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             AGREEMENT REGARDING SATISFACTION OF ARBITRATION AWARD



      This  Agreement   Regarding   Satisfaction  of  Arbitration  Award  (the

"Agreement")  is made this 19th day of  November,  2003 by and between  L.A.M.

Pharmaceutical   Corp.  (the  "Company")  and  Capital  Research  Group,  Inc.

("CRG").  Charles  T.  Tamburello  (Tamburello)  is a party to this  Agreement

for purposes of Sections 5 and 6 only.



                              RECITALS:



      A. Pursuant to that certain Arbitration Award issued April 30, 2003

regarding American Arbitration Association Case No. 32 181 00509 02, CRG was

awarded the principal sum of $577,700 plus prejudgment interest calculated at

the rate of .0002466 or $142.46, per diem form July 24, 2002 through December

31, 2002 and the per diem rate of .0001644, or $94.97 from January 1, 2003 until

the award is paid (the "Award").



      B. The Company and CRG acknowledge that the Award is an obligation of the

Company.



      C. Upon the terms and subject to the conditions of this Agreement, CRG and

the Company have agreed that the Company shall not pay to CRG the Award and

shall otherwise be released from its obligations arising under the Award.



      NOW, THEREFORE, in consideration of the premises and the mutual covenants

contained herein and other good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, the parties hereby agree as

follows:



      1. RECITALS. The above stated RECITALS are true and correct and are

incorporated by reference into this Agreement.



      2. SHARE ISSUANCE. No later than four days after the Effective Date, as

         that term is defined herein, (the "Delivery Date"), the Company

         shall:



          (a)  issue to CRG 1,159,363 shares of the Company's Common Stock;



          (b)  issue to CRG  2,000,000  shares of the  Company's  Common  Stock,

               provided,  however, and only with respect to the 2,000,000 shares

               referred to in this Section 2(b):



               (i)  If the closing "Bid" price of the Company's common stock (as

                    reflected on the OTCBB) on the date immediately prior to the

                    Delivery  Date (the "Prior  Closing Bid Price") is less than

                    18 cents  ($0.18)  per  share,  the  Company  shall  deliver

                    additional  shares or cash,  at the Company's  option,  such

                    that the total value of the shares and cash  delivered  (the

                    value  shall be equal to the sum of the  Prior  Closing  Bid

                    Price and the  number of shares  issued)  is  equivalent  to

                    $360,000; and



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               (ii) If the Prior Closing Bid Price exceeds 18 cents ($0.18), the

                    number  of  shares  shall be  reduced  by a factor of 50,000

                    shares for each $0.01 the Prior Closing Bid Price exceeds 18

                    cents ($0.18).



(c)         The shares of common stock which are to be delivered to CRG pursuant

            to this Section 2 are sometimes referred to in this Agreement as the

            "Shares".



      3. WARRANT ISSUANCE.



(a)   On the date hereof, the Company shall issue to CRG or its designees an "A"

Warrant and a "B" Warrant (collectively, the "Warrants") in substantially the

form attached as Exhibits A and B. The Company will notify CRG in writing within

48 hours of the time that the Company issues, or commits to issue, any shares of

common stock, options, warrants or securities convertible into shares of common

stock.



(b) The Shares and the shares delivered pursuant to the exercise of the Warrants

(the "Warrant Shares") shall be delivered to CRG or its designee via DWAC or DTC

transfer to:



      Wexford Clearing Services Corporation

      One New York Plaza

      New York, NY 10292



      DTC# 0030

      Code: 40



      For further credit to:

      Capital Research Group Inc.

      Account # LC3 952551 76



      The shares will be deemed delivered the next business day after the

Company has instructed its transfer agent to DWAC the shares to Wexford Clearing

Services Corporation. The Company will notify CRG by telephone (954-217-8555) no

later than two hours after the Company has instructed its transfer agent to DWAC

the shares to Wexford Clearing Services Corporation.



      4.    REGISTRATION



     (a) The Company acknowledges that it filed a Registration Statement on Form

SB-2 (File  #333-109868) with the U.S.  Securities and Exchange  Commission (the

"SEC") on October 22,  2003,  and the  Company  was  informed by the SEC that it

would not review  the  Registration  Statement  and the SEC would  consider  the

Company's  request for  acceleration of the  effectiveness  of the  Registration

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