Document:

<PAGE>
                                                                     EXHIBIT 4.3

                        E-HOUSE (CHINA) HOLDINGS LIMITED

                                       AND

                           JPMORGAN CHASE BANK, N.A.,
                                  As Depositary

                                       AND

                     HOLDERS OF AMERICAN DEPOSITARY RECEIPTS

                                Deposit Agreement

                            Dated as of ______, 2007

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                            Page
<S>                                                                         <C>

PARTIES                                                                     1
RECITALS                                                                    1

Section 1.        Certain Definitions
                  (a)       ADR Register                                    1
                  (b)       ADRs; Direct Registration ADRs                  1
                  (c)       ADS                                             1
                  (d)       Custodian                                       1
                  (e)       Deliver, execute, issue et al.                  1
                  (f)       Delivery Order                                  1
                  (g)       Deposited Securities                            1
                  (h)       Direct Registration System                      1
                  (i)       Holder                                          1
                  (j)       Securities Act of 1933                          1
                  (k)       Securities Exchange Act of 1934                 1
                  (l)       Shares                                          1
                  (m)       Transfer Office                                 1
                  (n)       Withdrawal Order                                1
Section 2.        ADRs                                                      2
Section 3.        Deposit of Shares                                         2
Section 4.        Issue of ADRs                                             2
Section 5.        Distributions on Deposited Securities                     3
Section 6.        Withdrawal of Deposited Securities                        3
Section 7.        Substitution of ADRs                                      4
Section 8.        Cancellation and Destruction of ADRs                      4
Section 9.        The Custodian                                             4
Section 10.       Co-Registrars and Co-Transfer Agents                      4
Section 11.       Lists of Holders.                                         4
Section 12.       Depositary's Agents                                       5
Section 13.       Successor Depositary                                      5
Section 14.       Reports                                                   5
Section 15.       Additional Shares                                         5
Section 16.       Indemnification                                           5
Section 17.       Notices                                                   6
Section 18.       Miscellaneous                                             6
Section 19.       Consent to Jurisdiction                                   6
TESTIMONIUM                                                                 7

SIGNATURES                                                                  7
</Table>

                                       -i-
<PAGE>

<Table>
<Caption>

                                                                           Page
<S>                                                                        <C>

                                    EXHIBIT A

FORM OF FACE OF ADR                                                          A-1
-------------------

                 Introductory Paragraph                                      A-1

                 (1)        Issuance of ADRs                                 A-2
                 (2)        Withdrawal of Deposited Securities               A-2
                 (3)        Transfers of ADRs                                A-2
                 (4)        Certain Limitations                              A-3
                 (5)        Taxes                                            A-4
                 (6)        Disclosure of Interests                          A-4
                 (7)        Charges of Depositary                            A-4
                 (8)        Available Information                            A-5
                 (9)        Execution                                        A-6

                 Signature of Depositary                                     A-6

                 Address of Depositary's Office                              A-6

FORM OF REVERSE OF ADR                                                       A-7
----------------------

                 (10)       Distributions on Deposited Securities            A-7
                 (11)       Record Dates                                     A-8
                 (12)       Voting of Deposited Securities                   A-8
                 (13)       Changes Affecting Deposited Securities           A-8
                 (14)       Exoneration                                      A-8
                 (15)       Resignation and Removal of Depositary; the
                            Custodian
                 (16)       Amendment                                        A-9
                 (17)       Termination                                     A-10
                 (18)       Appointment                                     A-10
</Table>

                                      -ii-
<PAGE>

     DEPOSIT AGREEMENT dated as of _______, 2007 (the "Deposit Agreement") among
E-HOUSE (CHINA) HOLDINGS LIMITED and its successors (the "Company"), JPMORGAN
CHASE BANK, N.A., as depositary hereunder (the "Depositary"), and all holders
from time to time of American Depositary Receipts issued hereunder ("ADRs")
evidencing American Depositary Shares ("ADSs") representing deposited Shares
(defined below). The Company hereby appoints the Depositary as depositary for
the Deposited Securities and hereby authorizes and directs the Depositary to act
in accordance with the terms set forth in this Deposit Agreement. All
capitalized terms used herein have the meanings ascribed to them in Section 1 or
elsewhere in this Deposit Agreement. The parties hereto agree as follows:

     1. Certain Definitions.

     (a) "ADR Register" is defined in paragraph (3) of the form of ADR.

     (b) "ADRs" mean the American Depositary Receipts executed and delivered
hereunder. ADRs may be either in physical certificated form or Direct
Registration ADRs. ADRs in physical certificated form, and the terms and
conditions governing the Direct Registration ADRs (as hereinafter defined),
shall be substantially in the form of Exhibit A annexed hereto (the "form of
ADR"). The term "Direct Registration ADR" means an ADR, the ownership of which
is recorded on the Direct Registration System. References to "ADRs" shall
include certificated ADRs and Direct Registration ADRs, unless the context
otherwise requires. The form of ADR is hereby incorporated herein and made a
part hereof; the provisions of the form of ADR shall be binding upon the parties
hereto.

     (c) Subject to paragraph (13) of the form of ADR, each "ADS" evidenced by
an ADR represents the right to receive one Share and a pro rata share in any
other Deposited Securities.

     (d) "Custodian" means the agent or agents of the Depositary (singly or
collectively, as the context requires) and any additional or substitute
Custodian appointed pursuant to Section 9.

     (e) The terms "deliver", "execute", "issue", "register", "surrender",
"transfer" or "cancel", when used with respect to Direct Registration ADRs,
shall refer to an entry or entries or an electronic transfer or transfers in the
Direct Registration System, and, when used with respect to ADRs in physical
certificated form, shall refer to the physical delivery, execution, issuance,
registration, surrender, transfer or cancellation of certificates representing
the ADRs.

     (f) "Delivery Order" is defined in Section 3.

     (g) "Deposited Securities" as of any time means all Shares at such time
deposited under this Deposit Agreement and any and all other Shares, securities,
property and cash at such time held by the Depositary or the Custodian in
respect or in lieu of such deposited Shares and other Shares, securities,
property and cash.

     (h) "Direct Registration System" means the system for the uncertificated
registration of ownership of securities established by The Depository Trust
Company ("DTC") and utilized by the Depositary pursuant to which the Depositary
may record the ownership of ADRs without the issuance of a certificate, which
ownership shall be evidenced by periodic statements issued by the Depositary to
the Holders entitled thereto. For purposes hereof, the Direct Registration
System shall include access to the Profile Modification System maintained by DTC
which provides for automated transfer of ownership between DTC and the
Depositary.

     (i) "Holder" means the person or persons in whose name an ADR is registered
on the ADR Register.

     (j) "Securities Act of 1933" means the United States Securities Act of
1933, as from time to time amended.

<PAGE>

     (k) "Securities Exchange Act of 1934" means the United States Securities
Exchange Act of 1934, as from time to time amended.

     (l) "Shares" mean the ordinary shares of the Company, and shall include the
rights to receive Shares specified in paragraph (1) of the form of ADR.

     (m) "Transfer Office" is defined in paragraph (3) of the form of ADR.

     (n) "Withdrawal Order" is defined in Section 6.

     2. ADRs. (a) ADRs in certificated form shall be engraved, printed or
otherwise reproduced at the discretion of the Depositary in accordance with its
customary practices in its American depositary receipt business, or at the
request of the Company typewritten and photocopied on plain or safety paper, and
shall be substantially in the form set forth in the form of ADR, with such
changes as may be required by the Depositary or the Company to comply with their
obligations hereunder, any applicable law, regulation or usage or to indicate
any special limitations or restrictions to which any particular ADRs are
subject. ADRs may be issued in denominations of any number of ADSs. ADRs in
certificated form shall be executed by the Depositary by the manual or facsimile
signature of a duly authorized officer of the Depositary. ADRs in certificated
form bearing the facsimile signature of anyone who was at the time of execution
a duly authorized officer of the Depositary shall bind the Depositary,
notwithstanding that such officer has ceased to hold such office prior to the
delivery of such ADRs.

     (b) Direct Registration ADRs. Notwithstanding anything in this Deposit
Agreement or in the form of ADR to the contrary, ADSs shall be evidenced by
Direct Registration ADRs, unless certificated ADRs are specifically requested by
the Holder.

     (c) Holders shall be bound by the terms and conditions of this Deposit
Agreement and of the form of ADR, regardless of whether their ADRs are Direct
Registration ADRs or certificated ADRs.

     3. Deposit of Shares. In connection with the deposit of Shares hereunder,
the Depositary or the Custodian may require the following in form satisfactory
to it: (a) a written order directing the Depositary to issue to, or upon the
written order of, the person or persons designated in such order a Direct
Registration ADR or ADRs evidencing the number of ADSs representing such
deposited Shares (a "Delivery Order"); (b) proper endorsements or duly executed
instruments of transfer in respect of such deposited Shares; (c) instruments
assigning to the Depositary, the Custodian or a nominee of either any
distribution on or in respect of such deposited Shares or indemnity therefor;
and (d) proxies entitling the Custodian to vote such deposited Shares. As soon
as practicable after the Custodian receives Deposited Securities pursuant to any
such deposit or pursuant to paragraph (10) or (13) of the form of ADR, the
Custodian shall present such Deposited Securities for registration of transfer
into the name of the Depositary, the Custodian or a nominee of either, to the
extent such registration is practicable, at the cost and expense of the person
making such deposit (or for whose benefit such deposit is made) and shall obtain
evidence satisfactory to it of such registration. Deposited Securities shall be
held by the Custodian for the account and to the order of the Depositary at such
place or places and in such manner as the Depositary shall determine. Deposited
Securities may be delivered by the Custodian to any person only under the
circumstances expressly contemplated in this Deposit Agreement. To the extent
that the provisions of or governing the Shares make delivery of certificates
therefor impracticable, Shares may be deposited hereunder by such delivery
thereof as the Depositary or the Custodian may reasonably accept, including,
without limitation, by causing them to be credited to an account maintained by
the Custodian for such purpose with the Company or an accredited intermediary,
such as a bank, acting as a registrar for the Shares, together with delivery of
the documents, payments and Delivery Order referred to herein to the Custodian
or the Depositary.

     4. Issue of ADRs. After any such deposit of Shares, the Custodian shall
notify the Depositary of such deposit and of the information contained in any
related Delivery Order by letter, first class airmail postage prepaid, or, at
the request, risk and expense of the person making the deposit, by cable, telex
or facsimile transmission. After receiving such notice from the Custodian, the
Depositary, subject to this Deposit Agreement, shall properly issue at the
Transfer Office, to or upon the order of any person named in such notice, an ADR
or ADRs registered as requested and evidencing the aggregate ADSs to which such
person is entitled.

                                       2
<PAGE>

     5. Distributions on Deposited Securities. To the extent that the Depositary
determines in its discretion that any distribution pursuant to paragraph (10) of
the form of ADR is not practicable with respect to any Holder, the Depositary
may make such distribution as it so deems practicable, including the
distribution of foreign currency, securities or property (or appropriate
documents evidencing the right to receive foreign currency, securities or
property) or the retention thereof as Deposited Securities with respect to such
Holder's ADRs (without liability for interest thereon or the investment
thereof).

     6. Withdrawal of Deposited Securities. In connection with any surrender of
an ADR for withdrawal of the Deposited Securities represented by the ADSs
evidenced thereby, the Depositary may require proper endorsement in blank of
such ADR (or duly executed instruments of transfer thereof in blank) and the
Holder's written order directing the Depositary to cause the Deposited
Securities represented by the ADSs evidenced by such ADR to be withdrawn and
delivered to, or upon the written order of, any person designated in such order
(a "Withdrawal Order"). Directions from the Depositary to the Custodian to
deliver Deposited Securities shall be given by letter, first class airmail
postage prepaid, or, at the request, risk and expense of the Holder, by cable,
telex or facsimile transmission. Delivery of Deposited Securities may be made by
the delivery of certificates (which, if required by law shall be properly
endorsed or accompanied by properly executed instruments of transfer or, if such
certificates may be registered, registered in the name of such Holder or as
ordered by such Holder in any Withdrawal Order) or by such other means as the
Depositary may deem practicable, including, without limitation, by transfer of
record ownership thereof to an account designated in the Withdrawal Order
maintained either by the Company or an accredited intermediary, such as a bank,
acting as a registrar for the Deposited Securities.

     7. Substitution of ADRs. The Depositary shall execute and deliver a new
Direct Registration ADR in exchange and substitution for any mutilated
certificated ADR upon cancellation thereof or in lieu of and in substitution for
such destroyed, lost or stolen certificated ADR, unless the Depositary has
notice that such ADR has been acquired by a bona fide purchaser, upon the Holder
thereof filing with the Depositary a request for such execution and delivery and
a sufficient indemnity bond and satisfying any other reasonable requirements
imposed by the Depositary.

     8. Cancellation and Destruction of ADRs. All ADRs surrendered to the
Depositary shall be cancelled by the Depositary. The Depositary is authorized to
destroy ADRs in certificated form so cancelled in accordance with its customary
practices.

     9. The Custodian. Any Custodian in acting hereunder shall be subject to the
directions of the Depositary and shall be responsible solely to it. The
Depositary may from time to time appoint one or more agents to act for it as
Custodian hereunder. Each Custodian so appointed (other than JPMorgan Chase
Bank, N.A.) shall give written notice to the Company and the Depositary
accepting such appointment and agreeing to be bound by the applicable terms
hereof. Any Custodian may resign from its duties hereunder by at least 30 days
written notice to the Depositary. The Depositary may discharge any Custodian at
any time upon notice to the Custodian being discharged. Any Custodian ceasing to
act hereunder as Custodian shall deliver, upon the instruction of the
Depositary, all Deposited Securities held by it to a Custodian continuing to
act.

     10. Co-Registrars and Co-Transfer Agents. The Depositary may appoint and
remove (i) co-registrars to register ADRs and transfers, combinations and
split-ups of ADRs and to countersign ADRs in accordance with the terms of any
such appointment and (ii) co-transfer agents for the purpose of effecting
transfers, combinations and split-ups of ADRs at designated transfer offices in
addition to the Transfer Office on behalf of the Depositary. Each co-registrar
or co-transfer agent (other than JPMorgan Chase Bank, N.A.) shall give notice in
writing to the Company and the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of this Deposit Agreement.

     11. Lists of Holders. The Company shall have the right to inspect transfer
records of the Depositary and its agents and the ADR Register, take copies
thereof and require the Depositary and its agents to supply copies of such
portions of such records as the Company may request. The Depositary or its agent
shall furnish to the Company promptly upon the written request of the Company, a
list of the names, addresses and holdings of ADSs by all Holders as of a date
within seven days of the Depositary's receipt of such request.

     12. Depositary's Agents. The Depositary may perform its obligations under
this Deposit Agreement through any agent appointed by it, provided that the
Depositary shall notify the Company of such appointment and shall remain
responsible for the performance of such obligations as if no agent were
appointed.

                                       3
<PAGE>

     13. Successor Depositary. The Depositary may at any time resign as
Depositary hereunder by written notice of its election so to do delivered to the
Company, such resignation to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided. The
Depositary may at any time be removed by the Company by providing no less than
90 days prior written notice of such removal to the Depositary, such removal to
take effect the later of (i) the 90th day after such notice of removal is first
provided and (ii) the appointment of a successor depositary and its acceptance
of such appointment as hereinafter provided. Notwithstanding the foregoing, if
upon the resignation or removal of the Depositary a successor depositary is not
appointed within the applicable 45-day period (in the case of resignation) or
90-day period (in the case of removal) as specified in paragraph (17) of the
form of ADR, then the Depositary may elect to terminate this Deposit Agreement
and the ADR and the provisions of said paragraph (17) shall thereafter govern
the Depositary's obligations hereunder. In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall use its best
efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, The City of New York.
Every successor depositary shall execute and deliver to its predecessor and to
the Company an instrument in writing accepting its appointment hereunder, and
thereupon such successor depositary, without any further act or deed, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor. The predecessor depositary, only upon payment of all sums due to it
and on the written request of the Company, shall (i) execute and deliver an
instrument transferring to such successor all rights and powers of such
predecessor hereunder (other than its rights to indemnification and fees owing,
each of which shall survive any such removal and/or resignation), (ii) duly
assign, transfer and deliver all right, title and interest to the Deposited
Securities to such successor, and (iii) deliver to such successor a list of the
Holders of all outstanding ADRs. Any such successor depositary shall promptly
mail notice of its appointment to such Holders. Any bank or trust company into
or with which the Depositary may be merged or consolidated, or to which the
Depositary shall transfer substantially all its American depositary receipt
business, shall be the successor of the Depositary without the execution or
filing of any document or any further act.

     14. Reports. On or before the first date on which the Company makes any
communication available to holders of Deposited Securities or any securities
regulatory authority or stock exchange, by publication or otherwise, the Company
shall transmit to the Depositary a copy thereof in English or with an English
translation or summary. The Company has delivered to the Depositary, the
Custodian and any Transfer Office, a copy of all provisions of or governing the
Shares and any other Deposited Securities issued by the Company or any affiliate
of the Company and, promptly upon any change thereto, the Company shall deliver
to the Depositary, the Custodian and any Transfer Office, a copy (in English or
with an English translation) of such provisions as so changed. The Depositary
and its agents may rely upon the Company's delivery thereof for all purposes of
this Deposit Agreement.

     15. Additional Shares. Neither the Company nor any company controlling,
controlled by or under common control with the Company shall issue additional
Shares, rights to subscribe for Shares, securities convertible into or
exchangeable for Shares or rights to subscribe for any such securities or shall
deposit any Shares under this Deposit Agreement, except under circumstances
complying in all respects with the Securities Act of 1933. The Depositary will
use reasonable efforts to comply with written instructions of the Company not to
accept for deposit hereunder any Shares identified in such instructions at such
times and under such circumstances as may reasonably be specified in such
instructions in order to facilitate the Company's compliance with securities
laws in the United States.

     16. Indemnification. The Company shall indemnify, defend and save harmless
each of the Depositary and its agents against any loss, liability or expense
(including reasonable fees and expenses of counsel) which may arise out of acts
performed or omitted, in connection with the provisions of this Deposit
Agreement and of the ADRs, as the same may be amended, modified or supplemented
from time to time in accordance herewith (i) by either the Depositary or its
agents or their respective directors, employees, agents and affiliates, except,
subject to the penultimate paragraph of this Section 16, for any liability or
expense directly arising out of the negligence or bad faith of the Depositary or
its agents acting hereunder, or (ii) by the Company or any of its directors,
employees, agents or affiliates.

     The indemnities set forth in the preceding paragraph shall also apply to
any liability or expense which may arise out of any misstatement or alleged
misstatement or omission or alleged omission in any registration statement,
proxy statement, prospectus (or placement memorandum), or preliminary prospectus
(or preliminary placement memorandum) relating to the offer or sale of ADSs,
except to the extent any such liability or expense

                                       4
<PAGE>

arises out of (i) information relating to the Depositary or its agents (other
than the Company), as applicable, furnished in writing by the Depositary and not
changed or altered by the Company expressly for use in any of the foregoing
documents or (ii) if such information is provided, the failure to state a
material fact necessary to make the information provided not misleading.

     Except as provided in the next succeeding paragraph, the Depositary shall
indemnify, defend and save harmless the Company against any loss, liability or
expense (including reasonable fees and expenses of counsel) incurred by the
Company in respect of this Deposit Agreement to the extent such loss, liability
or expense is due to the negligence or bad faith of the Depositary or its agents
acting hereunder.

     Notwithstanding any other provision of this Deposit Agreement or the form
of ADR to the contrary, neither the Company nor the Depositary, nor any of their
agents, shall be liable to the other for any indirect, special, punitive or
consequential damages (collectively "Special Damages") except (i) to the extent
such Special Damages arise from the gross negligence or willful misconduct of
the party from whom indemnification is sought or (ii) to the extent Special
Damages arise from or out of a claim brought by a third party (including,
without limitation, Holders) against the Depositary or its agents, except to the
extent such Special Damages arise out of the gross negligence or willful
misconduct of the party seeking indemnification hereunder.

     The obligations set forth in this Section 16 shall survive the termination
of this Deposit Agreement and the succession or substitution of any indemnified
person.

     17. Notices. Notice to any Holder shall be deemed given when first mailed,
first class postage prepaid, to the address of such Holder on the ADR Register
or received by such Holder. Notice to the Depositary or the Company shall be
deemed given when first received by it at the address or facsimile transmission
number set forth in (a) or (b), respectively, or at such other address or
facsimile transmission number as either may specify to the other by written
notice:

              (a)      JPMorgan Chase Bank, N.A.
                       Four New York Plaza
                       New York, New York 10004
                       Attention: ADR Administration
                       Fax: (212) 623-0079

              (b)      E-House (China) Holdings Limited
                       17F, Merchandise Harvest Building (East)
                       No. 333 North Chengdu Road
                       Shanghai, PRC 200041, People's Republic of China
                       Attention:
                       Fax: (86 21) 5298 0009

     18. Miscellaneous. This Deposit Agreement is for the exclusive benefit of
the Company, the Depositary, the Holders, and their respective successors
hereunder, and shall not give any legal or equitable right, remedy or claim
whatsoever to any other person. The Holders and owners of ADRs from time to time
shall be parties to this Deposit Agreement and shall be bound by all of the
provisions hereof. If any such provision is invalid, illegal or unenforceable in
any respect, the remaining provisions shall in no way be affected thereby. This
Deposit Agreement may be executed in any number of counterparts, each of which
shall be deemed an original and all of which shall constitute one instrument.

     19. Consent to Jurisdiction. The Company irrevocably agrees that any legal
suit, action or proceeding against the Company brought by the Depositary or any
Holder, arising out of or based upon this Deposit Agreement or the transactions
contemplated hereby, may be instituted in any state or federal court in New
York, New York, and irrevocably waives any objection which it may now or
hereafter have to the laying of venue of any such proceeding, and irrevocably
submits to the non-exclusive jurisdiction of such courts in any such suit,
action or proceeding. The Company also irrevocably agrees that any legal suit,
action or proceeding against the Depositary brought by the Company, arising out
of or based upon this Deposit Agreement or the transactions contemplated hereby,
may only be instituted in a state or federal court in New York, New York. The
Company

                                       5
<PAGE>

has appointed CT Corporation System, 111 Eighth Avenue, 13th Floor, New York,
New York 10011, as its authorized agent (the "Authorized Agent") upon which
process may be served in any such action arising out of or based on this Deposit
Agreement or the transactions contemplated hereby which may be instituted in any
state or federal court in New York, New York by the Depositary or any Holder,
and waives any other requirements of or objections to personal jurisdiction with
respect thereto. The Company represents and warrants that the Authorized Agent
has agreed to act as said agent for service of process, and the Company agrees
to take any and all action, including the filing of any and all documents and
instruments, that may be necessary to continue such appointment in full force
and effect as aforesaid. Service of process upon the Authorized Agent and
written notice of such service to the Company shall be deemed, in every respect,
effective service of process upon the Company. If, for any reason, the
Authorized Agent named above or its successor shall no longer serve as agent of
the Company to receive service of process in New York, the Company shall
promptly appoint a successor acceptable to the Depositary, so as to serve and
will promptly advise the Depositary thereof. In the event the Company fails to
continue such designation and appointment in full force and effect, the Company
hereby waives personal service of process upon it and consents that any such
service of process may be made by certified or registered mail, return receipt
requested, directed to the Company at its address last specified for notices
hereunder, and service so made shall be deemed completed five (5) days after the
same shall have been so mailed. Notwithstanding the foregoing, any action based
on this Agreement may be instituted by the Depositary or any Holder in any
competent court in the Cayman Islands, The People's Republic of China (including
the Hong Kong Special Administrative Region, the People's Republic of China).

     To the extent that the Company or any of its properties, assets or revenues
may have or may hereafter be entitled to, or have attributed to it, any right of
immunity, on the grounds of sovereignty or otherwise, from any legal action,
suit or proceeding, from the giving of any relief in any respect thereof, from
setoff or counterclaim, from the jurisdiction of any court, from service of
process, from attachment upon or prior to judgment, from attachment in aid of
execution or judgment, or from execution of judgment, or other legal process or
proceeding for the giving of any relief or for the enforcement of any judgment,
in any jurisdiction in which proceedings may at any time be commenced, with
respect to its obligations, liabilities or other matter under or arising out of
or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or
this Agreement, the Company, to the fullest extent permitted by law, hereby
irrevocably and unconditionally waives, and agrees not to plead or claim, any
such immunity and consents to such relief and enforcement.

         IN WITNESS WHEREOF, E-HOUSE (CHINA) HOLDINGS LIMITED and JPMORGAN CHASE
BANK, N.A. have duly executed this Deposit Agreement as of the day and year
first above set forth and all holders of ADRs shall become parties hereto upon
acceptance by them of ADRs issued in accordance with the terms hereof.

                                                E-HOUSE (CHINA) HOLDINGS LIMITED

                                                By:
                                                   -----------------------------
                                                Name:
                                                Title:

                                                JPMORGAN CHASE BANK, N.A.

                                                By:
                                                   -----------------------------
                                                Name:
                                                Title: Vice President

                                       6
<PAGE>

                                    EXHIBIT A
                         ANNEXED TO AND INCORPORATED IN
                                DEPOSIT AGREEMENT

                              [FORM OF FACE OF ADR]

<Table>
<S>                                                        <C>

                                                           No. of ADSs:
Number
                                                           ----------
                                                           Each ADS represents
                                                           One Share

                                                           CUSIP:
</Table>

                           AMERICAN DEPOSITARY RECEIPT

                                   evidencing

                           AMERICAN DEPOSITARY SHARES

                                  representing

                                 ORDINARY SHARES

                                       of

                        E-HOUSE (CHINA) HOLDINGS LIMITED

               (Incorporated under the laws of the Cayman Islands)

JPMORGAN CHASE BANK, N.A., a national banking association organized under the
laws of the United States of America, as depositary hereunder (the
"Depositary"), hereby certifies that ______ is the registered owner (a "Holder")
of ______ American Depositary Shares ("ADSs"), each (subject to paragraph (13))
representing one ordinary share (including the rights to receive Shares
described in paragraph (1), "Shares" and, together with any other securities,
cash or property from time to time held by the Depositary in respect or in lieu
of deposited Shares, the "Deposited Securities"), of E-House (China) Holdings
Limited, a corporation organized under the laws of the Cayman Islands (the
"Company"), deposited under the Deposit Agreement dated as of _________, 2007
(as amended from time to time, the "Deposit Agreement") among the Company, the
Depositary and all Holders from time to time of American Depositary Receipts
issued thereunder ("ADRs"), each of whom by accepting an ADR becomes a party
thereto. The Deposit Agreement and this ADR (which includes the provisions set
forth on the reverse hereof) shall be governed by and construed in accordance
with the laws of the State of New York.

     (1) Issuance of ADRs. This ADR is one of the ADRs issued under the Deposit
Agreement. Subject to paragraph (4), the Depositary may so issue ADRs for
delivery at the Transfer Office (defined in paragraph (3)) only against deposit
with the Custodian of: (a) Shares in form satisfactory to the Custodian; (b)
rights to receive Shares from the Company or any registrar, transfer agent,
clearing agent or other entity recording Share ownership or transactions; or,
(c) other rights to receive Shares (until such Shares are actually deposited
pursuant to (a) or (b) above, "Pre-released ADRs") only if (i) Pre-released ADRs
are fully collateralized (marked to market daily) with cash, government
securities or such other collateral as the Depositary deems appropriate held by
the Depositary for the benefit of Holders (but such collateral shall not
constitute "Deposited Securities"), (ii) each recipient of Pre-released ADRs
represents and agrees in writing with the Depositary that such recipient or its
customer (a) beneficially owns such Shares, (b) assigns all beneficial right,
title and interest therein to the Depositary, (c) holds such Shares for the
account of the Depositary and (d) will deliver such Shares to the Custodian as
soon as practicable and promptly upon demand therefor and (iii) all Pre-released

                                      A-1
<PAGE>

ADRs evidence not more than 30% of all ADSs (excluding those evidenced by
Pre-released ADRs), provided, however, that the Depositary reserves the right to
change or disregard such limit from time to time as it deems appropriate. The
Depositary may retain for its own account any earnings on collateral for
Pre-released ADRs and its charges for issuance thereof. At the request, risk and
expense of the person depositing Shares, the Depositary may accept deposits for
forwarding to the Custodian and may deliver ADRs at a place other than its
office. Every person depositing Shares under the Deposit Agreement represents
and warrants that such Shares are validly issued and outstanding, fully paid,
nonassessable and free of pre-emptive rights, that the person making such
deposit is duly authorized so to do and that such Shares (A) are not "restricted
securities" as such term is defined in Rule 144 under the Securities Act of 1933
unless at the time of deposit they may be freely transferred in accordance with
Rule 144(k) and may otherwise be offered and sold freely in the United States or
(B) have been registered under the Securities Act of 1933. Such representations
and warranties shall survive the deposit of Shares and issuance of ADRs. The
Depositary will not knowingly accept for deposit under the Deposit Agreement any
Shares required to be registered under the Securities Act of 1933 and not so
registered; the Depositary may refuse to accept for such deposit any Shares
identified by the Company in order to facilitate the Company's compliance with
such Act.

     (2) Withdrawal of Deposited Securities. Subject to paragraphs (4) and (5),
upon surrender of (i) a certificated ADR in form satisfactory to the Depositary
at the Transfer Office or (ii) proper instructions and documentation in the case
of a Direct Registration ADR, the Holder hereof is entitled to delivery at, or
to the extent in dematerialized form from, the Custodian's office of the
Deposited Securities at the time represented by the ADSs evidenced by this ADR.
At the request, risk and expense of the Holder hereof, the Depositary may
deliver such Deposited Securities at such other place as may have been requested
by the Holder. Notwithstanding any other provision of the Deposit Agreement or
this ADR, the withdrawal of Deposited Securities may be restricted only for the
reasons set forth in General Instruction I.A.(1) of Form F-6 (as such
instructions may be amended from time to time) under the Securities Act of 1933.

     (3) Transfers of ADRs. The Depositary or its agent will keep, at a
designated transfer office (the "Transfer Office"), (a) a register (the "ADR
Register") for the registration, registration of transfer, combination and
split-up of ADRs, and, in the case of Direct Registration ADRs, shall include
the Direct Registration System, which at all reasonable times will be open for
inspection by Holders and the Company for the purpose of communicating with
Holders in the interest of the business of the Company or a matter relating to
the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs.
The term ADR Register includes the Direct Registration System. Title to this ADR
(and to the Deposited Securities represented by the ADSs evidenced hereby), when
properly endorsed (in the case of ADRs in certificated form) or upon delivery to
the Depositary of proper instruments of transfer, is transferable by delivery
with the same effect as in the case of negotiable instruments under the laws of
the State of New York; provided that the Depositary, notwithstanding any notice
to the contrary, may treat the person in whose name this ADR is registered on
the ADR Register as the absolute owner hereof for all purposes and neither the
Depositary nor the Company will have any obligation or be subject to any
liability under the Deposit Agreement to any holder of an ADR, unless such
holder is the Holder thereof. Subject to paragraphs (4) and (5), this ADR is
transferable on the ADR Register and may be split into other ADRs or combined
with other ADRs into one ADR, evidencing the aggregate number of ADSs
surrendered for split-up or combination, by the Holder hereof or by duly
authorized attorney upon surrender of this ADR at the Transfer Office properly
endorsed (in the case of ADRs in certificated form) or upon delivery to the
Depositary of proper instruments of transfer and duly stamped as may be required
by applicable law; provided that the Depositary may close the ADR Register at
any time or from time to time when deemed expedient by it or requested by the
Company. At the request of a Holder, the Depositary shall, for the purpose of
substituting a certificated ADR with a Direct Registration ADR, or vice versa,
execute and deliver a certificated ADR or a Direct Registration ADR, as the case
may be, for any authorized number of ADSs requested, evidencing the same
aggregate number of ADSs as those evidenced by the certificated ADR or Direct
Registration ADR, as the case may be, substituted.

     (4) Certain Limitations. Prior to the issue, registration, registration of
transfer, split-up or combination of any ADR, the delivery of any distribution
in respect thereof, or, subject to the last sentence of paragraph (2), the
withdrawal of any Deposited Securities, and from time to time in the case of
clause (b)(ii) of this paragraph (4), the Company, the Depositary or the
Custodian may require: (a) payment with respect thereto of (i) any stock
transfer or other tax or other governmental charge, (ii) any stock transfer or
registration fees in effect for the registration of transfers of Shares or other
Deposited Securities upon any applicable register and (iii) any applicable
charges as provided in paragraph (7) of this ADR; (b) the production of proof
satisfactory to it of (i) the identity of any signatory and genuineness of any
signature and (ii) such other information, including without limitation,
information as to citizenship, residence, exchange control approval, beneficial
ownership of any

                                      A-2
<PAGE>

securities, compliance with applicable law, regulations, provisions of or
governing Deposited Securities and terms of the Deposit Agreement and this ADR,
as it may deem necessary or proper; and (c) compliance with such regulations as
the Depositary may establish consistent with the Deposit Agreement. The issuance
of ADRs, the acceptance of deposits of Shares, the registration, registration of
transfer, split-up or combination of ADRs or, subject to the last sentence of
paragraph (2), the withdrawal of Deposited Securities may be suspended,
generally or in particular instances, when the ADR Register or any register for
Deposited Securities is closed or when any such action is deemed advisable by
the Depositary.

     (5) Taxes. If any tax or other governmental charge shall become payable by
or on behalf of the Custodian or the Depositary with respect to this ADR, any
Deposited Securities represented by the ADSs evidenced hereby or any
distribution thereon, such tax or other governmental charge shall be paid by the
Holder hereof to the Depositary. The Depositary may refuse to effect any
registration, registration of transfer, split-up or combination hereof or,
subject to the last sentence of paragraph (2), any withdrawal of such Deposited
Securities until such payment is made. The Depositary may also deduct from any
distributions on or in respect of Deposited Securities, or may sell by public or
private sale for the account of the Holder hereof any part or all of such
Deposited Securities (after attempting by reasonable means to notify the Holder
hereof prior to such sale), and may apply such deduction or the proceeds of any
such sale in payment of such tax or other governmental charge, the Holder hereof
remaining liable for any deficiency, and shall reduce the number of ADSs
evidenced hereby to reflect any such sales of Shares. In connection with any
distribution to Holders, the Company will remit to the appropriate governmental
authority or agency all amounts (if any) required to be withheld and owing to
such authority or agency by the Company; and the Depositary and the Custodian
will remit to the appropriate governmental authority or agency all amounts (if
any) required to be withheld and owing to such authority or agency by the
Depositary or the Custodian. If the Depositary determines that any distribution
in property other than cash (including Shares or rights) on Deposited Securities
is subject to any tax that the Depositary or the Custodian is obligated to
withhold, the Depositary may dispose of all or a portion of such property in
such amounts and in such manner as the Depositary deems necessary and
practicable to pay such taxes, by public or private sale, and the Depositary
shall distribute the net proceeds of any such sale or the balance of any such
property after deduction of such taxes to the Holders entitled thereto. Each
Holder of an ADR or an interest therein agrees to indemnify the Depositary, the
Company, the Custodian and any of their respective directors, employees, agents
and affiliates against, and hold each of them harmless from, any claims by any
governmental authority with respect to taxes, additions to tax, penalties or
interest arising out of any refund of taxes, reduced rate of withholding at
source or other tax benefit obtained.

     (6) Disclosure of Interests. To the extent that the provisions of or
governing any Deposited Securities may require disclosure of or impose limits on
beneficial or other ownership of Deposited Securities, other Shares and other
securities and may provide for blocking transfer, voting or other rights to
enforce such disclosure or limits, Holders and all persons holding ADRs agree to
comply with all such disclosure requirements and ownership limitations and to
comply with any reasonable Company instructions in respect thereof. The Company
reserves the right to instruct Holders to deliver their ADSs for cancellation
and withdrawal of the Deposited Securities so as to permit the Company to deal
directly with the Holder thereof as a holder of Shares and Holders agree to
comply with such instructions. The Depositary agrees to cooperate with the
Company in its efforts to inform Holders of the Company's exercise of its rights
under this paragraph and agrees to consult with, and provide reasonable
assistance without risk, liability or expense on the part of the Depositary, to
the Company on the manner or manners in which it may enforce such rights with
respect to any Holder.

     (7) Charges of Depositary. The Depositary may collect from (i) each person
to whom ADSs are issued, including, without limitation, issuances against
deposits of Shares, issuances in respect of Share Distributions, Rights and
Other Distributions (as such terms are defined in paragraph (10)), issuances
pursuant to a stock dividend or stock split declared by the Company, or
issuances pursuant to a merger, exchange of securities or any other transaction
or event affecting the ADSs or the Deposited Securities, and (ii) each person
surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are
cancelled or reduced for any other reason, U.S.$5.00 for each 100 ADSs (or
portion thereof) issued, delivered, reduced, cancelled or surrendered (as the
case may be). The Depositary may sell (by public or private sale) sufficient
securities and property received in respect of Share Distributions, Rights and
Other Distributions prior to such deposit to pay such charge. The following
additional charges shall be incurred by the Holders, by any party depositing or
withdrawing Shares or by any party surrendering ADSs, to whom ADSs are issued
(including, without limitation, issuance pursuant to a stock dividend or stock
split declared by the Company or an exchange of stock regarding the ADSs or the
Deposited Securities or a distribution of ADSs pursuant to paragraph (10)),
whichever is applicable (i) a fee of up to U.S.$0.05 per ADS (or portion
thereof) for any Cash distribution made

                                      A-3
<PAGE>

pursuant to the Deposit Agreement, (ii) a fee of U.S.$1.50 per ADR or ADRs for
transfers made pursuant to paragraph (3) hereof, (iii) a fee for the
distribution or sale of securities pursuant to paragraph (10) hereof, such fee
being in an amount equal to the fee for the execution and delivery of ADSs
referred to above which would have been charged as a result of the deposit of
such securities (for purposes of this paragraph (7) treating all such securities
as if they were Shares) but which securities or the net cash proceeds from the
sale thereof are instead distributed by the Depositary to Holders entitled
thereto, (iv) an aggregate fee of up to U.S.$0.05 per ADS (or portion thereof)
per calendar year for services performed by the Depositary in administering the
ADRs (which fee may be charged on a periodic basis during each calendar year and
shall be assessed against Holders of ADRs as of the record date or record dates
set by the Depositary during each calendar year and shall be payable at the sole
discretion of the Depositary by billing such Holders or by deducting such charge
from one or more cash dividends or other cash distributions), and (v) such fees
and expenses as are incurred by the Depositary (including without limitation
expenses incurred on behalf of Holders in connection with compliance with
foreign exchange control regulations or any law or regulation relating to
foreign investment) in delivery of Deposited Securities or otherwise in
connection with the Depositary's or its Custodian's compliance with applicable
law, rule or regulation. The Company will pay all other charges and expenses of
the Depositary and any agent of the Depositary (except the Custodian) pursuant
to agreements from time to time between the Company and the Depositary, except
(i) stock transfer or other taxes and other governmental charges (which are
payable by Holders or persons depositing Shares), (ii) cable, telex and
facsimile transmission and delivery charges incurred at the request of persons
depositing, or Holders delivering Shares, ADRs or Deposited Securities (which
are payable by such persons or Holders), (iii) transfer or registration fees for
the registration or transfer of Deposited Securities on any applicable register
in connection with the deposit or withdrawal of Deposited Securities (which are
payable by persons depositing Shares or Holders withdrawing Deposited
Securities; there are no such fees in respect of the Shares as of the date of
the Deposit Agreement), (iv) expenses of the Depositary in connection with the
conversion of foreign currency into U.S. dollars (which are paid out of such
foreign currency), and (v) any other charge payable by any of the Depositary,
any of the Depositary's agents, including, without limitation, the Custodian, or
the agents of the Depositary's agents in connection with the servicing of the
Shares or other Deposited Securities (which charge shall be assessed against
Holders as of the record date or dates set by the Depositary and shall be
payable at the sole discretion of the Depositary by billing such Holders or by
deducting such charge from one or more cash dividends or other cash
distributions). Such charges may at any time and from time to time be changed by
agreement between the Company and the Depositary.

     (8) Available Information. The Deposit Agreement, the provisions of or
governing Deposited Securities and any written communications from the Company,
which are both received by the Custodian or its nominee as a holder of Deposited
Securities and made generally available to the holders of Deposited Securities,
are available for inspection by Holders at the offices of the Depositary and the
Custodian and at the Transfer Office. The Depositary will distribute copies of
such communications (or English translations or summaries thereof) to Holders
when furnished by the Company. The Company is subject to the periodic reporting
requirements of the Securities Exchange Act of 1934 and accordingly files
certain reports with the United States Securities and Exchange Commission (the
"Commission"). Such reports and other information may be inspected and copied at
public reference facilities maintained by the Commission located at the date
hereof at 100 F Street, NE, Washington, DC 20549.

     (9) Execution. This ADR shall not be valid for any purpose unless executed
by the Depositary by the manual or facsimile signature of a duly authorized
officer of the Depositary.

         Dated:
                                                   JPMORGAN CHASE BANK, N.A., as
                                                   Depositary
                                                   By
                                                      ..........................
                                                   Authorized Officer

     The Depositary's office is located at 4 New York Plaza, New York, New York
10004.

                                      A-4
<PAGE>
                            [FORM OF REVERSE OF ADR]

     (10) Distributions on Deposited Securities. Subject to paragraphs (4) and
(5), to the extent practicable, the Depositary will distribute to each Holder
entitled thereto on the record date set by the Depositary therefor at such
Holder's address shown on the ADR Register, in proportion to the number of
Deposited Securities (on which the following distributions on Deposited
Securities are received by the Custodian) represented by ADSs evidenced by such
Holder's ADRs: (a) Cash. Any U.S. dollars available to the Depositary resulting
from a cash dividend or other cash distribution or the net proceeds of sales of
any other distribution or portion thereof authorized in this paragraph (10)
("Cash"), on an averaged or other practicable basis, subject to (i) appropriate
adjustments for taxes withheld, (ii) such distribution being impermissible or
impracticable with respect to certain Holders, and (iii) deduction of the
Depositary's expenses in (1) converting any foreign currency to U.S. dollars by
sale or in such other manner as the Depositary may determine to the extent that
it determines that such conversion may be made on a reasonable basis, (2)
transferring foreign currency or U.S. dollars to the United States by such means
as the Depositary may determine to the extent that it determines that such
transfer may be made on a reasonable basis, (3) obtaining any approval or
license of any governmental authority required for such conversion or transfer,
which is obtainable at a reasonable cost and within a reasonable time and (4)
making any sale by public or private means in any commercially reasonable
manner. (b) Shares. (i) Additional ADRs evidencing whole ADSs representing any
Shares available to the Depositary resulting from a dividend or free
distribution on Deposited Securities consisting of Shares (a "Share
Distribution") and (ii) U.S. dollars available to it resulting from the net
proceeds of sales of Shares received in a Share Distribution, which Shares would
give rise to fractional ADSs if additional ADRs were issued therefor, as in the
case of Cash. (c) Rights. (i) Warrants or other instruments in the discretion of
the Depositary representing rights to acquire additional ADRs in respect of any
rights to subscribe for additional Shares or rights of any nature available to
the Depositary as a result of a distribution on Deposited Securities ("Rights"),
to the extent that the Company timely furnishes to the Depositary evidence
satisfactory to the Depositary that the Depositary may lawfully distribute the
same (the Company has no obligation to so furnish such evidence), or (ii) to the
extent the Company does not so furnish such evidence and sales of Rights are
practicable, any U.S. dollars available to the Depositary from the net proceeds
of sales of Rights as in the case of Cash, or (iii) to the extent the Company
does not so furnish such evidence and such sales cannot practicably be
accomplished by reason of the nontransferability of the Rights, limited markets
therefor, their short duration or otherwise, nothing (and any Rights may lapse).
(d) Other Distributions. (i) Securities or property available to the Depositary
resulting from any distribution on Deposited Securities other than Cash, Share
Distributions and Rights ("Other Distributions"), by any means that the
Depositary may deem equitable and practicable, or (ii) to the extent the
Depositary deems distribution of such securities or property not to be equitable
and practicable, any U.S. dollars available to the Depositary from the net
proceeds of sales of Other Distributions as in the case of Cash. Such U.S.
dollars available will be distributed by checks drawn on a bank in the United
States for whole dollars and cents. Fractional cents will be withheld without
liability and dealt with by the Depositary in accordance with its then current
practices.

     (11) Record Dates. The Depositary may, after consultation with the Company
if practicable, fix a record date (which, to the extent applicable, shall be as
near as practicable to any corresponding record date set by the Company) for the
determination of the Holders who shall be responsible for the fee assessed by
the Depositary for administration of the ADR program and for any expenses
provided for in paragraph (7) hereof as well as for the determination of the
Holders who shall be entitled to receive any distribution on or in respect of
Deposited Securities, to give instructions for the exercise of any voting
rights, to receive any notice or to act in respect of other matters and only
such Holders shall be so entitled or obligated.

     (12) Voting of Deposited Securities. As soon as practicable after receipt
from the Company of notice of any meeting or solicitation of consents or proxies
of holders of Shares or other Deposited Securities, the Depositary shall
distribute to Holders a notice stating (a) such information as is contained in
such notice and any solicitation materials, (b) that each Holder on the record
date set by the Depositary therefor will, subject to any applicable provisions
of Cayman Island law, be entitled to instruct the Depositary as to the exercise
of the voting rights, if any, pertaining to the Deposited Securities represented
by the ADSs evidenced by such Holder's ADRs and (c) the manner in which such
instructions may be given, including instructions to give a discretionary proxy
to a person designated by the Company. Upon receipt of instructions of a Holder
on such record date in the manner and on or before the date established by the
Depositary for such purpose, the Depositary shall endeavor insofar as
practicable and permitted under the provisions of or governing Deposited
Securities to vote or cause to be voted the Deposited Securities represented by
the ADSs evidenced by such Holder's ADRs in accordance with such instructions.
The Depositary will not itself exercise any voting discretion in respect of any
Deposited Securities. There is no guarantee that Holders generally or any Holder
in particular will receive the notice described above with sufficient time to
enable such Holder to return any voting instructions to the Depositary in a
timely manner.

                                      A-5
<PAGE>

     (13) Changes Affecting Deposited Securities. Subject to paragraphs (4) and
(5), the Depositary may, in its discretion, amend this ADR or distribute
additional or amended ADRs (with or without calling this ADR for exchange) or
cash, securities or property on the record date set by the Depositary therefor
to reflect any change in par value, split-up, consolidation, cancellation or
other reclassification of Deposited Securities, any Share Distribution or Other
Distribution not distributed to Holders or any cash, securities or property
available to the Depositary in respect of Deposited Securities from (and the
Depositary is hereby authorized to surrender any Deposited Securities to any
person and, irrespective of whether such Deposited Securities are surrendered or
otherwise cancelled by operation of law, rule, regulation or otherwise, to sell
by public or private sale any property received in connection with) any
recapitalization, reorganization, merger, consolidation, liquidation,
receivership, bankruptcy or sale of all or substantially all the assets of the
Company, and to the extent the Depositary does not so amend this ADR or make a
distribution to Holders to reflect any of the foregoing, or the net proceeds
thereof, whatever cash, securities or property results from any of the foregoing
shall constitute Deposited Securities and each ADS evidenced by this ADR shall
automatically represent its pro rata interest in the Deposited Securities as
then constituted.

     (14) Exoneration. The Depositary, the Company, their agents and each of
them shall: (a) incur no liability (i) if any present or future law, rule or
regulation of the United States, the Cayman Islands, The People's Republic of
China (including the Hong Kong Special Administrative Region, the People's
Republic of China) or any other country, or of any governmental or regulatory
authority or any securities exchange or market or automated quotation system,
the provisions of or governing any Deposited Securities, any present or future
provision of the Company's charter, any act of God, war, terrorism or other
circumstance beyond its control shall prevent, delay or subject to any civil or
criminal penalty any act which the Deposit Agreement or this ADR provides shall
be done or performed by it or them (including, without limitation, voting
pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure
to exercise any discretion given it in the Deposit Agreement or this ADR; (b)
assume no liability except to perform its obligations to the extent they are
specifically set forth in this ADR and the Deposit Agreement without gross
negligence or bad faith; (c) in the case of the Depositary and its agents, be
under no obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or this ADR; (d) in the case
of the Company and its agents hereunder be under no obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any
Deposited Securities or this ADR, which in its opinion may involve it in expense
or liability, unless indemnity satisfactory to it against all expense (including
fees and disbursements of counsel) and liability be furnished as often as may be
required; or (e) not be liable for any action or inaction by it in reliance upon
the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, or any other person believed by it to
be competent to give such advice or information. The Depositary, its agents and
the Company may rely and shall be protected in acting upon any written notice,
request, direction or other document believed by them to be genuine and to have
been signed or presented by the proper party or parties. The Depositary and its
agents will not be responsible for any failure to carry out any instructions to
vote any of the Deposited Securities, for the manner in which any such vote is
cast or for the effect of any such vote. The Depositary and its agents may own
and deal in any class of securities of the Company and its affiliates and in
ADRs. Notwithstanding anything to the contrary set forth in the Deposit
Agreement or an ADR, the Depositary and its agents may fully respond to any and
all demands or requests for information maintained by or on its behalf in
connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or
otherwise related hereto to the extent such information is requested or required
by or pursuant to any lawful authority, including without limitation laws,
rules, regulations, administrative or judicial process, banking, securities or
other regulators. The Company has agreed to indemnify the Depositary and its
agents under certain circumstances and the Depositary has agreed to indemnify
the Company under certain circumstances. Neither the Company nor the Depositary
nor any of their respective agents shall be liable to Holders or beneficial
owners of interests in ADSs for any indirect, special, punitive or consequential
damages. No disclaimer of liability under the Securities Act of 1933 is intended
by any provision hereof.

     (15) Resignation and Removal of Depositary; the Custodian. The Depositary
may resign as Depositary by written notice of its election so to do delivered to
the Company, such resignation to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by no less
than 90 days prior written notice of such removal, to become effective upon the
later of (i) the 90th day after delivery of the notice to the Depositary and
(ii) the appointment of a successor depositary and its acceptance of such
appointment as provided in the Deposit Agreement. The Depositary may appoint
substitute or additional Custodians and the term "Custodian" refers to each
Custodian or all Custodians as the context requires.

                                      A-6
<PAGE>

     (16) Amendment. Subject to the last sentence of paragraph (2), the ADRs and
the Deposit Agreement may be amended by the Company and the Depositary, provided
that any amendment that imposes or increases any fees or charges (other than
stock transfer or other taxes and other governmental charges, transfer or
registration fees, cable, telex or facsimile transmission costs, delivery costs
or other such expenses), or that shall otherwise prejudice any substantial
existing right of Holders, shall become effective 30 days after notice of such
amendment shall have been given to the Holders. Every Holder of an ADR at the
time any amendment to the Deposit Agreement so becomes effective shall be
deemed, by continuing to hold such ADR, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby. In no event shall
any amendment impair the right of the Holder of any ADR to surrender such ADR
and receive the Deposited Securities represented thereby, except in order to
comply with mandatory provisions of applicable law. Any amendments or
supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for (a) the ADSs to be registered on Form F-6 under the
Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in
electronic book-entry form and (ii) do not in either such case impose or
increase any fees or charges to be borne by Holders, shall be deemed not to
prejudice any substantial rights of Holders. Notwithstanding the foregoing, if
any governmental body or regulatory body should adopt new laws, rules or
regulations which would require amendment or supplement of the Deposit Agreement
or the form of ADR to ensure compliance therewith, the Company and the
Depositary may amend or supplement the Deposit Agreement and the ADR at any time
in accordance with such changed laws, rules or regulations. Such amendment or
supplement to the Deposit Agreement in such circumstances may become effective
before a notice of such amendment or supplement is given to Holders or within
any other period of time as required for compliance.

     (17) Termination. The Depositary may, and shall at the written direction of
the Company, terminate the Deposit Agreement and this ADR by mailing notice of
such termination to the Holders at least 30 days prior to the date fixed in such
notice for such termination; provided, however, if the Depositary shall have (i)
resigned as Depositary hereunder, notice of such termination by the Depositary
shall not be provided to Holders unless a successor depositary shall not be
operating hereunder within 45 days of the date of such resignation, and (ii)
been removed as Depositary hereunder, notice of such termination by the
Depositary shall not be provided to Holders unless a successor depositary shall
not be operating hereunder on the 90th day after the Company's notice of removal
was first provided to the Depositary. After the date so fixed for termination,
the Depositary and its agents will perform no further acts under the Deposit
Agreement and this ADR, except to receive and hold (or sell) distributions on
Deposited Securities and deliver Deposited Securities being withdrawn. As soon
as practicable after the expiration of six months from the date so fixed for
termination, the Depositary shall sell the Deposited Securities and shall
thereafter (as long as it may lawfully do so) hold in a segregated account the
net proceeds of such sales, together with any other cash then held by it under
the Deposit Agreement, without liability for interest, in trust for the pro rata
benefit of the Holders of ADRs not theretofore surrendered. After making such
sale, the Depositary shall be discharged from all obligations in respect of the
Deposit Agreement and this ADR, except to account for such net proceeds and
other cash. After the date so fixed for termination, the Company shall be
discharged from all obligations under the Deposit Agreement except for its
obligations to the Depositary and its agents.

     (18) Appointment. Each Holder and each person holding an interest in ADSs,
upon acceptance of any ADSs (or any interest therein) issued in accordance with
the terms and conditions of the Deposit Agreement shall be deemed for all
purposes to (a) be a party to and bound by the terms of the Deposit Agreement
and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact,
with full power to delegate, to act on its behalf and to take any and all
actions contemplated in the Deposit Agreement and the applicable ADR(s), to
adopt any and all procedures necessary to comply with applicable law and to take
such action as the Depositary in its sole discretion may deem necessary or
appropriate to carry out the purposes of the Deposit Agreement and the
applicable ADR(s), the taking of such actions to be the conclusive determinant
of the necessity and appropriateness thereof.

                                      A-7EXHIBIT 10.1

                  SECOND AMENDED AND RESTATED LICENSE AGREEMENT

This Second Amended and Restated License Agreement ("Agreement"), effective this
31st day of July,  2007 is  between  the  University  of  Chicago,  an  Illinois
not-for-profit corporation  ("UNIVERSITY"),  having its principal office at 5555
S.  Woodlawn  Avenue,  Chicago,  IL  60637  and  Opexa  Therapeutics,   a  Texas
Corporation  ("LICENSEE")  having its principal office at 2635 N. Crescent Ridge
Drive, The Woodlands,  Texas 77381. Each hereunder may be referred to separately
as the ("Party"), or together as the ("Parties"). The Parties agree:

1. RECITALS.

     A.   To the best of the UNIVERSITY's  knowledge at the date of execution of
          this Agreement, the inventions identified in Schedule A were conceived
          or first reduced to practice by the  UNIVERSITY as Operator of Argonne
          National  Laboratory  (ANL) in the  performance of work under its U.S.
          Department  of  Energy  (DOE)  Prime  Contract  No.   W-31-109-ENG-38.
          Pursuant  to  terms  of the  DOE  Contract  and 35  USC  200 et  seq.,
          UNIVERSITY has acquired certain rights in and to said inventions.

     B.   LICENSEE,  a  business  entity  specializing  in  the  development  of
          therapeutic  products,  is interested in acquiring  certain  rights to
          said inventions.

     C.   UNIVERSITY is willing to grant such rights so that said inventions may
          be  developed  and used to the  fullest  extent for the benefit of the
          U.S. economy and the general public.

     D.   The  Parties  agree that this  Agreement  is the entire  understanding
          between the Parties and  supersedes  all previous  understandings  and
          agreements,  including the license agreement  executed on December 30,
          2004 (the "First Amended and Restated License  Agreement") between the
          Parties.  The First Amended and Restated  License  Agreement is hereby
          terminated upon the date of execution of this Agreement.

2.   DEFINITIONS.  The following  capitalized terms used in this Agreement shall
     mean:

     A.   "Affiliate"  means,  as to any person or entity,  any other  person or
          entity, which directly or indirectly controls,  is controlled by or is
          under common  control with the Party.  Control shall mean the right to
          control,  or actual  control  of,  management  of such  other  entity,
          whether by ownership of voting securities, by agreement, or otherwise,
          or the direct or indirect  ownership of the maximum percentage of such
          stock  permitted  under local laws or regulations  in those  countries
          where  fifty  percent  (50%)  ownership  by a  foreign  entity  is not
          permitted.

     B.   "Calendar Quarter" means each of the four,  three-month periods ending
          on March 31st, June 30th, September 30th, and December 31st.

     C.   "Calendar Year" means the twelve-month period ending on December 31st.

     D.   "Effective Date" means the date appearing in line 1 of this Agreement.

     E.   "Field" means all fields of use within the diagnosis of, production of
          therapeutics  for, or treatment of diseases and/or disorders in humans
          and the use in animals only for the  development  of such  products or
          applications  in  humans.  The Field  includes  making  stem cells and
          banking of stem cells for such purpose and diagnostics,  drug testing,
          therapeutics  and  screening  of  small  molecules,  proteins,  and/or
          peptides that may cause  differentiation of stem cells in vitro and/or
          in vivo and the stem cells themselves.

     F.   "Licensed Patents" means the patents and patent applications listed on
          Schedule  A  and  attached   hereto,   including  all   continuations,
          divisionals,  and  corresponding  foreign patent  applications and any
          patents  that  may  issue   therefrom  and  any  reissues,   renewals,
          reexaminations, substitutions, or extensions of or to any such patents
          or patent applications.

                                  Page 1 of 12
<PAGE>

     G.   "Licensed  Product(s)"  means any product  covered by the scope of any
          Valid Claim  contained in any  Licensed  Patent or a product made by a
          process,  method or technique  covered by the scope of any Valid Claim
          in any Licensed  Patent or methods of using any product covered by the
          scope of any Valid Claim contained in any Licensed Patent.

     H.   "Licensed Method(s)" means any method,  procedure or process whose use
          or  practice  is within the scope of any Valid  Claim of any  Licensed
          Patents  including but not limited to any service or part of selling a
          service,  licensing  a  method  of  use or  other  means  of  deriving
          commercial benefit from Licensed Products.

     I.   "Net Sales" means the gross sales of Licensed  Product(s) and Licensed
          Method(s) sold or otherwise  distributed  in the  Territory,  less the
          following  amounts  directly  chargeable to such sales as indicated on
          individual invoices:

          i.   Customary trade,  quantity or cash discounts and rebates actually
               allowed and taken;
          ii.  Amounts  repaid or credited to customers on account of rejections
               or returns; and
          iii. Freight  and  other  transportation  costs,  including  insurance
               charges,  and duties,  tariffs,  sales and excise taxes and other
               governmental  charges  based  directly  on  Sales,   turnover  or
               delivery of such  Licensed  Products and actually paid of allowed
               by LICENSEE and its Affiliates.

          Net Sales shall be determined in accordance  with  generally  accepted
          accounting principles consistently applied.

     J.   "Research  Compositions"  means stem cells  created under the Licensed
          Patents and differentiated cells prepared from such stem cells.

     K.   "Royalties"  means all amounts  payable  under  Section 4.D and 4.E of
          this Agreement.

     L.   "Sale" means any  transaction  in which a Licensed  Product(s)  and/or
          Licensed  Method(s)  is placed  with a third  party for the benefit of
          LICENSEE or a third party; provided "Sale" shall not include placement
          or use of a Licensed Product(s) and/or Licensed Method(s) with or by a
          third party which is for testing or experimental  purposes,  including
          any animal or clinical  trials so long as such placements are reported
          to the UNIVERSITY and for which no Compensation is received.

     M.   "Sublicensee" shall mean any person, company or other entity granted a
          Sublicense by LICENSEE, including Affiliates of the Sublicensee.

     N.   "Sublicense"  shall mean any  agreement  entered into by LICENSEE with
          any  person,  company  or other  entity  pursuant  to which any of the
          rights granted to LICENSEE to the Licensed Patents are exercised.

     O.   "Tangible  Materials"  shall  mean  Research  Compositions,   Licensed
          Product(s)  remaining in inventory six (6) months after termination of
          this Agreement,  all materials created in support of the marketing and
          sale  of  Licensed   Product(s)   and/or   Licensed   Method(s),   and
          confidential documents related to the Licensed Patents.

     P.   "Territory" means worldwide.

     Q.   "Valid Claim" means an issued claim of any unexpired  Licensed  Patent
          or a claim of any pending patent  application  which has not been held
          unenforceable,  unpatentable  or invalid  by a decision  of a court or
          governmental  body of  competent  jurisdiction,  in a  ruling  that is
          unappealable or unappealed  within the time allowed for appeal;  which
          has not been rendered  unenforceable  through disclaimer or otherwise;
          and which has not been lost  through  an  interference  proceeding  or
          irrecoverable failure to pay a maintenance fee.

3.   GRANT OF RIGHTS.

     A.   Grant of Rights.  Subject to the reservation  described in Section 3.D
          below,  UNIVERSITY  hereby grants to LICENSEE and its  Affiliates,  an
          exclusive,  non-transferable  license,  to make,  have made, use, have
          used,  import,  offer to sell, sell and/or have sold Licensed Products
          and/or  Licensed  Method(s)  within the Field and within the Territory
          during the term of this Agreement.

                                  Page 2 of 12
<PAGE>

     B.   Sublicense.   LICENSEE  shall  have  the  exclusive   right  to  grant
          Sublicenses to and under the Licensed Patents to third parties limited
          to and consistent  with the rights granted  LICENSEE under Section 3.A
          within the Field and  within the  Territory.  LICENSEE  shall  provide
          UNIVERSIY with a copy of each Sublicense within sixty (60) days of the
          execution  of  the  Sublicense.   UNIVERSITY   shall  treat  all  such
          Sublicenses as confidential pursuant to Section 8.B.

     C.   No Other Rights.  No rights in and to the Licensed  Patents other than
          those provided in Sections 3.A. and 3.B.,  above,  express or implied,
          are conveyed by UNIVERSITY.

     D.   Reservation of Non-Commercial Rights.  UNIVERSITY reserves for itself,
          the  worldwide  right to use the Licensed  Patents and to practice the
          inventions  claimed in the Licensed Patents for any educational and/or
          non-commercial  research  purpose it may choose at its own  discretion
          and without any payment therefore.  UNIVERSITY shall have the right to
          grant  non-exclusive   Licenses  to  third  parties  to  practice  the
          inventions claimed in the Licensed Patents for non-commercial research
          purposes  only.  If tangible  property is  provided by  UNIVERSITY  to
          LICENSEE,  UNIVERSITY  reserves  the  right to make,  use and  provide
          tangible property and to grant  nonexclusive  licenses to make and use
          such  tangible  property to third parties for  noncommercial  research
          purposes  only. In addition,  the  inventions  claimed in the Licensed
          Patents  were  made  with the use of  funds  from  the  United  States
          government.   Therefore,   the   U.S.   Government   has  a   paid-up,
          royalty-free,  nontransferable,  worldwide,  irrevocable  license  for
          government  use to practice or have  practiced  by or on behalf of the
          U.S. Government the Licensed Patents.  The U.S. Government has certain
          other rights under 35 USC 200 et seq. and applicable regulations.

4.   LICENSE FEES, ROYALTIES, AND OTHER PAYMENTS.

     A.   Upfront  Fee.  As partial  consideration  for the  license  granted in
          Section  3 of  this  Agreement,  LICENSEE  made a  payment  in full in
          December 2004 for one hundred and  seventy-five  thousand U.S. dollars
          ($175,000). LICENSEE is not obligated to make any further payment upon
          execution of this Agreement.

          1.   Equity.  As  partial  consideration  for the  license  granted in
               Section 3 of this Agreement,  LICENSEE  previously  issued 53,462
               shares  of Opexa  common  stock to  UNIVERSITY.  LICENSEE  is not
               obligated to issue any additional  shares or any other securities
               to UNIVERSITY.

     B.   License   Maintenance  Fees.  LICENSEE  shall  pay  UNIVERSITY  twenty
          thousand U.S.  dollars  ($20,000)  annually  (the "Annual  Maintenance
          Fee").  The first Annual  Maintenance  Fee will be due on December 31,
          2010,  and on each December 31st  thereafter  until the earlier of the
          filing of an  Investigational  New Drug Application (IND) or the fifth
          anniversary of the Effective Date.

     C.   Milestone Payments.  LICENSEE shall immediately notify UNIVERSITY when
          the following events are accomplished by either LICENSEE,  Sublicensee
          and/or  Affiliates  of  either,   upon  which  LICENSEE  will  pay  to
          UNIVERSITY the following amounts:

          The sums due and  payable  under this  Section are  nonrefundable  and
          noncreditable  against  Royalties  except that if  LICENSEE  makes its
          first Sale of an  FDA-approved,  Licensed  Product or Licensed  Method
          prior to  December  31,  2014,  [*] of the [*]  Milestone  Payment  in
          Section 4.C.iii shall be creditable against Royalties.

     D.   Royalties. As partial consideration for the license granted in Section
          3 of this Agreement, LICENSEE shall pay UNIVERSITY a Royalty of [*] of
          Net  Sales  of  Licensed   Product(s)  and/or  Licensed  Method(s)  by
          LICENSEE,  its  Sublicensee(s) and Affiliate(s) of either. The Royalty
          obligation  under  this  Section  shall  apply  upon  first  Sale of a
          Licensed  Product(s) and/or Licensed  Method(s) whether by LICENSEE or
          Sublicensee  or Affiliates of either.  Royalty  payments  shall be due
          quarterly  and  payable  within  thirty  (30)  days of the end of each
          Calendar  Quarter  beginning  in the  period in which  the first  Sale
          occurs.

                                  Page 3 of 12
<PAGE>

     E.   Minimum  Royalties.  If the total  Royalties  for any  Calendar  Year,
          beginning  with the first full Calendar Year  following the first Sale
          of  Licensed   Product(s)  and/or  Licensed   Method(s)  by  LICENSEE,
          Sublicensee(s), or Affiliate(s), are less than:

          i.   [*] for the first two years,
          ii.  and [*] for each year thereafter for the life of the Agreement

          LICENSEE shall pay  UNIVERSITY the difference  between such amount and
          the actual  Royalties due. Such payment shall be made at the same time
          payment for Royalties for the fourth quarter for such year is due.

     F.   Royalty  Offset.  In the  event  that,  with  respect  to Net Sales of
          Licensed  Products  and/or  Licensed   Methods,   LICENSEE  is  paying
          royalties to unaffiliated third parties for patent rights to make, use
          or sell Licensed Product(s) and/or Licensed  Method(s),  the Royalties
          due and  payable  to  UNIVERSITY  hereunder  shall  be  proportionally
          reduced by amounts  paid to third  parties for  licenses.  In no event
          shall  the  Royalty   payable  to  UNIVERSITY  be  less  than  [*].  A
          Sublicensee  shall not be  entitled  to a Royalty  Offset  under  this
          Section 4.F for any third party licenses it requires.

     G.   Calculation of Royalties.  Royalties shall be payable in U.S. currency
          within thirty (30) days after the end of each Calendar Quarter for the
          Term of the Agreement,  beginning  with the Calendar  Quarter in which
          the first  Sale of a Licensed  Product(s)  and/or  Licensed  Method(s)
          occurs. A royalty  statement  showing Net Sales for each country and a
          calculation  of the Royalties due shall  accompany  each payment.  Any
          necessary conversion of currency into United States dollar shall be at
          the  applicable  rate of exchange of Citibank,  N.A., in New York, New
          York,  on  the  last  day  of  the  Calendar  Quarter  in  which  such
          transaction occurred.

          Each payment shall be accompanied by a statement,  verified and signed
          by the President or Chief Financial  Officer of LICENSEE and certified
          as accurate,  showing Net Sales for each country in the  Territory and
          calculation of the Royalties due (Royalty Report).

     H.   Sublicense Revenue. For each sublicense granted by LICENSEE,  LICENSEE
          shall pay to UNIVERSITY [*] of all  compensation  of any type received
          by LICENSEE in  consideration  of sublicense.  For the purpose of this
          Section, the term "compensation" shall not include (i) Royalties; (ii)
          payments  corresponding to Milestone Payments under Section 4.C; (iii)
          payments and  contributions of equipment,  materials,  and/or services
          for research,  (iv)  reimbursement  of expenses in connection with the
          prosecution,  maintenance or defense of patents or other  intellectual
          property,  or (v) payments for capital stock or other securities up to
          the fair  market  value of such stock or  securities;  any  amounts in
          excess  of  fair   market   value   will  be   deemed  to   constitute
          "compensation" under this Section 4.H.

     I.   Overdue  Payment.  Payments  due to  UNIVERSITY  under this  Agreement
          shall,  if not paid when due under the terms of this  Agreement,  bear
          simple  interest  at the  prime  rate of  interest  (as  published  by
          Citibank,  N.A.  on the date such  payment  is due) plus five  percent
          (5%),  calculated on the basis of a three hundred sixty (360) day year
          for the number of days actually elapsed, beginning on the due date and
          ending on the day prior to the day on which  payment  is made in full.
          Interest accruing under this Section shall be due UNIVERSITY on demand
          or upon payment of past due amounts,  whichever is sooner. The accrual
          or receipt by  UNIVERSITY  of interest  under this  Section  shall not
          constitute a waiver by UNIVERSITY  of any right it may otherwise  have
          to  declare  a default  under  this  Agreement  or to  terminate  this
          Agreement. Time is of the essence with respect to all payments made by
          LICENSEE to UNIVERSITY.

     J.   Licensee  Enforcement of Sublicenses.  LICENSEE shall use commercially
          reasonable  efforts to enforce the terms of its sublicense  agreements
          including terminating sublicenses for default in payment of Royalties.

                                  Page 4 of 12
<PAGE>

     K.   Full and Accurate Records. UNIVERSITY may from time to time and at any
          reasonable time, not exceeding once every twelve (12) months,  through
          individuals as UNIVERSITY may designate, inspect the books and records
          of LICENSEE and its  Affiliates in order to verify the accuracy of any
          reported  statement  by LICENSEE  of sums paid or  payable,  or of any
          other material  obligation under this Agreement.  LICENSEE shall keep,
          and shall cause its  Affiliates  and  Sublicensees  to keep,  full and
          accurate  books and records in  sufficient  detail so that  LICENSEE's
          compliance with its  obligations  under this Agreement can be properly
          determined  without undue delay or difficulty.  Such books and records
          shall be  maintained  for at least  five (5) years  after the  Royalty
          reporting  period(s)  to which they  relate.  Books and records  shall
          include  but  not  be  limited   to:   accounting   general   ledgers;
          invoice/sales  registers;  original  invoice and  shipping  documents;
          federal and state business tax returns; LICENSEE financial statements;
          sales  analysis  reports;  inventory  and  or  manufacturing  records;
          sublicense and distributor  agreements;  price lists, product catalogs
          and other marketing  materials.  All such information shall be treated
          as confidential pursuant to Section 8.

          After  completion  of any such  examination,  UNIVERSITY  shall notify
          LICENSEE  in  writing  of  any  proposed  modification  to  LICENSEE's
          statement of sums due and payable.  Such examination  shall be made at
          the  expense  of  UNIVERSITY,  unless  such  examination  discloses  a
          discrepancy  of five  percent  (5%) or more in the amount of Royalties
          and other  payments due  UNIVERSITY.  In such case  LICENSEE  shall be
          responsible  for  reimbursing  UNIVERSITY for the  examination fee and
          expenses charged by the auditor. Any underpayment as determined by the
          auditor  will bear  interest at five  percent  (5%) per month from the
          date the  royalty  payment  was due.  LICENSEE  agrees to pay past due
          royalties  for any royalty  deficiency  error,  including  any royalty
          deficiency  for  periods  prior to the period  under  audit.  No other
          confidentiality  agreement  shall be  required to conduct the audit of
          the LICENSEE's books and records.

5.   DILIGENCE PROVISIONS.

     A.   Development  Plan.  By December  31st of each year after the Effective
          Date of the  Agreement  until first Sale,  LICENSEE  shall provide the
          UNIVERSITY with a plan for development,  registration,  and commercial
          positioning  of  Licensed  Product(s).   Such  summary  shall  include
          statements  regarding research and development plans and expenditures,
          product  milestones  and related  timetable  schedules,  government or
          regulatory  timetables,   market  entry  timetables,   and  sales  and
          marketing  plans  and  related   financial  data  and  the  number  of
          person-equivalents committed to these efforts.

     B.   Human  Clinical  Trials.  If LICENSEE  fails to begin  human  clinical
          trials of a Licensed  Product(s) or Licensed Method(s) by December 31,
          2011,  UNIVERSITY shall have the right to unilaterally  terminate this
          Agreement.  Such termination shall be effective thirty days (30) after
          written notice to LICENSEE.

     C.   Notification  of First Sale.  LICENSEE  agrees to  immediately  notify
          UNIVERSITY  in  writing  when  Sales  of  Licensed  Product(s)  and/or
          Licensed Method(s) first occur, at which time LICENSEE's obligation to
          make Royalty payments begins.

     D.   Commercialization  Plan.  LICENSEE agrees to use its best commercially
          reasonable  efforts to prepare for the launch of  Licensed  Product(s)
          and/or  Licensed  Method(s).  No less than twelve (12) months prior to
          the projected launch of Licensed  Product(s) and/or Licensed Method(s)
          and by December 31 of the first three full years following first Sale,
          LICENSEE  agrees  to  provide  UNIVERSITY  a  commercial  plan for the
          marketing and sale of Licensed  Product(s) and/or Licensed  Method(s).
          UNIVERSITY  shall  keep  all   commercialization   plans  and  related
          documents confidential pursuant to Section 8 hereof.

6.   PATENT PROSECUTION AND MAINTENANCE.

     A.   Prosecution and Maintenance.  UNIVERSITY  shall be solely  responsible
          for  the  preparation,  filing,  prosecution  and  maintenance  of the
          Licensed  Patents.  LICENSEE agrees to cooperate,  and agrees to cause
          its  Sublicensees   and  Affiliates  of  either  to  cooperate,   with
          UNIVERSITY in preparation,  filing, prosecution and maintenance of the
          Licensed  Patents by disclosing  such  information as may be necessary
          for the same and by promptly  executing  such  documents as UNIVERSITY
          may  reasonably  request in  connection  therewith.  LICENSEE  and its
          Sublicensees  and  Affiliates  of either shall bear their own costs in
          connection with their  cooperation with UNIVERSITY under this Section.
          UNIVERSITY  will provide  LICENSEE  copies of all  material  documents
          received or prepared by UNIVERSITY in prosecution  and  maintenance of
          Licensed  Patents.  UNIVERSITY shall provide copies in a timely manner
          to allow  LICENSEE an  opportunity  to comment  and  request  changes.
          UNIVERSITY  shall  reasonably  include  comments  of  LICENSEE  in the
          prosecution of Licensed Patents.

                                  Page 5 of 12
<PAGE>

     B.   Patent Costs.  LICENSEE  agrees to pay all  necessary  and  reasonable
          third party fees and expenses  incurred by UNIVERSITY in obtaining and
          maintaining  the  Licensed   Patents,   including  those  incurred  by
          UNIVERSITY prior to the Effective Date of this Agreement.  Payment for
          fees and expenses  incurred after the Effective Date shall be invoiced
          to  LICENSEE  on a  monthly  basis  and  LICENSEE  agrees  to pay such
          invoices within thirty (30) days of receipt.  LICENSEE shall raise any
          objections  to such amounts  invoiced  within the thirty (30) day time
          period for payment.

     C.   Election  Not to Pay Patent  Costs.  If LICENSEE  decides to no longer
          support patent costs for a specific Licensed Patent listed in Schedule
          A, or a particular  jurisdiction for a specific Licensed Patent listed
          in Schedule A, or a particular  issued or pending  patent  application
          claiming  priority to a Licensed Patent listed in Schedule A, LICENSEE
          shall notify UNIVERSITY in writing.  Upon receipt of such notice,  the
          patent  rights at issue will  thereafter  be excluded from the license
          granted hereunder, and UNIVERSITY shall be free to license such rights
          to third parties, without any further obligation to LICENSEE. LICENSEE
          shall  continue to reimburse  UNIVERSITY  for all costs incurred up to
          the date  fourteen  (14) days after the date of receipt of notice that
          UNIVERSITY cannot reasonably avoid.

     D.   Failure to Pay Patent  Costs.  If  LICENSEE  declines or fails to make
          advance payments or pay or reimburse UNIVERSITY for all or any portion
          of the patent  fees and  expenses  as  required by Section 6.B for any
          Licensed   Patent,   LICENSEE's   rights  with  respect  to  all  such
          applications  and patents  for which  LICENSEE  fails to make  advance
          payments or does not reimburse UNIVERSITY shall terminate  effectively
          thirty (30) days after written notice from UNIVERSITY  requesting such
          payment,  unless  payment is made in full within such time.  Upon such
          termination  of  patent  rights,  the  patent  rights  at  issue  will
          thereafter  be  excluded  from  the  license  granted  hereunder,  and
          UNIVERSITY  shall be free to  license  such  rights to third  parties,
          without any further  obligation  to  LICENSEE.  Not  withstanding  the
          foregoing,  failure to pay patent costs hereunder is a material breach
          of this  Agreement and the  UNIVERSITY  has the right to terminate the
          Agreement as defined in Section 11.B.

7.   WARRANTIES; INDEMNIFICATION, ASSUMPTION OF RISK; INSURANCE.

     A.   Disclaimers  of Warranties.  UNIVERSITY  MAKES NO  REPRESENTATIONS  OR
          WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED,  UNDER THIS AGREEMENT.  IN
          PARTICULAR,  UNIVERSITY  DISCLAIMS  ANY  WARRANTY  WITH RESPECT TO THE
          INVENTION(S)  CLAIMED  IN  LICENSED  PATENTS  OR WITH  RESPECT  TO THE
          LICENSED  PATENTS  THEMSELVES,  INCLUDING  BUT  NOT  LIMITED  TO,  ANY
          REPRESENTATIONS  OR  WARRANTIES  ABOUT  (i)  THE  VALIDITY,  SCOPE  OR
          ENFORCEABILITY  OF ANY OF THE  LICENSED  PATENTS;  (ii) THE  ACCURACY,
          SAFETY OR USEFULNESS  FOR ANY PURPOSE OF ANY  INFORMATION  PROVIDED BY
          UNIVERSITY TO LICENSEE, ITS SUBLICENSEES OR AFFILIATES OF EITHER, WITH
          RESPECT TO THE  INVENTION(S)  CLAIMED IN THE LICENSED  PATENTS OR WITH
          RESPECT TO THE LICENSED PATENTS  THEMSELVES AND ANY PRODUCTS DEVELOPED
          FROM OR COVERED  BY THEM;  (iii)  WHETHER  THE  PRACTICE  OF ANY CLAIM
          CONTAINED  IN ANY OF THE  LICENSED  PATENTS  WILL OR MIGHT  INFRINGE A
          PATENT OR OTHER  INTELLECTUAL  PROPERTY  RIGHT  OWNED OR LICENSED BY A
          THIRD PARTY;  (iv) THE  PATENTABILITY OF ANY INVENTION  CLAIMED IN THE
          LICENSED  PATENTS;  OR (v) THE ACCURACY,  SAFETY OR USEFULNESS FOR ANY
          PURPOSE OF ANY  PROCESS  MADE OR  CARRIED  OUT IN  ACCORDANCE  WITH OR
          THROUGH  THE  USE  OF  LICENSED  PATENTS.   IN  ADDITION,   UNIVERSITY
          SPECIFICALLY  DISCLAIMS ANY IMPLIED  WARRANTIES OF  MERCHANTABILITY OR
          FITNESS FOR A PARTICULAR PURPOSE.

     B.   Indemnification.  LICENSEE agrees, and agrees to cause any Sublicensee
          and  Affiliates  of either to,  indemnify,  defend  and hold  harmless
          UNIVERSITY,   Affiliates,  and  all  trustees,  directors,   officers,
          employees,  fellows and agents of any of the  foregoing  (collectively
          the  "Indemnified  Persons")  from  and  against  any and all  claims,
          demands, loss, damage,  penalty, cost or expense (including attorneys'
          and witnesses' fees and costs) of any kind or nature,  arising out of,
          or otherwise relating to this Agreement,  including without limitation
          (i) any claims arising from the  development,  production,  use, sale,
          license or other  disposition of Licensed  Product(s)  and/or Licensed
          Method(s) and all activities associated therewith,  or (ii) any use of
          information  provided by UNIVERSITY to LICENSEE,  its  Sublicensees or
          Affiliates of either. LICENSEE agrees, and agrees to cause each of its
          Sublicensees  and  Affiliates  of  either  to  agree  not to  sue  any
          Indemnified  Person in connection  with the  development,  production,
          use, sale or other disposition of the Licensed  Product(s) or Licensed
          Method(s) and all activities associated therewith. UNIVERSITY shall be
          entitled to participate at their option and expense through counsel of
          their own selection,  and may join in any legal actions related to any
          such claims, demands,  losses, damages, costs, expenses and penalties.
          LICENSEE,  its Sublicensees and Affiliates of either,  shall not enter
          into  any  settlement  affecting  any  rights  or  obligations  of any
          Indemnified  Person or which includes an express or implied  admission
          of liability,  negligence or  wrongdoing  by any  Indemnified  Person,
          without prior written consent of such Indemnified Person.

                                  Page 6 of 12
<PAGE>

     C.   Assumption of Risk. The entire risk as to the performance, safety, and
          efficacy of Licensed  Products,  Licensed  Methods,  or any  invention
          claimed  in  the  Licensed   Patents  is  assumed  by  LICENSEE,   its
          Sublicensees and Affiliates of either.  Indemnified Persons shall not,
          except  for  their  intentional  misconduct  or gross  negligence,  be
          responsible  or liable for any  injury,  loss,  or damage of any kind,
          including  but not  limited to  direct,  indirect,,  any  Sublicensee,
          Affiliates of either or customers or any person or entity,  regardless
          of legal theory for any activity  undertaken in  connection  with this
          Agreement,  Licensed Patents,  Licensed Methods,  or Licensed Products
          and all  activities  associated  therewith.  The above  limitations on
          liability  apply  even  though  the  Indemnified  Person may have been
          advised of the  possibility of such injury,  loss or damage.  LICENSEE
          shall not and shall cause its Sublicensees and Affiliates of either to
          not, make any agreements, statements, representations or warranties or
          accept any liabilities or  responsibilities  whatsoever with regard to
          any person of entity, which are inconsistent with this Section 7.C.

     D.   Insurance.  LICENSEE agrees,  and agrees to cause its Sublicensees and
          Affiliates of either to agree,  to maintain  liability  insurance that
          shall cover any claims from bodily injury,  property,  or other damage
          alleges  to  relate  to  Licensed  Products,   Licensed  Methods,   or
          activities  undertaken in  connection  with this  Agreement,  Licensed
          Patents,  Licensed  Methods,  or  Licensed  Products,   including  the
          development,  manufacture,  use, sale or other disposition of Licensed
          Products  and/or  Licensed  Methods  and  all  activities   associated
          therewith.  LICENSEE,   Sublicensees,   Sublicensees'  or  Affiliates'
          expense,  whichever is relevant,  as additional  named  insureds under
          each  liability   insurance  policy   (including  excess  or  umbrella
          liability policies) that LICENSEE,  its Sublicensees and Affiliates of
          either have or shall  obtain,  that  includes  any  coverage of claims
          relating to Licensed Products and/or Licensed Methods.  Such insurance
          shall be primary and  noncontributory to any insurance  UNIVERSITY and
          its Affiliates may have. At UNIVERSITY's request, LICENSEE will supply
          UNIVERSITY  in  writing  at  least  thirty  (30)  days  prior  to  any
          termination of or change in coverage under any such policies.

8.   CONFIDENTIAL INFORMATION AND PUBLICATION.

     A.   All  information  submitted  by  one  Party  to the  other  concerning
          Licensed  Product(s),  Licensed  Method(s),  and/or  the  invention(s)
          claimed  in the  Licensed  Patents  shall be  considered  confidential
          ("Confidential  Information")  and shall be utilized by the  receiving
          Party only pursuant to the licenses granted hereunder. During the term
          of this  Agreement  and for a  period  of five (5)  years  thereafter,
          neither  Party  shall  disclose  to any third  party any  Confidential
          Information received from the other Party without the specific written
          consent  of  such  Party.   The   foregoing   shall  not  apply  where
          Confidential  Information a) was or becomes public through no fault of
          the receiving  Party,  b) was, at the time of receipt,  already in the
          possession of the receiving Party as evidenced by its written records,
          c) was  obtained  from a  third  party  legally  entitled  to use  and
          disclose  the same,  or d) is  required  by law to be  disclosed  to a
          governmental agency.

     B.   UNIVERSITY  agrees  to  preserve  as  confidential  any and all  trade
          secrets, privileged records or other proprietary information belonging
          to LICENSEE,  marked as Confidential  and disclosed to the UNIVERSITY.
          For  disclosure of  proprietary  information  belonging to LICENSEE by
          oral communication, such disclosure will be reduced to writing, marked
          as  Confidential,   and  sent  to  UNIVERSITY  within  two  (2)  weeks
          disclosure to UNIVERSITY.

     C.   LICENSEE  acknowledges the UNIVERSITY's  strong  institutional  policy
          favoring  the   retention  of  public  rights  and   dependence   upon
          publication as essential means of exchange.  UNIVERSITY shall have the
          right to publish the  results of and  disseminate  information  to the
          extent that  proprietary  trade  secrets or  confidential  information
          provided by LICENSEE to UNIVERSITY are not disclosed.

9. MARKETING AND ADVERTISING. Each Party agrees not to use the name of the other
Party in any commercial  activity,  press  releases,  marketing,  advertising or
sales brochures except with the prior written consent of the other Party,  which
consent may be granted or withheld in such  Party's  sole  discretion.  LICENSEE
further agrees not to use and shall prohibit its  Sublicensees and Affiliates of
either  from using the name of the  University  of  Chicago or Argonne  National
Labs,  in any  commercial  activity  without  the prior  written  consent of the
UNIVERSITY.  LICENSEE may, upon receiving  approval from UNIVERSITY,  apply such
approval to subsequent iterations of the same activity provided that the content
and  presentation  of the  approved  material  is not changed in terms of scope,
scale, or purpose. For additional  clarification by example, it is intended that
for approved material used in presenting to potential  investors of LICENSEE the
approved  material  may be presented  to several  investors  at different  times
without need for approval of each presentation.

                                  Page 7 of 12
<PAGE>

10.  INFRINGEMENT.

     A.   Notice of Infringement.  In the event of an infringement of a Licensed
          Patent,  each Party shall give the other written notice if one of them
          becomes  aware of any  infringement  by a third party of any  Licensed
          Patent.  Upon  notice  of any such  infringement,  the  parties  shall
          promptly  consult  with one another  with a view toward  reaching  the
          agreement on a course of action to be pursued.

     B.   LICENSEE's  Right  to  Bring  Infringement  Action.  If a third  party
          infringes any patent  included in Licensed  Patents  within the Field,
          LICENSEE  shall have the right to institute and prosecute an action or
          proceeding  to abate such  infringement  and to resolve such matter by
          settlement  or otherwise  with the  permission of  UNIVERSITY.  Before
          LICENSEE  commences an action with respect to an  infringement of such
          patents,  LICENSEE  shall give careful  consideration  to the views of
          UNIVERSITY and to potential  effects on the public  interest in making
          its  decision  whether  or not  to  sue.  LICENSEE  agrees  to  notify
          UNIVERSITY of its intention to bring an action or proceeding  prior to
          filing  the same  within  thirty  (30) days after  notification  under
          Section 10.A. LICENSEE agrees to hire counsel reasonably acceptable to
          UNIVERSITY. LICENSEE shall keep UNIVERSITY timely informed of material
          developments  in the  prosecution  or  settlement  of such  action  or
          proceeding.  LICENSEE shall be responsible  for all costs and expenses
          of  any  action  or  proceeding  against  infringers,  which  LICENSEE
          initiates.  UNIVERSITY may be represented by counsel in any such legal
          proceedings  acting in an advisory but not controlling  capacity,  the
          expense  of which  shall be  subject  to  reimbursement  by  LICENSEE.
          UNIVERSITY  shall  cooperate  fully by joining as a party plaintiff if
          required to do so by law to maintain such action or proceeding  and by
          executing  and  making   available  such  documents  as  LICENSEE  may
          reasonably request.  LICENSEE agrees to promptly reimburse  UNIVERSITY
          for  its  reasonable  third  party  out-of-pocket  fees  and  expenses
          incurred  in  joining  an action or  proceeding  or  cooperating  with
          LICENSEE.  All  amounts  of every kind and  nature  recovered  from an
          action or  proceeding  of  infringement  by LICENSEE  shall  belong to
          LICENSEE. After deduction of fees and expenses of both parties to this
          Agreement,  any remaining  amounts  recovered  shall be considered Net
          Sales  under  this  Agreement  and  subject  to  Royalty  payments  in
          accordance with Section 4.D.

     C.   LICENSEE Discretion.  The prosecution,  settlement,  or abandonment of
          any action or  proceeding  under  Section 10.B shall be at  LICENSEE's
          reasonable  discretion  provided  that  LICENSEE  has timely  informed
          UNIVERSITY of material developments of such action. LICENSEE shall not
          have any right to surrender any of UNIVERSITY's rights to the Licensed
          Patents  or  Licensed  Methods,  or to  grant  any  infringer  any  of
          UNIVERSITY's  rights  to the  Licensed  Patents  or  Licensed  Methods
          without UNIVERSITY's written consent.

     D.   UNIVERSITY's Right to Bring Infringement  Action. If LICENSEE declines
          or fails to take action to abate an  infringement  within  thirty (30)
          days of  notification  under Section 10.A,  UNIVERSITY  shall have the
          right, at its sole discretion,  to take action, including to institute
          and  prosecute  an  action  or  proceeding,   to  abate  such  alleged
          infringement  and to resolve such matter by  settlement  or otherwise.
          LICENSEE  shall  cooperate  fully by joining as a party  plaintiff  if
          required to do so by law to maintain  such action and by executing and
          making available such documents as UNIVERSITY may reasonably  request.
          If the amounts  recovered by UNIVERSITY  exceed its  reasonable  third
          party fees and  expenses,  UNIVERSITY  agrees to pay  LICENSEE for its
          reasonable  third party expenses  incurred by it in cooperating in the
          action or proceeding.  Except as specifically provided in this Section
          10.D,  UNIVERSITY shall have the right to retain all amounts recovered
          of every kind and nature. Amounts recovered by UNIVERSITY shall not be
          considered  Net Sales under this  Agreement and shall not be construed
          to affect  LICENSEE's  rights under this  Agreement to sublicense  the
          Licensed Patents and/or Licensed Methods provided,  however, that once
          the UNIVERSITY has instituted legal proceedings against, or settlement
          discussions  with,  an  alleged  infringer  under this  Section  10.D,
          LICENSEE  shall  not  grant a  sublicense  to such  alleged  infringer
          without the prior written consent of UNIVERSITY.

                                  Page 8 of 12
<PAGE>

11.  TERM AND TERMINATION.

     A.   Term.  Unless  terminated  earlier pursuant to Section 11.B or 11.C of
          this  Agreement,  this  Agreement  shall  terminate  on  the  date  of
          expiration of the last to expire of the Licensed Patents.

     B.   UNIVERSITY's  Right to Terminate.  UNIVERSITY  shall have the right to
          terminate  this  Agreement  as  follows,  in  addition  to  all  other
          available remedies:

          1)   If LICENSEE  fails to pay any  Royalties,  Patent  Costs or other
               payment when due, this Agreement shall terminate effective ninety
               (90) days after  UNIVERSITY's  written notice to LICENSEE to such
               effect, unless LICENSEE makes such payment within the ninety (90)
               days  or  has  cured  such  failure  to the  satisfaction  of the
               UNIVERSITY.

          2)   If LICENSEE fails to comply with any material  obligation of this
               Agreement  other  than an  obligation  to make a Royalty or other
               payment  when  due,  the  UNIVERSITY  may at its sole  discretion
               terminate  the  Agreement   effective   ninety  (90)  days  after
               UNIVERSITY's  written notice to LICENSEE describing such failure,
               unless  LICENSEE  cures  such  failure  to  the  satisfaction  of
               UNIVERSITY within the ninety (90) days.

          3)   If  LICENSEE  shall have filed by or against it a petition  under
               any  bankruptcy  or  insolvency  law  and  such  petition  is not
               dismissed  within ninety (90) days of its filing,  or if LICENSEE
               makes an assignment of all or substantially all of its assets for
               the  benefit  of its  creditors  UNIVERSITY  may  terminate  this
               Agreement  by  written  notice  effective  as of the (i)  date of
               filing by  LICENSEE of any such  petition,  (ii) date of any such
               assignment to creditors,  or (iii) end of the ninety (90) days if
               a petition is filed  against it and not  dismissed  by such time,
               whichever is applicable.

          4)   If LICENSEE shall be dissolved, liquidated or otherwise ceases to
               exist,  other than for reasons specified in this Section 11, this
               Agreement  shall  automatically  terminate  as of  (i)  the  date
               articles of dissolution or a similar  document is filed on behalf
               of LICENSEE with the appropriate government authority or (ii) the
               date of establishment of a liquidating trust or other arrangement
               for the  winding up of the  affairs  of  LICENSEE.  Any  previous
               waiver by the UNIVERSITY,  of the UNIVERSITY's right to terminate
               this  Agreement,  shall not constitute a waiver on any subsequent
               right of the UNIVERSITY to terminate under this Section 11.

          5)   UNIVERSITY  shall have the right to  immediately  terminate  this
               Agreement  in the event that  LICENSEE  challenges,  directly  or
               indirectly, the validity or enforceability of any of the Licensed
               Patents  before  any  court,  arbitrator,  or other  tribunal  or
               administrative  agency in any jurisdiction.  Notwithstanding  the
               foregoing,  UNIVERSITY  will not have the right to terminate this
               Agreement   on  account  of  any  action  taken  by  LICENSEE  in
               connection  with its  prosecution  or defense  of (i)  LICENSEE's
               owned  intellectual  property  or (ii)  third-party  intellectual
               property controlled by LICENSEE.

     C.   LICENSEE's  Right to Terminate.  LICENSEE may terminate this Agreement
          at any time by  giving  UNIVERSITY  ninety  (90)  days  prior  written
          notice.

     D.   Post Termination Obligations of LICENSEE. Upon the termination of this
          Agreement  pursuant to Section 11.B or 11.C, all rights of LICENSEE to
          use the  Licensed  Patent(s)  and  Licensed  Method(s),  and any other
          rights  conferred  to LICENSEE by this  Agreement,  shall  immediately
          thereafter  cease.   Upon  such  termination,   and  upon  request  of
          UNIVERSITY,  all Tangible  Materials  shall be either  transferred  to
          UNIVERSITY  or  destroyed  in part or in whole by  LICENSEE;  provided
          LICENSEE  may  elect  to  destroy  biological  materials  in  lieu  of
          transferring  them  to  UNIVERSITY.  LICENSEE  shall  provide  to  the
          UNIVERSITY a certification  that such partial or complete  destruction
          has been completed.  LICENSEE shall not thereafter  operate or conduct
          business  under any name or mark and in any  manner  in the  Territory
          that might tend to create the impression  that this Agreement is still
          in  force,  or  that  LICENSEE  has  any  right  to use  any  Licensed
          Patent(s),   Licensed  Method(s),  any  trademark  or  servicemark  of
          UNIVERSITY,  and/or any Tangible Material. All payments including fees
          and costs  due  under  this  Agreement  and not paid yet shall  become
          immediately due and payable. Upon expiration or termination,  LICENSEE
          shall cease using UNIVERSITY's name.

                                  Page 9 of 12
<PAGE>

     E.   Survival.  All causes of action  accruing  to either  party under this
          Agreement  shall survive  termination  for any reason,  as well as (1)
          LICENSEE'S  obligation to pay Royalties,  Patent Costs, fees and other
          payments  accrued prior to the date of termination  and which were not
          paid or payable  before  termination,  and (2) LICENSEE  obligation to
          report Net Sales and to keep  records as set forth in this  Agreement,
          and (3) all provisions  inclusive from Section 7 to Section 10 survive
          termination or expiration of the  Agreement.  During the six (6) month
          period  following  termination  of this  Agreement,  LICENSEE may sell
          inventory existing or in the process at the time of termination.  Such
          Sales shall be subject to the Royalty obligations under Section 4.D.

     F.   Termination and Sublicenses.  If UNIVERSITY  terminates this Agreement
          for any reason,  UNIVERSITY shall provide to each Sublicensee  written
          notice  of  the   termination  at  the  address   specified  in  their
          Sublicense.  UNIVERSITY agrees that upon the  Sublicensee's  notice as
          described  below and provided the  Sublicensee is not in breach of its
          Sublicense,  UNIVERSITY shall grant to such Sublicensee license rights
          and terms  equivalent  to the  Sublicense  rights and terms  which the
          Sublicense  shall  have  granted  to the  Sublicensee;  provided  that
          Sublicensees  within  sixty  (60)  days of  receiving  the  notice  of
          termination   provides  to  UNIVERSITY   written  notice  wherein  the
          Sublicensee:  (i) agrees to abide by the terms and  conditions of this
          Agreement  applicable  to  LICENSEE  and  to  discharge  directly  all
          pertinent  obligations  of LICENSEE  hereunder;  provided  that if the
          payments of  Sublicensee  pursuant to the terms of the  Sublicense are
          greater than the  payments  owed under this  Agreement,  Sublicensee's
          royalty and other payment obligations shall be modified to match those
          of the Sublicense, and (ii) acknowledges that UNIVERSITY shall have no
          obligations to the Sublicensee other than its obligations set forth in
          this Agreement with regard to LICENSEE.

12. EXPORT REGULATIONS.  Licensed Products, Licensed Methods, and technical data
and  information  delivered under this Agreement may be subject to United States
export  control laws and may also be subject to export or import  regulations in
other  countries.  LICENSEE  agrees  to comply  strictly  with all such laws and
regulations and acknowledges that LICENSEE has the responsibility to obtain such
licenses to export, re-export, or import Licensed Products, Licensed Methods, or
other  technical data and  information  delivered under this Agreement as may be
required by applicable laws or regulations. To the extent that the United States
Export  Control  Regulations  are  applicable,  neither  LICENSEE nor UNIVERSITY
shall, without having first fully complied with such regulations,  (i) knowingly
transfer,  directly or indirectly, any unpublished technical data obtained or to
be obtained from the other party hereto to any  destination,  or (ii)  knowingly
ship,  directly or  indirectly,  any  product  produced  using such  unpublished
technical data to any destination.  LICENSEE acknowledges that the export of any
products  and/or  technical  data from the United States may require some for of
export control licenses by LICENSEE may result in LICENSEE  subjecting itself to
criminal liability under U.S. laws.

13. U.S.  COMPETITIVENESS.  LICENSEE agrees that any Licensed  Product(s) any/or
Licensed  Method(s) for use or sale in the United  States shall be  manufactured
substantially  in the United States as required by 35 United States Code Section
204.

14.  ENTIRE  AGREEMENT,  AMENDMENT,  WAIVER.  The  Agreement  together  with the
Schedule  attached hereto  constitute the entire  agreement  between the Parties
regarding the subject  matter  hereof,  and supersedes all prior written or oral
agreements or  understandings  (express or implied)  between them concerning the
same subject  matter.  The  Agreement  may not be amended or modified  except in
writing signed by duly  authorized  representatives  of each Party. No waiver of
any  default  hereunder  by either  Party or any  failure to enforce  any rights
hereunder shall be deemed to constitute a waiver of any subsequent  default with
respect to the same or any other provision hereof.

15.  NOTICE.  Any notice  required or otherwise  made pursuant to this Agreement
shall be in writing, sent by registered or certified mail properly addressed, or
by facsimile with confirmed  answer-back,  to the other Party at the address set
forth below or at such other address as may be  designated by written  notice to
the other  Party.  Notice  shall be deemed  effective  three (3)  business  days
following  the date of  sending  such  notice if by mail,  on the day  following
deposit  with  an  overnight  courier,  or  upon  confirmed  answer-back  if  by
facsimile.

        IF to UNIVERSITY:                  IF to LICENSEE:

        University of Chicago
        UChicagoTech, Attn: Director       David B. McWilliams, President
        5555 S. Woodlawn Ave.,             2635 N. Crescent Ridge Drive
        Suite 300                          The Woodlands, TX 77381
        Chicago, IL 60637

                                 Page 10 of 12
<PAGE>

16.  ASSIGNMENT.  This Agreement shall be binding on the Parties hereto and upon
their  respective  successors and assigns.  Notwithstanding  Section 3.A, either
Party may at any  time,  upon  written  notice  to the  other  Party,  assign or
delegate to a successor to all or  substantially  all of its business any of its
rights  and  obligations  hereunder,   provided  that  any  such  assignment  or
delegation shall in no event relieve either Party of its primary  responsibility
for the same.  Except as  provided  in the  preceding  sentence,  and  except as
provided in Section 11.B(3),  LICENSEE may not assign this Agreement without the
prior written  consent of  UNIVERSITY,  which consent shall not be  unreasonably
withheld,  and any  attempted  assignment  in violation  thereof  shall be void.
UNIVERSITY  may assign this  Agreement at any time to any third party on written
notice to  LICENSEE.  In such  event,  the  assignee  shall be  substituted  for
UNIVERSITY as a party hereto, and UNIVERSITY shall no longer be bound hereby.

17.  GOVERNING  LAW.  To the extent  there is no  applicable  federal  law,  the
interpretation  and  performance of this Agreement shall be governed by the laws
of the State of Illinois  applicable to contracts made and to be fully performed
in that state.

18. COUNTERPARTS.  This Agreement may be executed in several counterparts,  each
of which shall be deemed an original  and all of which shall  constitute  on and
the same document.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
by their  respective  duty  authorized  officers or  representatives  and signed
below,

University of Chicago                             Opexa Therapeutics

By:    /s/ Alan Thomas                            By:    /s/ David B. McWilliams
Name:  Alan Thomas                                Name:  David B. McWilliams
Title: Director, UChicagoTech                     Title: President

Date: July 31, 2007                               Date: July 31, 2007

                                 Page 11 of 12
<PAGE>

                                   SCHEDULE A

UChicagoTech Case #ANL-02-021

US Patent Application - 10/704,110, title "Human stem cell materials and
methods"

Nationalized PCT applications:      03781813.5EPO; 2,505,394 CA

                                 Page 12 of 12

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