Document:

THE
      SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES COMMISSIONER OF ANY STATE
      AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
      WITH, THE SALE OR DISTRIBUTION THEREOF. EXCEPT AS SET FORTH IN SECTION 14 OF
      THIS NOTE, NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE
      REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM
      SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR STATE SECURITIES LAWS.

    

    SECURED
      CONVERTIBLE PROMISSORY NOTE

    

    
      	
              U.S.
                $1,100,000

            	
              June
                6, 2006

            

    

    

    For
      value
      received, Patient Safety Technologies, Inc., a Delaware corporation (the
“Company”),
      promises to pay to the order of Alan E. Morelli, an individual (including his
      successors and assigns hereunder, the “Holder”),
      the
      principal sum of One Million One Hundred Thousand U.S. Dollars (U.S. $1,100,000)
      (the “Loan”),
      together with all accrued and unpaid interest thereon, on or before the date
      such payment is required under this Note. This Note is issued pursuant to that
      certain Secured Convertible Note and Warrant Purchase Agreement dated as of
      June
      6, 2006 (as amended, modified, supplemented or restated from time to time,
      the
“Purchase
      Agreement”)
      between the Company and the Holder. Capitalized terms used herein without
      definition shall have the meanings assigned thereto in the Purchase
      Agreement.

    

    The
      following is a statement of the rights of the holder of this Note and the
      conditions to which this Note is subject, and to which the holder hereof, by
      the
      acceptance of this Note, agrees:

    

    1. Interest.
      

    

    (a) Interest
      shall accrue from the date the Loan is advanced until the Loan is repaid in
      full
      on the unpaid principal amount from time to time at a rate equal to (i) twelve
      percent (12.0%) per annum beginning on the date the Loan is advanced through
      and
      including July 6, 2006, and (ii) fifteen percent (15%) per annum from July
      6,
      2006 through the date the Loan is repaid. 

    

    (b) Notwithstanding
      anything to the contrary contained in this Note, in no event shall the Company
      be required to pay interest on the principal amount outstanding under this
      Note
      at a rate in excess of the maximum nonusurious interest rate, if any, that
      at
      any time or from time to time may be contracted for, taken, reserved, charged
      or
      received on the outstanding principal balance under this Note under the laws
      of
      the State of New York (the “Maximum
      Lawful Rate”),
      and
      if the effective rate of interest which would otherwise be payable under this
      Note would exceed the Maximum Lawful Rate, or if the Holder shall receive monies
      that are deemed to constitute interest which would increase the effective rate
      of interest payable under this Note to a rate in excess of the Maximum Lawful
      Rate, then: (i) the amount of interest which would otherwise be payable under
      this Note shall be reduced to the Maximum Lawful Rate, and (ii) any interest
      paid by the Company in excess of the Maximum Lawful Rate shall, at the option
      of
      the Holder, be either refunded to the Company or credited against the principal
      of this Note. It is further agreed that, without limitation of the foregoing,
      all calculations of the rate of interest contracted for, charged or received
      by
      the Holder that are made for the purpose of determining whether such rate
      exceeds the Maximum Lawful Rate shall be made, to the extent permitted by the
      applicable law (now or hereafter enacted), by amortizing, prorating and
      spreading in equal parts during the period the Loan is outstanding all interest
      at any time contracted for, charged or received by the Holder. 

    

    
      
         

      

      
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    (c) After
      the
      occurrence and during the continuance of any Event of Default (as defined below)
      hereunder, interest shall accrue on the unpaid principal amount and any interest
      that has not been paid when due at a rate equal to four percent (4.0%) per
      annum
      above the rate otherwise provided in Section 1(a). If any interest is not paid
      when due it shall accrue and be added to principal as of the first business
      day
      of each month.

    

    2. Maturity.
      Subject
      to Section 3, principal and any accrued but unpaid interest under this Note
      shall be due and payable upon the earlier of (a) July 6, 2006, or at the option
      of the Company, October 6, 2006, and (b) the occurrence of an Event of Default
      (as defined below). The option of the Company to pay the principal and any
      accrued but unpaid interest under this Note at the later date provided in this
      Section 2 shall be exercised by the Company providing written notice of such
      exercise to the Holder not later than July 1, 2006.

    

    3. Mandatory
      Prepayment.
      The
      Company shall make a mandatory prepayment of the obligations under this Note
      in
      an amount equal to the entire outstanding principal balance of the Loan,
      together with all accrued and unpaid interest thereon, upon the occurrence
      of
      any of the following events: (a) the sale of 50% of or more of the equity
      interest of the Company to any person or group, or (b) any sale of 50% or more
      of the assets (including sales of intangible assets) of the Company in a single
      transaction or series of related transactions. The Company shall make a
      mandatory prepayment of the obligations under this Note in an amount equal
      to
      the proceeds of (i) the sale of any Collateral, and (ii) the incurrence of
      debt
      for borrowed money.

    

    4. Conversion.

    

    (a) Investment
      by the Holder.
      All or
      any portion of the principal amount of and accrued interest on this Note shall,
      at the Holder’s option, be converted into shares of the Company’s Common Stock
      (the “Common
      Stock”).
      The
      number of shares of Common Stock to be issued upon such conversion shall be
      equal to the quotient obtained by dividing (i) the portion of the amount owing
      under this Note to be converted plus (if so elected by the Holder) accrued
      interest by (ii) $2.74 (the “Conversion
      Price”),
      rounded to the nearest whole share, as adjusted pursuant to Section 5. The
      Holder shall give the Company two business days notice of conversion of this
      Note in whole or in part. Interest on this Note shall cease to accrue with
      respect to any portion of the Note that is converted into Common Stock on the
      date that such Common Stock is issued to the Holder.

    

    
      
         

      

      
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    (b) Mechanics
      and Effect of Conversion.
      No
      fractional shares of Common Stock will be issued upon conversion of this Note.
      In lieu of any fractional share to which the Holder would otherwise be entitled,
      the Company will pay to the Holder in cash the amount of the unconverted
      principal and interest balance of this Note that would otherwise be converted
      into such fractional share. Upon conversion of this Note pursuant to this
      Section 4, the Holder shall surrender this Note, duly endorsed, at the principal
      offices of the Company or any transfer agent of the Company. At its expense,
      the
      Company will, as soon as practicable thereafter, issue and deliver to such
      Holder, at such principal office, a certificate or certificates for the number
      of shares to which such Holder is entitled upon such conversion, together with
      any other securities and property to which the Holder is entitled upon such
      conversion under the terms of this Note, including a check payable to the Holder
      for such cash amounts payable as described herein. Upon conversion of this
      Note,
      the Company will be released from all of its obligations and liabilities under
      this Note with regard to that portion of the principal amount and accrued
      interest being converted.

    

    (c) Payment
      of Interest. Upon
      conversion of the principal amount of this Note into Common Stock, any interest
      accrued on this Note that is not converted by reason of Section 4(a) shall
      be
      immediately paid to the Holder in cash.

    

    (d) Limitations
      on Conversion.
      Notwithstanding
      anything to the contrary contained herein, the number of shares of Common Stock
      that may be acquired by the Holder upon any conversion of this Note (or
      otherwise in respect hereof) shall be limited to the extent necessary to insure
      that, following such exercise (or other issuance), the total number of shares
      of
      Common Stock then beneficially owned by such Holder and its Affiliates and
      any
      other Persons whose beneficial ownership of Common Stock would be aggregated
      with the Holder’s for purposes of Section 13(d) of the Exchange Act does not
      exceed 9.999% of the total number of issued and outstanding shares of Common
      Stock (including for such purpose the shares of Common Stock issuable upon
      such
      conversion). For such purposes, beneficial ownership shall be determined in
      accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder. This provision shall not restrict the number of shares
      of Common Stock which the Holder may receive or beneficially own in order to
      determine the amount of securities or other consideration that such Holder
      may
      receive in the event of a Fundamental Transaction as contemplated in Section
      5
      of this Note. The provisions of this Section 4(d) may be waived by the Holder,
      at the election of the Holder, upon not less than 61 days’ prior notice to the
      Company, and the provisions of this Section 4(d) shall continue to apply until
      such 61st
      day (or
      such later date, as determined by the Holder, as may be specified in such notice
      of waiver).

    

    5. Certain
      Conversion Adjustments. The
      Conversion Price is subject to adjustment from time to time as set forth in
      this
      Section 5.

    

    (a) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Note is outstanding (i) pays a stock dividend
      on
      its Common Stock or otherwise makes a distribution on any class of capital
      stock
      that is payable in shares of Common Stock, (ii) subdivides outstanding shares
      of
      Common Stock into a larger number of shares, or (iii) combines outstanding
      shares of Common Stock into a smaller number of shares, then in each such case
      the Conversion Price shall be multiplied by a fraction of which the numerator
      shall be the number of shares of Common Stock outstanding immediately before
      such event and of which the denominator shall be the number of shares of Common
      Stock outstanding immediately after such event. Any adjustment made pursuant
      to
      clause (i) of this paragraph shall become effective immediately after the record
      date for the determination of stockholders entitled to receive such dividend
      or
      distribution, and any adjustment pursuant to clause (ii) or (iii) of this
      paragraph shall become effective immediately after the effective date of such
      subdivision or combination.

    

    
      
         

      

      
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    (b) Fundamental
      Transactions.
      If, at
      any time while this Note is outstanding there is a Fundamental Transaction,
      then
      the Holder shall have the right thereafter to receive, upon conversion of this
      Note, the same amount and kind of securities, cash or property as it would
      have
      been entitled to receive upon the occurrence of such Fundamental Transaction
      if
      it had been, immediately prior to such Fundamental Transaction, the holder
      of
      the number of shares of Common Stock then issuable upon conversion of this
      Note
      (the “Alternate
      Consideration”).
      “Fundamental
      Transaction”
means
      any of the following: (i) the Company effects any merger or consolidation of
      the
      Company with or into another Person, (ii) the Company effects any sale of all
      or
      substantially all of its assets in one or a series of related transactions,
      (iii) any tender offer or exchange offer (whether by the Company or another
      Person) is completed pursuant to which holders of Common Stock are permitted
      to
      tender or exchange their shares for other securities, cash or property, or
      (iv)
      the Company effects any reclassification of the Common Stock or any compulsory
      share exchange pursuant to which the Common Stock is effectively converted
      into
      or exchanged for other securities, cash or property. For purposes of any such
      exercise, the determination of the Conversion Price shall be appropriately
      adjusted to apply to such Alternate Consideration based on the amount of
      Alternate Consideration issuable in respect of one share of Common Stock in
      such
      Fundamental Transaction, and the Company shall apportion the Conversion Price
      among the Alternate Consideration in a reasonable manner reflecting the relative
      value of any different components of the Alternate Consideration. If holders
      of
      Common Stock are given any choice as to the securities, cash or property to
      be
      received in a Fundamental Transaction, then the Holder shall be given the same
      choice as to the Alternate Consideration it receives upon any conversion of
      this
      Note following such Fundamental Transaction. The terms of any agreement pursuant
      to which a Fundamental Transaction is effected shall include terms requiring
      any
      such successor or surviving entity to comply with the provisions of this
      paragraph (b) and insuring that the Conversion Price of this Note (or any such
      replacement security) will be similarly adjusted upon any subsequent transaction
      analogous to a Fundamental Transaction.

    

    (c) Subsequent
      Equity Sales.
      If the
      Company, at any time while this Note is outstanding, shall offer, sell, grant
      any option to purchase or offer, sell or grant any right to reprice its
      securities, or otherwise dispose of or issue (or announce any offer, 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, other than
      as part of a bona fide stock option plan of the Company at an effective price
      per share (such lower price, the “New
      Issue Price”
and
      each such issuance, a “Dilutive
      Issuance”)
      less
      than the then Conversion Price, as adjusted hereunder (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 which is less
      than the then Conversion Price, such issuance shall be deemed to have occurred
      for less than the then Conversion Price), then immediately after each such
      Dilutive Issuance, the Conversion Price then in effect shall be reduced to
      an
      amount equal to the New Issue Price. “Common
      Stock Equivalents”
means
      any securities of the Company 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 exchangeable for, or otherwise entitles the holder thereof
      to receive, Common Stock. Such adjustment shall be made whenever such Common
      Stock or Common Stock Equivalents are issued. 

    

    
      
         

      

      
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    (d) Distribution
      of Assets.
      If the
      Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of shares of Common Stock or Common
      Stock Equivalents, by way of return of capital or otherwise (including, without
      limitation, any distribution of cash, stock or other securities, property or
      options by way of a dividend, spin off, reclassification, corporate
      rearrangement, scheme of arrangement or other similar transaction) (each, a
      “Distribution”)
      at any
      time after the date of this Note, then, in each such case the Conversion Price
      in effect immediately prior to the close of business on the record date fixed
      for the determination of holders of shares of Common Stock entitled to receive
      the Distribution shall be reduced, effective as of the close of business on
      such
      record date, to a price determined by multiplying such Conversion Price by
      a
      fraction of which (i) the numerator shall be the closing bid price of the shares
      of Common Stock on the trading day immediately preceding such record date minus
      the value of the Distribution (as determined in good faith by the Company’s
      Board of Directors) applicable to one share of Common Stock, and (ii) the
      denominator shall be the closing bid price of the shares of Common Stock on
      the
      trading day immediately preceding such record date.

    

    (e) Calculations.
      All
      calculations under this Section 5 shall be made to the nearest cent or the
      nearest 1/100th
      of a
      share, as applicable. The number of shares of Common Stock outstanding at any
      given time shall not include shares owned or held by or for the account of
      the
      Company, and the disposition of any such shares shall be considered an issue
      or
      sale of Common Stock.

    

    (f) Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section 5, the Company at
      its
      expense will promptly compute such adjustment in accordance with the terms
      of
      this Note and prepare a certificate setting forth such adjustment, including
      a
      statement of the adjusted Conversion Price, describing the transactions giving
      rise to such adjustments and showing in detail the facts upon which such
      adjustment is based. The Company will promptly deliver a copy of each such
      certificate to the Holder.

    

    (g) Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any subsidiary of the Company, (ii) authorizes or approves,
      enters into any agreement contemplating or solicits stockholder approval for
      any
      Fundamental Transaction or (iii) authorizes the voluntary dissolution,
      liquidation or winding up of the affairs of the Company, then the Company shall
      deliver to the Holder a notice describing the material terms and conditions
      of
      such transaction (but only to the extent such disclosure would not result in
      the
      dissemination of material, non-public information to the Holder) at least 10
      calendar days prior to the applicable record or effective date on which a Person
      would need to hold Common Stock in order to participate in or vote with respect
      to such transaction, and the Company will take all steps reasonably necessary
      in
      order to insure that the Holder is given the practical opportunity to convert
      this Note prior to such time so as to participate in or vote with respect to
      such transaction; provided, however, that the failure to deliver such notice
      or
      any defect therein shall not affect the validity of the corporate action
      required to be described in such notice.

    

    
      
         

      

      
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    6. Trading
      Market Limitations.
      Unless
      permitted by the applicable rules and regulations of the principal securities
      market on which the Common Stock is then listed or traded, in no event shall
      the
      Company issue upon conversion of or otherwise pursuant to this Note and upon
      exercise of or otherwise pursuant to the Warrant issued pursuant to the Purchase
      Agreement more than the maximum number of shares of Common Stock that the
      Company can issue pursuant to any rule of the principal securities market on
      which the Common Stock is then traded (the “Maximum
      Share Amount”),
      which
      the parties agree is, as of the Closing, 19.99% of the total shares of Common
      Stock outstanding. In the event that the sum of (x) the aggregate number of
      shares of Common Stock that remain issuable upon conversion of Note and upon
      exercise of the Warrant issued pursuant to the Purchase Agreement, represents
      at
      lease one hundred percent (100%) of the Maximum Share Amount (the “Triggering
      Event”),
      the
      Company will use its best efforts to seek and obtain Stockholder Approval (or
      obtain such other relief as will allow conversions hereunder in excess of the
      Maximum Share Amount) as soon as practicable following the Triggering Event.
      As
      used herein, “Stockholder
      Approval”
means
      approval by the shareholders of the Company to authorize the issuance of the
      full number of shares of Common Stock that would be issuable upon full
      conversion of this Note and upon full exercise of the Warrant but for the
      Maximum Share Amount. 

    

    7. Payment. All
      payments shall be made in lawful money of the United States of America at such
      place as the Holder hereof may from time to time designate in writing to the
      Company. Payment shall be credited first to the accrued interest then due and
      payable and the remainder shall be applied to principal. Prepayment of this
      Note
      may be made in whole but not in part at any time without premium or penalty,
      upon five (5) Business Days prior written notice to the Holder, during which
      period the Holder shall be entitled to exercise its conversion rights under
      Section 4 of this Note with respect to all or any portion of the obligations
      under this Note, as the Holder determines in its sole discretion. Not more
      than
      two (2) days after the Company is notified by the Holder hereof of the election
      of the Holder in connection with such prepayment of this Note, to effect
      conversion of this Note or to receive repayment in cash, or any combination
      of
      the foregoing, the Company shall issue such Common Stock and/or repay the
      outstanding principal balance of this Note, together with all accrued and unpaid
      interest thereon, and shall pay all other obligations of the Company
      hereunder.

    

    8. Affirmative
      Covenants.
      The
      Company agrees that, as long as any obligations under this Note remain unpaid,
      it shall:

    

    (a) as
      soon
      as practicable after the end of each calendar quarter (and in any event within
      forty-five (45) days), deliver to the Holder a quarterly income statement and
      balance sheet, prepared in accordance with generally accepted accounting
      principles, consistently applied (subject to year-end adjustment); provided,
      however, that timely filing of a Form 10-Q by the Company with the SEC shall
      satisfy the requirements of this Section 8(a);

    

    
      
         

      

      
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    (b) as
      soon
      as practicable after the end of each fiscal year of the Company (and in any
      event within (90) days), deliver to the Holder financial statements for such
      fiscal year, including income statements, balance sheets, and statements of
      cash
      flow for the Company setting forth in comparative form the corresponding figures
      for the preceding fiscal year; provided, however, that timely filing of a Form
      10-K by the Company with the SEC shall satisfy the requirements of this Section
      8(b);

    

    (c) maintain
      its existence and, except where any such action or failure to action could
      not
      reasonably be expected to have a Material Adverse Effect, maintain all material
      rights, privileges, licenses, approvals, franchises, properties and assets
      necessary or desirable in the normal conduct of its business, and comply with
      all contractual obligations and requirements of law, including, without
      limitation, all applicable environmental laws;

    

    (d) pay
      or
      arrange for the payment prior to delinquency all taxes (including stamp taxes),
      duties, fees or other governmental charges, except any such tax, duty, fee
      or
      other charge being contested in good faith and with respect to which adequate
      reserves are maintained in accordance with generally accepted accounting
      principles;

    

    (e) pay
      all
      of its indebtedness when due, except for any indebtedness being contested in
      good faith and with respect to which adequate reserves are maintained in
      accordance with generally accepted accounting principles;

    

    (f) maintain
      insurance with responsible and reputable insurance companies or associations
      in
      such amounts and covering such risks as is customarily carried by companies
      engaged in the same or similar businesses and owning similar properties in
      the
      same general areas in which the Company operates, and upon request of the
      Holder, name the Holder as an additional insured and loss payee on all such
      insurance policies relating to the Collateral; provided
      that if
      the Holder receives proceeds of insurance, unless (i) an Event of Default,
      or an
      event which with the passage of time or the giving of notice could become an
      Event of Default, has occurred and is continuing, or (ii) the insurance proceeds
      were paid in connection with a material loss in value of the Collateral, then
      the Holder shall remit such insurance proceeds to the Company to be used for
      the
      repair or replacement of the insured property, or as otherwise agreed by the
      Company and the Holder; and

    

    (g) promptly
      give written notice to the Holder of:

    

    (i) the
      occurrence of any Event of Default or any event which, with the giving of any
      notice or the passage of time or both, could constitute an Event of Default
      (any
      such event, a “Default”);

    

    (ii) any
      litigation or proceeding brought against or affecting the Company in which
      the
      amount in controversy exceeds $100,000.00; and

    

    (iii) any
      material adverse change in the business, operations, property or financial
      or
      other condition of the Company (a “Material
      Adverse Change”).

    

    
      
         

      

      
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    9. Negative
      Covenants.
      The
      Company agrees that, as long as any obligations under this Note remain unpaid,
      it shall not, directly or indirectly, unless it has obtained the prior written
      consent of the Holder:

    

    (a) liquidate
      or dissolve or enter into any consolidation, merger, partnership, joint venture,
      syndicate or other combination;

    

    (b) pay
      any
      dividends or make any other distributions to its common stockholders for or
      on
      account of such person’s ownership interest in it or redeem, retire, purchase or
      otherwise acquire, directly or indirectly, any ownership interest in it or
      any
      warrants or options with respect to such ownership interest;

    

    (c) create
      or
      incur any indebtedness for borrowed money (including any capital lease
      obligations), or incur any other indebtedness except for operating leases and
      trade payables incurred in the ordinary course of business, except for
      (collectively, “Permitted
      Indebtedness”):

    

    (i) indebtedness
      of the Company in favor of the Holder arising under this Note or any other
      Loan
      Document:

    

    (ii) indebtedness
      existing on the date hereof and reflected in agreements filed with the
      SEC;

    

    (iii) indebtedness
      incurred by the Company that is subordinated to the debt owing by the Company
      to
      the Holder on terms acceptable to the Holder (and identified as being such
      by
      the Company and the Holder);

    

    (iv) indebtedness
      to trade creditors incurred in the ordinary course of business; and

    

    (v) extensions,
      renewals, refundings, refinancings, modifications, amendments and restatements
      of any of the items of Permitted Indebtedness (i) through (iv) above;
provided
      that the
      principal amount thereof is not increased or the terms thereof are not modified
      to impose more burdensome terms upon the Company;

    

    (d) grant
      or
      permit any filing or recordation of any consensual security interest or lien
      on
      any of its assets in favor of any person other than the Holder, except for
      (collectively, “Permitted
      Liens”):

    

    (i) any
      liens
      existing on the date hereof and reflected in the UCC search report issued by
      the
      Secretary of State of Delaware and liens reflected in agreements filed with
      the
      SEC;

    

    (ii) liens
      or
      taxes, fees, assessments or other governmental charges or levies, either not
      delinquent or being contested in good faith by appropriate proceedings and
      as to
      which adequate reserves are maintained on the Company’s books in accordance with
      GAAP; provided
      the same
      have no priority over any of Holder’s security interests;

    

    
      
         

      

      
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    (iii) liens
      arising from judgments, decrees or attachments to the extent and only so long
      as
      such judgment, decree or attachment has not caused or resulted in an Event
      of
      Default hereunder;

    

    (iv) easements,
      reservations, rights-of-way, restrictions, minor defects or irregularities
      in
      title and other similar liens affecting real property not interfering in any
      material respect with the ordinary conduct of the business of the
      Company;

    

    (v) liens
      in
      favor of customs and revenue authorities arising as a matter of law to secure
      payment of customs duties in connection with the importation of
      goods;

    

    (vi) liens
      arising solely by virtue of any statutory or common law provision relating
      to
      banker’s liens, rights of setoff or similar rights and remedies as to deposit
      accounts or other funds maintained with a creditor depository
      institution;

    

    (vii) liens
      incurred in connection with the extension, renewal or refinancing of the
      indebtedness secured by liens of the type described in clause (i) through (vi)
      above, provided that any extension, renewal or replacement lien shall be limited
      to the property encumbered by the existing lien and the principal amount of
      the
      indebtedness being extended, renewed or refinanced does not
      increase;

    

    (e) sell,
      lease, assign, transfer or otherwise dispose of any of its property or assets,
      or permit the sale or other transfer of any of its property or assets, or any
      interest therein, except for licenses entered into in the ordinary course of
      business, sales of inventory in the ordinary course of business and sales of
      de
      minimis amounts of assets sold, leased, assigned, transferred or otherwise
      disposed of in the ordinary course of business;

    

    (f) change
      the accounting policies or principles on which its financial statements are
      prepared or presented other than changes approved by the Board of Directors
      of
      the Company; 

    

    (g) amend
      or
      suffer the amendment of the Company’s Restated Certificate or Bylaws if such
      amendments will have a material adverse effect on the Holder’s rights hereunder
      or under the Purchase Agreement; or 

    

    (h) grant
      or
      agree to grant any registration rights, including piggyback rights, to any
      person with respect to any capital stock of the Company, unless corresponding
      rights are given to the Holder hereof with respect to the Common Stock issuable
      upon conversion hereof and with respect to the rights of the Registered Holder
      under and as such term is defined in the Warrant.

    

    10. Events
      of Default. Upon
      the
      occurrence of any of the following events (each, an “Event
      of Default”):

    

    (a) the
      Company shall fail to pay any amount due under this Note on or before the due
      date; or 

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (b) any
      representation or warranty made by the Company in the Purchase Agreement or
      any
      other Loan Document shall be inaccurate in any material respect when given
      or
      made; or

    

    (c) the
      Company shall fail to observe or perform in any material respect any of the
      other terms or provisions of this Note or of any other Loan Document and such
      failure shall continue for a period of ten (10) days after the Company has
      been
      notified of such failure or, if the failure is such that it cannot be cured
      within such period of time, such longer period of time as may be necessary
      (but
      not to exceed twenty (20) additional days) for the Company to cure such failure;
      provided that the Company diligently pursues such cure to completion;
      or

    

    (d) an
“Event
      of Default” under and as defined in the Purchase Agreement or any other Loan
      Document; or

    

    (e) any
      default in any payment of principal of or interest on any other indebtedness
      of
      the Company with a principal amount of $100,000 or more if such default could
      materially impair the ability of the Company to pay its obligations under this
      Note in accordance with the terms hereof; or

    

    (f) one
      or
      more judgments or decrees for an aggregate amount in excess of $100,000 shall
      be
      entered against the Company and all such judgments or decrees shall not have
      been vacated, discharged, stayed, satisfied or bonded pending appeal within
      thirty (30) days from the entry thereof or in any event later than five (5)
      days prior to the date of any proposed sale thereunder; or

    

    (g) (i)
      the
      Company shall (A) commence any case, proceeding or other action under any
      existing or future law of any jurisdiction, domestic or foreign, relating to
      bankruptcy, insolvency, reorganization or relief of debtors, seeking to have
      an
      order for relief entered with respect to it, or seeking to adjudicate it a
      bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
      winding-up, liquidation, dissolution, composition or other relief with respect
      to it or its debts, or (B) commence any case, proceeding or other action seeking
      appointment of a receiver, trustee, custodian or other similar official for
      it
      or for all or any substantial part of its assets, or (C) make a general
      assignment for the benefit of its creditors; or (ii) there shall be commenced
      against the Company any case, proceeding or other action of a nature referred
      to
      in clause (i) above which (A) results in the entry of an order for relief or
      any
      such adjudication or appointment, or (B) remains undismissed, undischarged
      or
      unbonded for a period of forty-five (45) days; or (iii) there shall be commenced
      against the Company any case, proceeding or other action seeking issuance of
      a
      warrant of attachment, execution, distraint or similar process against all
      or
      any substantial part of its assets which results in the entry of an order for
      any such relief which shall not have been vacated, discharged, or stayed or
      bonded pending appeal within forty-five (45) days from the entry thereof; or
      (iv) the Company shall take any action in furtherance of, or indicating its
      consent to, approval of, or acquiescence in, any of the acts set forth in
      clauses (i), (ii) or (iii) above; or (v) the Company shall generally not, or
      shall be unable to, or shall admit in writing its inability to, pay its debts
      as
      they become due;

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    THEN,
      automatically upon the occurrence of an Event of Default under clause (g) of
      this Section 10 and, in all other cases, at the option of the Holder, in each
      case without notice to or demand upon the Company or any other party, the entire
      principal balance hereof together with all accrued and unpaid interest thereon
      shall become immediately due and payable, and the Holder shall have all rights
      and remedies available to it under applicable law, this Note, the Security
      Agreement and any other agreement. 

    

    11. Costs
      and Expenses. The
      Company agrees to pay all reasonable costs and expenses (including fees and
      disbursements of counsel): (a) of the Holder incident to the preparation,
      negotiation, arrangement, closing, waiver to, amendment or modification of,
      and
      administration of this Note, the Purchase Agreement and the other Loan Documents
      (including, without limitation, all filing and recording fees), and the
      protection of the rights of the Holder thereunder, and (b) of the Holder
      incident to the enforcement of payment of the Obligations, whether or not any
      action or proceeding is commenced, before as well as after judgment including,
      without limitation, in connection with bankruptcy, insolvency, liquidation,
      reorganization, moratorium or other similar proceedings involving the Company
      or
      a “workout” of the obligations. The obligations of the Company under this
      Section 11 shall be effective and enforceable whether or not any Loan is made
      hereunder and shall survive payment of all other obligations. 

    

    12. Acceptance
      of Past Due Payments and Indulgences Not Waivers. None
      of
      the provisions hereof and none of the Holder’s rights or remedies hereunder on
      account of any past or future defaults shall be deemed to have been waived
      by
      the Holder’s acceptance of any past due installments or by any indulgence
      granted by the Holder to the Company.

    

    13. Waivers
      by the Company; No Setoffs or Counterclaims.
       The
      Company and all guarantors and endorsers hereof, and their successors and
      assigns, hereby waive presentment, demand, protest and notice thereof or of
      dishonor, and agree that they shall remain liable for all amounts due hereunder
      notwithstanding any extension of time or change in the terms of payment of
      this
      Note granted by the Holder, any change, alteration or release of any property
      now or hereafter securing the payment hereof or any delay or failure by the
      Holder to exercise any rights under this Note. The Company hereby waives the
      right to plead any and all statutes of limitation as a defense to a demand
      hereunder to the full extent permitted by law. All payments required by this
      Note shall be made by without setoff or counterclaim.

    

    14. Transfer;
      Successors and Assigns. The
      Company may not assign its rights or obligations under this Note without the
      prior written consent of the Holder and any such purported assignment by the
      Company without obtaining the prior written consent of the Holder shall be
      void
ab
      initio.
      The
      terms and conditions of this Note shall inure to the benefit of and be binding
      upon the respective successors and assigns of Holder. Notwithstanding the
      foregoing, the Holder may not assign, pledge, or otherwise transfer this Note
      without the prior written consent of the Company, except that, and
      notwithstanding the requirement for an opinion of counsel in the legend at
      the
      beginning of this Note, the Holder may transfer, assign, or pledge this Note
      to
      an affiliate without prior written consent of the Company and without delivering
      such an opinion of counsel to the Company, provided that, in the event of such
      transfer, assignment, or pledge, the Holder shall remain liable, along with
      the
      transferee, for performance of the Holder’s obligations under this Note. For
      purposes of this Note, an “affiliate” shall mean an entity that the Holder
      controls (with “control” meaning ownership of more than fifty percent (50%) of
      the voting stock of the entity or, in the case of a noncorporate entity, an
      equivalent interest). Subject to the preceding sentences of this Section 14,
      this Note may be transferred only upon surrender of the original Note for
      registration of transfer, duly endorsed, or accompanied by a duly executed
      written instrument of transfer in form satisfactory to the Holder. Thereupon,
      a
      new note for the same principal amount and interest will be issued to, and
      registered in the name of, the transferee. Interest and principal are payable
      only to the registered holder of this Note.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    15. Governing
      Law; Jurisdiction. This
      Note
      and all acts and transactions pursuant hereto and the rights, remedies, powers
      and duties of the parties hereto shall be governed, construed and interpreted
      in
      accordance with the laws of the State of New York, without regard to principles
      of conflicts of laws. The Company and the Holder each further consent to service
      of process in any litigation relating to this Note or any other Loan Document
      by
      written notice given in accordance with Section 17. For purposes of any dispute
      or controversy arising under this Note or the transactions contemplated herein,
      the Company and the Holder also mutually consent to the jurisdiction of the
      courts of the State of California, and the federal district court, Southern
      District of California, and agree that any and all process directed to either
      of
      them in any such litigation may be served outside the State of California with
      the same force and effect as if service had been made within the State of
      California. 

    

    16. Waiver
      of Jury Trial.
      EACH OF
      THE COMPANY AND THE HOLDER HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE
      IN
      RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE ARISING
      OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THIS NOTE. INSTEAD, ANY
      DISPUTES RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.
      

    

    17. Notices. Any
      notice required or permitted by this Note shall be in writing and shall be
      deemed sufficient upon receipt, when delivered personally or by a
      nationally-recognized delivery service (such as Federal Express or UPS), as
      follows:

    

    
      	
            	(i)	
              if
                to the Company:

            

    

    

    Patient
      Safety Technologies

    1800
      Century Park East, Suite 200

    Los
      Angeles, CA 90067

    Attn:
      Lynne Silverstein

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    with
      a
      copy to: 

    

    Sichenzia
      Ross Friedman Ference LLP

    1065
      Avenue of the Americas, 21st
      Floor

    New
      York,
      NY 10018

    Attn:
      Marc J. Ross, Esq. 

    

    
      	
            	(ii)	
              if
                to the Holder:

            

    

    

    Alan
      E.
      Morelli

    225
      Mantau Road

    Pacific
      Palisades, CA 90272

    

    with
      a
      copy to:

    

    Allen
      Z.
      Sussman, Esq.

    Morrison
      & Foerster LLP

    555
      West
      Fifth Street, Suite 3500

    Los
      Angeles, CA 90013

    

    Any
      party
      hereto (and such party’s permitted assigns) may by notice so given change its
      address for future notices hereunder.

    

    18. Amendments
      and Waivers. Any
      term
      of this Note may be amended only with the written consent of the Company and
      the
      Holder. Any amendment or waiver effected in accordance with this Section 18
      shall be binding upon the Company, the Holder and each transferee of the
      Note.

    

    19. Collateral.
      This
      Note is secured by certain assets (tangible and intangible) of the Company
      in
      accordance with: (a) that certain Pledge Agreement of even date herewith (the
      “Pledge
      Agreement”)
      between the Company and the Holder, (b) a mortgage relating to certain real
      property located in Heber Springs, Arkansas, and (c) a Deed of Trust relating
      to
      certain real property located in Robertson County, Tennessee. The Company agrees
      that the Holder may accept additional or substitute security for this Note,
      or
      release any security or any party liable for this Note, all without notice
      to
      the Company and without affecting the liability of the Company hereunder.

    

    20. Guaranty.
      The
      obligations under this Note are guaranteed by Milton Todd Ault, III (the
“Guarantor”)
      pursuant to a Guaranty dated as of even date herewith. The Company agrees that
      the Holder may release the Guarantor or accept security from the Guarantor
      for
      all or any portion of the Obligations without notice to the Company and without
      affecting the liability of the Company hereunder. 

    

    [Signatures
      on next page]

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    The
      parties have executed this Secured Convertible Promissory Note as of the date
      first written above.

     

    
      	 	
              COMPANY:

              

              PATIENT
                SAFETY TECHNOLOGIES, INC.

              

              

              By:
                /s/
                Lynne
                Silverstein                                     
                

              Name:
                Lynne
                Silverstein                                   
                   

              Title:
                President                                                      
                

              

              Address:   
                Patient
                     Safety Technologies, Inc.

              1800
                Century Park East, Suite 200

              Los
                Angeles, CA 90067

            

    

    

    AGREED
      TO AND ACCEPTED:

    

    

    By:
      ______________________________

    Name:
      Alan E. Morelli

    

    

    

    SIGNATURE
      PAGE TO PATIENT SAFETY TECHNOLOGIES, INC.

    SECURED
      CONVERTIBLE PROMISSORY NOTE

     

    
      
         

      

      
        14NEITHER
      THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
      REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
      COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
      MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
      OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THESE
      SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY
      BE
      PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH
      SECURITIES. 

    

    PATIENT
      SAFETY TECHNOLOGIES, INC.

    

    WARRANT

    

    Original
      Issue Date: June 6, 2006

    

    PATIENT
      SAFETY TECHNOLOGIES, INC.,
      a
      Delaware corporation (the “Company”),
      hereby
      certifies that, for value received, Alan E. Morelli, or his registered assigns
      (the “Holder”),
      is
      entitled to purchase from the Company up to a total of 401,460 shares of Common
      Stock (each such share, a “Warrant
      Share”
      and all
      such shares, the “Warrant
      Shares”),
      at any
      time and from time to time from and after the Original Issue Date and through
      and including June 6, 2011 (the “Expiration
      Date”),
      and
      subject to the following terms and conditions:

    

    1. Definitions.
      As used
      in this Warrant, the following terms shall have the respective definitions
      set
      forth in this Section 1. Capitalized terms that are used and not defined in
      this
      Warrant that are defined in the Purchase Agreement (as defined below) shall
      have
      the respective definitions set forth in the Purchase Agreement.

    

    “Affiliate”
      means
      any
      Person that, directly or indirectly through one or more intermediaries, controls
      or is controlled by or is under common control with a Person, as such terms
      are
      used in and construed under Rule 12b-2 promulgated under the Exchange Act.
      

    

    “Business
      Day”
      means
      any day except Saturday, Sunday and any day that is a federal legal holiday
      in
      the United States or a day on which banking institutions in the State of New
      York are authorized or required by law or other government action to
      close.

    

    “Common
      Stock”
      means
      the common stock of the Company, par value $0.33 per share, and any securities
      into which such common stock may hereafter be reclassified. 

    

    “Common
      Stock Equivalents” means
      any
      securities of the Company 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 exchangeable for, or otherwise entitles the holder thereof to receive,
      Common Stock.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Exchange
      Act” means
      the
      Securities Exchange Act of 1934, as amended. 

    

    “Exercise
      Price” means
      $3.04, subject to adjustment in accordance with Section 9.

    

    “Fundamental
      Transaction”
      means
      any of the following: (1) the Company effects any merger or consolidation of
      the
      Company with or into another Person, (2) the Company effects any sale of all
      or
      substantially all of its assets in one or a series of related transactions,
      (3)
      any tender offer or exchange offer (whether by the Company or another Person)
      is
      completed pursuant to which holders of Common Stock are permitted to tender
      or
      exchange their shares for other securities, cash or property, or (4) the Company
      effects any reclassification of the Common Stock or any compulsory share
      exchange pursuant to which the Common Stock is effectively converted into or
      exchanged for other securities, cash or property.

    

    “Los
      Angeles Courts”
      means
      the state and federal courts sitting in the County of Los Angeles,
      California.

    

    “Original
      Issue Date”
      means
      the Original Issue Date first set forth on the first page of this
      Warrant.

    

    “Person”
      means
      an
      individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

    

    “Purchase
      Agreement”
      means
      the Secured Note and Warrant Purchase Agreement, dated June 6, 2006, to which
      the Company and the original Holder are parties. 

    

    “Trading
      Day”
      means
      (i) a day on which the Common Stock is traded on a Trading Market (other than
      the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading
      Market (other than the OTC Bulletin Board), a day on which the Common Stock
      is
      traded in the over-the-counter market, as reported by the OTC Bulletin Board,
      or
      (iii) if the Common Stock is not quoted on any Trading Market, a day on which
      the Common Stock is quoted in the over-the-counter market as reported by the
      Pink Sheets, LLC (or any similar organization or agency succeeding to its
      functions of reporting prices); provided, that in the event that the Common
      Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then
      Trading Day shall mean a Business Day.

    

    “Trading
      Market”
      means
      the following markets or exchanges on which the Common Stock is listed or quoted
      for trading on the date in question: the OTC Bulletin Board, the American Stock
      Exchange, the New York Stock Exchange, the Nasdaq National Market or the Nasdaq
      Capital Market.

    

    2. Registration
      of Warrant and Transfers.
      

    

    (a) The
      Company shall register this Warrant upon records to be maintained by the Company
      for that purpose (the “Warrant
      Register”),
      in the
      name of the record Holder hereof from time to time. The Company may deem and
      treat the registered Holder of this Warrant as the absolute owner hereof for
      the
      purpose of any exercise hereof or any distribution to the Holder, and for all
      other purposes, absent actual notice to the contrary. 

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (b) The
      Company shall register the transfer of any portion of this Warrant in its
      warrant register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company at its address
      specified herein. Upon any such registration or transfer, a new Warrant to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      Warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant. 

    

    3. Exercise
      and Duration of Warrants.
      This
      Warrant shall be exercisable by the registered Holder at any time and from
      time
      to time on or after the Original Issue Date through and including the Expiration
      Date. At 5:00 p.m., Los Angeles time on the Expiration Date, the portion of
      this
      Warrant not exercised prior thereto shall be and become void and of no value.
      The Company may not call or redeem any portion of this Warrant without the
      prior
      written consent of the affected Holder.

    

    4. Delivery
      of Warrant Shares.

    

    (a) To
      effect
      exercises hereunder, the Holder shall not be required to physically surrender
      this Warrant unless the aggregate Warrant Shares represented by this Warrant
      is
      being exercised. Upon delivery of the Exercise Notice (in the form attached
      hereto) to the Company (with the attached Warrant Shares Exercise Log) at its
      address for notice set forth herein and upon payment of the Exercise Price
      multiplied by the number of Warrant Shares that the Holder intends to purchase
      hereunder, the Company shall promptly (but in no event later than three Trading
      Days after the Date of Exercise (as defined herein)) issue and deliver to the
      Holder, a certificate for the Warrant Shares issuable upon such exercise, which,
      unless otherwise required by the Purchase Agreement, shall be free of
      restrictive legends. The Company shall, upon request of the Holder and
      subsequent to the date on which a registration statement covering the resale
      of
      the Warrant Shares has been declared effective by the Securities and Exchange
      Commission, use its reasonable best efforts to deliver Warrant Shares hereunder
      electronically through the Depository Trust Corporation or another established
      clearing corporation performing similar functions, if available, provided,
      that,
      the Company may, but will not be required to change its transfer agent if its
      current transfer agent cannot deliver Warrant Shares electronically through
      the
      Depository Trust Corporation. A “Date
      of Exercise”
means
      the date on which the Holder shall have delivered to the Company: (i) the
      Exercise Notice (with the Warrant Exercise Log attached to it), appropriately
      completed and duly signed and (ii) if such Holder is not utilizing the cashless
      exercise provisions set forth in this Warrant, payment of the Exercise Price
      for
      the number of Warrant Shares so indicated by the Holder to be
      purchased.

    

    (b) If
      by the
      third Trading Day after a Date of Exercise the Company fails to deliver the
      required number of Warrant Shares in the manner required pursuant to Section
      4(a), then the Holder will have the right to rescind such exercise.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (c) If
      by the
      third Trading Day after a Date of Exercise the Company fails to deliver the
      required number of Warrant Shares in the manner required pursuant to Section
      4(a), and if after such third Trading Day and prior to the receipt of such
      Warrant Shares, the Holder purchases (in an open market transaction or
      otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
      Holder of the Warrant Shares which the Holder anticipated receiving upon such
      exercise (a “Buy-In”),
      then
      the Company shall (1) pay in cash to the Holder the amount by which (x) the
      Holder’s total purchase price (including brokerage commissions, if any) for the
      shares of Common Stock so purchased exceeds (y) the amount obtained by
      multiplying (A) the number of Warrant Shares that the Company was required
      to
      deliver to the Holder in connection with the exercise at issue by (B) the
      closing bid price of the Common Stock on the Date of Exercise and (2) at the
      option of the Holder, either reinstate the portion of the Warrant and equivalent
      number of Warrant Shares for which such exercise was not honored or deliver
      to
      the Holder the number of shares of Common Stock that would have been issued
      had
      the Company timely complied with its exercise and delivery obligations
      hereunder. The Holder shall provide the Company written notice indicating the
      amounts payable to the Holder in respect of the Buy-In. 

    

    (d) The
      Company’s obligations to issue and deliver Warrant Shares in accordance with the
      terms hereof are absolute and unconditional, irrespective of any action or
      inaction by the Holder to enforce the same, any waiver or consent with respect
      to any provision hereof, the recovery of any judgment against any Person or
      any
      action to enforce the same, or any setoff, counterclaim, recoupment, limitation
      or termination, or any breach or alleged breach by the Holder or any other
      Person of any obligation to the Company or any violation or alleged violation
      of
      law by the Holder or any other Person, and irrespective of any other
      circumstance which might otherwise limit such obligation of the Company to
      the
      Holder in connection with the issuance of Warrant Shares. Nothing herein shall
      limit a Holder’s right to pursue any other remedies available to it hereunder,
      at law or in equity including, without limitation, a decree of specific
      performance and/or injunctive relief with respect to the Company’s failure to
      timely deliver certificates representing Warrant Shares upon exercise of the
      Warrant as required pursuant to the terms hereof.

    

    5. Trading
      Market Limitations.
      Unless
      permitted by the applicable rules and regulations of the principal securities
      market on which the Common Stock is then listed or traded, in no event shall
      the
      Company issue upon exercise of or otherwise pursuant to this Warrant and upon
      conversion of or otherwise pursuant to the Note issued pursuant to the Purchase
      Agreement more than the maximum number of shares of Common Stock that the
      Company can issue pursuant to any rule of the principal securities market on
      which the Common Stock is then traded (the “Maximum
      Share Amount”),
      which
      the parties agree is, as of the Closing, 19.99% of the total shares of Common
      Stock outstanding. In the event that the sum of (x) the aggregate number of
      shares of Common Stock issued upon exercise of the Warrant and upon conversion
      of the Note issued pursuant to the Purchase Agreement plus
      (y) the
      aggregate number of shares of Common Stock that remain issuable upon exercise
      of
      the Warrant and upon conversion of the Note issued pursuant to the Purchase
      Agreement, represents at least one hundred percent (100%) of the Maximum Share
      Amount (the “Triggering
      Event”),
      the
      Company will use its best efforts to seek and obtain Shareholder Approval (or
      obtain such other relief as will allow exercises hereunder in excess of the
      Maximum Share Amount) as soon as practicable following the Triggering Event.
      As
      used herein, “Shareholder
      Approval”
means
      approval by the shareholders of the Company to authorize the issuance of the
      full number of shares of Common Stock which would be issuable upon full exercise
      of this Warrant and upon full conversion of the Note but for the Maximum Share
      Amount.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    6. Charges,
      Taxes and Expenses.
      Issuance and delivery of Warrant Shares upon exercise of this Warrant shall
      be
      made without charge to the Holder for any issue or transfer tax, withholding
      tax, transfer agent fee or other incidental tax or expense in respect of the
      issuance of such certificates, all of which taxes and expenses shall be paid
      by
      the Company; provided, however, that the Company shall not be required to pay
      any tax which may be payable in respect of any transfer involved in the
      registration of any certificates for Warrant Shares or Warrants in a name other
      than that of the Holder. The Holder shall be responsible for all other tax
      liability that may arise as a result of holding or transferring this Warrant
      or
      receiving Warrant Shares upon exercise hereof.

    

    7. Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity (which shall not
      include a surety bond), if requested. Applicants for a New Warrant under such
      circumstances shall also comply with such other reasonable regulations and
      procedures and pay such other reasonable third-party costs as the Company may
      prescribe. If a New Warrant is requested as a result of a mutilation of this
      Warrant, then the Holder shall deliver such mutilated Warrant to the Company
      as
      a condition precedent to the Company’s obligation to issue the New
      Warrant.

    

    8. Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of Persons other
      than the Holder (taking into account the adjustments and restrictions of Section
      9). The Company covenants that all Warrant Shares so issuable and deliverable
      shall, upon issuance and the payment of the applicable Exercise Price in
      accordance with the terms hereof, be duly and validly authorized, issued and
      fully paid and nonassessable.

    

    9. Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this Section
      9.

    

    (a) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be multiplied by a fraction
      of
      which the numerator shall be the number of shares of Common Stock outstanding
      immediately before such event and of which the denominator shall be the number
      of shares of Common Stock outstanding immediately after such event. Any
      adjustment made pursuant to clause (i) of this paragraph shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution, and any adjustment pursuant to clause
      (ii) or (iii) of this paragraph shall become effective immediately after the
      effective date of such subdivision or combination.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (b) Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding there is a Fundamental Transaction,
      then the Holder shall have the right thereafter to receive, upon exercise of
      this Warrant, the same amount and kind of securities, cash or property as it
      would have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the “Alternate
      Consideration”).
      For
      purposes of any such exercise, the determination of the Exercise Price shall
      be
      appropriately adjusted to apply to such Alternate Consideration based on the
      amount of Alternate Consideration issuable in respect of one share of Common
      Stock in such Fundamental Transaction, and the Company shall apportion the
      Exercise Price among the Alternate Consideration in a reasonable manner
      reflecting the relative value of any different components of the Alternate
      Consideration. If holders of Common Stock are given any choice as to the
      securities, cash or property to be received in a Fundamental Transaction, then
      the Holder shall be given the same choice as to the Alternate Consideration
      it
      receives upon any exercise of this Warrant following such Fundamental
      Transaction. At the Holder’s option and request, any successor to the Company or
      surviving entity in such Fundamental Transaction shall either (1) issue to
      the
      Holder a new warrant substantially in the form of this Warrant and consistent
      with the foregoing provisions and evidencing the Holder’s right to purchase the
      Alternate Consideration for the aggregate Exercise Price upon exercise thereof,
      or (2) purchase the Warrant from the Holder for a purchase price, payable in
      cash within five Trading Days after such request (or, if later, on the effective
      date of the Fundamental Transaction), equal to the value of the remaining
      unexercised portion of this Warrant on the date of such request as determined
      under the Black-Scholes Option Pricing Model. The terms of any agreement
      pursuant to which a Fundamental Transaction is effected shall include terms
      requiring any such successor or surviving entity to comply with the provisions
      of this paragraph (b) and insuring that the Warrant (or any such replacement
      security) will be similarly adjusted upon any subsequent transaction analogous
      to a Fundamental Transaction.

    

    (c) Subsequent
      Equity Sales.
      

    

    (i)
      If
      the Company, at any time while this Warrant is outstanding, shall offer, sell,
      grant any option to purchase or offer, sell or grant any right to reprice its
      securities, or otherwise dispose of or issue (or announce any offer, 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 (such lower price, the “New
      Issue Price”
      and each
      such issuance, a “Dilutive
      Issuance”)
      less
      than the then Exercise Price, as adjusted hereunder (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 which is less
      than the then Exercise Price, such issuance shall be deemed to have occurred
      for
      less than the then Exercise Price), then immediately after each such Dilutive
      Issuance, the Exercise Price then in effect shall be reduced to an amount equal
      to the New Issue Price. Such adjustment shall be made whenever such Common
      Stock
      or Common Stock Equivalents are issued.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (ii)
      If
      the Company, at any time while this Warrant is outstanding, shall effect the
      sale of at least 25% of its assets (based on the fair market value of the assets
      sold compared to the total assets of the Company) in one or a series of related
      transactions (a “Fundamental
      Asset Sale”),
      then
      the Company shall provide that the buyer of such assets (the “Successor
      Entity”)
      will,
      upon consummation of each such Fundamental Asset Sale, issue to the Holder
      a
      security of the Successor Entity, evidenced by a written instrument
      substantially similar in form and substance to this Warrant, to purchase (i)
      such amount of equity interests in the Successor Entity having a fair market
      value (measured at the closing of such Fundamental Asset Sale) equal to the
      fair
      market value of the assets sold to the Successor Entity multiplied by a fraction
      equal to the number of shares exercisable under this Warrant divided by the
      outstanding shares of Common Stock and Common Stock Equivalents of the Company
      (the “Holder
      Percentage”),
      and
      (ii) for a total exercise price equal to the amount of consideration actually
      received by the Company in the Fundamental Asset Sale multiplied by the Holder
      Percentage. 

    

    (d) Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to Sections
      9(a), (b) or (c), the number of Warrant Shares that may be purchased upon
      exercise of this Warrant shall be increased or decreased proportionately, so
      that after such adjustment the aggregate Exercise Price payable hereunder for
      the adjusted number of Warrant Shares shall be the same as the aggregate
      Exercise Price in effect immediately prior to such adjustment.

    

    (e) Distribution
      of Assets.
      If the
      Company shall declare or make any dividend or other distribution of its assets
      (or rights to acquire its assets) to holders of shares of Common Stock or Common
      Stock Equivalents, by way of return of capital or otherwise (including, without
      limitation, any distribution of cash, stock or other securities, property or
      options by way of a dividend, spin off, reclassification, corporate
      rearrangement, scheme of arrangement or other similar transaction) (each, a
      “Distribution”)
      at any
      time after the issuance of this Warrant, then, in each such case: 

    

    (i)
      The
      Exercise Price in effect immediately prior to the close of business on the
      record date fixed for the determination of holders of shares of Common Stock
      entitled to receive the Distribution shall be reduced, effective as of the
      close
      of business on such record date, to a price determined by multiplying such
      Exercise Price by a fraction of which (i) the numerator shall be the closing
      bid
      price of the shares of Common Stock on the trading day immediately preceding
      such record date minus the value of the Distribution (as determined in good
      faith by the Company’s Board of Directors) applicable to one share of Common
      Stock, and (ii) the denominator shall be the closing bid price of the shares
      of
      Common Stock on the trading day immediately preceding such record date;
      and

    

    (ii)
      the
      number of Warrant Shares shall be increased to a number of shares equal to
      the
      number of shares of Common Stock obtainable immediately prior to the close
      of
      business on the record date fixed for the determination of holders of shares
      of
      Common Stock entitled to receive the Distribution multiplied by the reciprocal
      of the fraction set forth in the immediately preceding paragraph (i);
provided,
      however,
      that in
      the event that the Distribution is of shares of capital stock (“Other
      Shares of Capital Stock”)
      of a
      company whose shares are traded on a national securities exchange or a national
      automated quotation system, then the Holder may elect to receive a warrant
      to
      purchase Other Shares of Capital Stock in lieu of an increase in the number
      of
      Warrant Shares, the terms of which shall be identical to those of this Warrant,
      except that such warrant shall be exercisable into the number of shares of
      Other
      Shares of Capital Stock that would have been payable to the Holder pursuant
      to
      the Distribution had the Holder exercised this Warrant immediately prior to
      such
      record date and with an aggregate exercise price equal to the product of the
      amount by which the exercise price of this Warrant was decreased with respect
      to
      the Distribution pursuant to the terms of the immediately preceding paragraph
      (a) and the number of Warrant Shares calculated in accordance with the first
      part of this paragraph (ii).

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (f) Calculations.
      All
      calculations under this Section 9 shall be made to the nearest cent or the
      nearest 1/100th
      of a
      share, as applicable. The number of shares of Common Stock outstanding at any
      given time shall not include shares owned or held by or for the account of
      the
      Company, and the disposition of any such shares shall be considered an issue
      or
      sale of Common Stock.

    

    (g) Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section 9, the Company at
      its
      expense will promptly compute such adjustment in accordance with the terms
      of
      this Warrant and prepare a certificate setting forth such adjustment, including
      a statement of the adjusted Exercise Price and adjusted number or type of
      Warrant Shares or other securities issuable upon exercise of this Warrant (as
      applicable), describing the transactions giving rise to such adjustments and
      showing in detail the facts upon which such adjustment is based. Upon written
      request, the Company will promptly deliver a copy of each such certificate
      to
      the Holder and to the Company’s Transfer Agent.

    

    (h) Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction or (iii) authorizes the voluntary dissolution, liquidation or
      winding up of the affairs of the Company, then the Company shall deliver to
      the
      Holder a notice describing the material terms and conditions of such transaction
      (but only to the extent such disclosure would not result in the dissemination
      of
      material, non-public information to the Holder) at least 10 calendar days prior
      to the applicable record or effective date on which a Person would need to
      hold
      Common Stock in order to participate in or vote with respect to such
      transaction, and the Company will take all steps reasonably necessary in order
      to insure that the Holder is given the practical opportunity to exercise this
      Warrant prior to such time so as to participate in or vote with respect to
      such
      transaction; provided, however, that the failure to deliver such notice or
      any
      defect therein shall not affect the validity of the corporate action required
      to
      be described in such notice.

    

    10. Payment
      of Exercise Price.
      The
      Holder may pay the Exercise Price in one of the following manners:

    

    (a) Cash
      Exercise.
      The
      Holder may deliver immediately available funds; or

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (b) Cashless
      Exercise.
      Following the one year anniversary of the Original Issue Date, if an Exercise
      Notice is delivered at a time when a registration statement permitting the
      Holder to resell the Warrant Shares is not then effective or the prospectus
      forming a part thereof is not then available to the Holder for the resale of
      the
      Warrant Shares, then the Holder may notify the Company in an Exercise Notice
      of
      its election to utilize cashless exercise, in which event the Company shall
      issue to the Holder the number of Warrant Shares determined as
      follows:

    

    X
      = Y
      [(A-B)/A]

    

    where:

    

    X
      = the
      number of Warrant Shares to be issued to the Holder.

    

    Y
      = the
      number of Warrant Shares with respect to which this Warrant is being
      exercised.

    

    A
      = the
      closing price (or average of the closing bid and asked if there is no closing
      price) for the Trading Day immediately prior to (but not including) the Exercise
      Date.

    

    B
      = the
      Exercise Price.

    

    For
      purposes of Rule 144 promulgated under the Securities Act, it is intended,
      understood and acknowledged that the Warrant Shares issued in a cashless
      exercise transaction shall be deemed to have been acquired by the Holder, and
      the holding period for the Warrant Shares shall be deemed to have commenced,
      on
      the date this Warrant was originally issued.

    

    11. Limitations
      on Exercise.
      Notwithstanding anything to the contrary contained herein, the number of Warrant
      Shares that may be acquired by the Holder upon any exercise of this Warrant
      (or
      otherwise in respect hereof) shall be limited to the extent necessary to insure
      that, following such exercise (or other issuance), the total number of shares
      of
      Common Stock then beneficially owned by such Holder and its Affiliates and
      any
      other Persons whose beneficial ownership of Common Stock would be aggregated
      with the Holder’s for purposes of Section 13(d) of the Exchange Act does not
      exceed 9.999% of the total number of issued and outstanding shares of Common
      Stock (including for such purpose the shares of Common Stock issuable upon
      such
      exercise). For such purposes, beneficial ownership shall be determined in
      accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder. This provision shall not restrict the number of shares
      of Common Stock which a Holder may receive or beneficially own in order to
      determine the amount of securities or other consideration that such Holder
      may
      receive in the event of a Fundamental Transaction as contemplated in Section
      9
      of this Warrant. The provisions of this Section 11 may be waived by the Holder,
      at the election of the Holder, upon not less than 61 days’ prior notice to the
      Company, and the provisions of this Section 11 shall continue to apply until
      such 61st
      day (or
      such later date, as determined by the Holder, as may be specified in such notice
      of waiver).

    

    12. No
      Fractional Shares.
      No
      fractional shares of Warrant Shares will be issued in connection with any
      exercise of this Warrant. In lieu of any fractional shares which would,
      otherwise be issuable, the Company shall pay cash equal to the product of such
      fraction multiplied by the closing price of one Warrant Share as reported by
      the
      applicable Trading Market on the date of exercise.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    13. Notices.
      Any and
      all notices or other communications or deliveries hereunder (including, without
      limitation, any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 5:00 p.m. (Los Angeles time) on a Trading Day, (ii) the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 5:00 p.m. (Los Angeles time)
      on
      any Trading Day, (iii) the Trading Day following the date of mailing, if sent
      by
      nationally recognized overnight courier service, or (iv) upon actual receipt
      by
      the party to whom such notice is required to be given. The addresses for such
      communications shall be: (i) if to the Company, to Patient Safety Technologies,
      Inc., Attn: President, or to facsimile no.: (310)
      895-7751
      (or such
      other address as the Company shall indicate in writing in accordance with this
      Section), or (ii) if to the Holder, to the address or facsimile number appearing
      on the Warrant Register or such other address or facsimile number as the Holder
      may provide to the Company in accordance with this Section.

    

    14. Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to
      the Holder, the Company may appoint a new warrant agent. Any corporation into
      which the Company or any new warrant agent may be merged or any corporation
      resulting from any consolidation to which the Company or any new warrant agent
      shall be a party or any corporation to which the Company or any new warrant
      agent transfers substantially all of its corporate trust or shareholders
      services business shall be a successor warrant agent under this Warrant without
      any further act. Any such successor warrant agent shall promptly cause notice
      of
      its succession as warrant agent to be mailed (by first class mail, postage
      prepaid) to the Holder at the Holder’s last address as shown on the Warrant
      Register.

    

    15. Miscellaneous.

    

    (a) This
      Warrant shall be binding on and inure to the benefit of the parties hereto
      and
      their respective successors and assigns. Subject to the preceding sentence,
      nothing in this Warrant shall be construed to give to any Person other than
      the
      Company and the Holder any legal or equitable right, remedy or cause of action
      under this Warrant. This Warrant may be amended only in writing signed by the
      Company and the Holder and their successors and assigns.

    

    (b) All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York (except for matters governed
      by
      corporate law in the State of Delaware), without regard to the principles of
      conflicts of law thereof. Each party agrees that all legal proceedings
      concerning the interpretations, enforcement and defense of this Warrant and
      the
      transactions herein contemplated (“Proceedings”)
      (whether brought against a party hereto or its respective Affiliates, employees
      or agents) shall be commenced exclusively in the Los Angeles Courts. Each party
      hereto hereby irrevocably submits to the exclusive jurisdiction of the Los
      Angeles Courts for the adjudication of any dispute hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein, and
      hereby irrevocably waives, and agrees not to assert in any Proceeding, any
      claim
      that it is not personally subject to the jurisdiction of any Los Angeles Court,
      or that such Proceeding has been commenced in an improper or inconvenient forum.
      Each party hereto hereby irrevocably waives personal service of process and
      consents to process being served in any such Proceeding by mailing a copy
      thereof via registered or certified mail or overnight delivery (with evidence
      of
      delivery) to such party at the address in effect for notices to it under this
      Warrant and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      Each party hereto hereby irrevocably waives, to the fullest extent permitted
      by
      applicable law, any and all right to trial by jury in any legal proceeding
      arising out of or relating to this Warrant or the transactions contemplated
      hereby. If either party shall commence a Proceeding to enforce any provisions
      of
      this Warrant, then the prevailing party in such Proceeding shall be reimbursed
      by the other party for its attorney’s fees and other costs and expenses incurred
      with the investigation, preparation and prosecution of such
      Proceeding.

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (c) The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions
      hereof.

    

    (d) In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

    

    (e) Prior
      to
      exercise of this Warrant, the Holder hereof shall not, by reason of being a
      Holder, be entitled to any rights of a stockholder with respect to the Warrant
      Shares.

    

    [Remainder
      of Page Intentionally Left Blank,

    Signature
      Page Follows]

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

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

    

    
      	 	
              PATIENT
                SAFETY TECHNOLOGIES, INC.

              

              

              

              By:
                /s/
                Lynne
                Silverstein                                   
                

              Name:
                Lynne Silverstein

              Title:
                President

            

    

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    EXERCISE
      NOTICE

    Patient
      Safety Technologies, Inc.

    WARRANT
      DATED June __, 2006

    

    The
      undersigned Holder hereby irrevocably elects to purchase _____________ shares
      of
      Common Stock pursuant to the above referenced Warrant. Capitalized terms used
      herein and not otherwise defined have the respective meanings set forth in
      the
      Warrant.

    

    (1) The
      undersigned Holder hereby exercises its right to purchase _________________
      Warrant Shares pursuant to the Warrant.

    

    (2) The
      Holder intends that payment of the Exercise Price shall be made as (check
      one):

    

    
      
        	
                ____    

              	“Cash Exercise” under Section 10
	 	 
	
                ____    

              	“Cashless Exercise” under Section
                10

      

    

    

    (3) If
      the
      holder has elected a Cash Exercise, the holder shall pay the sum of
      $____________ to the Company in accordance with the terms of the
      Warrant.

    

    (4) Pursuant
      to this Exercise Notice, the Company shall deliver to the holder _______________
      Warrant Shares in accordance with the terms of the Warrant.

    

    (5) By
      its
      delivery of this Exercise Notice, the undersigned represents and warrants to
      the
      Company that in giving effect to the exercise evidenced hereby the Holder will
      not beneficially own in excess of the number of shares of Common Stock
      (determined in accordance with Section 13(d) of the Securities Exchange Act
      of
      1934) permitted to be owned under Section 11 of this Warrant to which this
      notice relates.

    

    
      	
              Dated:
                _______________,
                _______

            	 	
              Name
                of Holder:

            
	 	 	 
	 	 	
              (Print)
                                                                          
                    

            
	 	 	 
	 	 	
              By:                                                                
                   

            
	 	 	
              Name:  
                                                                            

            
	 	 	
              Title:                                                             
                   

            
	 	 	 
	 	 	
              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

            

    

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Warrant
      Shares Exercise Log

     

    
      	
              Date

            	
              Number
                of Warrant Shares Available to be Exercised

            	
              Number
                of Warrant Shares Exercised

            	
              Number
                of Warrant Shares Remaining to be Exercised

            
	
               

               

               

               

               

               

               

               

               

               

               

               

            	 	 	 

    

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    Patient
      Safety Technologies, Inc.

    WARRANT
      ORIGINALLY ISSUED June ___, 2006

    WARRANT
      NO. [ ]

    

    FORM
      OF
      ASSIGNMENT

    

    [To
      be
      completed and signed only upon transfer of Warrant]

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ________________________________ the right represented by the above-captioned
      Warrant to purchase ____________ shares of Common Stock to which such Warrant
      relates and appoints ________________ attorney to transfer said right on the
      books of the Company with full power of substitution in the
      premises.

    

    Dated: _______________,
      ____

    
 

    
      	 	
              _______________________________________

              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

              

              

              _______________________________________

              Address
                of Transferee

              

              _______________________________________

              

              _______________________________________

            

    

    

    

    In
      the
      presence of:

    

    __________________________

    

    
      
         

      

      
        15

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