Document:

Unassociated Document

    Exhibit
10.1

    

    Execution
Copy

    

    SECURITIES
PURCHASE AGREEMENT

    

    This
Securities Purchase Agreement (this “Agreement”) is dated
as of June 29, 2009, by and between Oragenics, Inc, a Florida corporation (the
“Company) and
The Koski Family Limited Partnership, a Texas limited partnership having a
mailing address of 3525 Turtle Creek Boulevard, Unit 19-B, Dallas, Texas 75219
(the “Purchaser”).

    

    WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to applicable exemptions
from registration under the Securities Act of 1933, the Company desires to issue
and sell to the Purchaser, and the Purchaser desires to purchase from the
Company, shares of Common Stock and Warrants to purchase shares of Common Stock
as set forth herein.

    

    NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good
and valuable consideration the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:

    

    ARTICLE
I

    DEFINITIONS

    

    Section
1.1.  Definitions.  In
addition to the terms defined elsewhere in this Agreement, for all purposes of
this Agreement, the following terms have the meanings indicated in this Section
1.1:

    

    “Action” shall have
the meaning ascribed to such term in Section 3.1(j).

    

    “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 144.  With respect to a Purchaser,
any investment fund or managed account that is managed on a discretionary basis
by the same investment manager as Purchaser will be deemed to be an Affiliate of
Purchaser.

    

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

    

    “Closing” means the
closing of the purchase and sale of the Shares and the Warrants pursuant to
Section 2.1.

    

    “Closing Date” means
the date of the Closing.

    

    “Commission” means the
Securities and Exchange Commission.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “Common Stock” means
the common stock of the Company, $0.001 par value per share, and any securities
into which such common stock may hereafter be reclassified.

    

    “Disclosures” means
the Disclosure Schedules, if any, attached as Annex I
hereto.

    

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

    

    “Intellectual Property
Rights” shall have the meaning ascribed to such term in Section
3.1(o).

    

    “Liens” means a lien,
charge, security interest, encumbrance, right of first refusal or other
restriction.

    

    “Material Adverse
Effect” shall have the meaning ascribed to such term in Section
3.1(b).

    

    “Material Permits”
shall have the meaning ascribed to such term in Section 3.1(m).

    

    “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 Price”
means, as to Purchaser and the Closing, $4,000,000 for 50,000,000 shares of
Common Stock of which $1,500,000 is payable at Closing and the remaining
$2,500,000 is payable pursuant to a promissory note in the form attached as
Exhibit
A.

    

     “SEC Reports” shall
have the meaning ascribed to such term in Section 3.1(h).

    

    “Securities” means the
Shares, the Warrants and the Warrant Shares.

    

    “Securities Act” means
the Securities Act of 1933, as amended.

    

    “Shares” means the
50,000,000 shares of Common Stock, which are being issued and sold by the
Company to the Purchaser at the Closing.

    

    “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 Nasdaq Capital Market, the American
Stock Exchange, the New York Stock Exchange, the Nasdaq National Market or the
OTC Bulletin Board (“OTC-BB”).

    

    “Transaction
Documents” means this Agreement, the Warrant, the Promissory Note and any
other documents or written agreements executed by the Company and the Purchaser
in connection with the transactions contemplated hereunder.

     

    
      
         

      

      
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    “Warrants” means the
1,000,000 assignable Common Stock purchase warrants, in the form of Exhibit
B, to be issued
to the Purchaser at the Closing Date and the warrants, subject to the other
provisions hereof, shall immediately be exercisable at an exercise price of ten
cents ($0.10) per share and shall terminate if not exercised on or before the
fifth anniversary of the Closing Date.

    

    “Warrant Shares” means
the 1,000,000 shares of Common Stock issuable upon exercise of the
Warrants.

    

    ARTICLE
II

    PURCHASE
AND SALE

    

    Section
2.1.  Purchase and Sale of
Securities and Closing.  At the Closing, the Purchaser shall
purchase and the Company shall issue and sell to the Purchaser 50,000,000 shares
of Common Stock and Warrants to purchase up to 1,000,000 shares of Common Stock
as for an aggregate purchase price of $4,000,000 USD.  The Closing
shall occur on the date of this Agreement at the offices of Shumaker, Loop &
Kendrick, LLP, 101 Kennedy Boulevard, Suite 2800, Tampa, Florida 33602-5151, or
such other time and/or location as the parties shall mutually
agree.

    

    Section
2.2.  Closing Deliveries and
Conditions.

    

    (a) At
the Closing the Company shall be obligated to deliver or cause to be delivered
to the Purchaser:

    

    (i)
Instructions to the transfer agent of the Company to issue one or more stock
certificates in the name of Purchaser evidencing 50,000,000 shares of Company
common stock; and

    

    (ii) a
warrant certificate, registered in the name of such Purchaser, pursuant to which
such Purchaser shall have the right to acquire up to 1,000,000 shares of Company
common stock; and

    

    (iii) A
duly executed signature page to this Agreement.

    

    (b) At
the Closing Purchaser shall deliver or cause to be delivered to the Company the
following:

    

    (i) the
Purchase Price by wire transfer of $1,500,000 to the account of the Company as
provided to the Purchaser in writing and by delivery of a Promissory Note in the
principal amount of $2,500,000 in the form attached hereto as Exhibit
A; and

    

    (ii) A
duly executed signature page to this Agreement.

    

    (c) All
representations and warranties of the other party contained herein shall be true
and correct as of the Closing Date (except for representations and warranties
that speak as of a specific date, which representations and warranties must be
correct as of such date), all necessary consents and waivers of third parties
shall have been obtained and each party shall have performed and complied in all
material respects with the covenants and conditions required by this Agreement
to be performed or complied with by the party at or prior to the
Closing.

     

    
      
         

      

      
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    (d) The
Purchaser shall have loaned the Company $1,000,000 as set forth in section 3 of
the June 16, 2009 Term Sheet for Investment Contract between the Company and the
Purchaser (the “Term
Sheet”).

    

    (e) The
settlement obligations set forth in section 8 of the Term Sheet shall be
satisfied at closing.

    

    (f) The
director resignations and appointments set forth in section 9 of the Term Sheet
shall occur at Closing.

    

    (g) The
Purchaser and the Special Committee shall be reimbursed and compensated by the
Company as set forth in section 13 of the Term Sheet at Closing.

    

    

    

    ARTICLE
III

    REPRESENTATIONS
AND WARRANTIES

    

    Section
3.1.  Representations and
Warranties of the Company.  Except as set forth in the SEC
Reports or under the corresponding section of the Disclosure Schedules delivered
concurrently herewith, the Company makes the following representations and
warranties as of the date hereof to Purchaser:

    

    (a) Subsidiaries.  Except
for one direct Subsidiary in Mexico, ONIBIOTEC SAPI de C.V., the Company has no
direct or indirect Subsidiaries.

    

    (b) Organization and
Qualification.  The Company is an entity duly incorporated or
otherwise organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization (as applicable), with the
requisite corporate power and authority to own and use its properties and assets
and to carry on its business as currently conducted.  The Company is
not in violation of any of the provisions of its certificate or articles of
incorporation, bylaws or other organizational or charter
documents.  The Company is duly qualified to conduct business and is
in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good
standing, as the case may be, would not have or reasonably be expected to result
in (i) a material adverse effect on the legality, validity or enforceability of
any Transaction Document, (ii) a material adverse effect on the results of
operations, assets, prospects, business or condition (financial or otherwise) of
the Company, taken as a whole, or (iii) adversely impair the Company’s ability
to perform fully on a timely basis its obligations under any Transaction
Document (any of (i), (ii) or (iii), a “Material Adverse
Effect”).

     

    
      
         

      

      
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    (c) Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by each
of the Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder.  The execution and delivery of each of the
Transaction Documents by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by all
necessary action on the part of the Company and no further consent or action is
required by the Company, its Board of Directors or its
stockholders.  Each Transaction Document has been (or upon delivery
will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof, will constitute the valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

    

    (d) No
Conflicts.  The execution, delivery and performance of the
Transaction Documents by the Company and the consummation by the Company of the
transactions contemplated hereby and thereby do not and will not (i) conflict
with or violate any provision of the Company’s certificate or articles of
incorporation, bylaws or other organizational or charter documents, or (ii)
conflict with, or constitute a default (or an event that with notice or lapse of
time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company debt or otherwise) or other understanding to
which the Company is a party or by which any property or asset of the Company is
bound or affected, or (iii) result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or
governmental authority to which the Company is subject (including federal and
state securities laws and regulations), or by which any property or asset of the
Company is bound or affected; except in the case of each of clauses (ii) and
(iii), such as would not have or reasonably be expected to result in a Material
Adverse Effect.

    

    (e) Filings, Consents and
Approvals.  The Company is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other
governmental authority or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents, other than
(a) any applicable Blue Sky filings, (b) such as have already been obtained or
such exemptive filings as are required to be made under applicable securities
laws, and (c) such other filings as may be required following the Closing Date
under the Securities Act, the Exchange Act and corporate law.

    

    (f) Issuance of the
Securities.  The Securities are duly authorized and, the Shares
and Warrant Shares, when issued and paid for in accordance with the Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free
and clear of all Liens and shall not be subject to preemptive rights or similar
rights of stockholders.  The Company has reserved from its duly
authorized capital stock the maximum number of shares of Common Stock issuable
pursuant to this Agreement and the Warrants.

     

    
      
         

      

      
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    (g) Capitalization.  The
number of shares and type of all authorized, issued and outstanding capital
stock, options and other securities of the Company (whether or not presently
convertible into or exercisable or exchangeable for shares of capital stock of
the Company) is as set forth in the SEC Reports.  All outstanding
shares of capital stock are duly authorized, validly issued, fully paid and
nonassessable and have been issued in compliance with all applicable securities
laws.  Except as disclosed in the SEC Reports, there are no
outstanding options, warrants, script rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any
Person any right to subscribe for or acquire, any shares of Common Stock, or
contracts, commitments, understandings or arrangements by which the Company is
or may become bound to issue additional shares of Common Stock, or securities or
rights convertible or exchangeable into shares of Common
Stock.  Except as set forth in the SEC Reports, there are no
anti-dilution or price adjustment provisions contained in any security issued by
the Company (or in any agreement providing rights to security holders) and the
issue and sale of the Company Securities will not obligate the Company to issue
shares of Common Stock or other securities to any Person (other than the
Purchaser) and will not result in a right of any holder of Company securities to
adjust the exercise, conversion, exchange or reset price under such
securities.

    

    (h) SEC Reports; Financial
Statements.

    

    (i) The
Company has filed all reports required to be filed by it under the Securities
Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) of the
Exchange Act, for the two years preceding the date hereof (or such shorter
period as the Company was required by law to file such material) (the foregoing
materials, including the exhibits thereto (together with any materials filed by
the Company under the Exchange Act, whether or not required), being collectively
referred to herein as the “SEC Reports” and,
together with this Agreement, the “Disclosure
Materials”) on a timely basis or has received a valid extension of such
time of filing and has filed any such SEC Reports prior to the expiration of any
such extension.  True and complete copies of the SEC Reports are
available at www.sec.gov.

    

    (ii) As
of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act and the rules
and regulations of the Commission promulgated thereunder, as applicable, and
none of the SEC Reports, when filed, contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

    

    (iii) The
financial statements of the Company included in the SEC Reports comply in all
material respects with applicable accounting requirements and the rules and
regulations of the Commission with respect thereto as in effect at the time of
filing.  Such financial statements have been prepared in accordance
with generally accepted accounting principles applied on a consistent basis
during the periods involved (“GAAP”), except as may
be otherwise specified in such financial statements or the notes thereto and
except that unaudited financial statements may not contain all footnotes
required by GAAP or may be condensed or summary statements, and fairly present
in all material respects the financial position of the Company and its
consolidated subsidiaries as of and for the dates thereof and the results of
operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit
adjustments.

     

    
      
         

      

      
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    (iv) All
material agreements to which the Company is a party or to which the property or
assets of the Company are subject are included as part of or specifically
identified in the SEC Reports.  Other than the material contracts
listed in the SEC Reports, as otherwise provided to the Purchaser, the Company
has no material contracts.  Except as set forth in the SEC Reports,
the Company is not in breach or violation of any material contract, which breach
or violation would have a Material Adverse Effect.

    

    (i) Absence of Material
Changes.  Since the date of the latest audited financial
statements included within the SEC Reports, except as disclosed in the SEC
Reports, (i) there has been no event, occurrence or development that has had or
that could reasonably be expected to result in a Material Adverse Effect, (ii)
the Company has not incurred any liabilities (contingent or otherwise) other
than (A) trade payables and accrued expenses incurred in the ordinary course of
business consistent with past practice and (B) liabilities not required to be
reflected in the Company’s financial statements pursuant to GAAP or required to
be disclosed in filings made with the Commission, (iii) the Company has not
altered its method of accounting or the identity of its auditors, (iv) the
Company has not declared or made any dividend or distribution of cash or other
property to its stockholders or purchased, redeemed or made any agreements to
purchase or redeem any shares of its capital stock, (v) the Company has not
issued any equity securities to any officer, director or Affiliate, except
pursuant to existing Company stock option plans and agreements, and (vi) the
Company has not amended its Articles of Incorporation or otherwise taken any
action to change the number or classes of shares of authorized capital
stock.

    

    (j) Litigation.  Except
as disclosed in the SEC Reports, there is no action, suit, inquiry, notice of
violation, proceeding or investigation pending or, to the knowledge of the
Company, threatened against or affecting the Company, or its properties before
or by any court, arbitrator, governmental or administrative agency or regulatory
authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i)
adversely affects or challenges the legality, validity or enforceability of any
of the Transaction Documents or the Securities or (ii) could, if there were an
unfavorable decision, have or reasonably be expected to result in a Material
Adverse Effect.

    

    (k) Labor
Relations.  The Company is not involved in any material union
labor dispute nor, to the knowledge of the Company, is any such dispute
threatened.  The Company believes that their relations with their
employees are good.  No executive officer (as defined in Rule 501(f)
of the Securities Act) has notified the Company that such officer intends to
leave the Company or otherwise terminate such officer’s employment with the
Company.  The Company is in compliance with all federal, state, local
and foreign laws and regulations respecting employment and employment practices,
terms and conditions of employment and wages and hours, except where failure to
be in compliance would not, either individually or in the aggregate, result in a
Material Adverse Effect.

    

    (l) Compliance.  Except
as disclosed in the SEC Reports, the Company (i) is not in default under or in
violation of (and no event has occurred that has not been waived that, with
notice or lapse of time or both, would result in a default by the Company or any
Subsidiary under), nor has the Company received notice of a claim that it is in
default under or that it is in violation of, any indenture, loan or credit
agreement or any other agreement or instrument to which it is a party or by
which it or any of its properties is bound (whether or not such default or
violation has been waived), (ii) is not in violation of any order of any court,
arbitrator or governmental body, or (iii) is not or has been in violation of any
statute, rule or regulation of any governmental authority, including without
limitation all foreign, federal, state and local laws applicable to its
business, except in the case of clauses (i), (ii) and (iii) as would not have or
reasonably be expected to result in a Material Adverse Effect.

     

    
      
         

      

      
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    (m) Regulatory
Permits.  The Company possesses all certificates,
authorizations and permits issued by the appropriate federal, state, local or
foreign regulatory authorities necessary to conduct its current business as
described in the SEC Reports, except where the failure to possess such permits
would not have or reasonably be expected to result in a Material Adverse Effect
(“Material
Permits”), and the Company has not received any notice of proceedings
relating to the revocation or modification of any Material Permit.

    

    (n) Title to
Assets.  The Company has good and marketable title in fee
simple to all real property owned by it and good and marketable title in all
personal property owned by it, in each case free and clear of all Liens, except
for Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property
by the Company and Liens for the payment of federal, state or other taxes, the
payment of which is neither delinquent nor subject to penalties. To the
knowledge of the Company, any real property and facilities held under lease by
the Company are held by it under valid, subsisting and enforceable leases with
which the Company is in material compliance.

    

    (o) Patents and
Trademarks.  The Company has, or has rights to use, all
patents, patent applications, trademarks, trademark applications, service marks,
trade names, copyrights, licenses and other similar rights that are necessary or
material for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have or reasonably be
expected to result in a Material Adverse Effect (collectively, the “Intellectual Property
Rights”).  Except as disclosed in its SEC Reports, the Company
has not received a written notice that the Intellectual Property Rights used by
the Company violates or infringes the rights of any Person.  To the
knowledge of the Company, all such Intellectual Property Rights are enforceable
and there is no existing infringement by another Person of any of the
Intellectual Property Rights.

    

    (p) Insurance.  The
Company is insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the
businesses in which the Company is engaged.  The Company has no reason
to believe that it will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue its business.

    

    (q) Transactions with Affiliates
and Employees.  Except as set forth in the SEC Reports, none of
the officers or directors of the Company and, to the knowledge of the Company,
none of the employees of the Company is presently a party to any transaction
with the Company (other than for services as employees, officers and directors),
including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any entity in
which any officer, director, or any such employee has a substantial interest or
is an officer, director, trustee or partner.

     

    
      
         

      

      
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    (r) Certain
Fees.  No brokerage or finder’s fees or commissions are or will
be payable by the Company to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to
the transactions contemplated by this Agreement.

    

    (s) Private
Placement.  Assuming the accuracy of the Purchaser’s
representations and warranties set forth in Section 3.2 and assuming no unlawful
distribution of the Securities by the Purchaser, no registration under the
Securities Act is required for the offer and sale of the Securities by the
Company to the Purchaser as contemplated hereby.  The issuance and
sale of the Securities hereunder does not contravene the rules and regulations
of the OTC-BB.  Neither the Company nor any Person acting on the
Company’s behalf has sold or offered to sell or solicited any offer to buy the
Securities by means of any form of general solicitation or
advertising.  The Company has offered the Shares for sale only to the
Purchaser.

    

    (t) Registration
Rights.  Except as described in the SEC Reports and except for
the Purchaser, no Person has any right to cause the Company to effect the
registration under the Securities Act of any securities of the
Company.

    

    (u) Exchange
Act.  The Company’s Common Stock is registered pursuant to
Section 12(b) of the Exchange Act and trades on the OTC-BB.

    

    (v) Disclosure.  All
disclosure provided to the Purchaser regarding the Company, its business and the
transactions contemplated hereby, including the Disclosure Schedules to this
Agreement, furnished by or on behalf of the Company are true and correct and do
not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements made therein, in the
light of the circumstances under which they were made, not
misleading.  No event or circumstance has occurred or information
exists with respect to the Company or its business, properties, prospects,
operations or condition (financial or otherwise), which, under applicable law,
rule or regulation, requires public disclosure or announcement by the Company
but which has not been so publicly announced or disclosed.

    

    (w) Taxes.  Except
for matters that would not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect, the Company has filed all
necessary federal, state and foreign income and franchise tax returns and has
paid or accrued all taxes shown as due thereon, and the Company has no knowledge
of a tax deficiency which has been asserted or threatened against the
Company.

    

    Purchaser
acknowledges and agrees that the Company does not make or has not made any
representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in this Section 3.1.

    

    Section
3.2 Representations
and Warranties of the Purchaser.  The Purchaser represents and
warrants as of the date hereof to the Company as follows:

     

    
      
         

      

      
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    (a)  Organization;
Authority.  The Purchaser is either a person or an entity duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with full right, corporate or partnership power
and authority to enter into and to consummate the transactions contemplated by
the Transaction Documents and otherwise to carry out its obligations
thereunder.  The execution, delivery and performance by such Purchaser
of the transactions contemplated by this Agreement have been duly authorized by
all necessary corporate or similar action on the part of such
Purchaser.  Each Transaction Document to which it is a party has been
duly executed by such Purchaser, and when delivered by such Purchaser in
accordance with the terms hereof, will constitute the valid and legally binding
obligation of such Purchaser, enforceable against it in accordance with its
terms, except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and
contribution provisions may be limited by applicable law.

    

    (b)  Purchase for Own
Account.  The Purchaser is acquiring the Securities as
principal for its own account and not with a view to or for distributing or
reselling such Securities or any part thereof, without prejudice, however, to
Purchaser’s right, subject to the provisions of this Agreement, at all times to
sell or otherwise dispose of all or any part of such Securities pursuant to an
effective registration statement under the Securities Act or under an exemption
from such registration and in compliance with applicable federal and state
securities laws.  The Purchaser is acquiring the Securities hereunder
in the ordinary course of its business.  Purchaser does not have any
agreement or understanding, directly or indirectly, with any Person to
distribute any of the Securities.

    

    (c)  Purchaser
Status.  At the time the Purchaser was offered the Securities,
it was, and at the date hereof it is an “accredited investor” as defined in Rule
501(a) under the Securities Act.  The Purchaser is not required to be
registered as a broker-dealer under Section 15 of the Exchange Act.

    

    (d)  Experience of
Purchaser.  The Purchaser has such knowledge, sophistication
and experience in business and financial matters so as to be capable of
evaluating the merits and risks of the prospective investment in the Securities,
and has so evaluated the merits and risks of such investment.  The
Purchaser is able to bear the economic risk of an investment in the Securities
and, at the present time, is able to afford a complete loss of such
investment.

    

    (e)  Reliance on
Exemptions.  The Purchaser understands that the Securities are
being offered and sold to it in reliance upon specific exemptions from the
registration requirements of United States federal and state securities laws and
that the Company is relying upon the truth and accuracy of, and the Purchaser’s
compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Purchaser set forth herein in order to determine the
availability of such exemptions and the eligibility of the Purchaser to acquire
the Securities.

     

    
      
         

      

      
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    (f)  Information.  The
Purchaser and its advisors, if any, have been furnished with all materials
relating to the business, finances and operations of the Company including,
without limitation, the Company’s most recent SEC Reports, that have been
requested by the Purchaser or its advisors, if any.  The Purchaser has
been afforded the opportunity to ask questions of the Company and receive
answers from the Company.  The Purchaser has requested, received and
considered all information it deems relevant to make an informed decision to
purchase the Securities.  The Purchaser acknowledges and understands
that its investment in the Securities involves a significant degree of
risk.

    

    (g)  Governmental
Review.  The Purchaser understands that no United States
federal or state agency or any other government or governmental agency has
passed upon or made any recommendation or endorsement of the Securities or an
investment therein.

    

    (h)  Residency.  The
Purchaser is a resident of (or, if an entity, has its principal place of
business in) the jurisdiction set forth by the Purchaser in the first paragraph
of this Agreement.

    

    (i)  Certain
Fees.  No brokerage or finder’s fees or commissions are or will
be payable by the Company to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to
the transactions contemplated by this Agreement, and the Company has not taken
any action that would cause any Purchaser to be liable for any such fees or
commissions.

     

    (j)  Short
Sales.  The Purchaser has not directly or indirectly, nor has
any Person acting on behalf of or pursuant to any understanding with such
Purchaser, executed any Short Sales or granted any option for the purchase of or
entered into any hedging or similar transaction with the same economic effect as
a Short Sale, in the securities of the Company since the time period beginning
two weeks prior to the time that such Purchaser was first contacted regarding an
investment in the Company (“Discussion Time”)
through the date hereof.  During such period, neither Purchaser nor
any Person acting on behalf of or pursuant to any understanding with Purchaser,
has taken, directly or indirectly, any actions to trade in the Company’s
Securities that might reasonably be expected to cause or result, under the
Securities Act or Exchange Act, or otherwise, or that has constituted,
stabilization or manipulation of the price of the Common
Stock.  Additionally, Purchaser agrees to comply with Regulation M
under the Exchange Act.

    

    (k)  No General
Solicitation.  The Purchaser is not purchasing the Securities
as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or other media or
broadcast over television or radio or presented at any seminar or any other
general solicitation or advertisement.

    

    (l)  Confidentiality.  Other
than to other Persons party to this Agreement, Purchaser has maintained the
confidentiality of all disclosures made to it in connection with this
transaction (including the existence and terms of this
transaction).

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    The
Company acknowledges and agrees that Purchaser does not make or has not made any
representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in this Section 3.2.

    

    ARTICLE
IV

    OTHER
AGREEMENTS OF THE PARTIES

    

    Section
4.1.  Transfer
Restrictions.

    

    (a) The
Securities may only be disposed of pursuant to an effective registration
statement under the Securities Act or pursuant to an available exemption from
the registration requirements of the Securities Act, and in compliance with any
applicable state securities laws. The Securities shall contain a restrictive
legend in the following form:

    

    THESE
SECURITIES HAVE NOT 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.

    

    (b) The
Purchaser agrees that the removal of the restrictive legend from certificates
representing Securities as set forth in this Section 4.1 is expressly predicated
upon the Purchaser’s covenant and agreement in this Section 4.1(b) that the
Purchaser shall in all cases sell or otherwise transfer the Securities pursuant
to:  (i) an effective registration statement under the Securities Act,
in full compliance with all prospectus delivery requirements under the
Securities Act and in accordance with the plan of distribution described in the
prospectus delivered by Purchaser, or (ii) an available exemption from
registration under the Securities Act.

    

    Section
4.2   Piggyback
Registration.

    

    (a) The
Company agrees If,
at any time or times on or before the fifth anniversary of the Closing Date, the
Company shall determine to register any of its Common Stock or securities
convertible into or exchangeable for Common Stock under the Securities Act,
whether in connection with a public offering of securities by the Company (a
“primary offering”), a public offering thereof by stockholders (a “secondary
offering”), or both (but not in connection with a registration on Form S-8 or
similar form relating to employee benefit plans), the Company will promptly give
written notice thereof to the Purchaser, and will use its best efforts to effect
the registration under the Securities Act of all Shares which the Purchaser may
request in a writing delivered to the Company within fifteen (15) days after the
notice given by the Company; provided, however, (x) at any
given time, the Company shall not be obligated to register Shares in an amount
in excess of 15% of the number of shares of Common Stock being registered by the
Company at such time, and (y) in the event that any registration pursuant to
this Section 4.2 shall be, in whole or in part, an underwritten public offering
of Common Stock, the number of Shares to be included in such an underwriting may
be reduced if and to the extent that the managing underwriter shall be of the
opinion that such inclusion would adversely affect the marketing of the
securities to be sold by the Company therein, provided, further, that, prior
to any such reduction, the Company shall first exclude from such registration,
in the following order, all shares of Common Stock sought to be included therein
by (i) any holder thereof not having any such contractual, incidental
registration rights, and (ii) any holder thereof having contractual, incidental
registration rights subordinate and junior to the rights of the
Purchaser.

     

    
      
         

      

      
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    (b) In
the event of a registration described in Section 4.2(a), all expenses of
registration and offering of the Company and the Purchaser, including, without
limitation, printing expenses, fees and disbursements of counsel, including one
counsel for the Purchaser, and independent public accountants, fees and expenses
(including counsel fees incurred in connection with complying with state
securities or “blue sky” laws, fees of the National Association of Securities
Dealers, Inc. and fees of transfer agents and registrars), shall be borne by the
Company, except that the Purchaser shall bear underwriting commissions and
discounts attributable to its Shares being registered.

    

    (c)
Whenever the Company is required under this Section 4.2 to register Shares, it
agrees that it shall also do the following:

    

    (i) Use
its best efforts to diligently prepare for filing with the Commission a
registration statement and such amendments and supplements to said registration
statement and the prospectus used in connection therewith as may be necessary to
keep said registration statement effective and to comply with the provisions of
the Securities Act with respect to the sale of securities covered by said
registration statement for the period necessary to complete the proposed public
offering;

    

    (ii)
Furnish to the Purchaser such copies of each preliminary and final prospectus
and such other documents as the Purchaser may reasonably request to facilitate
the public offering of Shares;

    

    (iii)
Enter into any underwriting agreement with provisions reasonably required by the
proposed underwriter for the Purchaser; and

    

    (iv) Use
its best efforts to register or qualify the Shares covered by said registration
statement under the securities or “blue-sky” laws of such jurisdictions as the
Purchaser may reasonably request, provided that the Company shall not be
required to register in any states which shall require it to qualify to do
business or subject itself to general service of process as a condition of such
registration.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (d)
Incident to any registration pursuant to this Section 4.2, and subject to
applicable law, the Company will indemnify each underwriter, the Purchaser, and
each person controlling any of them against all claims, losses, damages and
liabilities, including legal and other expenses reasonably incurred in
investigating or defending against the same, arising out of any untrue statement
of a material fact contained in any prospectus or other document (including any
related registration statement) or any omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or arising out of any violation by the Company of the Securities
Act, any state securities or “blue-sky” laws or any rule or regulation
thereunder in connection with such registration; provided, however, that the
Company will not be liable in any case to the extent that any such claim, loss,
damage or liability may have been caused by an untrue statement or omission
based upon information furnished in writing to the Company by the Purchaser
expressly for use therein.  In the event of any registration of any of
the Shares under the Securities Act pursuant to this Agreement, the Purchaser
will indemnify and hold harmless the Company, each of its directors and officers
and each underwriter (if any) and each person, if any, who controls the Company
or any such underwriter within the meaning of the Securities Act or the Exchange
Act against any claim, losses, damages and liabilities, including legal and
other expenses reasonably incurred in investigating or defending it against the
same, arising out of any untrue statement of a material fact contained in any
prospectus or other document (including any related registration statement) or
any omission to state therein a material fact required to be stated therein or
necessary to make the statement therein not misleading, if the statement or
omission was made in reliance upon and in conformity with information furnished
in writing to the Company by or on behalf of the Purchaser, specifically for use
in connection with the preparation of such registration statement, prospectus,
amendment of supplement.

    

    (e) The
rights and privileges of the Purchaser arising under this Section 4.2 shall be
assignable by the Purchaser in connection with a transfer or assignment of the
underlying Shares.

    

    

    Section
4.3   Furnishing of
Information.

    

    (a) As
long as the Purchaser owns Securities, the Company covenants to use its
reasonable efforts to timely file (or obtain extensions in respect thereof and
file within the applicable grace period) all reports required to be filed by the
Company after the date hereof pursuant to the Exchange Act.  In
addition, the Company shall use its reasonable efforts to take all actions
necessary to meet the “registrant eligibility” requirements set forth in the
general instructions to Form S-3 or any successor form thereto, to continue to
be eligible to register the resale of its Common Stock on a registration
statement on Form S-3 under the Securities Act.

    

    (b) As
long as Purchaser owns Securities, if the Company is not required to file
reports pursuant to the Exchange Act, it will prepare and furnish to the
Purchaser and make publicly available in accordance with Rule 144 such
information as is required for the Purchaser to sell the Securities under Rule
144.  The Company further covenants that it will take such further
action as any holder of Securities may reasonably request, all to the extent
required from time to time to enable such Person to sell such Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rule 144.

    

    (c) The
Company shall ensure that each of the following reports are available at
www.sec.gov:  (i) within ten days after the filing thereof with the SEC, a
copy of its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, its
proxy statements and any Current Reports on Form 8-K; and (ii) within one day
after release, copies of all press releases issued by the Company or any of its
Subsidiaries.

     

    
      
         

      

      
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    Section
4.5   Reservation of Common
Stock.  As of the date hereof, the Company has reserved and the
Company shall continue to reserve and keep available at all times, free of
preemptive rights, a sufficient number of shares of Common Stock for the purpose
of enabling the Company to issue Shares pursuant to this Agreement and Warrant
Shares pursuant to the Warrants.

    

    Section
4.6 Trading Market of
Common Stock.  The Company hereby agrees to use its reasonable
efforts to maintain the eligibility for trading of the Common Stock on the
Trading Market.  The Company further agrees, if the Company applies to
have the Common Stock traded on any other trading market, it will include in
such application the Shares and Warrant Shares, and will take such other action
as is necessary or desirable in the opinion of the Purchaser to cause the Shares
and Warrant Shares to be listed on such other trading market as promptly as
possible.  The Company will take all action reasonably necessary to
continue the listing and trading of its Common Stock on a trading market and
will comply in all respects with the Company’s reporting, filing and other
obligations under the bylaws or rules of the trading market.

    

    Section
4.7  Sales
by Purchaser.  The Purchaser covenants to sell any Securities
sold by it in compliance with applicable prospectus delivery requirements, if
any, or otherwise in compliance with the requirements for an exemption from
registration under the Securities Act.  The Purchaser will not make
any sale, transfer or other disposition of the Securities in violation of
federal or state securities laws.

    

    Section
4.8.  Survival. The
provisions of this Article IV shall expressly survive the execution and delivery
of this Agreement and the consummation of the transaction contemplated
hereby.

    

    ARTICLE
V

    MISCELLANEOUS

    

    Section
5.1.  Entire
Agreement.  The Transaction Documents, together with the
exhibits and schedules thereto, contain the entire understanding of the parties
with respect to the Securities and supersede all prior agreements and
understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into such documents, exhibits and
schedules.

    

    

    Section
5.2.  Amendments;
Waivers.  No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by
the Company and the Purchaser or, in the case of a waiver, by the party against
whom enforcement of any such waiver is sought.  No waiver of any
default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of either party to exercise
any right hereunder in any manner impair the exercise of any such
right.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

       

    

    Section
5.3.  Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of the parties and their successors and permitted
assigns.  The Company may not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Purchaser;
provided, however, that no consent shall be required in connection with a
merger, consolidation or sale of substantially all of the Company’s
assets.  Any Purchaser may assign any or all of its rights under this
Agreement to any Person in connection with the transfer of the Securities,
provided such transferee agrees in writing to be bound, with respect to the
transferred Securities, by the provisions hereof that apply to the
“Purchaser”.

    

    Section
5.4.  No
Third-Party Beneficiaries.  This Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person.

    

    Section
5.5.  Governing
Law.  All questions concerning the construction, validity,
enforcement and interpretation of the Transaction Documents shall be governed by
and construed and enforced in accordance with the internal laws of the State of
Florida, without regard to the principles of conflicts of law
thereof.  Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by
this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders,
employees or agents) shall be commenced exclusively in the United States federal
courts and the state courts located in the County of Hillsborough, State of
Florida.  Each party hereto hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the County of
Hillsborough, State of Florida for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is
improper.  Each party hereto hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action
or proceeding by delivering a copy thereof via overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this
Agreement 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 (including its affiliates, agents,
officers, directors and employees) 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 Agreement or the
transactions contemplated hereby.  If either party shall commence an
action or proceeding to enforce any provisions of a Transaction Document, then
the prevailing party in such action or proceeding shall be reimbursed by the
other party for its attorneys’ fees and other costs and expenses incurred with
the investigation, preparation and prosecution of such action or
proceeding.

    

    Section
5.6.  Execution.  This
Agreement may be executed in two or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the
other party, it being understood that both parties need not sign the same
counterpart.  In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is
executed) with the same force and affect as if such facsimile signature page
were an original thereof.

     

    
      
         

      

      
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    Section
5.7.  Severability.  If
any provision of this Agreement is held to be invalid or unenforceable in any
respect, the validity and enforceability of the remaining terms and provisions
of this Agreement shall not in any way be affected or impaired thereby and the
parties will attempt to agree upon a valid and enforceable provision that is a
reasonable substitute therefor, and upon so agreeing, shall incorporate such
substitute provision in this Agreement.

    

    Section
5.8.  Construction.  The
headings herein are for convenience only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions
hereof.  The parties agree that each of them and/or their respective
counsel has reviewed and had an opportunity to revise the Transaction Documents
and, therefore, the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of the Transaction Documents or any amendments
hereto.

    

    Section
5.9.  Legal
Counsel. The parties each acknowledge that the law firm Shumaker, Loop
& Kendrick, LLP ("Shumaker") currently represents Oragenics, Inc. and has in
the past represented the Koski Family Limited Partnership in unrelated
matters.  The Koski Family Limited Partnership hereby waives any
potential conflict of interest arising from the prior representation by
Shumaker and consents to the continued representation by Shumaker of
Oragenics, Inc. in connection with the matters covered by this term
sheet.  Oragenics, Inc. waives any potential conflict of interest arising
from Shumaker's prior representation of the Koski Family Limited
Partnership.  The Koski Family Limited Partnership further
acknowledges and represents that it has retained its own separate legal counsel
to represent it in this matter.

    

    

    

     [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

    

    AND
SIGNATURE PAGES FOLLOW]

     

    
      
         

      

      
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    IN WITNESS WHEREOF, the
parties hereto have caused this Securities Purchase Agreement to be duly
executed by their respective authorized signatories as of the date first
indicated above.

    

    COMPANY

    

    ORAGENICS,
INC.

    

    By: /s/ David
Hirsch                                           

    David
Hirsch, President

    

    

    PURCHASER

    

    THE
KOSKI FAMILY LIMITED PARTNERSHIP

    

    By: /s/ Christine L.
Koski                                                      

         
Christine L. Koski, Managing

         
General Partner

    

    
      
         

      

      
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    Annex I

    

    

    

    3.1(q)-Dr.
Hillman has loaned additional money to the Company subsequent to the
loan  described in the Company’s recent Form 10-Q to free up
inventory.

    

    3.1(g)
and (t)-Certain parties have certain warrant exercise price adjustments and
registration rights under the Consent, Waiver and Mutual Release Agreement dated
June 25, 2009.

    

    
      
         

      

      
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    Exhibit
A

    

    

    PROMISSORY
NOTE

    

    

    
      	
              $2,500,000.00

            	
              DALLAS,
      TEXAS

              JUNE
      [___], 2009

            

    

    

    FOR VALUE
RECEIVED, KOSKI FAMILY LIMITED PARTNERSHIP, a Texas limited partnership having a
mailing address of 3525 Turtle Creek Boulevard, Unit 19-B, Dallas, Texas 75219
(“Borrower”),
hereby promises to pay to the order of ORAGENICS, INC., a Florida corporation
located at 13700 Progress Boulevard, Alachua, Florida 32615 (“Lender”), the sum of
TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00), as
provided herein.  All sums are payable by personal delivery or by mail
to Lender at the address listed above, or at such other address as Lender may
designate to Borrower.

    

    
      	
              1.

            	
              Interest.  This
      promissory note shall bear no
interest.

            

    

    

    
      	
              2.

            	
              Payment of
      Principal.  The principal of this Promissory Note shall
      be due and payable as follows: (a) Five Hundred Thousand Dollars
      ($500,000) on July 31, 2009, (b) Five Hundred Thousand Dollars ($500,000)
      on August 31, 2009 (c) Five Hundred Thousand Dollars ($500,000) on
      September 30, 2009, (d) Five Hundred Thousand Dollars ($500,000) on
      October 31, 2009 and (e) Five Hundred Thousand Dollars ($500,000) on
      November 30, 2009.  Any portion of the principal of this
      Promissory Note may be prepaid prior to maturity, without
      penalty.  Payment of principal shall be made in such coin or
      currency of the United States of America that, at the time of payment,
      constitutes legal tender for the payment of public and private
      debt.

            

    

    

    
      	
              3.

            	
              Events of
      Default.  The occurrence of any of the following events
      shall constitute an “Event of
      Default”:

            

    

    

    (a) the
failure of Borrower to pay all or any portion of the principal due and payable
under this Promissory Note and such failure continues for five (5) business days
after the Lender notifies Borrower in writing of such failure;

    

    (b) the
inability of Borrower, or the admission by Borrower of its inability, to pay its
debts as they mature, or the insolvency of Borrower;

     

    
      
         

      

      
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    (c) the
filing against Borrower of an involuntary petition or other pleading seeking the
entry of a decree or order for relief under the United States Bankruptcy Code or
any similar federal or state insolvency or other similar law ordering: (i) the
liquidation of Borrower, (ii) a reorganization of Borrower or the business and
affairs of Borrower, or (iii) the appointment of a receiver, liquidator,
assignee, custodian, trustee or similar official for Borrower or the property of
Borrower, and the failure to have such petition or other pleading denied or
dismissed within thirty (30) days from the date of filing; or

    

    (d) the
commencement by Borrower of a voluntary case under the United States Bankruptcy
Code or any similar federal or state insolvency or other similar law, (ii) the
consent by Borrower to the appointment or taking possession by a receiver,
liquidator, assignee, trustee, custodian or similar official for Borrower or any
of the property of Borrower, (iii) the making by Borrower of an assignment for
the benefit of creditors, or (iv) the failure by Borrower generally to pay its
debts as they become due.

    

    
      	
              4.

            	
              Rights and Remedies
      Upon Default.  Upon the occurrence of an Event of
      Default, the principal due under this Promissory Note shall, at the option
      of Lender, become immediately due and payable and may be collected
      forthwith without notice to Borrower, regardless of the stipulated date of
      maturity and, in that event, Borrower promises to pay, in addition to the
      unpaid principal hereunder, all costs, including reasonable attorneys’
      fees, paralegals’ fees and expenses for any primary, appellate, bankruptcy
      and post-judgment proceedings, that Lender may incur or be put to in the
      collection of such amounts.  Any overdue payment of principal
      due under this Promissory Note shall bear interest from the due date at
      the maximum rate permissible under the laws of the State of
      Florida.

            

    

    

    
      	
              5.

            	
              Waiver.  Borrower
      hereby waives protest, demand, presentment and notice of dishonor, notice
      of the maturity, nonpayment, and all requirements necessary to hold it
      liable as the maker of this Promissory Note, and agrees that this
      Promissory Note may be extended in whole or in part without limit as to
      the number of such extensions or the period or periods thereof, and
      without notice to it and without affecting its liability hereunder.
      Failure to accelerate the debt in the event of any default hereunder, or
      other indulgence granted from time to time, shall not be construed as a
      novation of this Promissory Note or a waiver of the right of Lender to
      thereafter insist upon strict compliance with the terms of this Promissory
      Note without previous written notice of such intention being given to
      Borrower.

            

    

    

    
      	
              6.

            	
              Compliance With Usury
      Laws.  All agreements between Borrower and Lender are
      hereby expressly limited so that in no event shall the amount paid or
      agreed to be paid to Lender for the use, forbearance, or detention of the
      money loaned under this Promissory Note exceed the maximum amount
      permissible under the laws of the State of Florida.  If, at the
      time of any interest payment, the payment amount due under this Promissory
      Note is in excess of the legal limit, the obligation shall be reduced to
      the legal limit.  If Borrower should ever receive, as interest,
      an amount that exceeds the highest lawful rate, the amount that would be
      excessive as interest shall be applied to the reduction of the principal
      amount owing under this Promissory Note, and not to the payment of
      interest.

            

    

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    
      	
              7.

            	
              Choice of Law;
      Venue.  The laws of the State of Florida, excluding its
      choice of law provisions if such laws would result in the application of
      laws other than the laws of the State of Florida, shall govern any
      disputes with respect to this Promissory Note, the validity of this
      Promissory Note, the construction of its terms, and the interpretation of
      the rights and duties of Borrower and Lender hereunder.  The
      forum selected for any proceeding or suit related to a dispute between
      Borrower and Lender related to this Promissory Note shall be in a federal
      or state court of competent jurisdiction located in Hillsborough County,
      Florida.  Borrower consents to said courts’ personal
      jurisdiction over it and waives any defense, whether asserted by motion or
      pleading, that Hillsborough County, Florida is an improper or inconvenient
      venue.

            

    

    

    
      	
              8.

            	
              Notice.  Any
      notice, demand or other communication to Borrower that is permitted or
      required hereunder shall be given in writing, and shall be deemed to have
      been duly delivered (i) when delivered by personal delivery, (ii) three
      (3) days after being deposited with the United States Postal Service for
      mailing by first class mail, postage prepaid, certified mail, with return
      receipt requested (regardless of whether the return receipt is
      subsequently received), or (iii) one business day after being deposited
      with a nationally recognized courier service for overnight delivery; and
      in each case addressed by Lender to Borrower at the address for Borrower
      first listed above, or to such other address as Borrower may notify Lender
      in writing in conformity with the provisions of this
    Section.

            

    

    

    
      	
              9.

            	
              Documentary Stamp
      Taxes.  Borrower shall pay all documentary stamp taxes
      due on the obligation evidenced by this Promissory
  Note.

            

    

    

    
      	
              10.

            	
              Assignment.  Lender
      may assign all or any portion of this Promissory Note and Lender’s rights
      hereunder

            

    

    

    
      	
              11.

            	
              Binding
      Effect.  This Promissory Note shall be binding upon
      Borrower and its successors and assigns, and shall inure to the benefit of
      Lender and its successors and
assigns.

            

    

    

    [Continued
on next page.]

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    
      	
              12.

            	
              Computation of
      Time.  Whenever the last day for payment of any amount
      due hereunder shall fall upon Saturday, Sunday or any public or legal
      holiday, whether federal or of the State of Florida, Borrower shall have
      until 5:00 p.m. on the next succeeding regular business day to make such
      payment.

            

    

    

    IN
WITNESS WHEREOF, Borrower has executed this PROMISSORY NOTE on the date
indicated below.

    

    
      	 	
              THE
      KOSKI FAMILY LIMITED PARTNERSHIP

               

               

            
	 	
              By:

            	 
      
	 	
              Name:

            	
              Christine
      L. Koski

            
	 	
              Title:

            	
              Managing
      General Partner

            
	 	
              Date:

            	 
      

    

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    

    Exhibit
B

    

    

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE
BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE SECURITIES ACT.

     

    
      
        	
                Warrant
      No.__________

              	
                Date:
      June __, 2009

              

      

    

    

    WARRANT
TO PURCHASE SHARES OF COMMON STOCK OF ORAGENICS, INC.

    

          THIS
CERTIFIES that, for value received, The Koski Family Limited Partnership is
entitled to purchase from Oragenics, Inc., a Florida corporation (the
"Corporation"), subject to the terms and conditions hereof, One Million
(1,000,000) shares (the "Warrant Shares") of common stock, $0.001 par value (the
"Common Stock"). This warrant, together with all warrants hereafter issued in
exchange or substitution for this warrant, is referred to as the "Warrant" and
the holder of this Warrant is referred to as the "Holder." The Warrant is being
issued pursuant to that certain Securities Purchase Agreement between the
Corporation and the Purchaser named therein and is subject to the terms and
conditions of such Securities Purchase Agreement. The number of Warrant Shares
is subject to adjustment as hereinafter provided. Notwithstanding anything to
the contrary contained herein, this Warrant shall expire and no longer be
exercisable at 5:00 p.m. Eastern Time (ET) on fifth anniversary of the date at
which issued (the "Termination Date"); provided further, that for the avoidance
of doubt, the Corporation may not accelerate the expiration date of this
Warrant.

    

    1. Exercise of
Warrants.

    

    (a) The
Holder may exercise this Warrant in whole or in part at an exercise price equal
to ten cents ($0.10) per share, subject to adjustment as provided herein (the
"Warrant Price"), by the surrender of this Warrant (properly endorsed) at the
principal office of the Corporation, or at such other agency or office of the
Corporation in the United States of America as the Corporation may designate by
notice in writing to the Holder at the address of such Holder appearing on the
books of the Corporation, and by payment to the Corporation of the Warrant Price
in lawful money of the United States by check or wire transfer for each share of
Common Stock being purchased. Upon any partial exercise of this Warrant, there
shall be executed and issued to the Holder a new Warrant in respect of the
shares of Common Stock as to which this Warrant shall not have been exercised.
In the event of the exercise of the rights represented by this Warrant, a
certificate or certificates for the Warrant Shares so purchased, as applicable,
registered in the name of the Holder, shall be delivered to the Holder hereof as
soon as practicable after the rights represented by this Warrant shall have been
so exercised.

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    (b) If,
but only if, at any time there is no effective registration statement
registering the resale of the Common Stock underlying this Warrant by the
Holder, this Warrant may also be exercised at such time by means of a "cashless
exercise" in which, at any time prior to the Termination Date, the Holder of
this Warrant may, at its option, exchange this Warrant, in whole or in part (a
"Warrant Exchange"), into Warrant Shares by surrendering this Warrant at the
principal office of the Corporation, accompanied by a notice stating such
Holder's intent to effect such exchange, the number of Warrant Shares to be
exchanged and the date on which the Holder requests that such Warrant Exchange
occur (the "Notice of Exchange"). The Warrant Exchange shall take place on the
date specified in the Notice of Exchange or, if later, within five (5) days of
the date the Notice of Exchange is received by the Corporation (the "Exchange
Date"). Certificates for the Warrant Shares issuable upon such Warrant Exchange
and, if applicable, a new Warrant of like tenor evidencing the balance of the
Warrant Shares remaining subject to this Warrant, shall be issued as of the
Exchange Date and delivered to the Holder within three (3) business days
following the Exchange Date. In connection with any Warrant Exchange, this
Warrant shall represent the right to subscribe for and acquire the number of
Warrant Shares (rounded to the next highest integer) equal to the quotient
obtained by dividing [(A-B) (X)] by (A), where:

    

    (A) = the
Closing Bid Price (as hereinafter defined) on the trading day preceding the date
on which the Company receives the Exercise Documentation;

    (B) = the
exercise price of this Warrant, as adjusted; and

    (X) = the
number of shares of Common Stock issuable upon exercise of this Warrant in
accordance with the terms of this Warrant.

    

    2. Reservation of Warrant
Shares. The Corporation agrees that, prior to the expiration of this
Warrant, it will at all times have authorized and in reserve, and will keep
available, solely for issuance or delivery upon the exercise of this Warrant,
the number of Warrant Shares as from time to time shall be issuable by the
Corporation upon the exercise of this Warrant.

    

    3. No Shareholder
Rights. This Warrant shall not entitle the holder hereof to any voting
rights or other rights as a shareholder of the Corporation.

    

    4. Assignment and
Transferability of Warrant. Prior to the Termination Date and subject to
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the
Holder in person or by duly authorized attorney, upon surrender of this Warrant
together with the Assignment Form annexed hereto properly endorsed for
transfer.

    

    5. Certain Adjustments.
With respect to any rights that Holder has to exercise this Warrant and convert
into shares of Common Stock, Holder shall be entitled to the following
adjustments:

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    (a) Merger or
Consolidation. If at any time there shall be a merger or a consolidation
of the Corporation with or into another corporation when the Corporation is not
the surviving corporation, then, as part of such merger or consolidation, lawful
provision shall be made so that the holder hereof shall thereafter be entitled
to receive upon exercise of this Warrant, during the period specified herein and
upon payment of the aggregate Warrant Price then in effect, the number of shares
of stock or other securities or property (including cash) of the successor
corporation resulting from such merger or consolidation, to which the holder
hereof as the holder of the stock deliverable upon exercise of this Warrant
would have been entitled in such merger or consolidation if this Warrant had
been exercised immediately before such merger or consolidation. In any such
case, appropriate adjustment shall be made in the application of the provisions
of this Warrant with respect to the rights and interests of the holder hereof as
the holder of this Warrant after the merger or consolidation.

    

    (b) Reclassification.
Recapitalization, etc. If the Corporation at any time shall, by
subdivision, combination or reclassification of securities, recapitalization,
automatic conversion, or other similar event affecting the number or character
of outstanding shares of Common Stock, or otherwise, change any of the
securities as to which purchase rights under this Warrant exist into the same or
a different number of securities of any other class or classes, this Warrant
shall thereafter represent the right to acquire such number and kind of
securities at such exercise price as would have been issuable as the result of
such change with respect to the securities that were subject to the purchase
rights under this Warrant immediately prior to such subdivision, combination,
reclassification or other change.

    

    (c) Split or Combination of
Common Stock and Stock Dividend. In case the Corporation shall at any
time subdivide, redivide, recapitalize, split (forward or reverse) or change its
outstanding shares of Common Stock into a greater number of shares or declare a
dividend upon its Common Stock payable solely in shares of Common Stock, the
Warrant Price shall be proportionately reduced and the number of Warrant Shares
proportionately increased. Conversely, in case the outstanding shares of Common
Stock of the Corporation shall be combined into a smaller number of shares, the
Warrant Price shall be proportionately increased and the number of Warrant
Shares proportionately reduced. Notwithstanding the foregoing, in no event will
the Warrant Price be reduced below the par value of the Common
Stock.

    

    6. Legend and Stop Transfer
Orders. Unless the Warrant Shares have been registered under the
Securities Act, upon exercise of any part of the Warrant, the Corporation shall
instruct its transfer agent to enter stop transfer orders with respect to such
Warrant Shares, and all certificates or instruments representing the Warrant
Shares shall bear on the face thereof substantially the following
legend:

    

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE
BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT
REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE SECURITIES
ACT.

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    7. Miscellaneous. This
Warrant shall be governed by and construed in accordance with the laws of the
State of Florida. All the covenants and provisions of this Warrant by or for the
benefit of the Corporation shall bind and inure to the benefit of its successors
and assigns hereunder. Nothing in this Warrant shall be construed to give to any
person or corporation other than the Corporation and the holder of this Warrant
any legal or equitable right, remedy or claim under this Warrant. This Warrant
shall be for the sole and exclusive benefit of the Corporation and the holder of
this Warrant. The section headings herein are for convenience only and are not
part of this Warrant and shall not affect the interpretation hereof. Upon
receipt of evidence satisfactory to the Corporation of the loss, theft,
destruction or mutilation of this Warrant, and of indemnity reasonably
satisfactory to the Corporation, if lost, stolen or destroyed, and upon
surrender and cancellation of this Warrant, if mutilated, the Corporation shall
execute and deliver to the Holder a new Warrant of like date, tenor and
denomination.

    

    IN
WITNESS WHEREOF, the Corporation has caused this Warrant to be
executed

    by its
duly authorized officers under its seal, this ___day of June, 2009.

    

    ORAGENICS,
INC.

    

    By:_____________________

    Name:
David Hirsch

    Title:
President

    

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    

    NOTICE
OF EXERCISE

    

    TO:
ORAGENICS, INC.

    

                      The
undersigned is the Holder of Warrant No. _____ (the "Warrant") issued by
Oragenics, Inc., a Florida Corporation (the "Company"). Capitalized terms used
herein and not otherwise defined have the respective meanings set forth in the
Warrant.

    

                      The
Warrant is currently exercisable to purchase a total of ______ Warrant
Shares.

    

                      The
undersigned hereby exercises its right to purchase _________ Warrant Shares
pursuant to the Warrant and delivers herewith the original Warrant certificate
in accordance with the terms of the Warrant and tenders herewith payment of the
exercise price in full, together with all applicable transfer taxes, if
any.

    

                      Payment
shall take the form of (check applicable box):

    

                [
] in lawful money of the United States; or

    

                [
] the cancellation of such number of Warrant Shares as is necessary, in
accordance with the formula set forth in Section 1(b) of the Warrant, to
exercise this Warrant with respect to the maximum number of Warrant Shares
purchasable pursuant to the cashless exercise procedure set

    forth in
Section 1(b) of the Warrant.

    

                      The
undersigned hereby requests that the Company issue a certificate or certificates
representing said Warrant Shares in the name of the undersigned or in such other
name as is specified below:

    

                      The
Warrant Shares shall be delivered to the following:

    

                _________________________________

    

                _________________________________

    

                _________________________________

    

                      Accredited
Investor. The undersigned is an "accredited investor" as defined in Regulation D
promulgated under the Securities Act of 1933, as amended.

    

    Name of
Holder:
_________________________________________________________________

    

    Signature
of Authorized Signatory of

    Holder:
________________________________________________________________________

    

    Name of
Authorized Signatory:
______________________________________________________

    

    Title of
Authorized

    Signatory:
______________________________________________________________________

    

    Telephone
Number and E-Mail Address of Authorized

    Signatory:
______________________________________________________________________

    

    Date:
__________________________________________________________________________

    

    (Signature
must conform in all respect to the name of Holder as specified on
the face of
the Warrant.)

    

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    

    ASSIGNMENT
FORM

    

        (TO
ASSIGN THE FOREGOING WARRANT, EXECUTE THIS FORM AND SUPPLY REQUIRED INFORMATION.
DO NOT USE THIS FORM TO EXERCISE THE WARRANT.)

    

          FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are
hereby sold, assigned and transferred to _______________________________ whose
address is ___________________________________________________________, and
_______________________ is hereby appointed attorney to transfer said rights on
the books of Oragenics, Inc., with full power of substitution in the
premises.

    

    Dated:
___________________________

    

                            Holder's

                            Signature:        _________________________________________

    

                            Holder's
Address: ______________________________________

    

                                                           
 ______________________________________

    

    Signature
Guaranteed:   ________________________________________________________

    

    NOTE: The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust company. Officers of
corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing
Warrant.

     

    
      
         

      

      
        29Unassociated Document

    Exhibit
10.2

    Execution
Copy

    

    SECURED
PROMISSORY NOTE

    

    
      	
              $1,000,000.00

            	
              Alachua,
      Florida

              June
      29, 2009

            

    

    

    FOR VALUE
RECEIVED, ORAGENICS, INC., a Florida corporation located at 13700 Progress
Boulevard, Alachua, Florida 32615 (“Borrower”), hereby
promises to pay to the order of KOSKI FAMILY LIMITED PARTNERSHIP, a Texas
limited partnership having a mailing address of 3525 Turtle Creek Boulevard,
Unit 19-B, Dallas, Texas 75219 (“Lender”), the sum of
ONE MILLION AND NO/100 DOLLARS ($1,000,000.00), together with interest thereon
as provided herein.  All sums are payable by personal delivery or by
mail to Lender at the address listed above, or at such other address as Lender
may designate to Borrower.

    

    
      	
              1.

            	
              Interest.  The
      unpaid principal balance under this Secured Promissory Note shall bear
      interest from the date hereof at an annual rate equal to the Prime Rate
      (as defined below) plus four percent (4%) (the “Applicable
      Rate”), compounded quarterly.  The term “Prime Rate”
      shall mean the “prime rate” of interest (base rate on corporate loans
      quoted by the nation’s thirty (30) largest banks) described in the “Money
      Rates” column of the Money & Investing Section of The Wall Street
      Journal, Eastern Edition, or any successor definition of “prime
      rate” contained therein.  The initial Applicable Rate is 7.25%.
      The Applicable Rate shall be adjusted quarterly on the first day of each
      calendar quarter while any principal balance hereunder remains unpaid,
      based on the Prime Rate in effect on the business day immediately
      preceding such adjustment date.  Interest shall be calculated on
      the daily unpaid principal balance of this Secured Promissory Note based
      on thirty (30) day months, over a year of three hundred sixty (360)
      days.  Accrued interest on the unpaid balance of this Secured
      Promissory Note shall be due and payable on the last day of each and every
      calendar quarter during which any principal balance hereunder remains
      unpaid.

            

    

    

    
      	
              2.

            	
              Payment of
      Principal.  The principal of this Secured Promissory
      Note, together with all accrued interest thereon, shall be due and payable
      upon the earlier of (a) a Change of Control of Borrower (as defined
      below); or (b) June 30, 2014.  The term “Change of Control of
      Borrower” shall mean (i) any sale, lease, exchange or other
      transfer (in one transaction or a series of related transactions) of all,
      or substantially all, of the assets of Borrower; (ii) any transaction or
      series of transactions (including, but not limited to, any tender offer,
      exchange offer, merger or other business combination, or other similar
      transaction), the result of which is that more than fifty percent (50%) of
      the voting stock of Borrower, or any successor to Borrower resulting from
      such transaction or series of related transactions, is acquired by
      individuals or entities other than Lender and its affiliates that were not
      owners of voting stock of Borrower immediately prior to such
      transaction(s), or (iii) the dissolution or liquidation of
      Borrower.  Any portion of the principal of this Secured
      Promissory Note may be prepaid, together with the accrued interest with
      respect to such principal payment, prior to maturity, without
      penalty.  Any payment made under this Secured Promissory Note
      shall be applied first to accrued interest and then to
      principal.  Payment of principal and interest shall be made in
      such coin or currency of the United States of America that, at the time of
      payment, constitutes legal tender for the payment of public and private
      debt.

            

    

    

     

      
        

      

    

     

    FLORIDA
DOCUMENTARY STAMP TAX IN THE AMOUNT OF $2,450

    HAS BEEN
PAID IN CONNECTION WITH THE EXECUTION AND DELIVERY

    
      OF THIS
SECURED PROMISSORY NOTE

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              Security.  The
      obligations of Borrower under this Secured Promissory Note are secured
      pursuant a Security Agreement of even date herewith (the “Security
      Agreement”).  The terms and conditions of the Security
      Agreement are incorporated herein by this
  reference.

            

    

    

    
      	
              4.

            	
              Events of
      Default.  The occurrence of any one or more of the
      following events shall constitute an “Event of
      Default” under this Secured Promissory
  Note:

            

    

    

    
      	
               
      

            	
              4.1

            	
              the
      failure of Borrower to pay all or any portion of the principal and
      interest due and payable under this Secured Promissory Note and such
      failure continues for five (5) business days after the Lender notifies
      Borrower in writing of such failure;
or

            

    

    

    
      	
               
      

            	
              4.2

            	
              an
      Event of Default under the Security
Agreement.

            

    

    

    
      	
              5.

            	
              Rights and Remedies
      Upon Default.  Upon the occurrence of an Event of
      Default, the principal and all accrued but unpaid interest due under this
      Secured Promissory Note shall, at the option of Lender, become immediately
      due and payable and may be collected forthwith without notice to Borrower,
      regardless of the stipulated date of maturity and, in that event, Borrower
      promises to pay, in addition to the unpaid principal and interest
      hereunder, all costs, including reasonable attorneys’ fees, paralegals’
      fees and expenses for any primary, appellate, bankruptcy and post-judgment
      proceedings, that Lender may incur or be put to in the collection of such
      amounts.  Any overdue payment of principal or interest due under
      this Secured Promissory Note shall bear interest from the due date at the
      maximum rate permissible under the laws of the State of
      Florida.

            

    

    

    
      	
              6.

            	
              Waiver.  Borrower
      hereby waives protest, demand, presentment and notice of dishonor, notice
      of the maturity, nonpayment, and all requirements necessary to hold it
      liable as the maker of this Secured Promissory Note, and agrees that this
      Secured Promissory Note may be extended in whole or in part without limit
      as to the number of such extensions or the period or periods thereof, and
      without notice to it and without affecting its liability hereunder.
      Failure to accelerate the debt in the event of any default hereunder, or
      other indulgence granted from time to time, shall not be construed as a
      novation of this Secured Promissory Note or a waiver of the right of
      Lender to thereafter insist upon strict compliance with the terms of this
      Secured Promissory Note without previous written notice of such intention
      being given to Borrower.

            

    

    

    
      	
              7.

            	
              Compliance With Usury
      Laws.  All agreements between Borrower and Lender are
      hereby expressly limited so that in no event shall the amount paid or
      agreed to be paid to Lender for the use, forbearance, or detention of the
      money loaned under this Secured Promissory Note exceed the maximum amount
      permissible under the laws of the State of Florida.  If, at the
      time of any interest payment, the payment amount due under this Secured
      Promissory Note is in excess of the legal limit, the obligation shall be
      reduced to the legal limit.  If Borrower should ever receive, as
      interest, an amount that exceeds the highest lawful rate, the amount that
      would be excessive as interest shall be applied to the reduction of the
      principal amount owing under this Secured Promissory Note, and not to the
      payment of interest.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              Waiver of Jury
      Trial.  BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND
      INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
      OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONJUNCTION
      WITH, THIS SECURED PROMISSORY NOTE AND ANY OTHER AGREEMENT CONTEMPLATED TO
      BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF
      DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER
      PARTY.

            

    

    

    
      	
              9.

            	
              Choice of Law;
      Venue.  The laws of the State of Florida, excluding its
      choice of law provisions if such laws would result in the application of
      laws other than the laws of the State of Florida, shall govern any
      disputes with respect to this Secured Promissory Note, the validity of
      this Secured Promissory Note, the construction of its terms, and the
      interpretation of the rights and duties of Borrower and Lender
      hereunder.  The forum selected for any proceeding or suit
      related to a dispute between Borrower and Lender related to this Secured
      Promissory Note shall be in a federal or state court of competent
      jurisdiction located in Hillsborough County, Florida.  Borrower
      consents to said courts’ personal jurisdiction over it and waives any
      defense, whether asserted by motion or pleading, that Hillsborough County,
      Florida is an improper or inconvenient
venue.

            

    

    

    
      	
              10.

            	
              Notice.  Any
      notice, demand or other communication to Borrower that is permitted or
      required hereunder shall be given in writing, and shall be deemed to have
      been duly delivered (i) when delivered by personal delivery, (ii) three
      (3) days after being deposited with the United States Postal Service for
      mailing by first class mail, postage prepaid, certified mail, with return
      receipt requested (regardless of whether the return receipt is
      subsequently received), or (iii) one business day after being deposited
      with a nationally recognized courier service for overnight delivery; and
      in each case addressed by Lender to Borrower at the address for Borrower
      first listed above, or to such other address as Borrower may notify Lender
      in writing in conformity with the provisions of this
    Section.

            

    

    

    
      	
              11.

            	
              Documentary Stamp
      Taxes.  Borrower shall pay all documentary stamp taxes
      due on the obligation evidenced by this Secured Promissory
      Note.

            

    

    

    
      	
              12.

            	
              Assignment.  Lender
      may assign all or any portion of this Secured Promissory Note and Lender’s
      rights hereunder

            

    

    

    
      	
              13.

            	
              Binding
      Effect.  This Secured Promissory Note shall be binding
      upon Borrower and its successors and assigns, and shall inure to the
      benefit of Lender and its successors and
  assigns.

            

    

    

    [Continued
on next page.]

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              14.

            	
              Computation of
      Time.  Whenever the last day for payment of any amount
      due hereunder shall fall upon Saturday, Sunday or any public or legal
      holiday, whether federal or of the State of Florida, Borrower shall have
      until 5:00 p.m. on the next succeeding regular business day to make such
      payment.

            

    

    

    IN
WITNESS WHEREOF, Borrower has executed this SECURED PROMISSORY NOTE on the date
indicated below.

    

    
      	 	
              ORAGENICS,
      INC.

               

               

            
	 	
              By:

            	
              /s/David
      B. Hirsch

            
	 	
              Name:

            	
              David
      B. Hirsch

            
	 	
              Title:

            	
              President

            
	 	
              Date:

            	 
      

    

    

    
      
        
        

      

      
        4

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