Document:

Unassociated Document

    Exhibit
10.1

     

     

    Sales
Contract

    销售合同

    
      	
                                            Contract
      No. 13.06.2010

            
	
                                                Execution
      Place

            
	
                                                Execution
      Date [签约时间]: Jun.
      18th,
      2010

            
	 
      
	 
      
	
              Contact
      Person: 涂 荷(Leon
      Tu)

              Universal
      Solar Technology Inc, Nevada, USA

              Kuong
      U Science And Technology(Group) Ltd

              No.1
      Pingbei 2nd Road, Nanping Science & Technology Industral Park, Zhuhai,
      China,519060

              TEL:13750038756  +86-756-8911710

              FAX:+86-756-8911359

              web:www.kustmacau.com

            
	
              Zip
      Code:

            
	 
      
	 
      
	
              The
      Buyer : C.T.O., spol. s r.o.

            
	
              Add.:
      Soubezna IV. 411/45, 158 00  Prague 5, Czech
      Republic

            
	
              Contact
      Person: Mr. Jiri Pichl

            
	
              Zip
      Code :  281 87 393

            
	
              Tel.:
      +420 723 672 760

            
	
              E-mail
      : komsinfo@gmail.com

            

    

    

    This
contract is made by and between the Buyer and the Seller; whereby the Buyer
agrees to buy and the Seller agrees to sell the under-mentioned goods subject to
the terms and conditions as stipulated hereinafter:

    

    1.
Description of Goods [货物简况]

    :

    
      	
              Model
      No.

              型号

            	
              Power功率
      (Tolerance)公差

            	
              DDU
      Czech Price

              DDU捷克价格

            	
              Quantity

              数量

            	
              Sub-Total
      (Euro)

              小计(欧元)

            
	
              GYSP-185

            	
              185W
      (±3%)

            	
              USD
      1.633/Wp

            	
              20MW

            	
              USD
      32,600,000.00

            
	 
      	 
      	 
      	 
      	 
      
	
              Total

            	
              /

            	
              /

            	
              20MW

            	
              USD
      32,660,000.00

            
	
              Total

            	
              USD
      THIRTY TWO MILLION SIX HUNDRED AND SIXTY THOUSAND
  ONLY.

            

    

    
      	
               
      

            	
              1a)
      with the
      possibility of extending the
contract

            

    

    
      	
               
      

            	
              Remark:
      Module specifications refer to Appendix
A.

            

    

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    2.
Terms and Time of Payment [付款条件]

    2.1 T/T
with 15 % down
payment, the balance will be paid by L/C. The Buyer shall open irrevocable,
divisible and confirmed Letter of Credit at sight to the Seller from the first
class bank with full amount of   85  
% of the total contract value.

    2.2 After
signing this contract, the down payment of 15 % of the contract
value shall be paid to the Seller by T/T before June 28th ,
2010.

    2.3 After
signing this contract, the Buyer shall open L/C to the Seller before June 30th,
2010.

    2.4 After
signing this contract, the Buyer shall provide L/C copy for the Seller to
confirm before June
30th 2010.

    2.5
Documents:

    2.5.1
Shipment: a full set of bill of lading made out to order blank endorsed and
notifying applicant.

    2.5.2
Invoice in 1 original and 5 copies indicating contract number and shipping mark,
made out to in details per the relative contract.

    2.5.3
Packing list in five copies issued by the Seller.

    2.5.4
flash report issued by the manufacturer.

    

    3.
Term of Packing [包装要求]

    The goods
shall be seaworthy packing.

    

    4.
Terms of Delivery [交货方式]

    4.1
Shipping schedule as following,delivery time will
be discussed again if any delay of down payment or L/C establishment
happened

    
      	
              Delivery

            	
              Monocrystalline
      solar module

            
	
              Before
      July 30th,
      2010

            	
              4
      MW

            
	
              Before
      August 30th,
      2010

            	
              4
      MW

            
	
              Before
      September 30th,
      2010

            	
              6
      MW

            
	
              Before
      October 30th,
      2010

            	
              6
      MW

            
	
              Total

            	
              20
      MW

            

    

    

    4.2
Notice of shipment: the Seller shall immediately upon the completion of the
loading of the goods advice by cable/letter/fax the Buyer of contract No.,
commodities, quantities, invoice value, and gross weight, etc.

    4.3
Insurance: Seller shall insure each consignment of goods at their expense. In
the event of a claim on side buyer's, will be the financial compensation
reimbursed by the insurance office or reimbursed by the seller, if not conclude
an insurance contract under this contract. The insurance policy will cover
costs, payments and economic losses to the buyer in full.

    4.4
Freight: All transportation costs paid by the seller.

    4.5
Ownership transfer: if the Buyer fails to pay off the balance of the full
contract value within 14 days after the goods are delivered to the destination,
the Seller reserves the rights to resell the goods without notifying the Buyer
and keep the down payment nonrefundable. Only after the Seller receives the full
contract value does the ownership of the goods transfer from the Seller to the
Buyer.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.
Warranty [售后保证]

    The
Seller warrants the solar modules to be free from defects in materials and
workmanship under normal application, installation, usage, and service
conditions. Please refer to Appendix B for the details about limited product
warranty and limited peak power warranty if it is stated in the specifications
of the PV modules in Appendix A.

    

    6.
Examination and Notice of Non-Conformity [验收及异议通知]

    The Buyer
will examine the PV modules immediately on receiving. Within 14 days after the
arrival of the goods at the destination, should the specification, quantity or
aesthetic appearance of the PV modules be found not to be in conformity with the
stipulations of this contract except for those claims for which the insurance
company or the owners of the vessel are liable, the Buyer shall, based on the
Inspection Certificate issued by an office of the Authorized Administration of
Import and Export Commodities Inspection or an international inspection company,
have the right to claim for replacement with new goods or for damages and all
expenses (for example, inspection charges, shipping cost for returning the goods
and for sending the replaced goods, insurance premium, storage, loading and
unloading charges, etc.) to be borne by the Seller.

    

    7.
Transfer of Contract [合同转让]

    Neither
party may, unless upon written consent of the other party, transfer all or part
of rights or obligations to a third party.

    

    8.
Confidentiality [保密条款]

    Both
parties hereto and their employees, agents, representatives and counsels shall
treat the terms and conditions under this contract and any of its supplementary
agreements as business secrets and shall not disclose the information to any
third party unless upon consent of the other party. Otherwise the party. who has
violated the provisions of this Article of the contract, reimburse the other
hand, the direct losses incurred.

    

    9.
Force Majeure [不可抗力]

    If any
party is unable to perform its contractual liabilities due to any force majeure
event, the affected party shall notify the other party within 7 days upon the
occurrence of such event, and shall present written evidence issued by the
relevant authority within 15 days upon the end of such events and could
partially or wholly exempt from the liability in the light of the impact caused
by force majeure. If the event of Force Majeure lasts more than 90 days, the
relevant parties shall negotiate the continuous performance or the termination
of the contract. Where an event of force majeure occurs after the party’s delay
in performance, the defaulting party shall not be released from its liabilities.
Force Majeure referred in this contract means any unforeseeable, unavoidable and
insurmountable objective conditions.

    

    10.
Breach of Contract [违约责任]

    The
Seller and the Buyer must comply with the terms in this contract. If one party
of contract breach a weighty form, must pay the other party a tangible economic
losses and legal costs

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    11.
Late Delivery and Penalty [延迟交货及罚金]

    In case
of delayed delivery except for force majeure, the Seller shall pay to the Buyer
for every day of 0.1% of the total value of the goods whose delivery has been
delayed. The Seller shall be not liable for the penalty of late delivery if the
Buyer fails to pay the down payment or issue the L/C according to the scheduled
time in this contract.

    

    12.
Arbitration [仲裁]

    Any
dispute arising from or in connection with the Sales Contract shall be settled
through friendly negotiation. In case no settlement can be reached, the dispute
shall be then submitted for arbitration to Arbitration Commission, Shanghai
Commission, in accordance with its rules in effect at the time of applying for
arbitration. The arbitral award is final and binding upon both
parties.

    

    13.
Effectiveness and Termination [合同生效及终止]

    13.1 This
contract shall only come into effect after the signing of both parties and the
Buyer’s paying of down payment. If the contract has more than one page, then
each page should be sealed on the perforation.

    13.2 This
contract may be terminated only (i) by the mutual consents of the Seller and
Buyer, and (ii) in the event of a breach under this contract, by a party that
substantially affects the purpose or benefit of this contract to the detriment
of the non-breaching party.

    

    14.
Miscellaneous [其它条款]

    14.1 This
contract is written in Chinese and English, each of which shall be deemed
equally in effect. This contract shall be executed in two counterparts with same
legal effect, with each of the parties hereto holding one. The copy delivered
through facsimile shall be as valid as the original.

    14.2 Any
matters not covered in this contract shall be mutually negotiated by both
parties and be set forth in the supplementary agreements, which have the same
legal effect as this contract.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	
              The
      Seller:

            
	
              Signature/Seal
      [签字/盖章]:

               

               

               

               

            
	
              Date
      [日期]:
      2010.6.18

            
	 
      
	
              Bank
      Information [银行信息]

              Bank
      Name:

              银行名称:

              Account
      Number [银行账号]:

              Account
      Name: Co., Ltd.

              账户名称:

              Bank
      SWIFT Code [银行SWIFT号码]:

            
	 
      
	
              The
      Buyer:

               

              买方:

            
	
              Signature/Seal
      [签字/盖章]:

               

               

               

               

            
	
              Date
      [日期]:
      2010.6.18

            
	 
      
	
              Bank
      Information [银行信息]

              Bank
      Name:

              银行名称:

              Account
      Number [银行账号]:

              Account
      Name:

              账户名称:

              Bank
      SWIFT Code [银行SWIFT号码]:

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Appendix
A

     

    Module
Specification

    

    

    
      	
              Cell
      Type

            	
              125mm×125mm

            
	
              Number
      of Cells (Pcs)

            	
              72
      (6×12)

            
	
              Power
      Tolerance

            	
              ±3%

            
	
              Maximum
      power (Pmax)

            	
              185W

            
	
              Open
      Circuit Voltage(Voc)

            	
              44.6
      V

            
	
              Short
      Circuit Current (Isc)

            	
              5.46A

            
	
              Maximum
      Power Voltage (Vmp)

            	
              36.8
      V

            
	
              Maximum
      Power Current(Imp)

            	
              5.03
      A

            
	
              Standard
      Test Condition (STC): Irradiance level 1,000W/m2,
      Spectrum AM 1.5, and Cell Temperature 25°C

            
	
              Temperature
      Coefficients of Pmax

            	
              -0.459
      %/°C

            
	
              Temperature
      Coefficients of Voc

            	
              -0.333
      %/°C

            
	
              Temperature
      Coefficients of Isc

            	
              0.03
      %/°C

            
	
              Maximum
      System Voltage (V)

            	
              1,000
      VDC

            
	
              Temperature
      Cycling Range

            	
              -40°C~+85°C

            
	
              Surface
      Maximum Load Capacity

            	
              2,400Pa

            
	
              Allowable
      Hail Load

            	
              227g
      steel ball fall down from 1m height

            
	
              Dimensions
      (mm)

            	
              1580mm(L)×808mm(W)×40mm(H)

            
	
              Frame

            	
              Aluminium-alloy

            
	
              Length
      of cables (mm)

            	
              900

            
	
              Weight(kg)

            	
              16

            
	
              Warranty

            	
              25years
      warranty, 90% for 10 years, 80% for 25
years

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Appendix
B

     

    Limited
Warranty for PV Modules

     

    
      	
              1.  

            	
              Limited
      Product Warranty - Five Years Repair, Replacement or Refund
      Remedy

            

    

    Universal Solar Technology Inc,
Nevada, USA Kuong U Science And Technology (Group) Ltd, China.
(thereafter as “Universal Solar Technology Inc, ”) warrants its Photovoltaic
modules (thereafter as “PV modules”), including field replaceable DC connector
cables assemblies, to be free from defects in materials and workmanship under
normal application, installation, usage, and service conditions. If the PV
modules fail to conform to this warranty, then for a period ending sixty (60)
months from date of delivery from Universal Solar Technology Inc, , Universal
Solar Technology Inc, will, at its option, either repair or replace the product,
or refund the purchase price as paid by the Buyer (thereafter as “Purchase
price”). The repair, replacement or refund remedy shall be the sole and
exclusive remedy provided under the limited product warranty and shall not
extend beyond the thirty-six (36) month period set forth herein. This limited
product warranty does not warrant a specific power output, which shall be
exclusively covered under clause 2 hereinafter.

    

    
      	
              2.  

            	
              Limited
      Peak Power Warranty - Limited
Remedy

            

    

    2.1:
10 years

    For the
PV modules, Universal Solar Technology Inc, additionally warrants:

    If within
ten (10) years from date of delivery from Universal Solar Technology
Inc,  any PV module(s) exhibits a power output less than 90% of the
minimum peak power at..............as specified at the date of delivery in
........ Product Flash Datasheet, and such loss in power is agreed by Universal
Solar Technology Inc, ( at its sole and absolute discretion) to be due to
defects in material or workmanship, Universal Solar Technology
Inc,Ltd  shall replace such loss in power by either providing to the
Buyer additional PV-modules to make up such loss in power, or by repairing or
replacing the defective PV module(s), or by refunding the Purchase Price taking
into account a yearly depreciation of ten (10)% of the Purchase Price, at the
option of Universal Solar Technology Inc,

    2.2:
25 years

    For the
PV modules, Universal Solar Technology Inc, warrants:

    If within
a period of twenty-five (25) years from date of delivery from Universal Solar
Technology Inc, any PV module(s) exhibits a power output less than 80% of the
minimum peak power at STC, and such loss in power is agreed by Universal Solar
Technology Inc, (at its sole and absolute discretion) to be due to defects in
material or workmanship, Universal Solar Technology Inc, will replace such loss
in power by either providing to the Buyer additional PV modules to make up such
loss in power, or by repairing or replacing the defective PV module(s), or by
refunding the Purchase Price taking into account a yearly depreciation of four
(4)% of the Purchase Price, at the option of  Universal Solar
Technology Inc,The remedies set forth in this clause 2 shall be the sole and
exclusive remedies provided under the limited peak power warranty.

    

    
      	
              3.  

            	
              Exclusions
      and Limitations

            

    

    3.1
Warranty claims must in any event be filed within the applicable warranty
period.

    3.2 The
limited warranties do not apply to any PV modules which, in Universal Solar
Technology Inc,absolute judgment, have been subjected to:

    
      	
              -  

            	
              Misuse,
      abuse, neglect or accident;

            

    

    
      	
              -  

            	
              Alternation,
      improper installation or
application;

            

    

    
      	
              -  

            	
              Non-observance
      of Universal Solar Technology Inc, installation-users and maintenance
      instructions;

            

    

    
      	
              -  

            	
              Repair
      or modifications by someone other than a qualified service
      technician;

            

    

    
      	
              -  

            	
              Power
      failure surges, lighting, flood, fire, accidental breakage or other events
      outside Universal Solar Technology Inc,
control;

            

    

    
      	
              -  

            	
              Any
      move and subsequent installation of the
module.

            

    

    3.3 The
limited warranties do not cover any shipping costs for the return of the PV
modules, or for reshipment of any repaired or replaced PV modules, or cost
associated with installation, removal or reinstallation of the PV
modules.

    3.4
Warranty claims will not be honored if the type or serial number of the PV
modules have been altered, removed or made illegible.

    All other
statements made by Universal Solar Technology Inc, (including without limitation
to those made in the Universal Solar Technology Inc, promotional materials) in
respect of the properties, performance characteristics and other aspects of the
modules are for illustration only and are not legally binding on Universal Solar
Technology Inc, To the fullest extent permitted by law,Universal Solar
Technology Inc excludes all implied representations and warranties in respect of
the modules, their properties and performance characteristics.  To the
fullest extent permitted by law,Universal Solar Technology Inc also excludes all
liabilities to the Buyer and any user of the PV modules produced by Universal
Solar Technology Inc for any loss of actual or anticipated profits, revenues,
turnover, anticipated savings, business or goodwill.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	
              4.  

            	
              Disputes

            

    

    No
action, regardless of form, arising out of or in any way connected with this
limited warranty policy, may be brought by the Buyer more than one (1) year
after the cause of action has accrued.

    

    
      	
              5.  

            	
              Various

            

    

    The
repair or replacement of the PV modules or the supply of additional PV modules
does not cause the beginning of new warranty terms, nor shall the original terms
of this limited warranty be extended. Any replaced PV modules shall become the
property of Universal Solar Technology Inc,Universal Solar
Technology Inc has the right to deliver another type (different in size, color,
shape and /or power) in case Universal Solar Technology Inc producing the
PV-module in question at the time of the claim.Unassociated Document

     

    
      

    

    
      
        License
Agreement

        for

        HOLOGIC,
Inc. and ISORAY MEDICAL, Inc.

        
          
 

      

      This
License Agreement (“Agreement”) is effective as of June 14, 2010 (“Effective
Date”), by and between Hologic Inc. (“Licensor”) of 35 Crosby Drive, Bedford MA
01730 and IsoRay Medical, Inc. (“Licensee”) of 350 Hills Street, Suite 106
Richland, WA 99354 (together the “Parties”).

      

      1.   Scope.

      

      WHEREAS Licensor is the owner
of the certain Intellectual Property ("Licensor IP"), including technology, know-how, copyrights,
patents and trademarks associated with the Gliasite®
Radiation Therapy System (excluding the
radioisotope(s) used by Licensee in the Gliasite® Radiation Therapy System, the “Product”),
including but not limited to the patents identified in Appendix A attached
hereto, together with any and all divisions, continuations, reissues, and
foreign counterparts (the “Patents”), and the trademarks, service marks, and/or
trade names identified in Appendix B hereto
including all applications, registrations, renewals, and foreign counterparts
thereof, as well as all associated goodwill and other rights at common law (the
“Marks”).

      

      WHEREAS Licensee desires to
license the Licensor IP for use in the production, manufacture, marketing,
promotion, distribution and sale of the Product throughout the world
(“Territory”).

      

      WHEREAS Licensor is willing to
grant Licensee rights to the Licensor IP in the Territory with a limited field
of use of intracavity radiation therapy (brachytherapy) of the brain (“Exclusive
Field of Use”); and

      

      WHEREAS, the parties agree
that it is desirable to have this Agreement between them, which will govern the
license and the use of the Licensor IP.

      

      2.   License.

      

      (a)   License
Grant.  Subject to payment of the applicable fees set out
below, Licensor hereby grants to Licensee a limited, perpetual, exclusive,
assignable, license to use, distribute, and copy Licensor IP as necessary for
purposes of internal development, manufacture, distribution, marketing,
promotion, and sale of the Product in the Exclusive Field of Use.

      

      (1).
Sublicenses:
Provided Licensee remains responsible for payment of the fees set forth
below, Licensee may sublicense the Licensor IP, as necessary for global
manufacture, sale, distribution, marketing and promotion of the Product, to its
subsidiaries, manufacturing partners (including outsourcers), distributors,
wholesalers, and retailers (“Sublicensees”) with which Licensee has written
agreements that, at a minimum, (i) obligate Sublicensees to abide by the License
Grant restrictions and the provisions of this Agreement pertaining to the
Exclusive Field of Use, export controls and compliance with applicable law, (ii)
require Sublicensees to maintain accurate records of Product sales and to
provide same to Licensor upon request, and (iii) grant Licensor the rights and
standing as a third-party beneficiary of such agreements with the authority to
enforce same.

       

      
        
          
          

        

        
          Sheet 1
of 7

          
            

          

        

        
          
          

        

      

       

      (2).
Licensor Retained
Rights for Recovery for Infringement: Licensor shall have the right, but
not the obligation, exercisable in its sole discretion, to prosecute any claims
against third parties for infringement of the Licensor IP and retain any damages
recovered as a result (with no duty to share or apportion such amounts with
Licensee).  If necessary, in Licensor’s opinion, Licensor may join
Licensee as a co-plaintiff in any such claim, suit, action, or proceeding;
Licensee shall bear its own costs thereof and shall be entitled to a share of
any damages recovered proportionate with Licensee’s costs, versus Licensor’s
costs, incurred in the joint prosecution.  If Licensor elects not to
prosecute, or to continue prosecuting, any such claim, suit, action, or
proceeding, Licensor will give prompt notice thereof to Licensee, and Licensee
may prosecute, or continue prosecuting, such claim, suit, action, or proceeding,
at is own expense, in which case Licensee, not Licensor, shall be entitled to
retain any damages recovered as a result (with no duty to share or apportion
such amounts with Licensor).

      

      (3) Equitable Relief: The
Parties acknowledge and agree that irreparable injury will result if this
Agreement is breached as a result of Licensee’s use, distribution, manufacture,
marketing, promotion or sale of the Product to third parties for use in other
fields of brachytherapy besides brain brachytherapy, and in particular breast
brachytherapy, and that in the event of any actual or potential breach Licensor
will have no adequate remedy at law and shall be entitled to seek immediate
temporary injunctive or other relief, without the necessity of showing actual
monetary damages, subject to hearing as soon as thereafter possible and without
granting any time for cure that may be provided in this Agreement. Nothing
herein shall be construed as prohibiting any Party from pursuing any other
remedies available to it for such breach or threatened breach, including the
recovery of damages that it is able to prove.

      

      (b)   Restrictions. 
Licensee shall not (i) permit any other entity (including any parent,
subsidiaries, affiliated entities, or third parties) to use the Licensor IP
without payment of the applicable fees.  Licensee shall not delete or
modify the trademark notice applicable to the Marks and shall include same on
all marketing and promotional materials created by Licensee.  Licensee
shall inform Licensor immediately of any infringement or misuse (including,
without limitation, any adoption, use, or registration of a trademark, service
mark, or trade name similar to the Marks in the Territory) and cooperate with
Licensor, at Licensor’s expense, in its investigation or legal proceeding or
action that Licensor pursues to protect its rights in the
Marks.  Licensee shall not (i) register or attempt to register, during
or after the term of this Agreement, any name, mark, or designation used by
Licensor anywhere in the world (or any name, mark, or designation similar
thereto), (ii) contest, or assist others in contesting, Licensor’s ownership of
the Marks, (iii) incorporate any Marks into Licensee’s trademarks, service
marks, company names, Internet addresses, domain names, or any other similar
designations, or (iv) use Marks in any way that may cause dilution, tarnishment,
or confusion or affect the validity of Marks or that may prove derogatory to
Licensor’s name or goodwill. Licensee shall include the applicable trademark
notice on all Products and materials bearing the Marks and a legend with any
publication (online or other) indicating that the Marks are owned by
Licensor.

      

      (c)   Proprietary
Rights.  Except for the rights granted above, Licensor retains
all rights, title, and interest in and to the Licensor IP, including any
improvements thereon or modifications or enhancements thereto (other than the
Products), and the absolute and exclusive right, exercisable in Licensor’s sole
discretion, to file any divisions, continuations, reissues, and/or foreign
counterparts thereof to any Patents.  All use of the Marks hereunder
shall inure to the benefit of Licensor.

       

      
        
          
          

        

        
          Sheet 2
of 7

          
            

          

        

        
          
          

        

      

       

      (d)   Export
Regulations.  Licensee agrees that it will not, and will not
permit, export, or re-export, directly or indirectly, the Products in violation
of the U.S. Export Administration Act, Trading with the Enemy Act, International
Emergency Economic Powers Act, and their regulations, or into any country
prohibited by an U.S. embargo list (collectively, “Export Regulations”), nor
will Licensee use, nor permit use of, the Product for any purpose prohibited by
Export Regulations. Licensee will obtain any license(s) that may be required for
export, re-export, or use of the Product outside of the United States and shall
bear any associated fees, taxes, or charges.

      

      (e)    Quality
Assurance.  The quality of Licensee’s Products shall exceed or
remain consistent with the reputation that Licensor has established with respect
to its product line immediately prior to the Effective Date.

       

      3.   Commercial
Terms.

      

      (a)   Fees.  In
consideration of the above License Grant, Licensee shall pay to Licensor a
royalty of [**]
of the [**] sale price ([**]) per Product
sold or used by Licensee.  For the purposes of the foregoing, a
Product shall be considered “sold” or “used” when (i) Licensee [or Sublicensee]
has billed the purchaser therefore or (ii) when Licensee [or Sublicensee] has
removed a unit of Product from inventory and distributed either to an external
or internal user.

      

      (b)   Reports.  No
later than 30 days after the end of each calendar quarter, Licensee shall
provide a written report to Licensor detailing the number of Products sold or
used by Licensee [and Sublicensees] for the applicable reporting quarter and an
accounting of the applicable royalty payments thereto.  Such report
will show only net quantity, reflecting adjustment for returns of any kind to
Licensee during the period reported, identifying the
total number of Products sold on a distributor-by-distributor basis. Licensee [and
Sublicensees] shall furnish to Licensor, at Licensor’s request, periodic
forecasts, budgets, and promotional schedules for marketing and sales of the
Product.

      

      (c)   Payment
Terms.  Royalties shall be paid within thirty (30) days of the
end of each calendar quarter.  Any sum not paid when due shall bear
interest on the unpaid balance at the highest rate permitted by law or [**] per
month, whichever is lower.  License fees are exclusive of applicable
federal, state, and local taxes, tariffs, customs, and duties.

      

      (d)   Audit.  During
the term of this Agreement, Licensee shall maintain accurate records regarding
its sale of the Product.  Upon reasonable prior written notice,
Licensor shall have the right to audit these records during normal business
hours. If Licensor’s audit discloses an underpayment of any fees due and owing
to Licensor, Licensee shall immediately pay the amount due and owing; where the
underpayment was fifteen percent (15%) or more of the amount that should have
been paid to Licensor, Licensee shall also reimburse Licensor for the cost of
the audit.

       

      
        ____________________

        [**]Certain information in this document has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted
portions.

      

       

      
        
          
          

        

        
          Sheet 3
of 7

          
            

          

        

        
          
          

        

      

       

      4.   Confidentiality.

      

      (a)   Confidential
Information.  During the term of this Agreement, one party (the
“Discloser”) may provide the other party (the “Recipient”) with information the
Discloser has identified as “confidential” or “proprietary” (“Confidential
Information”).

      

      (b)   Confidential
Protection.  Except as expressly permitted in writing,
Recipient agrees (i) not to reveal the Confidential Information to any third
parties, except to Recipient’s employees, contractors, subcontractors or
Sublicensees who have a need to know and have written obligations with
Recipient to protect Confidential Information, and (ii) to take precautions,
which shall be at least the more protective of (A) reasonable and prudent care
or (B) those taken in safeguarding its own trade secret, confidential, or
proprietary information, whether by instruction, agreement, or otherwise, to
satisfy its obligations under this Agreement with respect to authorized use,
protection, and security of the Confidential Information.

      

      (c)   Restrictions.  The
foregoing restrictions do not extend to information that (i) is at the time of
disclosure already known to Recipient from a source not under a confidentiality
obligation, (ii) is publicly known at the time of its disclosure through no
wrongful act or breach of any obligation of confidentiality, (iii) is published
or otherwise made known to the public by Discloser, or (iv) is received by
Recipient from a third party who is not bound by any confidentiality obligations
with respect to such information.

      

      (d)   Mandatory
Disclosure.  In the event Recipient is requested or required by
legal process to disclose any Confidential Information, Recipient shall give
prompt advance notice so that Discloser may seek a protective order or other
appropriate relief.  In the event that such protective order is not
obtained, Recipient shall disclose only that portion of Confidential Information
that its counsel advises it is legally required to disclose, provided that
Recipient shall exercise its reasonable efforts to preserve confidentiality of
Confidential Information including, without limitation, by cooperating with
Discloser to obtain an appropriate order or other.

      

      (e)   Injunctive
Protection.  Recipient agrees that the wrongful disclosure of
Confidential Information will cause Discloser irreparable injury that is
inadequately compensable in monetary damages.  Accordingly, Discloser
shall be entitled to injunctive relief in any court of competent jurisdiction
for the breach or threatened breach of this Section, in addition to any other
remedies at law or equity.

      

      5.   Warranty.

      

      Licensor
warrants, (a) that it is the owner of the Licensor IP with full, free, clear,
and unencumbered right to grant the License herein; (b) that the License does
not violate the terms of any agreement between Licensor and a third party
pertaining to the Licensor IP; and (c) that, to its knowledge, the Patent does
not infringe upon any other patent. The above warranties are limited
warranties and the only warranties made by Licensor.  To the extent
permitted by law, Licensor disclaims all other warranties, express or implied,
including (without limitation) the warranties of merchantability and fitness for
a particular purpose.

       

      
        
          
          

        

        
          Sheet 4
of 7

          
            

          

        

        
          
          

        

      

       

      6.   Indemnity

      

      (a)   By
Licensor.  Licensor shall defend Licensee, and indemnify same
against damages finally awarded as the result of, third-party claims that use of
the Patents violates such third party’s valid patent rights, provided Licensee
gives Licensor (i) prompt written notice of such claim, (ii) sole control of the
defense and/or settlement of such action, and (iii) full cooperation with such
defense.  Licensor shall have no liability for any claim of
infringement based in whole or in part on use of the Patents outside the scope
of its claims or use or combination of the Patents with other technology or
materials.  If a third party’s claims substantially interfere with, or
Licensor believes that a third-party claim may substantially interfere with,
Licensee’s use of Patents, Licensor will, at its sole cost, expense, and
selection, obtain a license for Licensee to continue use of the Patent, or
[**].

      

      (b)   By
Licensee.  Licensee shall defend Licensor, and indemnify same
against damages finally awarded as the result of, third-party claims that use of
the Product violates such third party’s valid patent rights (except to the
extent such claim is based on use of the Patent separately and distinctly from
use of the Product), provided Licensor gives Licensee (i) prompt written notice
of such claim, (ii) sole control of the defense and/or settlement of such
action, and (iii) full cooperation with such defense. This Section shall
constitute Licensee’s entire liability and Licensor’s exclusive remedy for such
a claim of infringement.

      

      7.   Limitation of
Liability.  To the extent permitted by law, and except for
obligations under Section 2(c) (Equitable Relief) , Sections 3 (Commercial
Terms) or 6 (Indemnity), or for breach of a license grant, neither party will
have any liability under this Agreement for: (a) consequential, incidental,
exemplary, special, or punitive damages even if advised of the possibility of
such (including, but not limited to, loss of business, profits, business
information, or business interruption or any other pecuniary loss); or (b) for
direct damages, actually proven, exceeding the amounts paid by Licensee for the
License the subject of the claim. This limitation shall be enforced even if it
causes an exclusive remedy to fail of its essential purpose.

      

      8.   Term and
Termination

      

      (a)   Term.  This
Agreement shall commence on the Effective Date and shall continue thereafter
unless terminated earlier as provided below.

      

      (b)   Termination.

      

      (i)   Licensee
may terminate the License at any time upon 90 days prior written notice to
Licensor.

      

      (ii)   Either
party may terminate this Agreement upon 30 days’ prior written notice if: (a)
the other party materially breaches the Agreement and fails to cure the breach
within such 30-day period; or (b) the other party files a petition seeking
bankruptcy protection, has an involuntary bankruptcy petition filed against it,
has a receiver appointed, or otherwise declares its inability to maintain its
business or pay its debts as they become due, unless such is dismissed within 90
days of the original filing. Licensee acknowledges and agrees that failure to
pay fees, or deliver reports, when due constitutes a material breach of the
Agreement.

       

      
        ____________________

        [**]Certain information in this document has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions.

         

        
          
            
            

          

          
            Sheet 5
of 7

            
              

            

          

          
            
            

          

        

      

       

      (c)   Rights Upon
Termination.  Upon termination of this Agreement:

      

      (i)   Licensee
shall immediately cease use of the Licensor IP, in any way (other than for pending unfilled orders made by
customers prior to termination), including in production of the
Product;

      

      (ii)   Licensee
shall provide Licensor with a final report (in the same format as that required
by Section 3(b) above) detailing a full count of all Product units in inventory,
whether in the possession or subject to the control of Licensee and
Sublicensees, or otherwise in existence as of the date of termination, and the
applicable royalty fees for such count;

      

      (iii)    Licensee
shall terminate all sublicenses granted to Sublicensees for use of the Licensor
IP and recover all Licensor Confidential Information from
Sublicensees;

      

      (iv)   All
amounts then owed shall immediately become due and payable, and each party will
cease the use of and return or destroy (and certify the destruction of) all
property, including Confidential Information, of the other party in its
possession or subject to its control; and

      

      (v)   Licensee
shall cease, and shall require Sublicensees to cease, any marketing or
representation that Licensee and Sublicensees are licensed to use the Patent in
respect of the Product or otherwise.

      

      9.   Assignment.

      

      Licensee
may not assign this Agreement or License to anyone without prior
written consent, excluding any parent or subsidiary, and excluding as part of the sale of any portion
of its business, or pursuant to any merger, consolidation, or reorganization or
operation of law.

      

      10.   Governing
Law.

      

      This
Agreement and performance hereunder shall be governed by the laws of the State
of Massachusetts.  Sole venue and jurisdiction for any proceedings
under this Agreement shall be in the state and federal courts located in
Massachusetts, United States of America.

      

      11.   Force
Majeure.

      

      Except
for an obligation to pay fees, neither party shall be liable for failure to
perform any of its obligations under this Agreement during any period in which
such party cannot perform due to matters beyond their control, including, but
not limited to, strike, fire, flood, or other natural disaster, war embargo, or
riot, provided that the party so delayed immediately notifies the other party of
such delay.

       

      
        
          
          

        

        
          Sheet 6
of 7

          
            

          

        

        
          
          

        

      

       

      12.   Notices.

      

      All
notices required or permitted under this Agreement shall be in writing and shall
be deemed delivered when delivered in person or deposited in the United States
mail, postage prepaid, registered, or certified mail, return receipt requested
at the address first set forth above, directed to ‘Attn. Legal Department’ or
‘Attn. Accounting Department’ as appropriate.  Facsimile or electronic
signatures shall be deemed equivalent to original signatures for purposes of
this Agreement.

      

      13.   Waiver.

      

      The
waiver or failure of Licensor to exercise in any respect any right provided for
herein shall not be deemed a waiver of any further right hereunder.

      

      14.   Severability.

      

      If any
provision of this Agreement is invalid, illegal, or unenforceable under any
applicable statute or rule of law, it is to that extent to be deemed modified in
order to comply with applicable law, and the remaining provisions shall not be
affected in any way.

      

      15.   Entire Agreement and
Amendment.

      

      This
Agreement constitutes the entire agreement and understanding between the parties
and supersedes any prior agreement or understanding whether oral or written
relating to the subject matter hereof.  This Agreement may be modified
only by a written agreement signed by both parties, and no deletion, additions,
or revisions to this Agreement will be valid unless signed by both
parties.  The headings used herein are for convenience only and shall
not control or affect the meaning or construction of any provisions of this
Agreement.

      

      

      WHEREFORE, the parties have
caused their authorized representatives to signify their agreement to these
terms by signing below.

      

      
        	
                /s/
      Dwight Babcock

              	 
      	
                /s/
      Robert Cascella

              
	
                ISORAY
      MEDICAL, INC.

              	 
      	
                LICENSOR
      SIGNATURE

              
	
                Printed
      Name: Dwight Babcock

              	 
      	
                Printed
      Name: Robert A. Cascella

              
	
                Title:
      CEO

              	 
      	
                Title:
      President, Chief Operating Officer

              

      

       

      
        
          
          

        

        
          Sheet 7
of 7

          
            

          

        

        
          
          

        

      

      

      

      APPENDIX
A – LICENSED PATENTS – restricted to field of brain brachytherapy

      

      
        	
                Docket
      No.

              	
                Title

              	
                Serial
      No.

              	
                Patent
      No.

              
	
                14.001011
      CA

              	
                Tumor
      Treatment (CA)

                 

              	
                2,068,281

              	
                2,068,281
      (CA)

              
	
                14.001011
      US PRI

              	
                Tumor
      Treatment

                Children:

                ·    
      08/727,259

                ·    
      09/158,682

                ·    
      08/307,165

                ·    
      08/818,966

              	
                07/715,923

              	
                5,429,582

              
	
                14.001011
      US CON

              	
                Radiation
      Treatment of Tumors Using Inflatable Devices

                Parent:
      5,429,582 (07/715,923)

                Children:

                ·    
      08/727,259

                ·    
      09/158,682

                ·    
      08/818,966

              	
                08/307,165

              	
                5,611,767

              
	
                14.001011
      US DIV 4

              	
                Tumor
      Treatment

                Parent:
      5,611,767 (08/307,165)

                Children:
      09/158,682

              	
                08/818,966

              	
                6,022,308

              
	
                14.001011
      US CON 3

              	
                Tumor
      Treatment

                Parent:
      6,022,308 (08/818,966)

              	
                09/158,682

              	
                6,083,148

              
	
                14.001011
      JP

              	
                Tumor
      Treatment

              	
                05-500858

              	
                3,505,622  Japan

              
	
                14.001011
      EP

              	
                Tumor
      Treatment

              	
                92913085.4

              	
                0586567
      EU

                Britain,
      France,

                Germany
      &Italy

              
	
                14.001011
      JP

              	
                Tumor
      Treatment

                No
      Children

              	
                05-500858

              	
                3,505,622  Japan

              
	
                14.002011
      US CIP

              	
                Inflatable
      Devices for Tumor Treatment

                Parent:
      5,611,767 (08/307,165)

                Children:
      PCT/US97/18250

              	
                08/727,259

              	
                5,931,774

              
	
                14.002011
      JP

              	
                “Inflatable
      Devices for Tumor Treatment

              	 
      	
                ISSUED
      7/6/07

                3981415

              

      

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      
        	
                14.002011
      EP

              	
                Inflatable
      Devices for Tumor Treatment

              	 
      	
                ISSUED
      2/09/05

                0934094
      / Validated in DE, FR, and GB

              
	
                14.002011
      CA

                 

              	
                “Inflatable
      Devices for Tumor Treatment

                ISSUED
      07/29/08, No Children Filed

              	 
      	
                Patent
      Number 2267958

              
	
                14.003011
      US PRI

              	
                Catheter
      with Permeable Hydrogel Membrane

                Children:
      09/724,121

              	
                09/275,910

              	
                6,200,257

              
	
                14.003011
      US CON 1

              	
                Catheter
      with Permeable Hydrogel Membrane

                Parent:
      6,200,257 (09/275,910)

              	
                09/724,121

              	
                6,537,194

              
	
                14.004011
      US CIP

              	
                Interstitial
      Brachytherapy Apparatus and Method for Treatment of Proliferative Tissue
      Diseases

                Parent:
      5,913,813 (08/900,021)

                Children:
      09/464,727

              	
                09/293,524

              	
                6,413,204

              
	
                14.005011
      US CIP

              	
                Asymmetric
      Radiation Dosing Apparatus and Method

                Parent:
      6,413,204 (09/293,524)

                Children:
      PCT/US00/33613

              	
                09/464,727

              	
                6,482,142

              
	
                14.005011
      CA

              	
                Asymmetric
      Radiation Dosing Apparatus and Method

              	
                2,394,562

              	
                2,394,562
      (CA)

              
	
                14.005011
      EP

              	
                Asymmetric
      Radiation Dosing Apparatus and Method

              	 
      	
                Patent
      Number 1239920 / Validated in CH, DE, ES, FR, GB, IE, IT,
    NL

              
	
                14.006011
      US PRI

              	
                Double-Wall
      Balloon Catheter for Treatment of Proliferative Tissue

                Children:

                ·    
      09/293,524

                ·    
      09/464,727

                ·    
      PCT/US98/12960

              	
                08/900,021

              	
                5,913,813

              

      

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

      
        	
                14.006011
      CA

              	
                Double
      Wall Balloon Catheter for Treatment of Proliferative
Tissue

              	
                2,296,430

              	
                2,296,430
      (CA)

              
	
                14.006011
      EP

              	
                Double
      Wall Balloon Catheter for Treatment of Proliferative
Tissue

              	
                DE,
      FR, and GB Designated

                European
      Patent Application No. 98931470.3

                Filed
      6/22/98 based on PCT/US87/12960 98 and 08/900,021, filed
      7/24/97.

              	 
      
	
                14.006011
      JP

              	
                Double
      Wall Balloon Catheter for Treatment of Proliferative
Tissue

              	
                2000-503899

                 

              	
                Patent
      Number 3920568

              
	
                14.006011
      JP-DIV

              	
                Double
      Wall Balloon Catheter for Treatment of Proliferative Tissue

                Parent:
      2000-503899

              	
                2005-297129

              	
                Patent
      Number 4002985

              
	
                14.007011
      US PRI

              	
                Hazardous
      Fluid Infuser

                Children:

                ·    
      PCT/US00/21427

                ·    
      09/761,790

              	
                09/369,903

              	
                6,238,374

              
	
                14.007011
      US CON 1

              	
                Radiation
      Shield for a Syringe

                Parent:
      6,238,374 (09/369,903)

              	
                09/761,790

              	
                6,589,158

              
	
                14.007011
      US CON 1

              	
                Radiation
      Shield for a Syringe

                Parent:
      6,238,374 (09/369,903)

              	
                09/761,790

              	
                6,589,158

              
	 
      	 
      	 
      	 
      
	
                14.011011
      US PRI

              	
                “Brachytherapy
      Apparatus and Method For Treating A Target Tissue Through An External
      Surface of The Tissue”

              	
                10/704,344

                 

              	
                Patent
      Number 7,494,457

              

      

       

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

         

      

      
        	
                14.011011
      US EP

              	
                “Brachytherapy
      Apparatus and Method For Treating A Target Tissue Through An External
      Surface of The Tissue”

              	
                European
      Application No. 04810534.0

                 

              	
                Patent
      Number 1680188 / Validated in CH, DE, ES, FR, GB, HK, and IE / Waiting for
      Validation in IT

              
	
                14.011011
      US PCT

              	
                “Brachytherapy
      Apparatus and Method For Treating A Target Tissue Through An External
      Surface of The Tissue”

              	
                PCT/US04/37205

              	
                National
      Phase in AU (2004289269), BR (PI0416261-7), CA (2,544,775), CN
      (200480039794.7, Now Published 1/24/07 #CN 1901970A), EP (04810534.0, Now
      Issued 1/9/08 # 1680188), IN (501/MUMNP/06), JP (2006-539712, Now
      Published 4/26/07 #2007-510513), KR (10-2006-7009300, Now Published
      5/11/07 #10-2007-0049597), MX (PA/a/2008/005062, Now Published 10/17/06
      #2006/005062), NL (04810534.0)

              
	
                14.012011
      US PRI

              	
                Drug
      Eluting Brachytherapy Methods and Apparatus

              	
                10/714,586

              	
                7,524,275

              
	
                14.012011
      US PCT

              	
                Drug
      Eluting Brachytherapy Methods and Apparatus

              	
                PCT/US04/37560

              	
                National
      Phase in AU (200429107), BR (PI0416502-0), CA (2,545,925), CN
      (200480040261.0, Now Published 2/21/07 #CN 1917920A), EP (04810703.1, Now
      Published 6/28/06 #0682225), HK (06111356.9), IN (707/MUMNP/2006), JP
      (2006-539825, Now Published 5/10/07 #2007-511281), KR (10-06-7009412), MX
      (PA/a/2006/005352)

              

      

       

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

       

      
        	
                14.014011
      US PRI

              	
                Implantable
      Radiotherapy/Brachytherapy Radiation Detecting Apparatus And
      Methods

              	
                10/704,340

              	
                7,354,391

              
	
                14.014011
      US CON

              	
                Implantable
      Radiotherapy/Brachytherapy Radiation Detecting Apparatus And
      Methods

                Parent:
      10/704,340

              	
                12/046,005

              	 
      
	
                14.014011
      US PCT

              	
                Implantable
      Radiotherapy/Brachytherapy Radiation Detecting Apparatus And
      Methods

              	
                PCT/US04/36918

              	
                National
      Phase in AU (2004288687), BR (PI0416259-5), CA (2,544,766), CN
      (200480039793.2, Now Published 1/24/07 #CN 1901969A), EP (04800794.2, Now
      Published 7/19/06 #1680187), HK (06111353.2), IL (175387, Now Abandoned),
      IN (503/MUMNP/06), JP (2006-539665, Now Published 4/26/07 #2007-510508),
      KR (10-2006-7008902, Now Published 1/24/07 #10-2007-0011234), MX
      (PA/a/2006/005060, Now Allowed)

              

      

      

      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

      

      APPENDIX
B:

      

      Licensed
Trademarks:

      

      
        	
                GLIASITE

              	
                Reg.
      No. 2,315,000 (U.S.)

              
	
                GLIASITE

              	
                Reg.
      No. 005142245 (CTM)

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