Document:

Unassociated Document

    
      Exhibit
10.55

      CONSULTING
AGREEMENT

      

      This
Consulting Agreement is made and entered into as of December 8, 2009,
("Effective Date"), between Nephros, Inc., a Delaware
corporation (the "Company") and Barry A. Solomon, PhD, (the
"Consultant").

      

      WHEREAS,
the Company desires to engage Consultant to provide consulting services to it in
connection with its business; and

      

      WHEREAS,
Consultant desires to provide consulting services to the

      Company;

      

      In consideration of and for
the mutual promises and covenants contained herein, and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties
hereto agree as follows:

      

      1.           Consulting
Services.

      

      (a)
Subject to the terms and conditions hereinafter set forth, the Company retains
Consultant, and Consultant hereby accepts such retention by the
Company,

      

      (i) to
undertake on a best-efforts basis such consultative and advisory services as the
Company shall reasonably request, in connection with the Company's business,
including, but not limited to, the following:

      

      The
Company's research and development efforts with respect to a high efficiency
hemofiltration device (the "Device") and related technologies in which the
Company develops a proprietary or other interest.

      

      The
Company's gathering, interpretation and recording of data relating to the
development of the Device and related technologies; and

      

      (ii) to
provide such other consulting services as reasonably. requested by the
Company

      

      (b)
In addition to the
consulting services provided in paragraph (a) above, Consultant agrees to serve
as a Scientific Advisor to the Company. Consultant, as a Scientific Advisor to
the Company, agrees to meet at least semi-annually to advise the Company of
advances in his field of expertise, and to consult with the Company, assessing
the feasibility of research and development programs under consideration by the
Company and offering guidance for current and future research and clinical
applications of the Company's technology. In addition to these
semi-annual meetings, Consultant further agrees to meet individually and in
groups as called upon from time to time to review and advise the Company on its
research, development and commercialization of its technology, and to consult at
reasonable times and upon reasonable prior notice with the Company and the
Company's management, agents, employees and other Scientific Advisors on
projects.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      (c) The
Company and Consultant hereby acknowledge and agree that Consultant shall
perform the services specified in paragraphs (a) and (b) above (collectively,
the "Consulting Services") as an independent contractor and not as an employee
of the Company. Consultant agrees that he will file his own tax returns on the
basis of his status as an independent contractor for the reporting of all
income, social security, employment and other taxes due and owing on the
consideration received by him under this Agreement and that he is responsible
for the payment of such taxes. Similarly, Consultant shall not be entitled to
receive additional benefits specifically associated with employment status, such
as medical, dental and life insurance, stock or stock options of the Company and
shall not be entitled to participate in any other employee benefit programs. As
an independent contractor, Consultant acknowledges, understands and agrees that
he is not, and shall not represent himself to third parties as being, the agent
or representative of the Company nor does he have, and shall not represent
himself to third parties as having, power or authority to do or take any action
for or on behalf of the Company, as its agent, representative or otherwise,
except as specifically herein set forth.

      

      (d) In
order to protect the Company's patent rights, any actual research done by
Consultant under this Agreement shall be done at the Company's business or at
some other location approved in advance by the Company All such services shall
be rendered in the greater New York, New York area, unless mutually agreed by
Consultant and the Company, at such times as are consistent with Consultant's
obligations.

      

      2.           Consideration for Consulting
Services.

      

      In
consideration of Consultant's performance of the Consulting Services, during the
Term (as defined below in Section 4 below) the Company shall pay Consultant for
requested services a consulting fee (the "Consulting Fee") at the rate of
twenty-five hundred dollars ($2500) per day or another amount agreed to in
advance according the level effort required and listed in Schedule A attached,
to be paid to Consultant on a monthly basis, payable on the first day of each
month. Nothing herein shall obligate the Company to request any services to be
performed by Consultant.

      

      3.           Reimbursement
of Expenses.

      

      The
Company shall reimburse Consultant for all normal, usual and necessary expenses
in excess of twenty five dollars ($25.00) in the aggregate incurred by
Consultant in furtherance of the business and affairs of the Company against
receipt by the Company of appropriate vouchers or other proof of the Company's
expenditures and otherwise in accordance with such expense reimbursement policy
as may from time to time be adopted by the Company.

      

      4.           Term and
Termination.

      

      (a) The
term of this Agreement shall commence on the Effective Date and shall expire on
the first anniversary of the Effective Date subject to earlier termination as
provided in Section 4(b) (together with any renewals pursuant to the proviso
following this sentence, the "Term"); provided, however, that the Term may be
extended for additional one (1) year periods upon mutual written
consent.

      

      (b) This
Agreement may be terminated by either party upon thirty (30) days written notice
to the other party.

      

      (c) The
provisions of Sections 5 through 16 hereof shall survive any termination of this
Agreement at the expiration of the Term or prior thereto.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      
        	
                5.

              	
                      
      Ownership of
      Proprietary Information.

              

      

      

      Consultant
agrees that all information that has been created, discovered or developed by
the Company, its subsidiaries, affiliates, licensors, licensees, successors or
assigns (collectively, the "Affiliates"), including, without limitation,
information relating to the development of the Device created, discovered,
developed or made known to the Company or any of the Affiliates by Consultant
during the Consulting Term and information relating to the Company's customers,
suppliers, consultants, and licensees, and/or in which property rights have been
assigned or otherwise conveyed to the Company or the Affiliates, shall be the
sole property of the Company or the Affiliates, as applicable, and the Company
or the Affiliates, as the case may be, shall be the sole owner of all patents,
copyrights and other rights in connection therewith, including without
limitation the right to make application for statutory protection. All of the
aforementioned information is hereinafter called "Proprietary Information." By
way of illustration, but not limitation, Proprietary Information includes trade
secrets, processes, discoveries, structures, inventions, designs, ideas, works
of authorship, copyrightable works, trademarks, copyrights, formulas, data,
know-how, show-how, improvements, inventions, product concepts, techniques,
information or statistics contained in, or relating to, marketing plans,
strategies, forecasts, blueprints, sketches, records, notes, devices, drawings,
customer lists, patent applications, continuation applications,
continuation-in-part applications, file wrapper continuation applications and
divisional applications and information about the Company's or the Affiliates'
employees and/or consultants (including, without limitation, the compensation,
job responsibility and job performance of such employees and/or
consultants).

      

      6.               Delivery of Documents and
Data.

      

      On the
expiration of the Term or the earlier termination of this Agreement pursuant to
Section 4 hereof, Consultant agrees that Consultant will deliver to the Company
all documents and data of any nature and embodied in any media pertaining to his
work with the Company or the Affiliates, Consultant will not take with him or
deliver to anyone else any documents or data of any description and embodied in
any media or any reproduction, abstract or summary of any description containing
or pertaining to any Proprietary Information and Consultant will sign and
deliver the "Termination Certification" attached hereto as Exhibit A.
Notwithstanding the foregoing, Consultant may retain and use documents
pertaining to his work for academic, noncommercial research purposes with the
prior written approval of the Board of Directors.

      

      7.               Disclosure of
Inventions.

      

      During
the Term, Consultant agrees that he will promptly disclose to the Company, or
any persons designated by it, all improvements, inventions, designs, ideas,
works of authorship, copyrightable works, discoveries, trademarks, copyrights,
trade secrets, formulas, processes, structures, product concepts, marketing
plans, strategies, customer lists, information about the Company's employees
and/or consultants (including, without limitation, job performance of such
employees and/or consultants), techniques, blueprints, sketches, records, notes,
devices, drawings, know-how, data, whether or not patentable, patent
applications, continuation applications, continuation-in-part applications, file
wrapper continuation applications and divisional applications, made or conceived
or reduced to practice or learned by him, either alone or jointly with others,
which result from use of premises or equipment owned, leased or contracted for
by the Company or the Affiliates (all said improvements, inventions, designs,
ideas, works of authorship, copyrightable works, discoveries, trademarks,
copyrights, trade secrets, formulas, processes, structures, product concepts,
marketing plans, strategies, customer lists, information about the Company's or
the Affiliates' employees and/or consultants, techniques, blueprints, sketches,
records, notes, devices, drawings, know-how, data, patent applications,
continuation applications, continuation-in-part applications, file wrapper
continuation applications and divisional applications shall be collectively
hereinafter called "Inventions"). Notwithstanding any provisions to the contrary
herein, however, Consultant agrees that Consultant shall not disclose to the
Company any improvements, inventions, designs, ideas, works of authorship,
copyrightable works, discoveries, trademarks, copyrights, trade secrets,
formulas, processes, structures, product concepts, marketing plans, strategies,
customer lists, blueprints, sketches, records, notes, devices, drawings,
techniques, know-how, data, patent applications, continuation applications,
continuation-in-part applications, file wrapper continuation applications and
divisional applications which Consultant possesses under the obligation of
secrecy or confidentiality to a third party.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Consultant
understands and acknowledges that all original works of authorship which are
made by him (solely or jointly with others) while performing the Consulting
Services and which are protectable by copyright are being created at the
instance of the Company and are "works made for hire," as that term is defined
in the United States Copyright Act (17 USCA, Section 101).

      

      8.               Assignment of and Assistance
with Inventions.

      

      Consultant
hereby assigns to the Company all right, title and interest he may have or
acquire in all Inventions and agrees that all Inventions shall be the sole
property of the Company and its assigns, and the Company and its assigns shall
be the sole owner of all patents, copyrights and other rights in connection
therewith. Consultant further agrees to assist the Company in every proper way
(but at the Company's expense) to obtain and from time to time enforce patents,
copyrights or other rights on said Inventions in any and all countries, and to
that end Consultant will execute all documents necessary:

      

      
        	
                 
      

              	
                (i)

              	
                to
      apply for, obtain and vest in the name of the Company alone (unless the
      Company otherwise directs) letters patent, copyrights or other analogous
      protection in any country throughout the world and when so obtained or
      vested to renew and restore the same;
and

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                to
      defend any opposition proceedings in respect of such applications and any
      opposition proceedings or petitions or applications for revocation of such
      letters patent, copyright or other analogous
  protection.

              

      

       

      Consultant's
obligation to assist the Company in obtaining and enforcing patents and
copyrights for the Inventions in any and all countries shall continue beyond the
Term or earlier termination of this Agreement pursuant to Section 4 hereof, but
the Company agrees to compensate Consultant at a reasonable rate after the
expiration of the Term or such earlier termination for time actually spent by
Consultant at the Company's request on such assistance.

      

      The
provisions of Section 8(a) shall not apply to any Invention meeting the
following conditions: (i) such Invention was developed entirely on Consultant's
own time; and (ii) such Invention was made without the use of any Company
equipment, or information; and (iii) such Invention is directly related to the
business of the Company; or to the Company's anticipated research or
development; and (iv) such Invention does not result from the performance of the
Consulting Services.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                9.

              	
                 
        No
      Breach of
Duty.

              

      

       

      Consultant
represents and warrants that the performance by him of all the terms of this
Agreement will not breach any agreement or duty to keep in confidence
proprietary information acquired by Consultant in confidence or in trust prior
to his engagement hereunder. Consultant hereby agrees to not enter into, any
agreement either written or oral in conflict herewith.

       

      
        	
                10.

              	
                  
       No
      Prior Employer
Property.

              

      

       

      Consultant
undertakes that, in the performance of the Consulting Services, Consultant will
not use any materials or documents of a former or current employer which are not
generally available to the public, unless Consultant or the Company has obtained
written authorization from the current or former employer for their possession
and use.

       

      
        	
                11.

              	
                  
       Non-Solicitation.

              

      

      

      During
the Term, and for a period of two (2) years thereafter, Consultant shall not,
directly or indirectly, without the prior written consent of the
Company:

      

      (a)
solicit or induce any employee of the Company or any Affiliate to leave the
employ of the Company or any Affiliate or hire for any purpose any employee of
the Company or any Affiliate or any employee who has left the employment of the
Company or any Affiliate within six months of the termination of said employee's
employment with the Company; or

      

      (b)
solicit or accept the business of any customer or supplier of the Company or any
Affiliate with respect to products similar to those supplied by the
Company.

      

      12.               Insider Trading,
Etc.

      

      Consultant
recognizes that in the course of his duties hereunder, Consultant may receive
from the Company or others information which may be considered "material,
non-public information" concerning a public company that is subject to the
reporting requirements of the Securities and Exchange Act of 1934, as amended.
Consultant agrees that he will not, without the prior written consent of the
Company, perform any of the following:

      

      (a)
purchase, trade, offer, pledge, sell, contract to sell or to purchase or sell
"short" or "short against the box" (as such terms are generally understood in
the securities markets), or otherwise dispose of or acquire any securities of
the Company or options or other derivative securities in respect of such
securities while in possession of relevant material, nonpublic information
received from the Company or others in connection herewith;

      

      (b)
provide the Company with information with respect to any public company that may
be considered material, non-public information; and

      

      (c)
provide any person with material, non-public information, received from the
Company, including any relative, associate, or other individual who intends to,
or may, (i) trade securities with respect to the Company which is the subject of
such information or (ii) otherwise directly or indirectly benefit from such
information.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      13.               Non-disparagement.

      

      During
and after the Term, Consultant agrees not to make any disparaging comment or
statement about the Company, whether or not true, including but not limited to
comments which could adversely affect the conduct of the Company's business, any
of its plans or prospects, or the
business name or reputation of the Company

      

      14.               Non-Competition.

      

      Consultant
understands and recognizes that his services to the Company are special and
unique and agrees that, during the Consulting Term and for a period of one (1)
year from the date of termination of his retention hereunder, he shall not
engage in any activity that has a conflict of interest with the Company,
including any competitive employment, business, or other activity, and he shall
not assist any other persons or organization that competes, or intends to
compete, with the company (all of the foregoing, "Competitive Activities"). Not
withstanding the foregoing, the restriction on competitive Activities shall not
survive the termination or expiration of this agreement in the event that the
Company has not offered a minimum of three (3) days of services during the
ninety (90) day period preceding the termination or expiration date of
this Agreement.

      

      15.               Remedies for
Breach.

      

      Consultant
understands and agrees that any breach of Sections 5, 7,12,13,14 and 15 of this
Agreement by the Consultant could cause irreparable damage to the Company, and
to the Affiliates and that monetary damages alone would not be adequate and, the
event of such breach, the Company shall have, in addition to any and all
remedies of law, the right to an injunction, specific performance or other
equitable relief to prevent or redress the violation of Consultant's obligations
under such Sections.

      

      16.               Severability.

      

      Every
provision of this Agreement is intended to be severable. If any term or
provision hereof is deemed unlawful or invalid in any jurisdiction for any
reason whatsoever, such unlawfulness or invalidity shall not affect the validity
of the remainder of this Agreement or the enforceability of such term or
provision in any other jurisdiction. To the extent that any such term or
provision is held to be unlawful or invalid, the parties agree to reform such
term or provision in such a way which will be enforceable in the jurisdiction to
which such holding applies, and which will reflect, as nearly as permissible,
the intention of the parties.

      

      17.               Representation of
Consultant; Use of Name.

      

      Consultant
represents that there are no binding agreements to which he is a party or by
which he is bound, forbidding or restricting his activities herein. In addition,
Consultant consents to the use of his name in various reports, brochures or
other documents produced by or on behalf of the Company, including any and all
documents filed with the Securities and Exchange Commission.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      18.               Miscellaneous.

      

      Any
notice or other communication between parties shall be sufficiently given if
sent by certified or registered mail, postage prepaid, if to the Company,
addressed to it at Nephros, Inc., c/o Paramount Capital Investments, LLC, 787
Seventh Avenue, New York, New York 10019, Attention: Michael S. Weiss, or if to
Consultant, addressed to Consultant at the address set forth below Consultant's
name on the signature page hereof, or to such address as may hereafter be
designated in writing by one party to the other. Such notice or other
communication shall be deemed to be given on the date of receipt.

      

      This
Agreement embodies the entire agreement and understanding between the Company
and Consultant regarding the subject matter hereof and supersedes any and all
negotiations, prior discussions and preliminary and prior agreements and
understandings related to the central subject matter thereof.

      

      This
Agreement shall in all respects be governed by, and contained and enforced in
accordance with the internal substantive laws of the State of New York and not
the law of conflict of laws.

      

      This
Agreement may be executed in one or more counterparts, each of which, when so
executed shall be deemed to be an original and all of which counterparts, taken
together, shall constitute one and the same instrument.

      

      Neither
this Agreement nor any term hereof may be amended, modified, supplemented or
waived save in a written instrument executed by each of the parties
hereto.

      

      IN
WITNESS WHEREOF, the parties have hereto set their hand on the date first above
written.

      

      NEPHROS,
Inc

      

      Name:
Ernest Elgin

      Title: President & CEO

      

      BARRY A.
SOLOMON, PhD:

       

      Name: Barry A. Solomon

      Address:
394 North Road

      Bedford,
MA 01730

      SS#:
###-##-####

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      Schedule
A. Consulting Fees

      

      
        
          
            
              	
                      Minimum Days/Month

                    	 	
                      $/Day
      Minimum

                    	 	 	
                      #
      Months

                    	 	 	
                      Extra
      Days/MonthA

                    	 
	
                      1

                    	 	$	2500	 	 	 	1	 	 	$	2000	 
	
                      1

                    	 	$	2000	 	 	 	6	 	 	$	1500	 
	
                      2

                    	 	$	1800	 	 	 	6	 	 	$	1500	 
	
                      4

                    	 	$	1500	 	 	 	6	 	 	$	1250	 

            

          

        

      

      

      A By mutual
agreement in advanceEXHIBIT
10.1

     

    THE
SHARES OF COMMON STOCK TO BE ACQUIRED BY THE SUBSCRIBER PURSUANT TO THIS
SUBSCRIPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, OFFERED FOR SALE,
PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM OR NOT SUBJECT TO
REGISTRATION UNDER THE SECURITIES ACT, AND THE SUBSCRIBER HAS, IF REQUIRED BY
THE COMPANY, DELIVERED AN OPINION OF COUNSEL TO THAT EFFECT.  BY ENTERING
INTO THIS SUBSCRIPTION AGREEMENT, SUBSCRIBER REPRESENTS, AMONG OTHER THINGS,
THAT IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a) OF THE SECURITIES
ACT) AND IS ACQUIRING THE COMMON STOCK PURSUANT TO AN EXEMPTION FROM
REGISTRATION PURSUANT TO REGULATION D PROMULGATED UNDER THE SECURITIES ACT AND
WILL NOT ENGAGE IN ANY TRANSACTIONS WITH RESPECT TO THE COMMON STOCK OF THE
COMPANY EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT.

     

    ACCELERATED
ACQUISITIONS V, INC.

     

    SUBSCRIPTION
AGREEMENT

     

    
      
        
          
            
              
                
                  	
                          Name
      of Subscriber:

                        	
                          Richard
      K. Aland

                        
	 
      	 
      
	
                          Address
      of Subscriber:

                        	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                          Number
      of

                        	 
      
	
                          Shares
      of Common Stock:

                        	
                          23,907,138

                        
	 
      	 
      
	
                          Purchase
      Price:

                        	
                          $2,390.71

                        

                

              

            

          

        

      

    

     

    TO:        
Accelerated Acquisitions V, Inc., a Delaware corporation (the “Company”).

     

    The
Subscriber hereby subscribes for and agrees to purchase the number of shares
(the “ Shares ”) of
common stock of the Company, par value $0.0001 per share (the “ Common Stock ”) specified
above in accordance with and subject to the terms, provisions and conditions set
forth herein.  The Subscriber agrees to pay to the Company $0.0001 per
Share, for a total purchase price (the “Purchase Price”) equal to the
amount set forth above.

     

    The
Subscriber understands that this Subscription Agreement may be rejected in whole
or in part prior to acceptance at any time for any reason whatsoever by the
Company.  The Subscriber further understands that in the event this
Subscription Agreement is rejected by the Company, the subscription of the
Subscriber herein shall become null and void insofar as rejected.  Upon
such rejection, the Subscriber shall have no further obligations to the
Company.

     

    A.           
Payment. 
In connection with this Subscription Agreement and subject to acceptance by the
Company, the Subscriber hereby agrees with the Company as follows:

     

    (1)          
The sale of the Shares offered or subscribed for pursuant to this private
placement will be closed not later than the second business day immediately
following the acceptance by the Company of this Subscription Agreement (the
“Closing Date”). 
On the Closing Date, the Subscriber will pay to the Company the Purchase Price
in immediately available funds, by wire transfer as directed by the Company Upon
the Subscriber’s payment in full of the Purchase Price as contemplated by this
Part A(1), the Company shall issue to the Subscriber that number of whole shares
of Common Stock subscribed for by Subscriber pursuant hereto.  The shares
of Common Stock issued to the Subscriber in consideration for such payment shall
be validly issued and outstanding, and fully paid and
non-assessable.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    B.           
Acknowledgments and
Covenants.

     

    (1)          
The Subscriber hereby agrees to pay all costs and expenses incurred by or on
behalf of the Company, including reasonable attorneys’ fees and disbursements,
in connection with enforcing the Subscriber’s obligations under this
Subscription Agreement in the event of any default in respect of its obligations
hereunder.

     

    (2)          
Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the
“Code”), the Company
must withhold tax with respect to certain transfers of property if a stockholder
of the Company is a foreign person.  To inform the Company whether
withholding is required with respect to the Subscriber’s interest in the
Company, the Subscriber shall complete a Form W-9 or applicable Form
W-8.

     

    (3)          
The Subscriber acknowledges and agrees that the Shares will be issued subject to
the terms of this Subscription Agreement and that any certificates evidencing
the Shares will bear appropriate legends to that effect, including a legend in
substantially the form set forth above and as otherwise provided pursuant
hereto.

     

    C.           
Representations and
Warranties .

     

    Subscriber
Representations and Warranties.

     

    The
Subscriber warrants, represents and agrees with the Company as
follows:

     

    (1)       
   Upon acceptance by the Company, this Subscription Agreement is
irrevocable and shall constitute a binding commitment of the
Subscriber.

     

    (2)         
 Subscriber is acquiring the Shares for his/her/its own account, not on
behalf or for the account of any other Person.

     

    (3)          
The Subscriber will make all resales of the Shares only pursuant to a
registration statement under the Securities Act or pursuant to an available
exemption from registration under the Securities Act. 

     

    (4)          
The Company is and will be relying on the truth and accuracy of Subscriber’s
representations, warranties, agreements, acknowledgements and understandings as
set forth herein, in order to determine the applicability of such exemptions and
the suitability of Subscriber and his/her/its acquisition of the
Shares.

     

    (5)          
Subscriber has been provided all necessary and appropriate information about the
Company to make an informed investment decision with respect to the acquisition
of the Shares.  WITHOUT LIMITING THE FOREGOING, THE SUBSCRIBER ACKNOWLEDGES
THAT AN INVESTMENT IN THE COMPANY INVOLVES SUBSTANTIAL RISK AND THE SUBSCRIBER
MAY LOSE ITS ENTIRE INVESTMENT.

     

    (6)          
Subscriber has sufficient knowledge and experience in financial and business
matters and is capable of evaluating the risks and merits of Subscriber’s
investment in the Company; Subscriber has been provided the opportunity to make
all necessary and appropriate inquiries of the Company regarding Company’s
business and associated risks, and Company has complied with all such requests;
and Subscriber is able financially to bear the risk of losing Subscriber’s full
investment in the Shares.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (7)         
 The Shares are being acquired in a transaction not involving a public
offering and Subscriber understands that the Shares have not been and may not
be, registered under the Securities Act or registered or qualified under any the
securities laws of any state or other jurisdiction, are and will be “restricted
securities” and cannot be resold or otherwise transferred unless they are
registered under the Securities Act, and registered or qualified under any other
applicable securities laws, or an exemption from such registration and
qualification is available.  Prior to any proposed transfer of the Shares,
Subscriber shall, among other things, give written notice to the Company of
Subscriber’s intention to effect such transfer, identifying the transferee and
describing the manner of the proposed transfer and, if requested by the Company,
accompanied by (i) investment representations by the transferee similar to those
made by Subscriber in this Section 7 and (ii) an opinion of counsel satisfactory
to the Company to the effect that the proposed transfer may be effected without
registration under the Securities Act and without registration or qualification
under applicable state or other securities laws.  Each certificate for the
Shares shall bear a legend similar to that set forth on the first page of this
Subscription Agreement (insofar as applicable) and otherwise referring to
reiterating the restrictions on transfer and other terms hereof applicable to
the Shares upon issuance, and containing such other information and imposing
such other restrictions as shall be reasonably required by the
Company.

     

    (8)        
  Subscriber understands that no U.S. federal or state government or agency
has passed on or made any recommendation or endorsement of offering for sale or
the sale of the Shares.

     

    (9)         
 Subscriber acknowledges there is no restriction imposed hereby upon the
Company in respect of the incurring by the Company of additional debt or the
issuance by the Company of additional debt or equity securities, or
otherwise.

     

    (10)        
The Shares will be purchased for the account of the Subscriber for investment
only and not with a view to, or with any intention of, a distribution or resale
thereof, in whole or in part, or the grant of any participation therein. 
The Subscriber has not been organized for the specific purpose of acquiring the
Shares.  The Subscriber acknowledges that the Shares have not been
registered under the Securities Act, or the securities laws of any state or
other jurisdiction and cannot be disposed of unless subsequently registered
under the Securities Act and any applicable laws of states or other
jurisdictions or an exemption from such registration is available.

     

    (11)        
The Subscriber is an “accredited investor” as defined in Rule 501(a) of
Securities and Exchange Commission Regulation D, that is (i) if a natural
person, Subscriber has an individual net worth, or joint net worth with the
Subscriber’s spouse, at the time of the Subscriber’s purchase in excess of 
$1,000,000; (ii) if a corporation, business trust or a partnership, Subscriber
was not formed for the specific purpose of acquiring the Shares, and has total
assets in excess of $5,000,000.

     

    (12)        
The Subscriber acknowledges that at no time was the Subscriber presented with,
or solicited by, any leaflet, public promotional meeting, newspaper or magazine
article, radio or television advertisement or any other form of general
advertising or general solicitation with respect to the Company.

     

    (13)        
If the Subscriber is an entity, the Subscriber is duly organized or, if a trust,
duly established pursuant to a valid trust instrument, validly existing and in
good standing under the laws of the jurisdiction wherein it is organized and has
the power and authority to carry on the activities in which it is engaged and to
purchase the Shares.  This Subscription Agreement and any other documents
executed and delivered by the Subscriber in connection therewith or herewith
have been duly authorized, executed and delivered by the Subscriber, and are the
legal, valid and binding obligations of the Subscriber enforceable in accordance
with their respective terms.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

     

    (14)        
The execution and delivery of this Subscription Agreement and any other
documents executed and delivered by the Subscriber in connection herewith do
not, and the performance and consummation of the terms and transactions set
forth or contemplated therein or herein will not, contravene or result in a
default under any provision of existing law or regulations to which the
Subscriber is subject, the provisions of the trust instrument, charter, bylaws
or other governing documents of the Subscriber (if the Subscriber is an entity)
or any indenture, mortgage or other agreement or instrument to which the
Subscriber is a party or by which it is bound and does not require on the part
of the Subscriber any approval, authorization, license, or filing from or with
any foreign, federal, state or municipal board or agency which has not been
obtained.

     

    (15)        
The Subscriber represents and warrants that the amounts paid or to be paid by it
to the Company in respect of this Subscription Agreement were not and are not
directly, or to the Subscriber’s knowledge indirectly, derived from activities
that contravene federal, state or foreign laws and regulations, including
anti-money laundering and terrorist financing laws and regulations. 
Federal regulations and Executive Orders administered by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) prohibit, among other
things, the engagement in transactions with, and the provision of services to,
certain foreign countries, territories, entities, and individuals.  The
lists of OFAC prohibited countries, territories, persons and entities can be
found on the OFAC website at www.treas.gov/ofac.

     

    (16)        
The Subscriber represents and warrants to, and agrees and covenants with, the
Company, as of the date hereof and as of the date of issuance of the Shares to
the Subscriber, that, to the best of its knowledge, none of (i) the Subscriber,
(ii) any person controlling or controlled by the Subscriber, (iii) if the
Subscriber is a privately held entity, any person having beneficial interest in
the Subscriber, and (iv) any person for which the Subscriber is acting as agent
or nominee in connection with this Subscription Agreement, is a country,
territory, individual or entity named on the OFAC lists, nor is any such person
or entity prohibited from investing in the Company under any OFAC administered
sanctions or embargo programs.

     

    (17)        
The Subscriber agrees promptly to notify the Company should the Subscriber
become aware of any change in the information set forth in Part (18) or Part
(19) above.  The Subscriber acknowledges and agrees that, if required by
law, the Company may be obligated to “freeze the account” of the Subscriber,
either by prohibiting additional investments from the Subscriber and/or
segregating assets of the Subscriber in compliance with government regulations
and, if required by law, the Company may also be required to report such action
and to disclose the Subscriber’s identity to OFAC.  The Subscriber also
understands and agrees that the Company may release confidential information
about the Subscriber and, if applicable, any underlying beneficial owners of the
Subscriber, to law enforcement agencies to the extent necessary to ensure
compliance with all applicable laws, rules and regulations.

     

    (18)        
The Company reserves the right to request such information as is necessary to
verify the identity of the Subscriber, any related party, any individual or
entity having a beneficial interest in, or signatory or other similar authority
over, the Subscriber and any transferee of the Shares, and may seek to verify
such identity and the source of funds for the Purchase Price.

     

    (19)        
If the Subscriber is acting as nominee or custodian for another person, entity
or organization in connection with the acquisition of the Shares, the
undersigned has so indicated on the “Subscriber Information” page attached
hereto.  The representations and warranties contained in this Part C
regarding the Subscriber are true and accurate with regard to both the
Subscriber and the person, entity or other organization for which the
undersigned is acting as nominee or custodian.  The person, entity or
organization for which the undersigned is acting as nominee or custodian will
not transfer or otherwise dispose of or distribute any part of its economic or
beneficial interest in (or any other rights with respect to) the Shares without
complying with all of the applicable provisions of this Subscription Agreement
and applicable law, as if such person, entity or organization were a holder of
the Shares.  If the undersigned is acting as nominee or custodian for
another person, entity or organization, the undersigned agrees to provide such
other information as the Company may reasonably request regarding the
undersigned and the person, entity or organization for which the undersigned is
acting as nominee or custodian in order to determine the eligibility of the
Subscriber to purchase the Shares.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    Company
Representations and Warranties.

     

    By
accepting the Subscriber’s subscription, the Company warrants, represents and
agrees with the Subscriber as follows:

     

    (1)          
The Company is duly organized, validly existing and in good standing as a
corporation under the Delaware General Corporation Law, with all requisite
corporate power and authority to conduct its business as currently conducted and
to issue and sell the Shares in accordance with the terms of this Subscription
Agreement.  This Subscription Agreement (when accepted) will have been duly
authorized, executed and delivered by the Company.

     

    (2)          
This Subscription Agreement is a legally binding obligation of the Company,
enforceable against the Company in accordance with the terms hereof, except to
the extent that (i) such enforceability is limited by bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting generally the
enforcement of creditors’ rights, and (ii) the availability of the remedy of
specific performance or in injunctive or other equitable relief is subject to
the discretion of the court before which any proceeding therefore may be
brought.

     

    D.            
Assignment, Survival,
Effectiveness and Further Information.

     

    (1)          
This Subscription Agreement is not assignable by either the Subscriber or the
Company without the prior approval of the other party in its sole and absolute
discretion.  This Subscription Agreement shall be binding upon the
successors and any permitted assigns of the Subscriber and, when accepted by the
Company, shall be binding upon the successors and any permitted assigns of the
Company.

     

    (2)          
All of the agreements, covenants, representations and warranties made by the
Subscriber in this Subscription Agreement shall survive the execution and
delivery hereof.  The Subscriber shall use reasonable efforts to notify the
Company and to do so promptly upon discovering that any of the representations
or warranties made herein were false when made or has, as a result of changes in
circumstances, become false.  Every provision of this Subscription
Agreement is intended to be severable, and if any term or provision hereof is
held to be illegal or invalid for any reason whatsoever, such illegality or
invalidity shall not affect the validity of the remainder hereof.

     

    (3)          
The agreements of the Subscriber set forth herein shall become effective and
binding upon the Subscriber, without right of revocation, upon the Company’s
acceptance of this Subscription Agreement.

     

    E.            
Miscellaneous. 
Unless otherwise indicated, the address on the first page of this document is
the legal residence of the Subscriber, and all offers and communications in
connection with the offering of the shares of Common Stock subscribed to herein
have been conducted at such address.  The Subscriber, if a foreign entity,
represents that it has complied with all of the laws, if any, of its country of
residence applicable to the acquisition of the Shares subscribed to
herein.

     

    F.           
Remedies. 
The Subscriber understands the meaning and legal consequences of its covenants,
representations and warranties contained herein, and hereby agrees that the
Company may recover from the Subscriber, and the Subscriber shall hold the
Company harmless from, any and all loss, damage or liability due to or arising
out of any breach of any such covenant, representation or warranty.

     

    G.           
Communication. 
Any notice, demand, request or other communication which may be required or
contemplated herein (including delivery of this Subscription Agreement by and
between the parties hereto) shall be sufficiently given or delivered if (i)
given either by facsimile transmission (with confirmation of receipt), by
reputable overnight delivery service, postage prepaid, or by registered or
certified mail, postage prepaid and return receipt requested, to the address
indicated herein or to such other address as any party hereto may specify as
provided herein, or (ii) delivered personally at such address.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    H.             
Applicable
Law.  This Subscription Agreement and all legal relations, claims or
obligations arising out of this transaction shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to
conflicts of law provisions.

     

    I.            
Confirmation of
Representations; Additional Information.  Upon request of the
Company, the Subscriber shall confirm the accuracy of the representations in
this Subscription Agreement to the Company as of the Closing Date and will use
reasonable efforts to notify the Company and to do so promptly if the Subscriber
becomes aware that such representations are, at any time, inaccurate in any
respect.  In addition, the Subscriber hereby agrees to respond reasonably
to requests to supply any additional written information concerning the
representations in this Subscription Agreement that the Company may reasonably
request.

     

    J.           
Indemnification. 
The Subscriber shall indemnify and hold harmless the Company and its agents and
affiliates (collectively, the “ Indemnified Persons ”) from
and against any losses, claims, damages, liabilities, costs or expenses to which
any of them may become subject arising out of or based upon any false
representation or warranty, or any breach of or failure to comply with any
covenant or agreement, made by the Subscriber in this Subscription Agreement or
in any other document furnished to the Company in connection with the
Subscriber’s investment in the Company.  The Subscriber will reimburse each
Indemnified Person for his, her or its reasonable legal and other expenses
(including the cost of any investigation and preparation) as they are incurred
in connection with any action, proceeding or investigation arising out of or
based upon the foregoing.  The indemnity and reimbursement obligations of
the Subscriber under this Part J shall be in addition to any liability which the
Subscriber may otherwise have.

     

    K.            
General. 
This Subscription Agreement may be executed in counterparts with the same effect
as if the parties executing the counterparts had all executed one
counterpart.  This Subscription Agreement and the documents specifically
referred to herein constitute the entire agreement among the parties hereto
pertaining to the subject matter hereof and supersedes all prior and
contemporaneous agreements and understandings of the parties in connection
therewith.  Neither this Subscription Agreement nor any provision hereof
may be waived, modified, discharged or terminated except by an instrument in
writing signed by the party against whom such waiver, modification, discharge or
termination is sought to be enforced.  Each provision of this Subscription
Agreement shall be considered separable and if for any reason any provision or
provisions hereof are determined to be invalid and contrary to any existing or
future law, such invalidity shall not impair the operation of or affect those
portions of this Subscription Agreement which are valid.

     

    [signatures
are on the following pages]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      IN
WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement to
ACCELERATED ACQUISITIONS V, INC., Inc. this 22nd day of
March 2010.

       

      
        
          
            
              	
                      Name
      of Subscriber: Richard K. Aland  

                    
	 
      	 
      	 
      
	
                      By:

                    	
                      /s/ Richard K. Aland

                    	 
      
	 
      	 
      	 
      
	
                      Purchase Price:

                    	
                      $2,390.71

                    	 
      

            

          

        

      

       

      ACCEPTANCE

       

      
        
          
            
              	
                      Name
      of Subscriber:

                    	
                      Richard
      K. Aland

                    	 
      
	 
      	 
      	 
      
	
                      Purchase
      Price:

                    	
                      $2,390.71

                    	 
      

            

          

        

      

       

      The
foregoing Subscription Agreement is hereby accepted upon the terms and
conditions set forth herein.

       

      
        
          	 
      	
                  ACCELERATED
      ACQUISITIONS V, INC.

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                   /s/ Timothy
      Neher

                
	 
      	
                  Name:

                	
                  Timothy
      Neher

                
	 
      	
                  Title:

                	
                  President

                

        

      

       

      Dated: 
March 25, 2010

       

      
        
           

        

        
          7

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