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                                                                    EXHIBIT 10.1

CERTAIN MATERIAL (INDICATED BY AN ASTERISK) HAS BEEN OMITTED FROM THIS DOCUMENT
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED MATERIAL HAS BEEN
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

                              SUBLICENSE AGREEMENT

                                  BY AND AMONG

                                  SEMACO, INC.,
                             A DELAWARE CORPORATION,

                                       AND

                            BARBARA GILCHREST, M.D.,
                                  AN INDIVIDUAL

                                       AND

                             CANCERVAX CORPORATION,
                             A DELAWARE CORPORATION

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                              SUBLICENSE AGREEMENT

         This Sublicense Agreement is entered into and made effective as of this
10th day of March, 2004 (the "Effective Date"), between SEMACO, Inc., a Delaware
corporation ("SEMACO") and Barbara Gilchrest, M.D., an individual ("Gilchrest"),
on the one hand, and CancerVax Corporation, a Delaware corporation
("CancerVax"), on the other hand.

                                    RECITALS

         A.       Gilchrest, as Chair of the Boston University School of
Medicine, Department of Dermatology, has developed, together with certain
colleagues at Boston University, certain intellectual property rights relating
to telomere homolog oligonucleotides (also referred to as T-oligonucleotides, or
T-Oligos), and such intellectual property rights are owned by Boston University,
and have been licensed to, SEMACO pursuant to a license agreement between SEMACO
and Boston University.

         B.       SEMACO has the exclusive right to grant a sublicense to such
intellectual property rights, subject to said license agreement with Boston
University.

         C.       SEMACO desires to grant to CancerVax, and CancerVax wishes to
acquire, certain exclusive, worldwide rights and sublicenses to such
intellectual property rights and to certain patent rights, property rights and
know-how of SEMACO and Gilchrest with respect thereto, subject to the terms and
conditions set forth herein and to said license agreement with Boston
University.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the mutual covenants and conditions
set forth herein, the parties hereby agree as follows:

         1.       Definitions. Capitalized terms shall have the meaning set
forth below.

                  1.1      Affiliate. The term "Affiliate" shall mean any entity
which directly or indirectly controls, is controlled by or is under common
control with CancerVax. The term "control" as used herein means the possession
of the power to direct or cause the direction of the management and the policies
of an entity, whether through the ownership of a majority of the outstanding
voting securities or by contract or otherwise.

                  1.2      Confidential Information. The term "Confidential
Information" shall mean any and all proprietary or confidential information of
SEMACO, Gilchrest or CancerVax which may be exchanged between the parties at any
time and from time to time during the term of this Agreement. Information shall
not be considered confidential to the extent that it:

                           1.2.1    Is publicly disclosed through no fault of
any party hereto, either before or after it becomes known to the receiving
party; or

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                           1.2.2    Was known to the receiving party prior to
the date of this Agreement, which knowledge was acquired independently and not
from another party hereto (or such party's employees); or

                           1.2.3    Is subsequently disclosed to the receiving
party in good faith by a third party who has a right to make such disclosure; or

                           1.2.4    Has been published by a third party as a
matter of right.

                  1.3      Field. The term "Field" shall mean the prevention,
treatment, control, prognosis or diagnosis of cancer; provided, however, that
the Field shall not include any product intended for use as a sunscreen or
sunless tanning aide, or for the treatment of skin damage (excluding Skin
Cancer, as such term is defined below) due to photoaging.

                  1.4      Intellectual Property Rights. The term "Intellectual
Property Rights" shall mean all intellectual property, including, without
limitation, inventions, patents and patent applications and all provisionals,
divisions, substitutes, continuations, continuations-in-part, re-examinations,
reissues, renewals, extensions, additions, corresponding foreign patents or
patent applications, and compositions of matter.

                  1.5      Licensed Know-How. The term "Licensed Know-How" shall
mean all data, information, know-how, technology, research results, methods of
use, manufacture, purification, testing and analysis developed and/or used by
SEMACO and/or Gilchrest in relation to the Licensed Technology.

                  1.6      Licensed Products. The term "Licensed Products" shall
mean any article, composition, apparatus, substance, chemical or any other
material for use in the Field that is covered by the Patent Rights or the
Property Rights, incorporates the Licensed Technology or the Licensed Know-How,
or that is discovered, derived or developed using the Licensed Technology, the
Licensed Know-How, the Patent Rights or the Property Rights.

                  1.7      Licensed Technology. The term "Licensed Technology"
shall mean T-Oligonucleotides, defined as single-stranded DNA fragments
(oligonucleotides) [***].

                  1.8      Net Sales. The term "Net Sales" shall mean [***].

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the Commission. Confidential treatment has been requested with respect to the
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                  1.9      Patent Rights. The term "Patent Rights" shall mean
all of SEMACO and Gilchrest's Intellectual Property Rights related to the
Licensed Technology, the Licensed Know-How, the Licensed Products or the
Property Rights including, without limitation, the patents and patent
applications listed on EXHIBITS A-1 AND A-2 attached hereto.

                  1.10     Phosphorothioate Backbone. The term "Phosphorothioate
Backbone" shall mean an oligonucleotide backbone that is a sulpher diester (as
compared to a normal phosphorous or phosphodiester bond), which is not easily
hydrolyzable.

                  1.11     Prior Patent Expenses. The term "Prior Patent
Expenses" shall have the meaning set forth in Section 5.3 of - this Agreement.

                  1.12     Property Rights. The term "Property Rights" shall
mean all of SEMACO and Gilchrest's property rights to the biological material
described as the T-Oligonucleotides, their derivatives, variations and
modifications, including any proteins, nucleic acids and/or biomolecules
produced and/or secreted by such materials; any antibodies directed against such
materials or their targets, and any agents bound or activated by such materials,
however acquired.

                  1.13     Skin Cancer. The term "Skin Cancer" shall mean any
disease where cancerous cells originate in the epidermal layer of the skin,
including without limitation, basal cell carcinoma, squamous cell carcinoma,
melanoma (including uveal and mucosal melanoma), or any other malignant skin
conditions.

                  1.14     University. The term "University" shall mean Trustees
of Boston University.

                  1.15     University License Agreement. The term "University
License Agreement" shall mean the License Agreement dated as of December 11,
2001, between SEMACO and the University, as amended from time to time.

         2.       Sublicense Terms and Conditions; Negative Covenants.

                  2.1      Grant of Sublicense. Subject to the terms of this
Agreement and the University License Agreement, SEMACO hereby grants to
CancerVax:

                           2.1.1    an exclusive, worldwide sublicense under the
Patent Rights and Licensed Know-How, including the right to grant sublicenses,
to make, have made, use, sell, offer to sell, export and import any Licensed
Products; and

                           2.1.2    an exclusive, worldwide sublicense and
bailment to possess the Property Rights and the Licensed Technology, including
the right to grant sublicenses and to transfer possession, to make, have made,
use, sell, offer to sell, export and import any Licensed Products.

                  2.2      For the avoidance of doubt, it is understood and
agreed by the Parties the Grant of Sublicense included in this Section 2.1 shall
not include any rights for CancerVax to make, have made, use, sell, offer to
sell, export and import any article, composition, apparatus,

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substance, chemical or any other material intended for use outside of the Field,
nor shall it prevent SEMACO or Gilchrest from using the Licensed Know-How, the
Patent Rights, Intellectual Property and Licensed Technology to develop any
article, composition, apparatus, substance, chemical or any other material
intended for use outside the Field.

         3.       Right of First Refusal.

                  3.1      SEMACO and Gilchrest each hereby grant to CancerVax a
right of first refusal to negotiate for the acquisition or licensing of
additional technology, Intellectual Property Rights and know-how developed or
currently owned or licensed by Gilchrest and/or SEMACO, in the Field and not
subject to the grant of Paragraph 2.1, and for any dermatologic use, including
any other diagnostic or therapeutic products for use in the Field.
Nothwithstanding the foregoing, this right of first refusal shall specifically
exclude any products intended for use to induce hair growth or coloration, or to
treat Alzheimer's Disease. Once CancerVax has declined or failed to timely
exercise its right of first refusal on any of the Intellectual Property Rights
covered under this Section 3.1, CancerVax shall not be entitled to a right of
first refusal on any subsequent continuation-in-part patent applications derived
from such declined Intellectual Property Rights where such continuations-in-part
applications does not include any subject matter that is within the Field.

                  3.2      SEMACO shall provide CancerVax with written notice of
any such new technology, or Intellectual Property Rights. CancerVax will have
thirty (30) days to express its interest in negotiating with SEMACO for such
rights. CancerVax shall be entitled to negotiate with SEMACO for a period of
ninety (90) days following SEMACO's receipt of any such notice of interest from
CancerVax.

                  3.3      Notwithstanding the foregoing, for any technology,
Intellectual Property Rights or know-how licensed to SEMACO under the University
License Agreement as of the Effective Date, CancerVax will have sixty (60) days
from the Effective Date to express its interest in negotiating with SEMACO for
such rights; provided, however, that, prior to the Effective Date, SEMACO shall
have provided CancerVax with the relevant patent numbers, in the case of issued
patents, or with a copy of all such patent applications or invention
disclosures, in the case of technology, Intellectual Property Rights or know-how
not covered by issued patents. CancerVax shall be entitled to negotiate with
SEMACO for a period of ninety (90) days following SEMACO's receipt of any such
notice of interest from CancerVax.

         4.       Consideration. SEMACO shall receive from CancerVax the
following consideration in relation to the rights and sublicenses granted to
CancerVax under this Agreement:

                  4.1      Milestones. CancerVax shall pay the milestone
payments set forth on EXHIBIT B to SEMACO upon the occurrence of each event
specified. Payment of the milestones shall be due within thirty (30) days of the
achievement of each event.

                  4.2      Research Support.

                           4.2.1    CancerVax shall pay [***] per calendar
quarter in advance to SEMACO for a period of three (3) years, commencing on the
Effective Date, for support of

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the Commission. Confidential treatment has been requested with respect to the
omitted portions.

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research directly related to the Licensed Technology, based upon a research and
Research Program to be mutually agreed upon between SEMACO and CancerVax within
sixty (60) days following the Effective Date (the "Research Program"). The
Research Program shall be performed by the University under the direction of
Gilchrest as Chair of the Boston University School of Medicine, Department of
Dermatology, pursuant to a sponsored research agreement between the University
and SEMACO. The sponsored research agreement shall be executed within sixty (60)
days following the Effective Date, and shall be subject to prior review and
approval by CancerVax.

                           4.2.2    Subject to the University's policies and
such conditions as the University may reasonably impose, SEMACO shall permit an
employee or consultant of CancerVax to work with SEMACO in SEMACO's facilities
on a full-time basis for purposes of ensuring the transfer to CancerVax of
technology developed by SEMACO in the furtherance of the Research Program. Such
employee or consultant shall be reasonably acceptable to SEMACO. SEMACO shall
have the right to request CancerVax to replace such employee or consultant if
SEMACO determines, in its sole discretion, that such employee or consultant
materially violates any of the rules, regulations or policies of SEMACO or the
University. CancerVax shall be and shall remain fully responsible for such
employee or consultant and shall indemnify, defend and hold SEMACO and the
University and their trustees, officers, directors, employees, agents and
affiliates harmless from and against any and all acts or omissions of such
employee or consultant.

                 4.3      Consulting Agreement.

                           4.3.1    As consideration for entering into a three
(3)-year consulting agreement with CancerVax, CancerVax shall pay a consulting
fee at an annualized rate of [***] per twelve-month period to Gilchrest, payable
in advance in equal monthly installments, beginning on the Effective Date, plus
reasonable travel expenses approved by CancerVax.

                           4.3.2    Subject to the approval of the board of
directors of CancerVax, Gilchrest shall be granted options to purchase [***]
shares of CancerVax common stock in accordance with CancerVax's 2003 Equity
Incentive Plan. One-third (1/3) of such options would vest after one (1) year,
with the balance vesting monthly over the next two (2) years of service to
CancerVax.

                 4.4      Royalties.

                           4.4.1    Percentage Royalty. Subject to the terms and
conditions of this Agreement, CancerVax shall pay to SEMACO a royalty based on
the Net Sales of all Licensed Products, as follows:

                                    (a)      [***] of Net Sales of the Licensed
Products that are less than or equal to [***];

                                    (b)      [***] of Net Sales of the Licensed
Products that are greater than [***] but less than [***]; and

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the Commission. Confidential treatment has been requested with respect to the
omitted portions.

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                                    (c)      [***] of Net Sales of the Licensed
Products that are equal to or greater than [***].

                           4.4.2    Royalties on Sublicenses. If CancerVax
receives a royalty or milestone payment from a third party (other than an
Affiliate of CancerVax) in relation to any sublicense agreement for the Licensed
Products or the sale of the Licensed Products, CancerVax shall pay to SEMACO the
following payments (in each case excluding, however, any research or development
support, equity or other non-monetary payments), within forty-five (45) days of
its receipt of such payment:

                                    (a)      [***] of any such royalty or
milestone payment received by CancerVax if CancerVax enters into a sublicense
agreement with respect to the Licensed Products prior to the filing of an IND;

                                    (b)      [***] of any such royalty or
milestone payment received by CancerVax if CancerVax enters into a sublicense
agreement with respect to the Licensed Products after filing an IND but prior to
the completion of a Phase I/II clinical trial; or

                                    (c)      if clauses (a) or (b) above are not
applicable, [***] of any such royalty or milestone payment received by
CancerVax.

                                    (d)      Set-Off. In the event that
CancerVax must pay royalties or other payments to any third party in relation to
the sale of the Licensed Products based upon rights dominating those of SEMACO,
the royalty payable to SEMACO shall be reduced by the amount of any such third
party payment. CancerVax shall promptly notify SEMACO, in writing, of any such
claim and shall consult with SEMACO to determine the validity of the claim and
the amount of any royalties or payments that should be paid to any third party.

                  4.5      Quarterly Payments.

                           4.5.1    Sales by CancerVax. With regard to Net Sales
made by CancerVax or its Affiliates, royalties shall be payable by CancerVax
quarterly, within forty-five (45) days after the end of each calendar quarter,
based upon the Net Sales of Licensed Products during such preceding calendar
quarter, commencing with the calendar quarter in which the first commercial sale
of any Licensed Product is made.

                           4.5.2    Sales by Sublicensees. With regard to Net
Sales made by sublicensees of CancerVax or its Affiliates, royalties shall be
payable by CancerVax quarterly, within sixty (60) days after the end of each
calendar quarter, based upon the Net Sales of Licensed Products by such
sublicensee during such preceding calendar quarter, commencing with the calendar
quarter in which the first commercial sale of any Licensed Product is made by
such sublicensee.

                  4.6      Duration of Royalty Obligations. The royalty
obligations of CancerVax as to each Licensed Product shall terminate on a
country-by-country basis concurrently with the expiration of the last to expire
of any claim of the Patent Rights utilized by or in such Licensed Product in
each such country or, with respect to Licensed Products not utilizing any Patent

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the Commission. Confidential treatment has been requested with respect to the
omitted portions.

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Rights, fifteen (15) years after the date of first commercial sale of such
Licensed Product in such country.

                  4.7      Reports. CancerVax will furnish to SEMACO a detailed
written report of Net Sales of the Licensed Products and the royalty due and
payable thereon, including a description of any offsets or credits deducted
therefrom, on a product-by-product and country-by-country basis, for the
calendar quarter upon which the royalty payment is based.

                  4.8      Records. CancerVax will keep, and cause its
Affiliates and sublicensees to keep, full, complete and proper records and
accounts of all sales of Licensed Products in sufficient detail to enable the
royalties payable on Net Sales of each Licensed Product to be determined. SEMACO
shall have the right to appoint an independent certified public accounting firm
approved by CancerVax, which approval shall not be unreasonably withheld,
conditioned or delayed to audit the records of CancerVax, its Affiliates and
sublicensees as necessary to verify the royalties payable pursuant to this
Agreement. Any auditing firm appointed by SEMACO shall execute a confidentiality
agreement with CancerVax prior to performing such audit. CancerVax, its
Affiliates and sublicensees will pay to SEMACO an amount equal to any additional
royalties to which SEMACO is entitled as disclosed by the audit, plus interest
thereon at the rate of six percent (6%) per annum. Such audit shall be at
SEMACO's expense; provided, however, that if the audit discloses that SEMACO was
underpaid royalties with respect to any Licensed Product by at least five
percent (5%) for any calendar quarter, then CancerVax, its Affiliates or
sublicensee, as the case may be, will reimburse SEMACO for any such audit costs,
plus interest thereon at the rate of six percent (6%) per annum. SEMACO may
exercise its right of audit as to each of CancerVax, its Affiliates or
sublicensees no more frequently than once in any calendar year, unless an audit
has revealed underpayments of five percent (5%) or more in which case SEMACO
shall be entitled to conduct such audits no more frequently than once in any
three-month period, upon ten (10) days prior written notice. . The accounting
firm shall disclose to SEMACO only information relating to the accuracy of the
royalty payments. CancerVax, its Affiliates and sublicensees will preserve and
maintain all such records required for audit for a period of six (6) years after
the calendar quarter to which the record applies.

                  4.9      Foreign Sales. The remittance of royalties payable on
sales outside the United States shall be payable to SEMACO in United States
Dollar equivalents at the official rate of exchange of the currency of the
country from which the royalties are payable, as quoted in the Wall Street
Journal for the last business day of the calendar quarter in which the royalties
are payable. If the transfer of or the conversion into the United States Dollar
equivalents of any such remittance in any such instance is not lawful or
possible, the payment of such part of the royalties as is necessary shall be
made by the deposit thereof, in the currency of the country where the sale was
made on which the royalty was based to the credit and account of SEMACO or its
nominee in any commercial bank or trust company of SEMACO'S choice located in
that country, written notice of which shall be given by CancerVax to SEMACO.

                  4.10     Foreign Taxes. Any tax required to be withheld by
CancerVax under the laws of any foreign country for the accounts of SEMACO will
be paid by CancerVax for and on behalf of SEMACO to the appropriate governmental
authority, and CancerVax will furnish SEMACO with proof of payment of such tax
together with official or other appropriate evidence issued by the applicable
government authority. Any such tax actually paid on SEMACO'S

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behalf shall be deducted from royalty payments due SEMACO. SEMACO and CancerVax
agree to cooperate with each other to claim any exemptions for such deductions
or withholdings under any agreement or treaty from time to time in effect.

                  4.11     Late Payments. Any late sublicense, research support,
consultant, milestone, royalty or other payments shall bear interest at the rate
of six percent (6%) per annum. Nothing herein is intended or shall be construed
to preclude SEMACO or Gilchrest from exercising any other rights or remedies it
may otherwise have in the event of CancerVax's failure to timely make the
payments due hereunder.

         5.       Patent Matters.

                  5.1      Patent Prosecution and Maintenance. From and after
the date of this Agreement, the provisions of this Section 5 shall control the
prosecution and maintenance of any patent included within the Patent Rights.
Subject to the requirements, limitations and conditions set forth in this
Agreement, SEMACO shall direct and control (i) the preparation, filing and
prosecution of the United States and foreign patent applications within the
Patent Rights (including any interferences and foreign oppositions) and (ii)
maintain the patents issuing therefrom. SEMACO shall select the patent attorney,
subject to CancerVax's written approval, which approval shall not be
unreasonably withheld, conditioned or delayed. CancerVax shall have full rights
of prior consultation with the patent attorney so selected on all matters
relating to SEMACO Patent Rights. SEMACO shall use its best efforts to implement
all reasonable requests made by CancerVax with regard to the preparation,
filing, prosecution and/or maintenance of the patent applications and/or patents
within the Patent Rights.

                  5.2      Information to CancerVax. SEMACO shall keep CancerVax
informed with regard to the patent application and maintenance processes. SEMACO
shall deliver to CancerVax copies of all patent applications and amendments at
least thirty (30) days prior to the filing thereof, unless the Parties agree in
writing, on a case-by-case basis, to a shorter period, as well as copies of all
related correspondence and other related matters.

                  5.3      Patent Costs. CancerVax acknowledges and agrees that
the sublicenses granted hereunder are in part in consideration for CancerVax's
assumption of patent costs and expenses as described herein, including all
reasonable actual prior maintenance and prosecution costs as of the Effective
Date (the "Prior Patent Expenses"), the total of which is [***] In addition,
CancerVax will pay for all patent expenses incurred by SEMACO pursuant to
Section 5.1 hereof. CancerVax agrees to pay all such past and future patent
expenses directly or to reimburse SEMACO for the payment of such expenses within
sixty (60) days after CancerVax receives an acceptable itemized invoice
therefore. In the event CancerVax elects to discontinue payment for the filing,
prosecution and/or maintenance of any patent application and/or patent within
the Patent Rights, any such patent application or patent shall be excluded from
the definition of the Patent Rights and from the scope of the license granted
under this Agreement, and all rights relating thereto shall revert to SEMACO.
CancerVax will give SEMACO at least thirty (30) days' prior written notice of
such election. No such notice shall have any effect on CancerVax's obligations
to pay expenses incurred up to the effective date of such election.

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

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                  5.4      Ownership. It is anticipated that the parties and the
University may develop and/or acquire technology or inventions in connection
with the Research Program relating to the Licensed Products. In the event such
technology or inventions result from the joint activities of CancerVax and the
University and/or SEMACO ("Joint Improvements"), such Joint Improvements shall
be jointly owned by CancerVax and the University and/or SEMACO and shall be
considered part and parcel of the Patent Rights, Property Rights, Licensed
Technology and/or Licensed Know-How (as applicable) under the terms of this
Agreement. Such technology or inventions which are solely the result of
activities of the University and/or SEMACO, or their employees or consultants,
by internal development, acquisition or licensing, and any patent or other
Intellectual Property Rights resulting therefrom, shall be solely the property
of the University and/or SEMACO ("SEMACO Improvements"); provided, however, that
all SEMACO Improvements shall be considered part and parcel of the Patent
Rights, Property Rights, Licensed Technology and/or Licensed Know-How (as
applicable) under the terms of this Agreement. Such technology or inventions
which are solely the result of activities of CancerVax's employees, consultants
or Affiliates, by internal development, acquisition or licensing, and any patent
or other Intellectual Property Rights resulting therefrom, shall be the sole
property of CancerVax.

                  5.5      SEMACO Right to Pursue Patent. If at any time during
the term of this Agreement, CancerVax's rights with respect to the Patent Rights
are terminated, SEMACO shall have the right to take whatever action SEMACO deems
appropriate to obtain or maintain the corresponding patent protection at its own
expense. If SEMACO pursues patents under this Section 5.5, CancerVax agrees to
cooperate fully, including by providing, at no charge to SEMACO, all appropriate
technical data and executing all necessary legal documents.

                  5.6      Infringement Actions.

                           5.6.1    Notification of Infringement. In the event a
party to this Agreement acquires information that a third party is infringing
the Patent Rights, the Property Rights, the Licensed Technology and/or the
Licensed Know-How, the party acquiring such information shall promptly notify
the other parties to the Agreement in writing of such infringement.

                           5.6.2    Enforcement of Infringement Actions.

                                    (a)      CancerVax will have the first
right, but not the obligation, to institute, prosecute and control, at its own
expense, any action or proceeding with respect to infringement or
misappropriation of the Patent Rights, the Property Rights, the Licensed
Technology and/or the Licensed Know-How, by counsel of its own choice, and will
consult with SEMACO and the University on any actions that CancerVax proposes to
take in such action or proceeding. SEMACO and the University will have the
right, at their own expense, to be jointly represented in any such action by
counsel of their own choice.

                                    (b)      If CancerVax fails to bring an
action or proceeding or otherwise take appropriate action in CancerVax's
discretion to abate such infringement or misappropriation within a period of
ninety (90) days of written notice by SEMACO or the University to CancerVax
requesting such action, SEMACO and the University will each have the

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right, but not the obligation, to bring and control, by counsel of its own
choice, any such infringement or misappropriation action or proceeding;
provided, however, that neither SEMACO nor the University will be entitled to
bring any such action or proceeding if CancerVax reasonably objects thereto on
the grounds that such action or proceeding could threaten the validity or
enforceability of the Patent Rights, the Property Rights, the Licensed
Technology or the Licensed Know-How. CancerVax will cooperate with SEMACO and
the University in any such action or proceeding brought by SEMACO and/or the
University against a third party, and will have the right to consult with SEMACO
and the University and to participate in and be represented by independent
counsel in such litigation at its own expense.

                                    (c)      If a party brings any action or
proceeding under this Section 5.6.2, the other parties agree, at the request and
expense of the first party, to be joined as a party plaintiff to the extent
necessary to prosecute the action or proceeding and to give the first party
reasonable assistance and authority to file and prosecute the suit, including
reasonable access to the inventors and records related to such action which are
under the control of such other party.

                                    (d)      The party that controls the
prosecution of a given action under this Section 5.6.2 will also have the right
to control settlement of such action; provided, however, that no settlement will
be entered into concerning or affecting the validity or enforceability of the
Patent Rights, the Property Rights, the Licensed Technology or the Licensed
Know-How or any other rights of the other parties or the University without the
written consent of the other parties and the University.

                                    (e)      Each party will bear its own costs
incurred in connection with an action or proceeding brought by a party pursuant
to this Section 5.6.2. In the case of an action or proceeding initiated by
CancerVax, CancerVax shall be entitled to retain the balance of the remainder of
such recovery, after reimbursement of SEMACO's or the University's expenses. In
the case of an action or proceeding initiated by SEMACO or the University,
SEMACO or the University shall be entitled to retain the balance of the
remainder of such recovery, after reimbursement of CancerVax's expenses.

                           5.6.3    Defense of Infringement Actions.

                                    (a)      If a third party asserts that a
patent, trade secret or other intangible right owned or exclusively licensed by
it is infringed or misappropriated by the manufacture, use, sale, offer for
sale, exportation or importation of any Licensed Product, CancerVax will
establish a plan for a common defense and manage such common defense plan,
subject to Section 5.6.3(b) below. Except as provided in Section 5.6.3(b), each
party will bear its own costs incurred in connection with any such defense, and
SEMACO and Gilchrest will give CancerVax reasonable assistance and authority to
defend, including reasonable access to the inventors and records relating to
such action which are under the control of SEMACO and/or Gilchrest.

                                    (b)      CancerVax will control settlement
of any claim described in Section 5.6.3(a) above; provided, however, that no
settlement will be entered into concerning or affecting the validity or
enforceability of the Patent Rights, the Property Rights, the Licensed

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Technology or the Licensed Know-How without the written consent of SEMACO and
the University, which consent shall not be unreasonably withheld. CancerVax will
be responsible for the payment of amounts owed in settlement or for damages in
respect of any claim described in Section 5.6.3(a) above, although any such
amounts resulting from a claim of infringement or misappropriation by the
manufacture, use, sale, offer for sale, exportation or importation of a Licensed
Product will be treated as third party payments for purposes of (and thus
subject to offset as contemplated by) Section 4.4.3 above.

         6.       Responsibilities of CancerVax.

                  6.1      In order to maintain the rights and sublicenses
granted hereunder in force, CancerVax will use commercially reasonable efforts
to perform the responsibilities set forth on EXHIBIT C.

                  6.2      CancerVax will keep SEMACO generally informed as to
CancerVax's progress in such development and commercialization, including its
efforts, if any, to sublicense the Licensed Technology or the Patent Rights.
CancerVax will deliver to SEMACO (i) a progress report every six (6) months for
the first two (2) years following the Effective Date of this Agreement and (ii)
thereafter, an annual written report and such other reports as SEMACO may
reasonably request. In addition, CancerVax shall provide SEMACO and Gilchrest
with such information as they may reasonably request from time to time relative
to the development or commercialization of the Licensed Technology or the Patent
Rights.

                  6.3      In the event SEMACO has a reasonable basis to believe
that CancerVax is not using commercially reasonable efforts to perform its
obligations as required under this Section 6, upon notice by SEMACO to CancerVax
which specifies the basis for such belief, SEMACO and CancerVax shall negotiate
in good faith to attempt to mutually resolve the issue. In the event SEMACO and
CancerVax cannot agree upon any matter related to CancerVax's obligations, the
parties agree to utilize arbitration pursuant to Section 14.2 hereof in order to
resolve the matter. If the arbitrator determines that CancerVax has not complied
with its obligations hereunder, and such default is not fully cured within sixty
(60) days after the arbitrator's decision, SEMACO may terminate CancerVax's
rights under this Agreement.

         7.       Responsibilities of SEMACO and Gilchrest.

                  7.1      SEMACO and Gilchrest each will use commercially
reasonable efforts to perform the responsibilities set forth on EXHIBIT D.

                  7.2      SEMACO will keep CancerVax generally informed as to
SEMACO's progress in the performance of the responsibilities set forth in
EXHIBIT D. SEMACO will deliver to CancerVax (i) a progress report every six (6)
months for the first two (2) years following the Effective Date of this
Agreement and (ii) thereafter, an annual written report and such other reports
as CancerVax may reasonably request.

                  7.3      In the event CancerVax has a reasonable basis to
believe that SEMACO or Gilchrest is not using commercially reasonable efforts to
perform its respective obligations as required under this Section 7, upon notice
by CancerVax to SEMACO and/or Gilchrest which specifies the basis for such
belief, CancerVax and SEMACO shall negotiate in good faith to

                                       11
<PAGE>

attempt to mutually resolve the issue. In the event CancerVax and SEMACO cannot
agree upon any matter related to SEMACO's and/or Gilchrest's obligations, the
parties agree to utilize arbitration pursuant to Section 14.2 hereof in order to
resolve the matter. If the arbitrator determines that SEMACO or Gilchrest has
not complied with its obligations hereunder, and such default is not fully cured
within sixty (60) days after the arbitrator's decision, CancerVax may, at its
option, terminate this Agreement.

         8.       Indemnity.

                           8.1.1    CancerVax hereby agrees to indemnify, defend
and hold harmless Gilchrest and SEMACO, the University, and any parent,
subsidiary or other affiliated entity and their trustees, officers, employees,
scientists and agents (each an "Indemnitee") from and against any liability or
expense arising from any product liability claim asserted by any party as to any
Licensed Product or Licensed Technology, or any claims arising from a breach by
CancerVax of any of its obligations under this Agreement.

                           8.1.2    With respect to an Indemnitee, CancerVax's
indemnification obligations under this Section 8 shall not apply to any
liability, damage, loss or expense if such liability, damage or expense is
attributable to the gross negligence or willful misconduct of such Indemnitee.

         9.       Patent Marking. To the extent required by applicable law,
CancerVax shall mark all Licensed Products or their containers in accordance
with the applicable patent marking laws.

         10.      Representations and Warranties.

                  10.1     By CancerVax. CancerVax hereby represents and
warrants to SEMACO as follows:

                           10.1.1   CancerVax is a corporation duly organized,
validly existing and in good standing under the laws of Delaware.

                           10.1.2   The execution, delivery and performance of
this Agreement have been duly authorized by the Board of Directors of CancerVax.

                           10.1.3   This Agreement is a legal and valid
obligation binding upon CancerVax and enforceable in accordance with its terms,
and the execution, delivery and performance of the Agreement by CancerVax does
not conflict with any agreement, instrument or understanding, oral or written,
to which CancerVax is a party or by which it is bound, nor violate any law or
regulation of any court, governmental body or administrative or other agency
having jurisdiction over it.

                                       12
<PAGE>

                  10.2     By SEMACO.

                           10.2.1   SEMACO is a corporation duly organized,
validly existing and in good standing under the laws of Delaware.

                           10.2.2   The execution, delivery and performance of
this Agreement have been duly authorized by the Board of Directors of SEMACO.

                           10.2.3   This Agreement is a legal and valid
obligation binding upon SEMACO and enforceable in accordance with its terms, and
the execution, delivery and performance of the Agreement by SEMACO does not
conflict with any agreement, instrument or understanding, oral or written, to
which SEMACO is a party or by which it is bound, nor, to the best of SEMACO's
knowledge, violates any law or regulation of any court, governmental body or
administrative or other agency having jurisdiction over it.

                           10.2.4   SEMACO has not granted, and during the term
of the Agreement will not grant, any right to any third party relating to the
Patent Rights, the Property Rights, the Licensed Technology or the Licensed
Know-How that would conflict with the rights granted to CancerVax under this
Agreement. To the best of SEMACO's knowledge, the University and/or SEMACO has
good and valid title to the Patent Rights, the Property Rights, the Licensed
Technology and the Licensed Know-How, free and clear of any encumbrance, lien,
mortgage, charge, restriction or liability of any kind whatsoever, whether
equitable or legal, that would conflict with the rights granted to CancerVax
under this Agreement.

                           10.2.5   Subject to the terms of the University
License Agreement, SEMACO has the right to grant to CancerVax the rights and
sublicenses in and to the Patent Rights, the Property Rights, the Licensed
Technology and the Licensed Know-How set forth in this Agreement.

                           10.2.6   To the best of SEMACO's knowledge, as of the
Effective Date, the assignment of Gilchrest's and all inventors and/or
co-inventors' rights to each Licensed Patent has been properly recorded with the
U.S. Patent and Trademark Office ("PTO").

                           10.2.7   To the best of SEMACO's knowledge, in the
instance of each patent application included within the Patent Rights, such
patent application has been properly prepared and filed and has been diligently
pursued through the Effective Date.

                           10.2.8   To the best of SEMACO's knowledge, as of the
Effective Date, there has been no publication related to, or public use of, the
Patent Rights, the Property Rights, the Licensed Technology or the Licensed
Know-How, that would reasonably form the basis for invalidating any claim in any
of the Patent Rights.

                           10.2.9   There is no action or proceeding pending or,
to the best of SEMACO's knowledge, threatened that relates to, affects or arises
in connection with (i) any of the Patent Rights, Property Rights, Licensed
Technology and/or Licensed Know-How, (ii) any Licensed Product or (iii) SEMACO's
performance under this Agreement; and SEMACO is not subject to any order, ruling
or judgment of any governmental or regulatory authority that could

                                       13
<PAGE>

reasonably be expected to impair or delay the ability of SEMACO to perform its
obligations under this Agreement.

                           10.2.10  SEMACO has not received any demand from any
other party for the licensing of any Intellectual Property Rights of such party
arising out of the development, manufacture or commercialization of the Patent
Rights, Property Rights, Licensed Technology, Licensed Know-How and/or Licensed
Products, and to the best of SEMACO's knowledge no basis exists for any such
claim or demand.

                           10.2.11  SEMACO has provided CancerVax with a
complete and accurate copy of the University License Agreement, all amendments
or modifications thereto, as of the Effective Date. The License Agreement is a
legal and valid obligation binding upon SEMACO, and is in full force and effect
and has not been amended or restated. No default or material breach exists under
the License Agreement. SEMACO agrees that it shall not agree to any amendment or
modification to the University License Agreement during the term of this
Agreement without obtaining the prior written approval of such amendment or
modification from CancerVax, which approval shall not be unreasonably, withheld,
conditioned or delayed.

                           10.2.12  The Patent Rights, the Intellectual Property
Rights, the Licensed Know-How, the Licensed Technology and the Licensed Products
are not subject to the "Bayh-Dole Act", 35 U.S.C. 200 et seq. as of the
Effective Date. SEMACO agrees that, during the term of this Agreement, it shall
not take any action which would give rise to any governmental rights in any of
the Intellectual Property Rights, the Licensed Know-How, the Licensed Technology
and the Licensed Products under the "Bayh-Dole Act" without obtaining the prior
written approval of CancerVax.

                  10.3     By Gilchrest. This Agreement is a legal and valid
obligation binding upon Gilchrest and enforceable in accordance with its terms,
and the execution, delivery and performance of the Agreement by Gilchrest does
not conflict with any agreement, instrument or understanding, oral or written,
to which Gilchrest is a party or by which she is bound, nor to her best
knowledge violate any law or regulation of any court, governmental body or
administrative or other agency having jurisdiction over her.

                  10.4     Limitation of Warranties. EXCEPT AS EXPRESSLY STATED
IN THIS AGREEMENT, THE PARTIES MAKE NO OTHER WARRANTIES CONCERNING THIS
AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AS TO THE PATENT RIGHTS,
PROPERTY RIGHTS, LICENSED TECHNOLOGY, LICENSED KNOW-HOW OR ANY LICENSED PRODUCT.

         11.      Confidentiality and Publication.

                  11.1     Treatment of Confidential Information. Except as set
forth below, the parties agree that during the term of this Agreement, and for a
period of ten (10) years after this Agreement terminates, a party receiving
Confidential Information of any party will (i) maintain in confidence such
Confidential Information to the same extent such party maintains its own
proprietary industrial information, (ii) not disclose such Confidential
Information to any third

                                       14
<PAGE>

party without prior written consent of such party and (iii) not use such
Confidential Information for any purpose except those permitted by this
Agreement. Notwithstanding the foregoing, SEMACO and Gilchrest may disclose
Confidential Information to the University as necessary or appropriate in
connection with the matters related to the University License Agreement and
sponsored research agreement with the University, provided that such disclosures
are made to the University pursuant to a form of nondisclosure agreement
reasonably acceptable to CancerVax, which shall not be unreasonably withheld,
conditioned or delayed.

                  11.2     Permitted Disclosures. Notwithstanding the provisions
of Section 11.1, a party may not disclose the terms of this Agreement to any
third party without the prior written consent of the other parties; provided,
however, that any party may disclose the terms of this Agreement (i) to its
Affiliates, sublicensees, accountants, attorneys and other professional
advisors, and to the University, (ii) to third parties who need to know the same
in order to secure regulatory approval for the sale of the Licensed Products and
(iii) as required by applicable laws and regulations of the U.S. Securities and
Exchange Commission, any stock exchange on which a party's stock is traded and
any inter-dealer quotation system on which trading information for a party's
stock is quoted. As part of any filing of this Agreement pursuant to the
foregoing clause (iii), the filing party will provide the other parties with the
opportunity to review and comment on proposed redactions to this Agreement for
purposes of such filing (although the filing party will have no obligation in
the event that such redactions are not made or accepted as part of such filing).

                  11.3     Publications. Except for permitted disclosures as set
forth in Section 11.2, SEMACO and Gilchrest may not present or publish,
including, without limitation, any abstracts, posters, articles and oral or
written presentations, relating to any information or research results that have
not been published or publicly presented as of the Effective Date arising from
this Agreement, including, without limitation, any information or research
results which relate to the use of the Patent Rights, Property Rights, Licensed
Technology, Licensed Know-How or Licensed Products, whether in a thesis,
scientific publication, conference or otherwise, without first presenting the
same to CancerVax for its review. SEMACO shall use its best efforts to provide
intended presentations or publications in writing to CancerVax for review and
comment at least ten (10) working days prior to the earlier of (i) the date of
publication or (2) the time which the presentation or publication is proposed
for submission to any third party. CancerVax will provide notice to SEMACO
and/or Gilchrest whether it has any comments or objection to the proposed
presentation or publication in a timely manner. If CancerVax believes that a
patent application should be filed as a result of its review of a proposed
presentation or publication, then, upon timely written notice to SEMACO,
submission of the presentation or publication will be delayed in order to permit
CancerVax a reasonable period of time to file a patent application thereon. Each
party may be acknowledged on any publication or presentation in accordance with
generally accepted rules of authorship. CancerVax likewise agrees to first
present any intended presentations or publications regarding research results
which relate to the use of the Patent Rights, Property Rights, Licensed
Technology, Licensed Know-How or Licensed Products, to SEMACO for its review and
comment prior to presentation or publication in a scientific publication or
scientific conference.

                  11.4     Publicity. Except as otherwise provided herein or
required by law, no party shall originate any publication, news release or other
public announcement, written or oral,

                                       15
<PAGE>

whether in the public press, stockholders' reports, or otherwise, relating to
this Agreement or to any sublicenses hereunder, or to the performance hereunder
or any such agreements, without the prior written approval of the other party,
which approval shall not be unreasonably withheld or delayed. Notwithstanding
the foregoing, any press release related to this Agreement will be provided to
SEMACO for its review and approval, which approval shall not be unreasonably
withheld, not less than three (3) days in advance of its public release.
Further, except as otherwise provided herein or required by law, CancerVax shall
not use the name of the University without the prior written approval of the
University.

         12.      Term and Termination.

                  12.1     Term. Unless terminated sooner in accordance with the
terms set forth herein, this Agreement, and the sublicenses granted hereunder,
shall terminate when the last of the royalty obligations set forth in Section
4.6 has expired. Notwithstanding the foregoing, if applicable government
regulations require a shorter term and/or a shorter term of exclusivity than
provided for herein, then the term of this Agreement shall be so shortened or
this Agreement shall be amended to provide for non-exclusive sublicenses, and,
in such event, the parties shall negotiate in good faith to reduce appropriately
the royalties payable as set forth under Section 4 hereof.

                  12.2     Termination Upon Default. Any one or more of the
following events shall constitute an event of default hereunder: (i) the failure
of a party to pay any amounts when due hereunder and the expiration of thirty
(30) days after receipt of a written notice requesting the payment of such
amount; and (ii) the failure of a party to perform any obligation required of it
to be performed hereunder, and the failure to cure within sixty (60) days after
receipt of notice from another party specifying in reasonable detail the nature
of such default. Upon the occurrence of any event of default, the non-defaulting
party shall deliver to the defaulting party written notice of intent to
terminate, such termination to be effective upon the date set forth in such
notice.

         Such termination rights shall be in addition to and not in substitution
for any other remedies that may be available to the non-defaulting party.
Termination pursuant to this Section 12.2 shall not relieve the defaulting party
from liability and damages to the other party for breach of this Agreement.
Waiver by either party of a single default or a succession of defaults shall not
deprive such party of any right to terminate this Agreement arising by reason of
any subsequent default.

                  12.3     Termination Upon Bankruptcy. This Agreement may be
terminated by SEMACO giving written notice of termination to CancerVax upon the
filing of bankruptcy or bankruptcy of CancerVax or the appointment of a receiver
of any of CancerVax's assets, or the making by CancerVax of any assignment for
the benefit of creditors, or the institution of any proceedings against
CancerVax under any bankruptcy law. Termination shall be effective upon the date
specified in such notice.

                  12.4     Termination by CancerVax. CancerVax may terminate
this Agreement at any time in CancerVax's sole discretion upon not less than
sixty (60) days' prior written notice to SEMACO; provided, however, that nothing
herein is intended or shall be construed to release CancerVax from any
obligations arising prior to the effective date of termination, including, but

                                       16
<PAGE>

not limited to, CancerVax's obligation to pay SEMACO the Prior Patent Expenses
or any other patent expenses that were incurred under the terms of this
Agreement prior to the effective date of termination.

                  12.5     Rights Upon Expiration. Neither party shall have any
further rights or obligations upon the expiration of this Agreement upon its
regularly scheduled expiration date with respect to this Agreement, other than
the obligation of CancerVax to make any and all reports and payments for the
final quarter period; and the payment of any patent expenses required to be paid
by CancerVax under this Agreement, including, but not limited to the Prior
Patent Expenses provided, however, that upon such expiration, each party shall
be required to continue to abide by its non-disclosure obligations as described
in Section 11.1, and CancerVax will continue to abide by its obligation to
indemnify SEMACO, the University and others, as required under Section 8 hereof.

                  12.6     Rights Upon Termination. Notwithstanding any other
provision of this Agreement, upon any termination of this Agreement prior to the
regularly scheduled expiration date of this Agreement, the license granted
hereunder shall terminate. Except as otherwise provided in Section 12.7 of this
Agreement with respect to work-in-progress, upon such termination, CancerVax
will have no further right to develop, manufacture or market any Licensed
Product, or to otherwise use any the Patent Rights or any Licensed Technology
not otherwise includable therein. Upon any such termination, CancerVax will
return all materials, samples, documents, information and other materials which
embody or disclose the Patent Rights or any Licensed Technology not otherwise
includable therein; provided, however, that CancerVax shall not be obligated to
provide SEMACO with proprietary information which CancerVax can show that it
independently developed. Any such termination shall not relieve either party
from any obligations accrued to the date of such termination. Upon such
termination, each party shall be required to abide by its nondisclosure
obligations as described in Section 11.1, and CancerVax will continue to abide
by its obligations to indemnify SEMACO, the University and others, as required
under Section 8 hereof.

                  12.7     Work-in-Progress. Upon any such early termination of
the license granted hereunder in accordance with this Agreement, CancerVax shall
be entitled to finish any work-in-progress and to sell any completed inventory
of a Licensed Product covered by such license which remain on hand as of the
date of the termination, so long as CancerVax pays to SEMACO the royalties or
any other monies applicable to said subsequent sales in accordance with the
terms and conditions as set forth in this Agreement, provided that no such sales
shall be permitted after the expiration of six (6) months after the date of
termination.

         13.      Assignment; Successors.

                  13.1     Assignment. None of the parties shall have the right
to assign, delegate or transfer at any time to any party, in whole or in part,
any or all of the rights, duties and interest granted herein without first
obtaining the written consent of the other parties to such assignment, which
consent shall not be unreasonably withheld; provided, however, that no prior
written consent shall be required for an assignment of this Agreement by SEMACO
to the University, nor shall written consent be required in the event that a
third party acquires substantially all of

                                       17
<PAGE>

the assigning party's assets or outstanding shares, or merges with the assigning
party. Any attempted assignment not in compliance with this Section 13.1 shall
be of no force or effect.

                  13.2     Binding Upon Successors and Assigns. Subject to the
limitations on assignment herein, this Agreement shall be binding upon and inure
to the benefit of any successors in interest and assigns of SEMACO and
CancerVax. Any such successor or assignee of CancerVax's interest shall
expressly assume in writing the performance of all the terms and conditions of
this Agreement to be performed by CancerVax.

         14.      General Provisions.

                  14.1     Independent Contractors. The relationship between
SEMACO and CancerVax is that of independent contractors. SEMACO and CancerVax
are not joint venturers, partners, principal and agent, master and servant, nor
employer and employee, and have no other relationship other than independent
contracting parties. SEMACO and CancerVax shall have no power to bind or
obligate each other in any manner, other than as is expressly set forth in this
Agreement.

                  14.2     Arbitration. Any controversy or claim arising out of
or relating to this Agreement, or the breach thereof, shall be settled by
binding arbitration in accordance with the Commercial Arbitration Rules of the
American Arbitration Association ("AAA"), and the procedures set forth below;
provided, however, that the parties reserve the right at all times to seek
injunctive or other equitable relief in any court having jurisdiction thereof.
In the event of any inconsistency between the Rules of AAA and the procedures
set forth below, the procedures set forth below shall control. Judgment upon the
award rendered by the arbitrators may be enforced in any court having
jurisdiction thereof.

                           14.2.1   Location. The location of the arbitration
shall be in New York City, New York.

                           14.2.2   Selection of Arbitrators. The arbitration
shall be conducted by a panel of three (3) neutral arbitrators who are
independent and disinterested with respect to the parties, this Agreement, and
the outcome of the arbitration. Each party shall appoint one neutral arbitrator,
and these two arbitrators so selected by the parties shall then select the third
arbitrator. If one party has given written notice to the other party as to the
identity of the arbitrator appointed by the party, and the party thereafter
makes a written demand on the other party to appoint its designated arbitrator
within the next thirty (30) days, and the other party fails to appoint its
designated arbitrator within thirty (30) days after receiving said written
demand, then the arbitrator who has already been designated shall appoint the
other two (2) arbitrators.

                           14.2.3   Discovery. Unless the parties mutually agree
in writing to some additional and specific pre-hearing discovery, the only
pre-hearing discovery shall be (i) reasonably limited production of relevant and
non-privileged documents, and (ii) the identification of witnesses to be called
at the hearing, which identification shall give the witness's name, general
qualifications and position, and a brief statement as to the general scope of
the testimony to be given by the witness. The arbitrators shall decide any
disputes and shall

                                       18
<PAGE>

control the process concerning these pre-hearing discovery matters. Pursuant to
the Rules of AAA, the parties may subpoena witnesses and documents for
presentation at the hearing.

                           14.2.4   Case Management. Prompt resolution of any
dispute is important to both parties; and the parties agree that the arbitration
of any dispute shall be conducted expeditiously. The arbitrators are instructed
and directed to assume case management initiative and control over the
arbitration process (including scheduling of events, pre-hearing discovery and
activities, and the conduct of the hearing), in order to complete the
arbitration as expeditiously as is reasonably practical for obtaining a just
resolution of the dispute.

                           14.2.5   Remedies. The arbitrators may grant any
legal or equitable remedy or relief that the arbitrators deem just and
equitable, to the same extent that remedies or relief could be granted by a
state or federal court, provided however, that no punitive damages may be
awarded. No court action may be maintained seeking punitive damages. The
decision of any two (2) of the three (3) arbitrators appointed shall be binding
upon the parties.

                           14.2.6   Expenses. The expenses of the arbitration,
including the arbitrators' fees, expert witness fees and attorney's fees, may be
awarded to the prevailing party, in the discretion of the arbitrators, or may be
apportioned between the parties in any manner deemed appropriate by the
arbitrators. Unless and until the arbitrators decide that one party is to pay
for all (or a share) of such expenses, all parties shall share equally in the
payment of the arbitrators' fees as and when billed by the arbitrators.

                           14.2.7   Confidentiality. Except as set forth below,
the parties shall keep confidential the fact of the arbitration, the dispute
being arbitrated, and the decision of the arbitrators. Notwithstanding the
foregoing, the parties may disclose information about the arbitration to persons
who have a need to know, such as directors, trustees, management employees,
witnesses, experts, investors, attorneys, lenders, insurers, the University, and
others who may be directly affected. Additionally, if a party has stock which is
publicly traded, the party may make such disclosures as are required by
applicable securities laws. Further, if a party is expressly asked by a third
party about the dispute or the arbitration, the party may disclose and
acknowledge in general and limited terms that there is a dispute with the other
party which is being (or has been) arbitrated. Once the arbitration award has
become final, if the arbitration award is not promptly satisfied, then these
confidentiality provisions shall no longer be applicable.

                  14.3     Entire Agreement; Modification. This Agreement sets
forth the entire agreement and understanding between the parties as to the
subject matter hereof. There shall be no amendments or modifications to this
Agreement, except by a written document which is signed by the parties.

                  14.4     Delaware Law. This Agreement shall be construed and
enforced in accordance with the laws of the State of Delaware without regard to
the conflicts of laws principles thereof.

                                       19
<PAGE>

                  14.5     Headings. The headings for each article and section
in this Agreement have been inserted for convenience of reference only and are
not intended to limit or expand on the meaning of the language contained in the
particular article or section.

                  14.6     Severability. Should any one or more of the
provisions of this Agreement be held invalid or unenforceable by a court of
competent jurisdiction, it shall be considered severed from this Agreement and
shall not serve to invalidate the remaining provisions thereof. The parties
shall make a good faith effort to replace any invalid or unenforceable provision
with a valid and enforceable one such that the objectives contemplated by them
when entering this Agreement may be realized.

                  14.7     No Waiver. Any delay in enforcing a party's rights
under this Agreement or any waiver as to a particular default or other matter
shall not constitute a waiver of such party's rights to the future enforcement
of its rights under this Agreement, excepting only as to an express written and
signed waiver as to a particular matter for a particular period of time.

                  14.8     Name. Whenever there has been an assignment or a
sublicense by CancerVax as permitted by this Agreement, the term "CancerVax" as
used in this Agreement shall also include and refer to, if appropriate, such
assignee or sublicensee.

                  14.9     Attorneys' Fees. In the event of a dispute between
the parties hereto or in the event of any default hereunder, the party
prevailing in the resolution of any such dispute or default shall be entitled to
recover its reasonable attorneys' fees and other costs incurred in connection
with resolving such dispute or default.

                  14.10    Notices. Any notices required by this Agreement shall
be in writing, shall specifically refer to this Agreement and shall be sent by
registered or certified airmail, postage prepaid, or by telefax, telex or cable,
charges prepaid, or by overnight courier, postage prepaid and shall be forwarded
to the respective addresses set forth below unless subsequently changed by
written notice to the other party:

         For SEMACO:                          SEMACO, Inc.
                                              c/o Barbara Gilchrest
                                              609 Albany St.
                                              Boston MA 02118
                                              Fax No.: 617 638-5550

         For Gilchrest:                       Dr. Barbara Gilchrest
                                              Union Wharf
                                              No. 27
                                              Boston MA 02109
                                              Fax No.: 617 638-5550

         For CancerVax:                       CancerVax Corporation
                                              2110 Rutherford Road
                                              Carlsbad, CA 92008
                                              Attention: General Counsel
                                              Fax No.: (760) 494-4282

                                       20
<PAGE>

Notice shall be deemed delivered upon the earlier of (i) when received, (ii)
three (3) days after deposit into the mail, (iii) the date notice is sent via
telefax, telex or cable or (iv) the day immediately following delivery to
overnight courier (except Sunday and holidays).

                  14.11    University and University License Agreement. This
Agreement shall be construed in accordance with and shall be subject to the
terms and conditions of the University License Agreement. Nothing herein or in
the consulting agreement or other related agreement with SEMACO or Gilchrest
shall be construed to require the University, Gilchrest, or any other University
personnel to violate any University policy or procedures, and SEMACO and
Gilchrest's obligations under this Agreement, the consulting agreement and any
other related agreement shall be subject to all University policies and
procedures. The University is not a party to this Agreement and is not bound by
any act or omission of SEMACO or Gilchrest.

                  14.12    Compliance with Laws. Nothing contained in this
Agreement shall require or permit the parties to do any act inconsistent with
the requirements of any applicable law, regulation or order of the United States
or any state or local law or the law of any foreign jurisdiction as the same may
be in effect from time to time. The parties shall comply with all such
applicable laws, regulations rules and orders.

                  14.13    Securities Laws. SEMACO hereby acknowledges that it
is aware that the securities laws of the United States prohibit any person who
has material, non-public information concerning CancerVax or a possible
transaction involving CancerVax from purchasing or selling securities in
reliance upon such information or from communicating such information to any
other person or entity under circumstances in which it is reasonably foreseeable
that such person or entity is likely to purchase or sell such securities in
reliance upon such information.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       21
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement by their
duly authorized representatives as of the date set forth above.

SEMACO:                                    CANCERVAX:

SEMACO, Inc.                               CancerVax Corporation

 /s/ Les Riley                             /s/ David F. Hale
-------------------------------------      -------------------------------------
By: Les Riley                              By: David F. Hale
Title: Chief Executive Officer             Title: President and CEO

GILCHREST:

 /s/ Barbara Gilchrest
-------------------------------------
By: Dr. Barbara Gilchrest (For
purposes of Sections 4.3, 7.1, 10.3
and 11.3 only)

                 [SIGNATURE PAGE TO SEMACO SUBLICENSE AGREEMENT]

                                       22
<PAGE>

                                   EXHIBIT A-1

                                  PATENT RIGHTS

                            UNITED STATES PATENT LIST

                                      [***]

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

<PAGE>

                                   EXHIBIT A-2

                                  PATENT RIGHTS

                               FOREIGN PATENT LIST

[2 Pages of Foreign Patents Deleted Pursuant to Confidential Treatment Request]

<PAGE>

                                    EXHIBIT B

                               MILESTONE PAYMENTS

<TABLE>
<CAPTION>
MILESTONE                                                                                           PAYMENT
---------                                                                                           -------
<S>                                                                                                 <C>
(1) An initial license issue fee to be paid upon signing this Agreement                              [***]

(2) Upon the transfer to CancerVax of copies of all patent applications.                             [***]

(3) Upon the transfer to CancerVax of copies of all lab notebooks, procedures, methods,              [***]
unique reagents, other data, information, and the like reasonably required by CancerVax
to accomplish its obligations under this Agreement, and an index to such materials within
60 days following the Effective Date.

(4) Upon approval of an Investigational New Drug ("IND") by the U.S. Food and Drug                   [***]
Administration ("FDA") or an equivalent approval to initiate clinical trials in a
jurisdiction other than the United States on the first Licensed Product

(5) Upon the first dosing of a patient participating in a Phase II clinical trial                    [***]
conducted by CancerVax on the first Licensed Product

(6) Upon a demonstration of safety and efficacy based upon the final results of a Phase              [***]
II clinical trial conducted by CancerVax on the first Licensed Product

(7) Upon the submission of a Biologics License Agreement ("BLA") (or, if applicable, New             [***]
Drug Application ("NDA")) to the FDA on the first Licensed Product

(8) Upon the approval by the FDA of a BLA (or, if applicable, NDA) on the first Licensed             [***]
Product

(9) Upon approval by the European Union ("EU") to market the first Licensed Product                  [***]

(10) Upon approval by Japan to market the first Licensed Product                                     [***]

(11) Upon the first commercial sale of the first Licensed Product in a country other                 [***]
than the United States, EU or Japan if such sale occurs prior to the first commercial
sale in the United States, EU or Japan
</TABLE>

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

<PAGE>

<TABLE>
<S>                                                                                                  <C>
(11) Upon the occurrence of the same events listed in items (4) through (10) with                    [***]
respect to each additional Licensed Product; provided, however, that additional
indications for use of a Licensed Product will not be considered an additional Licensed
Product for purposes of payment of the milestones.
</TABLE>

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

<PAGE>

                                    EXHIBIT C

                          RESPONSIBILITIES OF CANCERVAX

1.       Perform due diligence to evaluate the Licensed Technology, the Licensed
         Know-How and the Patent Rights;

2.       Develop commercially viable formulation(s) for the Licensed Products;

3.       Conduct pre-clinical testing and analyses of the Licensed Products to
         support an IND filing, including toxicology, safety, pharmacokinetics
         and other required in-vitro and in-vivo studies and testing;

4.       Develop manufacturing processes, analytical and quality control methods
         and tests related to the Licensed Products;

5.       Develop contract manufacturing source(s) to provide sufficient
         quantities of the Licensed Products to support pre-clinical testing,
         clinical trial and commercialization requirements;

6.       Develop protocol(s) for clinical trials, perform clinical trials
         required for regulatory approval in the United States, the EU, Japan
         and other commercially reasonable markets to be selected by CancerVax,
         in its reasonable discretion (the "Target Markets");

7.       Prepare and prosecute all regulatory submissions which are required in
         the development of the Licensed Products and shall seek approval to
         market the Licensed Products in the Target Markets;

8.       Perform market research and develop a marketing plan for the Licensed
         Products, and market the Licensed Products in the Target Markets,
         either directly or through relationships with other third parties; and

9.       Develop and commercialize the Licensed Technology for use in the Field
         based upon positive results of preclinical and clinical studies.

<PAGE>

                                    EXHIBIT D

                    RESPONSIBILITIES OF SEMACO AND GILCHREST

1.       Transfer to CancerVax all knowledge, know-how, copies of data, records
         and such other information as SEMACO and/or Gilchrest may possess
         related to the methods of use, testing (preclinical and clinical),
         production, purification and characterization of the Licensed
         Technology or the Licensed Products; as CancerVax may request from time
         to time

2.       Disclose to CancerVax, all inventions related to the Joint Improvements
         or SEMACO Improvements, whether or not patentable, and take all steps
         necessary to assign to CancerVax such rights, title and interest in, or
         license to, such Joint Improvements or SEMACO Improvements in
         accordance with the terms of this Agreement.

3.       Provide reasonable assistance to CancerVax, at CancerVax's cost, in
         obtaining any additional Intellectual Property Rights that are
         necessary or would be useful to CancerVax in relation to the Licensed
         Technology;

4.       Provide reasonable assistance to CancerVax, at CancerVax's cost, in
         licensing from other third parties any additional Intellectual Property
         Rights, manufacturing, purification, analytical, testing or know-how
         related to the Licensed Technology and/or the Licensed Know-How; and

5.       Perform the Research Program in accordance with the timetables agreed
         upon between SEMACO and CancerVax.

<PAGE>

                                    EXHIBIT E

                            LETTER AGREEMENT BETWEEN

                        UNIVERSITY, SEMACO AND CANCERVAX

                          [LETTERHEAD OF SEMACO, INC.]

March__, 2004

Trustees of Boston University
Office of the Treasurer
881 Commonwealth Avenue
Boston, MA 02215
Attention: Treasurer / Assistant Treasurer

         Re:      License Agreement, by and between Trustees of Boston
                  University ("BOSTON UNIVERSITY") and SemaCo, Inc. ("SEMACO"),
                  dated as of December 11, 2001 (the "LICENSE AGREEMENT")

Ladies and Gentlemen:

We are delivering this Letter of Acknowledgment and Consent in connection with
the above-referenced License Agreement.

Under Section 2 of the License Agreement, Boston University granted to SEMACO,
among other things, the right to enter into Sublicenses. In furtherance of this
grant and its obligations under the License Agreement, SEMACO is in the process
of negotiating a Sublicense agreement (the "SUBLICENSE AGREEMENT") by and among
SEMACO and Barbara Gilchrest, M.D., on the one hand, and CancerVax Corporation,
on the other hand. A copy of the form of the Sublicense Agreement is attached
hereto as Exhibit A.

By executing this Letter of Acknowledgment and Consent, Boston University
acknowledges and consents to SEMACO entering into the Sublicense Agreement in
substantially the form attached hereto. Further, Boston University confirms and
agrees as of the date hereof: (a) the License Agreement is in full force and
effect and has not been amended or restated; (b) to the best of its knowledge,
no default or material breach exists under the License Agreement; and (c)
notwithstanding any provisions in the License Agreement to the contrary, so long
as CancerVax Corporation is not in material breach of the Sublicense Agreement,
upon termination of the License Agreement for any reason, Boston University (i)
shall continue the Sublicense Agreement in full force and effect and on all the
material terms set forth in the Sublicense Agreement in the form attached hereto
or as subsequently amended and accepted by Boston University, and (ii) hereby
waives any rights it may have (if any) to renegotiate any provisions in such
form of the Sublicense Agreement.

<PAGE>

The consents, acknowledgments and waivers contained herein are limited to the
specifics hereof, shall not excuse future non-compliance with the License
Agreement, and, except as expressly set forth herein, shall not operate as an
acknowledgment, consent or waiver of any right, power or remedy of Boston
University, nor as a consent to or waiver of any further or other matter, under
the License Agreement or under the Sublicense Agreement if continued after
termination of the License Agreement.

All capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to such terms in the License Agreement.

                                      Sincerely,

                                      SEMACO, Inc.

                                      ________________________
                                      By:
                                      Its:

Acknowledged and Agreed this __ day of March, 2004

Trustees of Boston University

___________________________
By: _______________________
Its: ______________________

Acknowledged this __ day of March, 2004
CancerVax Corporation

___________________________
By: David F. Hale
Its: President and CEO

Exhibit A: Sublicense Agreement<PAGE>

                                                                Exhibit 10(w)(1)

                           PURCHASE AND SALE AGREEMENT

                                 by and between

                                 ASHWORTH, INC.,
                             a Delaware corporation

                                    "SELLER"

                                       and

                                    LBA INC.,
                            a California corporation

                                     "BUYER"

<PAGE>

<TABLE>
<S>                                                                   <C>
1.    Sale of the Property........................................     1

2.    Deposits....................................................     1
      2.1      Initial Deposit....................................     1
      2.2      Additional Deposit.................................     2

3.    Purchase Price..............................................     2

4.    Conditions to Parties' Obligations..........................     2
      4.1      Buyer's Pre-Closing Conditions.....................     2
               4.1.1    Title.....................................     3
               4.1.2    Physical Inspections......................     3
               4.1.3    Contracts.................................     5
               4.1.4    New Lease.................................     5
      4.2      Closing Conditions.................................     5
               4.2.1    Buyer's Closing Conditions................     5
               4.2.2    Seller's Closing Conditions...............     6
      4.3      Failure of Conditions..............................     6
      4.4      Investigations Indemnity...........................     7

5.    Remedies/Liquidated Damages.................................     8
      5.1      Buyer's Default....................................     8
      5.2      Seller's Default...................................     8

6.    Closing and Escrow..........................................     9
      6.1      Escrow Instructions................................     9
      6.2      Date of Closing....................................     9
      6.3      Conveyance.........................................    10
      6.4      Closing Documents..................................    10
               6.4.1    Seller's Closing Documents................    10
               6.4.2    Buyer's Closing Payments and Documents....    10

7.    Interim Agreements..........................................    11

8.    Seller's Maintenance of the Property........................    11

9.    Casualty and Condemnation...................................    11

10.   Limited Liability...........................................    12

11.   Release.....................................................    12

12.   AS-IS Condition of Property.................................    14

13.   Prorations..................................................    15

14.   Closing Costs...............................................    16
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                   <C>
15.   Brokers......................................................   16

16.   Notices......................................................   16

17.   Entire Agreement.............................................   17

18.   Assignment...................................................   17

19.   Severability.................................................   18

20.   California Law...............................................   18

21.   Modifications/Survival.......................................   18

22.   Confidentiality..............................................   18

23.   Counterparts.................................................   19

24.   Dispute Costs................................................   19

25.   Seller's Representations.....................................   19

26.   Buyer's Representations......................................   20

27.   Time of the Essence; and Business Days.......................   21

28.   Agreement Date...............................................   21

29.   No Third Party Beneficiaries.................................   22

30.   Drafts not an Offer to Enter into a Legally Binding Contract.   22

31.   Natural Hazard Disclosure Requirement Compliance.  ..........   22

32.   1031 Exchange................................................   22
</TABLE>

EXHIBITS

EXHIBIT A LEGAL DESCRIPTION OF THE REAL PROPERTY

EXHIBIT B FORM OF LEASE

EXHIBIT C ASSIGNMENT AND ASSUMPTION OF INTANGIBLES

EXHIBIT D GRANT DEED

                                      -ii-
<PAGE>

                           PURCHASE AND SALE AGREEMENT

         THIS PURCHASE AND SALE AGREEMENT (the "Agreement") is made and entered
into as of December 2, 2003 (the "Agreement Date"), by and between ASHWORTH,
INC., a Delaware corporation ("Seller"), and LBA INC., a California corporation
("Buyer"), with reference to the following facts.

                                R E C I T A L S :

         A.       Seller is the owner of that certain improved real property
located at 2791-2793 Loker Avenue, Carlsbad, California, as legally described in
Exhibit A attached hereto and made a part hereof (the "Real Property") together
with all (i) improvements, structures and fixtures (other than trade fixtures)
(collectively, the "Improvements"), (ii) easements, appurtenances, rights and
privileges actually belonging thereto (collectively, the "Appurtenances"), and
(iii) any intangible personal property now or hereafter owned by Seller and used
in the ownership, use or operation of the Real Property and/or Improvements,
including, without limitation, any and all guaranties, warranties, indemnities,
licenses, permits, entitlements, plans, specifications and similar documents and
rights, but specifically excluding any tradenames of Seller or any affiliated or
related entitled of Seller and any licenses and other similar documents and
rights related to the specific clothing and accessory design and manufacturing
operations of Seller (collectively, the "Intangibles"). The Real Property, the
Improvements, the Appurtenances and the Intangibles are collectively referred to
herein as the "Property."

         B.       Seller desires to sell to Buyer and Buyer desires to purchase
from Seller the Property, in accordance with the terms and provisions
hereinafter contained in this Agreement.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

         1.       Sale of the Property. Seller shall sell to Buyer and Buyer
shall purchase from Seller the Property at the Closing (defined in Section 6
below), subject to and on the terms and conditions contained herein.

         2.       Deposits.

                  2.1      Initial Deposit. Within two (2) calendar days after
the Agreement Date, Buyer shall place on deposit into the escrow account (the
"Escrow Account") to be opened with Stewart Title of California, Inc. located at
3111 Camino Del Rio North, Suite 900, San Diego, California 92108 (Attention:
John Demas) ("Escrow Holder") the amount of Two Hundred Thousand Dollars
($200,000.00) as an initial deposit (the "Initial Deposit"). The Escrow Holder
shall cause the Initial Deposit to be placed into an interest bearing bank
account acceptable to Buyer. Any interest earned on the Initial Deposit shall be
included as part of the Initial Deposit. The Initial Deposit and interest earned
thereon shall be refundable to Buyer until 5:00 p.m.

<PAGE>

(Pacific Time) on December 12, 2003 (with the period from October 31, 2003 (the
date upon which Buyer and Seller executed that certain letter of intent dated
October 24, 2003, between Buyer and Seller) until December 12, 2003 to be known
as the "Conditions Period"). For purposes hereof, the last day of the Conditions
Period (i.e., December 12, 2003) shall mean and be referred to herein as the
"Approval Date". If Buyer fails to deliver the Initial Deposit into the Escrow
Account strictly as and when contemplated herein, Seller shall have the right to
terminate this Agreement by delivering written notice thereof to Buyer at any
time and thereafter neither party shall have any further rights or obligations
hereunder except for the indemnities contained in Sections 4.4 and 15 below,
Buyer's covenants made herein which are expressly intended to survive any such
termination and Buyer's obligations under Section 4.3 below to deliver to Seller
the Due Diligence Materials (defined below) (collectively, "Buyer's Surviving
Obligations").

                  2.2      Additional Deposit. Unless Buyer notifies Seller
prior to 5:00 p.m. (Pacific Time) on the Approval Date that there are
Pre-Closing Conditions (defined below) remaining unsatisfied and that Buyer will
not waive such conditions (any such notice shall serve as a termination of this
Agreement), (i) at the end of the Conditions Period the Initial Deposit shall
become non-refundable to Buyer and shall be released by Escrow Holder to Seller
on the business day following the Approval Date, and (ii) within one (1)
business day after the Approval Date Buyer shall place on deposit into the
Escrow Account, the amount of One Hundred Fifty Thousand Dollars ($150,000.00)
as the additional deposit (the "Additional Deposit"), which shall be immediately
released by Escrow Holder to Seller. The Additional Deposit shall be
non-refundable to Buyer; provided, however, the Initial Deposit and the
Additional Deposit shall be refundable to Buyer if all of the Buyer's Closing
Conditions (defined below) are not satisfied or otherwise waived by Buyer in
accordance with the provisions of Section 4.3 of this Agreement. If Buyer fails
to deliver the Additional Deposit into the Escrow Account strictly as and when
contemplated herein, Seller shall have the rights provided under Section 5.1
below. The Initial Deposit and the Additional Deposit shall be applied to the
Purchase Price at the Closing. The Initial Deposit and the Additional Deposit
are collectively referred to herein as the "Deposits." No interest shall be
payable on the Deposits from and after the release thereof to Seller.

         3.       Purchase Price. The purchase price for the Property is Five
Million Seven Hundred Forty-Seven Thousand Thirty-Six and No/100 Dollars
($5,747,036.00) (the "Purchase Price"), as such amount may be adjusted for
prorations in accordance with the provisions of Section 13 below. At the
Closing, the balance of the Purchase Price remaining after deduction for the
Deposits and adjustment for prorations, shall be paid by Buyer to Seller in
cash, in immediately available funds via wire transfer in accordance with
Section 4.2.2.1 below.

         4.       Conditions to Parties' Obligations.

                  4.1      Buyer's Pre-Closing Conditions. Buyer's obligations
under this Agreement shall be subject to the satisfaction of or waiver by Buyer
of the following described matters (collectively, the "Pre-Closing Conditions")
on or before the earlier of (i) the time periods specified in each subsection
below, or (ii) 5:00 p.m. (Pacific Time) on the Approval Date:

                                      -2-
<PAGE>

                           4.1.1    Title. Buyer has previously received a
preliminary title report for the Property, together with all documents
evidencing exceptions to title referred to therein issued by Stewart Title of
California, Inc. (the "Title Company") (the preliminary title report and the
underlying documents thereto shall be collectively referred to herein as the
"Title Report"). Seller, at Seller's sole cost, shall cause to be prepared and
delivered to Buyer, not later than five (5) business days after the Agreement
Date, a current ALTA survey (the "Survey") of the Real Property in form
reasonably required by Title Company in order to issue the ALTA Policy (as
defined in Section 14 hereof). Buyer shall have until five (5) business days
after receipt of the Survey to either approve of the exceptions contained in the
Title Report and the Survey and the other matters disclosed thereby, or to
notify Seller in writing, specifying any exceptions or other matters to which
Buyer objects ("Title Objection Notice"). Buyer's failure to timely deliver a
Title Objection Notice shall be deemed to be Buyer's approval of the matters
shown in or disclosed by the Title Report and the Survey. Seller shall have a
period of three (3) business days after Seller's receipt of the Title Objection
Notice (a) to remove or cure, or agree to remove or cure prior to the Closing,
some or all of those exceptions or other matters to which Buyer has objected in
the Title Objection Notice, and to inform Buyer of the same, or (b) to advise
Buyer, in writing, that Seller will not agree to remove or cure some or all of
those exceptions or other matters to which Buyer has objected in the Title
Objection Notice; the foregoing election by Seller being at Seller's sole option
and discretion ("Title Response Notice"). If Seller fails to timely deliver to
Buyer the Title Response Notice, it shall be conclusively deemed that Seller has
elected not to remove or cure any of those exceptions or other matters to which
Buyer has objected as specified in the Title Objection Notice. If Seller advises
Buyer in its Title Response Notice that it will not remove or cure or agree to
remove or cure some or all of those exceptions or other matters to which Buyer
has objected in the Title Objection Notice (or Seller is deemed to have so
advised Buyer), then Buyer shall have until 5:00 p.m. (Pacific Time) on the date
that is three (3) business days after the date upon which Buyer receives the
Title Response Notice (or three (3) business days after the outside date for
Seller to deliver the Title Response Notice if Seller does not timely deliver
the same) to advise Seller, in writing, whether Buyer elects to waive such
objections and proceed with the acquisition of the Property or to terminate this
Agreement. Failure by Seller to remove or cure those specified exceptions or
other matters which Seller has expressly agreed to remove or cure in the Title
Response Notice within the specified period shall be deemed to be a failure of
this condition, in which event the Agreement shall terminate, and the Deposits
shall be returned to Buyer, and the parties shall have no further obligations
hereunder except for Buyer's Surviving Obligations, unless Buyer withdraws its
objections in writing. Notwithstanding the foregoing, on or prior to Closing
Seller shall remove or cause to be removed those certain monetary liens or
encumbrances affecting the Property which Seller has created, caused (e.g.,
judgment liens against Seller) or expressly permitted to exist other than
current taxes and assessments.

                           4.1.2    Physical Inspections. Without any warranty
or representation as to the accuracy or thoroughness thereof or to the ability
of Buyer to rely thereon, Seller previously has delivered to Buyer, to the
extent in Seller's possession (i) a copy of an environmental [Phase 1] site
assessment report with respect to an evaluation of Hazardous Materials (defined
below) in, on or under the Property, (ii) an asbestos report with respect to any
asbestos in the Real Property, and (iii) and ADA/Title 24 compliance report with
respect to the Real Property. After Buyer has provided to Seller a certificate
of insurance(s) evidencing Buyer's and Buyer's agents', consultants' and/or
contractors' (as the case may be) procurement of a commercial

                                      -3-
<PAGE>

general liability insurance policy as required herein, Seller shall permit Buyer
and its authorized agents, consultants and contractors to enter upon the
Property during reasonable business hours (provided, Buyer shall not interfere
with or disturb Seller's operation or use of the Property) to make and perform
such environmental evaluations, and other inspections and investigations of the
physical condition of the Property. Buyer shall maintain, and shall ensure that
its agents, consultants and contractors maintain, public liability and property
damage insurance insuring against any liability arising out of any entry, tests
or investigations of the Property pursuant to the provisions hereof. Such
insurance maintained by Buyer and its consultants, agents and contractors (as
applicable) shall be in the amount of One Million Dollars ($1,000,000.00)
combined single limit for injury to or death of one or more persons in an
occurrence, and for damage to tangible property (including loss of use) in an
occurrence. The policy maintained by Buyer shall insure the contractual
liability of Buyer covering the indemnities herein and shall (i) name the Seller
and its manager (and their successors, assigns and affiliates) as additional
insureds, (ii) contain a cross-liability provision, and (iii) contain a
provision that "the insurance provided by Buyer hereunder shall be primary and
non-contributing with any other insurance available to Seller." Buyer shall
provide Seller with evidence of such insurance coverage prior to any entry,
tests or investigations of the Property. The aforementioned insurance coverage
may be obtained under a blanket policy carried by Buyer or its agents,
consultants or contractors, as the case may be. Notwithstanding the foregoing,
Buyer shall not be permitted to undertake any intrusive or destructive testing
of the Property, including without limitation a "Phase II" environmental
assessment, without in each instance first obtaining Seller's written consent
thereto, which consent shall not unreasonably withheld. Prior to entering the
Property (and on each and every occasion), Buyer shall deliver to Seller prior
notice thereof (any verbal notice shall be where Buyer actually speaks with
Peter Case of Seller and not a voicemail message) and shall afford Seller a
reasonable opportunity to have a representative of Seller present to accompany
Buyer while Buyer performs its evaluations, inspections, tests and other
investigations of the physical condition of the Property. Prior to any entry to
perform any necessary on-site inspections, tests or investigations, Buyer shall
give Seller notice thereof (any verbal notice shall be where Buyer actually
speaks with Peter Case of Seller and not a voicemail message), including the
identity of the company or party(s) who will perform such inspections, tests or
investigations and the proposed scope of the inspections, tests or
investigations. Seller shall approve or disapprove any proposed inspections,
tests or investigations and the party(s) performing the same within two (2)
business days after receipt of such notice. Seller's failure to advise Buyer of
its disapproval of any proposed inspections, tests or investigations and the
party(s) performing the same within such two (2) business day period shall be
deemed Seller's approval thereof, except to the extent said proposed
inspections, tests or investigations relate to "Phase II" environmental matters,
in which event Seller's failure to advise Buyer of its approval or disapproval
of any proposed environmental inspections, tests or investigations and the
party(s) performing the same within such two (2) business day period shall be
deemed Seller's disapproval thereof. To the extent the same are not subject to
any confidentiality requirements or restrictions precluding the same, Buyer
shall promptly deliver to Seller copies of any reports relating to any
inspections, tests or investigations of the Property performed by or on behalf
of Buyer; provided, however, that Buyer shall not be deemed to have made any
warranty or representation whatsoever as to the accuracy or thoroughness thereof
or the ability of Seller to rely thereon. Buyer shall have until 5:00 p.m.
(Pacific Time) on the Approval Date to notify

                                      -4-
<PAGE>

Seller in writing of its approval or disapproval of any such evaluations,
inspections and investigations.

                           4.1.3    Contracts. Seller previously delivered to
Buyer for inspection by Buyer a copy of all service agreements, commission
agreements, maintenance agreements, easement agreements, improvement agreements,
license agreements, and other agreements related to or affecting the Property in
Seller's possession and not included as part of the title documents delivered
pursuant to Section 4.1.1 hereof (collectively, the "Contracts"). Except to the
extent Seller desires to maintain any Contracts in effect during the term of the
New Lease (as defined in Section 4.1.4 hereof), Seller shall cause all Contracts
that are of the nature of service agreements and maintenance agreements to be
terminated prior to Closing. Notwithstanding anything to the contrary contained
above, Seller shall cause any leasing agreement or property management agreement
with respect to the Property to be terminated prior to the Closing. In addition,
Seller shall deliver to Buyer such other documents and materials with respect to
the Property (as opposed to Seller itself or Seller's business) as are
reasonably requested by Buyer provided the same are not proprietary or subject
to any confidentiality requirement or restriction precluding such delivery.

                           4.1.4    New Lease. By the Approval Date, Buyer and
Seller shall have agreed upon the form of Seller's lease of the Property (the
"New Lease"), which New Lease (and on the Closing Date, Buyer and Seller shall
enter into the New Lease) shall contain, among other customary terms and
conditions and business terms to which the parties agree, the following business
terms: (a) the term of the New Lease shall commence upon the Close of Escrow and
terminate on September 31, 2004; (b) Seller shall have one (1) option to renew
the term of the New Lease for a period of sixty (60) days, which must be
exercised by Seller by providing Buyer with written notice of such exercise (at
the address set forth in the New Lease) at least ninety (90) days prior to the
expiration of the initial term of the New Lease; (c) the New Lease shall have a
rental rate of $.62 per square foot per month (based upon a square footage of
76,482) and Seller shall pay all expenses for the operation of the Project,
including, without limitation, taxes, insurance, utilities, but expressly
excluding mechanical and capital repairs except as otherwise set forth in the
Lease; and (d) Seller shall not have the right to assign its interests in the
New Lease or to sublease the Property or a portion thereof to any third party.
The foregoing shall be a condition for Seller's and Buyer's benefit.

                  4.2      Closing Conditions.

                           4.2.1    Buyer's Closing Conditions. Buyer's
obligation to consummate the purchase of the Property shall be subject to the
satisfaction or waiver by Buyer of the following conditions (collectively, the
"Buyer's Closing Conditions"):

                                    4.2.1.1  Seller's Delivery of Closing
Documents. Seller shall have delivered to Escrow Holder or Buyer, as
appropriate, all of the documents referred to in Section 6.4.1 below.

                                      -5-
<PAGE>
\
                                    4.2.1.2  No Default. Seller shall not be in
default of its obligations hereunder.

                                    4.2.1.3  Delivery of Title Policy. At the
Closing, the Title Company shall be irrevocably committed to issue to Buyer the
ALTA Policy (defined below). The ALTA Policy shall not include any title
exceptions which Seller has notified Buyer, in writing, it has agreed to remove
or cure prior to the Closing in accordance with the provisions of Section 4.1.1
hereof.

                                    4.2.1.4  Representations. Seller's
representations contained in Section 25 of this Agreement shall have been true
and correct in all material respects when made and shall be true and correct in
all material respects as of the Closing Date.

                           4.2.2    Seller's Closing Conditions. Seller's
obligation to consummate the sale of the Property is conditioned upon the
satisfaction or Seller's written waiver on or prior to the Closing Date of the
following conditions (collectively, the "Seller's Closing Conditions"):

                                    4.2.2.1  Balance of Purchase Price. Not
later than the Closing Date, Buyer shall deliver into the Escrow Account (for
payment to Seller), in immediately available funds, cash in an amount of the
balance of the Purchase Price remaining after deduction for the Deposits plus or
minus the costs, expenses and prorations required to be paid by Buyer and Seller
hereunder.

                                    4.2.2.2  No Default. Buyer shall not be in
default of its obligations hereunder.

                                    4.2.2.3  Buyer's Delivery of Closing
Documents. Each of the documents required to be delivered by Buyer pursuant to
Section 6.4.2 shall have been timely delivered as provided therein.

                                    4.2.2.4 Representations. All of Buyer's
representations and warranties contained herein shall be true and correct in all
material respects when made and shall be true and correct in all material
respects as of the Closing Date.

                  4.3      Failure of Conditions. In the event that any or all
of the Pre-Closing Conditions are not satisfied or waived within the applicable
time periods specified in Section 4.1 above, then Buyer may terminate this
Agreement by delivering written notice thereof to Seller on or before the
expiration of said time periods. If Buyer timely elects to terminate this
Agreement as provided in the preceding sentence, the Initial Deposit shall be
returned to Buyer and neither Buyer nor Seller shall have any further liability
or obligation to each other, except for the indemnities contained in Sections
4.4, 15 and 24. Notwithstanding anything to the contrary contained herein if
Buyer terminates this Agreement for failure of a Pre-Closing Condition or for
any other reason, Buyer shall deliver to Seller a copy of all materials, tests,
audits, surveys, reports, studies and the results of any and all investigations
and inspections conducted by Buyer (excluding any proprietary materials)
(collectively, the "Buyer's Documents") and Buyer shall also return to Seller
any and all documents, agreements, reports and other materials given to Buyer by
or on behalf of Seller (collectively, the "Seller's Documents") (the Buyer's
Documents and the Seller's Documents are collectively referred to herein as the
"Due Diligence Materials")

                                      -6-
<PAGE>

within ten (10) days after such termination of this Agreement. The foregoing
covenants of Buyer shall survive any such termination of this Agreement. If
Buyer fails to timely terminate this Agreement in accordance with Section 4.1
above, (i) the Initial Deposit shall become non-refundable to Buyer subject to
the satisfaction or waiver of the Buyer's Closing Conditions (and shall be
released to Seller as provided in Section 2.2 above), and (ii) within one (1)
business day after the Approval Date, Buyer shall deposit into the Escrow
Account, the Additional Deposit which shall also become non-refundable to Buyer
subject to the satisfaction or waiver of the Buyer's Closing Conditions (and
shall be released to Seller as provided in Section 2.2 above). The funding by
Buyer of the Additional Deposit shall conclusively constitute Buyer's approval
of each and every aspect of the Property as well as of the Pre-Closing
Conditions. If the Pre-Closing Conditions are satisfied or waived by Buyer but
any or all of the Buyer's Closing Conditions are not satisfied or waived by
Buyer on or before the date established for the Closing, then Buyer shall notify
Seller in writing of those Buyer's Closing Conditions which have not been
satisfied or otherwise waived by Buyer. If the Buyer's Closing Condition in
question is either of those conditions specified in Sections 4.2.1.3 or 4.2.1.4
and Seller is not in any material manner responsible for the deviation or
failure of such Buyer's Closing Condition, then Buyer may elect to terminate
this Agreement by delivering written notice thereof to Seller, in which event
Seller shall promptly cause the return to Buyer of the Deposits, and the parties
shall have no further obligations hereunder except for the obligations hereunder
which expressly survive the termination hereof. If the Buyer's Closing Condition
in question is any other condition other than either of the conditions specified
in Sections 4.2.1.3 or 4.2.1.4 (or if the Closing Condition in question is
either of the conditions specified in Sections 4.2.1.3 or 4.2.1.4 and Seller is
in any material manner responsible for the deviation or failure of such
condition), then (1) Buyer may pursue the remedies available to it pursuant to
Section 5.2 below, or (2) Buyer may elect to waive the Buyer's Closing
Condition(s) in question and proceed with the purchase of the Property. If any
of the Seller's Closing Conditions are not satisfied or otherwise waived by
Seller prior to the Closing Date, then (1) Seller may pursue the remedies
available to it pursuant to Section 5.1 below, or (2) Seller may elect to waive
the Seller's Closing Condition(s) in question and proceed with the sale of the
Property.

                  4.4      Investigations Indemnity. Buyer shall keep the
Property free from all liens and shall indemnify, defend (with counsel
reasonably satisfactory to Seller), protect, and hold Seller and each of the
parties comprising Seller and each of their members, officers, trustees,
employees, representatives, agents, lenders, related and affiliated entities,
successors and assigns harmless from and against any and all claims, demands,
liabilities, judgments, penalties, losses, costs, damages, and expenses
(including, without limitation, attorneys' and experts' fees and costs) relating
to or arising in any manner whatsoever from any studies, evaluations,
inspections, investigations or tests made by Buyer or Buyer's agents or
representatives relating to or in connection with the Property, or entries by
Buyer or its agents or representatives in, on or about the Property.
Notwithstanding any provision to the contrary in this Agreement, the indemnity
obligations of Buyer under this Section 4.4 shall not include any loss incurred
by Seller solely as the result of Buyer's discovery (as opposed to exacerbation,
for which Buyer shall be responsible) of an existing condition with respect to
the Property, and (ii) shall survive any termination of this Agreement. In
addition to the foregoing indemnity, if there is any damage to the Property
caused by Buyer's and/or its agents' or representatives' entry in or on the
Property, Buyer shall immediately restore the Property substantially to the same
condition existing prior to Buyer's and its agents' or representatives' entry
in, on or about the Property. The term

                                      -7-
<PAGE>

"Hazardous Materials" as used in this Agreement shall mean and refer to (a) any
hazardous or toxic wastes, materials or substances, or chemicals, and other
pollutants or contaminants, which are or become regulated by applicable local,
state, regional and/or federal orders, ordinances, statutes, rules, regulations
(as interpreted by judicial and administrative decisions) and laws; (b)
asbestos, asbestos-containing materials or urea formaldehyde; (c)
polychlorinated biphenyls; (d) flammables, explosive, corrosive or radioactive
materials; (e) medical waste and biochemicals; and (f) gasoline, diesel,
petroleum or petroleum by-products.

         5.       Remedies/Liquidated Damages.

                  5.1      Buyer's Default. IF THE PURCHASE OF THE PROPERTY AS
PROVIDED IN THIS AGREEMENT IS NOT CONSUMMATED BY REASON OF ANY DEFAULT OF BUYER,
SELLER SHALL BE RELEASED FROM ITS OBLIGATION TO SELL THE PROPERTY TO BUYER.
BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT IT WOULD BE IMPRACTICAL
AND/OR EXTREMELY DIFFICULT TO FIX OR ESTABLISH THE ACTUAL DAMAGE SUSTAINED BY
SELLER AS A RESULT OF SUCH DEFAULT BY BUYER, AND AGREE THAT THE DEPOSITS
(INCLUDING ALL INTEREST) AND THE DELIVERY TO SELLER BY BUYER OF THE DUE
DILIGENCE MATERIALS IS A REASONABLE APPROXIMATION THEREOF. ACCORDINGLY, IN THE
EVENT THAT BUYER BREACHES THIS AGREEMENT, THE DEPOSITS (INCLUDING ALL INTEREST),
THE PAYMENT BY BUYER OF ALL ESCROW CANCELLATION CHARGES AND FEES, AND THE
DELIVERY TO SELLER BY BUYER OF THE DUE DILIGENCE MATERIALS SHALL CONSTITUTE AND
BE DEEMED TO BE THE AGREED AND LIQUIDATED DAMAGES OF SELLER, AND SHALL BE PAID
BY BUYER TO SELLER AND THE TITLE COMPANY AS SELLER'S SOLE AND EXCLUSIVE REMEDY.
SELLER AGREES TO WAIVE ALL OTHER REMEDIES AGAINST BUYER WHICH SELLER MIGHT
OTHERWISE HAVE AT LAW OR IN EQUITY BY REASON OF SUCH DEFAULT BY BUYER; PROVIDED,
HOWEVER, THE FOREGOING SHALL NOT LIMIT (I) BUYER'S OBLIGATIONS TO PAY TO SELLER
ALL ATTORNEYS' FEES AND COSTS OF SELLER TO ENFORCE THE PROVISIONS OF THIS
SECTION 5.1 AND/OR BUYER'S INDEMNITY OBLIGATIONS UNDER SECTIONS 4.4 AND 15
HEREOF, (II) BUYER'S INDEMNITY OBLIGATIONS UNDER SECTIONS 4.4 AND 15 HEREOF, OR
(III) THE ABILITY AND RIGHT OF SELLER TO ENFORCE SUCH INDEMNITIES. THE PAYMENT
OF THE DEPOSITS (INCLUDING ALL INTEREST) AND THE DELIVERY TO SELLER BY BUYER OF
THE DUE DILIGENCE MATERIALS AS LIQUIDATED DAMAGES IS NOT INTENDED TO BE A
FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO
SELLER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671, 1676 AND 1677.

                  SELLER'S INITIALS:_______ BUYER'S INITIALS:________

                  5.2      Seller's Default. IF THE SALE OF THE PROPERTY AS
PROVIDED IN THIS AGREEMENT IS NOT CONSUMMATED BY REASON OF ANY DEFAULT OF
SELLER, BUYER MAY EITHER (I) PROCEED AGAINST SELLER BY BRINGING AN ACTION FOR
SPECIFIC PERFORMANCE UNDER THIS AGREEMENT WITHOUT ANY RIGHT TO SEEK DAMAGES OF
ANY KIND OR NATURE (WHICH ACTION FOR SPECIFIC PERFORMANCE SHALL BE BROUGHT (IF
AT ALL) NO LATER THAN SIXTY

                                      -8-
<PAGE>

(60) DAYS AFTER SUCH DEFAULT BY SELLER AND SHALL BE DILIGENTLY PROSECUTED BY
BUYER TO COMPLETION), OR (II) TERMINATE THIS AGREEMENT, IN WHICH EVENT THE
DEPOSITS SHALL BE RETURNED TO BUYER, SELLER SHALL REIMBURSE BUYER FOR ITS
THIRD-PARTY, OUT-OF-POCKET EXPENSES AND COSTS ACTUALLY AND REASONABLY INCURRED
IN CONNECTION WITH THE NEGOTIATION AND CONSUMMATION OF THIS AGREEMENT
(INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS' FEES AND EXPENSES) IN AN
AMOUNT NOT TO EXCEED $50,000, AND BUYER SHALL PROMPTLY DELIVER TO SELLER THE DUE
DILIGENCE MATERIALS. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT IT WOULD
BE IMPRACTICAL AND/OR EXTREMELY DIFFICULT TO FIX OR ESTABLISH THE ACTUAL DAMAGE
SUSTAINED BY BUYER AS A RESULT OF SUCH MATERIAL DEFAULT BY SELLER, AND AGREE
THAT THE REMEDY SET FORTH IN CLAUSE (II) ABOVE IS A REASONABLE APPROXIMATION
THEREOF. ACCORDINGLY, IN THE EVENT THAT SELLER BREACHES THIS AGREEMENT, AND
BUYER ELECTS NOT TO EXERCISE THE REMEDY SET FORTH IN CLAUSE (I) ABOVE BUT
INSTEAD ELECTS THE REMEDY SET FORTH IN CLAUSE (II) ABOVE, SUCH SUMS SHALL
CONSTITUTE AND BE DEEMED TO BE THE AGREED AND LIQUIDATED DAMAGES OF BUYER WHICH
IS NOT INTENDED TO BE A FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE
LIQUIDATED DAMAGES TO BUYER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671,
1676 AND 1677. BUYER AGREES TO, AND DOES HEREBY, WAIVE ALL OTHER REMEDIES
AGAINST SELLER WHICH BUYER MIGHT OTHERWISE HAVE AT LAW OR IN EQUITY BY REASON OF
SUCH DEFAULT BY SELLER; PROVIDED, HOWEVER, THE FOREGOING SHALL NOT LIMIT (I)
SELLER'S OBLIGATIONS TO PAY TO BUYER ALL ATTORNEYS' FEES AND COSTS OF BUYER TO
ENFORCE THE PROVISIONS OF THIS SECTION 5.2 AND/OR SELLER'S INDEMNITY OBLIGATIONS
UNDER SECTION 15 HEREOF, (II) SELLER'S INDEMNITY OBLIGATIONS UNDER SECTION 15
HEREOF, OR (III) THE ABILITY AND RIGHT OF BUYER TO ENFORCE SUCH INDEMNITY.

                  SELLER'S INITIALS:________ BUYER'S INITIALS:________

         6.       Closing and Escrow.

                  6.1      Escrow Instructions. Upon execution of this
Agreement, the parties hereto shall deposit a copy of an executed counterpart of
this Agreement with Escrow Holder and this instrument shall serve as the
instructions to Escrow Holder for consummation of the purchase and sale
contemplated hereby. Seller and Buyer agree to execute such additional and
supplementary escrow instructions as may be appropriate to enable the Escrow
Holder to comply with the terms of this Agreement; provided, however, that in
the event of any conflict between the provisions of this Agreement and any
supplementary escrow instructions, the terms of this Agreement shall control.

                  6.2      Date of Closing. Unless otherwise agreed to in
writing by the parties or extended as expressly provided in this Agreement, the
closing of escrow ("Closing") shall occur on or before February 17, 2004 (the
"Closing Date"), with time being of the essence. Such Closing Date may not be
accelerated or extended without the prior written approval of both

                                      -9-
<PAGE>

Seller and Buyer, except as otherwise expressly provided in this Agreement. In
the event the Closing does not occur on or before the Closing Date, then,
subject to the provisions of Section 5.1 above with respect to the Deposits, the
Escrow Holder shall, unless it is notified by both parties to the contrary
within three (3) days prior to the actual date on which the Closing occurs,
return to the depositor thereof items which may have been deposited hereunder.
Any such return shall not, however, relieve either party hereto of any liability
it may have for its wrongful failure to close.

                  6.3      Conveyance. At Closing, Seller shall convey to Buyer
fee simple title to the Property, by means of a grant deed in substantially the
form of Exhibit D attached hereto and made a part hereof ("Grant Deed"), subject
to the New Lease, all applicable laws, rules, regulations, codes, ordinances and
orders, those title exceptions and survey matters approved (or deemed approved)
by Buyer in accordance with the provisions of Section 4.1.1 and any title
exceptions caused by Buyer, its agents, representatives or employees, all real
estate taxes and assessments for the then applicable tax fiscal year in which
the Closing occurs, and general real estate taxes and assessments for subsequent
years not yet due and payable. The Closing shall mean the date that the Grant
Deed is recorded in the official records of San Diego County, possession of the
Property is delivered to Buyer, and Buyer fulfills all of its obligations
hereunder.

                  6.4      Closing Documents.

                           6.4.1    Seller's Closing Documents. Not later than
one (1) business day prior to the Closing Date, in addition to the Grant Deed,
Seller shall deliver to Buyer, or Escrow Holder for delivery to Buyer, all of
the following documents: (i) three (3) counterparts of the New Lease, duly
executed by Seller; (ii) three (3) counterparts of the Assignment and Assumption
of Intangibles in substantially the form attached hereto as Exhibit C, duly
executed by Seller; and (iii) a certificate of non-foreign status in accordance
with the requirements of Internal Revenue Code Section 1445, as amended (the
"FIRPTA Certificate") and a California Form 593-W with respect to the Property,
each duly executed by Seller; and (iv) such other documents and instruments as
may be reasonably required by Title Company to consummate the transaction
contemplated herein. Seller's timely making and delivery of the aforesaid
documents and information shall be a condition precedent to Buyer's obligations
under this Agreement. Time is of the essence with respect hereto.

                           6.4.2    Buyer's Closing Payments and Documents. Not
later than one (1) business day prior to Closing Date, and in addition to
Buyer's payment to Seller of the Purchase Price, Buyer shall deliver to Seller
or Escrow Holder for delivery to Seller, as applicable, the following: (i) three
(3) counterparts of the New Lease, duly executed by Buyer; (ii) three (3)
counterparts of the Bill of Sale and Assignment and Assumption of Intangibles in
substantially the form attached hereto as Exhibit C, duly executed by Buyer; and
(iii) such other documents and instruments as may be reasonably required by
Title Company to consummate the transaction contemplated herein. Buyer's timely
making and delivery of the aforesaid funds, documents and information shall be a
condition precedent to Seller's obligations under this Agreement. Time is of the
essence with respect hereto.

                                      -10-
<PAGE>

         7.       Interim Agreements.

                  Not later than two (2) business days prior to becoming legally
bound with respect to any new agreement, lease, Contract or modification of any
agreement that will result in a lien or encumbrance on, or otherwise affect, the
Property and that will survive Closing, Seller shall consult with and seek the
consent of Buyer, and shall provide reasonable detail to Buyer with respect
thereto, including, at Buyer's request, copies of the relevant documentation.
Any consent to be given by Buyer pursuant to this Section 7.1 shall not, prior
to the Approval Date, be unreasonably withheld, conditioned or delayed and shall
be deemed granted if Buyer does not respond in writing to Seller's request for
said consent within two (2) business days thereafter. After the Approval Date,
Buyer may withhold its consent to any such new agreement or modification in its
sole and absolute discretion.

         8.       Seller's Maintenance of the Property. Between the Agreement
Date and the Closing Date, Seller shall (i) maintain the Property in
substantially the same manner as prior hereto in accordance with Seller's normal
course of business, subject to reasonable wear and tear and further subject to
the occurrence of any damage or destruction to the Property by casualty or other
causes or events beyond the control of Seller; provided, however, that such
Seller's maintenance obligations under this Section 8 shall not include any
obligation to make capital expenditures or any other expenditures not incurred
in Seller's normal course of business; and (ii) continue to maintain its
existing insurance coverage. Notwithstanding the foregoing, prior to Closing
Seller shall cause the existing mezzanine racking system in the 2793 Loker
Avenue building of the Improvements to be removed and shall repair all damage
resulting from such removal.

         9.       Casualty and Condemnation. In the event there is any damage to
the Real Property or destruction of any improvement thereon or condemnation of
any portion of the Property after the Agreement Date, Buyer shall be required to
purchase the Property with a credit against the Purchase Price otherwise due
hereunder equal to the amount of any insurance proceeds or condemnation awards
actually collected by Seller prior to the Closing as a result of any such damage
or destruction or condemnation, plus the amount of any insurance deductible or
any uninsured amount or retention, less any sums expended by Seller prior to the
Closing for the restoration or repair of the Property. Seller agrees that it
will maintain its present casualty insurance policy with respect to the Property
in full force and effect until the Closing. If the insurance proceeds or
condemnation awards have not been collected as of the Closing, then such
proceeds or awards shall be assigned to Buyer, except to the extent needed to
reimburse Seller for sums it expended prior to the Closing for the restoration
or repair of the Property.

         Notwithstanding the foregoing, if the Property shall be damaged or
destroyed by a casualty or shall be condemned, to the extent that the cost of
repair or restoration to substantially the same condition existing prior to such
casualty (or, in the case of a condemnation, the value of the Property or
portion thereof so condemned) would exceed an amount equal to Five Hundred
Thousand Dollars ($500,000.00), then Seller shall give Buyer prompt notice
thereof and the Buyer may, at its option to be exercised by delivery of written
notice to Seller within five (5) business days of Seller's notice to the Buyer
of the occurrence of such casualty or condemnation, elect not to purchase the
Property under this Agreement. If Buyer so duly elects not to purchase the
Property, this Agreement shall terminate and neither party shall have any
further rights or

                                      -11-
<PAGE>

obligations under this Agreement other than those expressly stated to survive
the termination of this Agreement. Any dispute as to the costs of such repair or
restoration or value of a condemned portion of the Property shall be referred to
a licensed architect jointly selected by Buyer and Seller for resolution, and
the determination of such architect, which shall be made within a period of
twenty (20) days after such submittal by the parties, shall be final, conclusive
and binding on the parties. If the parties shall fail to agree upon the identity
of such architect within five (5) business days after either party has notified
the other of its choice of architect, then either party may at any time
thereafter apply to a court of competent jurisdiction to appoint immediately
such architect. The fees and expenses of such architect shall be paid equally by
Buyer and Seller, and the parties shall cooperate with such architect by
providing such information as such architect may reasonably require to resolve
the dispute. If Buyer does not elect, in writing, not to purchase the Property,
Buyer shall be obligated to consummate the purchase of the Property as required
by the terms hereof.

         10.      Limited Liability. Buyer on its own behalf and on behalf of
its agents, members, partners, employees, representatives, related and
affiliated entities, successors and assigns (collectively, the "Buyer Parties")
hereby agrees that in no event or circumstance shall any of the members,
partners, employees, representatives, officers, directors, agents, property
management company, affiliated or related entities of Seller, have any personal
liability under this Agreement, or to any of Buyer's creditors, or to any other
party in connection with the Property.

         11.      Release. Buyer on its own behalf and on behalf of each of the
Buyer Parties hereby agrees that, except for any liability of Seller for a
breach of the express representations of Seller in Section 25 below, each of
Seller, Seller's partners or members, as the case may be, and each of their
partners, members, trustees, directors, officers, employees, representatives,
property managers, asset managers, agents, attorneys, affiliated and related
entities, heirs, successors and assigns (collectively, the "Releasees") shall
be, and are hereby, fully and forever released and discharged from any and all
liabilities, losses, claims (including third party claims), demands, damages (of
any nature whatsoever), causes of action, costs, penalties, fines, judgments,
attorneys' fees, consultants' fees and costs and experts' fees (collectively,
the "Claims") with respect to any and all Claims, whether direct or indirect,
known or unknown, foreseen or unforeseen, that may arise on account of or in any
way be connected with the Property including, without limitation, the physical,
environmental and structural condition of the Property or any law or regulation
applicable thereto, including, without limitation, any Claim or matter
(regardless of when it first appeared) relating to or arising from (i) the
presence of any environmental problems, or the use, presence, storage, release,
discharge, or migration of Hazardous Materials on, in, under or around the
Property regardless of when such Hazardous Materials were first introduced in,
on or about the Property, (ii) any patent or latent defects or deficiencies with
respect to the Property, (iii) any and all matters related to the Property or
any portion thereof, including without limitation, the condition and/or
operation of the Property and each part thereof, and (iv) the presence, release
and/or remediation of asbestos and asbestos containing materials in, on or about
the Property regardless of when such asbestos and asbestos containing materials
were first introduced in, on or about the Property. Except for any liability of
Seller for a breach of the express representations of Seller in Section 25
below, Buyer hereby waives and agrees not to commence any action, legal
proceeding, cause of action or suits in law or equity, of whatever kind or
nature, including, but not limited to, a private right of action under the
federal superfund laws, 42 U.S.C. Sections 9601 et seq. and California Health
and Safety

                                      -12-
<PAGE>

Code Sections 25300 et seq. (as such laws and statutes may be amended,
supplemented or replaced from time to time), directly or indirectly, against the
Releasees or their agents in connection with Claims described above and
expressly waives the provisions of Section 1542 of the California Civil Code
which provides:

         "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
         NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
         RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS
         SETTLEMENT WITH THE DEBTOR"

and all similar provisions or rules of law. Except for any liability of Seller
for a breach of the express representations of Seller in Section 25 below, Buyer
elects to and does assume all risk for such Claims heretofore and hereafter
arising, whether now known or unknown by Buyer. In this connection and to the
greatest extent permitted by law, Buyer hereby agrees, represents and warrants
that Buyer realizes and acknowledges that factual matters now unknown to it may
have given or may hereafter give rise to causes of action, claims, demands,
debts, controversies, damages, costs, losses and expenses which are presently
unknown, unanticipated and unsuspected, and Buyer further agrees, represents and
warrants that the waivers and releases herein have been negotiated and agreed
upon in light of that realization and that, subject to any liability of Seller
for a breach of the express representations of Seller in Section 25 below, Buyer
nevertheless hereby intends to release, discharge and acquit Seller from any
such unknown Claims, debts, and controversies which might in any way be included
as a material portion of the consideration given to Seller by Buyer in exchange
for Seller's performance hereunder. Without limiting the foregoing, if Buyer is
notified in writing of (a) a default in any of the covenants, agreements or
obligations to be performed by Seller under this Agreement and/or (b) any breach
or inaccuracy in any representation of Seller made in this Agreement, and Buyer
nonetheless elects to proceed to Closing, then, upon the consummation of the
Closing, Buyer shall be conclusively deemed to have waived any such default
and/or breach or inaccuracy and shall have no Claim against Seller or hereunder
with respect thereto. Notwithstanding anything to the contrary herein (i) Seller
shall not have any liability whatsoever to Buyer with respect to any matter
disclosed to Buyer in writing prior to the Closing Date; and (ii) none of the
Releasees other than Seller shall have any liability whatsoever under this
Agreement or with respect to the Property.

         Seller has given Buyer material concessions regarding this transaction
in exchange for Buyer agreeing to the provisions of this Section 11. Seller and
Buyer have each initialed this Section 11 to further indicate their awareness
and acceptance of each and every provision hereof. The provisions of this
Section 11 shall survive the Closing and shall not be deemed merged into any
instrument or conveyance delivered at the Closing.

         INITIALS:         SELLER:  ___________      BUYER:  ___________

         Notwithstanding anything in this Section 11 to the contrary, the
releases contained herein are not intended to and do not include (i) any claims
arising from a breach of Seller's representations or warranties set forth in
Section 25 below, (ii) any obligation or other covenant of Seller under this
Agreement which by its terms survives the Closing, or (iii) any claim based

                                      -13-
<PAGE>

upon a breach of contract by Seller, a personal injury or any actual release of
any Hazardous Materials by Seller (as opposed to the mere existence of any
Hazardous Materials in, on or under the Property that are not released by
Seller) brought by a third-party (private or governmental) against Buyer
alleging loss or seeking equitable or any other relief as to matters, acts or
omissions occurring, arising or accruing prior to the Closing Date.

         12.      AS-IS Condition of Property.

                  12.1     Buyer specifically acknowledges, represents and
warrants that prior to Closing, it and its agents and representatives will have
thoroughly inspected the Property and observed the physical characteristics and
condition of the Property. Notwithstanding anything to the contrary contained in
this Agreement, Buyer further acknowledges and agrees that Buyer is purchasing
the Property subject to all applicable laws, rules, regulations, codes,
ordinances and orders. Subject to any liability of Seller for a breach of the
express representations of Seller in Section 25 below, by Buyer purchasing the
Property and upon the occurrence of the Closing, Buyer waives any and all right
or ability to make a claim of any kind or nature against any of the Releasees
for any and all deficiencies or defects in the physical characteristics and
condition of the Property which would be disclosed by such inspection and
expressly agrees to acquire the Property with any and all of such deficiencies
and defects and subject to all matters disclosed by Seller herein or in any
separate writing with respect to the Property. Buyer further acknowledges and
agrees that except for any representations expressly made by Seller in Section
25 of this Agreement neither Seller or any of Seller's employees, agents or
representatives have made any representations, warranties or agreements by or on
behalf of Seller of any kind whatsoever, whether oral or written, express or
implied, statutory or otherwise, as to any matters concerning the Property, the
condition of the Property, the size (including square footage) of the Real
Property, the size (including square footage) of the Improvements , the present
use of the Property or the suitability of Buyer's intended use of the Property.
Buyer hereby acknowledges, agrees and represents that, subject to any liability
of Seller for a breach of the express representations of Seller in Section 25
below, the Property is to be purchased, conveyed and accepted by Buyer in its
present condition, "AS IS", "WHERE IS" AND WITH ALL FAULTS, and that no patent
or latent defect or deficiency in the condition of the Property whether or not
known or discovered, shall affect the rights of either Seller or Buyer hereunder
nor shall the Purchase Price be reduced as a consequence thereof. Any and all
information and documents furnished to Buyer by or on behalf of Seller relating
to the Property shall be deemed furnished as a courtesy to Buyer but without any
warranty of any kind from or on behalf of Seller. Buyer hereby represents and
warrants to Seller that Buyer has performed an independent inspection and
investigation of the Property and has also investigated and has knowledge of
operative or proposed governmental laws and regulations including without
limitation, land use laws and regulations to which the Property may be subject.
Buyer further represents that, except for any representations expressly made by
Seller in Section 25 of this Agreement, it shall acquire the Property solely
upon the basis of its independent inspection and investigation of the Property,
including without limitation, (i) the quality, nature, habitability,
merchantability, use, operation, value, marketability, adequacy or physical
condition of the Property or any aspect or portion thereof, including, without
limitation, structural elements, foundation, roof, appurtenances, access,
landscaping, parking facilities, electrical, mechanical, HVAC, plumbing, sewage,
and utility systems, facilities and appliances, soils, geology and groundwater,
or whether the Real Property lies within a special flood hazard area, an area of
potential flooding, a very high fire

                                      -14-
<PAGE>

hazard severity zone, a wildland fire area, an earthquake fault zone or a
seismic hazard zone, (ii) the dimensions or lot size of the Real Property or the
square footage of the Improvements thereon, (iii) the development or income
potential, or rights of or relating to, the Real Property or its use,
habitability, merchantability, or fitness, or the suitability, value or adequacy
of such Real Property for any particular purpose, (iv) the zoning or other legal
status of the Real Property or any other public or private restrictions on the
use of the Real Property, (v) the compliance of the Real Property or its
operation with any applicable codes, laws, regulations, statutes, ordinances,
covenants, conditions and restrictions of any governmental or regulatory agency
or authority or of any other person or entity (including, without limitation,
the Americans With Disabilities Act), (vi) the ability of Buyer to obtain any
necessary governmental approvals, licenses or permits for Buyer's intended use
or development of the Real Property, (vii) the presence or absence of Hazardous
Materials on, in, under, above or about the Real Property or any adjoining or
neighboring property, (viii) the quality of any labor and materials used in any
Improvements, (ix) the condition of title to the Real Property, (x) any
agreements affecting the Real Property or the intentions of any party with
respect to the negotiation and/or execution of any agreement with respect to the
Real Property, (xi) Seller's ownership of the Property or any portion thereof,
or (xii) the economics of, or the income and expenses, revenue or expense
projections or other financial matters, relating to the operation of the Real
Property. Without limiting the generality of the foregoing, Buyer expressly
acknowledges and agrees that Buyer is not relying on any representation or
warranty of Seller, nor any member partner, officer, employee, attorney,
property manager, agent or broker of Seller, whether implied, presumed or
expressly provided at law or otherwise, arising by virtue of any statute, common
law or other legally binding right or remedy in favor of Buyer except as
expressly provided in Section 25 below. Buyer further acknowledges and agrees
that Seller is not under any duty to make any inquiry regarding any matter that
may or may not be known to the Seller or any member, partner, officer, employee,
attorney, property manager, agent or broker of Seller.

                           Seller's Initials:___________Buyer's Initials:_____

                  12.2     Any reports, repairs or work required by Buyer are
the sole responsibility of Buyer, and Buyer agrees that, subject to the
provisions of Section 8 above, there is no obligation on the part of Seller to
make any changes, alterations or repairs to the Property or to cure any
violations of law or to comply with the requirements of any insurer. Buyer is
solely responsible for obtaining any certificate of occupancy or any other
approval or permit necessary for transfer or occupancy of the Property and for
any repairs or alterations necessary to obtain the same, all at Buyer's sole
cost and expense. The provisions of this Section 12 shall survive the Closing
and shall not be deemed merged into any instrument or conveyance delivered at
the Closing.

         13.      Prorations. Without affecting Seller's obligations under the
New Lease, real property taxes and assessments, water, sewer and utility
charges, and other expenses normal to the operation and maintenance of the
Property shall be prorated as of and through the Closing Date on the basis of a
365-day year. In the event that as of the Closing the actual tax bills for the
year or years in question are not available and the amount of taxes to be
prorated as aforesaid cannot be ascertained, then rates and assessed valuation
of the previous year, with known changes, shall be used, and when the actual
amount of taxes and assessments for the year or years in question shall be
determinable, then such taxes and assessments will be reprorated

                                      -15-
<PAGE>

between the parties outside of Escrow to reflect the actual amount of such taxes
and assessments. The provisions of this Section 14 shall survive the Closing.

         14.      Closing Costs. Except as expressly set forth herein, all costs
associated with the transfer of title and the associated escrow shall be in
accordance with the customary practices in San Diego County. Seller shall pay
(i) one-half (-1/2) of the escrow fee charged by Escrow Holder, (ii) the cost of
any and all documentary county transfer taxes, and (iii) the premium charged by
the Title Company for the CLTA portion of the ALTA Policy (excluding any
endorsements thereto). At Closing, Buyer shall obtain from the Title Company an
ALTA Owner's Policy of Title Insurance (Form 1970, Amended 10-17-70)) (the "ALTA
Policy"). At Closing, Buyer shall pay (i) one-half (-1/2) of the escrow fee
charged by Escrow Holder, and (ii) the cost of any and all costs and incremental
premiums or other charges related to the ALTA Policy (including all endorsements
thereto) in excess of the cost of the CLTA portion thereof. Each party shall be
solely responsible for its own legal fees and costs.

         15.      Brokers. Seller and Buyer respectively represent that there
are no brokers or other intermediaries entitled to receive brokerage commissions
or fees or other compensation out of or with respect to the sale of the
Property, except for Cushman and Wakefield of California, Inc. ("Broker"). At
Closing, and only if the Closing actually occurs, Seller shall pay to the Broker
a brokerage commission, the amount of which shall be as specified in separate
agreements between Seller and the Broker. Seller and Buyer shall indemnify and
save and hold each other harmless from and against all claims, suits, damages
and costs incurred or resulting from the claim of any person, except the Broker
(payment of the Broker being Seller's responsibility), that a commission, fee or
remuneration is due in connection with this transaction pursuant to an agreement
made with said claimant. The provisions of this Section 15 shall survive the
Closing or any termination of this Agreement.

         16.      Notices. Any notice required or permitted to be given under
this Agreement shall be in writing and shall be deemed to have been given when
delivered by U.S. mail, registered or certified, return receipt requested,
postage prepaid, or by overnight delivery service showing receipt of delivery,
or by personal delivery, or by facsimile transmission (provided a copy is
concurrently sent by another method identified above). Such notices shall be
sent to the parties at the following addresses, or such other address as may
otherwise be indicated by any such party in writing.

                  If to Seller:             Ashworth, Inc.
                                            2765 Loker Avenue West
                                            Carlsbad, CA 92008
                                            Attention:  Mr. Peter Case
                                            Phone number: (760) 929-4640
                                            Facsimile number: (760) 476-8440

                                      -16-
<PAGE>

                  with a copy to:       Allen Matkins Leck Gamble & Mallory LLP
                                        12348 High Bluff Drive, Suite 100
                                        San Diego, California  92130-3546
                                        Attention: Thomas B. Crosbie, Esq.
                                        Phone number: 858-481-5055
                                        Facsimile number: 858-481-5028

                  If to Buyer:          c/o Layton-Belling & Associates, LLC
                                        4440 Von Karman Avenue, Suite 150

                                        Newport Beach, California 92660
                                        Attention: Steven R. Layton
                                        Phone number: (949) 833-0400
                                        Facsimile number: (949) 955-9325

                  with a copy to:       Orrick, Herrington & Sutcliffe LLP
                                        777 South Figueroa Street. Suite 3200
                                        Los Angeles, California 90017
                                        Attention: Richard C. Mendelson, Esq.
                                        Phone number: (213) 629-2020
                                        Facsimile number: (213) 612-2499

Notices as aforesaid shall be effective upon the earlier of actual receipt, or
twenty-four (24) hours after deposit with the messenger or delivery service, or
the next business day after delivery to an overnight delivery service, or within
three (3) days after the deposit in the U.S. mail, or upon confirmation of
transmission by facsimile, or when receipt is refused.

         17.      Entire Agreement. This Agreement constitutes the entire
understanding of the parties and all prior agreements, representations, and
understandings between the parties, whether oral or written, are deemed null and
void, all of the foregoing having been merged into this Agreement. The parties
acknowledge that each party and/or its counsel have reviewed and revised this
Agreement and that no rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall be employed in the
interpretation or enforcement of this Agreement or any amendments or exhibits to
this Agreement or any document executed and delivered by either party in
connection with this Agreement.

         18.      Assignment. Buyer may not assign its rights, obligations and
interest in this Agreement to any other person or entity other than a "Permitted
Assignee" (defined below), without first obtaining Seller's prior written
consent thereto, which consent may be given or withheld in Seller's sole and
absolute discretion. Seller's prior consent shall not be required in connection
with any assignment to a Permitted Assignee. Except as provided below with
respect to a Permitted Assignment, any assignment by Buyer shall not relieve
Buyer from any liability or its obligations under or in connection with this
Agreement. Any attempted assignment not in compliance with the provisions of
this Section 18 shall be null and void. This Agreement shall inure to the
benefit of and be binding upon the parties to this Agreement and their
respective successors and permitted assigns. As used herein, a "Permitted
Assignee" shall mean any corporation, partnership, limited liability company or
other entity controlled by, under common

                                      -17-
<PAGE>

control with, or which controls, Buyer or another entity in which Buyer is a
member, partner, shareholder or manager. Provided that the Permitted Assignee of
Buyer shall assume, in writing, all of Buyer's obligations and liabilities
hereunder (and a copy of such written assignment and assumption agreement shall
be delivered to Seller prior to the Closing), then Buyer shall, upon such
assignment and assumption and the consummation of the Closing, be released from
any and all obligations and liabilities hereunder.

         19.      Severability. If for any reason, any provision of this
Agreement shall be held to be unenforceable, it shall not affect the validity or
enforceability of any other provision of this Agreement and to the extent any
provision of this Agreement is not determined to be unenforceable, such
provision, or portion thereof, shall be, and remain, in full force and effect.

         20.      California Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of California.

         21.      Modifications/Survival. Any and all exhibits attached hereto
shall be deemed a part hereof. This Agreement, including exhibits, if any,
expresses the entire agreement of the parties and supersedes any and all
previous agreements between the parties with regard to the Property, including
without limitation, that certain letter of intent dated October 24, 2003. There
are no other understandings, oral or written, which in any way alter or enlarge
its terms, and there are no warranties or representations of any nature
whatsoever, either expressed or implied, except as may expressly be set forth
herein. Any and all future modifications of this Agreement will be effective
only if it is in writing and signed by the parties hereto. The terms and
conditions of such future modifications of this Agreement shall supersede and
replace any inconsistent provisions in this Agreement.

         22.      Confidentiality. Buyer agrees that, (a) except as otherwise
provided or required by valid law, (b) except to the extent Buyer considers such
documents or information reasonably necessary to prosecute and/or defend any
claim made with respect to the Property or this Agreement, and (c) except to the
extent deemed necessary by Buyer, in its sole and absolute discretion, to
deliver such documents or information to Buyer's employees, paralegals,
attorneys and/or consultants in connection with Buyer's evaluation of this
transaction, (i) Buyer and Buyer's agents, consultants, representatives,
attorneys, employees, successors and assigns (collectively, the "Buyer's
Representatives"), shall use reasonable efforts to keep the contents of any
materials, reports, documents, data, test results, and other information related
to the transaction contemplated hereby, including without limitation, the Due
Diligence Materials and all information regarding Buyer's acquisition or
ownership of the Property strictly confidential, (ii) Buyer and Buyer's
Representatives shall keep and maintain the contents of this Agreement,
including without limitation, the amount of consideration being paid by Buyer
for the Property strictly confidential, and (iii) Buyer and Buyer's
Representatives shall refrain from generating or participating in any publicity
or press release regarding this transaction without the prior written consent of
Seller. Buyer acknowledges that significant portions of the Due Diligence
Materials are proprietary in nature and that Seller would suffer significant and
irreparable harm in the event of the misuse or disclosure of the Due Diligence
Materials. Without affecting any other rights or remedies that either party may
have, Buyer acknowledges and agrees that Seller shall be entitled to seek the
remedies of injunction, specific performance and other equitable relief for any
breach, threatened breach or anticipatory breach of the provisions of this
Section 22 by

                                      -18-
<PAGE>

Buyer or any of Buyer's Representatives. The provisions of this Section 22 shall
survive any termination of this Agreement but shall not survive the Closing.

         23.      Counterparts. This Agreement may be executed in counterparts.
All executed counterparts shall constitute one agreement, and each counterpart
shall be deemed an original. Buyer and Seller agree that the delivery of an
executed copy of this Agreement by facsimile shall be legal and binding and
shall have the same full force and effect as if an original executed copy of
this Agreement had been delivered.

         24.      Dispute Costs. In the event any dispute between the parties
with respect to this Agreement result in litigation or other proceeding, the
prevailing party shall be reimbursed by the party not prevailing in such
proceeding for all reasonable costs and expenses, including, without limitation,
reasonable attorneys' and experts' fees and costs incurred by the prevailing
party in connection with such litigation or other proceeding and any appeal
thereof. Such costs, expenses and fees shall be included in and made a part of
the judgment recovered by the prevailing party, if any. The provisions of this
Section 24 shall survive any termination of this Agreement or the Closing.

         25.      Seller's Representations. Seller hereby represents to Buyer
that the following matters are true and correct as of the date of execution of
this Agreement and shall, except as otherwise disclosed in writing by Seller to
Buyer, be true and correct as of the Closing:

                  25.1     Seller is a Delaware corporation, duly formed,
validly existing and in good standing under the laws of the State of Delaware.

                  25.2     This Agreement and all documents executed by Seller
that are to be delivered to Buyer at Closing (i) are, or at the time of Closing
will be, duly authorized, executed and delivered by Seller, (ii) do not, and at
the time of Closing will not, violate any provision of any judicial order to
which Seller is a party or to which Seller or the Property is subject and (iii)
constitute (or in the case of closing documents will constitute) a valid and
legally binding obligation of Seller. Seller has full and complete power and
authority to enter into this Agreement and, to perform its obligations
hereunder. Seller hereby further represents and warrants to Buyer that Seller is
not presently the subject of a bankruptcy, insolvency or probate proceeding and
Seller does not anticipate nor intend to file or cause to be filed any
bankruptcy or insolvency proceeding involving Seller or Seller's assets during
the pendency of this Agreement.

                  25.3     Seller is not a "foreign person" within the meaning
of Section 1445(f)(3) of the Internal Revenue Code, as amended.

                  25.4     Seller has not been served with respect to any
pending actions, suits, arbitrations, claims or proceedings, at law, in equity
or otherwise, affecting, all or any portion of the Property or in which Seller
is a party by reason of Seller's ownership of the Property, including but not
limited to, judicial, municipal or administrative proceedings in eminent domain,
noticed alleged building code violations, health and safety violations, federal,
state or local agency action regarding environmental matters, federal
environmental protection agency or zoning violations, personal injuries or
property damages alleged to have occurred at the Property or by reason of the
condition or use of or construction on the Property.

                                      -19-
<PAGE>

                  25.5     To Seller's knowledge, and except as otherwise
disclosed in writing to Buyer, Seller has received no written notice alleging
that any aspect of the use, operation or development of the Property is in
violation of (i) any applicable laws, ordinances or restrictions, (ii) any
judicial or administrative action, or (iii) any recorded restrictions.

                  25.6     Seller has delivered to Buyer copies of all Contracts
that will survive Closing and to which Seller is a party or which are in
Seller's possession and, to Seller's knowledge, there are no other Contracts
that will survive Closing other than those disclosed in the Title Report. To
Seller's knowledge, the copies of the Contracts delivered to Buyer are true,
correct and complete.

                  25.7     Except for the New Lease, there are no leases,
licenses or other occupancy agreements affecting the Property.

                  25.8     Except as expressly set forth in the New Lease, there
are no leasing commissions due or payable pursuant to or in connection with the
execution of the New Lease with respect to any broker claiming under Seller.

                  25.9     Peter Case and Keith Almryde are the representatives
or employees of Seller who are most knowledgeable with respect to the Property.

         Where a representation or warranty is limited to the knowledge of
Seller or the knowledge of Seller is referred to herein, such representation or
warranty or reference is deemed to be limited to the current, actual knowledge,
without independent investigation or inquiry, of Peter Case and Keith Almryde.
The representations, warranties and indemnities of Seller set forth in this
Section 25 and in any Exhibits to this Agreement shall survive the Closing and
continue until one (1) year after the Closing and shall automatically lapse and
become null and void after said one (1) year period, and Buyer shall thereafter
be barred from bringing or asserting any claim against Seller by reason of a
breach of any of such representations or warranties by Seller unless prior to
the expiration of such time period, such claim is asserted in writing delivered
to Seller specifying the alleged breach.

         26.      Buyer's Representations. Buyer hereby represents and warrants
to Seller that Buyer is a corporation, duly formed, validly existing and in good
standing under the laws of the State of California. Buyer further represents and
warrants that this Agreement and all documents executed by Buyer that are to be
delivered to Seller at Closing (a) are, or at the time of Closing will be, duly
authorized, executed and delivered by Buyer, (b) do not, and at the time of
Closing will not, violate any provision of any judicial order to which Buyer is
a party or to which Buyer is subject and (c) constitute (or in the case of
closing documents will constitute) a valid and legally binding obligation of
Buyer. Buyer further represents and warrants to Seller that Buyer has full and
complete power and authority to enter into this Agreement and to perform its
obligations hereunder. Buyer hereby further represents and warrants to Seller
that (i) Buyer is not presently the subject of a bankruptcy, insolvency or
probate proceedings and Buyer does not anticipate nor intend to file or cause to
be filed any bankruptcy or insolvency proceeding involving Buyer or Buyer's
assets during the pendency of this Agreement, (ii) Buyer is a sophisticated
investor with substantial experience in investing in assets of the same type as
the Property and has such knowledge and experience in financial and business
matters that Buyer is

                                      -20-
<PAGE>

capable of evaluating the merits and risks of an investment in the Property,
(iii) Buyer is represented by competent counsel, (iv) Buyer shall furnish all of
the funds for the purchase of the Property (other than funds supplied by
institutional lenders which will hold valid mortgage liens against the Property)
and such funds will not be from sources of funds or properties derived from any
unlawful activity, (v) prior to Closing, Buyer and its agents will have
thoroughly inspected the Property, fully observed the physical characteristics
and condition of the Property, and performed a thorough investigation of the
suitability of Buyer's intended use of the Property, including without
limitation, the suitability of the topography; the availability of water rights
or utilities; any natural hazard of any kind or nature, including without
limitation, flood hazard, earthquake fault or seismic hazard, or forest fire
risk or hazard; the present and future zoning, subdivision and any and all other
land use matters; the condition of the soil, subsoil or groundwater of the
Property and any and all other environmental matters; the purpose(s) to which
the Property is suited; drainage; flooding; access to public roads; and proposed
routes or roads or extensions relative to the Property, and (vi) Buyer
understands it will have no recourse whatsoever against Seller or any of the
other Releasees except as otherwise expressly set forth in this Agreement. The
foregoing representations and warranties of Buyer shall survive the Closing and
continue until one (1) year after the Closing and shall automatically lapse and
become null and void after said one (1) year period, and Seller shall thereafter
be barred from bringing or asserting any claim against Buyer by reason of a
breach of any of such representations or warranties by Buyer unless prior to the
expiration of such time period, such claim is asserted in writing delivered to
Buyer specifying the alleged breach.

         27.      Time of the Essence; and Business Days. Time is of the essence
in the performance of each of the parties' respective obligations contained
herein. Unless the context otherwise requires, all periods terminating on a
given day, period of days, or date shall terminate at 5:00 p.m. (Pacific Time)
on such date or dates and references to "days" shall refer to calendar days
except if such references are to "business days" which shall refer to days which
are not a Saturday, Sunday or legal holiday. Notwithstanding the foregoing, if
any period terminates on a Saturday, Sunday or legal holiday, under the laws of
the State of California, the termination of such period shall be on the next
succeeding business day. The time in which any act provided under this Agreement
is to be done, shall be computed by excluding the first day and including the
last day, unless the last day is a Saturday, Sunday or legal holiday under the
laws of the State of California, and then it is also so excluded.

         28.      Agreement Date. The parties hereby covenant and agree that the
"Agreement Date" shall be the date on which the Escrow Holder confirms in
writing to both Seller and Buyer that the Escrow Holder has actually received
from both parties two (2) signed and initialed original counterparts of this
Agreement and the Escrow Holder is in a position to release to each of the
parties a fully executed original of this Agreement signed and initialed in
counterparts. The Escrow Holder shall insert such date in each original
counterpart of this Agreement on Page 1 hereof. If either party fails to submit
two (2) signed and initialed original counterparts of this Agreement to Escrow
Holder within five (5) business days after the delivery to Escrow Holder by the
other party of two (2) signed and initialed original counterparts of this
Agreement, then the party which delivered to Escrow Holder said signed and
initialed counterparts of this Agreement may, at its option, withdraw such
signed and initialed counterparts therefrom without any obligation to resubmit
same to Escrow Holder thereafter.

                                      -21-
<PAGE>

         29.      No Third Party Beneficiaries. Except as otherwise expressly
set forth herein, Seller and Buyer do not intend, and this Agreement shall not
be construed, to create a third-party beneficiary status or interest in, nor
give any third-party beneficiary rights or remedies to, any other person or
entity not a party to this Agreement.

         30.      Drafts not an Offer to Enter into a Legally Binding Contract.
The parties hereto agree that the submission of a draft of this Agreement by one
party to another is not intended by either party to be an offer to enter into a
legally binding contract with respect to the purchase and sale of the Property.
The parties shall be legally bound with respect to the purchase and sale of the
Property pursuant to the terms of this Agreement only if and when the parties
have been able to negotiate all of the terms and provisions of this Agreement in
a manner acceptable to each of the parties in their respective sole discretion,
including without limitation, all of the exhibits hereto, and each of Seller and
Buyer have fully executed and delivered (or caused the delivery) to each other a
counterpart of this Agreement, including without limitation, all exhibits
hereto.

         31.      Natural Hazard Disclosure Requirement Compliance. Buyer and
Seller acknowledge that Seller may be required to disclose if the Property lies
within the following natural hazard areas or zones: (i) a special flood hazard
area designated by the Federal Emergency Management Agency (California Civil
Code Section 1103(c)(1)); (ii) an area of potential flooding (California
Government Code Section 8589.4); (iii) a very high fire hazard severity zone
(California Government Code Section 51178 et seq.); (iv) a wild land area that
may contain substantial forest fire risks and hazards (Public Resources Code
Section 4135); (v) earthquake fault zone (Public Resources Code Section 2622);
or (vi) a seismic hazard zone (Public Resources Code Section 2694) (sometimes
all of the preceding are herein collectively called the "Natural Hazard
Matters"). Seller has engaged or will cause the Title Company or such other
company selected by Seller to engage the services of a natural hazard disclosure
expert (the "Natural Hazard Expert"), to examine the maps and other information
specifically made available to the public by government agencies for the
purposes of enabling Seller to fulfill its disclosure obligations, if and to the
extent such obligations exist, with respect to the natural hazards referred to
in California Civil Code Section 1102.6a and to report the result of its
examination to Buyer and Seller in writing. If delivered to Buyer not later than
one (1) business day prior to the Approval Date, the written report prepared by
the Natural Hazard Expert regarding the results of its full examination will
fully and completely discharge Seller from its disclosure obligations referred
to herein, if and to the extent any such obligations exist, and, for the purpose
of this Agreement, the provisions of Civil Code Section 1102.4 regarding
non-liability of Seller for errors or omissions not within its personal
knowledge shall be deemed to apply and the Natural Hazard Expert shall be deemed
to be an expert, dealing with matters within the scope of its expertise with
respect to the examination and written report regarding the natural hazards
referred to above.

         32.      1031 Exchange. Each of the parties hereto has requested that
the other party hereto cooperate with such party in effecting a like-kind
exchange under Section 1031 of the Internal Revenue Code (as amended, the
"Code"). Each party hereto agrees to cooperate with the other to effectuate said
exchange transaction, and such parties shall reimburse the other for any actual,
documented and reasonable costs incurred by such other party (and expressly
preapproved in writing by the other party) in providing any such accommodation;
provided, however, that (i) neither party shall be obligated or required to take
title to any other property in

                                      -22-
<PAGE>

connection with such exchange, (ii) the transactions contemplated by this
Agreement are in no way conditioned on the success or feasibility of such
exchange and (iii) the Closing may not be extended to accommodate the exchange.
To effect such exchange, the parties acknowledge and agree that each party may
assign its rights in, and delegate its duties under, this Agreement to any
exchange accommodator that such party may determine.

         IN WITNESS WHEREOF the parties have caused this Agreement to be
executed as of the day and year first above written.

                                    SELLER:

                                    ASHWORTH, INC.,
                                    a Delaware corporation

                                    By: ________________________________
                                        ________________________________

                                        By: /s/Peter Case
                                            ----------------------------
                                            Name: Peter Case
                                            Title: VP Finance

                                    BUYER:

                                    LBA INC.,
                                    a California corporation

                                    By: /s/Steven R. Layton
                                        --------------------------------
                                        Name:  Steve R. Layton
                                        Title:  Authorized Signatory

                                    By: ________________________________
                                        Name: __________________________
                                        Title: _________________________

                                      -23-
<PAGE>

                                    EXHIBIT A

                     LEGAL DESCRIPTION OF THE REAL PROPERTY

                                                                      01-0228374

                  THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF
                  CALIFORNIA, COUNTY OF SAN DIEGO AND IS DESCRIVED AS FOLLOWS:

                  LOT 15 OF CARLSBAD TRACT NO. 74-21, IN THE CITY OF CARLSBAD,
                  COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP
                  THEREOF NO. 10372, FILED IN THE OFFICE OF THE COUNTY RECORDER
                  OF SAN DIEGO COUNTY, APRIL 13, 1982.

                  EXCEPTING THEREFORM ALL MINERALS, OIL AND GAS RIGHTS BELOW THE
                  DEPTH OF 500 FEET BELOW THE SURFACE OF SAID LAND WITHOUT THE
                  RIGHT OF SURFACE ENTRY AS RESERVED BY KAISER DEVELOPMENT
                  COMPANY, A CALIFORNIA CORPORATION IN DEED RECORDED JANUARY 15,
                  1988 AS FILE NO. 88-021669 OF OFFICIAL RECORDS.

                                    EXHIBIT A
                                      -1-
<PAGE>

                                    EXHIBIT B

                              INTENTIONALLY OMITTED

                                    EXHIBIT B
                                       -1-
<PAGE>

                                    EXHIBIT C

                    ASSIGNMENT AND ASSUMPTION OF INTANGIBLES

         This Assignment and Assumption of Intangibles (the "Assignment") is
made and entered into as of this 24th day of February, 2004 ("Assignment Date"),
by and between ASHWORTH, INC., a Delaware corporation ("Assignor"), and LBA
INDUSTRIAL FUND - CANYON, INC. a Delaware corporation ("Assignee"), with
reference to the following facts.

                                R E C I T A L S :

         A.       Assignor and LBA INC., a California corporation ("LBA"), are
parties to that certain Purchase and Sale Agreement, made and entered into as of
December 2, 2003 (as assigned by LBA to Assignee, the "Purchase Agreement"),
pursuant to which Assignor agreed to sell to Assignee, and Assignee agreed to
purchase from Assignor that certain improved real property located at 2791-2793
Loker Avenue, Carlsbad, California, as legally described in Exhibit A attached
hereto and made a part hereof (the "Real Property") together with all (i)
improvements, structures and fixtures (other than trade fixtures) (collectively,
the "Improvements"), and (ii) easements, appurtenances, rights and privileges
pertaining thereto (collectively, the "Appurtenances"). The Real Property, the
Improvements, and the Appurtenances are collectively referred to herein as the
"Property."

         B.       Assignee has acquired fee title to the Property from Assignor
on the Assignment Date. Assignor now desires to assign and transfer to Assignee
all of Assignor's rights and interests in, to and under the Intangibles (as
hereinafter defined).

         NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereto agree as follows:

         1.       Assignment and Assumption of Intangibles. Effective as of the
Assignment Date, Assignor hereby grants, transfers, conveys, assigns and
delegates to Assignee all of its rights and interests of Assignor in, to and
under all intangible property now owned by Assignor in connection with any
portion of the Property, including without limitation, all governmental permits,
approvals, guaranties, warranties, indemnities, licenses, permits, entitlements,
plans, specifications and similar documents and rights and licenses (to the
extent assignable and specifically excluding any tradenames of Seller or any
affiliated or related entities of Seller and any licenses and other similar
documents and rights related to the specific clothing and accessory design and
manufacturing operations of Seller) (collectively, the "Intangibles"). Assignee
hereby accepts such assignment and delegation by Assignor and agrees to fully
perform and assume all the obligations of Assignor under the Intangibles arising
from and after the Assignment Date.

         2.       No Warranties. Assignee does hereby covenant with Assignor,
and represents and warrants to Assignor, that Assignor is transferring the
Intangibles to Assignee without any warranty of any kind or nature. This
Assignment shall not be construed as a representation or warranty by Assignor as
to the transferability or enforceability of the Intangibles, and Assignor

                                    EXHIBIT C
                                       -1-
<PAGE>

shall have no liability to Assignee in the event that any or all of the
Intangibles (a) are not transferable to Assignee or (b) are cancelled or
terminated by reason of this Assignment or any acts of Assignee.

         3.       Dispute Costs. In the event of any dispute between Assignor
and Assignee arising out of the obligations of the parties under this Assignment
or concerning the meaning or interpretation of any provision contained herein,
the losing party shall pay the prevailing party's costs and expenses of such
dispute, including without limitation, reasonable attorneys' fees and costs. Any
such attorneys' fees and other expenses incurred by either party in enforcing a
judgment in its favor under this Assignment shall be recoverable separately from
and in addition to any other amount included in such judgment, and such
attorneys' fees obligation is intended to be severable from the other provisions
of this Assignment and to survive and not be merged into any such judgment.

         4.       Counterparts. This Assignment may be executed in counterparts,
each of which shall be deemed an original, and all of which shall taken together
be deemed one document. Assignor and Assignee agree that the delivery of an
executed copy of this Assignment by facsimile shall be legal and binding and
shall have the same full force and effect as if an original executed copy of
this Assignment had been delivered.

         5.       Survival. This Assignment and the provisions hereof shall
inure to the benefit of and be binding upon the parties to this Assignment and
their respective successors, heirs and permitted assigns.

         6.       Limited Liability. This Assignment is made without recourse
and without any express or implied representation or warranty of any kind or
nature, except as expressly set forth in the Purchase Agreement. Assignee on its
own behalf and on behalf of its agents, members, partners, employees,
representatives, successors and assigns hereby agrees that in no event or
circumstance shall any of the members, partners, employees, representatives,
officers, directors, agents, property management company, affiliated or related
entities of Assignor have any personal liability under this Assignment, or to
any of Assignee's creditors, or to any other party in connection with the
Property.

         7.       No Third Party Beneficiaries. Except as otherwise expressly
set forth herein, Assignor and Assignee do not intend, and this Assignment shall
not be construed, to create a third-party beneficiary status or interest in, nor
give any third-party beneficiary rights or remedies to, any other person or
entity not a party to this Assignment.

                                    EXHIBIT C
                                       -2-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Assignment as
of the Assignment Date.

                                    ASSIGNOR:

                                    ASHWORTH, INC.,
                                    a Delaware corporation

                                    By: /s/Peter Case
                                        --------------------------------
                                        Name:  Peter Case
                                        Title: VP Finance

                                    ASSIGNEE:

                                    LBA INDUSTRIAL FUND - CANYON, INC.,
                                    a Delaware corporation

                                    By: /s/Steven R. Layton
                                        --------------------------------
                                        Name:  Steven R. Layton
                                        Title: Authorized Signatory

                                    EXHIBIT C
                                       -2-
<PAGE>

                                    EXHIBIT D

                                   GRANT DEED

RECORDING REQUESTED BY:

Stewart Title of California, Inc.

WHEN RECORDED MAIL TO:

Orrick Herrington & Sutcliffe LLP
777 South Figueroa Street, Suite 3200
Los Angeles, California 90017
Attn: Richard C. Mendelson, Esq.

MAIL TAX STATEMENTS TO:

c/o Layton-Belling & Associates
4440 Von Karman Avenue, Suite 150
Newport Beach, California 92660
Attn: Mr. Thomas C. Rutherford

                    Space Above This Line for Recorder's Use

                                   GRANT DEED

         In accordance with Section 11932 of the California Revenue and Taxation
Code, Grantor has declared the amount of transfer tax which is due by separate
statement which is not being recorded with this Grant Deed.

         For valuable consideration, receipt of which is acknowledged, ASHWORTH,
INC., a Delaware corporation, formerly known as Charter Golf Inc., a Delaware
corporation ("Grantor"), hereby grants to LBA INDUSTRIAL FUND - CANYON, INC., a
Delaware corporation ("Grantee"), that certain real property located in the City
of Carlsbad, County of San Diego, State of California, as legally described in
Exhibit A attached hereto and made a part hereof (the "Property") together with
all of Grantor's right, title and interest in and to all improvements and
structures located thereon and all easements, appurtenances, rights and
privileges of Grantor appertaining to the Property.

         The Property is conveyed subject to:

         (a)      A non-delinquent lien of supplemental taxes, if any, assessed
pursuant to the provisions of Chapter 3.5 (commencing with Section 75) of the
Revenue and Taxation Code of the State of California;

                                    EXHIBIT D
                                      -1-
<PAGE>

         (b)      The liens for real property taxes for the fiscal year
2003-2004 not yet due and payable;

         (c)      All liens, encumbrances, easements, leases, covenants,
conditions and restrictions of record;

         (d)      All matters which would be disclosed by a survey of the
Property; and

         (e)      Zoning ordinances and regulations and any other laws,
ordinances, regulations or orders of any governmental agency having or claiming
jurisdiction over the use, occupancy or enjoyment of the Property.

         IN WITNESS WHEREOF, Grantor has caused its duly authorized
representative to execute this instrument as of the date hereinafter written.

DATED: February 24, 2004

                                    GRANTOR:

                                    ASHWORTH INC.,
                                    a Delaware corporation

                                        By:_____________________________
                                            Name:_______________________
                                            Title:______________________

                                    EXHIBIT D
                                       -2-

<PAGE>

Document No.:__________________

Date Recorded: __________________, 2003

              STATEMENT OF TAX DUE AND REQUEST THAT TAX DECLARATION
                  NOT BE MADE A PART OF PERMANENT RECORD IN THE
                          OFFICE OF THE COUNTY RECORDER

                      (PURSUANT TO SECTION 11932 R&T CODE)

To:      Registrar Recorder

         County of _________________, California

Request is hereby made in accordance with the provisions of the Documentary
Transfer Tax Act that the amount of tax due not be shown on the original
document which names:

                            ------------------------
                                  (as grantor)

                            ------------------------
                                  (as grantee)

                  Property described in the accompanying document is located in
                  (_) unincorporated area of the County of __________________
                  (_) City of __________________________________________

The amount of tax due on the accompanying document is $____________

                  (X) Computed on full value of property convened, or
                  (_) computed on full value less liens and encumbrances
                             remaining at time of sale

                                    GRANTOR:

                                    ASHWORTH INC.,
                                    a Delaware corporation

                                    By:
                                        a ______________________________

                                        By:
                                            Name:_______________________
                                            Title:

                                    EXHIBIT D
                                       -3-

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