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EXHIBIT 10.14
MEMBERSHIP INTEREST PURCHASE AGREEMENT
This Membership Interest Purchase agreement is made this 13th day of
January, 2005, between Nicholas J. Sconzo of 210 A Meadowlands Parkway,
Secaucus, New Jersey 07094 (the "Seller"), and U.S. MedSys Corp., of 411 Route
17 South, Hasbrouck Heights, New Jersey 07604 (the "Purchaser").
RECITALS
A. The Seller is the record owner and holder of 85% of the outstanding
Membership Interest in PMC Ocular Network LLC (the "Company"), a New Jersey
Limited Liability Company.
B. The Purchaser desires to purchase a majority of the outstanding
Membership Interest in the Company from Seller and Seller desires to sell such
to the Purchaser, upon the terms and subject to the conditions set forth in this
agreement.
In consideration of the matters described above, and of the mutual
benefits and obligations set forth in this agreement, the parties agree as
follows:
SECTION ONE
PURCHASE AND SALE
Subject to the terms and conditions set forth below, at the closing of
the transaction contemplated by this agreement, Seller shall sell, convey,
transfer, and deliver to Purchaser a portion of Seller's Membership Interest in
the Company equal to a 51% Membership Interest in the Company. As a result, the
Seller shall own a 34% Membership Interest in the Company and the Purchaser
shall own a 51% Membership Interest in the Company.
The closing of the transactions contemplated by this agreement (the
"Closing"), shall be held at 411 Route 17 South, Hasbrouck Heights, New Jersey,
on January 13, 2005 at 8:00 a.m., or such other place, date and time as the
parties to this agreement may otherwise agree.
SECTION TWO
PAYMENT
As consideration for the purchase and sale of the 51% Membership
interest, Purchaser shall pay to Seller an aggregate of $400,000, in the
following manner:
The deposit of $250,000 that was delivered to Seller in December 2004
shall apply be applied to the total purchase price on the date of Closing.
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The balance of $150,000 shall be paid to Seller on the date that the
Company files an application with the New Jersey Department of Health and Senior
Services for approval as an Organized Delivery System.
SECTION THREE
OPTION






