Document:

TERM
      SHEET FOR AN INVESTMENT IN

    MEDASORB
      TECHNOLOGIES, LLC

    Dated
      October 26, 2005

    

    

    
      	
              Investor:

            	 	
              Margie
                Chassman and/or her designees (the “Investor”)

            
	 	 	 
	
              Form
                of Investment:

            	 	
              $1
                million loan (the “Loan”) to MedaSorb Technologies LLC (the “Company”).
                For purposes hereof, the “Company” shall include MedaSorb Technologies
                Inc. following the recapitalization described below. The Loan, which
                was
                advanced to the Company in August 2005, shall bear interest at a
                rate of
                6% per annum and be repayable in cash or, at the option of the Investor,
                converted into the Units issued in the Private Placement (defined
                below),
                at a conversion price equal to the price per Unit sold in the Private
                Placement, no later than December 31, 2006.

            
	 	 	 
	 	 	
              The
                Loan shall be repaid earlier upon receipt by the Company of new equity
                capital from the Private Placement in excess of $5.5 million, in
                such
                amount as the proceeds received exceed $5.5 million; provided, however,
                that in the event the Company fails to raise new equity capital in
                the
                Private Placement in the amount of $6.5 million, within 120 days
                from the
                date subscription materials are first circulated to potential investors
                in
                the Private Placement, the balance of the Loan still outstanding
                shall, at
                the Company’s option, be converted into the Units sold in the Private
                Placement. For the purposes hereof, new equity capital shall exclude
                (i)
                the Loan made by the Investor hereunder, and (ii) funds received
                as of the
                date hereof from existing members of the Company as disclosed on
                Schedule
                2 to that certain letter agreement (the “Letter Agreement”) between the
                Company and vFinance Investments,
                Inc.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	 	 	
              In
                consideration for funding the Loan, the Investor or her designees
                will be
                entitled to be issued 10 million shares of common stock of the Company,
                subject to adjustment as provided below (the “Loan Shares”). The Loan
                Shares will not be issued until the later of the funding of the Loan
                and
                the consummation of the recapitalization described below. The Loan
                Shares
                will be held in escrow until the earlier of December 31, 2005 and
                the
                closing of a merger transaction (a “Qualified Merger”), consistent with
                the terms provided for in this Term Sheet (including, without limitation,
                the terms set forth in the paragraph below opposite the heading
                “The
                Merger”),
                between the Company and a publicly reporting company (“Shellco”) that (i)
                has a class of common stock quoted on the OTC Bulletin Board (or
                The
                Nasdaq Stock Market), (ii) is current in its reporting obligations
                under
                the Securities Exchange Act of 1934, (iii) has no more than $100,000
                in
                net liabilities at the closing of the Qualified Merger, and (iv)
                is
                otherwise reasonably acceptable to the Company. Upon the closing
                of a
                Qualified Merger on or prior to December 31, 2005, the Loan Shares
                will be
                released from escrow to the Investor. In the event a Qualified Merger
                is
                not consummated on or prior to December 31, 2005, the Loan Shares
                will be
                released from escrow and returned to the Company for cancellation.
                The
                holders of the Loan Shares will (i) enter into a lock-up agreement
                pursuant to which they will agree not to dispose of the Loan Shares
                or any
                other securities issued to them in the Qualified Merger in respect
                thereof
                during the 12-month period following the closing of the Qualified
                Merger
                (the “Lock-Up Period”), and (ii) permit the Company through an appropriate
                legal instrument to exercise the voting rights with respect to such
                shares
                until the earlier to occur of a transfer of those shares to an unrelated
                third party or the expiration of two years.

            
	 	 	 
	
              Recapitalization:

            	 	
              Prior
                to the closing of the Qualified Merger, the Company will (i) complete
                its
                conversion from a limited liability company to a corporation, (ii)
                effect
                a reverse stock split as a result of which it shall have 10 million
                shares
                of common stock outstanding, which shall not include currently outstanding
                options and warrants (including warrants to be issued upon conversion
                of
                the senior secured convertible debt) and shares or options issued
                to
                certain professionals retained by the Company (the “Compensatory Equity”),
                and (iii) cause at least $6 million of its outstanding senior secured
                convertible debt to be converted to equity.

            
	 	 	 
	
              The
                Merger:

            	 	
              The
                Investor will assist in arranging a Qualified Merger with a Shellco.
                Upon
                the closing of the Qualified Merger, the current members of the Company
                will own no less than 46% of the Adjusted Outstanding Shares of Shellco
                on
                a fully-diluted basis. For this purpose, the “Adjusted Outstanding Shares
                of Shellco” shall mean (i) the shares of Shellco common stock outstanding
                immediately prior to the closing of the Qualified Merger and the
                Private
                Placement, plus (ii) the shares of Shellco common stock and convertible
                securities issued to the existing members of the Company in the Qualified
                Merger (excluding the shares of common stock or other equity of Shellco
                issued in respect of the Compensatory Equity), plus (iii) the shares
                of
                Shellco common stock issued in respect of the Loan Shares. The Qualified
                Merger will be conditioned on closing the Private Placement described
                below, and subject to customary terms and conditions to be set forth
                in
                definitive agreements. The number of shares of Shellco common stock
                to be
                issued to the Company’s existing members following the closing of the
                Qualified Merger will be increased in the event of a breach of the
                representations or warranties of Shellco in the merger
                agreement.

            

    

     

    
      
         

      

      
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              The
                Financing:

            	 	
              Prior
                to or concurrent with the closing of the Qualified Merger (and as
                a
                condition thereto), in a private placement of Shellco’s securities (the
                “Private Placement”), Investor will invest or arrange for others to invest
                a minimum of $3,000,000 (net of all fees and expenses) (the “Minimum
                Offering”) and a maximum of $11,500,000, through the sale of Units (as
                defined below) based on a pre money valuation of the Company of at
                least
                $25 million. In calculating whether the Minimum Offering amount has
                been
                met, both (i) investments from current members of the Company received
                as
                of the date hereof, as disclosed on Schedule 2 to the Letter Agreement,
                and (ii) the Loan (whether or not converted into Units in the Private
                Placement), will be included. Each Unit shall consist of one share
                of
                common stock of Shellco and a five-year warrant to purchase one-half
                of a
                share of common stock of Shellco at a price per share equal to 150%
                of the
                price per Unit sold in the Private Placement (assuming no portion
                of the
                price per Unit is attributed to the warrants). The warrants will
                be
                callable on thirty days’ notice by Shellco for a nominal price beginning
                six months after the completion of the Private Placement at any time
                that
                the lowest closing price of Shellco’s common stock for twenty consecutive
                trading days is at least 200% of the price per Unit sold in the Private
                Placement, provided that a registration statement under the Securities
                Act
                of 1933 is then in effect with respect to the shares underlying the
                warrants. The warrants may be exercised by the holders thereof during
                the
                30-day notice period. Broker-dealers and agents will receive 8% cash
                commissions, a non-accountable expense allowance of 2% and warrants
                to
                purchase 10% of the number of shares of Shellco common stock sold
                in the
                Private Placement at a price per share equal to approximately 67%
                of the
                price per Unit sold in the Private Placement. No compensation under
                the
                previous sentences shall be payable in respect of (i) amounts invested
                by
                existing members of the Company, (ii) Units issued upon conversion
                of the
                Loan, (iii) Units issued as part of the Minimum Offering, or (iv)
                any
                other funds not procured by or through persons legally able to receive
                such compensation.

            

    

     

    
      
         

      

      
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              The
                shares of common stock underlying the brokers’ warrants will have demand
                and piggyback registration rights. In addition, Shellco will agree
                to file
                a registration statement covering the shares of common stock sold
                in the
                Private Placement and the shares of common stock underlying the warrants
                sold in the Private Placement within 90 days of the closing of the
                Qualified Merger, and to diligently process it to
                effectiveness.

               

              Provided
                the Qualified Merger is completed, the Company will agree to pay
                up to
                $15,000 in fees for the Investor’s attorney in connection with the Loan
                and the consummation of the Qualified Merger, payable at the Closing
                of
                the Qualified Merger.

            

    

     

    This
      Term
      Sheet shall be binding upon the funding and acceptance of the Loan by the
      Company (except to the extent provided otherwise by the documents entered into
      in connection with the funding thereof and/or the Qualified
      Merger).

     

    
      	
              INVESTOR:

               

                 /s/ Margie
                Chassman                           
                

              Margie Chassman

            	
              COMPANY:

               

              MedaSorb Technologies LLC

              By:
                /s/ Al
                Kraus                                  
                          

            

    

    

    
      
         

      

      
        4VOTING
      AND LOCK-UP AGREEMENT

     

    VOTING
      AND LOCK-UP AGREEMENT (this “Agreement”), dated as of this __ day of _______,
      2006, by and between __________ (“Chassman”), and MEDASORB TECHNOLOGIES
      CORPORATION (the “Company”).

     

    WITNESSETH

     

    WHEREAS,
      Chassman beneficially owns and holds _________ shares (the “Shares”) of common
      stock, par value $.001 per share (the “Common Stock”) of the Company;
      and

     

    WHEREAS,
      ____________ has agreed to give the Company an irrevocable voting proxy on
      the
      Shares and not to dispose of the Shares until June 30, 2007, all as set forth
      under the terms and conditions of this Agreement.

     

    NOW
      THEREFORE, in consideration of the premises and the mutual representations,
      warranties, covenants and agreements hereinafter set forth, the parties hereto
      do hereby agree as follows:

     

    
      	 	
              1.

            	
              Grant
                of Proxy.

            

    

     

    (a) ____________
      hereby appoints the Company to act as the proxy of ____________, and grants
      the
      Company the power to vote cumulatively or otherwise, (i) the Shares; and (ii)
      any shares of Common Stock of the Company acquired by ____________ subsequent
      to
      the date hereof in respect of the Shares as a result of any stock split or
      stock
      dividend with respect to the Common Stock (the “Additional Shares”, and together
      with the Shares, the “Proxy Shares”) at any annual or special meeting of
      stockholders of the Company, or any adjournment or adjournments thereof at
      which
      the Proxy Shares would be entitled to vote. The Company shall have the right
      to
      exercise, in person or by its nominees or proxies, all voting rights and powers
      granted under the Nevada Revised Statutes in respect of Proxy Shares, and to
      take part in or consent to any corporate or shareholder action of any kind
      whatsoever permissible under the Nevada Revised Statutes. The right to vote
      shall include the right to vote for the election of directors and in favor
      of or
      against any resolution or proposed action of any character whatsoever that
      may
      be presented at any meeting or require the consent of shareholders of the
      Company.

     

    (b) This
      proxy is coupled with an interest and is irrevocable.

     

    (c) The
      proxy
      provided pursuant to this Agreement shall continue until the earlier to occur
      of
      (i) June 30, 2008, and (ii) the transfer of the Proxy Shares to an unrelated
      third party of ____________ (but solely with respect to the Proxy Shares so
      transferred).

     

    2.    Voting
      Agreement.
      ____________ further covenants and agrees that at each annual meeting of the
      stockholders of the Company, at each special meeting of the stockholders of
      the
      Company called for any purpose, and at any time at which stockholders of the
      Company shall have the right to, or shall, vote for or consent to any matter,
      then, in each such event, ____________ shall vote all Proxy Shares, to the
      extent the proxy provided for under Section 1 above has been revoked or
      otherwise no longer in effect, in the manner instructed by the Company. This
      Section 2 shall terminate upon the earlier to occur of (i) June 30, 2008, and
      (ii) the transfer of the Proxy Shares to an unrelated third party of
      ____________ (but solely with respect to the Proxy Shares so
      transferred).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.    Restrictive
      Legend.

     

    Each
      certificate evidencing the Proxy Shares shall be stamped or otherwise imprinted
      with a legend in substantially the following form:

     

    THE
      TRANSFER OF THESE SECURITIES IS SUBJECT TO THE TERMS AND CONDITIONS OF A VOTING
      AND LOCK-UP AGREEMENT DATED AS OF _______ __, 2006, AS IT MAY BE AMENDED FROM
      TIME TO TIME, AMONG MEDASORB TECHNOLOGIES CORPORATION AND THE HOLDER OF RECORD
      OF THIS CERTIFICATE, AND NO TRANSFER OF SUCH SECURITIES SHALL BE VALID OR
      EFFECTIVE EXCEPT IN ACCORDANCE WITH SUCH AGREEMENT AND UNTIL SUCH TERMS AND
      CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT
      NO
      COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO
      THE
      SECRETARY OF MEDASORB TECHNOLOGIES CORPORATION

    

    4.    Dividends
      and Distributions.

     

    ____________
      shall be entitled to receive payments of all dividends and other distributions
      with respect to the Proxy Shares and upon the declaration of any dividend
      ____________ shall receive all such dividends or other distributions to be
      distributed by the Company. Any dividends or other distributions consisting
      of
      (i) Common Stock or (ii) distributions of or conversions into additional shares
      of Common Stock shall be subject to the terms of this Agreement on the same
      basis as the respective Shares on which such dividends were
      declared.

     

    5.    Lock-Up.
      ____________ further agrees that until June 30, 2007, she will not, without
      the
      prior written consent of the Company, sell, offer to sell, contract or agree
      to
      sell, hypothecate, pledge or otherwise dispose of or agree to dispose of,
      directly or indirectly, any of the Proxy Shares. The foregoing sentence shall
      not apply to (a) bona fide gifts, provided the recipient thereof agrees in
      writing to be bound by the terms of this Agreement, and (b) dispositions to
      any
      trust for the direct or indirect benefit of the undersigned and/or the immediate
      family of ____________, provided that such trust agrees in writing to be bound
      by the terms of this Agreement. 

     

    6.    Governing
      Law. 

     

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York applicable to agreements made and to be performed
      therein.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    7.    Counterparts.

     

    This
      Agreement may be executed in any number of counterparts and all such
      counterparts taken together shall be deemed to constitute one and the same
      Agreement.

     

    8.    Notices.

     

    All
      notices hereunder shall be in writing
      and shall be deemed to have been duly given (a) when delivered personally,
      (b)
      upon receipt of a transmission confirmation (with a confirming copy delivered
      personally or sent by overnight courier) if sent by facsimile or like
      transmission, or (c) on the next business day when sent by Federal Express,
      United Parcel Service, U.S. Express Mail or other reputable overnight courier
      for guaranteed next day delivery, as follows.

     

    If
      to
      ____________: at
      her
      address shown on the books and records of the Company.

     

    If
      to the
      Company: at
      7 Deer
      Park Drive, Suite K, Monmouth Junction, New Jersey 08852.

     

    Either
      party may change the address to which notices are to be sent to it by giving
      written notice of such change of address to the other party in the manner above
      provided for giving notice. 

     

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

     

    

    
      	 	______________________________
              _____________

               

              

              MEDASORB
                TECHNOLOGIES CORPORATION

              

               

              By:                                                                                    
                      

              Al
                Kraus, Chief Executive
                Officer

            

    

    

      
        
           

        

        
          3

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