regulatory development of the Company’s drug and
      vaccine candidates. A portion of the net proceeds shall also be used for general
      corporate purposes, including the maintenance of in-licensed patent rights
      and
      proprietary intellectual property patent applications and patents. No portion
      of
      the net proceeds will be used to redeem outstanding securities of the Company.
      

     

    4.9  No
      Net
      Short Position.
      Each
      Investor covenants that neither it nor any Affiliates acting on its behalf
      or
      pursuant to any understanding with it will execute any Short Sales during the
      period from the Discussion Time until prior to the time that the transactions
      contemplated by this Agreement are first publicly announced as described in
      Section 4.5 hereof. Additionally, each Investor understands and acknowledges,
      severally and not jointly with any other Investor, that the Commission currently
      takes the position that coverage of short sales of the Common Stock "against
      the
      box" prior to the Effective Date of the Registration Statement issuable
      hereunder is a violation of Section 5 of the Securities Act, as set forth in
      Item 65, Section 5 under Section A, of the Manual of Publicly Available
      Telephone Interpretations, dated July 1997, compiled by the Office of Chief
      Counsel, Division of Corporation Finance. 

     

    ARTICLE
      V.  

    CONDITIONS
      PRECEDENT

     

    5.1  Conditions
      Precedent to the Obligations of the Investors to Purchase
      Securities.
      The
      obligation of each Investor to acquire Securities at the Closing is subject
      to
      the satisfaction or waiver by such Investor, at or before the Closing, of each
      of the following conditions:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of the Company contained herein shall be true
      and
      correct in all material respects as of the date when made and as of the Closing
      as though made on and as of such date;

     

    (b)  Performance.
      The
      Company shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by the Transaction
      Documents to be performed, satisfied or complied with by it at or prior to
      the
      Closing;

     

    (c)  No
      Injunction.
      No
      statute, rule, regulation, executive order, decree, ruling or injunction shall
      have been enacted, entered, promulgated or endorsed by any court or governmental
      authority of competent jurisdiction that prohibits the consummation of any
      of
      the transactions contemplated by the Transaction Documents;

     

    (d)  Adverse
      Changes.
      Since
      the date of execution of this Agreement, no event or series of events shall
      have
      occurred that reasonably would be expected to have or result in a (i) an
      adverse effect on the legality, validity or enforceability of any Transaction
      Document, or (ii) a material and adverse effect on the results of operations,
      assets, business or condition (financial or otherwise) of the Company and the
      Subsidiaries, taken as a whole; 

     

    (e)  No
      Suspensions of Trading in Common Stock; Listing.
      Trading
      in the Common Stock shall not have been suspended by the Commission or any
      Trading Market (except for any suspensions of trading of not more than one
      Trading Day solely to permit dissemination of material information regarding
      the
      Company) at any time since the date of execution of this Agreement, and the
      Common Stock shall have been at all times since such date listed for trading
      on
      a Trading Market; 

     

    (f)  Company
      Deliverables.
      The
      Company shall have delivered to such Investor the Company Deliverables;
      and

     

    (g)  Minimum
      Subscriptions.
      The
      aggregate of the Investors' Investment Amount shall not be less than $2,000,000.
      

     

    5.2  Conditions
      Precedent to the Obligations of the Company to sell Securities.
      The
      obligation of the Company to sell Securities at the Closing is subject to the
      satisfaction or waiver by the Company, at or before the Closing, of each of
      the
      following conditions:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of the Investors contained herein shall be true
      and correct in all material respects as of the date when made and as of the
      Closing Date as though made on and as of such date;

     

    (b)  Performance.
      Each
      Investor shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by the Transaction
      Documents to be performed, satisfied or complied with by each Investor at or
      prior to the Closing;

     

    (c)  No
      Injunction.
      No
      statute, rule, regulation, executive order, decree, ruling or injunction shall
      have been enacted, entered, promulgated or endorsed by any court or governmental
      authority of competent jurisdiction that prohibits the consummation of any
      of
      the transactions contemplated by the Transaction Documents; and

     

    (d)  Minimum
      Subscriptions.
      The
      aggregate of the Investors' Investment Amounts shall not be less than
      $2,000,000.  

     

    ARTICLE
      VI.  

     

    MISCELLANEOUS

     

    6.1  Fees
      and Expenses.
      Each
      party shall pay the fees and expenses of its advisers, counsel, accountants
      and
      other experts, if any, and all other expenses incurred by such party incident
      to
      the negotiation, preparation, execution, delivery and performance of the
      Transaction Documents. The Company shall pay all stamp and other taxes and
      duties levied in connection with the sale of the Securities.

     

    6.2  Entire
      Agreement.
      The
      Transaction Documents, together with the Exhibits and Schedules thereto, contain
      the entire understanding of the parties with respect to the subject matter
      hereof and supersede all prior agreements, understandings, discussions and
      representations, oral or written, with respect to such matters, which the
      parties acknowledge have been merged into such documents, exhibits and
      schedules. 

     

    6.3  Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (a) the date of transmission, if such notice or communication
      is delivered via facsimile (provided the sender receives a machine-generated
      confirmation of successful transmission) at the facsimile number specified
      in
      this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (b)
      the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 6:30 p.m. (New York City time)
      on
      any Trading Day, (c) the Trading Day following the date of mailing, if sent
      by
      U.S. nationally recognized overnight courier service, or (d) upon actual receipt
      by the party to whom such notice is required to be given. The address for such
      notices and communications shall be as follows:

     

    If
      to the
      Company: DOR
      BioPharma Inc.

    1101
      Brickell Ave.

    Suite
      701
      South

    Miami,
      Florida 33131

    Attn:
      President

    Facsimile:
      (786) 425-3853

    

    With
      a
      copy to: Edwards
      Angell Palmer & Dodge LLP

    350
      E.
      Las Olas Boulevard

    Suite
      1150

    Fort
      Lauderdale, FL 33301-4215

    Attn:
      Leslie J. Croland, P.A.

    Facsimile:
      (954)
      727-2601

    

    If
      to an
      Investor: To
      the
      address set forth under the Investor's name

    on
      the
      signature pages hereof;

     

     

    or
      such
      other address as may be designated in writing hereafter, in the same manner,
      by
      such Person.

     

    6.4  Amendments;
      Waivers; No Additional Consideration.
      No
      provision of this Agreement may be waived or amended except in a written
      instrument signed by the Company and the Investors holding a majority of the
      Shares. No waiver of any default with respect to any provision, condition or
      requirement of this Agreement shall be deemed to be a continuing waiver in
      the
      future or a waiver of any subsequent default or a waiver of any other provision,
      condition or requirement hereof, nor shall any delay or omission of either
      party
      to exercise any right hereunder in any manner impair the exercise of any such
      right. No consideration shall be offered or paid to any Investor to amend or
      consent to a waiver or modification of any provision of any Transaction Document
      unless the same consideration is also offered to all Investors who then hold
      Securities.

     

    6.5  Construction.
      The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof. The language used in this Agreement will be deemed to be the language
      chosen by the parties to express their mutual intent, and no rules of strict
      construction will be applied against any party. This Agreement shall be
      construed as if drafted jointly by the parties, and no presumption or burden
      of
      proof shall arise favoring or disfavoring any party by virtue of the authorship
      of any provisions of this Agreement or any of the Transaction
      Documents.

     

    6.6  Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns. The Company may not assign this
      Agreement or any rights or obligations hereunder without the prior written
      consent of the Investor. Each Investor may assign any or all of its rights
      under
      this Agreement to one and only one Person to whom such Investor assigns or
      transfers any Securities, provided such transferee agrees in writing to be
      bound, with respect to the transferred Securities, by the provisions hereof
      that
      apply to the "Investor."

     

    6.7  No
      Third-Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      successors and permitted assigns and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person, except as otherwise set
      forth
      in Section 4.7 (as to the Investor Party).

     

    6.8  Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of Delaware, without regard to the
      principles of conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement and any other Transaction Documents (whether
      brought against a party hereto or its respective Affiliates, employees or
      agents) may be commenced exclusively in the Chancery Court, State of Delaware
      (the “Delaware
      Court”).
      Each
      party hereto hereby irrevocably submits to the exclusive jurisdiction of the
      Delaware Court for the adjudication of any dispute hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein
      (including with respect to the enforcement of the any of the Transaction
      Documents), and hereby irrevocably waives, and agrees not to assert in any
      Proceeding, any claim that it is not personally subject to the jurisdiction
      of
      any such Delaware Court, or that such Proceeding has been commenced in an
      improper or inconvenient forum. Each party hereto hereby irrevocably waives
      personal service of process and consents to process being served in any such
      Proceeding by mailing a copy thereof via registered or certified mail or
      overnight delivery (with evidence of delivery) to such party at the address
      in
      effect for notices to it under this Agreement and agrees that such service
      shall
      constitute good and sufficient service of process and notice thereof. Nothing
      contained herein shall be deemed to limit in any way any right to serve process
      in any manner permitted by law. Each party hereto hereby irrevocably waives,
      to
      the fullest extent permitted by applicable law, any and all right to trial
      by
      jury in any legal proceeding arising out of or relating to this Agreement or
      the
      transactions contemplated hereby. If either party shall commence a Proceeding
      to
      enforce any provisions of a Transaction Document, then the prevailing party
      in
      such Proceeding shall be reimbursed by the other party for its reasonable
      attorneys’ fees and other costs and expenses incurred with the investigation,
      preparation and prosecution of such Proceeding.

     

    6.9  Survival.
      The
      representations, warranties, agreements and covenants contained herein shall
      survive the Closing and the delivery of the Shares.

     

    6.10  Execution.
      This
      Agreement may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission, such signature shall create a valid and binding obligation of
      the
      party executing (or on whose behalf such signature is executed) with the same
      force and effect as if such facsimile signature page were an original
      thereof.

     

    6.11  Severability.
      If any
      provision of this Agreement is held to be invalid or unenforceable in any
      respect, the validity and enforceability of the remaining terms and provisions
      of this Agreement shall not in any way be affected or impaired thereby and
      the
      parties will attempt to agree upon a valid and enforceable provision that is
      a
      reasonable substitute therefor, and upon so agreeing, shall incorporate such
      substitute provision in this Agreement.

     

    6.12  Rescission
      and Withdrawal Right.
      Notwithstanding anything to the contrary contained in (and without limiting
      any
      similar provisions of) the Transaction Documents, whenever an Investor exercises
      a right, election, demand or option under a Transaction Document and the Company
      does not timely perform its related obligations within the periods therein
      provided, then such Investor may rescind or withdraw, in its sole discretion
      from time to time upon written notice to the Company, any relevant notice,
      demand or election in whole or in part without prejudice to its future actions
      and rights.

     

    6.13  Replacement
      of Securities.
      If any
      certificate or instrument evidencing any Securities is mutilated, lost, stolen
      or destroyed, the Company shall issue or cause to be issued in exchange and
      substitution for and upon cancellation thereof, or in lieu of and substitution
      therefor, a new certificate or instrument, but only upon receipt of evidence
      reasonably satisfactory to the Company of such loss, theft or destruction and
      customary and reasonable indemnity, if requested. The applicants for a new
      certificate or instrument under such circumstances shall also pay any reasonable
      third-party costs associated with the issuance of such replacement Securities.
      If a replacement certificate or instrument evidencing any Securities is
      requested due to a mutilation thereof, the Company may require delivery of
      such
      mutilated certificate or instrument as a condition precedent to any issuance
      of
      a replacement.

     

    6.14  Remedies.
      In
      addition to being entitled to exercise all rights provided herein or granted
      by
      law, including recovery of damages, the Investors and the Company will be
      entitled to specific performance under the Transaction Documents. The parties
      agree that monetary damages may not be adequate compensation for any loss
      incurred by reason of any breach of obligations described in the foregoing
      sentence and hereby agrees to waive in any action for specific performance
      of
      any such obligation the defense that a remedy at law would be
      adequate.

     

    6.15  Payment
      Set Aside.
      To the
      extent that the Company makes a payment or payments to an Investor pursuant
      to
      any Transaction Document or an Investor enforces or exercises its rights
      thereunder, and such payment or payments or the proceeds of such enforcement
      or
      exercise or any part thereof are subsequently invalidated, declared to be
      fraudulent or preferential, set aside, recovered from, disgorged by or are
      required to be refunded, repaid or otherwise restored to the Company, a trustee,
      receiver or any other person under any law (including, without limitation,
      any
      bankruptcy law, state or federal law, common law or equitable cause of action),
      then to the extent of any such restoration the obligation or part thereof
      originally intended to be satisfied shall be revived and continued in full
      force
      and effect as if such payment had not been made or such enforcement or setoff
      had not occurred.

     

    6.16  Independent
      Nature of Investors' Obligations and Rights.
      The
      obligations of each Investor under any Transaction Document are several and
      not
      joint with the obligations of any other Investor, and no Investor shall be
      responsible in any way for the performance of the obligations of any other
      Investor under any Transaction Document. The decision of each Investor to
      purchase Securities pursuant to the Transaction Documents has been made by
      such
      Investor independently of any other Investor. Nothing contained herein or in
      any
      Transaction Document, and no action taken by any Investor pursuant thereto,
      shall be deemed to constitute the Investors as a partnership, an association,
      a
      joint venture or any other kind of entity, or create a presumption that the
      Investors are in any way acting in concert or as a group with respect to such
      obligations or the transactions contemplated by the Transaction Document. Each
      Investor acknowledges that no other Investor has acted as agent for such
      Investor in connection with making its investment hereunder and that no Investor
      will be acting as agent of such Investor in connection with monitoring its
      investment in the Securities or enforcing its rights under the Transaction
      Documents. Each Investor shall be entitled to independently protect and enforce
      its rights, including without limitation the rights arising out of this
      Agreement or out of the other Transaction Documents, and it shall not be
      necessary for any other Investor to be joined as an additional party in any
      proceeding for such purpose. The Company acknowledges that each of the Investors
      has been provided with the same Transaction Documents for the purpose of closing
      a transaction with multiple Investors and not because it was required or
      requested to do so by any Investor.

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Securities Purchase
      Agreement to be duly executed by their respective authorized signatories as
      of
      the date first indicated above.

     

    DOR
      BIOPHARMA, INC.

     

    By:
      /s/
      Christopher J. Schaber   

    Name:
      Christopher J. Schaber  

    Title:
      Chief Executive Officer

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    By:_/s/Robert
      Butts__________

    Name: Robert
      Butts 

    
      	 	
              Title:

            	
              Managing
                Member

            

    

    Southpoint
      Master Fund

    

    Investment
      Amount: $_4,000,000_________________

     

    

    Address
      for Notice:

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Christopher
      J. Schaber and Cathleen Schaber

    
      	 	
              Name:

            	
              Christopher
                J. Schaber and Cathleen Schaber 

            

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_100,000_________________

     

    

    Address
      for Notice:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Evan
      Myrianthopoulos and Konstantina Myrianthopoulos JTWROS

    
      	 	
              Name:

            	
              Evan
                Myrianthopoulos and Konstantina Myrianthopoulos
                JTWROS

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_25,000_________________

     

    

    Address
      for Notice:

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Vasili
      Myrianthopoulos and Elizabeth Myrianthopoulos 

    
      	 	
              Name:

            	
              Vasili
                Myrianthopoulos and Elizabeth Myrianthopoulos

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_25,000_________________

     

    

    Address
      for Notice:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/James
      Clavijo 

    
      	 	
              Name:

            	
              James
                Clavijo

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_25,000_________________

     

    

    Address
      for Notice:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Steve
      H. Kanzer 

    
      	 	
              Name:

            	
              Steve
                H. Kanzer

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_100,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Harvey
      Sawikin 

    
      	 	
              Name:

            	
              Harvey
                Sawikin

            

    

    Director

    Firebird
      Global Master Fund 

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_500,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Cyrille
      F. Buhrman 

    
      	 	
              Name:

            	
              Cyrille
                F. Buhrman

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_500,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Victor
      P. Thompson 

    
      	 	
              Name:

            	
              Victor
                P. Thompson

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_50,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/David
      Gentile 

    
      	 	
              Name:

            	
              David
                Gentile

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_50,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Bernard
      Pismeny 

    
      	 	
              Name:

            	
              Bernard
                Pismeny

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_50,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Kyle
      Brengel 

    
      	 	
              Name:

            	
              Kyle
                Brengel

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_50,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    
      

[INVESTOR]

    

    

    By:_/s/Anthony
      G. Bianchi 

    
      	 	
              Name:

            	
              Anthony
                G. Bianchi

            

    

    

    
      	 	
              Title:

            	 

    

    

    Investment
      Amount: $_15,000_________________

     

    

    Address
      for Notice:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      3.1(g)

    

    In
      connection with the execution of a stock purchase agreement dated April 6,
      2006,
      certain investors have anti-dilution rights that expire on the earlier of (i)
      April 10, 2007 and (ii) the date that the FDA approves the New Drug Application
      for orBec®. 

    

    In
      connection with the execution of a stock purchase agreement dated April 6,
      2006,
      certain investors have been granted rights of participation that expire on
      the
      earlier of (i) April 10, 2007 and (ii) the date that each such investor no
      longer holds of record at least 25% of the shares purchased by such investor
      thereunder.

    

    

    
      	
              DOR
                BioPharma, Inc

            	 
	
              Summary
                schedule of outstanding warrants 

            
	 	 	 
	
               

            	
               

            	
               

            
	
              Exercise

            	
              Current

            	
              Expiration

            
	
              Price

            	
              Outstanding

            	
              Date

            
	
              1.8209

            	
              2,012,622

            	
              4/16/2008

            
	
              5.2500

            	
              226,190

            	
              10/11/2007

            
	
              8.1100

            	
              207,070

            	
              11/8/2008

            
	
              0.7500

            	
              1,741,933

            	
              12/30/2007

            
	
              0.3500

            	
              310,787

            	
              12/30/2007

            
	
              0.8194

            	
              6,801,920

            	
              9/17/2008

            
	
              0.8756

            	
              1,359,384

            	
              9/17/2008

            
	
              0.8700

            	
              1,980,429

            	
              3/15/2009

            
	
              0.5600

            	
              600,000

            	
              6/16/2009

            
	
              0.5050

            	
              6,297,075

            	
              8/8/2010

            
	
              0.6250

            	
              629,708

            	
              8/8/2010

            
	
              0.2460

            	
              11,836,882

            	
              4/10/2009

            
	
              0.3400

            	
              735,744

            	
              4/10/2009

            
	
              0.4500

            	
              635,744

            	
              4/10/2009

            
	
              0.4500

            	
              150,000

            	
              1/31/2008

            
	
              0.2600

            	
              250,000

            	
              10/24/2008

            
	 	 	 
	
              Total

            	
              35,775,487

            	 

    

    

    

    

    

    

    
      	
              DOR
                BioPharma, Inc

            	 
	
              Summary
                schedule of outstanding options

            
	
              Exercise
                

            	
              Number
                of

            	
              Expiration
                

            
	
              Price
                

            	
              Options

            	
              Date
                

            
	
               

            	
               

            	
               

            
	
              2.469
                

            	
              242,000
                

            	
              10/21/2007

            
	
              5.625
                

            	
              35,000
                

            	
              11/28/2007

            
	
              2.000
                

            	
              7,500
                

            	
              2/23/2009

            
	
              1.380
                

            	
              12,000
                

            	
              10/21/2009

            
	
              2.540
                

            	
              36,000
                

            	
              10/25/2009

            
	
              3.938
                

            	
              9,000
                

            	
              2/8/2010

            
	
              1.250
                

            	
              50,000
                

            	
              2/21/2011

            
	
              0.740
                

            	
              307,839
                

            	
              11/29/2011

            
	
              0.400
                

            	
              100,000
                

            	
              11/10/2007

            
	
              0.250
                

            	
              50,000
                

            	
              11/10/2007

            
	
              0.200
                

            	
              200,000
                

            	
              11/29/2012

            
	
              0.200
                

            	
              200,000
                

            	
              11/10/2007

            
	
              0.350
                

            	
              150,000
                

            	
              11/14/2012

            
	
              0.350
                

            	
              2,000,000
                

            	
              11/30/2007

            
	
              0.990
                

            	
              100,000
                

            	
              3/6/2008

            
	
              0.850
                

            	
              300,000
                

            	
              11/10/2007

            
	
              1.280
                

            	
              75,000
                

            	
              5/1/2013

            
	
              0.580
                

            	
              150,000
                

            	
              7/2/2013

            
	
              1.280
                

            	
              75,000
                

            	
              5/1/2013

            
	
              0.900
                

            	
              100,000
                

            	
              9/15/2013

            
	
              0.900
                

            	
              150,000
                

            	
              11/10/2007

            
	
              0.900
                

            	
              50,000
                

            	
              11/30/2007

            
	
              0.760
                

            	
              105,000
                

            	
              11/18/2013

            
	
              1.000
                

            	
              100,000
                

            	
              2/11/2014

            
	
              0.580
                

            	
              50,000
                

            	
              6/11/2014

            
	
              0.580
                

            	
              150,000
                

            	
              11/10/2007

            
	
              0.580
                

            	
              150,000
                

            	
              9/9/2014

            
	
              0.580
                

            	
              50,000
                

            	
              11/30/2007

            
	
              0.450
                

            	
              100,000
                

            	
              10/22/2014

            
	
              0.470
                

            	
              300,000
                

            	
              11/10/2014

            
	
              0.460
                

            	
              1,340,000
                

            	
              8/24/2007

            
	
              0.490
                

            	
              500,000
                

            	
              12/13/2014

            
	
              0.450
                

            	
              150,000
                

            	
              2/22/2015

            
	
              0.290
                

            	
              100,000
                

            	
              1/10/2016

            
	
              0.330
                

            	
              1,645,000
                

            	
              5/10/2016

            
	
              0.270
                

            	
              2,500,000
                

            	
              8/29/2016

            
	
              0.425
                

            	
              100,000
                

            	
              1/23/2017

            
	
              0.430
                

            	
              200,000
                

            	
              1/25/2017

            
	 	 	 
	
              Total

            	
              11,939,339

            	
               

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      3.1(u)

    

    

    On
      January 3, 2007, in connection with a letter of intent agreement with Sigma
      Tau
      Pharmaceuticals, Inc. (“Sigma Tau”), the Company granted piggy-back registration
      rights to Sigma-Tau in connection with the issuance of 4,065,041 shares of
      common stock. The Company granted demand registration rights with regard to
      the
      4,065,041 shares of common stock, which are exercisable after March 31, 2007.
      Finally, the Company granted demand registration rights, which become
      exercisable three months after issuance of the shares, to Sigma Tau with regard
      $2 million worth of the Company’s common stock that may be purchased upon
      election by Sigma Tau, provided certain events occur. 

    

    In
      connection with anti-dilution rights granted to investors in connection with
      a
      securities purchase agreement dated April 6, 2006, the Company may be obligated
      to register new shares of common stock. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      4.4

    

    

    The
      Company has an obligation to keep the registration statements, as amended,
      identified below continuously effective under the Securities Act of 1933 until
      the date when all securities registered thereon have been sold or may be sold
      (assuming for such purposes that the holder shall elect to utilize the cashless
      or net exercise provisions under the warrants) without volume restrictions
      pursuant to Rule 144(k) promulgated under the Securities Act of 1933. The
      Company will be required to file post-effective amendments to each of the
      registration statements set forth below upon filing its Form 10KSB for the
      year
      ended December 31, 2006.

    

    
      	
              Registration
                Statement

            	 	
              Filing
                Date 

            	 	
              Effective
                Date

            	 	
              File
                Number

            
	 	 	 	 	 	 	 
	
              SB-2

            	 	
              5-10-2006

            	 	
              5-26-2006

            	 	
              333-133975

            
	
              S-1

            	 	
              1-20-2006

            	 	
              2-13-2006

            	 	
              333-131166

            
	
              S-3

            	 	
              3-11-2005

            	 	
              4-6-2005

            	 	
              333-123281

            
	
              S-3

            	 	
              4-15-2004

            	 	
              4-27-2004

            	 	
              333-114494

            

    

    

    

          

                 

            

            

            

            

    

    

    

    EXHIBIT
      A

     

    Registration
      Rights Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]