Document:

Exhibit
      4.1

     

    FORM
      OF WARRANT

     

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

     

    BIOPHAN
      TECHNOLOGIES, INC.

     

    WARRANT

     

    
      	Warrant No. [ ]	
              Dated:
                February 21,
                2007

            

    

     

    Biophan
      Technologies, Inc., a Nevada corporation (the “Company”),
      hereby certifies that, for value received, [Name of Holder] or its registered
      assigns (the “Holder”),
      is
      entitled to purchase from the Company up to a total of
      [          ] shares of common
      stock, $0.005 par value per share (the “Common
      Stock”),
      of
      the Company (each such share, a “Warrant
      Share”
and
      all
      such shares, the “Warrant
      Shares”)
      at an
      exercise price equal to $0.51 per share (as adjusted from time to time as
      provided in Section
      9,
      the
“Exercise
      Price”),
      at
      any time and from time to time from and after August 21, 2007 (the “Exercisability
      Date”)
      through and including the date that is three years from the Exercisability
      Date
      (the “Expiration
      Date”),
      and
      subject to the following terms and conditions. 

     

    1.
       Definitions.
      In
      addition to the terms defined elsewhere in this Warrant (this “Warrant”),
      capitalized terms that are not otherwise defined herein have the meanings given
      to such terms in that certain Securities Purchase Agreement, dated as of October
      11, 2006, by and among the Company and the Purchasers identified therein (the
      “Purchase
      Agreement”).
      Notwithstanding the previous sentence, this Warrant is not being issued pursuant
      to the Purchase Agreement nor is the Holder entitled to any of the rights and
      privileges afforded in the Purchase Agreement except as expressly provided
      herein. 

     

    2.
       Registration
      of Warrant.
      The
      Company shall register this Warrant, upon records to be maintained by the
      Company for that purpose (the “Warrant
      Register”),
      in
      the name of the record Holder hereof from time to time. The Company may deem
      and
      treat the registered Holder of this Warrant as the absolute owner hereof for
      the
      purpose of any exercise hereof or any distribution to the Holder, and for all
      other purposes, absent actual notice to the contrary.

     

    3.
       Registration
      of Transfers.
      The
      Company shall register the assignment and transfer of any portion of this
      Warrant in the Warrant Register, upon surrender of this Warrant, with the Form
      of Assignment attached hereto on Annex
      B
      duly
      completed and signed, to the Company’s transfer agent or to the Company at its
      address specified herein. Upon any such registration or transfer, a new warrant
      to purchase Common Stock, in substantially the form of this Warrant (any such
      new warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.
       Exercise
      and Duration of Warrants.

     

    (a)
       This
      Warrant shall be exercisable by the registered Holder at any time and from
      time
      to time on or after the date hereof to and including the Expiration Date. At
      6:30 P.M., New York City time on the Expiration Date, the portion of this
      Warrant not exercised prior thereto shall be and become void and of no value;
      provided that, if the average of the Closing Prices for the five Trading Days
      immediately prior to (but not including) the Expiration Date exceeds the
      Exercise Price on the Expiration Date, then this Warrant shall be deemed to
      have
      been exercised in full (to the extent not previously exercised) on a “cashless
      exercise” basis at 6:30 P.M. New York City time on the Expiration Date only if a
“cashless exercise” may occur at such time pursuant to Section
      10
      below.
      Notwithstanding anything to the contrary herein, the Expiration Date shall
      be
      extended for each day following the Effective Date that the Registration
      Statement is not effective. 

     

    (b)
       A
      Holder
      may exercise this Warrant by delivering to the Company (i) an exercise notice,
      in the form attached hereto on Annex
      A
      (the
“Exercise
      Notice”),
      appropriately completed and duly signed, and (ii) payment of the Exercise
      Price for the number of shares of Common Stock as to which this Warrant is
      being
      exercised (the “Warrant
      Shares”)
      (which
      may take the form of a “cashless exercise” if so indicated in the Exercise
      Notice and only if a “cashless exercise” may occur at such time pursuant to this
Section
      10
      below),
      and the date such items are delivered to the Company (as determined in
      accordance with the notice provisions hereof) is an “Exercise
      Date.”
The
      Holder shall not be required to deliver the original Warrant in order to effect
      an exercise hereunder. Execution and delivery of the Exercise Notice shall
      have
      the same effect as cancellation of the original Warrant and issuance of a New
      Warrant evidencing the right to purchase the remaining number of Warrant Shares,
      if any.

     

    5.
       Delivery
      of Warrant Shares.
      

     

    (a)
       Upon
      the
      exercise of this Warrant, the Company shall promptly (but in no event later
      than
      three Trading Days after the Exercise Date) issue or cause to be issued and
      cause to be delivered to or upon the written order of the Holder and in such
      name or names as the Holder may designate, a certificate for the Warrant Shares
      issuable upon such exercise, free of restrictive legends unless a registration
      statement covering the resale of the Warrant Shares and naming the Holder as
      a
      selling stockholder thereunder is not then effective and the Warrant Shares
      are
      not freely transferable without volume restrictions pursuant to Rule 144 under
      the Securities Act. The Holder, or any Person so designated by the Holder to
      receive Warrant Shares, shall be deemed to have become holder of record of
      such
      Warrant Shares as of the Exercise Date. The Company shall, upon request of
      the
      Holder, use its best efforts to deliver Warrant Shares hereunder electronically
      through the Depository Trust Corporation or another established clearing
      corporation performing similar functions.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b)
       This
      Warrant is exercisable, either in its entirety or, from time to time, for a
      portion of the number of Warrant Shares. Upon surrender of this Warrant
      following one or more partial exercises, the Company shall issue or cause to
      be
      issued, at its expense, a New Warrant evidencing the right to purchase the
      remaining number of Warrant Shares.

     

    (c)
       In
      addition to any other rights available to a Holder, if the Company fails to
      deliver to the Holder a certificate representing Warrant Shares by the third
      Trading Day after exercise of this Warrant in full compliance with Section
      4(b),
      and if
      after such third Trading Day the Holder purchases (in an open market
      transaction) shares of Common Stock to deliver in satisfaction of a sale by
      the
      Holder of the Warrant Shares that the Holder anticipated receiving from the
      Company (a “Buy-In”),
      then
      the Company shall, within three Trading Days after the Holder’s request and in
      the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to
      the Holder’s total purchase price (including brokerage commissions, if any) for
      the shares of Common Stock so purchased (the “Buy-In
      Price”),
      at
      which point the Company’s obligation to deliver such certificate (and to issue
      such Warrant Shares) shall terminate, or (ii) promptly honor its obligation
      to
      deliver to the Holder a certificate or certificates representing such Common
      Stock and pay cash to the Holder in an amount equal to the excess (if any)
      of
      the Buy-In Price over the product of (A) such number of shares of Common Stock,
      times (B) the Closing Price on the Exercise Date.

     

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

     

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

     

    7.
       Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity, if
      requested.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    8.
       Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued Common Stock, solely for the
      purpose of enabling it to issue Warrant Shares upon exercise of this Warrant
      as
      herein provided, the number of Warrant Shares which are then issuable and
      deliverable upon the exercise of this entire Warrant, free from preemptive
      rights or any other contingent purchase rights of persons other than the Holder
      (taking into account the adjustments and restrictions of Section
      9).
      The
      Company covenants that all Warrant Shares so issuable and deliverable shall,
      upon issuance and the payment of the applicable Exercise Price in accordance
      with the terms hereof, be duly and validly authorized, issued and fully paid
      and
      nonassessable. The Company will take all such action as may be necessary to
      assure that such shares of Common Stock may be issued as provided herein without
      violation of any applicable law or regulation, or of any requirements of any
      securities exchange or automated quotation system upon which the Common Stock
      may be listed.

     

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

     

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

     

    (b)
       Pro
      Rata Distributions.
      If the
      Company, at any time while this Warrant is outstanding, distributes to holders
      of Common Stock (i) evidences of its indebtedness, (ii) any security (other
      than
      a distribution of Common Stock covered by the preceding paragraph),
      (iii) rights or warrants to subscribe for or purchase any security, or (iv)
      any other asset (in each case, “Distributed
      Property”),
      then
      in each such case the Exercise Price in effect immediately prior to the record
      date fixed for determination of stockholders entitled to receive such
      distribution shall be adjusted (effective on such record date) to equal the
      product of such Exercise Price times a fraction of which the denominator shall
      be the average of the Closing Prices for the five Trading Days immediately
      prior
      to (but not including) such record date and of which the numerator shall be
      such
      average less the then fair market value of the Distributed Property distributed
      in respect of one outstanding share of Common Stock, as determined by the
      Company's independent certified public accountants that regularly examine the
      financial statements of the Company (an “Appraiser”).
      In
      such event, the Holder, after receipt of the determination by the Appraiser,
      shall have the right to select an additional appraiser (which shall be a
      nationally recognized accounting firm), in which case such fair market value
      shall be deemed to equal the average of the values determined by each of the
      Appraiser and such appraiser. As an alternative to the foregoing adjustment
      to
      the Exercise Price, at the request of the Holder delivered before the
      90th
      day
      after such record date, the Company will deliver to such Holder, within five
      Trading Days after such request (or, if later, on the effective date of such
      distribution), the Distributed Property that such Holder would have been
      entitled to receive in respect of the Warrant Shares for which this Warrant
      could have been exercised immediately prior to such record date. If such
      Distributed Property is not delivered to a Holder pursuant to the preceding
      sentence, then upon any exercise of the Warrant that occurs after such record
      date, such Holder shall remain entitled to receive, in addition to the Warrant
      Shares otherwise issuable upon such exercise (if applicable), such Distributed
      Property.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c)
       Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding, (i) the Company effects any merger
      or consolidation of the Company with or into another Person, (ii) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (iii) any tender offer or exchange offer (whether by
      the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (iv) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (other than as a result of a subdivision or combination of shares of Common
      Stock covered by Section
      9(a)
      above)
      (in any such case, a “Fundamental
      Transaction”),
      then
      the Holder shall have the right thereafter to receive, upon exercise of this
      Warrant, the same amount and kind of securities, cash or property as it would
      have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the “Alternate
      Consideration”).
      The
      aggregate Exercise Price for this Warrant will not be affected by any such
      Fundamental Transaction, but the Company shall apportion such aggregate Exercise
      Price among the Alternate Consideration in a reasonable manner reflecting the
      relative value of any different components of the Alternate Consideration.
      If
      holders of Common Stock are given any choice as to the securities, cash or
      property to be received in a Fundamental Transaction, then the Holder shall
      be
      given the same choice as to the Alternate Consideration it receives upon any
      exercise of this Warrant following such Fundamental Transaction. In the event
      of
      a Fundamental Transaction, the Company or the successor or purchasing Person,
      as
      the case may be, shall execute with the Holder a written agreement providing
      that:

     

    (x)
       this
      Warrant shall thereafter entitle the Holder to purchase the Alternate
      Consideration in accordance with this Section
      9(c),
      

    

    (y) in
      the
      case of any such successor or purchasing Person, upon such consolidation,
      merger, statutory exchange, combination, sale or conveyance, such successor
      or
      purchasing Person shall be jointly and severally liable with the Company for
      the
      performance of all of the Company's obligations under this Warrant, and

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (z) if
      registration or qualification is required under the Securities Act or applicable
      state law for the public resale by the Holder of shares of stock and other
      securities so issuable upon exercise of this Warrant, such registration or
      qualification shall be completed prior to such reclassification, change,
      consolidation, merger, statutory exchange, combination, sale or
      conveyance.

    

    If,
      in
      the case of any Fundamental Transaction, the Alternate Consideration includes
      shares of stock, other securities, other property or assets of a Person other
      than the Company or any such successor or purchasing Person, as the case may
      be,
      in such Fundamental Transaction, then such written agreement shall also be
      executed by such other Person and shall contain such additional provisions
      to
      protect the interests of the Holder as the Board of Directors of the Company
      shall reasonably consider necessary by reason of the foregoing. At the Holder’s
      request, any successor to the Company or surviving entity in such Fundamental
      Transaction shall issue to the Holder a new warrant consistent with the
      foregoing provisions and evidencing the Holder’s right to purchase the Alternate
      Consideration for the aggregate Exercise Price upon exercise thereof. The terms
      of any agreement pursuant to which a Fundamental Transaction is effected shall
      include terms requiring any such successor or surviving entity to comply with
      the provisions of this paragraph (c) and insuring that the Warrant (or any
      such
      replacement security) will be similarly adjusted upon any subsequent transaction
      analogous to a Fundamental Transaction. If any Fundamental Transaction
      constitutes or results in a Change of Control, then at the request of the Holder
      delivered before the 90th
      day
      after such Fundamental Transaction, the Company (or any such successor or
      surviving entity) will purchase this Warrant from the Holder for a purchase
      price, payable in cash within five Trading Days after such request (or, if
      later, on the effective date of the Fundamental Transaction), equal to the
      Black-Scholes value of the remaining unexercised portion of this Warrant on
      the
      date of such request.

     

    (d)
       Subsequent
      Equity Sales.

     

    (i) If,
      at
      any time while this Warrant is outstanding, the Company or any Subsidiary issues
      additional shares of Common Stock or rights, warrants, options or other
      securities or debt convertible, exercisable or exchangeable for shares of Common
      Stock or otherwise entitling any Person to acquire shares of Common Stock
      (collectively, “Common
      Stock Equivalents”)
      at an
      effective net price to the Company per share of Common Stock (the “Effective
      Price”)
      less
      than the Exercise Price (as adjusted hereunder to such date), then the Exercise
      Price shall be reduced to equal the Effective Price. For purposes of this
      paragraph, in connection with any issuance of any Common Stock Equivalents,
      (A)
      the maximum number of shares of Common Stock potentially issuable at any time
      upon conversion, exercise or exchange of such Common Stock Equivalents (the
      “Deemed
      Number”)
      shall
      be deemed to be outstanding upon issuance of such Common Stock Equivalents,
      (B)
      the Effective Price applicable to such Common Stock shall equal the minimum
      dollar value of consideration payable to the Company to purchase such Common
      Stock Equivalents and to convert, exercise or exchange them into Common Stock
      (net of any discounts, fees, commissions and other expenses), divided by the
      Deemed Number, and (C) no further adjustment shall be made to the Exercise
      Price
      upon the actual issuance of Common Stock upon conversion, exercise or exchange
      of such Common Stock Equivalents.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (ii) If,
      at
      any time while this Warrant is outstanding, the Company or any Subsidiary issues
      Common Stock Equivalents with an Effective Price or a number of underlying
      shares that floats or resets or otherwise varies or is subject to adjustment
      based (directly or indirectly) on market prices of the Common Stock (a
“Floating
      Price Security”),
      then
      for purposes of applying the preceding paragraph in connection with any
      subsequent exercise, the Effective Price will be determined separately on each
      Exercise Date and will be deemed to equal the lowest Effective Price at which
      any holder of such Floating Price Security is entitled to acquire Common Stock
      on such Exercise Date (regardless of whether any such holder actually acquires
      any shares on such date).

     

    (iii) Notwithstanding
      anything to the contrary herein or in any of the other Transaction Documents,
      no
      adjustment will be made under this paragraph (d) in respect of Excluded
      Stock.

     

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

     

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

     

    (g)
       Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      9,
      the
      Company at its expense will promptly compute such adjustment in accordance
      with
      the terms of this Warrant and prepare a certificate setting forth such
      adjustment, including a statement of the adjusted Exercise Price and adjusted
      number or type of Warrant Shares or other securities issuable upon exercise
      of
      this Warrant (as applicable), describing the transactions giving rise to such
      adjustments and showing in reasonable detail the facts upon which such
      adjustment is based. The Company will deliver a copy of each such certificate
      to
      the Holder within 10 Trading Days of the occurrence of such
      adjustment.

     

    (h)
       Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction or (iii) authorizes the voluntary dissolution, liquidation or
      winding up of the affairs of the Company, then the Company shall deliver to
      the
      Holder a notice describing the material terms and conditions of such
      transaction, at least 20 calendar days prior to the applicable record or
      effective date on which a Person would need to hold Common Stock in order to
      participate in or vote with respect to such transaction, and the Company will
      take all steps reasonably necessary in order to insure that the Holder is given
      the practical opportunity to exercise this Warrant prior to such time so as
      to
      participate in or vote with respect to such transaction; provided, however,
      that
      the failure to deliver such notice or any defect therein shall not affect the
      validity of the corporate action required to be described in such notice.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    10.
       Payment
      of Exercise Price.
      The
      Holder shall pay the Exercise Price in immediately available funds; provided,
      however,
      that
      if
      the Registration Statement did not become effective on or before the Required
      Effectiveness Date and is not continuously effective through the Expiration
      Date, the
      Holder may satisfy its obligation to pay the Exercise Price through a “cashless
      exercise,” in which event the Company shall issue to the Holder the number of
      Warrant Shares determined as follows:

     

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

            
	
              where:

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

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

            
	 	 
	 	
              A
                =
                the arithmetic average of the VWAP for the twenty Trading Days immediately
                prior to (but not including) the Exercise Date.

            
	 	 
	 	
              B
                =
                the Exercise Price.

            

    

    

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

     

    11.
       Limitation
      on Exercise.
      Notwithstanding anything to the contrary contained herein, the
      number of shares of Common Stock that may be acquired by the Holder upon any
      exercise of this Warrant (or otherwise in respect hereof) shall be limited
      to
      the extent necessary to insure that, following such exercise (or other
      issuance), the total number of shares of Common Stock then beneficially owned
      by
      such Holder and its Affiliates and any other Persons whose beneficial ownership
      of Common Stock would be aggregated with the Holder’s for purposes of Section
      13(d) of the Exchange Act, does not exceed 4.999% (the “Threshold
      Percentage”)
      or
      9.999% (the “Maximum
      Percentage”)
      of the
      total number of issued and outstanding shares of Common Stock (including for
      such purpose the shares of Common Stock issuable upon such exercise (or other
      issuance)).
      For such
      purposes, beneficial ownership shall be determined in accordance with Section
      13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
      Each delivery of an Exercise Notice hereunder will constitute a representation
      by the Holder to the Company that the Holder has evaluated the limitations
      set
      forth in this paragraph and determined that issuance of the full number of
      Warrant Shares requested in such Exercise Notice is permitted under this
      paragraph. The Company’s obligation to issue shares of Common Stock in excess of
      the limitation referred to in this Section shall be suspended (and shall not
      terminate or expire notwithstanding any contrary provisions hereof) until such
      time, if any, as such shares of Common Stock may be issued in compliance with
      such limitation. By written notice to the Company, the Holder shall have the
      right (x) at any time and from time to time to reduce its Maximum Percentage
      immediately upon notice to the Company in the event and only to the extent
      that
      Section 16 of the Exchange Act or the rules promulgated thereunder (or any
      successor statute or rules) is changed to reduce the beneficial ownership
      percentage threshold thereunder to a percentage less than 9.999% and (y) at
      any
      time and from time to time to waive the provisions of this Section insofar
      as
      they relate to the Threshold Percentage or to increase or decrease its Threshold
      Percentage (but not in excess of the Maximum Percentage) unless the Holder
      shall
      have, by written instrument delivered to the Company, irrevocably waived its
      rights to so increase or decrease its Threshold Percentage, but (i) any such
      waiver, increase or decrease will not be effective until the 61st
      day
      after such notice is delivered to the Company, and (ii) any such waiver,
      increase or decrease will apply only to the Holder and not to any other holder
      of Warrants.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    12.
       Fractional
      Shares.
      The
      Company shall not be required to issue or cause to be issued fractional Warrant
      Shares on the exercise of this Warrant. If any fraction of a Warrant Share
      would, except for the provisions of this Section, be issuable upon exercise
      of
      this Warrant, the number of Warrant Shares to be issued will be rounded up
      to
      the nearest whole share or right to purchase the nearest whole share, as the
      case may be.

     

    13.
       Notices.
      Any and
      all notices or other communications or deliveries hereunder (including without
      limitation any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii)
      the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 6:30 p.m. (New York City time)
      on
      any Trading Day, (iii) the Trading Day following the date of mailing, if sent
      by
      a nationally recognized overnight courier service, or (iv) upon actual receipt
      by the party to whom such notice is required to be given. The address for such
      notices or communications shall be as set forth in the Purchase Agreement.
      

     

    14.
       Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 30 days' notice
      to
      the Holder, the Company may appoint a new warrant agent. Any corporation into
      which the Company or any new warrant agent may be merged or any corporation
      resulting from any consolidation to which the Company or any new warrant agent
      shall be a party or any corporation to which the Company or any new warrant
      agent transfers substantially all of its corporate trust or stockholders
      services business shall be a successor warrant agent under this Warrant without
      any further act. Any such successor warrant agent shall promptly cause notice
      of
      its succession as warrant agent to be mailed (by first class mail, postage
      prepaid) to the Holder at the Holder's last address as shown on the Warrant
      Register.

     

    15.
       Miscellaneous.

     

    (a)
       Subject
      to the restrictions on transfer set forth on the first page hereof, this Warrant
      may be assigned by the Holder. This Warrant may not be assigned by the Company
      except to a successor in the event of a Fundamental Transaction. This Warrant
      shall be binding on and inure to the benefit of the parties hereto and their
      respective successors and assigns. Subject to the preceding sentence, nothing
      in
      this Warrant shall be construed to give to any Person other than the Company
      and
      the Holder any legal or equitable right, remedy or cause of action under this
      Warrant. This Warrant may be amended only in writing signed by the Company
      and
      the Holder and their successors and assigns.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (b)
       The
      Company will not, by amendment of its governing documents or through any
      reorganization, transfer of assets, consolidation, merger, dissolution, issue
      or
      sale of securities or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms of this Warrant, but will at
      all
      times in good faith assist in the carrying out of all such terms and in the
      taking of all such action as may be necessary or appropriate in order to protect
      the rights of the Holder against impairment. Without limiting the generality
      of
      the foregoing, the Company (i) will not increase the par value of any Warrant
      Shares above the amount payable therefor on such exercise, (ii) will take all
      such action as may be reasonably necessary or appropriate in order that the
      Company may validly and legally issue fully paid and nonassessable Warrant
      Shares on the exercise of this Warrant, and (iii) will not close its stockholder
      books or records in any manner which interferes with the timely exercise of
      this
      Warrant.

     

    
      (c)
        GOVERNING LAW; VENUE; WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE
        CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL
        BE
        GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
        STATE
        OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION
        OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH
        OF
        MANHATTAN, 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
        HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS
        BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF
        VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF
        DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER
        THIS
        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.
        THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

    

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
      PAGE FOLLOWS]

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 
	 	
              BIOPHAN
                TECHNOLOGIES, INC.

            
	 	 
	 	 
	 	
              By:
                __________________________________

            
	 	
              Name:
                ________________________________

            
	 	
              Title:_________________________________

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    Annex
      A

     

    FORM
      OF
      EXERCISE NOTICE

     

    (To
      be
      executed by the Holder to exercise the right to purchase shares of Common Stock
      under the foregoing Warrant)

     

    To:
      BIOPHAN TECHNOLOGIES, INC.

     

    The
      undersigned is the Holder of Warrant No. _______ (the “Warrant”)
      issued
      by Biophan Technologies, Inc., a Nevada corporation (the “Company”).
      Capitalized terms used herein and not otherwise defined have the respective
      meanings set forth in the Warrant.

     

    
      	
              1.
                

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

            

    

     

    
      	
              2.
                

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

            

    

     

    
      	
              3.
                

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

            

    

     

    ____ “Cash
      Exercise” under Section 10

     

    ____ “Cashless
      Exercise” under Section 10 (if permitted)

     

    
      	
              4.
                

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

            

    

     

    
      	
              5.
                

            	
              Pursuant
                to this exercise, the Company shall deliver to the holder _______________
                Warrant Shares in accordance with the terms of the
                Warrant.

            

    

     

    
      	
              6.
                

            	
              Following
                this exercise, the Warrant shall be exercisable to purchase a total
                of
                ______________ Warrant Shares.

            

    

     

    
      	 	 	 
	 	 	 
	
              Dated:
                _______________,
                _____ 

            	 	
              Name
                of Holder:

            
	 	 	 
	 	 	
              (Print)
                ____________________________

            
	 	 	 
	 	 	
              By:
                ______________________________

            
	 	 	
              Name:
                ____________________________

            
	 	 	
              Title:
                _____________________________

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

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      B 

     

    FORM
      OF
      ASSIGNMENT

     

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

     

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

     

    
      	 	 
	 	 
	
              Dated:
                _______________,
                _____

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

            
	 	 
	 	_______________________________
	 	
              Address
                of Transferee

            
	 	 
	 	_______________________________
	 	 
	 	_______________________________
	 	 
	 	 
	
              In
                the presence of:

            	 
	 	 
	__________________________Exhibit
        10.1 

    

     

    FORBEARANCE
      AGREEMENT

    

    This
      FORBEARANCE AGREEMENT (this “Agreement”)
      is
      entered into as of February 16, 2007, by and among the note holders identified
      on Schedule A hereto (each
      a
“Note
      Holder”
      and
      collectively, the “Note
      Holders”)
      and
      Biophan Technologies, Inc., a Nevada Corporation (the “Company”).

     

    All
      capitalized terms not defined in this Agreement but defined in that certain
      Securities Purchase Agreement, dated as of October 11, 2006 (the “Purchase
      Agreement”),
      by
      and among the Note Holders and the Company, shall have the meanings given to
      such terms in the Purchase Agreement.

     

    Preliminary
      Statements:

     

    A. Pursuant
      to the Purchase Agreement, on October 12, 2006, the Company issued to the Note
      Holders (i) an aggregate of $7,250,000 face amount of Senior Secured Convertible
      Notes (the “Notes”),
      (ii)
      warrants to purchase an aggregate of 5,410,498 shares of the Company’s common
      stock, par value $0.005 per share, (the “Common
      Stock”)
      at an
      exercise price of $0.81 per share (the “A
      Warrants”)
      (iii)
      warrants to purchase an aggregate of 5,410,498 shares of Common Stock at an
      exercise price of $0.89 per share (the “B
      Warrants”)
      and
      (iv) warrants to purchase an aggregate of 10,820,896 shares of Common Stock
      at
      an exercise price of $0.67 per share (the “C
      Warrants”),
      in
      the respective amounts set forth next to each Note Holders name on Schedule
      A
      hereto; and 

     

    B. Events
      (as defined in the Purchase Agreement) (“Triggering
      Events”),
      including that the Registration Statement filed by the Company (No. 333-138632)
      (the “Registration
      Statement”)
      was not
      declared effective by the Commission by the Required Effectiveness Date have
      occurred and remain uncured; and

     

    C. The
      Purchase Agreement provides, in part, that upon the occurrence of an Triggering
      Event, and on each monthly anniversary of the Event Date, so long as the
      Triggering Event remains uncured, the Company shall pay to each Purchaser
      liquidated damages as provided in the Purchase Agreement and the Note Holders
      are the Purchasers entitled to the benefits of the Purchase Agreement; and
      

     

    D. The
      Company failed to make a scheduled payment of principal on the Notes due and
      payable on February 1, 2007 (the “Principal
      Payment Default”);
      and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    E. Pursuant
      to Section 8(e) of the Notes, the Note Holders are entitled to enforce any
      and
      all of their rights and remedies thereunder. Such rights include, but are not
      limited to, the right to demand that the Company repurchase all of the
      outstanding principal amount of the Notes at a repurchase price equal to 110%
      of
      such outstanding principal amount plus all accrued but unpaid interest thereon.
      

     

    F. The
      Company does not anticipate making any interest, principal, penalty payment
      or liquidated damages payments on the Notes or with respect to the Purchase
      Agreement prior to March 31, 2007 (together with the Principal Payment Default,
      the “Payment
      Defaults”);
      and

     

    G. The
      Company has requested that the Note Holders forbear from exercising their rights
      and remedies under the Purchase Agreement and Notes with respect to the
      Triggering Events and the Payment Defaults (and any other defaults and Events
      of
      Default under the Notes) prior to March 31, 2007; and

     

    H. In
      consideration for the Note Holders entering into this Forbearance Agreement,
      the
      Company shall issue to the Note Holders warrants to purchase an aggregate of
      60,000 shares of Common Stock with an exercise price of $0.51 per share (the
      “Fee
      Warrants”);
      and

     

    I. The
      A
      Warrants and B Warrants contain anti-dilution protection whereby, upon issuance
      of the Fee Warrants, the exercise price of the A Warrants and B Warrants will
      be
      automatically adjusted to $0.51 per share pursuant to Section 9(d)(i) of the
      respective warrant.

     

    NOW
      THEREFORE, in consideration of the mutual covenants herein contained, and for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties hereto agree as follows:

     

    1. Forbearance.

     

    1.1 No
      Forbearance Except as Expressly Stated.
      Nothing
      in this Agreement shall in any way limit, restrict or bar any rights or remedies
      available to the Note Holders (whether pursuant to the Purchase Agreement or
      Note or at law or in equity or otherwise) or the exercise or enforcement thereof
      by the Note Holders, except
      only as
      is expressly provided in this Section 1, and subject to the limitations set
      forth therein.

     

    1.2 Forbearance
      Period.
      The
      Note Holders hereby agree that during the period commencing on the date hereof
      and terminating on the earlier of either March 31, 2007 or the date on which
      any
      Termination Event (as defined below) first occurs (said period is hereinafter
      referred to as the “Forbearance
      Period”),
      the
      Note Holders will forbear from exercising any and all of the rights and remedies
      which the Note Holders may have against the Company or any of their respective
      assets under the Purchase Agreement or Notes or at law or in equity as a result
      of the occurrence or continuance of any Payment Default or any other default
      or
      Event of Default under the Notes or any Triggering Event with respect to the
      Purchase Agreement. Upon the occurrence of any Termination Event, the
      Forbearance Period shall immediately and automatically terminate and be null
      and
      void and have no further force or effect.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    1.3 Termination
      Events.
      The
      occurrence of any of the following events shall constitute a Termination Event
      (hereinafter referred to collectively as the “Termination
      Events”
      and each
      singly as a “Termination
      Event”)
      under
      this Agreement:

     

    1.3.1 The
      failure by the Company to promptly, punctually, and faithfully observe, perform,
      discharge or comply with any provisions of this Agreement; or

     

    1.3.2 The
      determination that any written statement, certificate, report, financial
      statement, representation or warranty made or furnished by the Company to the
      Note Holders in connection with or pursuant to this Agreement is false when
      it
      was made in any material adverse respect, or omits or fails to state a material
      fact necessary in order to make the statement, representation or warranty
      contained therein not misleading in any material adverse respect;
      or

     

    1.3.3 The
      occurrence of any action (a) taken or initiated by, assented or agreed to,
      acquiesced in or permitted by the Company, or (b) taken or initiated by another
      party which is not in control of or controlled by the Company (other than a
      Note
      Holder) and which is not acting with the assent, agreement, acquiescence or
      permission of the Company, which action results in any of the following events:
      (i) the filing of any complaint, application or petition seeking relief or
      the
      entry of any order of judgment for any such relief with respect to the Company
      pursuant to the Bankruptcy Code, or pursuant to any similar state or federal
      law
      or procedure for any reorganization, arrangement, composition, readjustment,
      liquidation, dissolution or similar for debtors; (ii) the appointment of any
      trustee, receiver, master, assignee, liquidator, custodian or other similar
      party with respect to the Company or any of their respective properties; (iii)
      any assignment for the benefit of other creditors of the Company; (iv) the
      convening of any meeting of creditors, formal or informal, of the Company;
      or
      (v) the taking of possession, custody or control of a substantial part or all
      of
      the property of the Company by any other party; or

     

    1.3.4 The
      dissolution, termination of existence, winding up or liquidation of the Company;
      or

     

    1.3.5 Any
      preferential transfer by the Company as described in Section 547 of the
      Bankruptcy Code, or any fraudulent transfer or conveyance by the Company as
      described in Section 548 of the Bankruptcy Code, or in the MFTA, in each case
      without the requirement of the filings of any petition under the Bankruptcy
      Code, or commencement of any action under the MFTA; or

     

    1.3.6 The
      Company, or any Person claiming by or through the Company, commences, joins
      in,
      assists, cooperates in or participates as an adverse party in any suit or other
      proceeding against the Note Holders which relates to the Notes or the Purchase
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    1.4 Consequence
      of Termination Event.
      Notwithstanding any provision contained in this Agreement to the contrary,
      the
      parties hereto acknowledge and agree that upon the occurrence and during the
      continuance of any Termination Event, that:

     

    1.4.1 Subsection
      1.2 of this Agreement shall immediately and automatically terminate and be
      null
      and void and have no further force or effect.

     

    1.4.2 All
      of
      the other remaining provisions contained in this Agreement shall remain in
      full
      force and effect, and shall continue to be binding upon the parties hereto,
      it
      being understood and agreed that the Note Holders shall continue to retain
      the
      Fee Warrants. 

     

    2. Forbearance
      Fee.
      The
      Company shall issue to the Note Holders on the date hereof Fee Warrants, in
      substantially the form attached hereto as Exhibit I, in the denominations set
      forth opposite the names of the Note Holders on Schedule B. Each Note Holder,
      by
      accepting a Fee Warrant, represents and warrants to the Company and to each
      other Note Holder that (i) it is acquiring such Fee Warrant for investment
      purposes and with no present intention of distributing such Fee Warrant or
      any
      shares of Common Stock issuable upon exercise thereof in violation of applicable
      securities laws, (ii) it is acquiring such Fee Warrant hereunder in the ordinary
      course of its business, and (iii) it understands that the Company, in issuing
      the Fee Warrants, is relying upon, among other things, the representations
      and
      warranties of such Note Holder herein.

     

    3. Anti-dilution
      Provisions of Outstanding Notes and Warrants.
      

     

    3.1 
      Adjustment of the A Warrants and the B Warrants.
      The
      Company hereby acknowledges that, pursuant to Section 9(d)(i) of each of the
      A
      Warrants and B Warrants, upon the issuance of the Fee Warrants, the exercise
      price of the A Warrants and B Warrants will automatically be adjusted from
      $0.81
      per share and $0.89 per share, respectively, to $0.51 per share.

     

    3.2 
      No
      Adjustment of the C Warrants and the Notes.
      The
      Note Holders hereby waive the application of Section 9(d)(i) of the C Warrants
      and of Section 10(d)(i) of the Notes to the issuance of the Fee Warrants and
      agree that, notwithstanding the provisions of such Sections, no adjustment
      to
      the conversion price of the Notes or to the exercise of the exercise price
      of
      the C Warrants as a result of the issuance of the Fee Warrants.

     

    4. Operating
      Expenses.
      The
      Company hereby covenants and agrees that the Company will not incur expenses
      (other than the accrual of interest, penalties and liquidated damages on the
      Notes or under the Purchase Agreement) in excess of $500,000 during each
      thirty-day period commencing on the date of this Agreement and terminating
      on
      the date on which the Registration Statement is declared effective by the
      Commission, without the prior written consent of Note Holders then holding
      Notes
      representing, in the aggregate, at least sixty percent (60%) of the face amount
      of all outstanding Notes. Upon request from any Note Holder, the Company shall
      provide weekly cash flow statements to such Note Holder or to an authorized
      designee of such Note Holder; provided, that such Note Holder first executes
      and
      delivers to the Company a non-disclosure agreement in form and substance
      satisfactory to the Company. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    5. General
      Release.
      The
      Company on its own behalf, and on behalf of its successors and assigns, and
      any
      Person acting for or on behalf of, or claiming through, any of them, and each
      of
      them (collectively, the “Releasing
      Parties”),
      for
      good and valuable consideration, receipt and sufficiency of which are hereby
      acknowledged, fully, finally and forever releases and discharges the Note
      Holders and each of their past, present and future officers, directors, agents,
      attorneys, employees, representatives, predecessors, successors, assigns, heirs,
      parents, subsidiaries, and any Person acting for or on behalf of any of them,
      and each of them (collectively, the“Released
      Parties”),
      of and
      from any and all claims, actions, causes and rights of action, suits, debts,
      sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
      contracts, controversies, agreements, obligations, promises, trespasses,
      damages, judgments, executions, losses, claims, liabilities and demands of
      any
      kind or nature whatsoever, whether at law, in equity or otherwise, whether
      known
      or unknown, contingent or absolute, suspected or unsuspected, disclosed or
      undisclosed, hidden or concealed, disputed or undisputed, liquidated or
      unliquidated, matured or unmatured and whether or not accrued, and whether
      or
      not asserted or assertable in law, equity or otherwise, for, upon or by reason
      of any act, omission or other matter, cause or thing whatsoever from the
      beginning of the world until the date hereof relating to, arising from or in
      any
      manner whatsoever connected with (a) the Purchase Agreement or Notes and (b)
      all
      actions taken or contemplated to be taken in connection with, arising from
      or in
      any manner whatsoever relating to the Purchase Agreement or Notes, which any
      of
      the Releasing Parties ever had or may have had, now has or may now have against
      any of the Releasing Parties for, upon or by reason of any act, omission or
      other matter, cause or thing whatsoever from the beginning of the world until
      the date hereof.

     

    6. No
      Setoffs, Counterclaims or Defenses.
      The
      Company hereby represents and warrants to the Note Holders, and agrees, that
      the
      Company has no defense, setoff or counterclaim to the payment of the
      indebtedness, obligations and liabilities owed by the Company to the Note
      Holders under or pursuant to the Purchase Agreement or Notes. To the extent
      any
      such defense, setoff or counterclaim ever existed or may exist, the Company
      hereby irrevocably waives and releases any and all such defenses, counterclaims
      and setoffs that may now exist or that may hereafter be claimed to have existed
      on or before the date hereof.

     

    7. No
      Waiver.
      Nothing
      herein shall constitute a waiver by the Note Holders of any default or Event
      of
      Default under the Notes or any Triggering Event with respect to the Purchase
      Agreement, and each Note Holder expressly reserves all of its rights and
      remedies in respect thereof, subject, however, to the provisions of Section
      1
      above. Nothing contained in this Agreement shall constitute a waiver of any
      term
      or condition by, nor a bar (except to the extent provided in Section 1 above)
      to
      the exercise of any right or remedy available to, the Note Holders under or
      with
      respect to the Purchase Agreement or Notes. All rights and remedies of the
      Note
      Holders are cumulative, and not exclusive, and all rights and remedies herein
      are in addition to any rights and remedies otherwise available to the Note
      Holders under the Purchase Agreement and Notes or at law or in equity or
      otherwise. Notwithstanding the provisions of this Section 7, the Note Holders
      hereby waive the provisions of Sections 4.6(a) and 4.6(b) of the Purchase
      Agreement solely for the purpose of permitting the Company to issue Fee Warrants
      to the Note Holders as contemplated in this Agreement. 

     

    8. Conditions
      to Effectiveness.
      The
      effectiveness of this Agreement and all of the obligations of each of the
      undersigned Note Holders hereunder is subject to the satisfaction of the
      following conditions precedent, each of which shall be in form, scope and
      substance satisfactory to such Note Holder:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    8.1 Forbearance
      Agreement.
      Such
      Note Holder shall have received this Agreement, as executed and delivered by
      the
      Company.

     

    8.2 Corporate
      Proceedings of Company.
      Such
      Note Holder shall have received a copy of the resolutions of the Board of
      Directors of the Company authorizing the execution, delivery and performance
      of
      this Agreement and the issuance of the Fee Warrants, as certified by the
      Secretary of the Company, which certificate shall state that the resolutions
      thereby certified have not been amended, modified, revoked or
      rescinded.

     

    8.3 Forbearance
      Fee.
      A Fee
      Warrant in the denomination set forth opposite the name of such Note Holder
      on
      Schedule B shall have been issued and delivered to such Note
      Holder.

     

    8.4 Other.
      Such
      Note Holder shall have received from the Company such other documents,
      instruments, certificates and affidavits as it may reasonably
      require.

     

    9. Miscellaneous.

     

    9.1 Voluntary
      Act.
      Each
      Note Holder acknowledges, agrees and respectively says under the penalties
      of
      perjury, that (a) it is executing this Agreement as its free act and deed,
      (b)
      it is not acting under any duress or undue influence, (c) it has received from
      the Company good and adequate consideration, the receipt and sufficiency of
      which are hereby acknowledged, in connection with the execution of this
      Agreement and (d) it has done so after consultation with, or after the
      opportunity to consult with, its own legal counsel.

     

    9.2 Individual
      Act.
      The
      obligations of each Note Holder under this Agreement are several and not joint
      with the obligations of any other Note Holder, and no Note Holder shall be
      responsible in any way for the performance or non-performance of the obligations
      of any other Note Holder hereunder. Nothing contained herein or in the Purchase
      Agreement or Notes, and no action taken by any Note Holder pursuant thereto,
      shall be deemed to constitute the Note Holders as a partnership, an association,
      a joint venture or any other kind of entity, or create a presumption that the
      Note Holders are in any way acting in concert or as a group with respect to
      such
      obligations or the transactions contemplated by this Agreement. Each Note Holder
      shall be entitled to independently protect and enforce its rights, including
      without limitation, the rights arising out of this Agreement or out of the
      Purchase Agreement or the Notes, and it shall not be necessary for any other
      Note Holder to be joined as an additional party in any proceeding for such
      purpose. 

     

    9.3 Successors
      and Assigns.
      This
      Agreement is binding upon and shall inure to the benefit of the parties hereto,
      and their respective heirs, executors, administrators, successors and assigns.
      Nothing herein is intended to be for the benefit of any party other than the
      parties to this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    9.4 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed an original as against any party whose signature appears thereon, and
      all
      of which shall together constitute one and the same instrument. This Agreement
      shall become binding and effective as to the undersigned upon execution and
      as
      to all Note Holders when one or more counterparts hereof, individually or taken
      together, shall bear the signatures of all of the parties reflected hereon
      as
      the signatories. Executed counterparts may be delivered by facsimile or other
      electronic transmission and such delivery shall be deemed to be delivery of
      an
      executed original notwithstanding any subsequent failure or refusal to deliver
      a
      counterpart signed in ink.

     

    9.5 Integration;
      Severability.
      This
      Agreement constitutes and integrates the entire agreement between the parties
      as
      to its subject matter and supersedes any and all prior or contemporaneous
      discussions, understandings and negotiations; and the Company expressly
      acknowledges and agrees that the Note Holders have made no agreements,
      representations, warranties or promises concerning the subject of this Agreement
      except as expressly set forth in this Agreement. If any term or provision of
      this Agreement shall be determined to be invalid or unenforceable in any
      instance, such determination shall not affect the enforceability or validity
      of
      such term or provision in any other instance or the enforceability and validity
      of any other term or provision, each of which shall remain in full force and
      effect.

     

    9.6 Notices.
      All
      notices required or permitted hereunder shall be in writing and delivered in
      accordance with the provisions of the Purchase Agreement.

     

    9.7 Amendment.
      Neither
      this Agreement nor any of the provisions hereof can be changed, waived,
      discharged or terminated, except by an instrument in writing signed by the
      party
      against whom enforcement of the change, waiver, discharge or termination is
      sought.

     

    9.8 Further
      Assurances.
      The
      Company agrees that it shall hereafter execute and deliver, or cause to be
      executed and delivered, such documents and do, or cause to be done, such acts
      and things as might reasonably be requested by the Note Holders to more fully
      vest in and secure to the Note Holders the benefits of this
      Agreement.

     

    9.9 No
      Conflicts.
      To the
      extent and only to the extent that any provision contained in this Agreement
      is
      directly inconsistent and conflicts with any corresponding provision contained
      in the Purchase Agreement or Notes, then the provision contained in this
      Agreement will control over the corresponding provision contained in the
      Purchase Agreement or Notes. To the extent possible, however, provisions of
      this
      Agreement, the Purchase Agreement and Notes shall be interpreted to compliment
      and supplement each other and the absence of any provision or portion thereof
      in
      any such document shall not be deemed to be an inconsistency with any other
      such
      document which contains such provision or portion thereof.

     

    9.10 Construction
      of Agreement.
      Should
      any provision of this Agreement require interpretation or construction, it
      is
      agreed by the parties hereto that the court, administrative body or other entity
      interpreting or construing this Agreement shall not apply any presumption that
      the provisions hereof shall be more strictly construed against one party by
      reason of the rule of construction that a document is to be construed more
      strictly against the party who itself or through its agents prepared the same,
      it being agreed that the parties and their respective attorneys and agents
      have
      fully participated in the preparation, review and analysis of this
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    9.11 Governing
      Law; Jurisdiction.
      This
      Agreement shall be construed in accordance with and governed by the laws of
      the
      State of New York, without giving effect to the conflict of law provisions
      thereof. The Company submits itself to the non-exclusive jurisdiction of the
      Courts of the State of New York for all purposes with respect to this Agreement
      and the Purchase Agreement and Notes.

     

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement effective as
      of
      the date first written above.

     

    
      	 	 	 
	 	BIOPHAN
              TECHNOLOGIES, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Darryl
              L. Canfield
	 	
              
Name:
              Darryl L. Canfield
	 	
              
                Title:
                  Chief
                  Financial Officer

              

            

    

    
       

      
        	 	 	 
	 	TRUK
                OPPORTUNITY FUND, LLC
	 	 
	 	By: Atoll Asset Management, LLC
	 
 	 
 	 
 
	 	By:  	
                /s/
                  Michael E. Fein

              
	 	
                
Name:
                Michael E. Fein
	 	
                
                  
                    Title:
                      Principal

                  

                

              

      

      
         

      

    

    
      	 	 	 
	 	CRESCENT
              INTERNATIONAL LTD.
	 
 	 
 	 
 
	 	By:  	/s/
              Maxi
              Brezzi
	 	
              
Name:
              Maxi Brezzi
	 	
              
                
                  Title:
                    Authorized
                    Signatory

                

              

            

    

    
      
         

        
          	 	 	 
	 	HARBORVIEW
                  MASTER FUND LP
	 
 	 
 	 
 
	 	By:  	
                  /s/
                    Peter Cooper /s/
                    Thomas Van Poucke

                
	 	
                  
Name: Navigator
                  Management Ltd. 
	 	
                  
                    
                      Title:
                        Authorized
                        Signatory

                    

                  

                

        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	 	 
	 	CAMOFI
                MASTER LDC
	 
 	 
 	 
 
	 	By:  	
                /s/
                  Jeffrey M. Haas 

              
	 	
                
Name:
                Jeffrey
                M. Haas 
	 	
                
                  Title:
                    Authorized
                    Signatory

                

              

      

       

      
        	 	 	 
	 	CRANSHIRE
                CAPITAL, L.P.
	 
 	 
 	 
 
	 	By:  	/s/ Mitchell
                P. Kopin
	 	
                
Name:
                Mitchell
                P. Kopin
	 	
                
                  Title:
                    President
                    - Downsview Capital

                   
                    The General Partner

                

              

      

       

      
        	 	 	 
	 	
                CASTERLIGG
                  MASTER INVESTMENTS LTD.

              
	 
 	 
 	 
 
	 	By:  	/s/ Patrick
                T. Burke
	 	
                
Name: Patrick
                T. Burke
	 	
                
                  Title:
                    Senior
                    Managing Director

                

              

      

       

      
        	 	 	 
	 	
                BRIDGEPOINTE
                  MASTER FUND LTD.

              
	 
 	 
 	 
 
	 	By:  	/s/ Eric
                S. Swartz
	 	
                
Name:
                Eric
                S. Swartz
	 	
                
                  Title:
                    Director

                

              

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      
        
           

          
            	 	 	 
	 	
                    
                      ROCKMORE
                        INVESTMENT MASTER 

                      FUND
                        LTD

                    

                  
	 
 	 
 	 
 
	 	By:  	/s/ Michael
                    Clateman
	 	
                    
Name:
                    Michael
                    Clateman
	 	
                    
                      Title:
                        Vice
                        President

                    

                  

          

        

      

    

    
       

      
        	 	 	 
	 	
                
                  HIGHBRIDGE
                    INTERNATIONAL LLC

                

              
	 	 
	 	
                By:
                  Highbridge Capital Management, LLC

              
	 
 	 
 	 
 
	 	By:  	/s/ Scott
                M. Wallace
	 	
                
Name:
                Scott
                M. Wallace
	 	
                
                  Title:
                    Senior
                    Vice President

                

              

      

    

     

    
      	 	 	 
	 	
              
                IROQUOIS
                  MASTER FUND, LTD.

              

            
	 
 	 
 	 
 
	 	By:  	/s/ Joshua
              Siverman
	 	
              
Name:
              Joshua
              Siverman
	 	
              
                Title:
                  Authorized
                  Signator

              

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    

    

    
      	
              Note
                Holders

            	
              Note
                Principal Amount

            	
              A
                Warrant Shares

            	
              B
                Warrant Shares

            	
              C
                Warrant Shares

            
	
              Truk
                Opportunity Fund, LLC

            	
              $500,000.00

            	
              373,135

            	
              373,134

            	
              746,269

            
	
              Crescent
                International Ltd.

            	
              $500,000.00

            	
              373,135

            	
              373,134

            	
              746,269

            
	
              Harborview
                Master Fund LP

            	
              $500,000.00

            	
              373,135

            	
              373,134

            	
              746,269

            
	
              CAMOFI
                Master LDC

            	
              $1,000,000.00

            	
              746,269

            	
              746,268

            	
              1,492,537

            
	
              Cranshire
                Capital, L.P.

            	
              $750,000.00

            	
              559,702

            	
              559,701

            	
              1,119,403

            
	
              Castlerigg
                Master Investments Ltd.

            	
              $1,000,000.00

            	
              746,269

            	
              746,268

            	
              1,492,537

            
	
              BridgePointe
                Master Fund Ltd.

            	
              $750,000.00

            	
              559,702

            	
              559,701

            	
              1,119,403

            
	
              Rockmore
                Investment Master Fund Ltd

            	
              $500,000.00

            	
              373,135

            	
              373,134

            	
              746,269

            
	
              Highbridge
                International LLC

            	
              $500,000.00

            	
              373,135

            	
              373,134

            	
              746,269

            
	
              Iroquois
                Master Fund, Ltd.

            	
              $1,250,000.00

            	
              932,836

            	
              932,836

            	
              1,865,672

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

    

    
      	
              Note
                Holders

            	
              Note
                Principal Amount

            	
              Fee
                Warrant Shares

            
	
              Truk
                Opportunity Fund, LLC

            	
              $500,000.00

            	
              4,138

            
	
              Crescent
                International Ltd.

            	
              $500,000.00

            	
              4,138

            
	
              Harborview
                Master Fund LP

            	
              $500,000.00

            	
              4,138

            
	
              CAMOFI
                Master LDC

            	
              $1,000,000.00

            	
              8,276

            
	
              Cranshire
                Capital, L.P.

            	
              $750,000.00

            	
              6,207

            
	
              Castlerigg
                Master Investments Ltd.

            	
              $1,000,000.00

            	
              8,276

            
	
              BridgePointe
                Master Fund Ltd.

            	
              $750,000.00

            	
              6,207

            
	
              Rockmore
                Investment Master Fund Ltd

            	
              $500,000.00

            	
              4,138

            
	
              Highbridge
                International LLC

            	
              $500,000.00

            	
              4,138

            
	
              Iroquois
                Master Fund, Ltd.

            	
              $1,250,000.00

            	
              10,344

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]