Document:

EXHIBIT
      10.20

     

    

    PRODUCT
      DEVELOPMENT AGREEMENT

    PDA-001

    

     

    This
      Agreement made and entered into between Scivanta Medical Corporation, with
      its
      principal office at 215 Morris Avenue, Spring Lake, New Jersey 07762
      (“CUSTOMER”) and
      Sparton
      Medical Systems, a business group of Sparton Electronics Florida, Inc., a
      Florida Corporation, with an office at P. O. Box 788, 5612 Johnson Lake Road,
      DeLeon Springs, Florida 32130 (“SMS”).

     

    Upon
      bilateral execution of this Agreement, CUSTOMER contracts SMS to perform the
      scope of work (SOW) as defined in Exhibit A on a time and materials basis.
      SMS
      will provide monthly status reports that discuss project performance, schedule,
      and cost. SMS will bill CUSTOMER monthly for all labor hours worked, materials,
      tooling, outside services, and travel expenses incurred in the performance
      of
      the engineering consulting work per the terms defined within this Agreement.
      This is not a manufacturing agreement.

     

    	1.  	
            Pricing.
              The cost and schedule in this proposal represent SMS’ best estimate of the
              development effort required for this project, at this time. The actual
              costs could be more or less than the estimated costs. Actual costs
              will be
              invoiced on a time and materials basis per the Terms and Conditions
              of
              this Agreement. Total project cost in excess of the amount set forth
              in
              Exhibit A is not authorized without prior written consent from
              CUSTOMER.

          

     

    	2.  	
            Statement
              of Work.
              The scope of work for this project is defined and limited to the Statement
              of Work (SOW), Pricing, and Schedule presented in Exhibit A. Everything
              else is a Change as defined in Section 5,
              Changes.

          

     

    	3.  	
            Labor
              Rates.
              SMS Labor Rates are listed in Exhibit C, and are valid for 12 months
              from
              the date of this Agreement; after which SMS reserves the right to
              update.

          

     

    	4.  	
            Other
              Resources.
              All resources (excluding labor as listed in Exhibit C), materials,
              tooling, and outside services for this project will be billed to CUSTOMER
              at total cost plus 5%. Mileage is billed at $0.485 per mile and travel
              will be billed at cost. CUSTOMER may at CUSTOMER’s expense arrange for,
              purchase, and pay directly for any materials, tooling, resources, outside
              services, or travel expenses including airfare, car rental, and lodging.
              CUSTOMER is responsible for all shipping and handling charges of
              deliverables.

          

     

    	5.  	
            Changes.
              The cost estimates in this proposal are based on the SOW in the Proposal.
              Changes proposed or requested by CUSTOMER to anything in the SOW as
              defined in the proposal may at SMS’ discretion require work on the project
              to stop, and an evaluation of the estimated costs and schedule impact
              due
              to the requested changes to be performed by SMS. All changes and their
              associated cost and schedule impacts must be duly approved in writing
              using the Change Approval Form (Exhibit B) before those changes can
              be
              added to the project. Only authorized representatives of CUSTOMER and
              SMS
              may execute. Thus, CUSTOMER is liable for, and will pay SMS for all
              costs
              associated with CUSTOMER authorized changes per this Agreement, and
              Exhibit D Payment Terms.

          

     

    	6.  	
            CUSTOMER-Provided
              Information.
              CUSTOMER shall, at its own expense, be responsible for providing all
              criteria and information as to the requirements for the project, perform
              functions assigned to CUSTOMER in the SOW, and furnish to SMS all related
              hardware, and documentation pertinent to the project in a timely manner
              that does not delay the project as described in the SOW. CUSTOMER shall
              authorize SMS to obtain additional data as needed from CUSTOMER’s vendors
              and other sources, as well as employ independent consultants when
              necessary. Failure to provide and entitle SMS to such
              information/services, critical to the project in a timely fashion,
              can add
              to the cost and schedule of the project, as well as delay the
              project.

          

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    	7.  	
            SMS
              Existing Intellectual Property.
              SMS shall retain all right, title and ownership to any "SMS Existing
              Intellectual Property" that is incorporated into any Product or as
              part of
              any other work provided pursuant to this Agreement or any other related
              agreement executed by the Parties. As used herein, the term "SMS Existing
              Intellectual Property" means any discoveries, inventions, technical
              information, procedures, manufacturing or other processes, software,
              firmware, technology, know-how or other intellectual property rights
              owned, developed or obtained by SMS outside of this Agreement or known
              by
              SMS prior to the execution of this Agreement that are used by SMS in
              creating, or are embodied within, any Product, the Services or other
              work
              performed under this Agreement. SMS hereby agrees to grant, and hereby
              grants to Customer, a perpetual, non-exclusive, irrevocable, worldwide,
              freely assignable, royalty-free license to the SMS Existing Intellectual
              Property included in the deliverables, with the right to sublicense,
              copy,
              reproduce and distribute any product incorporating the deliverables
              or the
              SMS Existing Intellectual Property included in the deliverables that
              are
              delivered to Customer by SMS under this
              Agreement.

          

     

    	8.  	
            CUSTOMER
              Existing Intellectual Property.
              CUSTOMER shall retain all right, title and ownership to any "CUSTOMER
              Existing Intellectual Property" that is incorporated into any Product
              or
              as part of any other work provided pursuant to this Agreement or any
              other
              related agreement executed by the Parties. As used herein, the term
              "CUSTOMER Existing Intellectual Property" means any discoveries,
              inventions, technical information, procedures, manufacturing or other
              processes, software, firmware, technology, know-how or other intellectual
              property rights owned, developed or obtained by CUSTOMER outside of
              this
              Agreement or known by CUSTOMER prior to the execution of this Agreement
              that are used by SMS in creating, or are embodied within, any Product,
              the
              Services or other work performed under this Agreement.
              

          

     

    	9.  	
            SMS
              Created Intellectual Property.
              CUSTOMER shall own all right, title and ownership to any "SMS Created
              Intellectual Property" that is incorporated into any Product that is
              prepared as part of the Services or into any other work provided pursuant
              to this Agreement or any other related agreement executed by the Parties.
              Customer hereby grants to SMS a worldwide, non-exclusive, fully paid-up,
              royalty-free right and license all right, title and ownership to any
              "SMS
              Created Intellectual Property" that is created as part of the Services
              or
              into any other work provided pursuant to this Agreement
              

          

     

    	10.  	
            Deliverables.
              CUSTOMER shall respond in writing within ten (10) days after SMS shipment
              of the deliverables identified in the SOW (Exhibit A) to address any
              discrepancies. After the ten (10) days, the deliverables will be
              considered accepted.

          

     

    	11.  	
            Primary
              Technical Contacts.
              The primary technical contact(s) for all notices and other communications
              required or permitted under this Agreement is as
              follows:

          

     

    
      	
              SPARTON
                MEDICAL SYSTEMS

            
	
              5612
                Johnson Lake Road

            
	
              DeLeon
                Springs, FL 32130

            
	
              NAME:
                Brad Rainier

            
	
              TITLE:
                Manager, Medical Engineering

            
	
              TELEPHONE:
                386.985.4631 

            
	
              FACSIMILE
                386.985.5036

            
	
              EMAIL:
                brainier@sparton.com 

            

    

    

    
      	
              Scivanta
                Medical Corp.

            
	
              NAME:
                David LaVance

            
	
              TITLE:
                President and Chief Executive Officer

            
	
              TELEPHONE:
                (919) 847-2010

            
	
              EMAIL:
                dlavance@scivanta.com

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    With
      copy
      to:

    

    
      	
              Ethox
                International, Inc..

            
	
              NAME:
                Michael Guzzo

            
	
              TITLE:
                Operations Project Manager

            
	
              TELEPHONE:
                (716) 842-4000 x-256

            
	
              EMAIL:
                Michael.guzzo@ethoxint.com

            

    

    

    	12.  	
            Schedule.
              SMS will provide project schedules, with the intent to use our best
              effort
              to meet these schedules. Project schedules are estimates only. If delays
              occur, SMS shall in no event be liable for any consequential, special,
              or
              contingent damages on account of the
              delay.

          

     

    	13.  	
            Disclaimer.
              SMS specifically disclaims any expressed or implied warranties as to
              use,
              design, or fitness of any product design which may be referred to in
              this
              Agreement; and any implied warranties about the merchant ability or
              fitness to purpose of said design. SMS has performed no research or
              testing to either ascertain the product’s appropriateness with regard to
              its intended usage and purpose; or establish the product’s risks of
              personal injury or property damage. Further, unless called out in the
              SOW,
              SMS has performed no patent searches; nor has it pursued any regulatory
              approvals required for the usage or the design of this product. CUSTOMER
              specifically agrees to indemnify and hold harmless SMS from all claims,
              obligations, liabilities, costs, expenses, judgments, and reasonable
              attorney’s fees associated with filing or defending actions, specifically
              including, but not restricted to, claims of patent infringement, breach,
              or any injuries incurred by any person(s) or property damages resulting
              from usage, manufacture, or installation of any part of the product
              which
              may result from activity designed by SMS.

          

     

    	14.  	
            Notices
              and Consent.
              Both parties shall assign person(s) responsible for project communications
              and project authority. Those persons shall be listed in the following
              table.

          

     

    
      	
              SPARTON
                MEDICAL SYSTEMS

            
	
              5612
                Johnson Lake Road

            
	
              DeLeon
                Springs, FL 32130

            
	
              NAME:
                Denise A. Shirey

            
	
              TITLE:
                Director, Corporate Contracts & Compliance

            
	
              TELEPHONE:
                (386) 740-5472

            
	
              FACSIMILE:
                (386) 740-5372

            
	
              EMAIL:
                dshirey@sparton.com

            

    

    

    
      	
              Scivanta
                Medical Corporation

            
	
              215
                Morris Avenue

            
	
              Spring
                Lake, New Jersey 07762

            
	
              NAME:
                Thomas Gifford

            
	
              TITLE:
                Executive VP & CFO

            
	
              TELEPHONE:
                732-282-1620

            
	
              EMAIL:
                tgifford@scivanta.com

            

    

     

    	15.  	
            Trademarks.
              Neither party will have the right to use the trademarks or trade names
              of
              the other party directly or indirectly in connection with any Product,
              promotion or publication without prior written consent of the other
              party.

          

     

    	16.  	
            Confidentiality.
              SMS shall hold non-publicly available information, documentation, and
              software related to the project and marked as proprietary and disclosed
              to
              SMS by CUSTOMER in confidence. SMS’ obligation under this Section shall be
              in accordance with the Non-Disclosure Agreement executed by the Parties
              on
              June 18th
              2007.
              Nothing in this Section 16
              shall restrict either Party’s ability to disclose information required by
              the US Securities and Exchange Commission or other Governmental regulatory
              agencies.

          

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    	17.  	
            Public
              Dissemination of Information.
              Any news release, public announcement, advertisement, or publicity
              proposed to be released either party concerning the program of its
              efforts
              in connection with the proposals or any resulting contract will be
              subject
              to the prior written approval of the other party, before release. Prior
              written approval must be obtained from the party’s official position as
              has executed this Agreement to be considered valid. Full consideration
              and
              representative as to the roles and contributions of both parties shall
              be
              given in any such release information. Nothing in this Section
              17
              shall restrict either Party’s ability to disclose information required by
              the US Securities and Exchange Commission or other Governmental regulatory
              agencies.

          

     

    	18.  	
            Force
              Majeure:
              Neither party shall be liable to the other for non-performance or delay
              in
              performance due to causes not reasonably within its control, including
              but
              not limited to: acts of civil or military authority, including courts
              and
              regulatory agencies, acts of God, war, riot or insurrection, blockades,
              embargoes, sabotage, epidemics, fires, floods, strikes, lockouts, or
              other
              labor difficulties, provided such labor difficulties do not arise from
              inequitable labor practices. In the event of a delay resulting from
              such
              causes, the schedule shall be reasonably extended to overcome the effect
              of such delays.

          

     

    	19.  	
            Insurance.
              CUSTOMER, at its sole cost and expense, will procure, maintain and
              pay for
              standard comprehensive general liability insurance including product
              liability coverage in a form and amount and with companies satisfactory
              for the risks involved. If requested, CUSTOMER will provide a certificate
              of insurance to SMS.

          

     

    	20.  	
            Termination.
              Either party may terminate this Agreement at any time without cause
              effective upon delivery of written notice to the other party. CUSTOMER
              will pay for all time and materials charges up to the date of termination
              per the Payment Terms provision of this
              Agreement.

          

     

    	21.  	
            Duration.
              This Agreement will be deemed effective upon execution by the parties
              and
              will continue in effect for an initial one (1) year term and subsequent
              one (1) year bilateral renewal terms unless terminated by either party
              by
              written notice as described in the Termination provision of this
              Agreement.

          

     

    	22.  	
            Limitation
              of Liability
              The total aggregate liability of SMS to CUSTOMER for all claims shall
              not
              exceed twice the amounts paid to Sparton hereunder. SMS will not be
              responsible for any special, indirect, incidental, or consequential
              damages of any kind.

          

     

    	23.  	
            Assignment.
              Change of Control means: (i) a transaction or series of related
              transactions that results in the sale or other disposition of all or
              substantially all of the affected party’s assets; or (ii) a merger or
              consolidation in which the affected party is not the surviving entity.
              In
              the event of change of control of either party, the terms and conditions
              granted to CUSTOMER under or pursuant to this Agreement, will continue
              with the purchaser for the remaining duration of the Agreement. Assignment
              as a result of Change of Control is contingent upon the purchasing
              or
              surviving party providing financial viability and ability to pay and/or
              perform. Customer may assign its rights under this Agreement to a third
              party succeeding to the rights of Customer to the HCMS, provided Customer
              delivers to SMS evidence the assignee has financial viability and ability
              to pay and/or perform the obligations to SMS under this
              Agreement.

          

     

    	24.  	
            Arbitration.
              The Parties agree that in the event of a dispute between them arising
              out
              of, concerning, or in any way related to this Agreement, including
              its
              interpretation, which cannot be settled by a good faith effort by the
              parties to resolve such issue, such dispute will be submitted to binding
              arbitration under the Federal Arbitration Acts as amended and in
              accordance with the Commercial Arbitration Act as amended and in
              accordance with the Commercial Arbitration Rules then prevailing of
              the
              American Arbitration Association (“AAA”). The arbitration will be held in
              New York County, the State of New York, by a panel of three (3)
              arbitrators appointed pursuant to the AAA rules and judgment upon the
              award rendered by the arbitrators may be entered into any court having
              jurisdiction thereof.

          

     

    	25.  	
            Entire
              Agreement.
              This Agreement, including Attachments A through D which are incorporated
              by reference herein, is interpreted under the laws of the State of
              New
              York Agreement states the entire understanding between the parties
              with
              respect to the subject matter, and all prior and contemporaneous
              understandings, representations, and agreements whether oral or in
              writing
              are merged and superseded. No alteration, modification, release, or
              waiver
              of this Agreement or any of the provisions herein shall be effective
              unless agree to in writing and executed by both
              parties.

          

     

    	26.  	
            Authority.
              The persons signing this Agreement have the authority to bind and sign
              on
              behalf of their respective parties.

          

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

    
      	
              Scivanta
                Medical Corporation

            	
               

            	
              Sparton
                Medical Systems., a business group of 

              Sparton
                Electronics Florida, Inc.

            
	
              215
                Morris Avenue

            	 	
              P.
                O. Box 788, 5612 Johnson Lake Road

            
	
              Spring
                Lake NJ 07762

            	 	
              DeLeon
                Springs, FL 32130

            
	
              /s/
                David LaVance

            	 	
              /s/
                Richard L. Langley

            
	
              Name
                David LaVance

            	 	
              Name:
                Richard L. Langley

            
	
              Title
                President

            	 	
              Title:
                Treasurer & Assistant Secretary

            
	
              Date

            	 	
              Date

            

    

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    EXHIBIT
      B

    

    CHANGE
      APPROVAL FORM

     

    

    This
      is a
      modification to the Agreement (“Agreement”) made as of (CONTRACT DATE) between
      (CUSTOMER NAME) with facilities located at (CUSTOMER LOCATION) and Sparton
      Electronics Florida, Inc.., a Florida Corporation, with its office in P. O.
      Box
      788, 5612 Johnson Lake Road, DeLeon Springs, Florida 32130 (“SMS”).

    

    SMS
      is
      hereby authorized to make the following change(s) to the Basic Services of
      the
      subject contract:

     

     

    A.
      Change Type

     

    

      
        	o    
                Task Deletion	o    
Task
                Addition 	o    
Task
                Modification	o    
Travel
	
                 

              	
                 

              	
                 

              	 
	o    
Task
                Definition	o    
Service
                Addition
	o    
Schedule
                Change  	o    
Material
	
              	
                 

              	
                 

              	
                 

              
	 	 	 	 
	
                o    
Other
                  ________________________________________________________________________________________

              

      

    

     

    Description
      of Change:

    

     

    

     

     

     

    
      	
              Scivanta
                Medical Corporation

            	 	
              Sparton
                Medical Systems, Inc.

            
	
              215
                Morris Avenue

            	 	
              5612
                Johnson Lake Road

            
	
              Spring
                Lake NJ 07762

            	 	
              DeLeon
                Springs, FL 32130

            
	 	 	 
	
              Name
                David LaVance

            	 	
              Name

            
	
              Title
                President

            	 	
              Title

            
	
              Date
                

            	 	
              Date

            
	 	 	
              SMS
                ACKNOWLEDGEMENT OF RECEIPT AND IMPLEMENTION OF CHANGE
                AUTHORIZATION

            
	 	 	 
	 	 	 

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Exhibit
      D

    

    PAYMENT
      TERMS

    

    An
      initial deposit of $60,000 is due 10 days after bilateral execution of this
      Agreement and required in order to begin the Scivanta Hickey Cardiac Monitor
      Project. After receipt of this prepayment, invoices will be issued monthly,
      net
      10. All material greater than $5,000.00 shall be prepaid prior to the generation
      of SMS orders. 

     

    Based
      on
      receiving timely payments for the first four months, the initial deposit of
      $60,000 shall be applied to the Scicanta Hickey Cardiac Monitor
      Project..

     

    After
      each phase or based on Scivanta supplying acceptable, updated financial
      information, SMS shall make a decision to either keep the current terms or
      issue
      invoices monthly, net 30. All material shall continue to be
      prepaid.

     

    Failure
      to make timely payment could result in suspension of services and project delay.
      SMS shall provide written notification of non-payment and notice of its intent
      to stop work five (5) days prior to doing so. When any payment due is not paid
      on or before its due date, CUSTOMER may be assessed interest, at SMS’
discretion, on the sum outstanding from the due date for receipts of payment
      to
      the actual date of receipt of payment at a rate of one and one half percent
      (1.5%) per month on the unpaid balance.Unassociated Document

    EXHIBIT
      A

     

     FORM OF SUBSCRIPTION
      AGREEMENT

     

    

     

    SUBSCRIPTION
      AGREEMENT
      made as
      of this ___ day of ____________, 2007, between Halcyon Jets Holdings, Inc.,
      a
      Delaware corporation, with offices at 336 W. 37th
      Street,
      8th
      Floor,
      New York, New York, 10018, and the undersigned (the “Subscriber”).
      The
      term “Company,” as used herein, is defined as set forth in the PPM (as defined
      below).

     

    WHEREAS,
      pursuant
      to a Confidential Offering Memorandum dated June 4, 2007 (the “PPM”),
      the
      Company is offering in a private placement (the “Offering”)
      to
      accredited investors up to 100 Units at a purchase price of $100,000 per Unit
      for a maximum aggregate purchase price of $10,000,000 (the “Maximum
      Offering”).
      Each
      Unit consists of 100,000 shares of the Company’s common stock, par value $0.001
      per share (the “Common
      Stock”)
      and a
      three-year, redeemable warrant to purchase 50,000 shares of Common Stock at
      $1.00 per share (the “Warrants”)
      As
      used herein, the term “Units” means such Units, and all Common Stock and
      Warrants underlying the Units), and

     

    WHEREAS,
      the
      Subscriber desires to subscribe for the number of Units set forth on the
      signature page hereof, on the terms and conditions hereinafter set
      forth.

     

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

     

    
      	I.  	
              SUBSCRIPTION
                FOR AND REPRESENTATIONS AND COVENANTS OF
                SUBSCRIBER

            

    

     

    1.1  Subject
      to the terms and conditions hereinafter set forth, the Subscriber hereby
      subscribes for and agrees to purchase from the Company such number of Units
      set
      forth upon the signature page hereof, at a price equal to $100,000 per Unit,
      and
      the Company agrees to sell such to the Subscriber for said purchase price,
      subject to the Company’s right to sell to the Subscriber such lesser number of
      (or no) Units as the Company may, in its sole discretion, deem necessary or
      desirable. The purchase price is payable by wire transfer of immediately
      available funds, pursuant to the wire instructions attached as Exhibit
      C
      to the
      PPM or by check payable to Signature Bank, as Escrow Agent to Halcyon Jets,
      Inc.

     

    1.2  The
      Subscriber recognizes that the purchase of Units involves a high degree of
      risk
      in that (i) an investment in the Company is highly speculative and only
      investors who can afford the loss of their entire investment should consider
      investing in the Company and the Units; (ii) the Units are not registered under
      the Securities Act of 1933, as amended (the “Act”),
      or
      any state securities law; (iii) there is no trading market for the Units, none
      is likely ever to develop, and the Subscriber may not be able to liquidate
      his,
      her or its investment; (iv) transferability of the Units is extremely limited;
      and (v) an investor could suffer the loss of his, her or its entire
      investment.

     

    1.3  The
      Subscriber is an “accredited investor,” as such term in defined in Rule 501 of
      Regulation D promulgated under the Act, and the Subscriber is able to bear
      the
      economic risk of an investment in the Units.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    1.4  The
      Subscriber has prior investment experience (including investment in non-listed
      and non-registered securities), and has read and evaluated, or has employed
      the
      services of an investment advisor, attorney or accountant to read and evaluate,
      all of the documents furnished or made available by the Company to the
      Subscriber and to all other prospective investors in the Units, including the
      PPM, as well as the merits and risks of such an investment by the Subscriber.
      The Subscriber’s overall commitment to investments which are not readily
      marketable is not disproportionate to the Subscriber’s net worth, and the
      Subscriber’s investment in the Units will not cause such overall commitment to
      become excessive. The Subscriber, if an individual, has adequate means of
      providing for his or her current needs and personal and family contingencies
      and
      has no need for liquidity in his or her investment in the Units. The Subscriber
      is financially able to bear the economic risk of this investment, including
      the
      ability to afford holding the Units for an indefinite period or a complete
      loss
      of this investment.

     

    1.5  The
      Subscriber acknowledges receipt and careful review of the PPM, all supplements
      to the PPM, and all other documents furnished in connection with this
      transaction by the Company (collectively, the “Offering
      Documents”)
      and
      has been furnished by the Company during the course of this transaction with
      all
      information regarding the Company which the Subscriber has requested or desires
      to know; and the Subscriber has been afforded the opportunity to ask questions
      of and receive answers from duly authorized officers or other representatives
      of
      the Company concerning the terms and conditions of the Offering, and any
      additional information which the Subscriber has requested.

     

    1.6  The
      Subscriber acknowledges that the purchase of the Units may involve tax
      consequences to the Subscriber and that the contents of the Offering Documents
      do not contain tax advice. The Subscriber acknowledges that the Subscriber
      must
      retain his, her or its own professional advisors to evaluate the tax and other
      consequences to the Subscriber of an investment in the Units. The Subscriber
      acknowledges that it is the responsibility of the Subscriber to determine the
      appropriateness and the merits of a corporate entity to own the Subscriber’s
      Units and the corporate structure of such entity.

     

    1.7  The
      Subscriber acknowledges that this Offering has not been reviewed by the
      Securities and Exchange Commission (the “SEC”)
      or any
      state securities commission, and that no federal or state agency has made any
      finding or determination regarding the fairness or merits of the Offering.
      The
      Subscriber represents that the Units are being purchased for his, her or its
      own
      account, for investment only, and not with a view toward distribution or resale
      to others. The Subscriber agrees that he, she or it will not sell or otherwise
      transfer the Units unless they are registered under the Act or unless an
      exemption from such registration is available.

     

    1.8  The
      Subscriber understands that the provisions of Rule 144 under the Act are not
      available for at least one (1) year to permit resales of the Units or the Common
      Stock and Warrants comprising the Units and there can be no assurance that
      the
      conditions necessary to permit such sales under Rule 144 will ever be satisfied.
      The Subscriber understands that the Company is under no obligation to comply
      with the conditions of Rule 144 or take any other action necessary in order
      to
      make available any exemption from registration for the sale of the Units or
      the
      Common Stock and Warrants comprising the Units.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    

     

    1.9  The
      Subscriber understands that the Units have not been registered under the Act
      by
      reason of a claimed exemption under the provisions of the Act which depends,
      in
      part, upon his, her or its investment intention. In this connection, the
      Subscriber understands that it is the position of the SEC that the statutory
      basis for such exemption would not be present if his, her or its representation
      merely meant that his, her or its present intention was to hold such securities
      for a short period, such as the capital gains period of tax statutes, for a
      deferred sale, for a market rise, assuming that a market develops, or for any
      other fixed period. The Subscriber realizes that, in the view of the SEC, a
      purchase now with an intent to resell would represent a purchase with an intent
      inconsistent with his, her or its representation to the Company and the SEC
      might regard such a sale or disposition as a deferred sale, for which such
      exemption is not available.

     

    1.10  The
      Subscriber agrees to indemnify and hold the Company, its directors, officers
      and
      controlling persons and their respective heirs, representatives, successors
      and
      assigns harmless against all liabilities, costs and expenses incurred by them
      as
      a result of any misrepresentation made by the Subscriber contained herein or
      any
      sale or distribution by the Subscriber in violation of the Act (including,
      without limitation, the rules promulgated thereunder), any state securities
      laws, or the Company’s Certificate of Incorporation or By-laws, as amended from
      time to time.

     

    1.11  The
      Subscriber consents to the placement of a legend on any certificate or other
      document evidencing the Units stating that such securities have not been
      registered under the Act and setting forth or referring to the restrictions
      on
      transferability and sale thereof.

     

    1.12  The
      Subscriber understands that the Company will review and rely on this
      Subscription Agreement without making any independent investigation; and it
      is
      agreed that the Company reserves the unrestricted right to reject or limit
      any
      subscription and to withdraw the Offering at any time.

     

    1.13  The
      Subscriber hereby represents that the address of the Subscriber furnished at
      the
      end of this Subscription Agreement is the undersigned’s principal residence, if
      the Subscriber is an individual, or its principal business address if it is
      a
      corporation or other entity.

     

    1.14  The
      Subscriber acknowledges that if the Subscriber is a Registered Representative
      of
      a National Association of Securities Dealers, Inc. (“NASD”)
      member
      firm, the Subscriber must give such firm the notice required by the NASD’s
      Conduct Rules, receipt of which must be acknowledged by such firm on the
      signature page hereof.

     

    1.15  The
      Subscriber hereby acknowledges that neither the Company nor any persons
      associated with the Company who may provide assistance or advice in connection
      with the Offering (other than the placement agent, if one is engaged by the
      Company) are or are expected to be members or associated persons of members
      of
      the NASD or registered broker-dealers under any federal or state securities
      laws.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    

     

    1.16  The
      Subscriber understands that, pursuant to the terms of the Offering as set forth
      in the PPM, the Company must receive subscriptions for 30 Units for an aggregate
      purchase price of $3,000,000 (the “Minimum
      Offering”)
      in
      order to close on the sale of any Units and that persons affiliated with the
      Company or its consultants, advisors, or placement agents may subscribe for
      Common Stock, in which case the Company may accept subscriptions from such
      affiliated parties in order to reach the Minimum Offering; and that,
      accordingly, no investor should conclude that achieving the Minimum Offering
      is
      the result of any independent assessment of the merits or advantages of the
      Offering or the Company made by Subscribers in the Minimum
      Offering.

     

    1.17  Each
      Subscriber hereby agrees that it will not, without the prior written consent
      of
      the Company and the lead underwriter or placement agent (and if no lead
      underwriter or placement agent is appointed, then the managing underwriter
      or
      managing placement agent) (the “Broker-Dealer”)
      during
      the period commencing on the date of the final prospectus relating to “firm
      commitment” or “best efforts” registered public offering of the Company (the
“Placed
      Offering”)
      and
      ending on the date specified by the Company and the Broker-Dealer (such period
      not to exceed one hundred eighty (180) calendar days) (i) lend, offer, pledge,
      sell, contract to sell, sell any option or contract to purchase, purchase any
      option or contract to sell, grant any option, right or warrant to purchase,
      or
      otherwise transfer or dispose of, directly or indirectly, any securities of
      the
      Company, including (without limitation) shares of Common Stock or any securities
      convertible into or exercisable or exchangeable for Common Stock (whether now
      owned or hereafter acquired) or (ii) enter into any swap or other arrangement
      that transfers to another, in whole or in part, any of the economic consequences
      of ownership of any securities of the Company, including (without limitation)
      shares of Common Stock or any securities convertible into or exercisable or
      exchangeable for Common Stock (whether now owned or hereafter acquired), whether
      any such transaction described in clause (i) or (ii) above is to be settled
      by
      delivery of securities, in cash or otherwise. Each Subscriber agrees to execute
      an agreement(s) reflecting (i) and (ii) above as may be requested by the
      Broker-Dealer at the time of the Placed Offering and further agrees that the
      Company’s Placed Offering may impose stop transfer instructions with its
      transfer agent in order to enforce the covenants in (i) and (ii) above. The
      Broker-Dealer
      in
      connection with the Company is an intended third party beneficiary of the
      covenants in this Section 1.17 and shall have the right, power and authority
      to
      enforce such covenants as though they were a party hereto.

     

    1.18  The
      Subscriber hereby represents that, except as expressly set forth in the Offering
      Documents, no representations or warranties have been made to the Subscriber
      by
      the Company or any agent, employee or affiliate of the Company and, in entering
      into this transaction, the Subscriber is not relying on any information other
      than that contained in the Offering Documents and the results of independent
      investigation by the Subscriber.

     

    1.19  All
      information provided by the Subscriber in the Investor Questionnaire attached
      as
Exhibit
      B
      to the
      PPM is true and accurate in all respects, and the Subscriber acknowledges that
      the Company will be relying on such information to its possible detriment in
      deciding whether the Company can sell these securities to the Subscriber without
      giving rise to the loss of the exemption from registration under applicable
      securities laws.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    

     

    
      	II.  	
              REPRESENTATIONS
                BY THE COMPANY

            

    

     

    The
      Company represents and warrants to the Subscriber that as of the date of the
      closing of this Offering (the “Closing
      Date”):

     

    (a)  The
      Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Delaware and has the corporate power
      to
      conduct the business which it conducts and proposes to conduct.

     

    (b)  The
      execution, delivery and performance of this Subscription Agreement by the
      Company have been duly authorized by the Company and all other corporate action
      required to authorize and consummate the offer and sale of the Units has been
      duly taken and approved.

     

    (c)  The
      Units
      and the underlying Common Stock have been duly and validly authorized and
      issued.

     

    (d)  The
      Company has obtained, or is in the process of obtaining, all licenses, permits
      and other governmental authorizations necessary for the conduct of its business,
      except where the failure to so obtain such licenses, permits and authorizations
      would not have a material adverse effect on the Company. Such licenses, permits
      and other governmental authorizations which have been obtained are in full
      force
      and effect, except where the failure to be so would not have a material adverse
      effect on the Company, and the Company is in all material respects complying
      therewith.

     

    (e)  The
      Company knows of no pending or threatened legal or governmental proceedings
      to
      which the Company is a party which would materially adversely affect the
      business, financial condition or operations of the Company.

     

    (f)  The
      Company is not in violation of or default under, nor will the execution and
      delivery of this Subscription Agreement or the issuance of the Common Stock,
      or
      the consummation of the transactions herein contemplated, result in a violation
      of, or constitute a default under, the Company’s Certificate of Incorporation or
      By-laws, any material obligations, agreements, covenants or conditions contained
      in any bond, debenture, note or other evidence of indebtedness or in any
      material contract, indenture, mortgage, loan agreement, lease, joint venture
      or
      other agreement or instrument to which the Company is a party or by which it
      or
      any of its properties may be bound or any material order, rule, regulation,
      writ, injunction, or decree of any government, governmental instrumentality
      or
      court, domestic or foreign.

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    

     

    
      	III.  	
              COVENANTS
                BY THE COMPANY

            

    

     

    3.1  For
      a
      period of the earlier of (i) twelve (12) months following the Initial Closing
      (as defined in the PPM) or ninety (90) days following the date that the “resale”
registration statement covering the shares of Common Stock and the shares of
      Common Stock underlying the Warrants included within the Units sold in the
      Offering is declared effective by the SEC (the “Adjustment
      Period”),
      in
      the event that the Company sells or grants any option to purchase or sells
      or
      grants any right to reprice, or otherwise disposes of or issues (or announces
      any sale, grant or any option to purchase or other disposition), any Common
      Stock or Common Stock Equivalents entitling any Person to acquire shares of
      Common Stock at an effective price per share that is lower than $1.00 per share
      (such lower price, the “Base
      Price”
and
      such issuances, collectively, a “Dilutive
      Issuance”)
      (if
      the holder of the Common Stock or Common Stock Equivalents so issued shall
      at
      any time, whether by operation of purchase price adjustments, reset provisions,
      floating conversion, exercise or exchange prices or otherwise, or due to
      warrants, options or rights per share which are issued in connection with such
      issuance, be entitled to receive shares of Common Stock at an effective price
      per share that is lower than $1.00 per share, such issuance shall be deemed
      to
      have occurred for less than the $1.00 per share on such date of the Dilutive
      Issuance), then the Company shall issue additional shares of Common Stock to
      the
      Subscriber in an amount sufficient that the subscription price paid hereunder,
      when divided by the total number of shares issued in the Dilutive Issuance
      will
      result in an actual price paid by the Subscriber per share of Common Stock
      equal
      to the Base Price. Such adjustment shall be made whenever any Dilutive Issuance
      is made within the Adjustment Period. Notwithstanding the foregoing, no
      adjustment will be made under this Section 3.1 in respect of an Exempt Issuance.
      The Company shall notify the Subscriber in writing, no later than 1 business
      day
      following a Dilutive Issuance, indicating therein the applicable issuance price,
      or applicable reset price, exchange price, conversion price and other pricing
      terms (such notice, the “Dilutive
      Issuance Notice”).
      For
      purposes of clarification, whether or not the Company provides a Dilutive
      Issuance Notice pursuant to this Section 3.1, upon the occurrence of any
      Dilutive Issuance, the Subscriber is entitled to receive a number of shares
      based upon the Base Price on or after the date of such Dilutive Issuance,
      regardless of whether the Subscriber accurately refers to the Base Price in
      any
      notice. The exercise price of all unexercised Warrants issued to the Subscriber
      shall be reduced to the Base Price upon any Dilutive Issuance during the
      Adjustment Period. Such Warrant adjustment shall be made successively whenever
      a
      Dilutive Issuance requiring an adjustment to the Base Price is made during
      the
      Adjustment Period. Notwithstanding anything herein or in any related document
      to
      the contrary, the foregoing does not convey to the Subscriber any right to
      participation in any future financings or offerings now or in the future
      contemplated or undertaken by the Company. The Company reserves the right to
      establish procedures in order to effectuate the issuance of additional shares
      in
      the event of any dilutive issuance requiring an adjustment to the Base Price,
      in
      its sole discretion, including delivery of such shares to the Subscriber in
      full
      and complete satisfaction of the Company’s obligation upon a Dilutive
      Issuance.

     

    “Common
      Stock Equivalents”
means
      any securities of the Company or any of its subsidiaries which would entitle
      the
      holder thereof to acquire at any time Common Stock, including, without
      limitation, any debt, preferred stock, rights, options, warrants or other
      instrument that is at any time convertible into or exercisable or exchangeable
      for, or otherwise entitles the holder thereof to receive, Common
      Stock.

     

    “Exempt
      Issuance”
means:
      (A) the issuance of: (a) shares of Common Stock or options to employees,
      officers, directors, or consultants of the Company pursuant to any stock or
      option plan duly adopted for such purpose by a majority of the non-employee
      members of the Board of Directors of the Company or a majority of the members
      of
      a committee of non-employee directors established, (b) securities upon the
      exercise or exchange of or conversion of any securities issued hereunder and/or
      other securities exercisable or exchangeable for or convertible into shares
      of
      Common Stock issued and outstanding on the date of this Agreement,
      provided that such securities have not been amended since the date of this
      Agreement to increase the number of such securities or to decrease the exercise,
      exchange or conversion price of such securities; and (c) securities issued
      pursuant to acquisitions or strategic transactions approved by a majority of
      the
      disinterested directors of the Company, provided that any such issuance shall
      only be to a person which is either an owner
      of,
      or an entity that is, itself or through its subsidiaries, an operating company
      in a business synergistic with the business of the Company and in which the
      Company receives benefits in addition to the investment of funds, but shall
      not
      include a transaction in which the Company is issuing securities primarily
      for
      the purpose of raising capital or to an entity whose primary business is
      investing in securities.

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

    

     

    

    
      	IV.  	
              TERMS
                OF SUBSCRIPTION

            

    

     

    4.1  Subject
      to Section 4.2 hereof, the subscription period will begin as of the date of
      the
      PPM and will terminate at 11:59 PM Eastern Time, on the earlier of the date
      on
      which the Maximum Offering is sold or the Offering is terminated by the Company
      (the “Termination
      Date”).
      The
      minimum subscription amount is $100,000, although the Company may, in its
      discretion, accept subscriptions for less than $100,000.

     

    4.2  The
      Subscriber has effected a wire transfer in the full amount of the purchase
      price
      for the Units to the Company’s escrow account in accordance with the wire
      instructions attached as Exhibit
      C
      to the
      PPM or has delivered a check in payment of the purchase price for the
      Units.

     

    4.3  Pending
      the sale of the Units, all funds paid hereunder shall be deposited by the
      Company in escrow with the Company’s escrow agent. If the Company shall not have
      obtained subscriptions (including this subscription) for the Minimum Offering
      on
      or before the Termination Date (as such date may be extended by the Company),
      then this subscription shall be void and all funds paid hereunder by the
      Subscriber shall be promptly returned without interest to the Subscriber, to
      the
      same account from which the funds were drawn. If subscriptions are received
      and
      accepted and payment tendered for the Minimum Offering on or prior to the
      Termination Date, then all subscription proceeds (less fees and expenses) shall
      be paid over to the Company within ten (10) days thereafter or such earlier
      date
      that is one business day after the amount of good funds in escrow equals or
      exceeds $3,000,000. In such event, sales of the Units may continue thereafter
      until the earlier of the date on which the Maximum Offering is sold and the
      Termination Date, with subsequent releases of funds from time to time at the
      discretion of the Company.

     

    4.4  The
      Subscriber hereby authorizes and directs the Company and its escrow agent to
      deliver any certificates or other written instruments representing the Units
      to
      be issued to such Subscriber pursuant to this Subscription Agreement to the
      address indicated on the signature page hereof.

     

    4.5  The
      Subscriber hereby authorizes and directs the Company and its escrow agent to
      return any funds, without interest, for unaccepted subscriptions to the same
      account from which the funds were drawn.

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

    

     

    4.6  If
      the
      Subscriber is not a United States person, such Subscriber shall immediately
      notify the Company and the Subscriber hereby represents that the Subscriber
      is
      satisfied as to the full observance of the laws of its jurisdiction in
      connection with any invitation to subscribe for the Units or any use of this
      Subscription Agreement, including (i) the legal requirements within its
      jurisdiction for the purchase of the Units, (ii) any foreign exchange
      restrictions applicable to such purchase, (iii) any governmental or other
      consents that may need to be obtained, and (iv) the income tax and other tax
      consequences, if any, that may be relevant to the purchase, holding, redemption,
      sale or transfer of the Units. Such Subscriber’s subscription and payment for,
      and continued beneficial ownership of, the Units will not violate any applicable
      securities or other laws of the Subscriber’s jurisdiction.

     

    
      	V.  	
              MISCELLANEOUS

            

    

     

    5.1  Any
      notice or other communication given hereunder shall be deemed sufficient if
      in
      writing and sent by reputable overnight courier, facsimile (with receipt of
      confirmation) or registered or certified mail, return receipt requested,
      addressed to the Company, at the address set forth in the first paragraph
      hereof, Attention: Chief Executive Officer, facsimile: (516) 706-3173, and
      to
      the Subscriber at the address or facsimile number indicated on the signature
      page hereof. Notices shall be deemed to have been given on the date when mailed
      or sent by facsimile transmission or overnight courier, except notices of change
      of address, which shall be deemed to have been given when received.

     

    5.2  This
      Subscription Agreement shall not be changed, modified or amended except by
      a
      writing signed by the parties against whom such modification or amendment is
      to
      be charged, and this Subscription Agreement may not be discharged except by
      performance in accordance with its terms or by a writing signed by the party
      to
      be charged.

     

    5.3  This
      Subscription Agreement shall be binding upon and inure to the benefit of the
      parties hereto and to their respective heirs, legal representatives, successors
      and assigns. This Subscription Agreement sets forth the entire agreement and
      understanding between the parties as to the subject matter hereof and merges
      and
      supersedes all prior discussions, agreements and understandings of any and
      every
      nature among them.

     

    5.4  Notwithstanding
      the place where this Subscription Agreement may be executed by any of the
      parties hereto, the parties expressly agree that all the terms and provisions
      hereof shall be construed in accordance with and governed by the laws of the
      State of New
      York.
      The
      parties hereby agree that any dispute which may arise between them arising
      out
      of or in connection with this Subscription Agreement shall be adjudicated only
      before a Federal court located in New York County, State of New York and they
      hereby submit to the exclusive jurisdiction of the federal courts located in
      New
      York County, State of New York with respect to any action or legal proceeding
      commenced by any party, and irrevocably waive any objection they now or
      hereafter may have respecting the venue of any such action or proceeding brought
      in such a court or respecting the fact that such court is an inconvenient forum,
      relating to or arising out of this Subscription Agreement or any acts or
      omissions relating to the sale of the securities hereunder, and consent to
      the
      service of process in any such action or legal proceeding by means of registered
      or certified mail, return receipt requested, in care of the address set forth
      below or such other address as the undersigned shall furnish in writing to
      the
      other. The parties further agree that in the event of any dispute, action,
      suit
      or other proceeding arising out of or in connection with this Subscription
      Agreement, the PPM or other matters related to this subscription brought by
      a
      Subscriber (or transferee), the Company (and each other defendant) shall recover
      all of such party’s attorneys’ fees and costs incurred in each and every action,
      suit or other proceeding, including any and all appeals or petitions therefrom.
      As used herein, attorney’s fees shall be deemed to mean the full and actual
      costs of any investigation and of legal services actually performed in
      connection with the matters involved, calculated on the basis of the usual
      fee
      charged by the attorneys performing such services.

     

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

    

     

    5.5  This
      Subscription Agreement may be executed in counterparts. Upon the execution
      and
      delivery of this Subscription Agreement by the Subscriber, this Subscription
      Agreement shall become a binding obligation of the Subscriber with respect
      to
      the purchase of Units as herein provided; subject, however, to the right hereby
      reserved by the Company to (i) enter into the same agreements with other
      subscribers, (ii) add and/or delete other persons as subscribers and (iii)
      reduce the amount of or reject any subscription.

     

    5.6  The
      holding of any provision of this Subscription Agreement to be invalid or
      unenforceable by a court of competent jurisdiction shall not affect any other
      provision of this Subscription Agreement, which shall remain in full force
      and
      effect.

     

    5.7  It
      is
      agreed that a waiver by either party of a breach of any provision of this
      Subscription Agreement shall not operate or be construed as a waiver of any
      subsequent breach by that same party.

     

    5.8  The
      parties agree to execute and deliver all such further documents, agreements
      and
      instruments and take such other and further actions as may be necessary or
      appropriate to carry out the purposes and intent of this Subscription
      Agreement.

     

    [Signature
      Pages Follow]

    
      
        
        

      

      
        A-9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Subscription Agreement as of the day and year first
      written above.

     

    

    
      	
              __________________________

            	
              X
                $100,000 for each Unit

            	
              =
                $_____________________.

            
	
              Number
                of Units subscribed for

            	 	
              Aggregate
                Purchase Price

            

    

    

    Manner
      in which Title is to be held (Please Check One):

     

    
      	
              1.

            	
              ___

            	
              Individual

            	
              7.

            	
              ___

            	
              Trust/Estate/Pension
                or Profit Sharing Plan

              Date
                Opened:______________

            
	
              2.

            	
              ___

            	
              Joint
                Tenants with Right of Survivorship

            	
              8.

            	
              ___

            	
              As
                a Custodian for

               

              ________________________________

               

              Under
                the Uniform Gift to Minors Act of the State of

               

              ________________________________

               

            
	
              3.

            	
              ___

            	
              Community
                Property

            	
              9.

            	
              ___

            	
              Married
                with Separate Property

               

            
	
              4.

            	
              ___

            	
              Tenants
                in Common

            	
              10.

            	
              ___

            	
              Keogh

               

            
	
              5.

            	
              ___

            	
              Corporation/Partnership/
                Limited Liability Company

               

            	
              11.

            	
              ___

            	
              Tenants
                by the Entirety

               

            
	
              6.

            	
              ___

            	
              IRA

            	
              12.

            	
              ___

            	
              Foundation
                described in Section 501(c)(3) of the Internal Revenue Code of 1986,
                as
                amended.

               

            

    

    

    IF
      MORE THAN ONE SUBSCRIBER,
      EACH SUBSCRIBER MUST SIGN:

    ·  INDIVIDUAL
      SUBSCRIBERS MUST COMPLETE PAGE 11

    ·  SUBSCRIBERS
      WHICH ARE ENTITIES MUST COMPLETE PAGE 12

     

    
      
        
        

      

      
        A-10

        
          

        

      

      
        
        

      

    

    EXECUTION
      BY NATURAL PERSONS

     

    
      	 
	 
	Exact
              Name in
              Which Title is to be Held
	 	 	 
	
              Name
                (Please Print)

               

               

            	 	
              Name
                of Additional Subscriber

            
	
              Residence:
                Number and Street

               

               

            	 	
              Address
                of Additional Subscriber

            
	
              City,
                State and Zip Code

               

               

            	 	
              City,
                State and Zip Code

            
	
              Social
                Security Number

               

               

            	 	
              Social
                Security Number

            
	
              Telephone
                Number

               

               

            	 	
              Telephone
                Number

            
	
              Fax
                Number (if available)

               

               

            	 	
              Fax
                Number (if available)

            
	
              E-Mail
                (if available)

               

            	 	
              E-Mail
                (if available)

               

               

            
	
              (Signature)

               

               

            	 	
              (Signature
                of Additional Subscriber)

            
	 	 	 
	 	
              ACCEPTED
                this ___ day of _________ 2007, on behalf of Halcyon Jets Holdings,
                Inc.

               

            
	 

    

    
      	
            	
              By:_________________________________________________________________

            
	 	
              Name:

              Title:

            

    

    

    
      
        
        

      

      
        A-11

        
          

        

      

      
        
        

      

    

    EXECUTION
      BY SUBSCRIBER WHICH IS AN ENTITY

     

    (Corporation,
      Partnership, Trust, Etc.)

     

    
      	
              ____________________________________________________________________________

              Name
                of Entity (Please Print)

            
	
              Date
                of Incorporation or Organization:

               

            
	
              State
                of Principal Office:

               

            
	
              Federal
                Taxpayer Identification Number:         

               

               

               

               

               

              ____________________________________________

              Office
                Address

               

              ____________________________________________

              City,
                State and Zip Code

               

              ____________________________________________

              Telephone
                Number

               

              ____________________________________________

              Fax
                Number (if available)

               

              ____________________________________________

              E-Mail
                (if available)

               

            
	
               

              [seal]

               

              Attest:_______________________________________

              (If
                Entity is a Corporation)

            	
               

              By:___________________________________

              Name:

              Title:

            
	 	 
	
              *If
                Subscriber is a Registered Representative with an NASD member firm,
                have
                the following acknowledgement signed by the appropriate
                party:

               

            	 
	
              The
                undersigned NASD member firm acknowledges receipt of the
                notice

              required
                by Rule 3050 of the NASD

              Conduct
                Rules

            	 
	 
	
               

              ______________________________________

              Name
                of NASD Firm

            	
              ACCEPTED
                this ____ day of __________ 2007, on behalf of Halcyon Jets Holdings,
                Inc.

            
	
               

              By:_________________________________________

              Name:

              Title:

            	
               

              By:___________________________________

              Name:

              Title:

            

    

    

    
      
        
        

      

      A-12

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