Document:

Exhibit 10.1
    

    
      

      

      

      

    

    

    

    
      

      

      

      

      

      

      

      

      

      

      SECURITIES PURCHASE AGREEMENT

DATED AS OF OCTOBER
      22, 2009

BY AND BETWEEN

PHOTOMEDEX,
      INC.

AND

THE PURCHASER LISTED ON
THE
      SIGNATURE PAGE HERETO

    

    

    

    
      

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      

      Table of Contents
    

    

    

    
    	
          1.
        	
          Authorization of Sale of the Shares
        	
          1
        
	
          2.
        	
          Agreement to Sell and Purchase the Shares
        	
          1
        
	
          3.
        	
          Delivery of the Shares at the Closings
        	
          
            3
          

        
	
          4.
        	
          Conditions to the Closings
        	
          
            3
          

        
	
          5.
        	
          Representations and Warranties of the Company
        	
          5
        
	
          6.
        	
          Representations and Warranties of the Purchaser
        	
          
            12
          

        
	
          7.
        	
          Survival of Representations, Warranties and Covenants
        	
          
            12
          

        
	
          8.
        	
          Registration of the Shares; Compliance with the Securities Act
        	
          
            12
          

        
	
          9.
        	
          Preparation of Proxy Statement; Company Stockholders Meeting
        	
          
            13
          

        
	
          10.
        	
          Fees
        	
          
            15
          

        
	
          11.
        	
          Notices
        	
          
            15
          

        
	
          12.
        	
          Changes
        	
          
            16
          

        
	
          13.
        	
          Headings
        	
          
            16
          

        
	
          14.
        	
          Severability
        	
          
            16
          

        
	
          15.
        	
          Governing Law
        	
          
            16
          

        
	
          16.
        	
          Counterparts
        	
          
            16
          

        
	
          17.
        	
          Entire Agreement
        	
          
            16
          

        
	
          18.
        	
          Assignment
        	
          
            16
          

        
	
          19.
        	
          Further Assurances
        	
          
            16
          

        
	
          20.
        	
          Independent Nature of Purchaser’s Obligations and Rights
        	
          
            16
          

        
	
          
            Appendix I: Stock Certificate Questionnaire
          

        	
          
            19
          

        
	
          
            Appendix II: Accredited Investor Questionnaire
          

        	
          
            20
          

        

    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      SECURITIES PURCHASE AGREEMENT
    

    
      THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”) is
      made as of the 22nd day of October 2009, by and between
      PhotoMedex, Inc., a Delaware corporation (the “Company”),
      and the purchaser whose name and address is set forth on the signature
      page hereto (the “Purchaser”).
    

    
      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 Purchaser, and the Purchaser desires to purchase from the
      Company, shares (the “Purchased Shares”) of the Company’s
      Common Stock, par value $0.01 per share (“Common Stock”).
    

    
      NOW, THEREFORE, IN CONSIDERATION of the foregoing and the mutual
      covenants contained herein and other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the
      Company and the Purchaser hereby agree as follows:
    

    
      1)  Authorization of Sale of the Shares.
    

    
          a)  Subject to the terms and conditions of this Agreement, the
      Company has authorized the issuance and sale of up to an aggregate of
      9,100,000 shares (the “Shares”) of Common Stock, which
      issuance and sale shall be effected in two tranches (the “Offering”).  The
      Company reserves the right to increase or decrease the number of Shares
      sold in the Offering.
    

    
          b)  The Shares to be issued and sold to the Purchaser at the First
      Tranche Closing (as defined in Section 3(a) hereof) are sometimes
      referred to herein as the “First Tranche Shares.”  The
      Shares to be issued and sold to the Purchaser at the Second Tranche
      Closing (as defined in Section 3(b) hereof) are sometimes
      referred to herein as the “Second Tranche Shares.”
    

    
      2)  Agreement to Sell and Purchase the Shares.
    

    
          a)  Purchase and Sale of Shares.  At
      each of the First Tranche Closing and the Second Tranche Closing, the
      Company will issue and sell to the Purchaser, and the Purchaser will buy
      from the Company, upon the terms and conditions hereinafter set forth,
      that number of First Tranche Shares, if any, and Second Tranche Shares,
      if any, as is set forth below at the purchase price set forth below:

    

    
    	

        	
          
            Number of Shares to
be Purchased
          

        	
          
            Price Per Share
in Dollars
          

        	
          
            Aggregate Price
          

        
	

        	

        	

        	
           
        
	
          First Tranche Shares
        	
          _______
        	
          $0.65
        	
          $______
        
	

        	

        	

        	
           
        
	
          Second Tranche Shares
        	
          _______
        	
          $0.65
        	
          $______
        

    

    
      For the purposes of clarity, if the Purchaser is not obligated to
      purchase any First Tranche Shares or Second Tranche Shares (as indicated
      in the table above), then the provisions of this Agreement relating to
      the First Tranche Shares and the First Tranche Closing or the Second
      Tranche Shares and the Second Tranche Closing, as applicable, shall not
      be applicable to the Purchaser.
    

    

    

    
      
        

        

      

      
        
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          b)  Other Purchasers; Agreements.  The
      Company proposes to enter into securities purchase agreements
      substantially similar to this Agreement with certain other investors
      concurrently herewith (each, an “Other Purchaser” and
      collectively, the “Other Purchasers”) and expects to
      complete sales of the Shares to them concurrently with the Closings (as
      defined in Section 3(b) hereof).  The Purchaser and the Other
      Purchasers are sometimes collectively referred to herein as the “Purchasers,”
      and this Agreement and the purchase agreements executed by the Other
      Purchasers are sometimes collectively referred herein to as the “Agreements.”
    

    
          c)  Perseus Right of First Refusal.  Notwithstanding
      contained herein to the contrary,  
    

    
              i)  the number of First Tranche Shares to be purchased by the
      Purchaser at the First Tranche Closing or the number of Second Tranche
      Shares to be purchased by the Purchaser at the Second Tranche Closing,
      as applicable, shall be reduced to the extent that Perseus Partners VII,
      L.P. (“Perseus”) exercises its right of first refusal to
      purchase its pro rata share of the Shares to be issued at such Closing
      pursuant to Section 5.24 of the Securities Purchase Agreement, dated as
      of August 4, 2008, by and between the Company and Perseus, as amended
      (the “Perseus Securities Purchase Agreement”) as follows:
    

    
      First Tranche Closing Cutback:  Cutback Number of First Tranche Shares =
      First Tranche Shares * (1-(Shares to be purchased by Perseus at the
      First Tranche Closing/Aggregate number of Shares to be sold by the
      Company at the First Tranche Closing))
    

    
      Second Tranche Closing Cutback:  Cutback Number of Second Tranche Shares
      = Second Tranche Shares * (1-(Shares to be purchased by Perseus at the
      Second Tranche Closing/Aggregate number of Shares to be sold by the
      Company at the Second Tranche Closing))
    

    
      The number of shares as determined by the formula above shall be
      referred to for all purposes of this Agreement as the “First Tranche
      Shares” or the “Second Tranche Shares,” as applicable.
    

    
             ii)  this Agreement shall automatically terminate and be of no
      further force or effect, without any action on the part of the Company
      or the Purchaser, immediately upon Perseus providing irrevocable notice
      to the Company that it is exercising its right of first refusal to
      purchase all, but not less than all, of the Shares pursuant to Section
      5.12 of the Perseus Securities Purchase Agreement.  
    

    
      The Company notes that the period of ten (10) business days in which
      Perseus had to exercise either of its rights of first refusal has
      expired, and Perseus did not amend its earlier indication that it would
      not exercise either of its rights of first refusal.
    

    
          d)  Purpose; Use of Proceeds.  The
      purpose of the Offering is to raise sufficient equity capital in order
      to enable the Company to remain solvent and continue as a going
      concern.  The Company will use the proceeds from the sale of the Shares
      in the Offering to pay down outstanding accounts payable to vendors and
      service providers, to meet near-term debt service requirements, to
      redirect and refocus its business plan, and otherwise to apply to
      general working capital purposes.
    

    

    

    
      
        

        

      

      
        
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      3)  Delivery of the Shares at the Closings.
    

    
          a)  First Tranche Closing.  The
      completion of the purchase and sale of the First Tranche Shares (the “First
      Tranche Closing”) shall occur at the offices of Morgan, Lewis &
      Bockius LLP, Philadelphia, PA 19103, on the second business day
      following the satisfaction or waiver of the conditions to the First
      Tranche Closing set forth in Section 4(a) and Section 4(b),
      or on such later date or at such different location as the parties
      hereto shall agree in writing (the “First Tranche Closing Date”).
    

    
          b)  Second Tranche Closing.  The
      completion of the purchase and sale of the Second Tranche Shares (the “Second
      Tranche Closing” and, together with the First Tranche Closing, the “Closings”)
      shall occur at the offices of Morgan, Lewis & Bockius LLP, Philadelphia,
      PA 19103, on the second business day following the satisfaction or
      waiver of the conditions to the Second Tranche Closing set forth in Section
      4(a) and Section 4(b), or on such later date or at such
      different location as the parties hereto shall agree in writing (the “Second
      Tranche Closing Date” and, together with the First Tranche Closing
      Date, the “Closing Dates”).
    

    
          c)  Transactions to be Effected at
      the Closings.  At each of the Closings, the Company shall deliver to
      the Purchaser one or more stock certificates registered in the name of
      the Purchaser therein, or, if so indicated on the Stock Certificate
      Questionnaire attached hereto as Appendix I (the “Purchaser
      Questionnaire”), in such nominee name(s) as designated by the
      Purchaser, representing the number of the First Tranche Shares, in the
      case of the First Tranche Closing, and the Second Tranche Shares, in the
      case of the Second Tranche Closing, set forth in Article 2 hereof
      bearing an appropriate legend referencing that such Shares have not been
      registered under the Securities Act of 1933, as amended (the “Securities
      Act”) as provided in Section 6(f).  
    

    
      4)  Conditions to the Closings.
    

    
          a)  Conditions Precedent to
      Obligations of the Company.
    

    
              i)  Conditions
      Precedent to Each of the Closings.  The Company’s obligation to
      complete the sale of the Shares and to deliver the stock certificates
      evidenced thereby to the Purchaser at each of the First Tranche Closing
      and the Second Tranche Closing shall be subject to the following
      conditions, any one or more of which may be waived by the Company:
    

    
                 (1)  receipt by the Company of same-day funds in the full
      amount of the purchase price for the First Tranche Shares, in the case
      of the First Tranche Closing, or the Second Tranche Shares, in the case
      of the Second Tranche Closing, being purchased hereunder;
    

    
                 (2)  each of the representations and warranties of the
      Purchaser made herein shall be accurate in all material respects (except
      for such representations and warranties which already have been
      qualified as to materiality, which shall be true and correct in all
      respects) as of the date of this Agreement and as of the First Tranche
      Closing Date or the Second Tranche Closing Date, as the case may be,
      except any such representations and warranties that expressly relate to
      a specified date, in which case, as of such specified date;
    

    

    

    
      
        

        

      

      
        
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                 (3)  the fulfillment in all material respects of those
      undertakings of the Purchaser to be fulfilled prior to the First Tranche
      Closing Date or the Second Tranche Closing Date, as the case may be;
    

    
                 (4)  no proceeding challenging this Agreement or any of the
      Agreements with any of the Other Purchasers or the transactions
      contemplated hereby or thereby or seeking to prohibit, alter, prevent or
      materially delay either of the Closings shall have been instituted or
      shall be pending before any court, arbitrator or governmental body,
      agency or official;
    

    
                 (5)  the sale of the First Tranche Shares, in the case of the
      First Tranche Closing, and the Second Tranche Shares, in the case of the
      Second Tranche Closing, shall not be prohibited by any law or
      governmental order or regulation; and
    

    
                 (6)  the Purchaser shall have completed and delivered to the
      Company, or caused to be completed and delivered, the Accredited
      Investor Questionnaire attached hereto as Appendix II (the “Accredited
      Investor Questionnaire”).
    

    
             ii)  Condition
      Precedent to the First Tranche Closing.  The Company’s obligation to
      complete the sale of the First Tranche Shares and to deliver the stock
      certificates evidenced thereby to the Purchaser at the First Tranche
      Closing shall be subject to the following conditions, any of which may
      be waived by the Company: (A) the receipt by the Company of an exemption
      pursuant to NASDAQ Listing Rule 5635(f) from the stockholder approval
      requirements of NASDAQ Listing Rule 5635 with respect to the sale of the
      First Tranche Shares at the First Tranche Closing (the “NASDAQ
      Approval Exemption”), (B) ten calendar days shall have passed after
      the Company both made the public announcement and mailed the stockholder
      letter, each regarding the Offering and the receipt by the Company of
      the NASDAQ Approval Exemption as required by NASDAQ Listing Rule 5635(f)
      and (C) the expiration of the ten business day acceptance/agreement
      periods referred to in Sections 5.12(b) and 5.24(b) of the Perseus
      Securities Purchase Agreement.
    

    
            iii)  Condition
      Precedent to the Second Tranche Closing.  The Company’s obligation
      to complete the sale of the Second Tranche Shares and to deliver the
      stock certificates evidenced thereby to the Purchaser at the Second
      Tranche Closing shall be subject to the Company obtaining the
      Stockholder Approval (as defined in Section 9(c) hereof) at the
      Company Stockholders Meeting (as defined in Section 9(b)
      hereof).  The condition set forth in this Section 4(a)(iii) may be
      waived by the Company.
    

    
          b)  Conditions Precedent to
      Obligations of the Purchaser.  The Purchaser’s obligation to accept
      delivery of the stock certificates described in Section 3(c)
      hereof and to pay for the Shares evidenced thereby at each of the First
      Tranche Closing and the Second Tranche Closing shall be subject to the
      following conditions, any one or more of which may be waived by the
      Purchaser:
    

    

    

    
      
        

        

      

      
        
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                 (1)  each of the representations and warranties of the
      Company made herein shall be accurate in all material respects (except
      for such representations and warranties which already have been
      qualified as to materiality, which shall be true and correct in all
      respects) as of the date of this Agreement and as of the First Tranche
      Closing Date or the Second Tranche Closing Date, as the case may be,
      except any such representations and warranties that expressly relate to
      a specified date, in which case, as of such specified date;
    

    
                 (2)  the fulfillment in all material respects of those
      undertakings of the Company to be fulfilled prior to the First Tranche
      Closing Date or the Second Tranche Closing Date, as the case may be;
    

    
                 (3)  the delivery to the Purchaser of a certificate executed
      by the chief executive officer of the Company, dated as of the First
      Tranche Closing Date or the Second Tranche Closing Date, as the case may
      be, to the effect that the representations and warranties of the Company
      set forth in Article 5 hereof are true and correct in all
      material respects (except for such representations and warranties which
      already have been qualified as to materiality, which shall be true and
      correct in all respects) as of the date of this Agreement and as of the
      First Tranche Closing Date or the Second Tranche Closing Date, as the
      case may be, except any such representations and warranties that
      expressly relate to a specified date, in which case, as of such
      specified date, (except for such changes or modifications as are
      specified therein) and that the Company has, in all material respects,
      complied with all the agreements and satisfied all the conditions herein
      on its part to be performed or satisfied on or prior to the First
      Tranche Closing Date or the Second Tranche Closing Date, as the case may
      be;
    

    
                 (4)  no proceeding challenging this Agreement or any of the
      Agreements with any of the Other Purchasers or the transactions
      contemplated hereby or thereby or seeking to prohibit, alter, prevent or
      materially delay the either of the Closings shall have been instituted
      or shall be pending before any court, arbitrator or governmental body,
      agency or official;
    

    
                 (5)  the sale of Shares shall not be prohibited by any
      applicable law or governmental order or regulation; and
    

    
                 (6)  the Common Stock shall be listed for trading or quoted
      on an Eligible Market and the Purchased Shares duly approved for listing
      or quotation thereon.  For the purposes of this Section 4(b)(6),
      “Eligible Market” shall mean (A) the Nasdaq Global Select Market, (B)
      the Nasdaq Global Market, (C) The Nasdaq Capital Market, (D) the New
      York Stock Exchange, Inc., (E) the American Stock Exchange or (F) the
      OTC Bulletin Board.
    

    
      5)  Representations and Warranties of the Company.  The
      Company hereby represents and warrants to, and covenants with, the
      Purchaser as follows:
    

    
          a)  Organization and Qualification.  The
      Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Delaware and the Company is
      qualified to do business as a foreign corporation in each jurisdiction
      in which qualification is required, except where failure to so qualify
      would not reasonably be expected to have a Material Adverse Effect (as
      defined below).  For purposes of this Agreement, the term “Material
      Adverse Effect” shall mean a material adverse effect upon the
      business, financial condition, properties or results of operations of
      the Company and its Subsidiaries, taken as a whole.
    

    

    

    
      
        

        

      

      
        
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          b)  Authorized Capital Stock.  As
      of the date hereof, (i) the authorized capital stock of the Company
      consists of 21,428,572 shares of Common Stock of which 9,033,175 shares
      are issued and outstanding, (ii) there are outstanding options granted
      pursuant to the Company’s stock option plans to purchase a total of
      954,344 shares of Common Stock, (iii) there are available for issuance
      under the Company’s stock option and purchase plans a total of 338,591
      shares of Common Stock, as to which all but 25,000 shares have suspended
      from issuance unless and until the stockholders of the Company authorize
      an increase in the Company’s shares of authorized common stock, (iv)
      there are outstanding warrants to purchase 1,524,461 shares of Common
      Stock, and (v) there are outstanding convertible promissory notes
      convertible into 3,626,838 shares of Common Stock.  The issued and
      outstanding shares of the Company’s Common Stock have been duly
      authorized and validly issued, are fully paid and nonassessable, have
      been issued in compliance with all federal and state securities laws,
      were not issued in violation of or subject to any preemptive rights or
      other rights to subscribe for or purchase securities, and conform in all
      material respects to the description thereof contained in the Securities
      Filings (as defined in Section 5(f) hereof).  Except as disclosed
      in the Securities Filings (as defined below) and except for Shares
      issuable under other Agreements, the Company does not have outstanding
      any options to purchase, or any preemptive rights or other rights to
      subscribe for or to purchase, any securities or obligations convertible
      into, or any contracts or commitments to issue or sell, shares of its
      capital stock or any such options, rights, convertible securities or
      obligations.  The description of the Company’s stock, stock bonus and
      other stock plans or arrangements and the options or other rights
      granted and exercised thereunder set forth in the Securities Filings
      accurately and fairly presents all material information with respect to
      such plans, arrangements, options and rights, as of the dates for which
      such information is given, that is required by the Securities Exchange
      Act of 1934, as amended (the “Exchange Act”), and the rules
      and regulations promulgated thereunder to be so described.  With respect
      to each subsidiary of the Company (each a “Subsidiary” and
      collectively, “Subsidiaries”), (x) all the issued and
      outstanding shares of such Subsidiary’s capital stock have been duly
      authorized and validly issued, are fully paid and nonassessable, have
      been issued in compliance with applicable law, were not issued in
      violation of or subject to any preemptive rights or other rights to
      subscribe for or purchase securities, and (y) there are no outstanding
      options to purchase, or any preemptive rights or other rights to
      subscribe for or to purchase, any securities or obligations convertible
      into, or any contracts or commitments to issue or sell, shares of such
      Subsidiary’s capital stock or any such options, rights, convertible
      securities or obligations.
    

    
          c)  Issuance, Sale and Delivery of
      the Shares.  The Shares, when issued, delivered and paid for in the
      manner set forth in this Agreement, will be duly authorized, validly
      issued, fully paid and nonassessable and shall be free and clear of all
      encumbrances and restrictions except for restrictions on transfer set
      forth in this Agreement or imposed by applicable federal and state
      securities laws.  No preemptive rights or other rights to subscribe for
      or purchase exist with respect to the issuance and sale of the Shares by
      the Company pursuant to this Agreement.  Except for the Stockholder
      Approval, no further approval or authority of the stockholders of the
      Company or the Board of Directors of the Company (the “Board”)
      will be required for the issuance and sale of the Shares to be sold by
      the Company as contemplated herein.
    

    

    

    
      
        

        

      

      
        
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          d)  Due Execution, Delivery and
      Performance of this Agreement.  The Company has all requisite
      corporate power and authority to enter into this Agreement and perform
      the transactions contemplated hereby.  This Agreement has been duly
      authorized, executed and delivered by the Company.  The execution,
      delivery and performance of this Agreement by the Company and the
      consummation of the transactions contemplated herein will not (i)
      violate any provision of the certificate of incorporation or bylaws of
      the Company or its Subsidiaries, (ii) to the Company’s knowledge,
      conflict with or result in a violation of any statute or any judgment,
      decree, order, rule or regulation of any court or any regulatory body,
      administrative agency or other governmental body applicable to the
      Company or its Subsidiaries or any of their respective properties,
      except for any conflict or violation that would not reasonably be
      expected to have a Material Adverse Effect, or (iii) to the Company’s
      knowledge, result in the creation of any lien, charge, security interest
      or encumbrance upon any assets of the Company or its Subsidiaries
      pursuant to the terms or provisions of, or conflict with, result in the
      breach or violation of, or constitute, either by itself or upon notice
      or the passage of time or both, a default under any agreement or give to
      others any rights of termination, amendment, acceleration or
      cancellation (with or without notice, lapse of time or both) of any
      agreement, mortgage, deed of trust, lease, franchise, license indenture,
      permit or other instrument to which the Company or its Subsidiaries is a
      party or by which the Company or its Subsidiaries or any of their
      respective properties may be bound or affected, except, in each case,
      for any lien, charge, security interest, encumbrance, conflict, breach,
      violation or default that would not reasonably be expected to have a
      Material Adverse Effect.  No consent, approval, authorization or other
      order of any court, regulatory body, administrative agency or other
      governmental body is required for the execution and delivery of this
      Agreement by the Company or the consummation of the transactions
      contemplated by this Agreement, except for compliance with, and making
      the applicable filings under, the blue sky laws and federal securities
      laws applicable to the private placement of the Shares and the receipt
      of the NASDAQ Approval Exemption.  Upon the execution and delivery of
      this Agreement, and assuming the valid execution thereof by the
      Purchaser, this Agreement will constitute a valid and binding obligation
      of the Company, enforceable in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or similar laws affecting creditors’ and
      contracting parties’ rights generally and except as enforceability may
      be subject to general principles of equity (regardless of whether such
      enforceability is considered in a proceeding in equity or at law) and
      except as the indemnification provisions in Section 8(f) hereof
      may be limited by federal or state securities laws or the public policy
      underlying such laws.
    

    
          e)  Securities Filings.
    

    
              i)  The information contained in the following documents did
      not, as of the date of the applicable document, include any untrue
      statement of a material fact or omit to state any material fact required
      to be stated therein or necessary to make the statements therein, in the
      light of the circumstances in which they were made, not misleading, as
      of their respective filing dates or, if amended, as so amended (the
      following documents, collectively, the “Securities Filings”):
    

    

    

    
      
        

        

      

      
        
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                 (1)  the Company’s Annual Report on Form 10-K for the year
      ended December 31, 2008;
    

    
                 (2)  the Company’s Quarterly Reports on Form 10-Q for the
      quarters ended March 31, 2009 and June 30, 2009;
    

    
                 (3)  the Company’s Current Reports on Form 8-K filed with the
      SEC on January 26, 2009, February 27, 2009, March 5, 2009, March 20,
      2009 (but only the information set forth in Item 5.02 thereof), April
      14, 2009 (but only the information set forth in Item 5.02 thereof),
      April 18, 2009, July 7, 2009 and August 12, 2009;
    

    
                 (4)  the Company’s Amended Current Reports on Form 8-K, both
      filed with the SEC on May 14, 2009; and
    

    
                 (5)  Any future filings the Company makes with the Securities
      and Exchange Commission (the “Commission”) under Sections
      13(a), 13(c), 14, or 15(d) of the Exchange Act until the Closings.
    

    
             ii)  In furtherance and not in limitation of the provisions of Section
      5(f)(i) hereof, the financial statements of the Company and the
      related notes contained in or incorporated by reference into the
      Securities Filings present fairly in all material respects, in
      accordance with generally accepted accounting principles, the financial
      position of the Company as of the dates indicated, and the results of
      their operations, cash flows, and the changes in stockholders’ equity
      for the periods therein specified, subject, in the case of unaudited
      financial statements for interim periods, to normal year-end audit
      adjustments and the absence of full footnote disclosure as required by
      generally accepted accounting principles.  Such financial statements
      (including the related notes) have been prepared in all material
      respects in accordance with generally accepted accounting principles
      applied on a consistent basis throughout the periods therein specified,
      subject, in the case of unaudited financial statements from interim
      periods, to normal year-end adjustments, and except as otherwise
      described therein and except that unaudited financial statements may not
      contain all footnotes required by generally accepted accounting
      principles.
    

    
          f)  Private Placement.  Assuming
      (i) the accuracy of the representations and warranties of the Purchaser
      set forth in Article 6 hereof, and (ii) the accuracy of the
      information provided in the Accredited Investor Questionnaire submitted
      by each of the Purchasers, the offer and sale of the Shares to the
      Purchasers as contemplated hereby is exempt from the registration
      requirements of the Securities Act.
    

    
      6)  Representations, Warranties and Covenants of the
      Purchaser.
    

    
          a)  Purchaser Status.  The
      Purchaser represents and warrants to, and covenants with, the Company
      that (i) the Purchaser is knowledgeable, sophisticated and experienced
      in making, and is qualified to make, decisions with respect to
      investments in securities representing an investment decision like that
      involved in the purchase of the Shares, including investments in
      securities issued by the Company and comparable entities, and has had
      the opportunity to request, receive, review and consider all information
      it deems relevant in making an informed decision to purchase the Shares,
      (ii) the Purchaser is acquiring the aggregate number of Shares set forth
      in Article 2 hereof in the ordinary course of its business and
      for its own account and with no present intention of distributing any of
      such Shares or any arrangement or understanding with any other persons
      regarding the distribution of such Shares, (iii) the Purchaser will not,
      directly or indirectly, offer, sell, pledge, transfer or otherwise
      dispose of (or solicit any offers to buy, purchase or otherwise acquire
      or take a pledge of) any of the Shares, nor will the Purchaser engage
      in, or permit any party on behalf of the Purchaser or for the benefit of
      the Purchaser to engage in, any short sale that results, or may result,
      in a disposition of any of the Shares by the Purchaser, except in
      compliance with the Securities Act and the rules and regulations
      promulgated thereunder (the “Rules and Regulations”) and
      any applicable state securities laws, nor will the Purchaser, prior to
      public announcement of the issuance or proposed issuance of Shares
      pursuant to the Agreements, engage in, or permit any party on behalf of
      the Purchaser or for the benefit of the Purchaser to engage in, any
      structured asset monetization and protection strategy “STAMPS,”
      contingent forward, or other hedging transaction with respect to any of
      the Shares, (iv) the Purchaser has completed or caused to be completed
      the Accredited Investor Questionnaire, and the answers thereto are true,
      correct and complete as of the date hereof and will be true, correct and
      complete as of the effective date of each of the Closings and the
      Purchaser will notify the Company immediately of any material change in
      any such information provided in the Accredited Investor Questionnaire
      until such time as the Purchaser has sold all of its Shares, (v) the
      Purchaser has, in connection with its decision to purchase the number of
      Shares set forth in Article 2 hereof, relied solely upon the
      Securities Filings and the representations and warranties of the Company
      contained herein and such Purchaser is not purchasing any of the Shares
      as a result of any advertisement, notice, article or other communication
      published in or broadcast over any medium  presented at any seminar or
      any other general solicitation or general advertisement, (vi) the
      Purchaser has had an opportunity to discuss this investment with
      representatives of the Company and ask questions of them, (vii) the
      Purchaser is and will be at the Closings an “accredited investor” within
      the meaning of Rule 501(a) of Regulation D promulgated under the
      Securities Act, (viii) the Purchaser is acting for its own account with
      regard to the Offering, and with regard to the Company in general, and
      is not acting together, in concert or in conjunction with any other
      person or entity, and (ix) the Purchaser is the beneficial owner (as
      defined in Rules 13d-3 and 13d-5 of the Exchange Act, except that for
      purposes of this clause (ix), the Purchaser shall be deemed to have
      “beneficial ownership” of all shares of Common Stock that the Purchaser
      has the right to acquire, whether such right is exercisable immediately
      or only after the passage of time) of the number of shares of Common
      Stock as indicated on the signature page to this Agreement.
    

    

    

    
      
        

        

      

      
        
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          b)  Exemption from the Securities
      Act.  The Purchaser hereby acknowledges that the Shares are being
      offered and sold to it in reliance upon specific exemptions from the
      registration requirements of the Securities Act, the Rules and
      Regulations and state securities laws and that the Company is relying
      upon the truth and accuracy of, and the Purchaser’s compliance with, the
      representations, warranties, agreements, acknowledgments and
      understandings of the Purchaser set forth herein in order to determine
      the availability of such exemptions and the eligibility of the Purchaser
      to acquire the Shares.
    

    
          c)  Confidentiality.  The
      Purchaser hereby acknowledges that the existence and nature of all
      conversations and presentations, if any, regarding the Company and this
      private placement must be kept strictly confidential.  The Purchaser
      further acknowledges that federal securities laws impose restrictions on
      trading based on information regarding this private placement.  In
      addition, the Purchaser hereby acknowledges that unauthorized disclosure
      of information regarding this private placement may result in a
      violation of Regulation FD promulgated by the Commission.  This
      obligation will terminate upon the filing by the Company of a press
      release or press releases or a Current Report on Form 8-K describing
      this private placement.  The foregoing agreements shall not apply to any
      information that is or becomes publicly available through no fault of
      the Purchaser, or that the Purchaser is legally required to disclose; provided,
      however, that if the Purchaser is requested or ordered to
      disclose any such information pursuant to any court or other government
      order or order of any other applicable regulatory authority having
      jurisdiction over the Purchaser or any other applicable legal procedure,
      it shall provide, unless prohibited by applicable law, the Company with
      prompt notice of any such request or order in time sufficient to enable
      the Company to seek an appropriate protective order.  The Purchaser
      acknowledges and agrees that the Company continues to have the right to
      disclose information regarding the Purchaser and the Offering (including
      without limitation, the identity of the Purchaser, the number of
      Purchased Shares and the other terms and conditions set forth herein) in
      connection with the Company’s rights and obligations under the Perseus
      Securities Purchase Agreement.
    

    

    

    
      
        

        

      

      
        
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          d)  Investment Risk.  The
      Purchaser hereby acknowledges that its investment in the Shares involves
      a significant degree of risk, including a risk of total loss of the
      Purchaser’s investment, and, subject to and in reliance upon the
      correctness, accuracy and completeness of the Company’s representations
      and warranties in Article 5 hereof, the Purchaser has full
      cognizance of and understands all of the risks related to the
      Purchaser’s purchase of the Shares.  The Purchaser understands that the
      market price of the Common Stock can be volatile and that no
      representation is being made as to the future value of the Common
      Stock.  The Purchaser has the knowledge and experience in financial and
      business matters as to be capable of evaluating the merits and risks of
      an investment in the Shares and has the ability to bear the economic
      risks of an investment in the Shares.
    

    
          e)  No Governmental Endorsement.  The
      Purchaser further represents and warrants to the Company that no United
      States federal or state agency or any other government or governmental
      agency has passed upon or made any recommendation or endorsement of the
      Shares.
    

    
          f)  Legend.  The Purchaser
      hereby acknowledges that the Shares will bear a restrictive legend in
      substantially the following form:
    

    
      “The Shares evidenced by this certificate have not been registered under
      the Securities Act of 1933, as amended (the “Securities Act”),
      or the securities laws of any state or other jurisdiction. The Shares
      may not be offered, sold, pledged or otherwise transferred except (i)
      pursuant to an exemption from registration under the Securities Act, or
      (ii) pursuant to an effective registration statement under the
      Securities Act, in each case in accordance with all applicable
      securities laws of the states and other jurisdictions, and in the case
      of a transaction exempt from registration, unless the Company has
      received an opinion of counsel reasonably satisfactory to it that such
      transaction does not require registration under the Securities Act and
      such other applicable laws.”
    

    

    

    
      
        

        

      

      
        
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          g)  Principal Offices.  As
      applicable, the Purchaser’s principal executive offices are in the
      jurisdiction set forth immediately below the Purchaser’s name on the
      signature pages hereto.
    

    
          h)  Organization; Authority.  As
      applicable, the Purchaser further represents and warrants to, and
      covenants with, the Company that (i) the Purchaser is an entity duly
      organized, validly existing and in good standing under the laws of the
      jurisdiction of its organization and has full right, power, authority
      and capacity to enter into this Agreement and to consummate the
      transactions contemplated hereby and has taken all necessary action to
      authorize the execution, delivery and performance of this Agreement,
      (ii) the making and performance of this Agreement by the Purchaser and
      the consummation of the transactions herein contemplated will not
      violate any provision of the organizational documents of the Purchaser
      or conflict with, result in the breach or violation of, or constitute,
      either by itself or upon notice or the passage of time or both, a
      default under any material agreement, mortgage, deed of trust, lease,
      franchise, license, indenture, permit or other instrument to which the
      Purchaser is a party, or any statute or any authorization, judgment,
      decree, order, rule or regulation of any court or any regulatory body,
      administrative agency or other governmental body applicable to the
      Purchaser, (iii) no consent, approval, authorization or other order of
      any court, regulatory body, administrative agency or other governmental
      body is required on the part of the Purchaser for the execution and
      delivery of this Agreement or the consummation of the transactions
      contemplated by this Agreement, (iv) upon the execution and delivery of
      this Agreement, this Agreement shall constitute a legal, valid and
      binding obligation of the Purchaser, enforceable in accordance with its
      terms, except as enforceability may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium or similar laws affecting
      creditors’ and contracting parties’ rights generally and except as
      enforceability may be subject to general principles of equity
      (regardless of whether such enforceability is considered in a proceeding
      in equity or at law) and except to the extent enforcement of the
      indemnification provisions, set forth in Section 8(f) hereof, may
      be limited by federal or state securities laws or the public policy
      underlying such laws, and (v) there is not in effect any order enjoining
      or restraining the Purchaser from entering into or engaging in any of
      the transactions contemplated by this Agreement.  
    

    
          i)  Compliance.  The Purchaser
      further represents and warrants to, and covenants with, the Company that
      (i) the Purchaser is in compliance with Executive Order 13224 and the
      regulations administered by the U.S. Department of the Treasury (“Treasury”)
      Office of Foreign Assets Control, (ii) the Purchaser, its parents,
      subsidiaries, affiliated companies, officers, directors and partners,
      and to the Purchaser’s knowledge, its shareholders, owners, employees,
      and agents, are not on the List of Specially Designated Nationals and
      Blocked Persons maintained by Treasury and have not been designated by
      Treasury as a financial institution of primary money laundering concern,
      (iii) to the Purchaser’s knowledge after reasonable investigation, all
      of the funds to be used to acquire the Shares are derived from
      legitimate sources and are not the product of illegal activities, and
      (iv) the Purchaser is in compliance with all other applicable U.S.
      anti-money laundering laws and regulations and has implemented, if
      applicable, an anti-money laundering compliance program in accordance
      with the requirements of the Bank Secrecy Act, as amended by the USA
      PATRIOT Act, Pub. L. 107-56.
    

    
          j)  Provision of Information.  The
      Purchaser covenants and agrees that, upon the Company’s request, the
      Purchaser shall provide the Company with such information regarding its
      ownership of the Shares as shall be reasonably required for the timely
      preparation and filing of information and documents to be filed under
      the Securities Act or the Exchange Act, as the case may be (including,
      without limitation, the Proxy Statement (as defined in Section 9(a)),
      and hereby agrees that, notwithstanding anything herein to the contrary,
      the Company shall not be required to register any of the Purchaser’s
      Shares under Article 8 hereof if such information is not provided
      to the Company within 5 business days of request by the Company.
    

    

    

    
      
        

        

      

      
        
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      7)  Survival of Representations, Warranties and Covenants.  Notwithstanding
      any investigation made by any party to this Agreement, all
      representations and warranties made by the Company and the Purchaser
      herein and in the certificates for the Shares delivered pursuant hereto
      shall survive the execution of this Agreement, the delivery to the
      Purchaser of the Shares being purchased and the payment therefor.
    

    
      8)  Piggy-Back Registration Rights.
    

    
          a)  Notice of Registration.  If
      at any time or from time to time, the Company shall determine to
      register any of its capital stock, whether or not for its own account,
      other than any registration relating to employee benefit plans or a
      registration effected on Form S-4 with respect to the issuance of shares
      of Common Stock to the holders of capital stock of an acquisition
      target, the Company shall:
    

    
              i)  provide to the Purchaser written notice thereof at least 15
      business days prior to the filing of the registration statement by the
      Company in connection with such registration; and
    

    
             ii)  include in such registration, and in any underwriting
      involved therein, all those Purchased Shares specified in a written
      request by the Purchaser received by the Company within 10 business days
      after the Company mails the written notice referenced above, subject to
      the provisions of Section 8(b) below.
    

    
          b)  Underwriting.  The right of
      the Purchaser to registration pursuant to this Article 8 shall be
      conditioned upon the participation by the Purchaser in the underwriting
      arrangements specified by the Company in connection with such
      registration and the inclusion of the Purchased Shares in such
      underwriting to the extent provided in this Agreement.  The Purchaser
      shall (together with the Company and the Other Purchasers, as the case
      may be) enter into an underwriting agreement in customary form with the
      managing underwriter selected for such underwriting by the Company and
      take all other actions, and deliver such opinions and certifications, as
      may be reasonably requested by such managing
      underwriter.  Notwithstanding any other provision of this Article
      8, (1) if the managing underwriter determines that marketing factors
      require a limitation of the number of shares to be underwritten, the
      managing underwriter may limit the number of Purchased Shares to be
      included in such registration prior to reducing the number of shares to
      be included by the Company, and (2) if the aggregate number of the
      Shares to be included in such registration by all of the Purchasers
      would exceed 20% of all of the securities included in such registration,
      the Company may in its sole discretion limit the aggregate number of
      Shares included in such registration to not less than 20% of the number
      of total securities included in such registration.
    

    

    

    
      
        

        

      

      
        
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          c)  Right to Terminate Registration.  The
      Company shall have the right to terminate or withdraw any registration
      initiated by it under this Article 8 for any reason or no reason
      in its sole and absolute discretion, whether or not the Purchaser has
      elected to include Purchased Shares in such registration.
    

    
          d)  Limitations.
    

    
              i)  Notwithstanding anything to the contrary set forth in this
      Agreement, in the event that following the exercise of the piggyback
      right pursuant to this Article 8 and the inclusion in such
      registration statement of all or part of the Purchased Shares then held
      by the Purchaser, the Commission informs the Company that such
      registration statement cannot be filed as a secondary offering on Form
      S-3 due to the aggregate number of securities to be registered
      thereunder, the Company, in its sole discretion, shall be permitted to
      exclude such portion of the Purchaser’s Purchased Shares from such
      registration statement to the extent necessary to permit the filing of
      such registration statement on Form S-3.
    

    
             ii)  The Company shall be permitted to exclude the Purchaser’s
      Purchased Shares from a registration statement if such Purchaser fails
      to timely comply with the Company’s request for information pursuant to Section
      6(j) hereof; provided, however, that if the
      Purchaser provides such information prior to the filing of such
      registration statement (or prior to the final amendment thereto prior to
      such registration statement being declared effective) the Company shall
      use commercially reasonable efforts to include such Purchased Shares in
      such registration statement.
    

    
            iii)  The rights of the Purchaser granted pursuant to this Section
      8 shall be subject in all respects to the registration rights granted to
      Perseus pursuant to that certain Registration Rights Agreement, dated as
      of February 27, 2009, between the Company and Perseus.
    

    
          e)  Expense of Registration.  All
      registration expenses incurred in connection with the registration and
      other obligations of the Company pursuant to this Article 8 shall
      be borne by the Company, and all underwriting discounts and selling
      commissions incurred in connection with any such registrations shall be
      borne pro rata by the Purchaser on the basis of the number of
      Purchased Shares registered.
    

    
      9)  Preparation of Proxy Statement; Company Stockholders
      Meeting.
    

    
          a)  As soon as is reasonably practicable following the First Tranche
      Closing Date, the Company shall prepare and file with the Commission a
      proxy statement relating to the Company Stockholders Meeting (such proxy
      statement, as amended or supplemented from time to time, the “Proxy
      Statement”), and the Company shall use its commercially reasonable
      efforts to respond as promptly as is practicable to any comments of the
      Commission with respect thereto.  The Company shall use its commercially
      reasonable efforts to cause the Proxy Statement to be mailed to the
      Company’s stockholders as promptly as is practicable after filing the
      Proxy Statement with the Commission.  
    

    
          b)  As soon as is practicable following the mailing of the Proxy
      Statement to the Company’s stockholders, the Company shall duly call,
      convene and hold a meeting of its stockholders for the purpose of
      seeking the Stockholder Approval (the “Company Stockholders
      Meeting”).  The Company shall, through the Board, recommend to its
      stockholders that they provide the Stockholder Approval.  The Board
      shall use its commercially reasonable efforts to solicit from
      stockholders of the Company proxies in favor of approval of (i) the
      Authorized Stock Increase (as defined in Section 9(d) hereof) and
      (ii) the transactions contemplated by this Agreement and the Agreements
      with the Other Purchasers to occur at the Second Tranche Closing, and
      shall take all other action necessary or advisable to secure the vote or
      consent of stockholders required by applicable federal and state
      securities laws, the rules and regulations of NASDAQ and the General
      Corporation Law of the State of Delaware and to effect the Authorized
      Stock Increase and the transactions contemplated by this Agreement and
      the Other Agreements to occur at the Second Tranche Closing.
    

    

    

    
      
        

        

      

      
        
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          c)  For purposes of this Agreement, the term “Stockholder
      Approval” means both (i) the affirmative vote of a majority of the
      outstanding shares of Common Stock present in person or represented by
      proxy at the Company Stockholders Meeting and entitled to vote in favor
      of resolutions approving the transactions contemplated by this Agreement
      and the other Agreements to occur at the Seecond Tranche Closing
      (including the Company’s issuance of all of the Second Tranche Shares),
      and (ii) the affirmative vote of a majority of the issued and
      outstanding shares of Common Stock in favor of resolutions approving the
      the Authorized Stock Increase, in each case in accordance with
      applicable federal and state securities laws and the rules and
      regulations of the NASDAQ Global Market and the General Corporation Law
      of the State of Delaware.
    

    
          d)  For purposes of this Agreement, the term “Authorized
      Stock Increase” means an increase in the number of shares of Common
      Stock authorized by the Company’s certificate of incorporation to a
      number to be reasonably determined by the Board of Directors of the
      Company.
    

    
      10)  Termination.    
    

    
          a)  This Agreement may be terminated, and the transactions
      contemplated hereby may be abandoned, only as follows:
    

    
              i)  at any time before the First Tranche Closing, by the
      Company, by written notice of termination given by the terminating party
      to the non-terminating party, in the event that the Company is notified
      by NASDAQ that it has not been granted the NASDAQ Approval Exemption;
    

    
             ii)  automatically pursuant to Section 2(c)(ii);
    

    
            iii)  at any time following the Company Stockholders Meeting, by
      the Company, by written notice of termination given by the terminating
      party to the non-terminating party, in the event that the Stockholder
      Approvals are not obtained at the Company Stockholder Meeting; or
    

    
             iv)  at any time after December 31, 2009, by the Company or the
      Purchaser, by written notice of termination given by the terminating
      party to the non-terminating party, if both of the Closings shall not
      have occurred on or before such date and such failure to consummate is
      not caused by a breach of this Agreement by the terminating party.
    

    

    

    
      
        

        

      

      
        
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          b)  If this Agreement is validly terminated pursuant to Section
      10(a), this Agreement will forthwith become null and void, and there
      will be no liability or obligation on the part of the Company or the
      Purchasers (or any of their respective officers, directors, employees,
      agents or other representatives or affiliates), except that the
      provisions of Section 11 through 18, inclusive, shall continue to apply
      following any such termination.
    

    
      11)  Broker’s Fee.  Each of the parties hereto
      hereby represents that, on the basis of any actions and agreements by
      it, there are no brokers or finders entitled to compensation in
      connection with the sale of the Purchased Shares to the Purchaser.
    

    
      12)  Notices.  All notices required or permitted
      hereunder shall be in writing and shall be deemed effectively given (a)
      upon delivery to the party to be notified, (b) when actually received by
      the party for whom it was intended by confirmed facsimile, or (c) one
      business day after deposit with a nationally recognized overnight
      carrier, specifying next business day delivery, with written
      verification of receipt.  All communications shall be sent to the
      Company and the Purchaser as follows or at such other addresses as the
      Company or the Purchaser may designate upon 10 calendar days’ advance
      written notice to the other party:
    

    
      if to the Company, to:
    

    
      PhotoMedex, Inc.
147 Keystone Drive
Montgomeryville, PA 18936
Attn:  Chief
      Executive Officer

    

    
      with a copy to:

    

    
      Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia,
      PA 19103
Fax: 215-963-5001
Attn:  Brian C. Miner, Esq.
    

    
      if to the Purchaser, at its address as set forth at the end of this
      Agreement.
    

    

    

    
      
        

        

      

      
        
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      13)  Changes.  This Agreement may not be modified or
      amended except pursuant to an instrument in writing signed by the
      Company and the Purchaser.  No provision hereunder may be waived other
      than in a written instrument executed by the waiving party.
    

    
      14)  Headings.  The headings of the various sections of
      this Agreement have been inserted for convenience of reference only and
      shall not be deemed to be part of this Agreement.
    

    
      15)  Severability.  In case any provision contained in
      this Agreement should be invalid, illegal or unenforceable in any
      respect, the validity, legality and enforceability of the remaining
      provisions contained herein shall not in any way be affected or impaired
      thereby.
    

    
      16)  Governing Law.  This Agreement shall be governed
      by and construed in accordance with the laws of the State of Delaware
      (without regard to the conflicts of law principles of such state or any
      other jurisdiction) and the federal law of the United States of America.
    

    
      17)  Counterparts.  This Agreement may be executed in
      two or more counterparts, each of which shall constitute an original,
      but all of which, when taken together, shall constitute but one
      instrument, and shall become effective when one or more counterparts
      have been signed by each party hereto and delivered (including by
      facsimile or other electronic transmission) to the other parties.
    

    
      18)  Entire Agreement.  This Agreement and the
      instruments referenced herein contain the entire understanding of the
      parties with respect to the matters covered herein and therein and,
      except as specifically set forth herein or therein, neither the Company
      nor the Purchaser makes any representation, warranty, covenant or
      undertaking with respect to such matters.
    

    
      19)  Assignment.  Except as otherwise expressly
      provided herein, the provisions of this Agreement shall inure to the
      benefit of, and be binding upon, the parties hereto and their respective
      permitted successors, assigns, heirs, executors and administrators. This
      Agreement and the rights of the Purchaser hereunder may not be assigned
      by the Purchaser without the prior written consent of the Company,
      except such consent shall not be required in cases of assignments to
      affiliates of the Purchaser or by an investment adviser to a fund for
      which it is the adviser or by or among funds that are under common
      control, provided that such assignee agrees to be bound by the terms of
      this Agreement by executing and delivering to the Company an assignment
      and assumption agreement in the form prescribed by the Company.
    

    
      20)  Further Assurances.  Each party agrees to
      cooperate fully with the other parties and to execute such further
      instruments, documents and agreements and to give such further written
      assurance as may be reasonably requested by any other party to evidence
      and reflect the transactions described herein and contemplated hereby
      and to carry into effect the intents and purposes of this Agreement.
    

    
      21)  Independent Nature of Purchaser’s Obligations and
      Rights.  The obligations of the Purchaser under this Agreement are
      several and not joint with the obligations of any Other Purchaser, and
      no Purchaser shall be responsible in any way for the performance of the
      obligations of any Other Purchaser under any Agreements.  Nothing
      contained herein, and no action taken by any Purchaser pursuant hereto,
      shall be deemed to constitute the Purchasers as a partnership, an
      association, a joint venture or any other kind of entity, or create a
      presumption that the Purchasers are in any way acting in concert or as a
      group with respect to such obligations or the transactions contemplated
      by the Agreements and the Company acknowledges that the Purchasers are
      not acting in concert or as a group with respect to such obligations or
      the transactions contemplated by the Agreements.  The Purchaser confirms
      that it has independently participated in the negotiation of the
      transaction contemplated hereby with the advice of its own counsel and
      advisors.  The Purchaser shall be entitled to independently protect and
      enforce its rights, including, without limitation, the rights arising
      out of this Agreement, and it shall not be necessary for any Other
      Purchaser to be joined as an additional party in any proceeding for such
      purpose.  The Company has elected to provide the Purchaser and all of
      the Other Purchasers with the same terms and form of this Agreement for
      the convenience of the Company and not because it was required or
      requested to do so by the Purchaser or any Other Purchaser.
    

    

    

    
      
        

        

      

      
        
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      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
      executed by their duly authorized representatives as of the day and year
      first above written.

    

    
    	
           
        	
          PhotoMedex, Inc.
        	

        	

        
	

        	
          
            By:
          

        	

        	
           
        	

        
	

        	
          Name:
        	

        	

        
	

        	
          Title:
        	

        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          
             
          

        	
           
        	

        
	

        	
          
             
          

        	
          
            (name of purchaser)
          

        	

        
	

        	

        	

        	

        	
           
        
	

        	
          By:
        	

        	
           
        	

        
	

        	
          Name:
        	

        	

        
	

        	
          Title:
        	

        	

        
	

        	

        	

        	

        	
           
        
	

        	
          Print or Type:
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          Name of Purchaser
        	

        	

        
	

        	
          (Individual or Institution):
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          Name of Individual representing
        	

        	

        
	

        	
          Purchaser (if an Institution):
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          Title of Individual representing
        	

        	

        
	

        	
          Purchaser (if an Institution):
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          Signature by:
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          
            Individual Purchaser or Individual
representing Purchaser:
          

        	

        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	

        	
          Address:
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          Telephone:
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          Telecopier:
        	
           
        	

        
	

        	

        	

        	

        	
           
        
	

        	
          
            Number of Shares of Common Stock Beneficially Owned
by the
            Purchaser (see Section 6(a)(ix)):
          

        	

        
	

        	
           
        	

        	

        

    

    

    

    
      
        

        

      

      
        
          17
        

        
          

        

      

      
        

        

      

    

    

    

    
      SUMMARY INSTRUCTION SHEET FOR PURCHASER
    

    
      (to be read in conjunction with the entire Securities Purchase Agreement
      which this follows)
    

    
      A.        Complete the following items on the Securities Purchase
      Agreement (Please sign two originals):
    

    
      1.        Signature Page:
    

    
      (i)       Name of Purchaser (Individual or Institution)
    

    
      (ii)      Name of Individual representing Purchaser (if an Institution)
    

    
      (iii)     Title of Individual representing Purchaser (if an Institution)
    

    
      (iv)      Signature of Individual Purchaser or Individual representing
      Purchaser
    

    
      (v)       Number of Shares of Common Stock Beneficially Owned by the
      Purchaser (see Section 6(a)(ix))
    

    
      2.        Appendix I - Stock Certificate Questionnaire:
    

    
      Provide the information requested by the Stock Certificate Questionnaire.
    

    
      3.        Appendix II – Accredited Investor Questionnaire:
    

    
      Provide the information requested by the Accredited Investor
      Questionnaire.
    

    
      4.        Return the properly completed and signed Securities Purchase
      Agreement including the properly completed Appendices I and II
      (initially by facsimile with hand copy by overnight delivery) to:
                                                                              
    

    
      Davis Woodward
PhotoMedex, Inc.
147 Keystone Drive
Montgomeryville,
      PA 18936
Fax: 215-619-3209
    

    
      B.       Instructions regarding the transfer of funds for the purchase
      of Shares will be sent by facsimile to the Purchaser by the Company at a
      later date.
    

    

    

    
      
        

        

      

      
        
          18
        

        
          

        

      

      
        

        

      

    

    

    

    
      Appendix I
    

    
      STOCK CERTIFICATE QUESTIONNAIRE
    

    
      Pursuant to the terms of the Agreement, please provide us with the
      following information:
    

    

    

    
    	
          1.
        	
          The exact name that your Shares are to be registered in
        	
           
        	
           
        	

        
	

        	
          (this is the name that will appear on your stock
        	

        	

        	

        
	

        	
          certificate(s)). You may use a nominee name if appropriate:
        	

        	
           
        	

        
	

        	

        	

        	

        	
           
        
	
          2.
        	
          The relationship between the Purchaser of the Shares
        	

        	

        	

        
	

        	
          and the Registered Holder listed in response to item 1
        	

        	

        	

        
	

        	
          above:
        	

        	
           
        	

        
	

        	

        	

        	

        	
           
        
	
          3.
        	
          The mailing address of the Registered Holder listed in
        	

        	

        	

        
	

        	
          response to item 1 above:
        	

        	
           
        	

        
	

        	

        	

        	
           
        	

        
	

        	

        	

        	
           
        	

        
	

        	

        	

        	
           
        	

        
	

        	

        	

        	

        	
           
        
	
          4.
        	
          The Social Security Number or Tax Identification Number of
        	

        	

        	

        
	

        	
          the Registered Holder listed in response to item 1 above:
        	

        	
           
        	

        

    

    

    

    
      
        

        

      

      
        
          19
        

        
          

        

      

      
        

        

      

    

    

    

    

    

    

    

    
      

    

    

    

    
      Appendix II
    

    
      ACCREDITED INVESTOR QUESTIONNAIRE
    

    
      Reference is hereby made to that certain Securities Purchase
      Agreement, made and entered into as of October 22, 2009 (the “Agreement”),
      by and between PhotoMedex, Inc., a Delaware corporation (the “Company”),
      and the purchaser whose name and address is set forth on the signature
      page thereto (the “Purchaser”).  Terms used in this
      Accredited Investor Questionnaire but not defined herein shall have the
      meanings set forth in the Agreement.
    

    
      Accredited Investor Status.  The undersigned Purchaser hereby
      certifies to the Company that, at the Closing, he/she/it qualifies as an
      “Accredited Investor” as defined by Regulation D promulgated under the
      Securities Act of 1933, as amended (the “Securities Act”),
      because such Subscriber is one or more of the following types of persons
      or entities (check all that apply).
    

    

    

    
    	
          _____
        	
          A natural person whose individual net worth, or joint net worth with
          that person’s spouse, at the time of such person’s purchase exceeds
          $1,000,000;
        
	

        	
           
        
	
          _____
        	
          a natural person who had an individual income in excess of $200,000
          in 2008 and 2007 or joint income with that individual’s spouse in
          excess of $300,000 in each of those years and who reasonably expects
          to reach the same income level in 2009;
        
	

        	
           
        
	
          _____
        	
          a bank as defined in Section 3(a)(2) of the Securities Act, or a
          savings and loan association or other institution as defined in
          Section 3(a)(5)(A) of the Securities Act, whether acting in its
          individual or fiduciary capacity;
        
	

        	
           
        
	
          _____
        	
          a broker or dealer registered pursuant to Section 15 of the
          Securities Exchange Act of 1934;
        
	

        	
           
        
	
          _____
        	
          an insurance company as defined in Section 2(a)(13) of the
          Securities Act;
        
	

        	
           
        
	
          _____
        	
          an investment company registered under the Investment Company Act of
          1940 (the “1940 Act”) or a business development company as defined
          in Section 2(a)(48) of the 1940 Act;
        
	

        	
           
        
	
          _____
        	
          a Small Business Investment Company licensed by the U.S. Small
          Business Administration under Section 301(c) or (d) of the Small
          Business Investment Act of 1958;
        
	

        	
           
        
	
          _____
        	
          any plan established and maintained by a state, its political
          subdivisions, or any agency or instrumentality of a state or its
          political subdivisions, for the benefit of its employees, if such
          plan has total assets in excess of $5,000,000;
        
	

        	
           
        
	
          _____
        	
          any employee benefit plan within the meaning of the Employee
          Retirement Income Security Act of 1974 (“ERISA”), if the investment
          decision is made by a plan fiduciary, as defined in Section 3(21) of
          ERISA, which is either a bank, savings and loan association,
          insurance company or registered investment adviser, or, if the
          employee benefit plan has total assets in excess of $5,000,000 or,
          if a self-directed plan, with investment decisions made solely by
          persons that are accredited investors;
        
	

        	
           
        
	
          _____
        	
          a private business development company as defined in Section
          202(a)(22) of the Investment Advisers Act of 1940;
        
	

        	
           
        
	
          _____
        	
          an organization described in Section 501(c)(3) of the Internal
          Revenue Code of 1986, as amended, a corporation, Massachusetts or
          similar business trust, or partnership, not formed for the specific
          purpose of acquiring the Shares offered, with total assets in excess
          of $5,000,000;
        
	

        	
           
        
	
          _____
        	
          any trust, with total assets in excess of $5,000,000, not formed for
          the specific purpose of acquiring the Shares, whose purchase is
          directed by a person who has such knowledge and experience in
          financial and business matters that he or she is capable of
          evaluating the merits and risks of the investment contemplated by
          the Subscription Agreement;
        
	

        	
           
        
	
          _____
        	
          any director, executive officer, or general partner of the
          Corporation, or a director, executive officer, or general partner of
          a general partner of the Corporation; or
        
	

        	
           
        
	
          _____
        	
          an entity in which all of the equity owners are Accredited Investors
          (i.e., come within one of the above categories).
        

    

    

    

    
    	
           
        	
          
            PURCHASER
          

          
             
          

          
            ______________________________
          

        
	

        	

        	
           
        
	

        	

        	
           
        
	

        	
          
            By:
          

        	
          
            __________________________________
          

        
	

        	
          
             
          

        	
          
            Name:
          

          
            Title:
          

        

    

    

    

    

    

    
      20Exhibit 10.1

                            STOCK PURCHASE AGREEMENT

                                                         Reference No.:2009SPA-1

     This Stock Purchase Agreement ("Agreement") made this 29th day of September
2009,  by  and  among  Christopher  Coldicutt,  ("Seller"),  certain  purchasers
("Purchasers")   as  listed  in  Exhibit  A,  Wollemi  Mining  Corp.  ("WTC"  or
"Company"),   and  China   Overseas   Financial   Group   limited   ("Purchasers
Representative")  setting forth the terms and  conditions  upon which the Seller
will sell  certain  shares of the common  stock of the Company  (the  "Shares"),
personally owned by Seller, to Purchasers ("Transaction").

     IN  CONSIDERATION OF THE MUTUAL PROMISES,  COVENANTS,  AND  REPRESENTATIONS
CONTAINED HEREIN, THE PARTIES HERETO AGREE AS FOLLOWS:

                                   WITNESSETH:

     WHEREAS,  Purchasers have appointed China Overseas Financial Group limited,
to act as the Purchasers' representative ("Purchasers  Representative") for this
Transaction.

     WHEREAS,  the Seller has appointed Robert C. Weaver,  Jr., Attorney At Law,
to  act as  the  Sellers'  Escrow  Agent  ("Sellers'  Escrow  Agent")  for  this
Transaction  and to  receive  and  hold  all  consideration  received  from  the
Purchasers'  Escrow  Agent for the sale of the Shares and all  documents,  stock
certificates,  stock  powers  and  corporate  records  of WTC,  in the Robert C.
Weaver, Jr. Attorney-Client Trust Account,  unless other arrangements are agreed
to by all parties.

     WHEREAS, the Purchasers' Representative has appointed Charles Law, Attorney
At  Law,  to  act  as the  Purchasers'  Agent  ("Purchasers'  Agent")  for  this
transaction  and to receive and hold all documents,  stock  certificates,  stock
powers and corporate  records of WTC received from the Sellers' Escrow Agent for
the sale of the Shares and, the  Purchasers'  Representative  has also appointed
John  B.  Lowy,  Attorney  At  Law,  to  act  as the  Purchasers'  Escrow  Agent
("Purchasers' Escrow Agent") to receive and hold all consideration received from
the Purchasers' Representative in the John B. Lowy Attorney-Client Trust Account
for the purchase of the Shares,  unless other  arrangements are agreed to by all
parties.

     WHEREAS, the Seller, Purchasers' Representative, Sellers' Escrow Agent, and
Purchasers'  Escrow  Agent,  have entered into an Escrow  Agreement  dated as of
September  29, 2009,  the date of this  Agreement,  and the Escrow  Agreement is
attached hereto as Exhibit B.

     NOW  THEREFORE,  in  consideration  of the mutual  promises,  covenants and
representations contained herein, the parties herewith agree as follows:

                                    ARTICLE I
                               SALE OF SECURITIES

                                       1
<PAGE>
     1.01  Sale.  Subject to the terms and  conditions  of this  Agreement,  the
Seller agrees to sell the  793,333Shares  (that is 1,190,000  post split Shares)
for a total of Seventy Four Thousand Dollars (U.S.)  ($74,000.00) (the "Purchase
Price"). This is a private transaction between the Seller and Purchasers.

     1.02 Escrow Agent. The Seller and Purchasers' Representative hereby appoint
Robert C. Weaver,  Jr., and John B. Lowy, to act as Sellers'  Escrow Agent,  and
Purchasers' Escrow Agent, respectively, pursuant to an Escrow Agreement dated as
of September 29, 2009,  the same date as this  Agreement.  This  Agreement,  the
Escrow  Agreement,  and all documents and funds will be held in escrow until the
Closing,  except as  specifically  agreed  to be  released  from  escrow in this
Agreement.

     1.03 Deposit: (a) It is understood that a deposit ("Deposit") in the amount
of Ten Thousand Dollars ($10,000) has been wired by Purchasers'  Representative,
and received by, the John B. Lowy  Attorney-Client  Trust Account as the Deposit
on the sale of the  Shares  being  sold by the  Seller,  and will be held in the
Escrow  Account until Closing (as defined in Article 3.01) or until  released as
per other sections of this Agreement.

     (b) The Parties hereto  acknowledge  that  immediately  upon receipt of the
Deposit by the  Purchasers'  Escrow Agent,  Seller's  Escrow Agent  forwarded by
overnight  delivery,  or by email,  to  Purchasers'  Escrow  Agent for review by
Purchasers' Representative, a due-diligence package in electronic version, which
included soft copies of original  documents of the Company which the Purchasers'
Representative  requested,  including,  but not  limited to,  articles,  bylaws,
minutes,  contracts  or  agreements,  if  any,  financial  statements,   current
certified  shareholder list, copies of all FINRA and SEC  correspondence,  state
and Federal tax returns,  and other  documents that were available and requested
by the Purchasers.  By signing this Agreement,  the Purchaser  acknowledges  and
agrees that the Purchasers have reviewed the Company's due diligence package and
have accepted the Company.

     (c) It is agreed that after both this  Agreement  and the Escrow  Agreement
(which is attached to this  Agreement  as Exhibit B) are signed by all  Parties,
one-half of the Deposit,  i.e.  $5,000,  shall be released from the John B. Lowy
Attorney-Client Trust Account and wired as instructed by the Seller; this $5,000
is subject to being returned as provided later in this  paragraph  1.03(c).  The
Seller and  Purchasers  acknowledge  that the  Company has  recently  filed with
FINRA, and given notice to the appropriate agencies,  the Company's intention to
forward  split  its  outstanding  3,000,000  shares  on a  1.5-for-1  basis,  to
4,500,000 shares. The Seller hereby agrees that if the proposed forward split is
not  approved by FINRA  within 30 days after the forward  split  application  is
filed with FINRA, then at Purchasers' Representative's option, by giving written
notice to Seller and the Purchasers' Escrow Agents,  Purchasers'  Representative
may cancel this  Agreement,  and have the entire  $50,000 Due Diligence  Deposit
returned,  contingent upon Purchasers'  Representative returning any and all due
diligence documentation provided by the Company.

     (d)  Purchasers'  Representative  warrants and  represents  that before the
Closing (as defined below),  Purchasers will provide the Company and Seller with
the names and business  backgrounds of the persons who will become the Company's
management as of the Closing.

                                       2
<PAGE>
     (e) Account  wire  transfer  instructions  for the  Deposit,  transfer  and
payment of funds herein are stated in an exhibit to the Escrow Agreement that is
attached to this Agreement as Exhibit B.

     1.04 Balance of Purchase Price. It is agreed that the balance of the amount
due to the Seller, i.e. $69,000 (the "Balance"), will be wire transferred to the
Purchasers'  Escrow  Agent  immediately  upon  this  Agreement  and  the  Escrow
Agreement being signed by all Parties to those Agreements,  and that the Closing
will take place  immediately  after,  on the condition  that, (a) the Balance is
received by the Purchasers'  Escrow Agent,  and (b) the Company  receives notice
that FINRA has  approved the forward  split,  unless a delay is agreed to by the
Parties signing this Agreement. It is agreed that all of the Shares shall remain
in the Purchasers' Escrow Account until the full amount of $74,000 has been paid
into  Sellers'  Escrow,  immediately  after which the Closing on the sale of the
Shares  shall take place and all stock  certificates  shall be  delivered to the
Purchasers'  Representative  along with all documents listed in paragraphs 2.12,
2.13 and 3.02 below.

                                   ARTICLE II
                         REPRESENTATIONS AND WARRANTIES

     The Seller and the Company hereby  represent and warrant to the Purchasers'
Representative the following:

     2.01 Organization.  WTC is a Delaware  corporation duly organized,  validly
existing,  and in good standing under the laws of that state,  has all necessary
corporate  powers  to own  properties  and  carry  on a  business,  and is  duly
qualified  to do business  and is in good  standing in the state of Delaware and
elsewhere. All actions taken by the incorporators, directors and/or shareholders
of WTC have been valid and in accordance with the laws of the state of Delaware.
The Company is a reporting  company as  described  by  Securities  and  Exchange
Commission  ("SEC"),  pursuant to Section 15d of the Securities  Exchange Act of
1934, and is current in its filings,  and will remain current up to the Closing.
The Company is currently  quoted on the OTCBB,  symbol WOLI. After the Purchase,
the Purchasers of the Shares shall file the appropriate filings, if so required,
disclosing  the  acquisition  of  the  Shares  by  the  Purchasers  ("Disclosure
Document").

     2.02 Capital.  The  authorized  capital stock of WTC consists of 75,000,000
shares of Common Stock,  $0.0001 par value, of which 3,000,000  shares of Common
Stock are  issued  and  outstanding,  consisting  of the  2,000,000  Shares  and
1,000,000  shares  that were  registered  with the SEC on Form S-1.  There is no
Preferred Stock  authorized.  Upon the effectiveness of the stock forward split,
the authorized capital stock of WTC shall consist of 75,000,000 shares of Common
Stock,  $0.0001 par value, of which 4,500,000  shares of Common Stock are issued
and outstanding, consisting of the 3,000,000 Shares that are the subject of this
Agreement and 1,500,000 registered shares. All outstanding shares are fully paid
and non-assessable, free of liens, encumbrances, options, restrictions and legal
or  equitable  rights of others not a party to this  Agreement.  At the Closing,
there  will  be  no  outstanding   subscriptions,   options,  rights,  warrants,
convertible  securities,  or other  agreements or commitments  obligating WTC to
issue or to transfer from treasury any  additional  shares of its capital stock.
None of the  outstanding  Shares of WTC are  subject  to any  stock  restriction

                                       3
<PAGE>
agreements.  There are approximately 26 shareholders of record of WTC, and there
are no shares in street name. All of such  shareholders have valid title to such
shares and acquired their shares in a lawful  transaction and in accordance with
Delaware corporate law and the applicable securities laws of the United States.

     2.03  Financial  Statements.  The Company is a reporting  company under SEC
rules and audited financial statements can be found on Edgar.

     2.04  Filings  with  Government  Agencies.  WTC is a Section 15d  reporting
company and files  annual and  quarterly  reports with the SEC and is current in
all filings.  WTC has made all required  filings with the state of Delaware that
might be  required.  Upon the  purchase of the Shares by the  Purchasers,  those
Purchasers  will have the full  responsibility  for filing any and all documents
required by the Securities and Exchange Commission,  and/or any other government
agency  that  may  be   required.   The  Seller  will  supply  the   Purchasers'
Representative with all information that is currently available for the Company.
The  Purchasers   understands  that  the  Seller  will  have  no  responsibility
whatsoever  for any filings made by the Company  after the Closing,  either with
the SEC, FINRA or with the State of Delaware.

     It is agreed that the Seller and the Company  will be  responsible  for all
filings required up to the time of Closing,  including the Form 10-K due for the
period  ended  December 31, 2008 and the Form 10-Q for the period ended June 30,
2009.  The Seller will fully  cooperate with and should cause the current CPA of
the  Company  to  fully  cooperate  with  the  Purchaser  with  respect  to  the
information  required  for the  filing of the Form 10-Q for the  quarter  ending
September  30,  2009,  which  filing  will be made by the  Purchaser,  after the
Closing.

     2.05  Liabilities.  It is  understood  and agreed that the  purchase of the
Shares is  predicated  on WTC not having any  liabilities  at  Closing,  and the
Company will not, as of Closing, have any debt, liability,  or obligation of any
nature,  whether accrued,  absolute,  contingent,  or otherwise that will not be
paid at Closing.  Both the Seller and the Company are not aware of any  pending,
threatened or asserted claims,  lawsuits or contingencies  involving the Company
or its Shares.  There is no dispute of any kind between WTC and any third party,
and no such  dispute will exist at the Closing of this  transaction,  and at the
Closing,  WTC will be free from any and all  liabilities,  liens,  claims and/or
commitments.  The Seller  agrees to indemnify  the  Purchasers  against any past
liabilities  pertaining  to its conduct of business  that should  arise within 3
months of closing.

     2.06 Tax Returns. WTC has filed all required state and Federal tax returns.
As of Closing, there shall be no taxes of any kind due or owing.

     2.07 Ability to Carry Out Obligations. The Seller has the right, power, and
authority to enter into, and perform his obligations  under this Agreement.  The
execution and delivery of this  Agreement by the Seller and the  performance  by
the Seller of his obligations hereunder will not cause, constitute,  or conflict
with or result in (a) any breach or  violation  or any of the  provisions  of or
constitute  a  default  under  any  license,   indenture,   mortgage,   charter,
instrument,  articles of incorporation,  bylaw, or other agreement or instrument
to which WTC the officers, directors or Seller are a party, or by which they may
be bound, nor will any consents or  authorizations of any party other than those

                                       4
<PAGE>
hereto be  required,  (b) an event that would cause WTC  (and/or  assigns) to be
liable to any  party,  or (c) an event  that  would  result in the  creation  or
imposition of any lien,  charge,  or encumbrance on any asset of WTC or upon the
Shares of the Company to be acquired by the Purchasers.

     2.8  Contracts,  Leases  and  Assets.  WTC is not a party to any  contract,
agreement or lease,  other than the normal  contract with the Transfer Agent. No
person holds a power of attorney  from WTC or the Seller.  At the  Closing,  WTC
will have no assets or liabilities of any kind or nature.

     2.9 Compliance  with Laws. To the best of knowledge of the Seller,  WTC has
complied in all material respects, with, and is not in violation of any, and has
not received notice of any violation of, federal,  state, or local statute, law,
and/or regulation  pertaining.  To the best of the knowledge of the Seller,  WTC
has complied  with,  and has not received  notice of a violation of, all federal
and state securities laws in connection with the offer, sale and distribution of
its  securities.  At the time that WTC  issued  the  Shares to the  Seller,  the
Company was entitled to use the  exemptions  provided by the  Securities  Act of
1933 relative to the sale of its Shares.  The Shares being sold herein are being
sold in a private  transaction  between the Seller and the  Purchasers,  and the
Seller  make no  representation  as to whether the Shares are subject to trading
restrictions under the Securities Act of 1933, as amended and rules thereunder.

     2.10  Litigation.  Prior to the  Closing,  WTC is not a party to any  suit,
action, arbitration, or legal, administrative,  or other proceeding, and has not
received notice of any pending governmental investigation. There is no basis for
any such action or  proceeding  and no such action or  proceeding  is threatened
against  WTC.  WTC is not a party to or in  default  with  respect to any order,
writ,  injunction,  or decree of any federal,  state,  local,  or foreign court,
department, agency, or instrumentality.

     2.11  Conduct of  Business.  Prior to the  Closing,  WTC shall  conduct its
business in the normal course, and shall not (without the prior written approval
of Purchasers'  Representative)  (i) sell,  pledge,  or assign any assets,  (ii)
amend its  Certificate  of  Incorporation  or Bylaws,  (iii) declare  dividends,
redeem or sell stock or other  securities,  except for the  aforesaid  1.5-for-1
forward  split,  (iv)  incur any  liabilities,  except in the  normal  course of
business,  (v)  acquire  or  dispose of any  assets,  enter  into any  contract,
guarantee  obligations  of any  third  party,  or  (vi)  enter  into  any  other
transaction.

     2.12 Corporate Documents.  Each of the following original documents,  which
shall be true,  complete and correct in all material respects,  will be given to
Purchasers at the Closing:

     (i)     Certificate of Incorporation and all amendments thereto;
     (ii)    Bylaws and all amendments thereto;
     (iii)   Minutes and Consents of Shareholders;
     (iv)    Minutes and Consents of the board of directors;
     (v)     List of officers and directors;
     (vi)    Certificate  of Good  Standing  from  the  Secretary  of  State  of
             Delaware;
     (vii)   Current certified Shareholder list from the Transfer Agent;

                                       5
<PAGE>
     (viii)  Stock register and stock certificate records, if any; and
     (ix)    EDGAR filing codes.

     2.13 Closing Documents.  All original minutes,  consents or other documents
pertaining  to WTC will be delivered  to Purchaser at the Closing,  all of which
shall be valid and in accordance with the laws of Delaware.

     2.14 Title.  The Seller has good and marketable  title to all of the Shares
being sold by him to the Purchasers pursuant to this Agreement.  The Shares will
be, at the Closing,  free and clear of all liens,  security interests,  pledges,
charges,  claims,   encumbrances  and  restrictions  of  any  kind,  except  for
restrictions on transfer  imposed by federal and state  securities laws. None of
the Shares are or will be subject to any voting  trust or  agreement.  No person
holds or has the right to receive any proxy or similar  instrument  with respect
to such  Shares.  Except  for this  Agreement,  the Seller is not a party to any
agreement  which offers or grants to any person the right to purchase or acquire
any of the Shares.  There is no applicable  local,  state or federal law,  rule,
regulation,  or decree which would, as a result of the purchase of the Shares by
Purchasers (and/or assigns) impair, restrict or delay voting rights with respect
to the Shares.

     2.15  Transfer  of Shares.  The  Seller  will have the  responsibility  for
sending all certificates representing the shares being purchased, along with the
proper Stock Powers with Signature  Guarantees  acceptable to the Transfer Agent
for delivery to the Purchasers.

     The Purchasers will have the responsibility of sending the certificates for
the Shares, along with the above-referred to stock powers, to the Transfer Agent
for the Company to have the certificates changed into their respective names and
denominations, and the Purchasers shall be responsible for all costs involved in
such changes and in mailing new certificates to all shareholders.

     2.16 Subsidiary.  The Company has no subsidiaries or any direct or indirect
ownership interest in any other corporation,  partnership,  association, firm or
business in any manner.

      2.17 Representations.  All representations shall be true as of the Closing
and all such representations shall survive the Closing.

                                   ARTICLE III
                                     CLOSING

     3.01 Closing for the Purchase of Common Stock.  The Closing (the "Closing")
of this  transaction  for the Shares of Common Stock being  purchased will occur
immediately after all of the documents,  conditions and consideration  described
in Paragraphs 1.04, 2.12 above and in 3.02 below, have been delivered,  or other
arrangements made and agreed to.

     This  Agreement may be  terminated  in the event of any material  breach by
either party.

                                       6
<PAGE>
     3.02  Documents  and Payments to be Delivered at Closing of the Purchase of
the  Shares.  As  part of the  Closing  of the  purchase  of the  Shares,  those
documents listed in 2.12 of this Agreement,  as well as the following documents,
in form reasonably acceptable to counsel to the parties, shall be delivered:

     (a) By the Seller:

          (i) stock  certificate or  certificates,  along with stock powers with
     signature  guarantees  acceptable  to  the  transfer  agent,   representing
     2,000,000 of the Seller's shares, endorsed in favor of the name or names as
     designated by Purchasers'  Representative  or left blank,  as instructed by
     Purchasers;

          (ii) the resignation of all officers of the Company.

          (iii) the  appointment of a new President,  Secretary and Treasurer of
     the  Company  as  designated  by   Purchasers'   Representative,   and  the
     resignation of all officers of WTC.

          (iv) the  appointment  of new  directors of WTC as  designated  by the
     Purchasers'  Representative  and the  resignation  of all of WTC's  current
     directors.

          (v) All of the business and  corporate  records of WTC,  including but
     not limited to correspondence files, bank statements,  checkbooks,  savings
     account books,  minutes of shareholder and directors  meetings or consents,
     financial  statements,   shareholder  listings,   stock  transfer  records,
     agreements and contracts that exist;

          (vi) Such other  documents  of WTC as may be  reasonably  required  by
     Purchasers' Representative, if available.

     (b) By Purchasers' Representative:

          (i) wire transfer to the Robert C. Weaver, Jr.  Attorney-Client  Trust
     Account the amount of  $74,000,  representing  the  $64,000  Balance of the
     payment  for the  Purchase  Price for the Shares,  plus  $10,000 of the Due
     Diligence  Deposit  which had been  retained  in the escrow  account of the
     Purchasers' Escrow Account.  The total of $64,000 being wire transferred to
     the Seller's  Escrow Agent in accordance  with this  paragraph  3.02(b)(i),
     plus the $10,000 released from escrow in accordance with paragraph 1.03(c),
     represents the full payment of $74,000 for the Shares being purchased.

       3.03  Conditions to Closing.  The  obligations of the Purchasers to enter
into and complete the Closing are subject to the  fulfillment on or prior to the
Closing Date of the following conditions:

                                       7
<PAGE>
          (a) No  Material  Adverse  Change.  There  shall  not  have  been  any
     occurrence,  event, incident,  action, failure to act, or transaction since
     June 30,  2009  which has had or is  reasonably  likely to cause a material
     adverse effect on the Company.

          (b) Forward Stock Split. The Company has approved a 1.5-for-1  forward
     split of its issued and  outstanding  shares,  and has given  notice to the
     SEC, and has filed the  application  for the forward split with FINRA (with
     the record date to be a date after the Closing),  and has delivered all the
     filing of the forward split  application with FINRA to the Purchasers;  and
     FINRA has approved the 1.5-for-1 forward split.

          (c)  Satisfactory  Continued Due Diligence.  Notwithstanding  that the
     Purchasers  have  completed  their  legal,   accounting  and  business  due
     diligence of the Company and have  accepted  the  Company,  as set forth in
     Section 1.03(b), the Due Diligence shall continue to be satisfactory to the
     Purchasers in their sole and absolute discretion.

          (d)  Legal  Opinion.  The legal  opinion  of the  Company's  attorney,
     addressed  to  the   Purchasers,   that  (A)  1,000,000  of  the  Company's
     pre-forward split shares were duly and properly  registered with the SEC on
     Form S-1, and are currently free-trading, and (B) the 1,000,000 pre-forward
     split  registered  shares,  together  with the 500,000  shares  issuable in
     connection  with the  1.5-for-1  forward  split,  are  freely  transferable
     without  restriction  and  without   registration  being  required  by  the
     Securities Act of 1933;

                                   ARTICLE IV
                                INVESTMENT INTENT

     4.01 Transfer  Restrictions.  Purchasers  (and/or  assigns) agrees that the
securities  being  acquired  pursuant to this  Agreement  may be sold,  pledged,
assigned,  hypothecated or otherwise transferred,  with or without consideration
("Transfer")  only  pursuant to an effective  registration  statement  under the
Securities Act of 1933, as amended (the "Act"), or pursuant to an exemption from
registration under the Act.

     4.02 Investment  Intent.  The Purchasers are acquiring the Shares for their
own account for investment, and not with a view toward distribution thereof.

     4.03 No  Advertisement.  The Purchasers  acknowledges  that the Shares have
been offered to them in direct  communication  between them and Seller,  and not
through any advertisement of any kind.

     4.04 Knowledge and  Experience.  (a) The Purchasers  acknowledge  that they
have been  encouraged  to seek their own legal and  financial  counsel to assist
them in evaluating  this purchase.  The Purchasers  acknowledge  that Seller has
given them and all of their  counselors  access to all  information  relating to
WTC's  business  that they or any one of them  have  requested.  The  Purchasers
acknowledge  that they have sufficient  business and financial  experience,  and
knowledge  concerning  the affairs and conditions of WTC so that they can make a
reasoned decision as to this purchase of the Shares and is capable of evaluating
the merits and risks of this purchase.

                                       8
<PAGE>
     4.05  Restrictions  on  Transferability.  The  Purchasers  are aware of the
restrictions  of  transferability  of the Shares  and  further  understands  the
certificates shall bear the following legend.

          (a) THIS  SECURITY HAS NOT BEEN  REGISTERED  WITH THE  SECURITIES  AND
     EXCHANGE  COMMISSION  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED  (THE
     "ACT"),  IN  RELIANCE  UPON THE  EXEMPTION  FROM  REGISTRATION  PROVIDED IN
     SECTIONS  4(1) AND 4(2)  AND  REGULATION  D UNDER  THE  ACT.  AS SUCH,  THE
     PURCHASE OF THIS  SECURITY WAS MADE WITH THE INTENT OF  INVESTMENT  AND NOT
     WITH A VIEW FOR DISTRIBUTION.  THEREFORE,  ANY SUBSEQUENT  TRANSFER OF THIS
     SECURITY OR ANY INTEREST  THEREIN WILL BE UNLAWFUL  UNLESS IT IS REGISTERED
     UNDER THE ACT OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE.

          (b) The Purchasers  understand that the Shares may only be disposed of
     pursuant to either (i) an effective  registration  statement under the Act,
     or (ii) an exemption from the registration requirements of the Act.

          (c) WTC and/or Seller has neither filed such a registration  statement
     with the SEC or any state authorities nor agreed to do so, nor contemplates
     doing so in the future for the shares being  purchased,  and in the absence
     of such a registration  statement or exemption,  the Purchasers may have to
     hold the Shares indefinitely and may be unable to liquidate them in case of
     an emergency.

                                    ARTICLE V
                                    REMEDIES

     5.01 Arbitration.  Any controversy of claim arising out of, or relating to,
this Agreement, or the making,  performance, or interpretation thereof, shall be
settled by  arbitration  in California in accordance  with the Rules of the U.S.
Arbitration Association then existing, and judgment on the arbitration award may
be entered  in any court  having  jurisdiction  over the  subject  matter of the
controversy.

     5.02  Termination.  In addition to any other  remedies,  the Purchasers may
terminate this  Agreement,  if at the Closing,  the Seller have failed to comply
with all material  terms of this  Agreement  has failed to supply any  documents
required by this Agreement  unless they do not exist,  or has failed to disclose
any  material  facts which could have a  substantial  effect on any part of this
transaction.

     5.03 Indemnification.  From and after the Closing, the Parties, jointly and
severally,  agree to indemnify the other against all actual losses,  damages and
expenses,  including  attorneys' fees, caused by (i) any material breach of this
Agreement by them or any material  misrepresentation  contained  herein, or (ii)

                                       9
<PAGE>
any  misstatement  of a  material  fact or  omission  to state a  material  fact
required to be stated  herein or  necessary  to make the  statements  herein not
misleading.

     5.04 Indemnification Non-Exclusive. The foregoing indemnification provision
is in addition to, and not derogation of any statutory,  equitable or common law
remedy any party may have for breach of  representation,  warranty,  covenant or
agreement.

                                   ARTICLE VI
                                  MISCELLANEOUS

     6.01 Captions and Headings.  The article and paragraph headings  throughout
this Agreement are for  convenience  and reference  only, and shall in no way be
deemed  to  define,  limit,  or add to the  meaning  of any  provision  of  this
Agreement.

     6.02 No Oral Change.  This Agreement and any provision  hereof,  may not be
waived,  changed,  modified, or discharged,  orally, but only by an agreement in
writing  signed by the party  against whom  enforcement  of any waiver,  change,
modification, or discharge is sought.

     6.03 Non Waiver.  Except as otherwise  expressly provided herein, no waiver
of any covenant,  condition,  or provision of this Agreement  shall be deemed to
have been made unless  expressly in writing and signed by the party against whom
such waiver is charged; and (i) the failure of any party to insist in any one or
more  cases  upon  the  performance  of  any of the  provisions,  covenants,  or
conditions of this  Agreement or to exercise any option herein  contained  shall
not be  construed  as a waiver  or  relinquishment  for the  future  of any such
provisions,  covenants,  or  conditions,  (ii) the  acceptance of performance of
anything required by this Agreement to be performed with knowledge of the breach
or failure of a covenant,  condition,  or provision hereof shall not be deemed a
waiver of such breach or failure, and (iii) no waiver by any party of one breach
by another  party shall be  construed  as a waiver with  respect to any other or
subsequent breach.

     6.04 Time of Essence.  Time is of the essence of this Agreement and of each
and every provision hereof.

     6.05 Entire  Agreement.  This Agreement,  including any and all attachments
hereto,  including the Escrow Agreement  attached as an exhibit hereto,  contain
the entire Agreement and  understanding  between the parties hereto with respect
to  the  purchase  of  the  Shares,  and  supersede  all  prior  agreements  and
understandings.

     6.06 Partial Invalidity. In the event that any condition, covenant or other
provision  of this  Agreement  is held to be  invalid  or void by any  court  of
competent jurisdiction,  it shall be deemed severable from the remainder of this
Agreement  and shall in no way affect  any other  condition,  covenant  or other
provision of this Agreement.  If such condition,  covenant or other provision is
held to be invalid  due to its scope or  breadth,  it is agreed that it shall be
deemed to remain valid to the extent permitted by law.

                                       10
<PAGE>
     6.07 Significant  Changes.  The Seller understands that significant changes
may be made in the  capitalization  and/or stock ownership of WTC, which changes
could involve a reverse  stock split and/or the issuance of  additional  shares,
thus possibly  having a dramatic  negative effect on the percentage of ownership
and/or number of shares owned by present shareholders of WTC.

     6.09 Counterparts.  This Agreement may be executed simultaneously in one or
more counterparts,  each of which shall be deemed an original,  but all of which
together shall constitute one and the same instrument. Facsimile signatures will
be acceptable to all parties.

     6.09 Notices.  All notices,  requests,  demands,  and other  communications
under this  Agreement  shall be in writing and shall be deemed to have been duly
given on the date of service if served personally on the party to whom notice is
to be given,  or on the third day after  mailing  if mailed to the party to whom
notice is to be given,  by first class mail,  registered or  certified,  postage
prepaid,  or on the second day if faxed, and properly  addressed or faxed to the
persons stated in Annex A - Notices and Wiring Instructions  attached hereto and
made a part hereof.

     6.10 Binding Effect.  This Agreement shall inure to and be binding upon the
heirs, executors,  personal  representatives,  successors and assigns of each of
the parties to this Agreement.

     6.11 Effect of Closing. All  representations,  warranties,  covenants,  and
agreements of the parties  contained in this  Agreement,  or in any  instrument,
certificate,  opinion,  or other  writing  provided for in it, shall be true and
correct as of the Closing and shall survive the Closing of this Agreement.

     6.12 Mutual Cooperation. The parties hereto shall cooperate with each other
to achieve  the  purpose of this  Agreement,  and shall  execute  such other and
further documents and take such other and further actions as may be necessary or
convenient to effect the transaction described herein.

     6.13  Governing Law. This  Agreement  shall be interpreted  and governed in
accordance  with the laws of the State of  Delaware.  The Parties  herein  waive
trial by  jury.  In the  event  that  litigation  results  or arise  out of this
Agreement or the  performance  thereof,  the Parties  agree that the  prevailing
party is entitled to reimbursement  for the  non-prevailing  party of reasonable
attorney's  fee, costs,  expenses,  in addition to any other relief to which the
prevailing party may be entitled.

                                       11
<PAGE>
     In witness  whereof,  this  Agreement has been duly executed by the parties
hereto as of the date first above written.

SELLER

SIGNED by

Christopher Coldicutt                        /s/ Christopher Coldicutt
                                             -----------------------------------
COMPANY

SIGNED by

Susana Gomez
Chief Executive Officer                      /s/ Susana Gomez
                                             -----------------------------------
PURCHASERS' REPRESENTATIVE

SIGNED by

Mr. Xin Wang
On behalf of
China Overseas Financial
Group Limited                                /s/ Mr. Xin Wang
                                             -----------------------------------
PURCHASERS

SIGNED by

Zhou Liangyun
On behalf of
Asia Alpha Limited                           /s/ Zhou Liangyun
                                             -----------------------------------
SIGNED by

Chen Yi
On behalf of
Infinity Wealth Management Ltd               /s/ Chen Yi
                                             -----------------------------------
SIGNED by

Xin Wang
On behalf of
China Overseas Financial Group Limited       /s/ Xin Wang
                                             -----------------------------------

                                       12
<PAGE>
Exhibit A-LIST OF PURCHASERS

                               LIST OF PURCHASERS

                                            Number of Shares Purchased under
                                             this Stock Purchase Agreement
        Name of Purchasers                   (upon the forward stock split)
        ------------------                   ------------------------------

        Asia Alpha Limited                               515,000
        Infinity Wealth Management Ltd                   300,000
        China Overseas Financial Group Limited           375,000

        TOTAL                                          1,190,000

                                       13
<PAGE>
Exhibit B-ESCROW AGREEMENT

                    ESCROW AGREEMENT

     This Escrow  Agreement made this 29th day of September,  2009, by and among
Christopher  Coldicutt,  ("Seller"),  China  Overseas  Financial  Group  Limited
("Purchasers' Representative"),  representing certain Purchasers ("Purchasers"),
and Robert C. Weaver,  Jr., Attorney At Law ("Sellers' Escrow Agent"),  and John
B. Lowy, P.C. Attorney At Law,  ("Purchasers'  Escrow Agent"),  collectively the
"Escrow Agents" or "Escrow Agent."

     IN  CONSIDERATION OF THE MUTUAL PROMISES,  COVENANTS,  AND  REPRESENTATIONS
CONTAINED HEREIN, THE PARTIES HERETO AGREE AS FOLLOWS:

                                   WITNESSETH

WHEREAS:

A.   Seller is selling a total of 595,000 shares (1,190,000  post-split  shares)
     of Common Stock of Wollemi Mining Corp. ("Shares"), a Delaware corporation,
     for a total of Seventy Four Thousand Dollars  ($74,000.00) ("Total Purchase
     Price").

B.   Seller and Purchasers have entered into a Stock Purchase  Agreement ("Stock
     Purchase  Agreement")  dated  September  29,  2009,  to which  this  Escrow
     Agreement is attached and made a part hereof.

C.   It is  necessary  to  establish  an escrow  for the  consideration  and all
     documents,  stock  certificates,  stock powers and  corporate  records with
     respect to the transaction.

D.   Seller desires that,  Robert C. Weaver,  Jr., serve as the Sellers'  Escrow
     Agent in connection with the transaction.

E.   Purchasers desire that, John B. Lowy, P.C. serve as the Purchasers'  Escrow
     Agent in connection with the transaction.

     NOW,  THEREFORE,  in consideration of the foregoing recitals and the mutual
covenants and obligations herein contained, the parties hereto agree as follows:

     1.  DEPOSIT.  Pursuant  to  the  Stock  Purchase  Agreement  section  1.03,
Purchasers has forwarded an amount of $10,000 by wire transfer as a Deposit (the
"Deposit") to  Purchasers'  Escrow Agent  Attorney  Trust Account and the Escrow
Agents  shall carry out the  instructions  in said  section  1.03.  Account wire
transfer instructions for the deposit,  transfer and payment of funds herein are
stated in Annex A- Notices and Wiring  Instructions  attached  hereto and made a
part hereof.

                                       14
<PAGE>
     2.  BALANCE OF  PURCHASE  PRICE.Pursuant  to the Stock  Purchase  Agreement
section  1.04,  Purchasers  will  forward  the  balance of the amount due to the
Seller by wire transfer to Sellers'  Escrow Agent Attorney Trust Account and the
Escrow Agents shall carry out the instructions in said section 1.04.

     3.  CLOSING.  The Closing shall take place  pursuant to the Stock  Purchase
Agreement Article III, and the Escrow Agents shall carry out the instructions in
said Article III.

     4. The term "Escrow Agent" in this Agreement means both the Sellers' Escrow
Agent and the Purchasers' Escrow Agent. The Escrow Agent shall have no duties or
obligations  other than those  specifically set forth herein.  The acceptance by
the Escrow  Agent of its duties  under this Escrow  Agreement  is subject to the
terms and conditions hereof,  which shall govern and control with respect to its
rights, duties, liabilities and immunities.

     5.  Seller and  Purchasers'  Representative  understand  and agree that the
Escrow Agent is not a principal,  participant,  or beneficiary of the underlying
transactions which necessitate this Escrow Agreement.  The Escrow Agent shall be
obligated only for the performance of such duties as are  specifically set forth
herein and may rely and shall be protected in acting or  refraining  from acting
on any  instrument  believed  by it to be  genuine  and to have  been  signed or
presented by the proper party or parties,  their  officers,  representatives  or
agents.  So long as the Escrow Agent has acted in good faith or on the advice of
counsel or has not been guilty of willful  misconduct or gross  negligence,  the
Escrow Agent shall have no liability  under, or duty to inquire beyond the terms
and provisions,  of this Escrow Agreement,  and it is agreed that its duties are
purely ministerial in nature.

     6.  The  Escrow  Agent  does  not have any  responsibility  to  review  the
Certificates  that  shall  be  held  in  the  Escrow  Account  for  accuracy  or
completeness.   Seller  shall  have  full  responsibility  to  assure  that  the
Certificates  required  by the Stock  Purchase  Agreement  are so  delivered  to
escrow,  and Purchasers'  Representative  shall have the full  responsibility to
review the Shares for completeness and accuracy.

     7. The  Escrow  Agent  shall not be  obligated  to take any  legal  actions
hereunder  which might, in the Escrow Agent's  judgment,  involve any expense or
liability, unless the Escrow Agent has been furnished with reasonable indemnity.

     8. The  Escrow  Agent  is not  bound in any way by any  other  contract  or
agreement  between  the  parties  hereto  whether  or not the  Escrow  Agent has
knowledge  thereof of its terms and conditions and the Escrow Agent's only duty,
liability  and  responsibility  shall  be to hold and deal  with the  funds  and
documents as herein directed.

     9. The  Escrow  Agent  shall not be bound by any  modification,  amendment,
termination,  cancellation,  rescission or supercession of this Escrow Agreement
unless  the same  shall be in  writing  and  signed by all of the other  parties
hereto and, if its duties as Escrow Agent hereunder are affected thereby, unless
it shall have given prior written consent thereto.

                                       15
<PAGE>
     10. The parties  hereto each jointly and  severally  agree to indemnify the
Escrow Agent against, and hold the Escrow Agent harmless from anything which the
Escrow Agent may do or refrain from doing in connection  with his performance or
non-performance  as Escrow  Agent under this  Agreement  and any and all losses,
costs, damages, expenses, claims and attorneys' fees suffered or incurred by the
Escrow  Agent as a result of, in  connection  with or arising from or out of the
acts of  omissions  of the Escrow  Agent in  performance  of or pursuant to this
Agreement,  except such acts or omissions as may result from the Escrow  Agent's
willful misconduct or gross negligence.

     11. In the  event of any  disagreement  between  Sellers,  and  Purchasers'
Representative  or either of them post Closing  concerning this Escrow Agreement
or between them or any of them and any other person, resulting in adverse claims
or demands  being made in connection  with the Funds and/or legal  possession of
Shares,  or in the event that the Escrow Agent is in doubt as to what action the
Escrow Agent should take hereunder,  the Escrow Agent may, at its option, refuse
to comply  with any claims or demands on it, or refuse to take any other  action
hereunder,  so long as such disagreement  continues or such doubt exists, and in
any such event,  the Escrow Agent shall not be or become liable in any way or to
any person for its  failure or  refusal to act,  and the Escrow  Agent  shall be
entitled to continue so to refrain from acting until:

          (a) the rights of Sellers and  Purchasers'  Representative  shall have
been fully and finally adjudicated through arbitration as provided herein, or by
a court of competent jurisdiction; or arbitration; and.

          (b) all differences shall have been adjusted and all doubt resolved by
agreement  between the parties,  and the Escrow  Agent shall have been  notified
thereof in writing signed by all parties.

     12. Should Escrow Agent become involved in litigation or arbitration in any
manner  whatsoever on account of this  agreement or the funds and/or  documents,
the  parties  hereto  (other  than  Escrow  Agent),  hereby  bind  and  obligate
themselves,  their heirs, personal representatives,  successors,  assigns to pay
Escrow  Agent,  in addition to any charge  made  hereunder  for acting as Escrow
Agent,  reasonable  attorneys'  fees  incurred  by Escrow  Agent,  and any other
disbursements,  expenses,  losses,  costs  and  damages  in  connection  with or
resulting from such actions.

     13. The terms of these  instructions  are  irrevocable  by the  undersigned
unless  such  revocation  is  consented  to in writing by each of the Seller and
Purchasers' Representative.

     14. The Escrow Agent may resign as Escrow Agent by giving written notice to
Sellers and Purchasers.  The resignation of the Escrow Agent shall be effective,
and the Escrow  Agent shall cease to be bound by this Escrow  Agreement,  thirty
(30) days following the date that notice of resignation was given.

     15. All notices,  requests,  demands,  and other  communications under this
Agreement shall be in writing and shall be deemed to have been duly given on the
date of service if served personally on the party to whom notice is to be given,
or on the third day after mailing if mailed to the party to whom notice is to be

                                       16
<PAGE>
given, by first class mail, registered or certified,  postage prepaid, or on the
second day if faxed,  and properly  addressed or faxed to the persons  stated in
Annex A -  Notices  and  Wiring  Instructions  attached  hereto  and made a part
hereof,  or such other  address as shall be furnished in writing by any party in
the manner for giving notices hereunder.

     16. This  Escrow  Agreement  shall be  construed  according  to the laws of
Delaware and the parties submit themselves to the exclusive  jurisdiction of the
Courts of Delaware in the event of any dispute.

     17. This Escrow  Agreement  may be executed in any number of  counterparts,
each of which shall be deemed to be an original and all of which taken  together
shall be deemed to  constitute  one and the same.  Facsimile  copies  may act as
originals.

     18.  The  Escrow  Agent  shall be  permitted  to act as  counsel  for their
respective  parties  in any  dispute  between  the  Seller  and the  Purchasers'
Representative,  whether or not the Escrow  Agent is then  holding the funds and
documents  pursuant to this  Agreement  and  continues to act as an Escrow Agent
hereunder.

                                       17
<PAGE>
     In witness  whereof,  this Escrow  Agreement  has been duly executed by the
parties hereto as of the date first above written.

Seller

/s/ Christopher Coldicutt
--------------------------------------
Christopher Coldicutt

Purchasers' Representative

/s/ Mr. Xin Wang
--------------------------------------
Mr. Xin Wang
On behalf of
China Overseas Financial Group Limited

Sellers' Escrow Agent

/s/ Robert C. Weaver, Jr., Esq.
--------------------------------------
Robert C. Weaver, Jr., Esq.

Purchasers' Escrow Agent

/s/ John B. Lowy, P.C.
--------------------------------------
John B. Lowy, P.C.

                                       18

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