Document:

Amendment to 2009 Warrant

 Exhibit 10.5 
 AMENDMENT TO 2009 WARRANT 
 This AMENDMENT TO 2009 WARRANT is dated as of
March 22, 2011, by and between Dais Analytic Corporation, a New York corporation (the “Company”), and Platinum-Montaur Life Sciences, LLC (“Platinum”), a Delaware limited liability company. 

WHEREAS, the Company issued to Platinum the Stock Purchase Warrant, dated as of March 12, 2009 (the “2009
Warrant”), on or about March 12, 2009; and 
 WHEREAS, the parties desire to amend the 2009 Warrant as is set
forth herein. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 1. Amendment to Term. Section 3 of the 2009 Warrant (captioned “Period of Exercise”) is hereby amended to read in its entirety as follows: 

This Warrant is exercisable, subject to the following limitations, at any time or from time to time during the period beginning on the
Issuance Date and ending on March 22, 2016. 
 2. Amendment to Exercise Provisions. The 2009 Warrant shall be deemed amended to add
the following as Section 15: 
 15. Cashless Exercise. Notwithstanding any provisions herein to the
contrary if (i) the Per Share Market Value (as defined below) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below) and (ii) a registration statement under the Securities Act
providing for the resale of the Warrant Shares is not then in effect, in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise and shall receive the number of shares of Common Stock equal to
an amount (as determined below) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Exercise Agreement in which event the Company shall issue to the Holder a number of shares of Common Stock
computed using the following formula: 

 

 

  

					
	Where	  	X =	  	the number of shares of Common Stock to be issued to the Holder.
		  	Y =	  	the number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being
exercised.
		  	A =	  	the Exercise Price.
		  	B =	  	the Per Share Market Value of one share of Common Stock.

 For purposes hereof, “Per Share Market Value” means on any particular date (a) the last closing bid price per share of the Common Stock on such date on the OTC Bulletin Board or another
registered national stock exchange on which the Common Stock is then listed, or if there is no such price on such date, then the closing bid price on such exchange or quotation system on the date nearest preceding such date, or (b) if the
Common Stock is not listed then on the OTC Bulletin Board or any registered national stock exchange, the last closing bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC Bulletin Board or in the National
Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the National
Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then 

  
 [Amendment to
2009 Warrant] 

 
the “Pink Sheet” quotes for the applicable trading days preceding such date of determination, or (d) if the Common Stock is not then publicly traded the fair market value of a
share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 

3. Continuing Effect. Except as otherwise set forth herein, and in the Amendment to Warrants dated as of December 2009, between the parties
hereto, the 2009 Warrant remains un-amended and in full force and effect. 
 IN WITNESS WHEREOF, the parties hereto have
executed this Amendment to 2009 Warrant as of the date first written above. 
  

					
	DAIS ANALYTIC CORPORATION
		
	By:	 	 /s/ Timothy N. Tangredi

		 	Name:	 	Timothy N. Tangredi
		 	Title:	 	President & CEO
	
	PLATINUM-MONTAUR LIFE SCIENCES, LLC
		
	By:	 	 /s/ Joseph Sanfilippo

		 	Name:	 	Joseph Sanfilippo
		 	Title:	 	CFO

 [Amendment to 2009 Warrant]Stock Purchase Warrant

 Exhibit 10.6 
 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED. 
 STOCK PURCHASE WARRANT 
  

			
	Date of Issuance: March 22, 2011	 	Certificate No. 116

 To
Purchase 1,000,000 Shares of 
 Common Stock of 

DAIS ANALYTIC CORPORATION 
 THIS CERTIFIES THAT, for value received, the receipt and sufficiency of which is hereby acknowledged: 
 Subject to the conditions set forth herein, Platinum Montaur Life Sciences LLC (“Holder”), or its permitted assigns, is entitled to subscribe for and purchase from Dais Analytic
Corporation, a New York corporation (the “Company”), at any time or from time to time after the date hereof (the “Issuance Date”) and continuing during the period of exercise set forth in paragraph 3 hereof, a
total of ONE MILLION (1,000,000) fully paid and non-assessable shares of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”), at an exercise price of forty-five cents (US $0.45)
per share (the “Exercise Price”), subject to adjustment from time to time pursuant to the provisions of paragraph 5 hereof. The term “Warrant(s),” as used herein, shall mean this Warrant of even date herewith,
including all amendments to any such Warrants and all warrants issued in exchange, transfer or replacement therefor. The term “Warrant Shares,” as used herein, refers to the shares of Common Stock purchased or purchasable upon the
exercise of this Warrant. 
 This Warrant is subject to the following provisions, terms and conditions: 

1. Definitions. For the purpose of the Warrants, the following terms, whether or not capitalized or underlined in the text of this
Warrant, shall have the following meanings: 
 “Commission” shall mean the U.S. Securities and
Exchange Commission or any other governmental authority at the time administering the Securities Act. 

“Common Stock” shall mean the common stock, par value $0.01 per share, of the Company. 

“Company” shall have the meaning specified in the introduction to this Warrant. 

  
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 “Exercise Agreement” shall have the meaning specified in
paragraph 2 hereof. 
 “Exercise Price” shall have the meaning specified in the introduction to
this Warrant. 
 “Note” means the Amended and Restated Convertible Promissory Note issued on or
about the date hereof to the Company. 
 “Qualified Offering” has the meaning set forth in the
Note. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, as any similar or
successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. Reference to a particular section of the Securities Act shall include a reference to the comparable section, if
any, of any such similar or successor federal statute. 
 “Warrant Shares” shall have the
meaning specified in the introduction to this Warrant. 
 “Warrant(s)” shall have the meaning
specified in the introduction to this Warrant. 
 2. Manner of Exercise; Issuance of Certificates; Payment for Shares; No
Fractional Shares. 
 (a) The rights represented by this Warrant may be exercised by the Holder hereof, in whole or in part,
subject to the limitations on exercise contained in paragraph 3 herein, by the surrender of this Warrant, together with a completed Exercise Agreement in the form attached hereto (“Exercise Agreement”), during normal business hours
on any business day at the principal office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the Holder hereof at the address of such Holder appearing on the books of the Company) at any time
during the period set forth in paragraph 3 hereof and, upon payment to the Company by certified check or wire transfer in an amount equal to the product obtained by multiplying the Exercise Price by the number of Warrant Shares to be purchased in
connection with such exercise. The Company agrees that the shares so purchased shall be and are deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business on the day upon which all of the foregoing
requirements have been met. 
 (b) Certificates for the Warrant Shares so purchased shall be delivered to the Holder hereof
within a reasonable time after the rights represented by this Warrant shall have been so exercised. The stock certificate or certificates so delivered shall be registered in the name of said Holder. If this Warrant shall have been exercised only in
part, then, unless this Warrant has expired, the Company shall, at its expense, at the time of delivery of said stock certificates(s), deliver to said Holder a new Warrant representing the right to purchase the remaining number of shares of Common
Stock with respect to which this Warrant shall not then have been exercised. 
 (c) This Warrant shall be exercisable only for a
whole number of Warrant Shares. No fractions of shares of Common Stock, or scrip for any such fractions of shares, shall be issued upon the exercise of this Warrant. 

  
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 3. Period of Exercise. This Warrant is exercisable, subject to the following
limitations, at any time or from time to time during the period beginning on the earliest of: (i) the date of the consummation of the Qualified Offering, (ii) the date of conversion of the Note in full or (iii) the date of the
conversion of the Note by the Holder into the greatest number of shares of Common Stock such that the 9.99% Threshold (as defined in the Note) is not exceeded; and ending on the fifth anniversary of the Issuance Date (“Term”).

 4. Shares to be Fully Paid; Reservations of Shares. The Company covenants and agrees that all Warrant Shares will be
duly authorized and validly issued and upon issuance in accordance with the terms and conditions hereof, will be fully paid and nonassessable. The Company further covenants and agrees that during the period within which the rights represented by
this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of issue upon exercise of the subscription rights evidenced by this Warrant a sufficient number of shares of Common Stock to provide for the
exercise of the rights represented by this Warrant. 
 5. Stock Dividends, Splits, Reclassifications, etc. If prior to
the expiration date, the Company shall pay a stock dividend upon, or subdivide, split-up, reverse split, reclassify or combine its shares of Common Stock or if such stock shall be made exchangeable for other stock of the Company or if the Company
shall effect a capital reorganization or reclassification of the capital stock or consolidate or merge the Company with another entity or sell substantially all of its assets to another entity in such a way that the holders of the Common Stock shall
be entitled to receive stock, securities, or assets with respect to or in exchange for Common Stock then the Company shall appropriately adjust the number, class and/or exercise price of the Stock subject to the outstanding Warrant to reflect the
change in Common Stock. All affected terms and conditions of the Warrant shall also be appropriately adjusted. If, as a result of any adjustment under this section the Warrant Holder shall become entitled to a fractional share of Stock, the Holder
shall have the right to purchase only the adjusted full number of shares of Stock and no payment or other adjustment will be made in respect to the fractional shares of Stock so disregarded. The determination of the Company’s Board of Directors
regarding any adjustment will be final and conclusive. The Holder of the Warrant shall be given prompt notice of any adjustment of the number of shares issuable on exercise of the Warrant or any adjustment of the exercise price of the Warrant as
well as the taking of any of the foregoing corporate actions. 
 6. Representation of Holder. By acceptance of this
Warrant, the Holder hereby represents, warrants and covenant that any shares of stock purchased upon exercise of this Warrant shall be acquired for investment only and not with a view to, or for sale in connection with, any distribution thereof;
that the Holder has had such opportunity as such Holder has deemed adequate to obtain the merits and risks of its investment in the Company; that holder is an “accredited investor” as that term is defined in Regulation D under the United
States Securities Act of 1933; that Holder is able to bear the economic risk of holding such shares as may be required pursuant to the exercise of this Warrant for an indefinite period; the Holder understands that the shares of stock acquired
pursuant to the exercise of this Warrant will not be registered by the Company under the Securities Exchange Act and may be “restricted securities” within the meaning of Rule 144 under the Securities Act; and that all stock certificates
representing shares of stock issued to Holder upon exercise of this Warrant may have affixed thereto a legend substantially in the following form: 

  
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 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE
STATE SECURITIES LAWS OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT
REQUIRED. 
 The Company agrees to reissue this Warrant or certificates representing any of the Warrant Shares, without the legend set forth
above if at such time, prior to making any transfer of any such securities, the Holder shall give written notice to the Company describing the manner and terms of such transfer. Such proposed transfer will not be effected until: (a) either
(i) the Company has received an opinion of counsel reasonably satisfactory to the Company, to the effect that the registration of such securities under the Securities Act is not required in connection with such proposed transfer, (ii) a
registration statement under the Securities Act covering such proposed disposition has been filed by the Company with the Securities and Exchange Commission and has become effective under the Securities Act, (iii) the Company has received other
evidence reasonably satisfactory to the Company that such registration and qualification under the Securities Act and state securities laws are not required, or (iv) the Holder provides the Company with reasonable assurances that such security
can be sold pursuant to Rule 144 under the Securities Act; and (b) either (i) the Company has received an opinion of counsel reasonably satisfactory to the Company, to the effect that registration or qualification under the securities or
“blue sky” laws of any state is not required in connection with such proposed disposition, or (ii) compliance with applicable state securities or “blue sky” laws has been effected or a valid exemption exists with respect
thereto. The Company will respond to any such notice from a holder within three (3) business days. In the case of any proposed transfer under this Section 6, the Company will use reasonable efforts to comply with any such applicable state
securities or “blue sky” laws, but shall in no event be required, (x) to qualify to do business in any state where it is not then qualified, (y) to take any action that would subject it to tax or to the general service of process
in any state where it is not then subject, or (z) to comply with state securities or “blue sky” laws of any state for which registration by coordination is unavailable to the Company. The restrictions on transfer contained in this
Section 6 shall be in addition to, and not by way of limitation of, any other restrictions on transfer contained in any other section of this Warrant. Whenever a certificate representing the Warrant Shares is required to be issued to a the
Holder without a legend, in lieu of delivering physical certificates representing the Warrant Shares, the Company shall cause its transfer agent to electronically transmit the Warrant Shares to the Holder by crediting the account of the
Holder’s Prime Broker with DTC through its DWAC system so long as the Company’s transfer agent is participating in the DWAC system. 

  
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 7. No Rights or Liabilities as a Shareholder. This Warrant shall not entitle the
Holders hereof to any voting rights or any other rights as a shareholder of the Company. No provision of this Warrant, in the absence of affirmative action by the Holder hereof to purchase Warrant Shares, and no mere enumeration herein of the rights
or privileges of the Holder hereof, shall give rise to any liability of such Holder for the Exercise Price or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

8. Reserved. 
 9. Reserved. 
 10. Transfer and Exchange. 

(a) Transfer of Warrant. Subject to compliance with applicable federal and state securities laws and the terms and conditions of
this Agreement, Holder shall have the right from time to time to transfer or sell all or a portion of this Warrant to one or more third parties (a “Third Party Transferee”); provided, however, (i) no Third Party
Transferee shall be a Competitor (as determined in the discretion of the Board of Directors of Company) of the Company and (ii) any Third Party Transferee shall agree in writing to be bound as a holder to the terms and conditions of this
Warrant. 
 (b) Replacement of Warrant. Upon receipt of written notice from the holder hereof or other evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon deliver of an indemnity agreement, or other indemnity reasonably satisfactory to the
Company, or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company will execute and deliver, in lieu thereof, a new Warrant of like tenor. 

(c) Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer or replacement as
provided in this paragraph 9, this Warrant shall be promptly canceled by the Company. 
 11. Notices. All notices
and other communications required or permitted hereunder shall be in writing, and shall be deemed to have been delivered on the date delivered by hand, telegram, facsimile or by similar means, on the first (1st) day following the day when sent
by recognized courier or overnight delivery service (fees prepaid), or on the fifth (5th) day following the day when deposited in the mail, registered or certified (postage prepaid), addressed: (i) if to the Holder hereof or any other
holder of any Warrants, at the registered address of the Holder hereof or such other holder as set forth in the register kept by the Company at its principal office with respect to the Warrants, or to such other address as the Holder hereof or such
other holder may have designated to the Company in writing, and (ii) if to the Company, at 11552 Prosperous Drive, Odessa, Florida 33556, Attention: Timothy Tangredi or addresses as the Company may designated in writing to the Holder hereof or
any other holder of any of the Warrants at the time outstanding. 
 12. Governing Law; Jurisdiction. This Warrant shall
be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York, without regard to principles of conflicts of laws. Any legal action or proceeding with respect to this Warrant shall
be brought in the courts of the 

  
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State of New York or of the United States of America sitting in Manhattan, New York, and, by execution, delivery and acceptance of this Warrant, both the Company and Holder hereby accept for
itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. The Company and Holder hereby irrevocably waive, in connection with any such action or proceeding, any objection, including, without
limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which they may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions. 

13. Miscellaneous. 
 (a) Amendments. This Warrant and any provision hereof may be changed, waived, discharged or terminated, but only by an instrument in writing signed by the party (or any predecessor in interest
thereof) against whom enforcement of the same is sought. 
 (b) Descriptive Headings. The descriptive headings of the
several paragraphs of this Warrant are inserted for purposes of reference only, and shall not affect the meaning or construction of any of the provisions hereof. 
 (c) Severability. It is expressly agreed that if any provision of this Warrant shall be determined by a court of competent jurisdiction to be void and of no effect, the provision of this Warrant
shall be deemed amended to modify or delete, as necessary, the offending provision, and this Warrant as so amended or modified shall not be rendered unenforceable or impaired but shall remain in force to the fullest extent possible in keeping with
the intentions of the parties. 
 (d) Waiver. The waiver of the Company of any provision of this Warrant shall not
operate as or be construed to be a subsequent waiver of the same provision or waiver of any other provision of this Warrant. 

(e) Interpretation. All decisions or interpretations of the Board of Directors of the Company with respect to any question arising
under this option shall be binding, conclusive and final. 
 14. Exercise Restrictions. Notwithstanding anything to the
contrary set forth in this Warrant, at no time may the Holder exercise this Warrant if the number of shares of Common Stock to be issued pursuant to such exercise would exceed, when aggregated with all other shares of Common Stock owned by such
holder at such time, the number of shares of Common Stock which would result in the Holder beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules thereunder) in
excess of 9.9% of all of the Common Stock outstanding at such time; provided, however, that upon the Holder providing the Company with at least 61 days’ prior written notice that the Holder waives the limitations contained in this
Section 14 with regard to any or all shares of Common Stock issuable upon exercise of this warrant, this Section 14 shall be of no force or effect with regard to all or a portion of the shares of Common Stock referenced in such notice.

 15. Cashless Exercise. Notwithstanding any provisions herein to the contrary if (i) the Per Share Market Value
(as defined below) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below) and (ii) a registration statement under the Securities Act providing for the resale of the

  
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Warrant Shares is not then in effect, in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise and shall receive the number of shares of
Common Stock equal to an amount (as determined below) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Exercise Agreement in which event the Company shall issue to the Holder a number of shares
of Common Stock computed using the following formula: 

 

 

  

					
	Where	  	X =	  	the number of shares of Common Stock to be issued to the Holder.
		  	Y =	  	the number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being
exercised.
		  	A =	  	the Exercise Price.
		  	B =	  	the Per Share Market Value of one share of Common Stock.

 For purposes hereof, “Per Share Market Value” means on any particular date (a) the last closing bid price per share of the Common Stock on such date on the OTC Bulletin Board or another
registered national stock exchange on which the Common Stock is then listed, or if there is no such price on such date, then the closing bid price on such exchange or quotation system on the date nearest preceding such date, or (b) if the
Common Stock is not listed then on the OTC Bulletin Board or any registered national stock exchange, the last closing bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC Bulletin Board or in the National
Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the National
Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the “Pink Sheet” quotes for the applicable trading days preceding such date of determination, or (d) if the Common
Stock is not then publicly traded the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer as of the date first written above. 
  

			
	DAIS ANALYTIC CORPORATION

			
		
	By:	 	       /s/ Timothy N.
Tangredi

			
		
	Name:	 	 Timothy N. Tangredi

		
	Title:	 	 President & CEO

[March 2011 Stock Purchase Warrant to Platinum-Montaur Life Sciences, LLC] 

 FORM OF EXERCISE AGREEMENT 

[DATE] 
 To: Dais
Analytic Corporation 
 Attention: Timothy Tangredi 
 The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase             
shares of $.01 par value Common Stock covered by such Warrant. 
 The undersigned is an “accredited investor” and is
acquiring such shares for the purpose of investment and not with a view to or for sale in connection with any distribution thereof. 
  

			
	Signature:	 	  

			
		
	Name:	 	  

			
		
	On behalf of:	 	  

			
		
	Its:	 	  

			
		
	Address:	 	

 [March 2011 Stock Purchase Warrant to Platinum-Montaur Life Sciences, LLC]

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