Document:

Exhibit
10.2

 

PROMISSORY NOTE

 

	
   

  	
   

  	
   

  
	
   

  	
  (Date)

  	
   

  

 

FOR VALUE RECEIVED,
ACUSPHERE, INC. a corporation located at the address stated below (“MAKER”)
promises, jointly and severally if more than one, to pay to the order of
GENERAL ELECTRIC CAPITAL CORPORATION or any subsequent holder hereof (each, a “PAYEE”)
at its office located at 401 MERRITT 7 SUITE 23, NORWALK, CT 06851-1177 or at
such other place as Payee or the holder hereof may designate, the principal sum
of                                         
DOLLARS ($                                        ),
with interest on the unpaid principal balance, from the date hereof through and
including the dates of payment, at a fixed interest rate of                                         
percent (                                        %)
per annum, to be paid in lawful money of the United States, in                                         
(                                        )
consecutive monthly installments of principal and interest as follows:

 

	
  Periodic

  	
   

  	
   

  	
   

  
	
  Installment

  	
   

  	
  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

(each “Periodic
Installment”), and a final installment which shall be in the amount of                                         
Dollars ($                                        ),
plus any outstanding principal and interest. The first Periodic Installment
shall be due and payable on                                         
and the following Periodic Installments and the final installment shall be due
and payable on the same day of each succeeding month (each, a “Payment Date”).
Such installments have been calculated on the basis of a 360 day year of twelve
30-day months. Each payment may, at the option of the Payee, be calculated and
applied on an assumption that such payment would be made on its due date.

 

The acceptance by Payee
of any payment which is less than payment in full of all amounts due and owing
at such time shall not constitute a waiver of Payee’s right to receive payment
in full at such time or at any prior or subsequent time.

 

The Maker hereby
expressly authorizes the Payee to insert the date value is actually given in
the blank space on the face hereof and on all related documents pertaining
hereto.

 

This Note may be secured
by a security agreement, chattel mortgage, pledge agreement or like instrument
(each of which is hereinafter called a “SECURITY AGREEMENT”).

 

Time is of the essence
hereof. If any installment or any other sum due under this Note or any Security
Agreement is not received within ten (10) days after its due date, the Maker
agrees to pay, in addition to the amount of each such installment or other sum,
a late payment charge of five percent (5%) of the amount of said installment or
other sum, but not exceeding any lawful maximum. If (i) Maker fails to make
payment of any amount due hereunder within ten (10) days after the same becomes
due and payable; or (ii) Maker is in default under, or fails to perform under
any term or condition contained in any Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest

 

 

thereon and any other sum
payable under this Note or any Security Agreement, at the election of Payee,
shall, upon Payee’s election, immediately become due and payable, with interest
thereon at the lesser of eighteen percent (18%) per annum or the highest rate
not prohibited by applicable law from the date of such accelerated maturity
until paid (both before and after any judgment).

 

The Maker may prepay in
full, but not in part, its entire indebtedness hereunder upon payment of the
entire indebtedness plus an additional sum as a premium equal to the following
percentages of the remaining principal balance for the indicated period:

 

•                  Prior to the first annual anniversary
date of this Note: Not Allowed

 

•                  Thereafter and prior to the second
annual anniversary date of this Note: five percent (5%)

 

•                  Thereafter and prior to the third
annual anniversary date of this Note: three percent (3%)

 

Plus all other sums due
hereunder or under any Security Agreement.

 

It is the intention of
the parties hereto to comply with the applicable usury laws; accordingly, it is
agreed that, notwithstanding any provision to the contrary in this Note or any
Security Agreement, in no event shall this Note or any Security Agreement
require the payment or permit the collection of interest in excess of the
maximum amount permitted by applicable law. If any such excess interest is
contracted for, charged or received under this Note or any Security Agreement,
or if all of the principal balance shall be prepaid, so that under any of such
circumstances the amount of interest contracted for, charged or received under
this Note or any Security Agreement on the principal balance shall exceed the
maximum amount of interest permitted by applicable law, then in such event (a)
the provisions of this paragraph shall govern and control, (b) neither Maker
nor any other person or entity now or hereafter liable for the payment hereof
shall be obligated to pay the amount of such interest to the extent that it is
in excess of the maximum amount of interest permitted by applicable law, (c)
any such excess which may have been collected shall be either applied as a
credit against the then unpaid principal balance or refunded to Maker, at the
option of the Payee, and (d) the effective rate of interest shall be
automatically reduced to the maximum lawful contract rate allowed under
applicable law as now or hereafter construed by the courts having jurisdiction
thereof. It is further agreed that without limitation of the foregoing, all
calculations of the rate of interest contracted for, charged or received under
this Note or any Security Agreement which are made for the purpose of
determining whether such rate exceeds the maximum lawful contract rate, shall
be made, to the extent permitted by applicable law, by amortizing, prorating,
allocating and spreading in equal parts during the period of the full stated
term of the indebtedness evidenced hereby, all interest at any time contracted
for, charged or received from Maker or otherwise by Payee in connection with
such indebtedness; provided, however, that if any applicable state law is
amended or the law of the United States of America preempts any applicable
state law, so that it becomes lawful for the Payee to receive a greater
interest per annum rate than is presently allowed, the Maker agrees that, on
the effective date of such amendment or preemption, as the case may be, the
lawful maximum hereunder shall be increased to the maximum interest per annum
rate allowed by the amended state law or the law of the United States of
America.

 

The Maker and all
sureties, endorsers, guarantors or any others (each such person, other than the
Maker, an “OBLIGOR”) who may at any time become liable for the payment hereof
jointly and severally consent hereby to any and all extensions of time,
renewals, waivers or modifications of, and all substitutions or releases of,
security or of any party primarily or secondarily liable on this Note or any
Security Agreement or any term and provision of either, which may be made, granted
or consented to by Payee, and agree that suit may be brought and maintained
against any one or more of them, at the election of Payee without joinder of
any other as a party thereto, and that Payee shall not be required first to

 

 

foreclose, proceed against,
or exhaust any security hereof in order to enforce payment of this Note. The
Maker and each Obligor hereby waives presentment, demand for payment, notice of
nonpayment, protest, notice of protest, notice of dishonor, and all other
notices in connection herewith, as well as filing of suit (if permitted by law)
and diligence in collecting this Note or enforcing any of the security hereof,
and agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. Maker and each Obligor agrees that
fees not in excess of twenty percent (20%) of the amount then due shall be
deemed reasonable.

 

THE MAKER HEREBY
UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF
THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE
SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE
RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF
THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY
BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.)
THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

This Note and any
Security Agreement constitute the entire agreement of the Maker and Payee with
respect to the subject matter hereof and supercedes all prior understandings,
agreements and representations, express or implied.

 

No variation or
modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized
representative of Maker and Payee. Any such waiver, consent, modification or
change shall be effective only in the specific instance and for the specific
purpose given.

 

 

Any provision in this
Note or any Security Agreement which is in conflict with any statute, law or
applicable rule shall be deemed omitted, modified or altered to conform
thereto.

 

	
   

  	
   

  	
  ACUSPHERE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  (Witness)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  (Print name)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
  (Address)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Federal Tax ID #:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
								

 

 

Schedule
of Loan Amounts

 

	
  Sched. No.

  	
   

  	
  Date

  	
   

  	
  Principal

  Amount

  	
   

  	
  Term

  (mos.)

  	
   

  	
  Monthly

  Payment

  	
   

  	
  Final Payment

  	
   

  
	
  No. 1

  	
   

  	
  4/16/2004

  	
   

  	
  $

  	
  71,648.75

  	
   

  	
  48

  	
   

  	
  $

  	
  1,685.25

  	
   

  	
  $

  	
  7,058.90

  	
   

  
	
  No. 2

  	
   

  	
  4/16/2004

  	
   

  	
  156,996.65

  	
   

  	
  36

  	
   

  	
  4,697.05

  	
   

  	
  16,471.80

  	
   

  
	
  No. 3

  	
   

  	
  6/30/2004

  	
   

  	
  144,862.99

  	
   

  	
  48

  	
   

  	
  3,432.75

  	
   

  	
  14,297.47

  	
   

  
	
  No. 4

  	
   

  	
  6/30/2004

  	
   

  	
  50,644.96

  	
   

  	
  36

  	
   

  	
  1,525.95

  	
   

  	
  5,324.32

  	
   

  
	
  No. 5

  	
   

  	
  9/24/2004

  	
   

  	
  212,516.34

  	
   

  	
  48

  	
   

  	
  4,983.70

  	
   

  	
  20,922.26

  	
   

  
	
  No. 6

  	
   

  	
  9/24/2004

  	
   

  	
  95,244.37

  	
   

  	
  36

  	
   

  	
  2,850.50

  	
   

  	
  9,993.82

  	
   

  
	
  No. 7

  	
   

  	
  12/21/2004

  	
   

  	
  21,914.00

  	
   

  	
  48

  	
   

  	
  518.00

  	
   

  	
  2,161.55

  	
   

  
	
  No. 8

  	
   

  	
  12/21/2004

  	
   

  	
  1,800,353.51

  	
   

  	
  36

  	
   

  	
  54,271.85

  	
   

  	
  189,298.35

  	
   

  
	
  No. 9

  	
   

  	
  12/30/2004

  	
   

  	
  891,090.42

  	
   

  	
  48

  	
   

  	
  21,089.00

  	
   

  	
  87,920.80

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  3,445,271.99WALL STREET CONSULTANTS, INC.
                                32 E. 57th STREET
                              NEW YORK, N.Y. 10022

INVESTMENT BANKING                                           (212) 888-4848
FOUNDED 1959                                                  FAX (212) 888-4903

                               September 30, 2004

Mr. Richard Gabriel
President & CEO
DNAPrint genomics, Inc.
900 Cocoanut Avenue
Sarasota, FL 34236

Dear Mr. Gabriel:

         This will confirm our understanding that The Wall Street Group, Inc.
("WSG") has been retained as financial public relations counsel to DNAPrint
genomics, Inc. ("DNAPrint"), beginning September 30, 2004 and continuing until
cancelled as hereinafter provided. As consideration for the services provided by
WSG to DNAPrint, as defined more specifically on Exhibit "A" attached, WSG will
receive a cash fee of $7,500 per month, payable in advance on the first day of
each month, plus reimbursement of reasonable and customary out-of-pocket
expenses, payable on receipt of an itemized statement detailing the incurred
expenses. As further consideration, DNAPrint grants WSG's affiliate, Wall Street
Consultant's, Inc. ("WSC") a five-year stock option, with piggyback registration
rights as more fully set forth below, on as many shares as could be purchased on
the open market for $100,000 at the closing bid price on September 24, 2004,
which option shall be evidenced by an option agreement in the form attached
hereto as Exhibit B. This contract may be cancelled by either party on ninety
(90) days written notice.

         At the conclusion of 12 months, should this contract not be canceled by
either party on 90 days prior written notice, or modified, by mutual agreement,
the same terms will pertain to the next 12 month period, except that WSC will be
granted an additional five-year option on as many shares as could be bought for
$100,000 using as the exercise price, the closing bid price (or last sale price
if the common stock shall be listed on a national securities exchange) of the
common stock on the anniversary of the date of this Agreement. Each year
thereafter, this additional option grant and formula will be maintained, until
this agreement shall be canceled or modified, with each such option to be on the
terms and conditions of Exhibit A attached hereto.

         DNAPrint agrees, with respect to all options granted under this
contract that for so long as such options remain exercisable and for a period of
two years thereafter, whenever DNAPrint proposes to file with the Securities and
Exchange Commission a registration statement (other than as to securities issued
pursuant to an employee benefit plan or as to a merger, acquisition or similar
transaction subject to Rule 145 promulgated under the Securities Act of 1933, as
amended), DNAPrint shall, at least 30 days prior to such filing, give written
notice of the proposed filing to WSC (or its successor or assigns, as the case

                                                                       _____(DK)
                                                                       _____(  )

                                       1
<PAGE>

may be) setting forth the facts with respect to such proposed filing, and offer
to include in any such filing all of the shares subject to such options,
provided that DNAPrint receives a request at least 10 days prior to the proposed
filing date. All fees, disbursements and out-of-pocket expenses in connection
with the filing of any registration statement and in complying with applicable
securities and blue sky laws shall be borne by DNAPrint, all as more fully set
forth in the option agreement.

         This agreement can be canceled by either party on ninety (90) days
written notice. Should this agreement be canceled earlier than one year from the
date hereof as reflected below, WSC will return to DNAPrint a prorated portion
of the five-year stock option, which portion shall be based on the number of
days remaining in the twelve month retainer period. For this purpose (and all
other purposes of this agreement), the ninety (90) day period following notice
of termination shall be considered part of the retainer period.

         It is understood that during the 90 day period following notice of
termination, DNAPrint will continue to honor its fee arrangement to WSG,
including reimbursement of reasonable expenses, and that WSG will continue to
work on behalf of DNAPrint.

         In addition to introductions to brokers, analysts, money managers,
funds and institutions, WSG, will introduce DNAPrint to financing and investment
banking sources that can potentially assist in raising capital. If WSG is
successful in raising capital for DNAPrint through sources which have not
previously been introduced to DNAPrint or any of its officers, directors,
employees or consultants, it shall receive a 3.0% success fee of any additional
funds raised.

         Any disputes arising under or in connection with the interpretation of
this Agreement or the rights and obligations of the parties hereto shall be
resolved by arbitration in the City of New York under the rules of the American
Arbitration Association then obtaining. The decision of the arbitrator(s) shall
be final and binding, and judgment may be entered thereon in the Supreme Court
of the State of New York or in the United States District Court for the Southern
District of New York or any court having jurisdiction. The costs and expenses,
including counsel fees, shall be borne by each of the parties or as the
arbitrator(s) may determine at the request of any party.

         As financial public relations counsel WSG must rely upon the accuracy
and completeness of the information supplied by DNAPrint and its officers and
directors. DNAPrint assumes full responsibility for the accuracy and
completeness of such information. DNAPrint agrees to indemnify WSG and pay WSG's
reasonable costs and expenses (including, without limitation, attorneys' fees
and costs) in any suit or proceeding arising out of any materially inaccurate
information provided by DNAPrint or any of its officers, directors, agents or
employees to WSG. Additionally, WSG agrees to issue no press releases on behalf
of DNAPrint which have not been cleared or reviewed by Mr. Richard Gabriel or
any other corporate officer he may designate.

         If this agreement meets with your approval, please sign one copy and
return it to me, along with a check representing the first month's fee and the
completed Stock Option Agreement while retaining the other copy for your files.

                                                                       _____(DK)
                                                                       _____(  )

                                       2
<PAGE>

                                                     Very truly yours,

                                                     Donald Kirsch
                                                     President

DK/jg

AGREED TO:

DNAPrint genomics, Inc.

By:
   --------------------------------------
   Richard Gabriel
   President & CEO

Dated:
      -----------------------------------

                                                                       _____(DK)
                                                                       _____(  )

                                       3
<PAGE>

                                    Exhibit A

Utilizing only public information, WSG will introduce DNAPrint to a variety of
professional investor categories, including buy and sell side securities
analysts, money managers, high net worth brokers, investment letter news writers
and print, broadcast and internet journalists. WSG will also prepare and
disseminate press releases to news media and shareholders and assist the company
in the writing and editing of its shareholder messages. The effort will be
conducted in the key money markets of the United States and the objective is to
assist the company in creating a constituency which fully understands the
history of the company, its technology, its ambitions and its potential with
enough public information for these audiences to make their own decisions as to
whether or not the company merits continued attention.

                                                                       _____(DK)
                                                                       _____(  )

                                       4
<PAGE>

EXHIBIT B

                             DNAPrint genomics, Inc.

                             STOCK OPTION AGREEMENT

         Option granted as of September 27, 2004 by DNAPrint genomics, Inc. (the
"Corporation") to Wall Street Consultants, Inc. (which together with its assigns
is sometimes hereinafter referred to as the "Grantee"):

         1. The Option. In further consideration of the services to be provided
to the Corporation by the Grantee pursuant to that certain retainer agreement
between the Corporation and The Wall Street Group, Inc. dated September 27, 2004
(the "Retainer Agreement"), the Corporation grants to the Grantee, effective on
the Date of Grant, a stock option (the "Option") to purchase, on the terms and
conditions herein set forth, up to the number of shares (the "Shares") of the
Corporation's fully paid, nonassessable shares of common stock, ("Common
Stock"), at the purchase price for the Shares set forth in Section 2 below, such
that the aggregate purchase price shall equal $100,000, but not less than 50,000
shares for the first year; provided, however, that in no event shall the
Corporation be required to sell a fractional Share, and the number of Shares
purchasable hereunder shall be limited accordingly.

         2. The Purchase Price. The purchase price of the Shares shall be $
______________ per share (the "Option Price"), which price is the fair market
value of the Shares as of the Date of the Grant, as such Option Price shall be
adjusted from time to time pursuant to paragraph 10.

         3. Exercise of Option.

                  (a) The Option is exercisable over a period ending five years
from the Date of Grant (the "Option Period"). The Option may be exercised from
time to time during the Option Period as to the total number of Shares subject
to this Option as determined under Section 1, or any lesser amount thereof, and
the Option shall continue as to any unexercised Shares.

                  (b) In the event the Grantee elects to exercise all or any
portion of the Option, the Grantee shall deliver to the Corporation written
notice (the "Notice") of such election, which Notice shall specify the number of
Shares in respect of which the Option is to be exercised, along with payment of
the Option Price of the Shares in respect of which the Option is exercised. The
Option Price shall be paid in full in United States dollars at the time of
exercise; provided, however, that if any fees are owed or expenses unreimbursed
pursuant to the Retainer Agreement, then the exercise price may be paid by the
Grantee agreeing to credit the corporation therefore. If the Option is exercised
in accordance with the provisions of this Agreement, the Corporation shall
deliver as soon as practicable to the Grantee a certificate or certificates
representing the number of Shares in respect of which the Option is being
exercised, which Shares shall be registered in the holder's name.

         4. Sale of Shares. The Grantee shall not be entitled to sell, transfer,
or distribute the Shares except pursuant to (i) an effective registration
statement under the Securities Act of 1933, as amended (the "Act"), or (ii) if
there be no registration statement in effect, pursuant to an exemption from
registration under the Act. Prior to offering or selling the Shares upon claim

                                                                       _____(DK)
                                                                       _____(  )

                                       5
<PAGE>

of exemption, the holder shall obtain a written opinion from counsel reasonably
satisfactory to the Corporation to the effect that such exemption is available
or shall deliver a "no-action" letter from the Securities and Exchange
Commission with respect to the proposed sale, transfer or distribution of the
Shares.

         5. Registration Rights. The Corporation agrees that, for so long as the
Option remains exercisable and for a period of two years thereafter, whenever
the Corporation proposes to file with the Securities and Exchange Commission a
registration statement (other than as to securities issued pursuant to an
employee benefit plan or as to a merger, acquisition or similar transaction
subject to Rule 145 promulgated under the Securities Act), the Corporation
shall, at least 30 days prior to such filing, give written notice of such
proposed filing to the Grantee setting forth the facts with respect to such
proposed filing, and shall offer to include in any such filing the Shares
subject to the Option provided that the Corporation receives a request therefor
at least 10 days prior to the proposed filing date. All fees, disbursements and
out-of-pocket expenses in connection with the filing of any registration
statement and in complying with applicable securities and blue sky laws shall be
borne by the Corporation.

         The Corporation will indemnify and hold harmless the Grantee and each
person who controls the Grantee within the meaning of Section 15 of the Act or
Section 20 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), from and against any and all losses, claims, damages, expenses and
liabilities, joint or several (including any investigation, legal and other
expenses incurred in connection with, and any amount paid in any settlement
effected with the Corporation's consent (not to be unreasonably withheld) of,
any action, suit or proceeding or any claim asserted), to which they, or any of
them, may become subject under the Act, the Exchange Act or other federal or
state law or regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities arise out of or are based on (A) any untrue
statement or alleged untrue statement of a material fact contained in the
registration statement filed with respect to the Shares (including any related
preliminary or definitive prospectus, or any amendment or supplement to such
registration statement or prospectus), (B) any omission or alleged omission to
state in such document a material fact required to be stated in it or necessary
to make the statements in it not misleading, or (C) any violation by the
Corporation of the Act, the Exchange Act, any blue sky laws or any rule or
regulation thereunder in connection with such registration; provided however,
that the Corporation will not be liable to the extent that such loss, claim,
damage, expense or liability arises from and is based solely on a material
untrue statement or omission or alleged material untrue statement or omission
made in such registration statement and in conformity with information furnished
in writing to the Corporation by the Grantee expressly for use in such
registration statement. With respect to the matter referred to in the proviso of
the foregoing sentence, the Grantee will indemnify and hold harmless the
Corporation from and against any and all losses, claims, damages, expenses and
liabilities, joint or several, to which it may become subject under the Act, the
Exchange Act or other federal or state statutory law or regulation, at common
law or otherwise to the same extent provided in the immediately preceding
sentence.

         Promptly after receipt by an indemnified party of notice of the
commencement of any action involving matters referred to in the foregoing
paragraph, such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party, thereof and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly notified, to assume
the defense thereof at its own expense with counsel reasonably satisfactory to
the indemnified party or parties, and in such case, if the indemnified party
desires to retain its own counsel, the expense of such counsel shall be borne by
the indemnified party.

                                                                       _____(DK)
                                                                       _____(  )

                                       6
<PAGE>

         6. Termination of Retainer Agreement. In the event the engagement of
the Wall Street Group, Inc. under the Retainer Agreement ceases by reason of the
termination of the Retainer Agreement by either party on ninety (90) days notice
pursuant to the provisions thereof, the maximum number of Shares exercisable
hereunder shall be multiplied by a fraction, the numerator of which shall be the
number of days which shall have expired from the Date of Grant to the earlier of
the next subsequent anniversary date of the Retainer Agreement or ninety (90)
days after receipt by the Wall Street Group, Inc. of the notice of termination
sent pursuant thereto, and the denominator of which shall be 365, and such
product shall thereupon be the maximum number of Shares purchasable hereunder;
provided, however, that in no event shall the Corporation be required to sell a
fractional Share, and the number of Shares purchasable hereunder shall be
limited accordingly.

          7. Successors and Assigns. This agreement shall be binding upon and
shall inure to the benefit of the parties' respective successors and assigns.

          8. Expiration of Option. This Option is not exercisable after the
expiration of five years from the Date of Grant.

          9. Rights.

                  (a) The granting of this Option shall not confer upon the
Grantee any right to continue to be retained by the Corporation or any of its
subsidiaries, subject, however, to the terms of the Retainer Agreement between
the Grantee and the Corporation.

                  (b) The Grantee shall not, by reason of the granting to it of
the Option, have or thereby acquire any rights of a stockholder of the
Corporation with respect to any Shares unless and until it has tendered full
payment of the Option Price for such Shares.

         10. Adjustment of Number of Shares and Option Price. In the event that
a dividend shall be declared upon the Shares payable in shares of Common Stock,
the number of Shares then subject to the Option and the Option Price shall be
adjusted by adding to each of such Shares the number of shares of Common Stock
which would be distributable thereon if such Share had been outstanding on the
date fixed for determining the stockholders entitled to receive such stock
dividend and reducing the Option Price proportionally. In the event that the
outstanding Shares shall be changed into or exchanged for a different number or
kind of shares of stock or other securities of the Corporation or of another
corporation, whether through reorganization, recapitalization, stock split-up,
combination of shares, merger or consolidation, then there shall be substituted
for each Share subject to the Option the number and kind of shares of stock or
other securities into which each outstanding share of Common Stock shall be so
changed or for which each such share shall be exchanged; provided, however, that
in the event that such change or exchange results from a merger or
consolidation, and in the judgment of the Board of Directors of the Corporation
such substitution cannot be effected or would be inappropriate, or if the
Corporation shall sell all or substantially all of its assets, the Corporation
shall use reasonable efforts to effect some other adjustment of the Option which
the Board of Directors, in its sole discretion, shall deem equitable. In the
event that there shall be any change, other than as specified above in this
Paragraph 10, in the number or kind of outstanding Shares or of any stock or
other securities into which such Shares shall have been changed or for which
they shall have been exchanged, then, if the Board of Directors shall determine

                                                                       _____(DK)
                                                                       _____(  )

                                       7
<PAGE>

that such change equitably requires an adjustment in the number or kind of
Shares then subject to the Option, such adjustment shall be made by the Board of
Directors and shall be effective and binding for all purposes of this Option. In
the case of any such substitution or adjustment as provided for in this
paragraph, the Option Price will be the option price for all shares of stock or
other securities which shall have been substituted for each Share or to which
such Share shall have been adjusted pursuant to this paragraph 10. No adjustment
or substitution provided for in this paragraph 10 shall require the Corporation
to sell a fractional Share, and the total substitution or adjustment shall be
limited accordingly.

         11. Reserve of Shares. The Corporation will reserve and set about and
have at all times, free from preemptive rights, a number of shares or authorized
but unissued Common Stock deliverable upon exercise of the Option, and it will
have at all times any other rights or privileges provided for therein sufficient
to enable it at any time to fulfill all of its obligations in this Agreement.

         12. Governing Law. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York.

         If the foregoing is in accordance with the Grantee's understanding and
approved by it, it may so confirm by signing and returning the duplicate of this
Agreement delivered for that purpose.

                                            DNAPrint genomics, Inc.

Dated:__________                            By:_________________________
                                                                        -

The foregoing is in accordance with the undersigned's understanding and is
hereby confirmed and agreed to as of the Date of Grant.

                                            WALL STREET CONSULTANTS, INC.

Dated:__________                            By:_______________________

                                       8

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