Document:

Unassociated Document

    
      

      

    

    EXHIBIT
10.28

     

    September
9, 2009

    

    Ms.
Caitlin Jeffs, P.Geo.

    President
& CEO

    Red Metal
Resources Ltd.

    195 Park
Ave.

    Thunder
Bay, Ontario

    P7B
1B9

    

    Re:
Preparation of an NI 43-101 Technical Report for the Azucar Project, Hausco
Province, Region III, Chile

    

    Dear
Caitlan:

    

    Following
our recent conversations, Micon International Limited (Micon) is pleased to
present the following proposal to act as the independent Qualified Person for
Red Metal Resources Ltd. (Red Metal) in compiling a Property of Merit report for
the Azucar property, in compliance with Canadian National Instrument 43-101 (NI
43-101).  It is understood that Red Metal is about to commence an
exploration program on the property, the principal objective of which is to
confirm the results of previous exploration programs.  It is also
understood that drilling will be conducted as part of the exploration program
and the report will review and discuss the objectives of the drilling
program.  The completed report will be used as Red Metal’s qualifying
report for listing on the Venture Exchange.

    

    PROPOSED
SCOPE OF WORK

    

    The
ultimate purpose of this assignment is to review the exploration and drilling
program undertaken by Red Metal and to compile an NI 43-101 report describing
the drilling program, historical exploration and outline a budget of further
work.  In order to satisfy the requirements of NI 43-101, it is
considered highly desirable that Micon become involved prior to the start of the
drilling program, in order to ensure that drilling, sampling, assaying and
quality control procedures can be independently certified as meeting industry
standards.  Accordingly, Micon proposes the following general scope of
work.

    

    It is
recommended that Micon visits the property during the drilling program and that
this visit take place as soon as possible after the confirmation drilling
commences, so that all sampling and quality control procedures can be observed
and remedial action, if required, can be taken at an early stage.

    

    The final
stage of the assignment will be preparation of the NI 43-101 report, describing
the historical work, Red Metal’s exploration program and recommending a program
of further work on the property.

     

    Micon
understands that Red Metal will choose to write, subject to editing by Micon,
some or all of the additional “boiler plate” for the report and to prepare any
basic maps and figures in order to reduce costs and speed up the process of
report preparation.  It is anticipated that a draft of the complete
43-101 report would be ready for review approximately two to three weeks
following receipt from Red Metal of the last of the data needed to complete the
report.

     

    

    
      
        
          SUITE
900 - 390 BAY STREET, TORONTO ONTARIO, CANADA M5H 2Y2

          Telephone
(1) (416) 362-5135   Fax (1) (416) 362
5763

        

      

      
         

        
          

        

      

      
         

      

    

     

    Quality
control and editing of the final document will be performed by a senior member
of Micon’s professional staff.  Deliverable items will include the
required number of copies of the Technical Report and an electronic version of
the Technical Report suitable for submission to the SEDAR web site.

    

    In
performance of the work, it is understood that Micon may be supplied with
certain information and/or data by Red Metal or others and that Micon will rely
on same.  It is agreed that the accuracy of such information is not
within Micon’s control, and that Micon shall not be liable for its accuracy, nor
for its verification, unless this agreement so provides.

    

    The term
“Confidential Information” shall mean information furnished by Red Metal to
Micon relating to the work and which is designated in writing as confidential by
Red Metal.  Micon shall hold Confidential Information in confidence
and not use it or disclose it to others, except as may be required for the
performance of the work or under compulsion of law.

    

    In
preparing the 43-101 report, Micon will be relying on certain data provided by
Red Metal.  In this connection, Red Metal warrants that:

    

    
      	
              (i)  

            	
              it
      will, to the best of its knowledge and belief, provide to Micon all
      information and data necessary for completion of this
      assignment;

            

    

    

    
      	
              (ii)  

            	
              the
      information provided to Micon in the course of this assignment shall, to
      the best of its knowledge and belief, be accurate and materially complete;
      and

            

    

    

    
      	
              (iii)  

            	
              should
      it become aware of any misrepresentation, error or omission in the data
      and information provided to Micon, it shall inform Micon of this at its
      earliest opportunity.

            

    

    

    PERSONNEL

    

    The
assignment proposed herein will be under taken by the following personnel, both
of whom are Qualified Persons with respect to NI 43-101:

    

      
        	
                    
      Christopher R. Lattanzi, P. Eng.

              	
                :    
      Report Review

              
	
                     William J. Lewis, P.
      Geo.

              	
                :     Geologist and Report
      Author

              

      

       

    

    Christopher Lattanzi, former
President of Micon, is a mining engineer with 40 years of operating and
consulting experience throughout the world.  He has been involved in
the review of feasibility studies and the monitoring of mining projects for over
30 years.  Mr. Lattanzi has written and lectured widely on mine
valuation and on the factors that are critical to the success of mineral
developments.  He has appeared as an expert witness in these matters
before courts in the United States and Canada.

    

    William (Bill) Lewis is a
Senior Geologist with Micon. He has 20 years of professional experience with
both exploration and mining projects, including 10 years of experience in
production, mineral resource estimation, ore reserve reporting and grade control
in underground mines. Prior to joining Micon, he was the Chief Geologist at the
New Britannia mine in Snow Lake, Manitoba and part of the management team
responsible for the successful operation of this low-grade mine.  He
also held the position of Production Geologist at the Giant gold mine in
Yellowknife, NWT.  The gold mineralization at both the New Britannia
and Giant mines was associated with hydrothermally altered and sulphide-bearing
mafic volcanic rocks hosted in zones of shearing and deformation.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    Micon
will make every effort to make available a fully qualified team to undertake
this assignment.  The named personnel are currently available to work
on this assignment according to the schedule requested by Red Metal or as
proposed.  If for any reason the start or progress of the assignment
is delayed by Red Metal for more than 15 days from its acceptance of this
proposal and its terms, Micon does not guarantee that all proposed team members
will be available and reserves the right to propose suitable alternative
personnel.

    

    COMMERCIAL
TERMS

    

    Micon
charges for its professional services on the basis of the time spent working on
the affairs of its clients.  The following fee rates are applicable to
this assignment:

    

      
        	
                    
      Christopher R. Lattanzi

              	
                :    
      Cdn$225 per hour 

              
	
                    
      William Lewis

              	
                :    
      Cdn$180 per hour

              
	
                     Lynn
      Mortimore

              	
                :    
      Cdn$85 per hour

              

      

       

    

    Expenses
are billed, in addition to fees, in the following manner:

    

    
      	
              ·  

            	
              A
      service charge of 3% of professional fees is added to each invoice to
      cover office expenses such as telephone charges, electronic communication,
      in-house printing, photocopying and the
like.

            

    

    

    
      	
              ·  

            	
              External
      charges incurred for items such as travel on out-of-office assignments,
      assaying or testing, and printing and binding of reports will be invoiced,
      in addition, at cost.

            

    

    

    It is not
possible, at this time, to estimate with precision the cost of the assignment
proposed herein.  Micon’s experience with similar assignments,
however, suggests that fees will be in the range of Cdn$22,000 to
Cdn$32,000.  Micon will make every reasonable effort to minimize this
cost.  The estimated fees exclude expenses incurred for travel and
subsistence while on site.  The site visit will be between Toronto and
the closest city to the site.  Micon will invoice Red Metal for
expenses at its cost and will do its best to conduct the work in a manner which
minimizes total expenses.  At this point we believe that the site
visit may require between five and seven days, including travel time, with the
airfare and expenditures for the site visit totalling between Cdn$7,000 and
$10,000.  Travel time outside normal office hours is billed at 50% of
the fee rates quoted above.  It is Micon’s general practice to travel
business class on international assignments.

    

    It is
Micon’s standard practice with all clients to secure an initial payment of
approximately 50% of the estimated cost of a project prior to the site visit and
the commencement of work.  In this instance, we suggest that an amount
of Cdn$16,000 is appropriate.  A portion of the advance requested from
Red metal will be set against each monthly invoice until it is drawn
down.  Invoices will be rendered monthly and payment is due within 30
day of receipt.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Sincerely

    

    MICON
INTERNATIONAL LIMITED

    

    

    “William
J Lewis”

    

    

    William
J. Lewis, P.Geo.

    Senior
Geologist

    

    

    

    We trust
that this proposal is fully responsive to your requirements.Should you find the
terms of this proposal acceptable and wish to retain Micon, your acceptance of
this proposal and its terms will be shown by your signature
below.  The accepted proposal will form part of the agreement for
services between Micon and Red Metal.  Please fax or mail a copy to
our Toronto office

    

    

    

    

    _____________________________________                                ______________________

    Client
Signature                                                                                                           Date

    

    

    

    

    _____________________________________                                 ______________________

    Micon
Signature                                                                                                           Date

     

    
      
        
           

        

         

      

      
        4

        
          

        

      

      
         

      

    

    AGREEMENT
FOR TECHNICAL SERVICES

    

    This
agreement is entered into on September 9, 2009, between Micon International
Limited (Micon), with principal offices at 900 - 390 Bay Street, Toronto,
Ontario, Canada M5H 2Y2 and Red Metal Resources Ltd. (the Client) whose business
address is 195 Park Ave., Thunder Bay, Ontario, P7B 1B9.

    

    Micon
shall perform the services and shall be paid in accordance with Schedule A,
which is attached hereto.

    

    
      	
              1.  

            	
              Micon
      warrants that it will perform the work as outlined in Schedule A in
      accordance with the standards of care and diligence normally practised by
      recognized consulting firms in performing work of similar
      nature.  If, during the three-month period following completion
      of the work under this agreement, it is shown that there is an error in
      the work as a result of Micon’s failure to meet those standards, and the
      Client has notified Micon in writing of any such error within that period,
      Micon shall perform, at its own cost, such corrective services within the
      original scope of work as may be necessary to remedy such
      error.  The cost to Micon of fulfilling its responsibility under
      this paragraph 1 shall not exceed ten per cent of Micon’s gross fees
      billed under this agreement.

            

    

    

    
      	
              2.  

            	
              Micon
      will maintain in force during the period that the work is performed under
      this agreement professional liability, personal injury, property damage
      and non-owned automobile insurance.  Micon will provide evidence
      of insurance in Schedule B to this agreement, if required by the
      client.

            

    

    

    
      	
              3.  

            	
              Micon
      will indemnify the Client against any and all claims, demands and causes
      of action for injury or death of persons or for damage to or destruction
      of property (other than property of the Client for which the Client
      assumes responsibility) resulting from any and all negligent or wilful
      acts or omissions of Micon and that of its officers, employees and agents
      while at the Client’s property, or properties that are the subject of the
      work described in Schedule A.  Except for Micon’s obligation
      under paragraph 1 above, Micon’s liability under this agreement shall not
      exceed the amounts recoverable and recovered under the scope and limits of
      the insurance coverages specifically required to be maintained by Micon
      under paragraph 2 above, and the Client agrees to release, defend and
      except to the extent of Micon’s negligence or wilful misconduct or that of
      its officers, employees or agents, indemnify Micon, its officers,
      employees and agents from and against any and all further liability
      arising in any manner from the work, including actions commenced or claims
      made by any third party.  The parties hereby waive, and shall
      require their insurers to waive, subrogation against the other party under
      any applicable policy of insurance.

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
              4.  

            	
              In
      performance of the work, it is understood that Micon may be supplied with
      certain information and/or data by the Client or others and that Micon
      will rely on same.  It is agreed that the accuracy of such
      information is not within Micon’s control, and that Micon shall not be
      liable for its accuracy, nor for its verification, unless this agreement
      so provides.

            

    

    

    
      	
              5.  

            	
              The
      Client warrants that:

               

            

    

    
      	
              i)  

            	
              It
      will, to the best of its knowledge and belief, provide to Micon all
      information and data necessary for the completion of the
    work;

            

    

    
      	
              ii)  

            	
              The
      information provided to Micon in the course of the work shall, to the best
      of its knowledge and belief, be accurate and materially complete;
      and

            

    

    
      	
              iii)  

            	
              Should
      it become aware of any misrepresentation, error or omission in the data
      and information provided to Micon, it shall inform Micon of this at its
      earliest opportunity.

            

    

    

    
      	
              6.  

            	
              As
      used herein the term “Confidential Information” shall mean information
      furnished by the Client to Micon relating to the work and which is
      designated in writing as confidential by the Client.  Micon
      shall hold Confidential Information in confidence and not use it or
      disclose it to others, except as may be required for the performance of
      the work or under compulsion of
law.

            

    

    

    
      	
              7.  

            	
              If
      the Client terminates this agreement with or without cause, then the
      Client shall provide ten business days written notice to
      Micon.  In such case, Micon shall be paid costs incurred and
      fees earned to the date of termination and through disbanding of the
      project team and neither party shall be entitled to any other compensation
      or damages from the other.

            

    

    

    
      	
              8.  

            	
              Neither
      party shall be responsible or held liable to the other for indirect or
      consequential damages, including but not limited to, loss of profit, loss
      of investment, loss of product or business
      interruption.  Neither party shall be in default hereunder to
      the extent that such default is caused by a cause beyond the party’s
      reasonable control.  The warranties, obligations, liabilities
      and remedies of the parties, as provided herein, are exclusive and in lieu
      of any others available at law or in equity save as expressly stated
      herein.  Indemnifications, releases from liability and
      limitations of liability shall apply notwithstanding the fault, negligence
      or strict liability of the party indemnified, released or whose liability
      is limited.  The parties agree to look solely to each other with
      respect to performance of this
agreement.

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
This
agreement and the attached Schedules constitute the complete basis for the
agreement.  No other representations of any kind, oral or otherwise,
have been made.  This agreement shall be governed by the laws of the
Province of Ontario, Canada.

    

    MICON
INTERNATIONAL LIMITED

    

    

    By:          ____________________________________________________

    Signature

    

    

    ____________________________________________________

    Print Name

    Date:       ____________________________________________________

    

    

    RED METAL
RESOURCES LTD.

    

    

    By:          ____________________________________________________

    Signature

    

    

    ____________________________________________________

    Print Name

    Date:       ____________________________________________________

     

     

     

    7exhibit101.htm

    
      

      

    

    Exhibit
10.1

     

    EXCHANGE
AGREEMENT

     

    THIS
EXCHANGE AGREEMENT (this “Agreement”), dated as of February 10, 2010, is entered
into by and between Oxis International, Inc., a Delaware corporation (“Oxis
International”), and Theorem Group, LLC, a California limited liability company
(the “Stockholder”).

     

    RECITALS

     

    A.           The
Stockholder, being the owner of all of the currently issued and outstanding
shares of Oxis International’s Series G Convertible Preferred Stock, par value
$.001 per share ("Series G Preferred"), currently owns 25,000 shares of Series G
Preferred;

     

    B.           The
documents issued by Oxis International evidencing the Series G Preferred contain
incorrect provisions, are ambiguous, and do not correctly reflect the terms
agreed to between Oxis International and the purchaser of the Series G
Preferred. In addition, a question has arisen as to the validity of the initial
issuance of the Series G Preferred, which shares were not created until several
months after the initial purchase and sale of the Series G
Preferred.

     

    C.           The
reports filed by Oxis International with the Securities and Exchange Commission
(the “SEC”) to disclose the terms of the Series G Preferred contain certain
inaccuracies, which inaccuracies create further uncertainties regarding the
rights of the Series G Preferred.  For example, Oxis International
initially disclosed that the Series G Preferred was designated as “Series E
Convertible Preferred Stock,” that the holder thereof could not convert the
Series G Preferred into more than 4.9% of Oxis International’s issued and
outstanding common stock (the Certificate of Designation states that the
foregoing percentage is 9.9%), and that the Series G Preferred had voting rights
on an as converted basis multiplied by 10 (Oxis International subsequently
disclosed that the voting multiple was 100).  Although most of these
inaccuracies have been corrected, there remains uncertainty as to certain of the
rights of the Series G Preferred.

     

    D.           Oxis
International and the Stockholder desire to correct the ambiguous and incorrect
provisions in the Certificate of Designation of the Series G Preferred, and
desire to clarify such corrected terms in the public reports filed by Oxis
International in its SEC reports.

     

    E.           Oxis
International has filed a Certificate of Designations with the Secretary of
State of the State of Delaware authorizing the issuance of a new series of Oxis
International’s preferred stock designated as “Series H Convertible Preferred
Stock” (the “Series H Preferred”), which Certificate of Designation corrects and
clarifies the incorrect and ambiguous terms of the Series G Preferred, but is
otherwise substantially similar to the Certificate of Designation of the Series
G Preferred.

     

    F.           In
order to correct and clarify the terms of the Series G Preferred, the
Stockholder desires to exchange all of its shares of Series G Preferred for an
equal number of newly issued shares of Series H Preferred, and Oxis
International desires to exchange the Series G Preferred

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    for an
equal number of newly issued shares of Series G Preferred, all on the terms and
conditions set forth in this Agreement.

     

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

     

    ARTICLE
1.

     

    

     

    SHARE
EXCHANGE

     

    Subject
to the terms and conditions of this Agreement, and in reliance upon the
representations, warranties, covenants and agreements contained herein, Oxis
International and the Stockholder hereby agree to correct the Series G Preferred
equity investment of the Stockholder in Oxis International as
follows:

     

    1.1.           Exchange and Cancellation of
Series G Preferred.  Oxis International and the Stockholder
hereby agree to exchange all of the currently issued and outstanding shares of
Series G Preferred for new shares of Series H Preferred.  In order to
effect the exchange of shares of Series G Preferred for Series H Preferred,
concurrently with the execution of this Agreement, the Stockholder is delivering
to Oxis International the stock certificate evidencing the 25,000 issued and
outstanding shares of Series G Preferred owned by the
Stockholder.  The foregoing Series G Preferred stock certificate has
been duly endorsed by the Stockholder for transfer to, and cancellation by Oxis
International in a manner satisfactory to Oxis International.  Oxis
International hereby acknowledges receipt of such stock certificate and agrees
to cancel all of the shares of Series G Preferred represented by the stock
certificate.

     

    1.2.           Issuance of Series H
Preferred.  Concurrently with the execution of this Agreement,
and in exchange for the shares of Series G Preferred delivered by the
Stockholder to Oxis International for cancellation, Oxis International is
delivering to the Stockholder a new stock certificate representing 25,000 shares
of its new Series H Preferred.  The new shares of Series H Preferred
have a $1.00 per share stated value, a per share conversion price equal the
lesser of (A) $0.01 and (B) 60% of the average of the 3 lowest trading prices
occurring at any time during the 20 trading days preceding conversion, and the
other rights, preferences and privileges contained in the “Certificate of
Designations--Series H Convertible Preferred Stock,” a certified copy of which
is attached hereto as Exhibit
A.

     

    1.3.           Oxis International Form
8-K.  Attached hereto as Exhibit B is the form
of a Current Report on Form 8-K that Oxis International hereby agrees to file
with the SEC no later than the fourth business day following the date of
execution of this Agreement and the exchange of securities being effected
concurrently with such execution.

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

     

    

      ARTICLE
2.

       

      STOCKHOLDER
RELEASE

    

     

    In
consideration of the issuance of the Series H Preferred and the other terms and
provisions of this Agreement, the Stockholder, on behalf of itself and on behalf
of its related entities (i.e., its shareholders, officers, directors,
administrators, principals, agents, attorneys, associates and other affiliates),
hereby, generally and unconditionally, releases, remises, acquits and forever
discharges Oxis International and its related entities (i.e., its officers,
directors, shareholders, principals, agents, attorneys, associates and other
affiliates), of and from any and all claims, demands, rights, actions, causes of
action, suits, contracts, debts, controversies, expenses, liabilities,
obligations, damages, losses, expenses (including, without limitation,
reasonable attorneys' fees), and allegations of any kind and character
whatsoever, whether legal, contractual, statutory, administrative or equitable
in nature or otherwise, direct or indirect, absolute, fixed or contingent, that
the Stockholder now owns, holds, has or claims to have, or owned at any time,
held, had or claimed to have had or may come to own, hold, have or claim to have
against Oxis International or its related entities arising out of or in
connection with the terms of the Series G Preferred and the Stockholder’s rights
thereunder.

     

    ARTICLE
3.

     

     

    REPRESENTATIONS
AND WARRANTIES OF STOCKHOLDER

     

    To induce
Oxis International to execute, deliver and perform this Agreement, the
Stockholder hereby represents and warrants to Oxis International as
follows:

     

    3.1.           Authority Relative to this
Agreement.  This Agreement has been duly authorized by all
necessary action of the Stockholder and has been duly executed and delivered by
the Stockholder, and is a valid and binding agreement of such Stockholder,
enforceable in accordance with its terms, except as such enforcement is subject
to any applicable bankruptcy, insolvency, reorganization or other laws relating
to or affecting creditors' rights generally and general principles of
equity.  Neither the execution nor the delivery of this Agreement nor
the consummation of the transactions contemplated hereby will conflict with, or
result in a breach of the terms, conditions or provisions of, or constitute a
default under, or result in the imposition of any lien or encumbrance upon any
of the shares Series G Preferred that the Stockholder is hereby delivering to
Oxis International for cancellation.

     

    3.2.           Title to the Shares of
Series G Preferred.  The Stockholder owns, of record and
beneficially, all 25,000 shares of Series G Preferred, free and clear of all
pledges, security interests, liens, charges, encumbrances, equities, claims and
options of whatever nature.  No individual, corporation, entity or
person has any claim or interest in, to, or against any of the shares of Series
G Preferred owned by the Stockholder.

     

    3.3.           Investment
Intent.  The Stockholder is acquiring the shares of Series H
Preferred for investment for its own account, not as a nominee or agent, and not
with a view to, or for resale in connection with, any distribution
thereof.  The Stockholder understands that the

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

     

    issuance
of the shares of Series H Preferred has not been, and will not be, registered
under the Securities Act by reason of a specific exemption from the registration
provisions of the Securities Act, the availability of which depends upon, among
other things, the bona fide nature of the Stockholder’s investment intent and
the accuracy of the Stockholder’s representations as expressed
herein.  The Stockholder is an “accredited investor” as that term is
defined in the rules and regulations promulgated under the Securities Act, and
has such knowledge and experience in financial and business matters that it is
capable of evaluating the merits and risks of the investment to be made in the
shares of Series H Preferred.

     

    3.4.           Restrictions on Transfer;
Restrictive Legends.  The Stockholder understands that the
transfer of the Series H Preferred, as well as the shares of common stock
issuable upon the conversion of the Series H Preferred, is restricted by
applicable state and U.S. federal securities laws, and that the certificates
evidencing the shares of Series H Preferred have been imprinted, and the shares
of the underlying common stock will be imprinted, with the following (or
substantially equivalent) legend restricting transfer except in compliance
therewith:

     

    THIS
SECURITY HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE
TRANSFERRED UNLESS (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), SHALL HAVE BECOME EFFECTIVE WITH
RESPECT THERETO, OR (ii) IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO OXIS INTERNATIONAL, INC., AN EXEMPTION UNDER THE SECURITIES ACT
AND FROM ANY APPLICABLE STATE SECURITIES LAWS IS AVAILABLE.

     

    The
legend set forth above shall be removed by Oxis International from the
aforementioned securities upon delivery to Oxis International of an opinion by
counsel, reasonably satisfactory to Oxis International, that a registration
statement under the Securities Act is at that time in effect with respect to the
legended security or that such security can be freely transferred in a public
sale without such a registration statement being in effect and that such
transfer will not jeopardize the exemption or exemptions from registration
pursuant to which Oxis International issued the shares of Series G Preferred and
Series H Preferred.

     

    3.5.           Information.  The
Stockholder has been furnished with all materials that it has requested relating
to the business, finances and operations of Oxis International and materials
relating to the Series G Preferred, and has been afforded the opportunity to ask
questions of the principals of Oxis International.  The Stockholder
understands that an investment in the Series G Preferred involves a high degree
of risk and that it has received such accounting, legal and tax advice as it
deems necessary to make an informed investment decision with respect to its
cancellation of the Series G Preferred and its acquisition of the Series G
Preferred.

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
4.

     

     

    REPRESENTATIONS
AND WARRANTIES OF OXIS INTERNATIONAL

     

    To induce
the Stockholder to execute, deliver and perform this Agreement, Oxis
International hereby represents and warrants to each the Stockholder as
follows:

     

    4.1.           Organization.  Oxis
International is a corporation duly formed, validly existing and in good
standing under the laws of the State of Delaware with the power and authority to
conduct its business as it is now being conducted and to own and lease its
properties and assets.

     

    4.2.           Authorization; Enforcement;
Compliance with Other Laws.  Oxis International has the
requisite corporate power and authority to enter into and perform this Agreement
and to issue the shares of Series H Preferred in accordance with the terms of
this Agreement.  The execution and delivery of this Agreement by Oxis
International and the consummation by it of the transactions contemplated
hereby, including without limitation the issuance of the shares of Series H
Preferred, has been duly authorized by Oxis International's Board of Directors
and no further consent or authorization is required by Oxis International, its
Board of Directors or its stockholders.  Neither the execution nor the
delivery of this Agreement nor the consummation of the transactions contemplated
hereby will conflict with, or result in a breach of the terms, conditions or
provisions of or constitute a default under any material agreement to which Oxis
International is a party.  This Agreement has been duly executed and
delivered by Oxis International and constitutes the valid and binding obligation
of Oxis International, enforceable against Oxis International in accordance with
its terms, except as such enforcement is subject to any applicable bankruptcy,
insolvency, reorganization or other law relating to or affecting creditors'
rights generally and general principles of equity.

     

    4.3.           Validity of
Issuance.  Upon the issuance of the shares of Series H
Preferred in accordance with the terms of this Agreement, the shares of Series H
Preferred shall be (i) validly issued, fully paid and non-assessable; (ii) free
from all taxes or liens; and (iii) the Stockholder will be entitled to all
rights accorded to a holder of such shares of Series H Preferred in the
Certificate of Designation of the Series H Preferred.

     

    4.4.           Exempt
Transaction.  The issuance of the shares of Series H Preferred
hereunder shall constitute a transaction exempt from the registration
requirements of Section 5 of the Securities Act and the qualification or
registration requirements of any applicable state securities laws.

     

    ARTICLE
5.

    

     

    MISCELLANEOUS

     

    5.1.           Survival of Representations,
Warranties.  Each of the representations, warranties,
agreements, covenants and obligations herein is material and shall be deemed to
have been relied

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    upon by
the other party or parties and shall survive after the date hereof and shall not
merge in the performance of any obligation by any party hereto.

     

    5.2.           Entire
Agreement.  This Agreement, and the other certificates,
agreements, and other instruments to be executed and delivered by the parties in
connection with the transactions contemplated hereby, constitute the sole
understanding of the parties with respect to the subject matter hereof and
supersede all prior oral or written agreements with respect to the subject
matter hereof.

     

    5.3.           Parties Bound by Agreement;
Successors and Assigns.  The terms, conditions, and obligations
of this Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns.

     

    5.4.           Amendments and
Waivers.  Any provision of this Agreement may be amended or the
observance thereof may be waived (either generally or in a particular instance
and either retroactively or prospectively), only with the written consent of
Oxis International and the Stockholder.

     

    5.5.           Attorney’s
Fees.  Should any party hereto retain counsel for the purpose
of enforcing, or preventing the breach of, any provision hereof including the
institution of any action or proceeding, whether by arbitration, judicial or
quasi-judicial action or otherwise, to enforce any provision hereof or for
damages for any alleged breach of any provision hereof, or for a declaration of
such party’s rights or obligations hereunder, then, whether such matter is
settled by negotiation, or by arbitration or judicial determination, the
prevailing party shall be entitled to be reimbursed by the losing party for all
costs and expenses incurred thereby, including reasonable attorneys’ fees for
the services rendered to such prevailing party.

     

    5.6.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall for
all purposes be deemed to be an original and all of which shall constitute the
same instrument.

     

    5.7.           Headings.  The
headings of the Sections and paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction hereof.

     

    5.8.           Notices.  All
notices, requests, demands, claims, and other communications which are required
or may be given under this Agreement shall be in writing and shall be deemed to
have been duly given: when received, if personally delivered; when transmitted,
if transmitted by telecopy, electronic or digital transmission method; three
business days after such notice, request, demand claim or other communication is
sent, if sent by registered or certified mail, return receipt requested, postage
prepaid, and addressed to (i) Oxis International at its corporate headquarters,
or (ii) the Stockholder at 2049 Century Park East, Suite 3630, Los Angeles,
California 90067.  Any party may send any notice, request, demand,
claim, or other communication hereunder to the intended recipient at the address
set forth above using any other means, but no such notice, request, demand,
claim, or other communication shall be deemed to have been duly given unless and
until it actually is received by the intended recipient.  Any
party

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    may
change the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other parties notice
in the manner herein set forth.

     

    5.9.           Governing
Law.  This Agreement shall be construed in accordance with and
governed by the laws of the State of California without giving effect to the
principles of choice of law thereof.

     

    5.10.           Arbitration.  Any
dispute arising under or in connection with any matter related to this Agreement
or any related agreement shall be resolved exclusively by
arbitration.  The arbitration shall be in conformity with and subject
to the then-applicable rules and procedures of the American Arbitration
Association or, at the election of the demanding party, any other form of
“alternative dispute resolution” procedure generally recognized in the State of
California; e.g., a reference pursuant to California Code of Civil Procedure
(“Code”) Section 638 or reliance upon Section 1280 et. seq. of the
Code.  All parties agree to be (1) subject to the jurisdiction and
venue of the arbitration in the County of Los Angeles, State of California, (2)
bound by the decision of the arbitrator as the final decision with respect to
the dispute and (3) subject to the jurisdiction of the Superior Court of the
State of California for the purpose of confirmation and enforcement of any
award.

     

    IN
WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of
the date first indicated above.

     

    
      	 
      	
              OXIS
      INTERNATIONAL, INC.,

              a
      Delaware corporation

               

               

               

              By: /s/
      Anthony Calaldo                                                                

              Name:
      Anthony Cataldo

              Title:
      Chief Executive Officer

               

            
	 
      	
              THEOREM
      GROUP, LLC,

              a
      California limited liability company

               

               

              By:
      /s/
      Anshuman Dube      

                   Its:  Anshuman
      Dube, Managing Member

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