Document:

TECHNOLOGY SALE AGREEMENT

                TECHNOLOGY
SALE AGREEMENT made as of the 1st day of January, 2005, between MILESTONE SCIENTIFIC INC., a Delaware
corporation (“Milestone”), and CLAUDIA HOCHMAN and MARK HOCHMAN (collectively the “Sellers”).

                WHEREAS,
the Sellers have developed the technology, know-how and other intellectual property underlying their
invention of (i) a “Pressure/Force Computer Controlled Drug Delivery System”, (ii) a “Universal
Syringe Holder Enhancement” (iii) a non-deflecting, non-clogging single use disposable hypodermic
needle, (iv) a Handpiece for Injection Device with a retractable rotating needle (US Patent No. 6,428,517
B1), Anti-deflection/force penetration reduction rotating syringe (US Patent No. 6,428,517), for
use as a separate drug delivery or aspiration system or as an adjunct to Milestone’s computer
controlled anesthesia system known as “The CompuDent/CompuMed/WandTM, (v) a Local Anesthetic and Delivery Injection Unit with Automated Rate Control (US Patent No. 6,652,482 B2), (vi) Safety IV Catheter Infusion Device (US Utility Patent App 10/174,246) (vii) Drug Delivery
System with Profiles (notice of allowance issued) and Pressure/Force Computer Controlled Drug Delivery
with automated changing (notice of allowance issued) (viii) any and all other patent submissions,
past, present and future, that bear the name of one or both of the Sellers (collectively, the Intellectual
Property); and

                WHEREAS,
the Sellers desire to sell to Milestone and Milestone desires to purchase from Sellers all their
rights in and to the Intellectual Property on the terms hereinafter set forth.

                NOW,
THEREFORE, in consideration of the sales transaction and the agreements set forth below, the parties
have entered into the following transaction and agreements:

1.             Sale of Intellectual Rights. Sellers by this instrument do hereby sell, transfer and assign to Milestone, all of their rights
in and to the “Intellectual Property”, including any and 

	

	
all inventions, patent applications and other indicia evidencing or embodying their proprietary rights
therein and agree to turn over and deliver to Milestone all documentation relating to the Intellectual
Property.

2.             Obtaining Patents. The Sellers agree that they will use their best efforts in cooperation with, and at the request of,
Milestone to obtain United States and worldwide patent rights to the Intellectual Property and any
improvements thereon or thereto, which together with all patents and patent applications are collectively
referred to as the “Proprietary Rights”. The expense for preparing and filing appropriate
patent applications and if commercially reasonable, obtaining foreign patents in such jurisdiction
as appropriate, shall be borne by Milestone. Sellers shall assign all rights in and to all patent
applications, patents and other Proprietary Rights not previously assigned or developed after the
date hereof to Milestone.

3.             Further Documentation. The Sellers shall from time to time at the request of Milestone execute and deliver to Milestone
such further documentation as requested by Milestone to more effectively transfer and assign the
Proprietary Rights to Milestone and to otherwise give effect to this Agreement.

4.             Purchase Price. 

                              
(a)

	 

	 	                (1)  As consideration for for US Patent No. 6,652,482 B2 embodying defined newly essential
elements to the technology, defining additional elements of the system, and providing longevity for
the inclusive and comprehensive patent coverage to previous and current products including The Wand
w/ Cruise, WandPlusTM, CompuDentTM, CompuMeTM. the Sellers transfer of the rights in and to the Intellectual Property, including their agreements to cooperate with Milestone in prosecuting patent applications with respect thereto and to transfer
and assign any and all Proprietary Rights, Milestone shall pay to Sellers an initial fixed purchase
price of 43,424 shares of restricted Common Stock at the time of execution and $145,000 in cash
on or about 

	 
	

	

	
	 

	 	April 1st, 2005  after the execution hereof and a deferred contingent purchase price in an amount
equal to 0.025 (2.5%) percent of the “Net Sales”, as defined below, subsequent to January
1, 2005, of those products sold by Milestone (the “Products”), which embody any of the
Proprietary Rights of US Patent No. 6,652,482 B2,as follows: 

	 
	
ASSUMPTIONS AND EXAMPLES:                

	 

	 	1. 	Proprietary Rights are patented, US Patent No. 6,652,482 B2.
	 	 	 
	 	2.	The Product which embodies technology underlying such Proprietary Rights is sold for
$660.00 per unit. 
	 	 	 
	 	3.	 Number of units sold is 10 units.
	 	 	 
	 	4. 	 There were no discounts, returns or allowances.
	 	 	 
	 	5.	 Net Sales of all Products which use such Proprietary rights are $6600.00

	 
	THEN Royalties shall be calculated as follows:

	 

	 	Price per Unit         x       No. of Units           x                Royalty Rate 

	 	 
	 	$660.00                  x               10                   x                    0.025 

	 	 
	 	$6,600.00               x              0.025    Royalty Rate     =   $165.00 

	 	 

	or-
	 

	 	Net Sales             x               Royalty Rate   =      Royalty 

	 	 
	 	$6,600                 x                      2.5%          =        $165.00 

	

	
                                (2)
As consideration for U.S. Patent No. 6,428,517 “Hand-Piece for Injection Device With A Retractable
And Rotating Needle”, U.S. Patent No. 6,200,289 B2 “Pressure/Force Computer Controlled
Drug Delivery System and The Like, U.S. Patent No. 6,726,658 B2 “Safety IV Catheter Infusion
Device, U.S. Patent No. 6,786,885 B2 ”Pressure/Force Computer Controlled Drug Delivery System
with Exit Pressure Control, Drug Delivery System with Profiles (notice of allowance issued) and Pressure/Force
Computer Controlled Drug Delivery with automated changing (notice of allowance issued), and all derivative,
divisional and secondary patents of the aforementioned patents, and for any and all other patent
submissions, past, present and future, that bear the name of one or both of the Sellers with the
exception of Proprietary Rights covered by section 4 (a)(1), Milestone shall pay to the Sellers an
amount equal to 0.05% (5%) of the Net Sales of those products sold by Milestone subsequent to January
1, 2005, which embody the Proprietary Rights underlying the above-mentioned patents. The products
currently that have embodied these Proprietary rights are the SafetyWandTM, The CompuMed/Wand-PDL Drive Unit device, a.k.a. The CompuDent Single Tooth Anesthesia Drive Unit device, The CompuFloTM.  device, and the SuperSafe – safety engineered dental syringe device. 

ASSUMPTIONS AND EXAMPLES:

	 

		1.	Proprietary Rights are patented.
			 
		2.	The Product which embodies technology underlying such Proprietary Rights is sold for $2.00 per unit.
			 
		3.	Number of Units Sold are 10 units.
			 
		4.	There were no discounts, returns or allowances.
			 
		5.	Net Sales of all Products which embody such Proprietary rights are $20.00.

	 
	
THEN Royalty shall be calculated as follows:

	

	 	Price per Unit        x       No. of Units          x                Royalty Rate 

	 	 
	 	$2.00                     x               10                   x                    0.05 

	 	 
	 	$200.00                 x              0.05    Royalty Rate     =   $10.00

	 	 

	or-
	 

	 	Net Sales            x               Royalty Rate   =      Royalty 

	 	 
	 	$200                   x                      5%             =        $10.00

	 	                (3)             if Milestone sells all or part of the Proprietary Rights or licenses others to use all or any portion
of such rights in the production by those other parties of their products, Sellers shall be entitled
to receive royalties calculated as provided in 4(a)(1) and 4(a)(2) above on the consideration received
by Milestone from any such sale or license. This consideration shall be treated as Milestone’s
“Net Sales” for purposes of this Section 4(a)(3).

	 
	
                               (b)              Milestone
shall within 45 days after the end of each calendar quarter pay Sellers the amount of purchase price
owing to them for the quarter. Such payment shall be accompanied by statements showing the basis
used in calculating the royalties for such period and for each product individually. 

                               (c)              For
purposes of this section 4 Net Sales shall mean gross sales less returns, discounts and allowances.
Purchase price payments for any quarterly period shall be adjusted in subsequent quarters to take
into account returns and allowances occurring in these later periods. If by reason of (d) below payments
are payable for only a portion of a quarterly period, Sellers shall be entitled to a payment in the
amount they would have received if they were entitled to royalties for the full quarterly period
multiplied by a fraction in which the numerator shall be the number of days in which they are entitled
to royalties and the denominator shall be 90.

	

	
                                (d)              Payments
shall be made hereunder only until the expiration of the last patent covering any portion of device
or devices which embody the Proprietary Rights; provided, however that if no patent has issued and
a Milestone Product incorporating the Proprietary Rights faces substantial competition from other
products using similar technology the payment hereunder shall be appropriately adjusted by Milestone
to eliminate the competitive disadvantage.

                                (e)             In addition Milestone agrees that
if one or more patents issues with respect to any pending or future patent application relating to
the Proprietary Rights, Milestone will, as soon as practicably thereafter, issue to Sellers five
year options to purchase an aggregate of 8,333 shares of Milestone Common Stock at an exercise price
per share equal to the fair market value of a share on the date of grant. 

                                (f)             Sellers by signing this
agreement confirm that (i) they are each an “accredited investor” within the meaning of
Rule 215 of the Rules and Regulations under the Securities Act, and (ii) they have acquired the shares
to be issued hereunder for investment and acknowledge that the shares cannot be resold or otherwise
disposed of until they are registered under the Securities Act and any applicable state securities
laws or an exemption from registration is available. Further since the shares will not be registered
at the time of issuance, the certificates representing the shares delivered hereunder will bear the
following legend:

	 

	 	THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
  AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR ASSIGNED EXCEPT
  PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR IN A TRANSACTION WHICH IS EXEMPT
  FROM REGISTRATION UNDER THE ACT.
	 

	 
	
                                (g)           Registration Rights. Milestone shall, as soon as is practicable, but in no event more than thirty (30) days after it has
filed it annual report on Form 10-KSB for the 

	

	
financial year 2004, file with the Securities and Exchange Commission, and use its best efforts to
cause to become effective, a registration statement on Form S-3 under the Securities Act of 1933
which shall provide for the registration of the shares delivered upon execution of this agreement.

5.             Sellers Warranty. Sellers jointly and severally represent and warrant to Milestone that they have not sold, assigned,
transferred or encumbered the Proprietary Rights or any interest thereon to any third party.

6.             Indemnification. Milestone shall defend, at its own cost and expense, any infringement suits that may be brought against
Sellers or Milestone on account of the manufacture, production, use or marketing of the Proprietary
Information by Milestone or its licensees. Milestone shall indemnify and save harmless Sellers against
any and all such patent infringement suits and any claims, costs, expenses and damages which may
be incurred by Sellers therein or in settlement thereof. When information is brought to Milestone’s
attention indicating that others are unlawfully infringing on its rights with respect to the Proprietary
Information, Milestone shall take all steps and commence such legal action which, in the judgment
of Milestone, are (a) necessary to protect Milestone’s rights thereto and (b) consistent with
Milestone’s then business and financial condition. Seller shall cooperate with Milestone in
the prosecution of any such action or litigation.

7.             Governing Law. This Agreement shall be construed and interpreted according to the laws of the State of New York.

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

9.             Notice. All notices required or permitted to be delivered pursuant hereto shall be in writing and shall be
deemed to have been given upon personal delivery or two (2) days after 

	

	
deposit in the United States mail by registered or certified mail, first class postage prepaid, with
return receipt requested, addressed as follows:

	

	 If to Milestone	 	Milestone Scientific, Inc.
	 	 	220 South Orange Avenue
	 	 	Livingston, New Jersey 07039
	 	 	Attn: Leonard Osser

	 
	
                    

	 

	 	 	 
	With a copy to:	 	Morse, Zelnick, Rose & Lander
	 	 	405 Park Avenue
	 	 	New York, NY 10022
	 	 	Attn: Stephen A. Zelnick, Esq.

	 
	
                

	 

	 If to Sellers:	 	Claudia Hochman, D.D.S
	 	 	Mark Hochman, D.D.S.
	 	 	26 Meadow Woods Road
	 	 	Great Neck, New York 11020

	 
	
or to such other addresses as may from time to time be designated by the parties by like notice.

10.           Binding Effect. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their
respective successors, assigns and/or legal representatives. In the event that the obligations under
this Technology Sale Agreement, do not, for any reaon, automatically survive a sale or transfer of
all or a significant part of Milestone’s business or assets to a third party (the “Transferee”),
Milestone shall cause the Transferee to assume all of Milestone’s obligations under this Technology
Sale Agreement, as amended from time to time. If the undertaking of these obligations, whether by
way of automatic survival or by way of assumptions, in their entirety or in part, is impossible,
impracticable or of significantly different economic impact on Sellers, Milestone shall use its best
efforts to cause the Transferee to provide the Sellers with alternatives that are essentially equivalent
in value to the existing obligations of Milestone under this Technology Sale Agreement. 

11.           Headings. The descriptive headings used and inserted in this Agreement are for convenience only and shall not
be deemed to affect the meaning or construction of any provisions hereof.

	

	
12.           Entire Agreement. This Agreement and any documents or agreements executed by the parties simultaneously herewith constitute
the entire understanding and agreement of the parties hereto with respect to the sale of the rights
described herein and supersede all other prior agreements or understandings, written or oral, between
the parties with respect thereto. This Agreement may not be amended except by a writing signed by
Milestone and the Sellers. 

N WITNESS WHEREOF, the parties hereto have executed this Technology Sale Agreement as of the day and
year first above written.

	 

	 	                MILESTONE SCIENTIFIC, INC.
		 
	 	                By: /s/ Leonard Osser                
	 	                Leonard Osser, CEO
		 
	 	                    /s/ Claudia Hochman DDS                 
	 	                Claudia Hochman, D.D.S.
		 
	 	                    /s/ Mark Hochman DDS                
	 	                Mark Hochman, D.D.S.SECOND ADDENDUM TO LEASE

BETWEEN:           LIVINGSTON CORPROATE PARK
ASSOCIATES, L.L.C.

                               A
Limited Liability Company of the State of the New Jersey

                              
820 Morris Turnpike, Suite 301

                              
Short Hills, New Jersey 07078

                              
(hereinafter referred to as “Landlord”)

AND:                   
 MILESTONE SCIENTIFIC

                              
220 South Orange Avenue, First Floor

                              

Livingston, New Jersey 07039

                              
(hereinafter referred to as “Tenant”)

PROPERTY:         220 South Orange Avenue, First
Floor

                              

Livingston, New Jersey 07039

DATED:                April
  28  , 2004

	   
	

	   
	              This Second Addendum to Lease is intended to supplement the Lease Agreement dated November 25, 1996 and Addendum to Lease dated March 2002 between the Landlord and Tenant. The terms contained in this Second Addendum will be as effective as if they were typewritten in the Lease Agreement and prior Addendum. In the event there is any conflict between the Lease Agreement as amended and this Second Addendum, the provisions of this Second Addendum will prevail. As used in this Addendum, the words “this Lease” will mean the Lease Agreement as amended to which this Second Addendum is attached as modified below:            

	  

	1.	The term of the Lease is hereby extended to June 30, 2009.
	 	 
	2.	The leased premises currently consisting of approximately 2,693 rentable square feet (“Existing
  Space”), shall be increased by Landlord by 1,810 rentable square feet (“Expansion Space”)
  bringing the total rentable square footage leased to Tenant to 4,503 rentable square feet of leased
  office space.

	 	 
	3.	Upon execution of this Second Addendum, Tenant’s rent for the Existing Space shall be decreased
  from five thousand one hundred sixty-one dollars and fifty-eight cents ($5,161.58) per month to four
  thousand three hundred seventy-six dollars and twelve cents ($4,376.12) per month, until such time
  that the Expansion Space is delivered to Tenant.

	 	 
	4.	Upon delivery of the substantially completed Expansion Space, the Tenant’s basic rent shall be
  increased to Seven Thousand Three Hundred Seventeen Dollars and Thirty-Seven Cents ($7,317.37) per
  month.

	 	 
	5.	In addition to the basic rent indicated in Paragraphs 3 and 4 above, the Tenant shall be responsible
  for Tenant’s proportionate share of all charges, including but not limited to Real Estate Taxes
  based on both the existing and increased square footage of the Expansion Space, as provided for in
  the Tenant’s Lease Agreement.

	 	 
	6.	Upon execution of this Lease Addendum, the Tenant shall deposit with the Landlord the sum of Three
  Thousand Two Hundred Seventy-Seven Dollars and Eighty-Seven Cents ($3,277.87) to be added to the
  existing security deposit of Four Thousand Thirty-Nine Dollars and Fifty Cents ($4,039.50), bringing
  the total amount of Tenant’s security deposit to Seven Thousand Three Hundred Seventeen Dollars
  and Thirty-Seven Cents ($7,317.37) security for the payment of rent hereunder and the full and faithful
  performance by the Tenant of the covenants and conditions on the part of the Tenant to be performed.
  Said security shall be returned to the Tenant without interest, after the expiration of the term
  hereof as may be extended, provided that the Tenant has fully and faithfully performed all such covenants
  and conditions and is not in arrears in rent. During the term hereof, the Landlord may, if the Landlord
  so elects, have recourse to such security, to make good any default by the Tenant, in which event
  the Tenant shall, on demand, promptly restore said security to this original amount. Liability repay
  said security to the Tenant shall run with the reversion and title to said premises, whether
  any change in ownership thereof be by voluntary alienation or as the result of judicial sale, foreclosure
  or other proceedings, or the exercise of a right of taking or entry by any mortgagee. The Landlord
  shall assign or transfer said security, for the benefit of the Tenant, to any subsequent owner or holder of the

	 

        

	 	revision of title to said premises, in which case the assignee shall become liable for the repayment
  thereof as herein provided, and the assignsor shall be deemed to be released by the Tenant from all
  liability to return such security. This provision shall be applicable to every alienation or change
  in title and shall in no wise be deemed to permit the Landlord to retain the security after
  termination of the Landlord’s ownership of the revision or title. The Tenant shall not mortgage,
  encumber or assign said security without the written consent of the Landlord.

	 	 
	7.	Tenant shall accept the Expansion Space in “as is” condition, with the exception of Landlord
  renovating the premises pursuant to Exhibits C and C-1 attached to this Addendum.

	 	 
	8.	All other terms and conditions of the Lease Agreement entered into between Landlord and Tenant dated
  November 25, 2004 as amended in March 2002 shall remain in full force and effect except as amended
  herein.

	 	 
	 	IN WITNESS WHEREOF, the parties hereto set their hands and seals on the date indicated above.
	 	 

	WITNESS OR ATTEST :	 	 	LIVINGSTON CORPORATE PARK

    ASSOCIATES, L.L.C. -LANDLORD    	 
	 	 	 	 	 
		 	 	:	 
	 	 	 	 	 
	 	 	 	MILESTONE SCIENTIFIC - TENANT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}]]