Document:

U of C agreement 4th amendment

    [PORTIONS
      OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIALITY
      UNDER RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. A COPY
      OF
      THIS EXHIBIT WITH ALL SECTIONS INTACT HAS BEEN FILED SEPARATELY WITH THE
      SECURITIES AND EXCHANGE COMMISSION.]

    

     

    Fourth
      Amendment to

     

    

     

    Exclusive
      License Agreement

    Agreement
      Control No. 1997-04-0671

    

    

    for

     

    

     

    Selected
      Applications of Coated Nanocrystalline Particles

     

    

     

    between

     

    

     

    The
      Regents of the University of California

     

    

     

    and

     

    

     

    BioSante
      Pharmaceuticals, Inc.

     

    

     

    

     

    UC
      Case No. 1989-204

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FOURTH
      AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT 

    UC
      Agreement Control No. 1997-04-0671

     

    

     

    This
      Fourth Amendment to Exclusive License Agreement (“Fourth
      Amendment”),
      dated
      as of August 11, 2006, is made by and among The Regents of the University of
      California, a California corporation (“The
      Regents”),
      and
      BioSante Pharmaceuticals, Inc., (“Licensee”).

     

    BACKGROUND

     

    
      	
              A.

            	
              The
                Regents, and Licensee are parties to an Exclusive License Agreement,
                dated
                as of June 18, 1997 (the “Exclusive
                License Agreement”),
                as amended on October 26, 1999, May 7, 2001 and June 30,
                2004.

            

    

     

    
      	
              B.

            	
              The
                parties mutually intend to enter into this Fourth Amendment to amend
                the
                terms of the Exclusive License Agreement, as specified
                below.

            

    

     

    THEREFORE,
      the parties hereby agree as follows:

     

    
      	
              1.

            	
              Paragraph
                2.7 (Grant) of the License Agreement is deleted from the License
                Agreement
                in its entirety and replaced with the
                following:

            

    

     

    
      	 	
              2.7
                

            	
              Nothing
                in this Agreement will be deemed to limit the right of The Regents
                to
                publish any and all technical data resulting from any research performed
                by The Regents relating to the Invention and to make and use the
                Invention, Patent Product(s), Patent Method(s), and associated technology
                for educational and research purposes and for purposes not covered
                by this
                Agreement. If a non-profit research institution or foundation requests
                the
                use of Regents’ Patent Rights and associated technology for humanitarian
                needs, Licensee must offer to sublicense to such non-profit research
                institution or foundation on commercially reasonable
                terms.

            

    

     

    
      	
              2.
                

            	
              Paragraph
                4.5 (Royalties) of the License Agreement is deleted in its entirety
                and
                replaced with the
                following:

            

    

     

    
      	 	
              4.5
                

            	
              Within
                thirty (30) days of signing this Fourth Amendment, the Licensee shall
                pay
                The Regents a one-time payment of one hundred thousand dollars ($100,000)
                as consideration for the revision of diligence terms hereunder and
                as
                payment for all minimum earned royalties or obligations owed under
                the
                Exclusive License Agreement. This one-time payment, however, does
                not
                relieve the Licensee of its obligations to pay earned royalties,
                under
                Article 4 (Royalties) of the
                Agreement.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              3.

            	
              Article
                5 (Due Diligence) of the License Agreement is deleted in its entirety
                and
                replaced with the
                following:

            

    

     

    
      	 	
              5.1
                

            	
              Licensee
                shall use good faith efforts, taking into account current status
                of
                development, cost, budgets, available cash, time for vaccine development,
                and other business factors, to meet its obligations under this License
                Agreement.

            

    

     

    
      	
              4.

            	
              Paragraph
                14.6 (Patent Prosecution and Maintenance) of the License Agreement
                is
                deleted in its entirety and replaced with the
                following:

            

    

     

    
      	 	
              14.6

            	
              The
                obligation of Licensee to underwrite and to pay patent preparation,
                filing, prosecution, maintenance, and related out of pocket costs
                will
                continue for such costs incurred until three (3) months after receipt
                by
                Licensor of a Notice of Termination unless the Agreement expires
                or
                terminates earlier according to its terms. Licensee will reimburse
                The
                Regents for all out of pocket patent costs incurred during the term
                of the
                Agreement and for three (3) months thereafter whether or not invoices
                for
                such costs are received during the three (3) month period after receipt
                of
                a Notice of Termination. Licensee may, with respect to any particular
                patent application or patent on a jurisdiction by jurisdiction basis,
                terminate its obligations to the patent application or patent in
                any or
                all designated countries upon three (3) months’ written notice to The
                Regents. A table listing the projected maintenance fees for the remainder
                of the life of the Agreement has been attached as Appendix A of the
                Agreement and is attached to this Fourth Amendment for Licensee’s
                reference and which Licensor represents and warrants is complete,
                true and
                correct to the best of its knowledge after due inquiry. If Licensee
                terminates its obligations to any patents, The Regents may continue
                prosecution and/or maintenance of such applications(s) or patent(s)
                at its
                sole discretion and expense, provided, however, that Licensee will
                have no
                further right or licenses thereunder in any jurisdiction where Licensee
                so
                terminates.

            

    

     

    5. Paragraph
      18.1 (Notices) of the License is updated to the following
      below:

     

    In
      case
      of Licensee:  BioSante
      Pharmaceuticals, Inc.

    111
      Barclay Boulevard

    Lincolnshire,
      IL 60069

    Telephone:
      847-478-0500 x100

    Facsimile:
      847-478-9152

    Attention:
      Chief Executive Officer

     

    In
      case
      of The Regents: The
      Regents of the University of California University of California, Los
      Angeles

    Office
      of
      Intellectual Property Administration

    10920
      Wilshire Boulevard, Suite 1200

    Los
      Angeles, CA 90024-1406

     

    Attention:
      Director

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              6.

            	
              The
                parties acknowledge and agree that both are in compliance with the
                terms
                of the Exclusive License
                Agreement.

            

    

     

    
      	
              7.

            	
              Except
                as expressly amended hereby, all terms of the License Agreement and
                all
                prior amendments, shall continue in full force and
                effect.

            

    

     

    In
      Witness thereof, both The Regents and the Licensee have executed this Amendment,
      in duplicate originals, by their respective officers hereunto duly authorized,
      on the day and year hereinafter written.

     

    BIOSANTE
      PHARMACEUTICALS, INC. THE
      REGENTS OF THE UNIVERSITY OF CALIFORNIA

     

    By
      /s/
      Stephen M. SimesBy
      /s/
      Emily W. Loughran

     

    Name: Stephen
      M. Simes    Name: Emily
      W.
      Loughran

    Title:
       President
      & CEO    Title: Director,
      Licensing

    Date:
       August
      17, 2006    Date: August
      18, 2006

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [PORTIONS
      OF THIS APPENDIX HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIALITY
      UNDER RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. A COPY
      OF
      THIS AGREEMENT WITH ALL SECTIONS INTACT HAVE BEEN FILED SEPARATELY WITH THE
      SECURITIES AND EXCHANGE COMMISSION.]

    

     

    APPENDIX
      A

     

    

     

     

      
        	
                Projected
                  Maintenance Fees for the Next XXXX Years

              
	
                (Ending
                  Year XXXX)

              
	 	 	 	 	 
	
                Licensee
                  Patent Portfolio

              
	 	 	 	 	 
	
                UC
                  Case No.

              	
                Country

              	
                Patent
                  No.

              	
                Date
                  Due

              	
                Amount

              
	
                1989-204-4

              	
                USA

              	
                5441739

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-6

              	
                USA

              	
                5460830

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-7

              	
                USA

              	
                5462751

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-8

              	
                USA

              	
                5462750

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-9

              	
                USA

              	
                5639505

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Australia

              	
                638841

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Canada

              	
                2045204

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Japan

              	
                2932406

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Austria

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Belgium

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Denmark

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                France

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Germany

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Greece

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Netherlands

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Ireland

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Italy

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Luxembourg

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Portugal

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Spain

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Sweden

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                Switzerland

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	
                1989-204-2

              	
                United
                  Kingdom

              	
                465081

              	
                XXXX

              	
                $ XXXX

              
	 	 	 	 	 
	
                1993-191-1

              	
                USA

              	
                5460831

              	
                XXXX

              	
                $ XXXX

              
	 	 	 	 	 
	 	 	
                Grand
                  Total

              	 	
                $ XXXXBilly Martin's Western Wear, LA, Inc

Hutton Financial Services, Inc.

           

(a Nevada Corporation)

Convertible Note

Hutton Financial Services, Inc., a Nevada Corporation ("Company") for value received (summarized more specifically in Exhibit I.) hereby promises to pay to Dominion World Investments (the "Holder") or its assignee, the sum of Four Thousand Eighty-Eight Dollars and Eighteen Cents ($4088.18) US, with no interest in consideration of the conversion right and payable in accordance with the terms and conditions set forth herein.

1)

Payment Terms:  Principal shall be all due and payable on December 31, 2006.

2)

Right to Convert by Holder:  The Holder of this Note shall have the option to convert the entire amount or any portion thereof, of the principal of this Note into shares of common stock of the Company at a conversion price as hereinafter provided in Paragraph 3 below.

3)

Conversion Price:  The principal of the Note shall be converted into common shares of the Company (the "Converted Shares") at a share price equal to the "bid" price of the Company's common stock on the date of the conversion, or in the event the Company has no bid price, the principal of this Note shall be converted into 82,000 shares as an equity position of the Company.

4)

Conversion Date:  The Conversion Date for the Holder of the Note shall be anytime after December 31, 2006 but  no later than December 31, 2007 (the Holder’s Conversion Period).

5)

Manner of Exercise of Conversion rights:  In order to exercise the conversion rights of this Note, the Holder must give notice to the Company at anytime during the Holder's Conversion Period of its intention to exercise

          

its conversion rights.  Absent such a notice to the Company, the Holder's conversion rights shall expire after the expiration of the Holder's Conversion Period.

6)

Prepayment:  The Company shall have the right to prepay all or any part of the principal of this Note without penalty.  However, in the event the Company elects to prepay the Note, the Holder shall have ten (10) days from the receipt of written notice of this prepayment election to exercise its conversion rights as set forth above in Paragraph 2.

7)

Default:  In the event the Company fails to pay the principal of this Note when due, the Holder shall have the option, after providing thirty (30) days written notice to the Company, to (1) declare the unpaid principal balance all due and payable or (2) exercise their conversion rights for all of the unpaid principal as set forth above in Paragraph 2.

8)

Company to Reserve Shares:  The Company shall at all times during the term of this Note reserve and keep available out of its authorized but unissued shares, such amount of its duly authorized shares of common stock as shall be necessary to effect the conversion of this Note. 

9)

Notices:  All notices given pursuant to this Note must be in writing and may be given by (1) personal delivery, or (2) registered or certified mail, return receipt requested, or (3) via facsimile transmission.  

10)

Arbitration:  The parties hereby submit all controversies, claims and matters of difference arising out of the Note to arbitration in Utah.  This submission and agreement to arbitrate shall be specifically enforceable. 

IN WITNESS WHEREOF, the Company has caused this Note to be executed by its duly authorized officer.

Hutton Financial Services, Inc.

    01/27/2006                           

By:    /s/ Douglas K. Goff, Pres.

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