Document:

Exhibit 4.02

  
  Exhibit 4.02

ADVANCED PROTEOME THERAPEUTICS, INC.

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT, (this
“Agreement”) made as of the 26th day of October 2006 (the “Effective Date”),
between Advanced Proteome Therapeutics, Inc., a Delaware corporation (the
“Company”), and, Alexander (Allen) Krantz, an individual who has been and
will continue to be the president of the Company (the “Employee”).

     WHEREAS, the Company desires to
hire the Employee, and Employee desires to be employed by the Company, as of and
from the Effective Date, on the terms and conditions set forth in this
Agreement.

     NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in this Agreement, the parties
agree as follows:

1.  Employment.

     The Company shall employ the
Employee, and Employee agrees to be so employed, with the title of President
(the “President”) and Chief Executive Officer (the “CEO”) of the Company. The
Employ acknowledges that Employee’s employment by the Company will commence on
October __, 2006. The Employee agrees that, to the best of the Employee’s
ability and experience, Employee will at all times conscientiously perform all
of the duties and obligations assigned to the Employee under this Agreement.

2.  Salary; Reimbursement of
Expenses.

     (a) Salary, The Employee’s
salary for the period commencing on the date hereof will be US$175,000 per annum
(the “Base Salary”), less required withholdings, payable ratably on the
Company’s regular payroll dates. The Employee’s salary shall be reviewed at
least annually and is subject to adjustment in connection therewith. Such salary
as in effect from time to time is herein referred to as the “Base Salary”.

     (b) Reimbursement of
Expenses. The Company shall reimburse the Employee for all reasonable and
appropriate or necessary out-of-pocket expenses incurred in connection with the
Employee’s carrying out the Employee’s duties under this Agreement, in
conformity with such procedures as the Company may establish from time to time.
The Company will also reimburse the Employee for all reasonable and appropriate
moving expenses associated with moving his household and family from San
Francisco, CA to Boston, MA as a consequence of relocating business operations
of Advanced Proteome Therapeutics Inc.,to Boston, MA.

3.  Benefits. The Employee
will be entitled (i) to insurance and other benefits commensurate with the
Employee’s position in accordance with the Company’s standard employee benefits
policies as in effect from time to time; (ii) to participate in the Company’s

3

401(k) plan as in effect from time to time; and (iii) four (4)
weeks vacation annually and customary holidays.

     To the extent the Company
maintains insurance with respect to (i) directors’ and officers’ liability, (ii)
errors and omissions and (iii) general liability insurance, the Employee shall
be covered by such insurance to the same extent as other senior executives and
directors of the Company. 

4.  Conflicting Employment. The
Employee agrees that, during the term of the Employee’s employment with the
Company, Employee will not engage in any other employment, occupation,
consulting or other business activity related to the Business (as defined below)
in which the Company is now involved nor will the Employee engage in any other
activities that conflict with the Employee’s obligations to Company. It is
agreed that the “Business” of the Company is the development and
commercialization of protein therapeutics, which means the use of protein as
active drugs. It is expressly acknowledged and agreed that Employee is already
committed to be Chairman of the Scientific Advisory Board of Pharmena North
America, Inc., ., a Delaware corporation (“Pharmena”), and an officer of the
related Krantz & Bender Holdings and may devote reasonable time and effort
to the discharge of those positions.

5.  Compliance with Company
Policy. During this agreement, the Employee shall observe all Company
rules and policies, including such policies as are contained in the Company
policy and procedures manual as from time to time amended.

6.  Termination of Employment.
The Employee acknowledges and agrees that his employment by the Company is
on an “at will” basis, meaning that either the Company or the Employee may
terminate the employment at any time, without or without cause.

     In the event the employment of
the Employee is terminated by the Company “without cause” the Employee shall be
entitled to severance as follows: 

     (i)      if
termination occurs within twelve (12) months after the Effective Date, the
Employee shall be paid Base Salary for 12 months; 

     (ii)     if
termination occurs on or after the first anniversary of the Effective Date, the
Employee shall be paid Base Salary contemplated by clause (i) above plus three
(3) months for each full or partial year of employment after the first
anniversary, such severance not in any event to exceed twenty-four (24) months
Base Salary in the aggregate; 

     (iii)    the Employee
shall be reimbursed for all expenses pursuant to Section 2 incurred through the
date of employment termination;

     (iv)    the
Employee shall continue to have during such post-employment period twelve (12)
months of benefits, to the extent permitted by law, to which he was entitled
pursuant to Section 3 hereof while he was employed by the Company; and

4

     (v)     the
Company shall pay promptly and in full the principal and all accrued interest on
the Loan (as defined below) in accordance with the provisions of Section 16,
below.

7. Confidential Information. 

     (a)     Company
Information. The Employee agrees at all times during the term of the
Employee’s employment or other involvement with the Company and thereafter to
hold in strictest confidence, and not to use, except for the benefit of the
Company, or to disclose to, or permit the use by, any person, firm or
corporation without written authorization of its Board of Directors, any
Confidential Information of the Company. The Employee understands that
“Confidential Information” means any Company proprietary information,
technical data, trade secrets or know-how or other business information
disclosed to the Employee by the Company, either directly or indirectly in
writing, orally or by drawings or inspection of parts or equipment, including,
but not limited to the following proprietary information:

     (i)     medical
and drug research and testing results and information, research and development
techniques, processes, methods, formulas, trade secrets, patents, patent
applications, computer programs, software, electronic codes, mask works,
inventions, machines, innovations, ideas, designs, creations, writings, books
and other works of authorship, discoveries, improvements, data, formats,
projects and research projects;

     (ii)     information
about costs, profits, markets, sales, contracts and lists of customers, and
distributors, business, marketing, and strategic plans; forecasts, unpublished
financial information, budgets, projections, and customer identities,
characteristics and agreements as well as all business opportunities, conceived,
designed, devised, developed, perfected or made by the Employee, whether alone
or in conjunction with others, and related in any manner to the actual or
anticipated business of the Company or to actual or anticipated areas of
research and development; and

    
(iii)     employee personnel files and compensation
information.

     The Employee further understands
that Confidential Information does not include any of the foregoing items which
(A) has become publicly known or made generally available to the public through
no wrongful act of the Employee, (B) has been disclosed to the Employee by a
third party having no duty to keep Company matters confidential, (C) has been
developed by the Employee independently of employment by the Company, (D) has
been disclosed by the Company to a third party without restrictions on
disclosure, or (E) has been disclosed with the Company’s written consent. The
Employee further agrees that all Confidential Information shall at all times
remain the property of the Company,

     (b)     Third
Party and Former Employer Information. The Employee agrees that the Employee
will not improperly use or disclose any proprietary information or trade secrets
of any former employer or other person or entity with which the Employee has an
agreement or duty to keep in confidence information acquired by the
Employee.

     (c)     Future
Third Party Information. The Employee recognizes that the Company has
received and in the future will receive from third parties their confidential or
proprietary 

5

information subject to a duty on the Company’s part to maintain
the confidentiality of such information and to use it only for certain limited
purposes. The Employee agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person,
firm or corporation or to use it except as necessary in carrying out the
Employee’s work for the Company consistent with the Company’s agreement with
such third party.

     (d)     Prior
Actions and Knowledge. The Employee represents and warrants that from the
time of the Employee’s first contact with the Company, the Employee has held in
strict confidence all Confidential Information and has not disclosed any
Confidential Information, directly or indirectly, to anyone outside the Company
without confidential safeguards, or used, copied, published, or summarized any
Confidential Information, except to the extent otherwise permitted in this
Agreement.

8.     Inventions.

     (a)     Inventions
Retained and Licensed. It is acknowledged that there may be certain ideas or
inventions which were conceived, developed or created by the Employee prior to
Employee’s employment or first contact with the Company that are related to the
business of the Company (collectively referred to as “Prior Inventions”),
(A) which belong to the Employee, (B) which relate to the Company’s current or
contemplated business, products or research and development, and (C) which are
not assigned to the Company hereunder. If in the course of Employee’s employment
with the Company, the Employee incorporates or embodies into a Company product,
service or process a Prior Invention owned by the Employee or in which the
Employee has an interest, the Company is hereby granted and shall have a
nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make,
have made, modify, use and sell such Prior Invention as part of or in connection
with such product, service or process.

     (b)     Assignment
of Intellectual Property Items. The Employee agrees that Employee will
promptly make full written disclosure to the Company and will hold in trust for
the sole right and benefit of the Company, and the Employee hereby assigns to
the Company, or its designee, all of the Employee’s right, title and interest in
and to any and all ideas, processes, trademarks, service marks, inventions,
designs, technologies, computer hardware or software, original works of
authorship, formulas, discoveries, patents, copyrights, copyrightable works,
products, marketing and business ideas, and all improvements, know-how, data,
rights, and claims related to the foregoing, whether or not patentable,
registrable or copyrightable, which the Employee may on or after the Effective
Date, solely or jointly with others conceive or develop or reduce to practice,
or cause to be conceived or developed or reduced to practice, during the period
of time the Employee is in the employ of the Company (collectively referred to
as “Intellectual Property Items”); provided, however, that the
foregoing shall also apply only to Intellectual Property Items which relate to
the business of the Company or to the Company's anticipated business as of the
end of the Employee's employment and which are conceived, developed, or reduced
to practice during, as part of, and in connection with such employment. Without
limiting the foregoing, the Employee further acknowledges that all original
works of authorship which are made by the Employee (solely or jointly with
others) within the scope of the Employee's employment and which are protectable
by copyright are works made for hire as that term is defined in the United
States Copyright Act.

6

     (c)     Maintenance
of Records. The Employee agrees to keep and maintain adequate and current
written records of all Intellectual Property Items made by the Employee (solely
or jointly with others) during the term of the Employee's employment with the
Company. The records will be in the form of notes, sketches, drawings, and any
other format that may be specified by the Company. The records will be available
to, and remain the sole property of, the Company at all times.

     (d)     Patent
and Copyright Registrations. The Employee agrees to assist the Company, or
its designee, at the Company's expense, in every proper way to secure the
Company's rights in the Intellectual Property Items and any copyrights, patents,
mask work rights or other intellectual property rights relating thereto in any
and all countries, including the disclosure to the Company of all pertinent
information and data with respect thereto and the execution of all applications,
specifications, oaths, assignments and all other instruments which the Company
shall deem necessary in order to apply for and obtain such rights and in order
to assign and convey to the Company, its successors, assigns and nominees the
sole and exclusive rights, title and interest in and to such Intellectual
Property Items, and any copyrights, patents, mask work rights or other
intellectual property rights relating thereto.

9.     Return
of Company Property. The Employee agrees that, at any time upon
request of the Company, and in any event at the time of leaving the employ of
the Company, Employee will deliver to the Company (and will not keep in the
Employee's possession or deliver to anyone else) any and all devices, records,
data, notes, reports, proposals, lists, correspondence, keys, specifications,
drawings, blueprints, sketches, materials, equipment, other documents or
property, or reproductions of any of the aforementioned items, containing
Confidential Information or otherwise belonging to the Company, its successors
or assigns, whether prepared by the Employee or supplied to the Employee by the
Company.

10.     Non-Solicitation.
The Employee agrees that Employee shall not during the Employee's employment or
other involvement with the Company and for a period of twelve (12) months
immediately following the termination of the Employee's employment with the
Company for any reason, whether with or without cause, (i) either directly or
indirectly solicit or take away, or attempt to solicit or take away employees of
the Company, either for the Employee's own business or for any other person or
entity, or (ii) either directly or indirectly recruit, solicit or otherwise
induce or influence any proprietor, partner, stockholder, lender, director,
officer, employee, sales agent, joint venturer, investor, lessor, supplier,
customer, agent, representative or any other person which has a business
relationship with the Company to discontinue, reduce or modify such employment,
agency or business relationship with the Company.

11.     Covenants
Against Competition. 

     (a)     Definitions.
For the purposes of this Section:

     (i)     “Competing
Product” means any product, process, or service of any person or
organization other than the Company, in existence or under development (A) which
is identical to, substantially the same as, or an adequate substitute for any
product, process, or service of the Company, in existence or under development,
based on any patent or patent application (provisional or otherwise) which is
owned by or licensed to 

7

the Company, or other intellectual
property of the Company about which the Employee acquires Confidential
Information, and (B) which is (or could reasonably be anticipated to be)
marketed or distributed in such a manner and in such a geographic area as to
actually compete with such product, process or service of the Company.

     (ii)     “Competing
Organization” means any person or organization, including the Employee,
engaged in, or about to become engaged in, research on or the acquisition,
development, production, distribution, marketing, or providing of a Competing
Product.

     (b)    
Non-Competition. As a material inducement to the Company to employ or
continue the employment of the Employee, and in order to protect the Company's
Confidential Information and good will, the Employee agrees to the following
stipulations:

     (i)     For
a period of twelve (12) months after termination of the Employee's employment
with the Company or its affiliates for any reason, whether with or without
cause, the Employee will not directly or indirectly solicit or divert or accept
business relating in any manner to Competing Products or to products, processes
or services of the Company, from any of the customers or accounts of the Company
with which the Employee had any contact as a result of the Employee's
employment.

     (ii)     For
a period of six (6) months after termination of the Employee's employment with
the Company for any reason, whether with or without cause, the Employee will not
(A) render services directly or indirectly, as an employee, consultant or
otherwise, to any Competing Organization in connection with research on or the
acquisition, development, production, distribution, marketing or providing of
any Competing Product, or (B) own any interest in any Competing Organization,
other than less than 2% of the equity securities of a Competing Organization
which are publicly traded.

     (c)     Modification
of Restrictions. The Employee agrees that the restrictions set forth in this
Section are fair and reasonable and are reasonably required for the protection
of the interests of the Company. However, should an arbitrator or court
nonetheless determine at a later date that such restrictions are unreasonable in
light of the circumstances as they then exist, then the Employee agrees that
this Section shall be construed in such a manner as to impose on the Employee
such restrictions as may then be reasonable and sufficient to assure Company of
the intended benefits of this Section.

12.     Survival
of Obligations. The obligations of the Corporation and the Employee
set forth in Section 2(b) (reimbursement of expenses), Section 6 (termination of
employment), Section 7 (confidentiality), Section 8 (assignment of inventions),
Section 10 (non-solicitation) and Section 11 (non-competition) will survive the
termination of Employee’s employment hereunder, regardless of cause.

13.     Equitable
Remedies. The Employee agrees that it would be impossible or
inadequate to measure and calculate the Company's damages from any breach of the
covenants set forth in Sections 7, 8, 9, 10 and 11 herein. Accordingly, at the
sole discretion of the Company, the Employee agrees that if Employee breaches
any of such Sections, the Company will have, in 

8

addition to any other right or remedy available, the right to
obtain an injunction from a court of competent jurisdiction restraining such
breach or threatened breach and to specific performance of any such provision of
this Agreement and, if it prevails in such a proceeding, the right to recover
from the Employee the costs and expenses thereof, including reasonable
attorneys' fees.

14.     Representations
and Warranties of Employee. The Employee represents and warrants as
follows: (i) that the Employee has no obligations, legal or otherwise,
inconsistent with the terms of this Agreement or with the Employee's undertaking
a relationship with the Company; and (ii) that Employee has not entered into,
nor will Employee enter into, any agreement (whether oral or written) in
conflict with this Agreement.

15.     Miscellaneous.

     (a) Entire Agreement. This
Agreement contains the entire understanding of the parties with respect to the
subject matter. It may not be changed orally but only by an agreement in writing
signed by the party against whom enforcement of any waiver, change,
modification, extension or discharge is sought.

     (b) No Waiver. The failure
of either party to insist on strict compliance with the terms of this agreement
in any instance or instances will not be deemed a waiver of any such term of
this Agreement or of that party's right to require strict compliance with the
terms of this Agreement in any other instance.

     (c) Successors and
Assigns. This Agreement shall be binding on and inure to the benefit of the
successors in interest of the parties, including, in the case of the Employee,
the Employee's heirs, executors and estate. The Employee may not assign the
Employee's obligations under this Agreement. The Company may not assign its
obligations under this Agreement, except with the prior written consent of the
Employee.

     (d) Notices. Any notices
or other communications provided for hereunder may be made by registered mail or
express courier services provided that the same are addressed to the party
required to be notified at its address first written above, or such other
address as may hereafter be established for notices.

     (e) Severability. If any
term or condition of this Agreement shall be invalid or unenforceable to any
extent or in any application, then the remainder of this Agreement, and such
term or condition except to such extent or in such application, shall not be
affected thereby, and each and every term and condition of this Agreement shall
be valid and enforceable to the fullest extent and in the broadest application
permitted by law.

     (f) Captions; Gender
Captions of sections herein are for convenience only and are not intended to
cover all matters therein. Any pronoun or other gender-linked term shall in each
case refer, as applicable, to the masculine, feminine or neuter. Any defined
term shall include it singular or plural form or other part of speech.

     (g) Governing Law. This
Agreement shall be construed and enforced in accordance with the laws of The
Commonwealth of Massachusetts without giving effect to its principles on
conflict of laws.

9

     16.     Existing
Loans By Employee to Company. It is acknowledged and agreed that
the Employee has previously lent to the Company, in his capacity as a
shareholder of the Company, the sum of $141,525 (the “Loan”), which Loan
is represented by the promissory note attached hereto as Exhibit ____ (the
“Note”) Interest accrues on the Loan at the rate of five percent (5%) per annum,
with interest due and payable annually at the end of each calendar year. The
principal repayments on the Loan shall not commence prior to the date that is
two years from the Effective Date of this Agreement; provided, however, that if
the Employee’s employment pursuant to this Agreement is terminated, or if the
Employee elects to terminate his employment pursuant to Section 17 due a “change
of control,” prior to the end of such two-year period, the Loan shall become due
and payable in full, with all accrued interest, on the date of such termination
or cessation of employment.

    
17.     Change of Control
Provisions.

     In circumstances where there is a
“change of control” of Advanced Proteome Therapeutics Corporation (“APT Canada”)
and within six (6) months thereafter the Employee either elects to terminate his
employment with the Company or the Company terminates his employment, the
Employee shall be entitled to a payment from the Company of an amount equal to
three (3) times the Employee’s then current Base Salary (the “Change of Control
Payment”), which Change of Control Payment will be in lieu of, and not in
addition to, any termination payment to which the Employee was otherwise
entitled to hereunder; provided, however, that the Employee’s eligibility to
receive such Change of Control Payment shall terminate at such time as the
Employee no longer holds any shares of the Company. 

     For the purposes of this section
a “change of control” means a transaction or series of transactions whereby,
directly or indirectly:

     (i)     any
person or combination of persons acquires a sufficient number of securities of
APT Canada to affect materially the control of APT Canada, whether by way of
acquisition of previously issued securities or as a result of issuances from
treasury, or a combination thereof, and for the purposes of this Agreement, a
person or combination of persons holding shares or other securities in excess of
the number which, directly or following the conversion or exercise thereof,
would entitle the holders thereof to cast 20% or more of the votes attached to
all shares of APT Canada which may be cast to elect directors of APT Canada,
shall be deemed to be in a position to affect materially the control of APT
Canada;

     (ii)     APT
Canada shall consolidate or merge with or into, amalgamate with, or enter into a
statutory arrangement with any other person, or any other person shall
consolidate or merge with or into, or amalgamate with or enter into a statutory
arrangement with APT Canada, and, in connection therewith, all or part of the
outstanding shares of APT Canada which have voting rights attached thereto shall
be changed in any way, reclassified or converted into, exchanged or otherwise
acquired for shares or other securities of APT Canada or any other person or for
cash or any other property (other than a transaction which has been approved by
the directors of APT Canada, a majority of whom are directors of APT Canada
holding office at the date of this Agreement);

10

     (iii)     there
shall be a change in a majority of the board of directors of APT Canada whether
as a result of a shareholders meeting or as a result of appointments made by the
remaining members of the board of directors of APT Canada in filling vacancies
caused by the resignation of the majority in number of the board of directors of
APT Canada;

     (iv)     a
majority of the board of directors shall have resigned or otherwise been removed
from office, whether or not the vacancies created by such resignations or
removals are filled;

other than:

     (v)     a
change of control resulting from the Exchange exchanging shares of the Company
held by him for shares of APT Canada; or

     (vi)     a
transaction or series of transactions which involves a sale of securities or
assets of APT Canada with which the Employee is involved as a purchaser in any
manner, whether indirectly or indirectly, and whether by way of participation in
a corporation or partnership that is a purchaser or by provision of debt, equity
or purchase-leaseback financing. 

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

ADVANCED PROTEOME THERAPEUTICS,
INC.

By:_____________________________
     Name:

     Title:

By:_____________________________
     Name:
Allen Krantz

11

Exhibit A

     List of Prior Inventions

and Original Works of Authorship Related to Company Business

	  	  	Identifying 
	  	  	Number or 
	Title 	Date 	Brief Description

 

 

 

Name of
Employee:__________________________________________________________Exhibit 4.03

Exhibit 4.03

THRILLTIME ENTERTAINMENT INTERNATIONAL, INC.

May 25, 2006

Advanced Proteome Therapeutics Inc.
1200 Taylor Street,
#14
San Francisco, California 94108

	Attention: 	Allen Krantz, 
	  	President 
	  	  
		  

Dear Sirs: 

Re: LOAN AGREEMENT

Thrilltime Entertainment International, Inc. (the “Lender”) hereby
establishes in favor of Advanced Proteome Therapeutics Inc. (the “Borrower”) a
loan facility (the “Loan”) on the following terms and conditions:

Maximum Credit Amount: CAD$300,000 (the
“Maximum Credit Amount”).

Borrowing: During the Term, the Borrower may
borrow up to the Maximum Credit Amount as to a maximum of $50,000 every two
weeks; provided, however, that the borrower may borrow amounts greater than
$50,000 in any two-week period, upon written consent of the ‘Lender.

Term and Repayment: The term of the Loan
shall commence on execution by the Borrower of this letter agreement and any
amounts drawn down shall be due and payable as a “balloon payment” on that date
which is 5 years from the date hereof (the “Term”).

Interest Rate: Any amount drawn down under
the Loan shall bear interest at 1% per annum and shall accrue and be due and
payable, together with the principal amounts advanced hereunder, on the date
that is five years from the date hereof.

Draw Request: To access the Loan, the
Borrower shall provide to the Lender, when money is due to be accessed
hereunder, an e-mail written request setting forth the amount to be advanced,
which in any event shall be minimum in any one draw of $25,000.

Conversion: The Loan may be converted into
common shares of the Borrower at any time at the election of the Lender, and
shall be converted as a condition precedent to the completion of the
transactions contemplated by that letter of intent entered into between the
Lender and the Borrower dated May 23, 2006. In circumstances where less than the
Maximum Credit Amount

has been advanced to the Borrower, the Lender shall, as a
pre-condition to conversion, advance any remaining amount, and the Maximum
Credit Amount, together with accrued but unpaid interest thereon, shall then be
converted into 4,000,000 shares of Borrower. Thrilltime will have the unilateral
right to convert the Loan to 4,000,000 shares of stock for a period of six
months from the date of this Loan Agreement. If not so converted within this
time period, the right to convert will be subject to discretion and permission
of Krantz.

Evidence of Indebtedness: As evidence of the
indebtedness under ‘the Loan, the Borrower will deliver to the Lender a grid
promissory note (the “Note”) in the principal amount of CAD$300,000 in the form
attached as Schedule “A” hereto. The Lender is hereby authorized to record on
the Note all advances by the Lender under the Loan, and all payments of
principal made by the Borrower. The Note will constitute prima facie evidence of
the amounts of all such advances, payments and the indebtedness of the Borrower
under the Loan from time to time.

Default: The following shall constitute
events of default by the Borrower:

	 	(a) 	non-payment within 10 business days after the due date thereof of
      principal, interest and any other amounts due under this Agreement or the
      Note; 
	 	 	 
	 	(b) 	a breach or default by the Borrower under this Agreement or any other
      agreement with the Lender which is not remedied within 14 days after the
      date of such occurrence; 
	 	 	 
	 	(c) 	if the Borrower defaults under any other material obligation to repay
      borrowed money; 
	 	 	 
	 	(d) 	if proceedings for the dissolution, liquidation or winding-up of the
      Borrower or for the suspension of the operations of the Borrower are
      commenced, unless such proceedings are being actively and diligently
      contested by the Borrower, as the case may be in good faith; or 
	 	 	 
	 	(e) 	in the event of the bankruptcy, liquidation or insolvency of the
      Borrower as the ease may be or if a receiver or receiver-manager is
      appointed for all or any part of the business or assets of the Borrower;
      and 
	 	 	 
	 	(f) 	if the Borrower ceases to carry on business. 

Upon the occurrence of one or more events of default, the Lender
may declare the outstanding principal under the Loan to be immediately due and
payable.

Representations and Warranties: the Borrower
hereby represents and warrants to the Lender that:

	 	(a) 	it is duly incorporated and organized, is duly qualified to carry on
      business in the jurisdictions where it currently carries on business and
      as the full power, capacity and authority to carry on the business that it
      currently carries on; 
	 	 	 
	 	(b) 	it has the power, capacity and authority to execute and deliver this
      Agreement and 

2

	 		the Note, where applicable, to comply with the provisions hereof and
      thereof and to duly perform and observe all of its obligations hereunder
      and thereunder; 
	 	 	 
	 	(c) 	the execution, delivery and performance of this Agreement, the Note
      and every other instrument or agreement delivered pursuant hereto and
      thereto, have been duly authorized by all requisite action of the
      Borrower, and each of this Agreement, the Note and other such documents
      has been duly executed and delivered and constitutes a valid and binding
      obligation of the Borrower, enforceable in accordance with its respective
      terms, save as enforcement may be limited by Laws of general applicable
      governing the enforcement of rights by creditors and the availability of
      specific performance and other equitable remedies; and 
	 	 	 
	 	(d) 	the execution and delivery of this Agreement and the Note and the
      completion of the transactions contemplated by this Agreement, will not
      contravene any provisions of any law, regulation, order or permit
      applicable to the Borrower or conflict with contravene the constating
      documents of the Borrower, nor result in a breach of or constitute a
      default under or require any consent under any agreement or instrument to
      which the Borrower, is a party or by which it is bound.

Affirmative Covenants: The Borrower hereby
covenants and agrees with the Lender that so long as any indebtedness hereunder
remains outstanding:

	 	(a) 	the Borrower will duly and punctually pay or cause to be paid to the
      Lender all amounts required to be paid to the Lender pursuant to this
      Agreement on the clay, at the place and in the manner set forth herein;
  
	 	 	 
	 	(b) 	the Borrower will duly observe and perform, in all material respects,
      each of the covenants and agreements set forth in this Agreement; 
	 	 	 
	 	(c) 	the Borrower will maintain its corporate existence and carry on and
      conduct its business in a proper and efficient manner; 
	 	 	 
	 	(d) 	the Borrower will forthwith notify the Lender of any material action,
      suit or proceeding brought or threatened against or affecting the Borrower
      or any of the properties or assets of the Borrower; 
	 	 	 
	 	(e) 	the Borrower will forthwith notify the Lender of the occurrence of any
      event of default or any event of which it is aware which with notice or
      lapse of time or both or otherwise would constitute an event of default;
      and 
	 	 	 
	 	(t) 	the Borrower will duly observe and comply with all material
      requirements of any governmental authority relative to any of its
      properties and assets and the operation of its business.

Expenses: The Borrower will pay all
commercially reasonable costs and expenses incurred from time to time in the
enforcement of this Agreement.

3

Notices: All notices arid other
communications under this Agreement shall be in writing and shall be sent by
delivery, e-mail, or by facsimile transmission addressed as follows:

	 	(a) 	if to the Lender. to: 
	 	 	 
	 		Thrilltime Entertainment International, Inc. 
	 	 	c/o Lang Michener LLP 
	 		PO Box 11117, Royal Centre  
	 	 	1500 – 1055 West Georgia Street 
	 	 	Vancouver, B.C. V6E 4N7
	 	 	 
	 		Attention: David Cowan dcowan@lmls.com 
	 	 	 
	 	(b) 	if to the Borrower, to: 
	 	 	 
	 		Advanced Proteome Therapeutics Inc. 
1200 Taylor Street, #14
      
San Francisco, California 94108 
	 	 	 
	 		Attention: Allen Krantz
akrantz@ix.netcom.com 

Severability: If any provision of this
Agreement is held by any court of competent jurisdiction to be invalid, void or
unenforceable, the remaining provisions shall remain in full force and
effect.

Government Law: This Agreement shall be
governed by the laws of the Province of British Columbia and the federal laws of
Canada applicable therein, and the parties hereto attorn to the jurisdiction of
the court of the Province of British Columbia.

Assignment: No party hereto may assign its
rights or obligations under this Agreement without the prior written consent of
the other party, such consent not to be unreasonably withheld.

Execution: This Agreement may be executed in
counterpart, by facsimile or otherwise, each of which shall be deemed to be an
original and all of which together shall be deemed to be one and the same
document.

Yours very truly,

 

THRILLTIME ENTERTAINMENT INTERNATIONAL, INC.

	Per: 	 	 
		Authorized Signatory 	 

ACKNOWLEDGED AND AGREED TO THIS _____ DAY OF MAY, 2006

 

ADVANCED PROTEOME THERAPEUTICS INC.

	Per: 	 	 
		Authorized
      Signatory 	 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]