Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Terax Energy, Inc. - Exhibit 4.1

NOTE AND SECURITY AGREEMENT

	US$500,000 	January 23, 2007 

FOR VALUE RECEIVED, the undersigned, TERAX ENERGY,
  INC., (“Borrower”), a Nevada
  corporation, 13355 Noel Road, 1370 One Galleria Tower, Dallas, TX 75240 (telecopy
  number: (214) 691-2501), hereby promises to pay to the order of CENTURY
  CAPITAL MANAGEMENT LTD. (“Lender”),
  at its principal office, Waterfront Centre, 200 Burrard Street, Suite 1650,
  Vancouver, BC V6C 3L6 (Attention: Andrew Hromyk) (telecopy number:604-689-5320)
  in such currency of the United States of America ("USA") which shall
  be legal tender in payment of all debts and dues, public and private, at the
  time of payment, the principal sum of FIVE HUNDRED THOUSAND DOLLARS (US$500,000)
  or such lesser amount as may have been advanced hereunder which has not been
  repaid, together with interest on the unpaid principal balance from time to
  time outstanding at a rate per annum equal to the lesser of (a) during each
  month, the Prime Rate on the first business day of such month plus three percent
  (3%) or (b) the maximum lawful rate under applicable law ("Maximum Rate").
  As used herein, “Prime Rate” means the prime rate of interest for
  commercial banks quoted in the Money Rates Section (or other place) of The Wall
  Street Journal (United States edition) from day to day. 

Lender had made an initial advance of $100,000.00 hereunder.
  From time to time prior to the Maturity Date, Lender may, in its sole discretion,
  make working capital loans to Borrower, in an aggregate principal amount at
  any one time outstanding up to but not exceeding $500,000. Loans may be borrowed,
  repaid and reborrowed at any time prior to the Maturity Date without premium
  or penalty. The "Maturity Date" is the date on which Lender makes written demand
  for payment hereunder. The principal and all accrued interest on this Note are
  payable in full in cash on the Maturity Date. 

Notwithstanding anything set forth elsewhere herein to the contrary,
  to the extent permitted by applicable law, if at any time the applicable contractual
  rate of interest provided for herein (without reference to the Maximum Rate
  limitation) exceeds the Maximum Rate, and, therefore, the rate of interest on
  this Note is limited to the Maximum Rate, then any subsequent reductions in
  the applicable contractual rate of interest provided for herein shall not reduce
  the rate of interest on this Note below the Maximum Rate until the total amount
  of interest accrued on this Note equals the amount of interest which would have
  accrued hereon if the applicable contractual rate of interest (without reference
  to the Maximum Rate limitation) had at all times been in effect, but in no event
  shall the aggregate interest payable or paid during the period beginning on
  the date hereof until all obligations hereunder are paid in full exceed an amount
  equal to interest at the Maximum Rate. 

Each payment or prepayment received hereunder shall be applied
  (i) first, to the fees and expenses which are past due under this Note, (ii)
  second, to the payment of accrued and unpaid interest and (iii) third, to the
  payment of the remaining principal amount (all of such amounts being herein
  called the "Obligation"). 

	Century Capital Loan.DOC 
      Page 1 of 4 	 
	Promissory Note – Terax to Century Capital 	Initialed by Borrower:______ 

 Regardless of any provision contained herein, Lender shall
  never be entitled to contract for (and nothing herein or in any other document,
  instrument, certificate or agreement shall constitute the contracting for),
  charge, receive, collect or apply as interest on the Loans or on this Note,
  any amount in excess of the maximum lawful rate under applicable law ("Maximum
  Rate"), and, in the event that Lender ever receives, collects or applies
  as interest any such excess, the amount which would be excessive interest shall
  be deemed to be a partial prepayment of principal and treated hereunder as such;
  and, if the principal amount of the Loans or this Note is paid in full, any
  remaining excess shall forthwith be paid to Borrower. In determining whether
  or not the interest paid or payable under any specific contingency exceeds the
  Maximum Rate, Borrower and Lender shall, to the maximum extent permitted under
  applicable Law, (a) characterize any nonprincipal payment as an expense, fee
  or premium rather than as interest, (b) exclude voluntary prepayments and the
  effects thereof and (c) amortize, pro rate, allocate and spread the total amount
  of interest throughout the entire contemplated term of the Loans and this Note;
  provided that, if this Note is paid and performed in full prior
  to the end of the full contemplated term hereof, and if the interest received
  for the actual period of existence hereof exceeds the Maximum Rate, Lender shall
  refund to Borrower the amount of such excess or credit the amount of such excess
  against the principal amount of the Loans and this Note and, in such event,
  Lender shall not be subject to any penalties provided by any Laws for contracting
  for, charging, taking, reserving or receiving interest in excess of the Maximum
  Rate. To the extent the Laws of the State of Texas are applicable for purposes
  of determining the “Maximum Rate,” such term shall mean the “weekly
  ceiling” from time to time in effect under Chapter 301 et seq.
  of the Texas Credit Title of the Texas Finance Code, as amended, or, if permitted
  by applicable Law and effective upon the giving of the notices required by such
  applicable Law (or effective upon any other date otherwise specified by applicable
  Law), the “monthly ceiling,” the “quarterly ceiling,” or
  “annualized ceiling” from time to time in effect under such applicable
  Law, whichever that Lender shall elect to substitute for the “weekly ceiling,”
  and vice versa, each such substitution to have the effect provided in
  such applicable Law; and Lender shall be entitled to make such election from
  time to time and one or more times and, without notice to Borrower, to leave
  any such substitute rate in effect for subsequent periods in accordance with
  such applicable Law. Chapter 346 of the Texas Credit Title of the Texas Finance
  Code (which regulates certain revolving credit loan accounts) shall not apply
  to this Note. In the event any interest is contracted for, charged or received
  in excess of the Maximum Rate (“Excess”), Borrower acknowledges
  and stipulates that any such contract, charge or receipt shall be the result
  of an accident and bona fide error. Borrower recognizes that with fluctuations
  in the Adjusted London Interbank Offered Rate, the Base Rate and the Maximum
  Rate, such a result could inadvertently occur. By the execution of this Note,
  Borrower covenants that (x) the credit or return of any Excess shall constitute
  the acceptance by Borrower of such Excess and (y) Borrower shall not seek or
  pursue any other remedy, legal or equitable, against Lender, based in whole
  or in part upon the contracting for, charging or receiving of any interest in
  excess of the Maximum Rate. The provisions of this Section 0 shall be
  deemed to be incorporated into every document, agreement and communication relating
  to the Loans and this Note. If the Law is amended in the future to allow a greater
  rate of interest to be contracted for, received or charged under this Note than
  is presently allowed by applicable Law, then the limitation of interest hereunder
  shall be increased to the maximum rate of interest allowed by applicable Law
  as amended, which increase shall be effective hereunder on the effective date
  of such amendment. 

	Century Capital Loan.DOC 
      Page 2 of 4 	 
	Promissory Note – Terax to Century Capital 	Initialed by Borrower:______ 

 The proceeds of the Loans may only be used by Borrower to
  fund operating expenses and other working capital.

 All notices, requests and other communications to any party
  under this Note shall be in writing at the address set forth in the first paragraph
  of this Note. Each such notice, request or other communication shall be effective
  (a) if given by telecopy, when such telecopy is transmitted to the telecopy
  number specified in the first paragraph hereof, (b) if given by registered or
  certified mail, return receipt requested, three Business Days after such communication
  is deposited in the mails with postage prepaid, addressed as aforesaid or (c)
  if given by any other means, when delivered at the address specified above.

 Borrower agrees to pay all costs and expenses of Lender (including
  the fees and expenses of Lender's attorneys) incurred in connection with (i)
  the negotiation, preparation, execution, delivery, perfection and performance
  of this Note and related loan documents and any and all renewals, amendments,
  waivers, modifications, refinancings, refundings and/or replacements hereto
  or hereof and (ii) the preservation and enforcement of Lender’s rights
  after a default under this Note or the other loan documents, specifically including
  all costs and expenses incurred with respect to any bankruptcy, workout, insolvency
  or reorganization proceeding or otherwise, regardless of whether Lender ultimately
  prevails in such bankruptcy, insolvency or reorganization proceeding of Borrower.

 Any provision of this Note may be amended or waived if, but
  only if, such amendment or waiver is in writing and is signed by Borrower and
  Lender. 

 This Note shall be binding upon, and inure to the benefit
  of the parties hereto and their respective successors and assigns. 

 WRITTEN AGREEMENT.
  THIS NOTE REPRESENTS THE FINAL AGREEMENT AMONG THE
  PARTIES AS OF THE DATE HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY
  ACTUAL, ALLEGED OR OTHER PRIOR, CONTEMPORANEOUS
  OR SUBSEQUENT UNDERSTANDINGS OR AGREEMENTS OF THE PARTIES, WRITTEN
  OR ORAL, EXPRESSED OR IMPLIED, OTHER THAN A WRITING
  WHICH EXPRESSLY AMENDS OR SUPERSEDES THIS NOTE. THERE
  ARE NO UNWRITTEN, ORAL AGREEMENTS BETWEEN THE PARTIES.
  

 This Note has been negotiated, and is being executed and delivered
  in the State of Texas, and the internal laws of such state and the applicable
  federal laws of the USA shall govern the validity, construction, enforcement
  and interpretation of this note; provided that, the laws of the
  state of Texas and/or the USA shall not limit the amount or rate of interest
  which the holder of this Note may contract for, charge, receive, collect and/or
  apply if other applicable laws permit a higher amount or rate, and in such case
  borrower agrees that the laws of such holder’s principal office will be
  applicable for determining any and all usury issues. 

 After written demand is made by Lender and received by Borrower,
  Borrower expressly waives presentment, protest, notice of dishonor, notice of
  non-payment, notice of maturity, notice of protest, notice of acceleration,
  notice of intention to accelerate, presentment for the purpose of accelerating
  maturity, diligence in collection, and hereby consents to any 

	Century Capital Loan.DOC 
      Page 3 of 4 	 
	Promissory Note – Terax to Century Capital 	Initialed by Borrower:______ 

extension of the time for payment or any other modification
  of the terms of payment of all or any portion of the debt evidenced hereby.

Borrower hereby to Lender a security interest in all office
furnishings, furniture, equipment and supplies in which Borrower owns an
interest, to secure payment and performance of the Obligation. By Deed of Trust
of even date herewith, Borrower is granting to Lender a lien on certain oil and
gas leases located in Comanche County, Texas, to secure payment and performance
of the Obligation. 

          IN
  WITNESS WHEREOF, Borrower and Lender have duly executed on and as of the date
  first above written. 

	TERAX ENERGY, INC. 	CENTURY CAPITAL MANAGEMENT LTD. 
	  	  
	By __________________________________________________ 
    	By __________________________________________________ 
    
	       Lawrence Finn, Chief Executive Officer
    	       Andrew Hromyk 

 

	Century Capital Loan.DOC 
      Page 4 of 4 	 
	Promissory Note – Terax to Century Capital 	Initialed by Borrower:______Unassociated Document

     

    EXHIBIT
      10.11

    INTEGRATED
      PHARMACEUTICALS, INC.

    PLACEMENT
      AGENT AGREEMENT

    Dated
      as
      of. December 22, 2006

     

    The
      undersigned, Integrated Pharmaceuticals, Inc., a Idaho corporation (the “COMPANY”),
      hereby agrees
      with US
      EURO
      Securities, Inc. (the “PLACEMENT AGENT”) and Dutchess Private Equities Fund,
      Ltd., a a Cayman Islands exempted Company (the “INVESTOR”) as
      follows:

     

    
      	1.  	
              OFFERING.
                The Company hereby engages the Placement Agent to act as its exclusive
                placement agent in connection with the Investment Agreement dated
                December
                22, 2006 (the “INVESTMENT AGREEMENT”) pursuant
                to which the Company shall issue and sell to the Investor, from time
                to
                time, and the Investor shall purchase from the Company (the “OFFERING”) up
                to Ten Million Dollars ($10,000,000) of the Company’s
                Common
                Stock (the “COMMITMENT AMOUNT”), par value $0.01 per share (the “COMMON
                STOCK”), at price per share equal to the Purchase Price, as that term is
                defined in the Investment Agreement. Pursuant to the terms hereof,
                the
                Placement Agent shall render consulting services to the Company with
                respect to the Investment Agreement and shall be available for
                consultation in connection with the advances to be requested by the
                Company pursuant to the Investment Agreement. All capitalized terms
                used
                herein and not
                otherwise defined herein shall have the same meaning ascribed to
                them as
                in the Investment Agreement. The
                Investor will be granted certain registration rights with respect
                to the
                Common Stock as more fully set forth in a Registration Rights Agreement
                between the Company and the Investor dated December 22 (the “REGISTRATION
                RIGHTS AGREEMENT”). The documents to be executed and delivered in
                connection with the Offering, including, but not limited, to this
                Agreement, the Investment Agreement, and the Registration
                Rights Agreement, and any Prospectus or other disclosure document
                (
                including all amendments and
                supplements ) utilized in connection with the Offering are referred
                to
                sometimes hereinafter collectively as the “OFFERING MATERIALS.” The
                Company’s Common Stock is sometimes referred to hereinafter as the
                “SECURITIES.” The Placement Agent shall not be obligated to sell any
                Securities and this Offering by the Placement Agent shall be solely
                on a
                “best efforts basis.”

            

    

     

    
      	2.  	
              REPRESENTATIONS,
                WARRANTIES AND COVENANTS OF THE PLACEMENT AGENT. The Placement Agent
                represents warrants and covenants as
                follows:

            

    

     

    
      	(i)  	
              The
                Placement Agent has the necessary authority to enter into this Agreement
                and to consummate the transactions contemplated
                hereby.

            

    

     

    
      	(ii)  	
              The
                execution and delivery by the Placement Agent of this Agreement and
                the
                consummation of the transactions contemplated herein will not result
                in
                any violation of, or be in conflict with, or constitute a default
                under,
                any agreement or instrument to which the Placement Agent is a party
                or by
                which the Placement Agent or its properties are bound, or any judgment,
                decree, order or, to the Placement Agent’s knowledge, any statute, rule or
                regulation applicable to the Placement Agent. This Agreement when
                executed
                and delivered by the Placement Agent, will constitute the legal,
                valid and
                binding obligations of the Placement Agent, enforceable in accordance
                with
                their respective terms, except to the extent that (a) the enforceability
                hereof or thereof may be limited by bankruptcy, insolvency,
                reorganization, moratorium or similar laws from time to time in effect
                and
                affecting the rights of creditors generally, (b) the enforceability
                hereof
                or thereof is subject to general principles of equity, or (c) the
                indemnification provisions hereof or thereof may be held to be in
                violation of public policy.

            

    

     

    
      	(iii)  	
              Upon
                receipt and execution of this Agreement the Placement Agent will
                promptly
                forward copies of this Agreement to the Company or its counsel and
                the
                Investor or its counsel.

            

    

     

    
      	(iv)  	
              The
                Placement Agent will not take any action that it reasonably believes
                would
                cause the Offering to violate the provisions of the Securities Act
                of
                1933, as amended (the “1933 ACT”), the Securities Exchange Act of 1934
                (the “1934 ACT”), the respective rules and regulations promulgated there
                under (the “RULES AND REGULATIONS”) or applicable “Blue Sky” laws of any
                state or jurisdiction.

            

    

     

    
      
        
        

      

      
        Page
          1 of
          9

        
          

        

      

      
        
        

      

       

    

    
      	(v)  	
              The
                Placement Agent will use all reasonable efforts to determine (a)
                whether
                the Investor is an Accredited Investor and (b) that any information
                furnished by the Investor is true and accurate. The Placement Agent
                shall
                have no obligation to insure that (x) any check, note, draft or other
                means of payment for the Common Stock will be honored, paid or enforceable
                against the Investor in accordance with its terms, or (y) subject
                to the
                performance of the Placement Agent’s obligations and the accuracy of the
                Placement Agent’s representations and warranties hereunder, (1) the
                Offering is exempt from the registration requirements of the 1933
                Act or
                any applicable state “Blue Sky” law or (2) the Investor is an Accredited
                Investor.

            

    

     

    
      	(vi)  	
              The
                Placement Agent is a member of the National Association of Securities
                Dealers, Inc., and is a broker-dealer registered as such under the
                1934
                Act and under the securities laws of the states in which the Securities
                will be offered or sold by the Placement Agent unless an exemption
                for
                such state
                registration is available to the Placement Agent. The Placement Agent
                is
                in compliance with all material rules and regulations applicable
                to the
                Placement Agent generally and applicable to the Placement Agent’s
                participation in the
                Offering.

            

    

    
       

      	3.  	
              REPRESENTATIONS
                AND WARRANTIES OF THE COMPANY.

            

    

     

    The
      Company makes to the Placement Agent all the representations and warranties
      it
      makes to the Investor in the Investment Agreement and, in addition, represents
      and warrants as follows:

     

    
      	(i)  	
              The
                execution, delivery and performance of each of this Agreement, the
                Investment Agreement and the Registration Rights Agreement has been
                or
                will be duly and validly authorized by the Company and is, and with
                respect to this Agreement, the Investment Agreement and the Registration
                Rights Agreement will each be, a valid and binding agreement of the
                Company, enforceable in accordance with its respective terms, except
                to
                the extent that (a) the enforceability hereof or thereof may be limited
                by
                bankruptcy, insolvency, reorganization, moratorium or similar laws
                from
                time to time in effect and affecting the rights of creditors generally,
                (b) the enforceability hereof or thereof is subject to general principles
                of equity or (c) the indemnification provisions hereof or thereof
                may be
                held to be in violation of public policy. The Securities to be issued
                pursuant to the transactions contemplated by this Agreement and the
                Investment Agreement have been duly authorized and, when issued and
                paid
                for in accordance with (x) this Agreement, the Investment Agreement
                and
                the certificates/instruments representing such Securities, (y) will
                be
                valid and binding obligations of the Company, enforceable in accordance
                with their respective terms, except to the extent that (1) the
                enforceability thereof may be limited by bankruptcy, insolvency,
                reorganization, moratorium or similar laws from time to time in effect
                and
                affecting the rights of creditors generally, and (2) the enforceability
                thereof is subject to general principles of equity. All corporate
                action
                required to be taken for the authorization, issuance and
                sale of the Securities has been duly and validly taken by the
                Company.

            

    

     

    
      	(ii)  	
              The
                Company has a duly authorized, issued and outstanding capitalization
                as
                set forth herein and in the Investment Agreement. The Company is
                not a
                party to or bound by any instrument, agreement or other arrangement
                providing for it to issue any capital stock, rights, warrants, options
                or
                other securities, except for this Agreement, the agreements described
                herein and as described in the Investment Agreement, dated the date
                hereof
                and the agreements described therein. All issued and outstanding
                securities of the Company, have been duly authorized and validly
                issued
                and are fully paid and non-assessable; the holders thereof have no
                rights
                of rescission or preemptive rights with respect thereto and are not
                subject to personal liability solely by reason of being security
                holders;
                and none
                of such securities
                were issued in violation of the preemptive rights of any holders
                of any
                security
                of
                the Company. As of the date hereof, the authorized capital stock
                of the
                Company consists of 75 million shares of Common Stock, par value
                $.01 per
                share of which 40,288,551 shares of Common Stock are issued and
                outstanding and 20,000 shares of Preferred Stock, $.10 par value
                per
                share, none of which are issued and
                outstanding.

            

    

     

    
      	(iii)  	
              The
                Common Stock to be issued in accordance with this Agreement and the
                Investment Agreement has been duly authorized and when issued and
                paid for
                in accordance with this Agreement,
                the

            

    

     

    
      
        
        

      

      
        Page
          2 of
          9

        
          

        

      

      
        
        

      

    

    Investment
      Agreement and the certificates/instruments representing such Common Stock,
      will
      be validly issued, fully-paid and non-assessable; the holders thereof will
      not
      be subject to personal liability
      solely by reason of being such holders; such Securities are not and will not
      be
      subject to the preemptive rights of any holder of any security of the
      Company.

    
      
         

        	4.  	
                 REPRESENTATIONS,
                  WARRANTIES AND COVENANTS OF THE
                  INVESTOR.

              

      

    

     

    The
      Investor makes to the Placement Agent all the representations and warranties
      it
      makes to the Company in the Investment Agreement and, in addition represents,
      warrants and covenants as follows:

    
       

      	(i)  	
              
                The
                  Investor has the necessary power to enter into this Agreement and
                  to
                  consummate the transactions contemplated
                  hereby.

              

            

       

    

    
      	(ii)  	
              The
                execution and delivery by the Investor of this Agreement and the
                consummation of the transactions contemplated herein will not result
                in
                any violation of, or be in conflict with, or constitute a default
                under,
                any agreement or instrument to which the Investor is a party or by
                which
                the Investor or its properties are bound, or any judgment, decree,
                order
                or, to the Investor’s knowledge, any statute, rule or regulation
                applicable to the Investor. This Agreement when executed and delivered
                by
                the Investor, will constitute the legal, valid and binding obligations
                of
                the Investor, enforceable in accordance with their respective terms,
                except to the extent that (a) the enforceability hereof or thereof
                may be
                limited by bankruptcy, insolvency, reorganization, moratorium or
                similar
                laws from time to time in effect and affecting the rights of creditors
                generally, (b) the enforceability hereof or thereof is subject to
                general
                principles of equity, or (c) the indemnification provisions hereof
                or
                thereof may be held to be in violation of public
                policy.

            

    

     

    
      	(iii)  	
              The
                Investor is not, and will not be, as a result of the transactions
                contemplated by the Offering Materials a “dealer” within the meaning of
                the Securities Exchange Act of 1934 and applicable federal
                and state securities laws and regulations. The Investor covenants
                that in
                this respect it is and will
                remain in compliance with the requirements of applicable “no action”
                rulings of the U.S. Securities Exchange
                Commission.

            

    

    
      
         

        	(iv)  	
                
                  
                    The
                      Investor will promptly forward copies of any and all due diligence
                      questionnaires compiled by the Investor to the Placement
                      Agent.

                  

                

              

         

      

    

    
      	(v)  	
              The
                Investor acknowledges that the Company has agreed to pay the Placement
                Agent fees for its services from each advance or Put and that Company
                has
                instructed the Investor to pay this fee directly to Placement Agent
                at the
                time of disbursement of such funds; Investor agrees to notify Placement
                Agent at the time of each such advance or draw down by Company and
                to pay
                the fee directly to Placement
                Agent.

            

    

    
      
        
           

          	5.  	
                  CERTAIN
                    COVENANTS AND AGREEMENTS OF THE
                    COMPANY.

                

        

      

    

     

    The
      Company covenants and agrees at its expense and without any expense to the
      Placement Agent as follows:

     

    
      	A.  	
              To
                advise the Placement Agent of any material adverse change in the
                Company’s
                financial condition, prospects or business or of any development
                materially affecting the Company or rendering untrue or misleading
                any
                material statement in the Offering Materials occurring at any time
                as soon
                as the Company is either informed or becomes aware
                thereof.

            

    

     

    
      	B.  	
              To
                use its commercially reasonable efforts to cause the Common Stock
                issuable
                in connection with the Equity Line of Credit to be qualified or registered
                for sale on terms consistent with those stated in the Registration
                Rights
                Agreement and under the securities laws of such jurisdictions as
                the
                Placement Agent and the Investor shall reasonably request. Qualification,
                registration and exemption charges and fees shall be at the sole
                cost and
                expense of the Company.

            

    

     

    
      	C.  	
              Upon
                written request, to provide and continue to provide the Placement
                Agent
                and the Investor copies of all quarterly financial statements and
                audited
                annual financial statements prepared by or on behalf of the Company,
                other
                reports prepared by or on behalf of the Company for public disclosure
                and
                all

            

    

    
       

      
        
          
          

        

        
          Page
            3 of
            9

          
            

          

        

        
          
          

        

      

      	 	
              documents
                delivered to the Company’s stockholders.

            

      
         

        	D.  	
                To
                  deliver, during the registration period of the Investment Agreement,
                  to
                  the Placement Agent upon the Placement Agent’s
                  request,

              

         

      

    

    
      	(vi)  	
              within
                forty five (45) days, a statement of its income for each such quarterly
                period, and its balance sheet and a statement of changes in stockholders’
                equity as of the end of such quarterly period, all in reasonable
                detail,
                certified by its principal financial or accounting
                officer;

            

    

     

    
      	(vii)  	
              within
                ninety (90) days after the close of each fiscal year, its balance
                sheet as
                of the close of such fiscal year, together with a statement of income,
                a
                statement of changes in stockholders’ equity and a statement of cash flow
                for such fiscal year, such balance sheet, statement of income, statement
                of changes in stockholders’ equity and statement of cash flow to be in
                reasonable detail and accompanied by a copy of the certificate or
                report
                thereon of independent auditors if audited financial statements are
                prepared; and

            

    

     

    
      	(viii)  	
              a
                copy of all documents, reports and information furnished to its
                stockholders at the time that such documents, reports and information
                are
                furnished to its stockholders.

            

    

     

    
      	(ix)  	
              a
                copy of all documents, reports and information furnished to the Investor
                at the time that such documents, reports and information are furnished
                to
                the Investor.

            

    

    
      
         

        	E.  	
                To
                  comply with the terms of the Offering
                  Materials.

              

        
          
             

            	F.  	
                    To
                      ensure that any transactions between or among the Company,
                      or any of its
                      officers, directors and affiliates be on terms and conditions
                      that are no
                      less favorable to the Company, than the terms and conditions
                      that would be
                      available in an “arm’s length” transaction with an independent third
                      party.

                  

            
              
                 

                	G.  	
                        The
                          Company acknowledges that the Company has agreed to pay
                          the Placement
                          Agent fees for its services
                          from each advance or Put and that Company has instructed
                          the Investor to
                          pay these fees directly
                          to
                          Placement Agent at the time of disbursement of such funds;
                          Company agrees
                          to notify Placement Agent at the time of each such advance
                          or draw down by
                          Company and to cooperate with the process of fees being
                          paid directly to
                          Placement Agent, until all fees due are
                          paid.

                      

              

              
                
                  
                    
                       

                      	6.  	
                              INDEMNIFICATION.

                            

                    

                  

                

              

            

          

        

      

    

    
       

      	A.  	
              The
                Company hereby agrees that it will indemnify and hold the Placement
                Agent
                and each officer, director, shareholder, employee or representative
                of the
                Placement Agent and each person controlling, controlled
                by or under common control with the Placement Agent within the meaning
                of
                Section 15 of the 1933
                Act or Section 20 of the 1934 Act or the SEC’s Rules and Regulations
                promulgated there under (the“Rules
                and Regulations”), harmless from and against any and all loss, claim,
                damage, liability, cost or expense whatsoever (including, but not
                limited
                to, any and all reasonable legal fees and other expenses and
                disbursements incurred in connection with investigating, preparing
                to
                defend or defending any action,
                suit or proceeding, including any inquiry or investigation, commenced
                or
                threatened, or any claim whatsoever or in appearing or preparing
                for
                appearance as a witness in any action, suit or proceeding, including
                any
                inquiry, investigation or pretrial proceeding such as a deposition)
                to
                which the Placement Agent or such indemnified person of the Placement
                Agent may become subject under the 1933 Act, the 1934 Act, the Rules
                and
                Regulations, or any other federal or state law or regulation, common
                law
                or otherwise, arising out of or based upon (i) any untrue statement
                or
                alleged untrue statement of a material fact contained in (a) Section
                4 of
                this Agreement, (b) the Offering Materials (except those written
                statements
                relating to the Placement Agent given by an indemnified person for
                inclusion therein), (c) any application
                or other document or written communication executed by the Company
                or
                based upon written
                information furnished by the Company filed in any jurisdiction in
                order to
                qualify the Common Stock under the securities laws thereof, or any
                state
                securities commission or agency; (ii) the omission or alleged omission
                from documents described in clauses (a), (b) or (c) above of a material
                fact required to be stated therein or necessary to make the statements
                therein not misleading; or (iii) the breach of any representation,
                warranty, covenant or agreement made by the Company in this Agreement.
                The
                Company
                further agrees that upon demand by an indemnified person, at any
                time or
                from time to time, it will promptly reimburse such indemnified person
                for
                

            

      
        
          
             

            
              
                
                

              

              
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                    any
                      loss, claim, damage, liability, cost or expense actually and
                      reasonably
                      paid by the indemnified person as to which the Company has
                      indemnified
                      such person pursuant hereto. Notwithstanding the foregoing
                      provisions of
                      this Paragraph 6(A), any such payment or reimbursement by the
                      Company of
                      fees, expenses or disbursements incurred by an indemnified
                      person in any
                      proceeding in which a final judgment by a court of competent
                      jurisdiction
                      (after all appeals or the expiration of time to appeal) is
                      entered against
                      the Placement Agent or such indemnified person based upon specific
                      finding
                      of fact as to the Placement Agent or such indemnified person’s gross
                      negligence or willful misfeasance will be promptly repaid to
                      the
                      Company.

                  

            
               

            

          

        

      

    

    
      	B.  	
              The
                Placement Agent hereby agrees that it will indemnify and hold the
                Company
                and each officer, director,
                shareholder, employee or representative of the Company, and each
                person
                controlling, controlled
                by
                or under common control with the Company within the meaning of Section
                15
                of the 1933 Act or Section 20 of the 1934 Act or the Rules and
                Regulations, harmless from and against any and all loss, claim,
                damage, liability, cost or expense whatsoever (including, but not
                limited
                to, any and all reasonable
                legal fees and other expenses and disbursements incurred in connection
                with investigating, preparing to defend
                or defending any action, suit or proceeding, including any inquiry
                or
                investigation, commenced or
                threatened, or any claim whatsoever or in appearing or preparing
                for
                appearance as a witness in any action,
                suit or proceeding, including any inquiry, investigation or pretrial
                proceeding such as a deposition)
                to
                which the Company or such indemnified person of the Company may become
                subject under the 1933 Act,
                the 1934 Act, the Rules and Regulations, or any other federal or
                state law
                or regulation, common law
                or
                otherwise, arising out of or based upon (i) the conduct of the Placement
                Agent or its officers, employees or representatives in willful violation
                of any of such laws and regulations while acting as Placement
                Agent for the Offering or (ii) the material breach of any representation,
                warranty, covenant or
                agreement made by the Placement Agent in this Agreement (iii) any
                false or
                misleading information provided to the Company by one of the Placement
                Agent’s indemnified persons. Notwithstanding the foregoing
                provisions of this Paragraph 6(B), any such payment or reimbursement
                by
                the Placement Agent of
                fees, expenses or disbursements incurred by an indemnified person
                in any
                proceeding in which a final judgment by a court of competent jurisdiction
                (after all appeals or the expiration of time to appeal) is entered
                against
                such indemnified person based upon specific finding of fact as to
                such
                indemnified person’s gross negligence or willful misfeasance will be
                promptly repaid to the Placement Agent. Placement Agent shall not
                be
                responsible for any such indemnity payment, loss, claim, damage or
                liability beyond what amount of the gross proceeds was paid to
                them.

            

    

     

    
      	C.  	
              The
                Investor hereby agrees that it will indemnify and hold the Placement
                Agent
                and each officer, director, shareholder,
                employee or representative of the Placement Agent, and each person
                controlling, controlled
                by
                or under common control with the Placement Agent within the meaning
                of
                Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules
                and
                Regulations, harmless from and against any and all loss, claim,
                damage, liability, cost or expense whatsoever (including, but not
                limited
                to, any and all reasonable
                legal fees and other expenses and disbursements incurred in connection
                with investigating, preparing to defend
                or defending any action, suit or proceeding, including any inquiry
                or
                investigation, commenced or
                threatened, or any claim whatsoever or in appearing or preparing
                for
                appearance as a witness in any action,
                suit or proceeding, including any inquiry, investigation or pretrial
                proceeding such as a deposition)
                to
                which the Placement Agent or such indemnified person of the Placement
                Agent may become subject under the 1933 Act, the 1934 Act, the Rules
                and
                Regulations, or any other federal or state law or regulation, common
                law
                or otherwise, arising out of or based upon (i) the conduct of the
                Investor
                or its officers, employees or representatives in its acting as the
                Investor for the Offering or (ii) the material breach of any
                representation, warranty, covenant or agreement made by the Investor
                in
                the Offering Materials
                (iii) any false or misleading information provided to the Placement
                Agent
                by the Investor or one
                of
                the Investor’s indemnified persons.

            

    

     

    
      	D.  	
              The
                Placement Agent hereby agrees that it will indemnify and hold the
                Investor
                and each officer, director, shareholder, employee or representative
                of the
                Investor, and each person controlling, controlled by or under common
                control with the Investor within the meaning of section 15 of the
                1933 Act
                or Section 20of
                the 1934 Act or the Rules and Regulations, harmless from and against
                any
                and all loss, claim, damage, liability,
                cost or expense whatsoever (including, but not limited to, any and
                all
                reasonable legal fees and other expenses and disbursements incurred
                in
                connection with investigating, 

            

    

    
       

      
        
          
          

        

        
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              preparing
                to defend or defending any action, suit or proceeding, including
                any
                inquiry or investigation, commenced or threatened, or any claim whatsoever
                or in appearing or preparing for appearance as a witness in any
                action,
                suit or proceeding, including any inquiry, investigation or pretrial
                proceeding such as a deposition) to
                which the Investor or such indemnified person of the Investor may
                become
                subject under the 1933 Act, the 1934 Act, the Rules and Regulations,
                or
                any other federal or state law or regulation, common law or otherwise,
                arising out of or based upon (i) the conduct of the Placement Agent
                or its
                officers, employees or representatives in willful violation of any
                of such
                laws and regulations while acting as the Placement Agent for the
                Offering
                or (ii) the material breach of any representation, warranty, covenant
                or
                agreement made by the Placement Agent in this Agreement (iii) any
                false or
                misleading information provided to the Investor by one of the Placement
                Agent’s indemnified persons. Notwithstanding the foregoing provisions of
                this Paragraph 6(D), any such payment or reimbursement by the Placement
                Agent of fees, expenses or disbursements incurred by an indemnified
                person
                in any proceeding in which a final judgment by a court of
                competent jurisdiction (after all appeals or the expiration of time
                to
                appeal) is entered against such indemnified person based upon specific
                finding of fact as to such indemnified person’s gross negligence
                or
                willful misfeasance will be promptly repaid to the Placement Agent.
                Placement Agent shall not be responsible for any such indemnity payment,
                loss, claim, damage or liability beyond what amount of the gross
                proceeds
                was paid to them.

            

       

    

    
      	E.  	
              Promptly
                after receipt by an indemnified party of notice of commencement of
                any
                action covered by Section 6(A), (B), (C) or (D), the party to be
                indemnified shall, within five (5) business days, notify the indemnifying
                party of the commencement thereof; the omission by one (1) indemnified
                party to so notify the indemnifying party shall not relieve the
                indemnifying party of its obligation to indemnify any other indemnified
                party that has given such notice and shall not relieve the indemnifying
                party of any liability outside of this indemnification if not materially
                prejudiced thereby. In the event that any action is brought against
                the
                indemnified party, the indemnifying party will be entitled to participate
                therein and, to the extent it may desire, to assume and control the
                defense thereof with counsel chosen by it which is reasonably acceptable
                to the indemnified party. After notice from the indemnifying party
                to such
                indemnified party of its election to so assume the defense thereof,
                the
                indemnifying party will not be liable to such indemnified party under
                such
                Section 6(A), (B), (C), or (D) for any legal or other expenses
                subsequently incurred by such indemnified party in connection with
                the
                defense thereof, but the indemnified party may, at its own expense,
                participate in such defense by counsel chosen by it, without, however,
                impairing the indemnifying party’s control of the defense. Subject to the
                proviso of this sentence and notwithstanding any other statement
                to the
                contrary contained herein, the indemnified party or parties shall
                have the
                right to choose its or their own counsel and control the defense
                of any
                action, all at the expense of the indemnifying party if, (i) the
                employment of such counsel shall have been authorized in writing
                by the
                indemnifying party in connection with the defense of such action
                at the
                expense of the indemnifying party, or (ii) the indemnifying party
                shall
                not have employed counsel reasonably satisfactory to such indemnified
                party to have charge of the defense of such action within a reasonable
                time after notice of commencement of the action, or (iii) such indemnified
                party or parties shall have reasonably concluded that there may be
                defenses available to it or them which are different from or additional
                to
                those available to one or all of the indemnifying parties (in which
                case
                the indemnifying parties shall not have the right to direct the defense
                of
                such action on behalf of the indemnified party or parties), in any
                of
                which events such fees and expenses of one additional counsel shall
                be
                borne by the indemnifying party; provided, however, that the indemnifying
                party shall not, in connection with any one action or separate but
                substantially similar or related actions in the same jurisdiction
                arising
                out of the same
                general allegations or circumstance, be liable for the reasonable
                fees and
                expenses of more than one separate
                firm of attorneys at any time for all such indemnified parties. No
                settlement of any action or proceeding against an indemnified party
                shall
                be made without the consent of the indemnifying
                party.

            

    

     

    
      	F.  	
              In
                order to provide for just and equitable contribution in circumstances
                in
                which the indemnification provided for in Section 6 is due in accordance
                with its terms but is for any reason held by a court to be unavailable
                on
                grounds of policy or otherwise, the Company and the Placement Agent
                and
                the Investor 

            

    

    
       

      
        
          
          

        

        
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              shall
                contribute to the aggregate losses, claims, damages and liabilities
                (including legal or other expenses reasonably
                incurred in connection with the investigation or defense of same)
                which
                the other may incur in
                such proportion so that the Company, the Placement Agent and the
                Investor
                shall be responsible for such percent
                of the aggregate of such losses, claims, damages and liabilities
                as shall
                equal the percentage of the
                gross proceeds paid to each of them.; provided, however, that no
                person
                guilty of fraudulent misrepresentation within the meaning of Section
                11(f)
                of the 1933 Act shall be entitled to contribution from any person
                who was
                not guilty of such fraudulent misrepresentation. For purposes of
                this
                Section 6(F), any person controlling, controlled by or under common
                control with the Placement Agent, or any partner, director, officer,
                employee, representative or any agent of any thereof, shall have
                the same
                rights to contribution as the Placement Agent and each person controlling,
                controlled by or under common control with the Company within the
                meaning
                of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each
                officer of the Company and each director of the Company shall have
                the
                same rights to contribution as the Company and each person controlling,
                controlled by or under common control with the Investor within the
                meaning
                of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each
                member of the general partner of the Investor shall have the same
                rights
                to contribution as the Company. Any party entitled to contribution
                will,
                promptly after receipt of notice of commencement of any action,
                suit
                or proceeding against such party in respect of which a claim for
                contribution may be made against the
                other party under this Section 6(F), notify such party from whom
                contribution may be sought, but the omission to so notify such party
                shall
                not relieve the party from whom contribution may be sought from any
                obligation they may have hereunder or otherwise if the party from
                whom
                contribution may be sought is
                not materially prejudiced thereby. The indemnity and contribution
                agreements contained in this Section
                6
                shall remain operative and in full force and effect regardless of
                any
                investigation made by or on behalf of any indemnified person or any
                termination of this Agreement.

            

       

    

    
      	7.  	
              FEES.
                The Company hereby agrees to pay the Placement Agent $1,000 upon
                the
                execution of this agreement and $1,500 from the gross proceeds from
                each
                Put with a maximum of ten thousand dollars ($10,000.) The Company
                agrees
                to instruct the investor to pay the Placement Agent fees directly
                to
                Placement Agent.

            

    

     

    
      	8.  	
              PAYMENT
                OF EXPENSES. The Company hereby agrees to bear all of the expenses
                in
                connection with the Offering, including, but not limited to the following:
                filing fees, printing and duplicating costs, advertisements,
                postage and mailing expenses with respect to the transmission of
                Offering
                Materials, registrar and
                transfer agent fees, and expenses, fees of the Company’s counsel and
                accountants, issue and transfer taxes, if
                any.

            

    

     

    
      	9.  	
              CONDITIONS
                OF CLOSING. The Closing shall be held at the offices of the Investor
                or
                its counsel. The obligations of the Placement Agent hereunder shall
                be
                subject to the continuing accuracy of the representations and warranties
                of the Company herein as of the date hereof and as of the Date of
                Closing
                (the “Closing Date”) with respect to the Company as if it had been made on
                and as of such Closing Date; the accuracy on and as of the Closing
                Date of
                the statements of the officers of the Company made pursuant to the
                provisions hereof; and the performance by the Company on and as of
                the
                Closing Date of its covenants and obligations hereunder and to the
                following further conditions:

            

    

     

    
      	A.  	
              Upon
                the effectiveness of a registration statement in accordance with
                the
                Investment Agreement, the Placement Agent shall receive the opinions
                of
                Counsel to the Company and of the Investor, dated as of the date
                thereof,
                which opinion shall be in form and substance reasonably satisfactory
                to
                the Investor, the Company, their counsel and the Placement
                Agent.

            

    

     

    
      	B.  	
              At
                or prior to the Closing, the Placement Agent shall have been furnished
                such documents, certificates and opinions as it may reasonably require
                for
                the purpose of enabling them to review or pass upon the matters referred
                to in this Agreement and the Offering Materials, or in order to evidence
                the accuracy, completeness
                or satisfaction of any of the representations,
                warranties or conditions herein
                contained.

            

    

     

    
      	C.  	
              At
                and prior to the Closing, (i) there shall have been no material adverse
                change nor development involving a prospective change in the condition
                or
                prospects or the business activities, financial or otherwise, of
                the
                Company from the latest dates as of which such condition is set forth
                in
                the Offering Materials; (ii) there shall have been no transaction,
                not in
                the ordinary course of business except the transactions pursuant
                to the
                Investment Agreement entered into by the Company which has not been
                disclosed in the Offering Materials or to the Placement Agent in
                writing;
                (iii) except as set forth in the Offering Materials, the Company
                shall not
                be in default under any provision of any instrument relating to any
                outstanding indebtedness for which a

            

    

    
      
         

        
          
            
            

          

          
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                waiver
                  or extension has not been otherwise received; (iv) except as set
                  forth in
                  the Offering Materials, the Company shall not have issued any securities
                  (other than those to be issued as provided in the Offering Materials)
                  or
                  declared or paid any dividend or made any distribution of its capital
                  stock of any class and there shall not have been any change in
                  the
                  indebtedness (long or short term) or liabilities or obligations
                  of the
                  Company (contingent or otherwise) and trade payable
                  debt; (v) no material amount of the assets of the Company shall
                  have been
                  pledged or mortgaged,
                  except as indicated in the Offering Materials; and (v) no action,
                  suit or
                  proceeding, at law or in equity, against the Company or affecting
                  any of
                  its properties or businesses shall be pending or threatened before
                  or by
                  any court or federal or state commission, board or other administrative
                  agency, domestic or foreign, wherein an unfavorable decision, ruling
                  or
                  finding could materially adversely affect the businesses, prospects
                  or
                  financial condition or income of the Company, except as set forth
                  in the
                  Offering Materials.

              

        
           

        

      

      	D.  	
              
                At
                  Closing, the Placement Agent shall receive a certificate of the
                  Company
                  signed by an executive officer and chief financial officer, dated
                  as of
                  the applicable Closing, to the effect that the conditions set forth
                  in
                  subparagraph (C) above have been satisfied and that, as of the
                  applicable
                  closing, the representations and warranties of the Company set
                  forth
                  herein are true and correct.

              

            

       

    

    
      	10.  	
              TERMINATION.
                This Agreement shall be co-terminus with, and terminate upon the
                same
                terms and conditions as those set forth in, the Investment Agreement.
                The
                rights of the Investor and the obligations of the Company under the
                Registration Rights Agreement, and the rights of the Placement Agent
                and
                the obligations of the Company shall survive the termination of this
                Agreement unabridged for a period of twenty-four (24) months after
                the
                Closing Date.

            

    

     

    
      	11.  	
              MISCELLANEOUS.

            

    

     

    
      	A.  	
              This
                Agreement may be executed in any number of counterparts, each of
                which
                shall be deemed to be an original, but all which shall be deemed
                to be one
                and the same instrument.

            

    

     

    
      	B.  	
              Any
                notice required or permitted to be given hereunder shall be given
                in
                writing and shall be deemed effective when deposited in the United
                States
                mail, postage prepaid, or when received if personally delivered or
                faxed
                (upon confirmation of receipt received by the sending party), addressed
                as
                follows:

            

    

     

    If
      to
      Placement Agent, to:

     

    US
      EURO
      Securities, Inc

    Corporate
      Finance Department

    275
      Madison Ave, 6th Floor 

    New
      York,
      NY 10016

    With
      a
      copy to:

     

    Michael
      Roy Fugler

    US
      EURO
      Securities, Inc.

    13661
      Perdido Key Dr., Suite PH-1

    Perdido
      Key, FL 32507

    If
      to the
      Company, to:

     

    Integrated
      Pharmaceuticals, Inc. 

    Chinmay
      Chatterjee

    310
      Authority Drive

    Fitchburg,
      MA 01420

    

    With
      a
      copy to: 

    

    Thomas
      C.
      Carey

    Bromberg
      & Sunstein LLP

    125
      Summer Street

    Boston,
      MA 02109

    

    
      
        
        

      

      
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    If
      to the
      Investor:

     

    Dutchess
      Private Equities Fund, Ltd 

    50
      Commonwealth Avenue, Suite 2

    Boston,
      MA 02116

    Tel:
      (617) 301-4700

    Fax:
      (617) 249-0947

    or
      to
      such other address of which written notice is given to the others.

     

    
      	C.  	
              This
                Agreement shall be governed by and construed in all respects under
                the
                laws of the State of Delaware, without reference to its conflict
                of laws
                rules or principles. Any suit, action, proceeding or litigation arising
                out of or relating to this Agreement shall be brought and prosecuted
                in
                such federal or state court or courts located within the Commonwealth
                of
                Massachusetts as provided by law. The parties hereby irrevocably
                and
                unconditionally consent to the jurisdiction of each such court or
                courts
                located within the Commonwealth of Massachusetts and to service of
                process
                by registered or certified mail, return receipt requested, or by
                any other
                manner provided by applicable law, and hereby irrevocably and
                unconditionally waive any right to claim that any suit, action, proceeding
                or litigation so commenced has been commenced in an inconvenient
                forum.

            

    

     

    
      	D.  	
              This
                Agreement and the other agreements referenced herein contain the
                entire
                understanding between the parties
                hereto and may not be modified or amended except by a writing duly
                signed
                by the party against whom enforcement of the modification or amendment
                is
                sought.

            

    

     

    
      	E.  	
              If
                any provision of this Agreement shall be held to be invalid or
                unenforceable, such invalidity or unenforceability shall not affect
                any
                other provision of this Agreement.

            

    

    

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

     

     

    
      	COMPANY: 	PLACEMENT AGENT: 
	 	 
	 	 
	 	 
	
              By:   /s/ Chinmay Chatterjee

              
                

              

              Name: Chinmay Chatterjee

              Title: President and/or CEO 

            	
              By:   /s/ Michael Roy Fugler

              
                

              

              Name: Michael Roy Fugler

              Title: CEO/Compliance
                Department 

            

    

     

    

    INVESTOR:

    

    DUTCHESS
      PRIVATE EQUITIES FUND, LTD. 

    

    

    By:
      /s/ Douglas H.
      Leighton                                                        

    Name:
      Douglas H. Leighton 

    Title:
      A
      Director

     

    
      
        
        

      

      
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