Document:

MANAGEMENT
      AGREEMENT

     

    THIS
      MANAGEMENT AGREEMENT (“Agreement”) is
      dated
      April 30, 2008 (“Effective Date”) by and between UNIVERSAL
      CAPITAL MANAGEMENT, INC.,
      a
      Delaware corporation (“Manager”),
      and
VYSTAR
      CORPORATION,
      a
      Georgia corporation (“VYSTAR”
      or “Company”).

     

    BACKGROUND

     

    VYSTAR
      desires to obtain from the Manager, and the Manager is willing and able to
      provide to VYSTAR, management services and other assistance in accordance with
      and subject to the terms and conditions set forth in this
      Agreement.

     

    For
      and
      in consideration of the mutual benefits and covenants set forth below, and
      other
      good and valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the parties hereto, intending to be legally bound, hereby agree
      as
      follows:

     

    1. Appointment
      as Manager.

     

    (a) VYSTAR
      hereby engages Manager to provide management services and other assistance
      in
      accordance with the terms of this Agreement. The Manager shall and hereby agrees
      to devote such time as is reasonably necessary to provide such services and
      assistance.

     

    2. Scope
      of Services.
      

     

    (a) Manager
      hereby agrees to provide to VYSTAR the following services (as amended from
      time
      to time, collectively, the “Services”):

     

    
      	 	
              (i)

            	
              Significant
                Managerial Assistance. Upon VYSTAR’s request, Manager may provide VYSTAR
                with day to day managerial assistance on issues such as employment,
                payroll, and benefits; real estate leasing; utility utilization;
                capital
                expenditures; personnel; and other related
                matters.

            

    

    
      	 	
              (ii)

            	
              Financial
                Reporting Services. Upon VYSTAR’s request, Manager may assist in providing
                VYSTAR on a quarter-annual basis a balance sheet, income statement
                and
                statement of cash flow for VYSTAR. Such financial reports shall be
                completed not later than thirty (30) days after the end of the
                quarter-annual period reported on. Income statements will be based
                on
                generally accepted accounting principles as in effect in the United
                States
                of America, consistently applied from period to period and in accordance
                with the terms of contracts and service
                agreements.

            

    

    
      	 	
              (iii)

            	
              Tax
                Reporting Services. Upon VYSTAR’s request, Manager may assist in the
                preparation of sales and use tax returns for all jurisdictions in
                which
                VYSTAR is then subject to reporting as determined by VYSTAR for goods
                or
                services sold. If such services are requested, Manager shall provide
                VYSTAR with the amount of such liability not later than the 10th
                business day of each calendar month in which a sales/use tax liability
                is
                due to be paid VYSTAR.. Such returns shall be delivered to VYSTAR
                for
                execution no later than three (3) days prior to the filing due date
                for
                any such return.

            

    

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
              (iv)

            	
              Accounts
                Payable Services.

            

    

     

    (I.) Upon
      VYSTAR’s request, Manager may assist VYSTAR in providing for the usual and
      ordinary business aspects of the accounts payable process for VYSTAR, including
      but not limited to:

     

    
      	
            	A.	
              Maintaining
                vendor master

            

    

     

    
      	
            	B.	
              Processing
                vendor invoices

            

    

     

    
      	
            	C.	
              Executing
                vendor payments from VYSTAR’s
                funds

            

    

     

    
      	
            	D.	
              Processing
                travel expense reports

            

    

     

    
      	
            	E.	
              Executing
                employee payments for travel
                expense from funds

            

    

     

    
      	
            	F.	
              Stop
                payment administration

            

    

     

    
      	
            	G.	
              1099
                Misc. reporting

            

    

     

    
      	
            	H.	
              Invoice
                filing

            

    

     

    
      	
            	I.	
              Documentation
                retention 

            

    

     

    (II.) Upon
      VYSTAR’s request, Manager may assist VYSTAR with its outstanding accounts
      payable based upon contracted payment terms and consistent with past business
      practice.

     

    

    (b) To
      the
      extent that Manager is able in the ordinary course of business, Manager shall
      provide or cause to be provided, and shall be responsible for said costs
      associated with, all personnel, facilities, equipment, systems and management
      necessary or appropriate to provide such Services. In no event will Manager
      be
      required to stay in business or take other extraordinary measures solely to
      provide the Services to VYSTAR; provided, that Manager shall provide Services
      pursuant to this Agreement in the same order of priority as it provides the
      same
      or similar services to its own departments, and provided VYSTAR is notified
      in
      advance of any delay and the Services are provided to VYSTAR at the next
      available opportunity.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (c)
      During the Term of this Agreement, VYSTAR may from time to time request that
      Manager provide special services or projects in addition to the Services
      identified in this Section 2, and Manager may in its sole discretion agree
      to
      provide such additional services or projects. If Manager agrees to provide
      such
      additional services or projects, the Parties shall negotiate in good faith
      to
      establish the terms (including, without limitation, price) for providing such
      additional services or projects, and following agreement on such terms, this
      Section 2 shall be amended to include such additional services and
      projects.

     

    3. Term
      and Termination.

     

    (a) This
      Agreement shall be effective as of the Effective Date and, subject to the
      provisions of section (b) of this Section 3, shall terminate after one (1)
      year
      (the “Term”).
      The
      Term shall be automatically extended from year to year in the absence of ninety
      (90) days’ notice from one party to the other.

     

    (b) Notwithstanding
      the provisions of subsection (a) of this Section 3, (i) Manager can terminate
      this Agreement at any time upon thirty (30) days’ notice to VYSTAR upon VYSTAR’s
      failure to pay the amounts required hereunder, and (ii) VYSTAR can terminate
      this Agreement after thirty (30) days’ notice to Manager of Manager’s material
      failure to fulfill its obligations hereunder and Manager’s failure to correct
      such failure during such time period. 

     

    4. Compensation.

     

    Within
      thirty (30) days of the signing of this agreement VYSTAR shall pay Manager
      for
      the Services by delivering to Manager a Warrant attached hereto as Exhibit
      A,
      pursuant to a Warrant Purchase Agreement attached hereto as Exhibit B, to
      purchase up to Five Hundred Thousand (500,000) Shares of the common stock of
      the
      Company at an exercise price of $2.00. The Warrant will be exercisable in whole
      or in part at or before 5:00 p.m. E.S.T. on April 30, 2013.

     

    If
      the
      term of this Agreement extends beyond the Term, VYSTAR shall pay for continuing
      Services hereunder by delivering to the Manager a Warrant to purchase up to
      five
      hundred thousand (500,000) additional shares, at an exercise price of $0.01,
      on
      the anniversary of the Effective Date and each anniversary date thereafter
      during the term of this Agreement. 

     

    In
      addition, VYSTAR shall reimburse Manager for third party and out-of-pocket
      expenses actually and reasonably incurred by Manager as an adjunct to and as
      a
      supplement to Manager’s responsibility for performing the Services for which
      Manager is being paid compensation described herein, and which are approved
      in
      advance by VYSTAR; provided that expenses of Affiliates of Manager shall not
      be
      deemed third party expenses for purposes of this Section 4.

     

    5. Non-Exclusive
      Contract.
      The
      Manager acts as adviser to other clients and may give advice, and take action,
      with respect to any such client which may differ from the advice given, or
      the
      timing or nature of action taken, with respect to VYSTAR.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    6. Delegation
      and Assignment.
      With
      VYSTAR’s prior written consent, which consent shall not be unreasonably withheld
      or delayed, Manager may delegate all or part of its duties to perform Services
      hereunder; provided, that Manager’ costs associated with any duties so delegated
      shall not be deemed out-of-pocket expenses added to the price of Services
      pursuant to Section 4. Notwithstanding the foregoing, Manager shall be entitled
      to delegate all or any part of its duties to one or more of its Affiliates
      upon
      notice to VYSTAR; provided, however, that Manager and its designee Affiliate(s)
      shall be jointly and severally liable for performance of Manager’s obligations
      under this Agreement. VYSTAR shall not assign or subcontract its rights, duties,
      or obligations under this Agreement.

     

    7. Confidential
      Information; Ownership.

     

    (a) Each
      party shall treat as confidential all Confidential Information of the other
      party that comes to its knowledge through this Agreement. Each party shall
      take
      such steps to prevent disclosure of such Confidential Information to any third
      person as it would take in protecting its own proprietary or confidential
      information and shall not use any portion of such Confidential Information
      for
      any purpose not authorized herein. All Confidential Information of each party
      and any information containing a party’s Confidential Information shall at all
      times remain the exclusive property of that party.

     

    (b) No
      party
      shall be under any obligations with respect to any Confidential
      Information:

     

    (i) which
      is,
      at the time of disclosure, available to the general public;

     

    (ii) which
      becomes at a later date available to the general public through no fault on
      the
      part of such party and then only after such later date;

     

    (iii) which
      such party can demonstrate was in its possession before receipt from the other
      party; or

     

    (iv) which
      is
      disclosed to such party without restriction on disclosure by a third party
      who
      has the lawful right to disclose such information.

     

    (c) The
      confidentiality obligations of this Section 7 shall survive the termination
      of
      this Agreement.

     

    8. Independent
      Contractor.
      Manager
      is and shall remain at all times an independent contractor of VYSTAR in the
      performance of all Services hereunder, and all persons employed by Manager
      to
      perform such Services shall be and remain employees solely of Manager and
      subject only to the supervision of Manager’s supervisory personnel. With respect
      to Manager’s employees providing services under this Agreement, Manager shall be
      responsible for the payment of all salaries and benefits and all income taxes,
      social security taxes, employment compensation taxes and other employment taxes
      and withholdings with respect to such employees and all fringe benefits program
      expenses, such as insurance costs, pension or retirement plans, vacation, sick
      leave and similar matters, with respect to such employees. Manager shall be
      entitled to determine which of its employees shall provide the
      Services.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    9. Force
      Majeure.

     

    (a) Neither
      party shall be liable for any loss or damage for delay or non-performance under
      this Agreement resulting from the operation of any applicable law, rule,
      ordinance or regulation of any governmental entity or regulatory agency, or
      from
      any requirement or intervention of civil, naval or military authorities or
      other
      agencies of the government, or by reason of any other causes whatsoever not
      reasonably within the control of such party, including, but not limited to,
      acts
      of God, war, riot, insurrection, civil violence or disobedience, blockages,
      embargoes, sabotage, epidemics, fire, strikes, lock-outs or other industrial
      or
      labor disturbances, lightning, hurricanes, cyclonic storms, explosions and
      delay
      of carriers; provided, that the affected party notifies the other party promptly
      of the occurrence of the cause and thereafter exerts reasonable commercial
      efforts to overcome the cause of prevention and hindrance and to resume
      performance; and provided, further, that the settlement of strikes, lock-outs
      and other industrial or labor disturbances shall be entirely within the
      discretion of the affected party, and the affected party shall not be required
      to make settlement of strikes, lock-outs and other industrial or labor
      disturbances by acceding to the demands of any opposing third party or parties
      when such course is unfavorable in the affected party’s judgment.

     

    (b) If
      Manager’s performance under this Agreement is suspended or rendered impractical
      by reason of any cause covered by subsection (a) of this Section 9
      (“Force
      Majeure”)
      for a
      period in excess of twenty (20) days, VYSTAR  shall have either the right
      to terminate this Agreement with respect to the disrupted Services immediately
      upon written notice to Manager or require that the Agreement continue in force
      for that period of time beyond the Term that such Force Majeure condition
      existed during the Term without incurring any obligation by VYSTAR for
      additional payment for Services by Manager. An event of Force Majeure shall
      not
      otherwise limit amounts payable for Services rendered on or prior to the actual
      date of the event of Force Majeure. 

     

    10. Limitation
      of Liability.
      Notwithstanding any other provision of this Agreement to the contrary, Manager
      shall not be liable to VYSTAR by reason of any error of omission or commission,
      performance or failure to perform or delay in performing any Services under
      this
      Agreement, for special, incidental or consequential damages, suffered by VYSTAR
      beyond a refund to VYSTAR of all charges paid and/or shares issued by VYSTAR
      to
      Manager for the Services that caused such damages, unless Manager shall have
      committed gross negligence or willful misconduct. The provisions of this Section
      10 shall survive termination of this Agreement.

     

    11. Manager’s
      Investment Representations.
      Manager
      hereby represents and warrants to and with VYSTAR that:

     

    (a) Manager
      will be acquiring the Shares for its own account as principal and not with
      a
      view to, or for sale in connection with, any distribution of all or any of
      such
      Shares. Manager hereby agrees that it will not, directly or indirectly, assign,
      transfer, offer, sell, pledge, hypothecate or otherwise dispose of all or any
      of
      such Shares (or solicit any offers to buy, purchase or otherwise acquire or
      take
      a pledge of any of such Shares) except in accordance with the registration
      provisions of the Securities Act of 1933 (the “Securities Act”) or an exemption
      from such registration provisions or any applicable securities laws.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (b) Manager
      (i) is knowledgeable and experienced with respect to the financial, tax and
      business aspects of the ownership of investments such as the Shares and of
      the
      business contemplated by VYSTAR and is capable of evaluating the risks and
      merits of acquiring the Shares and in making a decision to proceed with this
      investment, has not relied on any representations, warranties or agreements
      of
      VYSTAR or others, and (ii) can bear the economic risk of an investment in Shares
      for an indefinite period of time and can afford to suffer the complete loss
      thereof.

     

    (c) Manager
      has evaluated the risks involved in investing in the Shares and has determined
      that the Shares are a suitable investment for Manager. Specifically, the
      aggregate amount of the investments the Manager has in, and Manager’s
      commitments to, all similar investments that are illiquid is reasonable in
      relation to Manager’s net worth, both before and after the acquisition of the
      Shares pursuant to this Agreement.

     

    (d) Manager
      understands and acknowledges that the Shares have not been registered under
      the
      Securities Act or any state securities laws and are being offered and sold
      in
      reliance on exemptions provided in the Securities Act and state securities
      laws
      for transactions not involving any public offering and, therefore, cannot be
      resold or transferred unless they are subsequently registered under the
      Securities Act and such applicable state securities laws or unless an exemption
      from such registration is available. Manager also understands that VYSTAR does
      not have any obligation or intention to register the Shares for sale under
      the
      Securities Act or any state securities laws or of supplying the information
      which may be necessary to enable the Manager to sell Shares and that Manager
      has
      no right to require the registration of the Shares under the Securities Act,
      any
      state securities laws or other applicable securities regulations. 

    

    (e) Manager
      has no contract, understanding, agreement or arrangement with any person to
      sell, transfer or pledge to such person or anyone else any of the Shares which
      the Manager will acquire pursuant to this Agreement and that Manager has no
      present plans to enter into any such contract, undertaking, agreement or
      arrangement.

     

    12. Definitions.
      

     

    (a) “Affiliate”
      means, with respect to a Person, another Person who controls, is controlled
      by
      or is under common control with the first such Person.

     

    (b) “Confidential
      Information” means any and all information of either party that might reasonably
      be considered confidential, secret, sensitive, proprietary or private. To the
      extent practical, Confidential Information shall be marked “proprietary” or
“confidential.” Confidential Information shall include the
      following:

     

    (i) data,
      know-how, formulae, processes, designs, sketches, photographs, plans, drawings,
      specifications, samples, reports, lists, financial information, studies,
      findings, inventions and ideas, computer programs and software, or proprietary
      information relating to either party or the methods or techniques used by either
      party;

     

    (ii) data,
      documents or proprietary information employed in connection with the marketing
      and implementation of each party’s products, including cost information,
      business policies and procedures, revenues and markets, distributor and customer
      lists, and similar items of information; and

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (iii) any
      other
      data or information obtained by either party during the term of this Agreement
      which is not generally known to and not readily ascertainable by proper means
      by
      third persons who could obtain economic value from its use or
      disclosure.

     

    (c) “Control”
      means the ability, through stock ownership, contract, or otherwise, to control
      the business or officers of a Person.

     

    (d) “Damages
      and Expenses” means costs, liabilities, and expenses incurred in investigating,
      defending, and paying settlements or judgments with respect to claims (including
      reasonable attorneys’ fees).

     

    (e) “Holiday”
      means for purposes of this Agreement, a day, other than a Saturday or Sunday,
      on
      which national banks with branches in the Commonwealth of Pennsylvania are
      or
      may elect to be closed.

     

    (f) “Person”
      means an individual or entity.

     

    (g) “Shares”
      means shares of common stock of VYSTAR, par value $.0001 dollars per share
      acquired by Manager pursuant to this Agreement.

     

    13. Miscellaneous.

     

    (a) Indulgences,
      Etc.
      Neither
      the failure nor any delay on the part of either party to exercise any right,
      remedy, power or privilege under this Agreement shall operate as a waiver
      thereof, nor shall any single or partial exercise of any right, remedy, power
      or
      privilege preclude any other or further exercise of the same or of any other
      right, remedy, power or privilege, nor shall any waiver of any right, remedy,
      power or privilege with respect to any occurrence be construed as a waiver
      of
      such right, remedy, power or privilege with respect to any other occurrence.
      No
      waiver shall be effective unless it is in writing and is signed by the party
      asserted to have granted such waiver.

     

    (b) Controlling
      Law.
      This
      Agreement and all questions relating to its validity, interpretation,
      performance and enforcement (including, without limitation, provisions
      concerning limitations of actions), shall be governed by and construed in
      accordance with the laws of the State of Delaware, notwithstanding any
      conflict-of-laws doctrines of any jurisdiction to the contrary, and without
      the
      aid of any canon, custom or rule of law requiring construction against the
      draftsman.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (c) Notices.
      All
      notices, requests, demands and other communications required or permitted under
      this Agreement shall be in writing and shall be deemed to have been duly given,
      made and received only when delivered (personally, by courier service such
      FedEx
      or by other messenger) against receipt or upon actual receipt of registered
      or
      certified mail, postage prepaid, return receipt requested, addressed as set
      forth below:

     

    
      	
            	If
              to:	
              Manager

              Universal
                Capital Management, Inc.

              2601
                Annand Drive

              Suite
                16

              Wilmington,
                DE 19808

              Attention: Michael D.
                Queen

            

    

    
       

      
        	
              	If
                to:	
                VYSTAR CORPORATION

                3235
                  Satellite Blvd.

                Building
                  400, Suite 290

                Duluth,
                  GA 30096

                Attention:
                  William R. Doyle

              

      

    

    

    In
      addition, notice by mail shall be sent by a reputable international courier
      (such as FedEx) if posted outside of the continental United States. Any party
      may alter the address to which communications or copies are to be sent by giving
      notice of such change of address in conformity with the provisions of this
      subparagraph for the giving of notice.

    

    (d) Binding
      Nature of Agreement; No Assignment.This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns.

     

    (e) Provisions
      Separable.
      The
      provisions of this Agreement are independent of and separable from each other,
      and no provision shall be affected or rendered invalid or unenforceable by
      virtue of the fact that for any reason any other or others of them may be
      invalid or unenforceable in whole or in part.

     

    (f) Entire
      Agreement.
      This
      Agreement contains the entire understanding among the parties hereto with
      respect to the subject matter hereof, and supersedes all prior and
      contemporaneous agreements and understandings, inducements or conditions,
      express or implied, oral or written, except as herein contained. The express
      terms hereof control and supersede any course of performance and/or usage of
      the
      trade inconsistent with any of the terms hereof. This Agreement may not be
      modified or amended other than by an agreement in writing.

     

    (g) Section
      Headings.
      The
      Section and subsection headings in this Agreement have been inserted for
      convenience of reference only; they form no part of this Agreement and shall
      not
      affect its interpretation.

     

    (h) Gender,
      Etc.
      Words
      used herein, regardless of the number and gender specifically used, shall be
      deemed and construed to include any other number, singular or plural, and any
      other gender, masculine, feminine or neuter, as the context indicates is
      appropriate.

     

    (i) Number
      of Days.
      In
      computing the number of days for purposes of this Agreement, all days shall
      be
      counted, including Saturdays, Sundays and Holidays; provided, however, that
      if
      the final day of any time period falls on a Saturday, Sunday or Holiday, then
      the final day shall be deemed to be the next day which is not a Saturday, Sunday
      or Holiday. 

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF,
      the
      Parties hereto have executed this Management Agreement 

     

     

    
      	
              VYSTAR
                Corporation

            	
              Universal
                Capital Management, Inc.

            
	 	 
	 	 
	
              By:
                _______________________________ 

            	
              By:
                ____________________________

            
	 	 
	 	 
	
              Name:
                ____________________________

            	
              Name:
                Joseph
                T. Drennan

            
	 	 
	 	 
	
              Title:
                ____________________________

            	
              Title:
                Vice
                President and CFO

            

    

     

    
      
         

      

      
        9WARRANT
      PURCHASE AGREEMENT

     

    April
      30,
      2008

    

    Universal
      Capital Management, Inc.

    2601
      Annand Dr., #16

    Wilmington,
      Delaware 19808

    

    Vystar
      Corporation,
      a
      Georgia corporation (the "Company"),
      hereby agrees with you as follows:

    

    
      	 	
              1.

            	
              Concurrently
                with the execution of this Warrant Purchase Agreement (the “Agreement”),
                the Company is entering into with you a consulting agreement, of
                even date
                hereof. Pursuant to the terms of the consulting agreement, the Company
                will deliver to you a Warrant (the "Warrant")
                in the form of Exhibit
                A
                hereto, to purchase up to Five Hundred Thousand (500,000) shares
                of the
                Company’s common stock, par value $.0001 per share (the “Common
                Stock”),
                at a purchase price of ($2.00) per share, exercisable for a period
                of up
                to Sixty (60) months commencing on the date hereof. The right to
                purchase
                all Five Hundred Thousand (500,000) shares shall vest immediately.
                

            

    

    

    
      	 	
              2.

            	
              The
                Company covenants that all shares that may be issued upon the exercise
                of
                the Warrant, upon issuance, will be validly issued, fully paid and
                non-assessable and free from all taxes, liens and charges with respect
                to
                the issuance thereof. The Company further covenants that during the
                period
                within which the Warrant may be exercised, the Company will at all
                times
                have authorized and reserved a sufficient number of shares of Common
                Stock
                to permit the exercise of the
                Warrant.

            

    

    

    
      	 	
              3.

            	
              This
                Warrant is not transferable. 

            

    

    

    If
      the
      foregoing correctly sets forth our understanding, please sign
      below.

    

    
      	
              Very
                truly yours,

            	 
	 	
              Accepted
                as of the

            
	
              Vystar
                Corporation

            	
              date
                written above:

            

    

     

    

    

    
      	
              William
                R Doyle

            	
              Joseph
                T Drennan, Vice President

            
	
              President
                & Chief Executive Officer

            	
              Universal
                Capital Management, Inc.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

    

    WARRANT
      No. ___

    

    

    

    NO
      SALE,
      TRANSFER, PLEDGE OR OTHER DISPOSITION OF THIS WARRANT OR THE SHARES PURCHASABLE
      HEREUNDER SHALL BE MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE
      ISSUER THAT REGISTRATION IS NOT REQUIRED. TRANSFER OF THIS WARRANT IS ALSO
      RESTRICTED BY A WARRANT PURCHASE AGREEMENT DATED April 30, 2008 A COPY OF WHICH
      IS AVAILABLE FROM THE ISSUER.

    

    WARRANT
      TO PURCHASE COMMON STOCK

    IN
      VYSTAR CORPORATION 

    

    Exercisable
      Commencing

    April
      30,
      2008

    

    Void
      After

    April
      30,
      2013

    THIS
      CERTIFIES
      that,
      for value received, Universal Capital Management, Inc. of 2601
      Annand Dr., #16, Wilmington, Delaware 19808,
      is
      entitled, subject to the terms and conditions set forth in this Warrant, to
      purchase from Vystar Corporation (“Company"),
      located at 3235 Satellite Blvd., Building 400, Suite 290, Duluth, GA 30096
      Five
      Hundred Thousand (500,000) shares of the Company’s common stock, par value
      $.0001 per share (the “Common
      Stock”),
      at a
      purchase price of ($2.00) per share, exercisable for a period of up to Sixty
      (60) months commencing on the date hereof, subject to adjustment as provided
      in
      Section 5 below. This Warrant is issued pursuant to a Warrant Purchase Agreement
      between Universal Capital Management, Inc. and the Company, dated April 30,
      2008, and is subject to all the terms thereof, including the vesting schedules
      set forth in Section 1 thereof, and the limitations on transferability set
      forth
      in Section 3 thereof. 

     

    1. This
      Warrant may be exercised by the holder hereof, in whole or in part (but not
      as
      to a fractional share), by the presentation and surrender of this Warrant with
      the form of Election to Purchase duly executed, at the principal office of
      the
      Company (or at such other address as the Company may designate by notice in
      writing to the holder hereof at the address of such holder appearing on the
      books of the Company), and upon payment to the Company of the purchase price
      by
      certified or bank cashier's check. The shares of Common Stock so purchased
      shall
      be deemed to be issued to the holder hereof as the record owner of such shares
      of Common Stock as of the close of business on the date on which this Warrant
      shall have been surrendered and payment made for such shares. Certificates
      for
      the shares of Common Stock so purchased shall be delivered or mailed to the
      holder promptly after this Warrant has been exercised, and if applicable, a
      new
      Warrant identical in form representing the number of shares of Common Stock
      with
      respect to which this Warrant shall not then have been exercised shall also
      be
      issued to the holder hereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2. Nothing
      contained herein shall be construed to confer upon the holder of this Warrant,
      as such, any of the rights of a shareholder of the Company.

    

    3. The
      Company shall not issue certificates representing fractions of shares of Common
      Stock upon the exercise of this Warrant, but shall make a cash payment for
      any
      fractional share based on the market price of the Common Stock on the date
      of
      exercise, which shall be the closing sale price on the principal exchange on
      which the Common Stock is traded; or if not traded on any exchange, then the
      representative closing bid price in the over-the-counter market; or if not
      traded in the over-the-counter market, the fair market value as determined
      by
      the Company’s board of directors. All calculations under this Section 3 and
      under Section 5 shall be made to the nearest cent or shares, as the case may
      be.

    

    4. Subject
      to the limitations on transfer set forth in Section 3 of the Warrant Purchase
      Agreement, this Warrant is exchangeable, upon its surrender by the holder at
      the
      office of the Company referred to in Section 1 above, for new warrants
      (containing the same terms as this Warrant) each representing the right to
      purchase such number of shares of Common Stock as shall be designated by such
      holder at the time of such surrender (but not exceeding in the aggregate the
      remaining number of shares of Common Stock which may be purchased hereunder).
      Upon receipt of evidence satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and upon delivery of a bond of
      indemnity satisfactory to the Company (or, in the case of mutilation, upon
      surrender of this Warrant), the Company will issue to the holder a replacement
      warrant (containing the same terms as this Warrant). As used herein, "Warrant"
      shall include all new warrants issued in exchange for or replacement of this
      Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5. If
      the
      Company shall pay a dividend in shares of its Common Shares, subdivide
      (forward-split) its outstanding shares of Common Stock, combine (reverse-split)
      its outstanding shares of Common Stock, issue by reclassification of its shares
      of Common Stock any shares or other securities of the Company, or distribute
      to
      holders of its Common Stock any securities of the Company or of another entity,
      the number of shares of Common Stock or other securities the holder hereof
      is
      entitled to purchase pursuant to this Warrant immediately prior thereto shall
      be
      adjusted so that the holder shall be entitled to receive upon exercise the
      number of shares of Common Stock or other securities which he or she would
      have
      owned or would have been entitled to receive after the happening of any of
      the
      events described above had this Warrant been exercised immediately prior to
      the
      happening of such event, and the exercise price per share shall be
      correspondingly adjusted; provided, however, that no adjustment in the number
      of
      shares and/or the exercise price shall be required unless such adjustment would
      require an increase or decrease of at least one percent (1%) in such number
      and/or price; and provided further, however, that any adjustments which by
      reason of this Section 5 are not required to be made shall be carried forward
      and taken into account in any subsequent adjustment. An adjustment made pursuant
      to this Section 5 shall become effective immediately after the record date
      in
      the case of the stock dividend or other distribution and shall become effective
      immediately after the effective date in the case of a subdivision, combination
      or reclassification. The holder of this Warrant shall be entitled to participate
      in any subscription or other rights offering made to holders of Common Stock
      had
      he purchased the full number of shares as to which this Warrant remains
      unexercised immediately prior to the record date for such rights offering.
      If
      the Company is consolidated or merged with or into another corporation or if
      all
      or substantially all of its assets are conveyed to another corporation this
      Warrant shall thereafter be exercisable for the purchase of the kind and number
      of shares of stock or other securities or property, if any, receivable upon
      such
      consolidation, merger or conveyance by a holder of the number of shares of
      Common Stock of the Company which could have been purchased on the exercise
      of
      this Warrant immediately prior to such consolidation, merger or conveyance;
      and,
      in any such case, appropriate adjustment (as determined by the Board of
      Directors) shall be made in the application of the provisions herein set forth
      with respect to the rights and interests thereafter of the holder of this
      Warrant to the end that the provisions set forth herein (including provisions
      with respect to changes in and other adjustments of the number of shares of
      Common Stock the holder of this Warrant is entitled to purchase) shall
      thereafter be applicable, as nearly as possible, in relation to any shares
      of
      Common Stock or other securities or other property thereafter deliverable upon
      the exercise of this Warrant. Upon any adjustment of the number of shares of
      Common Stock or other securities the holder of this Warrant is entitled to
      purchase, and of any change in exercise price per share, then in each such
      case
      the Company shall give written notice thereof to the then registered holder
      of
      this Warrant at the address of such holder as shown on the books of the Company,
      which notice shall state such change and set forth in reasonable detail the
      method of calculation and the facts upon which such calculation is
      based.

     

    6. If
      at any
      time:

    

    
      	
            	A.	
              The
                Company shall declare a dividend or other distribution on its Common
                Stock
                payable otherwise than in cash at the same rate as the immediately
                preceding regular dividend or in Common Stock;

            

    

    

    
      	
            	B.	
              The
                Company shall authorize the granting to the holders of its Common
                Stock of
                rights to subscribe for or purchase any shares of capital stock of
                any
                class or of any other rights;

            

    

    

    
      	
            	C.	
              There
                shall be any plan or agreement of reorganization, or reclassification
                of
                the capital stock of the Company, or consolidation or merger of the
                Company with, or sale of all or substantially all of its assets to,
                another corporation; or

            

    

    

    
      	
            	D.	
              There
                shall be a voluntary or involuntary dissolution, liquidation or winding
                up
                of the Company; then the Company shall give to the registered holder
                of
                this Warrant at the address of such holder as shown on the books
                of the
                Company, at any time prior to the applicable record date or dates,
                a
                written notice summarizing such action or event and stating the record
                date or dates for any such dividend or rights (or if a record is
                not to be
                taken, the date or dates as of which the holders of Common Stock
                of record
                to be entitled to such dividend or rights are to be determined),
                the date
                on which any such reorganization, reclassification, consolidation,
                merger,
                sale of assets, dissolution, liquidation or winding up is expected
                to
                become effective, and the date or dates as of which it is expected
                the
                holders of Common Stock of record shall be entitled to effect any
                exchange
                of their shares of Common Stock for securities of other property
                deliverable upon any such reorganization, reclassification, consolidation,
                merger, sale of assets, dissolution, liquidation or winding
                up.

            

    

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Warrant to be signed by its duly authorized officers
      on
      April 30, 2008.

    

    

    

    
      	
              Attested:

            	
              VYSTAR
                CORPORATION

            
	 	 
	 	 
	 	 
	
              By:_______________________

            	
              By: 
                ________________________________________

            
	
               

            	
               William
                R Doyle,
                President & Chief Executive Officer

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