Document:

NOTE PURCHASE AGREEMENT  

        THIS
NOTE PURCHASE AGREEMENT (this “Agreement”), is dated as
of July 23, 2009, and is made and entered into by and between BIOHEART, INC., a
Florida corporation (the “Company” or “Bioheart”), and
the undersigned Investor (individually, the “Investor” and collectively,
the “Investors”). 

        WHEREAS,
the Investor desires to purchase from the Company, upon the terms and subject to the
conditions set forth herein, a 10% Convertible Promissory Note (a “Note”) in the
form attached hereto as Exhibit A, for the sum, and in the original principal amount, set
forth opposite the Investor’s name on the signature page hereto, (the
“Purchase Price”); and 

        WHEREAS,
the Investor confirms that the Investor is an “Accredited Investor” as
indicated in Section 4.2(i) hereof, and the Investor hereby executes this Agreement in
accordance with and subject to the terms and conditions set forth herein for the purpose
of purchasing a Note; 

        NOW,
THEREFORE, for and in consideration of the premises and mutual covenants,
representations, warranties and agreements set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto, intending to be legally bound, do hereby agree as follows: 

ARTICLE I 

OFFERING MATERIAL  

        The
Investor hereby represents and warrants that it is in receipt of and, prior to signing
this Agreement, has carefully read and understood the following items (collectively, the
“Offering Materials”): 

        (a)                 This
Agreement;  

        (b)                 The
Form of Note attached hereto;  

        (c)                 The
Company’s Annual Report on Form 10-K, as amended by Amendment No. 1 on
          Form 10-K/A, for the year ended December 31, 2008 (the “Annual
          Report”);  

        (f)                 The
Company’s Quarterly Reports on Form 10-Q for the quarters ended March           31,
2009, (the “Quarterly Reports”);  

        (g)                 The
Proxy Statement of the Company used in connection with the solicitation of
          proxies for the Annual Meeting of Shareholders held on July 30, 2008; and  

        (h)                 The
Company’s Current Reports on Form 8-K, filed with the Securities and
          Exchange Commission (the “SEC”) on Edgar during the period March 28,
          2008 through the date immediately preceding the date hereof.  

ARTICLE II

PAYMENT; CERTAIN TERMS AND PROCEDURES  

        Section
2.1 (a) The Investor hereby agrees to purchase from the Company, and the Company
agrees to sell to the Investor at the Closing (as defined below), a Note in the original
principal amount set forth opposite the Investor’s name on the signature page hereto
for the Purchase Price set forth opposite the Investor’s name on the signature page
hereto. The Investor has funded the Purchase Price to the Company, net of an original
issue discount in an amount equal to 5% of the original principal amount of the Note, in
accordance with instructions from the Company. 

        (b)                 In
addition to the delivery of a Note to each of the Investors, the Company shall
issue to the each of the Investors unregistered restricted shares of the
Company’s common stock in the amount set forth opposite the Investor’s
name on the signature page hereto, unless the Company shall not be permitted to
issue such shares by reason of the Company not having obtained approval of a
supplemental listing application for such shares, in which event the Company
agrees to use commercially reasonable efforts to pursue obtaining approval of
the same. 

ARTICLE III
 

REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY  

        Section
3.1 The Company hereby represents and warrants to the Investor as of the date
hereof and as of the Closing (except as set forth herein) as follows: 

        (a)    Organization,
Good Standing and Qualification. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Florida and has all requisite corporate power and authority to own and operate
its properties and assets and to carry on its business as now conducted and as
proposed to be conducted, as contemplated by the Offering Materials. 

        (b)    Capitalization
and Voting Rights. As of February 6, 2009, the authorized capital of the
Company consists of (i) 5,000,000 shares of preferred stock, par value $0.001
(the “Preferred Stock”), none of which are outstanding and (ii)
75,000,000 shares of Common Stock, of which 15,739,196 shares of Common Stock
were issued and outstanding as of February 6, 2009. As of February 6, 2009,
there were outstanding options to purchase 2,487,428 shares of Common Stock at a
weighted average exercise price of $4.53 per share and outstanding warrants to
purchase 2,951,018 shares of Common Stock at a weighted average exercise price
of $6.65 per share. 

        (c)    Authorization.
All corporate action on the part of the Company, its officers, directors and
shareholders necessary for the authorization, execution and delivery of this
Agreement and each Note, the performance of all obligations of the Company
hereunder and thereunder, has been taken or will be taken prior to the
acceptance and Closing of this Agreement, and this Agreement, and each Note,
constitutes the valid and legally binding obligation of the Company, enforceable
in accordance with their respective terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, and (iii) to
the extent any indemnification provisions or agreements therein may be limited
by applicable United States federal or state securities laws. 

        (d)    Valid
Issuance. The Shares when issued and paid for in compliance with the
provisions of this Agreement will be duly authorized and validly issued, fully
paid, non-assessable, and, assuming that the representations and warranties of
the Investor made herein are true, complete and correct at the time of issuance,
issued in compliance with United States federal securities laws. The shares
underlying each Note when issued and paid for in compliance with the provisions
of this Agreement and each Note will be duly authorized and validly issued,
fully paid, non-assessable, and, assuming that the representations and
warranties of the Investor made herein are true, complete and correct at the
time of issuance, issued in compliance with federal securities laws. 

        (e)    Compliance
with Charter Documents. Neither the execution and delivery of, nor the
consummation of any transaction or execution of any instrument contemplated by,
this Agreement, nor the issuance of the Securities (defined below) has
constituted or resulted in, or will constitute or result in, a default under or
breach or violation of any term or provision of the Company’s Articles of
Incorporation, as amended to date, or Bylaws, as amended to date. 

ARTICLE IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR  

        As
an inducement to the Company to enter into this Agreement, the Investor hereby represents
and warrants to and agrees with the Company as of the date hereof and as of the Closing
(except as set forth herein) as follows: 

      Section 4.1 Authorization; Validity; No Conflict; Binding Effect.  

        (a)       The
Investor has the full power and authority to execute and deliver this Agreement
and purchase a Note, to perform all of its obligations hereunder and thereunder,
and to purchase, acquire and accept delivery of its Note and the shares of the
Company’s common stock issued hereunder and thereunder. 

        (b)       The
execution and delivery by the Investor of this Agreement, the performance by the
Investor of its obligations hereunder and under its Note, and the purchase,
acquisition and acceptance of delivery of the Note and the shares of the
Company’s common stock by the Investor have been duly and validly
authorized by all requisite corporate or other action on the part of the
Investor. 

        (c)       This
Agreement, the Closing Confirmation of Conversion Election and the Conversions
(as therein defined) have been duly executed and delivered by the Investor and
constitute the legal, valid and binding obligation of the Investor, enforceable
in accordance with its terms except (i) as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting creditors’ rights generally, (ii) as may be
limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies, and (iii) to the extent any
indemnification provisions or agreements therein may be limited by applicable
United States federal or state securities laws. 

        Section 4.2 Investment Representations, Warranties and Covenants. 

        (a)       The
Investor is familiar with and understands (i) the current and proposed business
of the Company and (ii) that the Company is a development stage corporation with
no profitability to date. The Investor has carefully considered and has, to the
extent the Investor believes such discussion necessary, discussed with the
Investor’s professional legal, tax, accounting and financial advisers the
suitability of an investment in the Securities for the Investor’s
particular tax and financial situation and has determined that the Note and
shares of the Company’s common stock (received in connection with or as a
result of 

the conversion of the Note) (the
Note and the shares of the Company’s common stock, being collectively
referred to as the “Securities”) being acquired are a suitable
investment for the Investor. 

        (b)       The
Investor acknowledges that (i) the Investor and the Investor’s attorney,
accountant or other advisor(s) have had the right to request copies of any
documents, records and books pertaining to this investment and (ii) such
documents, records, and books which the Investor or such other persons have
requested have been made available for inspection by such persons. 

        (c)       The
Investor has had a reasonable opportunity to ask questions of and receive
          answers from a person or persons acting on behalf of the Company concerning
this           Agreement and the transactions represented hereby and by the Securities
and all           such questions have been answered to the Investor’s full
satisfaction.  

        (d)       The
Investor believes that he, she or it has received all the information that he,
she or it considers necessary or appropriate for making an investment decision
with respect to its purchase of the Securities and funding of its Note, and that
such Investor has had an opportunity to ask questions and receive answers from
the Company and its management regarding, the terms and conditions of this
Agreement, and the business, industry, management, technology, properties,
financial condition, results of operations and prospects of the Company and to
obtain additional information necessary to verify the accuracy of any
information furnished to such Investor or to which such Investor had access.
Other than for the representations and warranties made by the Company in this
Agreement, the Investor is not relying upon any other information,
representation or warranty by the Company or any of its agents, including any
brokers and finders, in determining to invest in the Securities and is relying
on the Investor’s own examination of the Company, and the Offering
Materials, including the merits and risks involved, in making its investment
decision. 

        (e)       The
Investor is not purchasing the Securities or funding its Note as a result of or
subsequent to any advertisement, article, notice, registration statement or
other communication published in any newspaper, magazine or similar media, filed
with the SEC or broadcast over television or radio or presented at any seminar
or meeting to which the public was invited. 

        (f)       The
Investor acknowledges that the Investor has such knowledge and experience in
business, financial, investment and banking matters (including, but not limited
to, investments in non-listed, restricted and non-registered securities of
closely held, non-public companies) such that (i) the Investor is capable
of evaluating the merits, risks and advisability of an investment in the
Securities, and (ii) the Investor recognizes and appreciates the highly
speculative nature of an investment in the Securities. 

        (g)       The
Investor represents and warrants that he or she is a sophisticated investor, has
had prior experience with investments of a similar nature and that the
Investor’s knowledge and experience in business and financial matters are
such that Investor is capable of evaluating the risk of investment in the
Securities and determining the suitability of the Investor’s investment in
the Securities. The Investor represents that the Investor (i) is not
disproportionately invested in illiquid investments and will not become so by
reason of this investment, (ii) has adequate means of providing for the
Investor’s current financial needs and contingencies and as such, does not
require the funds invested in the Securities for the Investor’s normal
expenses, (iii) is able to bear the substantial economic risks of an investment
in the Securities for an indefinite period of time, (iv) has no need for
liquidity in such investment, (v) at the present time, the Investor could afford
a complete loss of such investment in the Securities, and (vi) the
Investor’s investment in the Securities represents less than ten percent
(10%) of the portion of the Investor’s assets that are available for use in
making investments in equity securities. 

        (h)       The
Investor understands that the Securities are being offered and sold to it, him
or her in reliance upon specific exemptions from the registration requirements
of the Securities Act of 1933 (the “Securities Act”) and applicable
state exemption(s) and that the Company is relying upon the truth and accuracy
of, and the Investor’s compliance with, the Investor’s
representations, warranties, covenants, agreements, acknowledgments and
understandings set forth herein in order to determine the availability of such
exemptions and his, her or its eligibility to acquire the Securities.

        (i)       The
Investor is an “Accredited Investor” as defined in Rule 501(d) of
Regulation D, promulgated by the SEC under the Securities Act, and such
qualification is based on the fact that either (i) if the Investor is an
individual, the Investor (a) as of the date of this Agreement (either
individually or jointly with his or her spouse) has a net worth in excess of
$1,000,000; or (b) the Investor had an individual income in excess of $200,000
(or joint income in excess of $300,000 with his or her spouse) for each of the
two most recent years and reasonably expects an income in excess of $200,000 (or
joint income in excess of $300,000 with his or her spouse) for the current year;
or (ii) if the Investor is not an individual, the Investor (a) is a corporation,
Massachusetts or similar business trust, or partnership, not formed for the
specific purpose of acquiring the securities offered, with total assets in
excess of $5,000,000, or (b) is an entity in which all of the equity owners are
accredited investors. 

        (j)       The
Investor acknowledges that none of the Securities have been registered under the
Securities Act, or under the securities laws of any state and, therefore, cannot
be sold, transferred or otherwise disposed of unless they are either registered
under the Securities Act and any applicable state securities laws or unless
exemptions from such registration are available, provided that the Investor
delivers to the Company an opinion of counsel reasonably satisfactory to the
Company confirming the availability of such exemption. The Investor represents
that the Investor is purchasing Securities for the Investor’s own account,
for investment and neither as a nominee, nor with a view to the resale or
distribution thereof except in compliance with the Securities Act and the
restrictions contained in the immediately preceding sentence. The Investor has
not offered or sold any portion of the Securities being acquired nor does the
Investor have any present intention, agreement, understanding or arrangement to
subdivide, sell, distribute, assign, transfer or otherwise dispose of all or any
portion of the Securities to any other person either currently or after the
passage of a fixed or determinable period of time or upon the occurrence or
nonoccurrence of any predetermined event or circumstance in violation of the
Securities Act. The Investor further recognizes that, the Company is not
assuming any obligation to register the Securities, including any shares
underlying the Notes. 

        (k)       The
Investor further covenants that it will not make any sale, transfer or other
disposition of the Securities in violation of the Securities Act, the Securities
and Exchange Act of 1934, as amended (the “Exchange Act”), the
rules and regulations of the SEC promulgated thereunder or any applicable state
securities laws. 

        (l)       The
Investor has had the opportunity to review with its own tax advisors the
federal, state and local tax consequences of the purchase of the Securities. The
Investor understands that the Investor (and not the Company) shall be
responsible for his, her or its own tax liability that may arise as a result of
the purchase or sale of the Securities. 

        (m)       The
Investor acknowledges that it has had the opportunity to review the Offering
Materials and the transactions contemplated thereby with its own legal counsel.
The Investor is not relying on the Company or any of the Company’s agents
for legal advice with respect to its investment in the Securities. 

        (n)       If
this Agreement is executed and delivered on behalf of a natural person, such
person is at least 21 years of age and is purchasing the Securities solely for
such person’s own account and not for the account of any other person.

        (o)       The
Investor recognizes that its investment in the Securities involves substantial
risks, including loss of the entire amount of such investment, and has taken
full cognizance of and understands all of the risks related to a purchase of the
Securities, including, without limitation, the risk of losing the entire
investment. 

        (p)       The
Investor has carefully reviewed and considered the risk factors included in the
Company’s Annual Report and Quarterly Reports (collectively, the
“Risk Factors”). THE INVESTOR HEREBY ACKNOWLEDGES AND
CONFIRMS THAT THE INVESTOR HAS CAREFULLY REVIEWED AND CONSIDERED THE RISKS AND
UNCERTAINTIES DESCRIBED IN THE RISK FACTORS BEFORE MAKING AN INVESTMENT DECISION
TO PURCHASE THE SECURITIES. 

        (q)       THE
INVESTOR ACKNOWLEDGES AND AGREES THAT THE PER SHARE PURCHASE PRICE AT WHICH IT
IS PURCHASING THE SHARES OF THE COMPANY’S COMMON STOCK (INCLUDING ALL
SHARES OF THE COMPANY’S COMMON STOCK INTO WHICH THE NOTES MAY BE CONVERTED)
MAY BE HIGHER OR LOWER FROM THE PER SHARE PURCHASE PRICE AT WHICH OTHER
INVESTORS MAY ACQUIRE SHARES OF THE COMPANY’S COMMON STOCK. 

        Section 4.3 Legends on Stock Certificates and Notes.  

        (a)       The
Investor acknowledges and understands that the Notes and the other Securities
will bear, by imprint or endorsement, appropriate legends reflecting the
unregistered and restricted status of the Securities under the Securities Act
and applicable state securities laws. The Investor understands that the same
shall bear a restrictive legend in, or substantially in, the form set forth
below: 

	  	
THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE  “SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS
AND MAY NOT BE TRANSFERRED, SOLD, CONVEYED, PLEDGED, GIFTED,  ASSIGNED, ENCUMBERED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE
STATE  SECURITIES LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM REGISTRATION FROM
THE SECURITIES ACT AND THE RULES  PROMULGATED THEREUNDER AND UNDER APPLICABLE STATE
SECURITIES LAWS, PROVIDED THAT THE INVESTOR DELIVERS TO THE  COMPANY AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY CONFIRMING THE AVAILABILITY OF SUCH
EXEMPTION.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN  INDEFINITE PERIOD OF TIME. 

        (b)       The
Investor agrees, that so long as the restrictive legends described herein in
this Agreement remain on the Securities the Company may maintain appropriate
“stop transfer” orders with respect to the Securities, or any portion
thereof, on its stock books and ledger and with its registrar and transfer
agent, if any. 

        Section
4.4 No Brokers or Finders. No person has or will have, as a result of
this Agreement or the transactions contemplated by this Agreement, any right, interest or
valid claim against or upon the Company for any commission, fee or other compensation as
finder or broker arising out of the transactions contemplated by this Agreement as a
result of any agreement or arrangement made by or on behalf of the Investor or by any
agent or affiliate of the Investor. 

ARTICLE II

UNDERSTANDINGS AND NOTICE TO THE INVESTOR  

        The
Investor understands and acknowledges as follows: 

        (a)       The
Securities have not been registered under the Securities Act or the securities
laws of any state and are intended to be offered and sold in reliance on
exemption from the registration requirements of the Securities Act by virtue of
Section 4(2) of the Securities Act and/or other exemptions thereunder, which is
in part dependent upon the truth, completeness and accuracy of the statements
made by the undersigned herein. 

        (b)       There
is no public or other market for the Securities and no such public or other
market may ever develop. The Securities purchased by the Investor will
constitute “restricted securities” as defined in Rule 144. There
can be no assurance that the undersigned will be able to sell or dispose of the
Securities. It is understood that in order not to jeopardize the exempt status
of the purchase of the Securities by the Investor under the Securities Act, any
transferee may, at a minimum, be required to fulfill the investor suitability
requirements thereunder, in addition to other requirements under this Agreement.

        (c)       The
Investor hereby acknowledges and agrees that the Investor’s agreement to
purchase the Securities hereunder is irrevocable by the Investor, and that,
except as required by applicable law (if any) with respect to investors that are
residents of certain states, the Investor is not entitled to cancel, terminate
or revoke this Agreement or any agreements of the undersigned hereunder and that
this Agreement shall survive the death or disability of the undersigned and
shall be binding upon and inure to the benefit of the parties and their heirs,
executors, administrators, successors, legal representatives and permitted
assigns. The Investor hereby confirms that the Investor’s state of
residence is the state set forth on the Investor’s signature below. If the
Investor is more than one person, the obligations of the Investor parties
hereunder shall be joint and several and the agreements, representations,
warranties, covenants and acknowledgments herein contained shall be deemed to be
made by and be binding upon each such person and his/her heirs, executors,
administrators, successors, legal representatives and permitted assigns.

        (d)                 The
Securities are subject to restrictions on transferability and resale under
applicable law and may not be transferred or resold except as permitted under
the Securities Act and applicable state securities laws, pursuant to
registration or exemption therefrom. Investors should be aware that they may be
required to bear the financial risks of this investment for an indefinite period
of time. 

        (e)                 The
Investor acknowledges that, except to the extent that information is contained
in a public filing made by the Company with the SEC on EDGAR, any information
provided to the Investor and/or the Investor’s legal and financial advisors
with respect to the Securities, including the information contained in the
Offering Materials and all additional information furnished by the Company to
the Investor and/or his advisors in connection with the Securities, is
confidential and nonpublic and agrees that all such information shall be kept in
confidence by the Investor and his advisors and neither used by the Investor nor
his advisors for the Investor’s or other person’s personal benefit
(other than in connection with this Agreement), nor disclosed to any other third
party for any reason; provided, however, that this obligation shall not apply to
any such information that (i) is part of the public knowledge or literature and

readily accessible at the date
hereof, or (ii) becomes part of the public knowledge or literature and readily
accessible by publication (except as a result of breach of this provision).

        (f)       The
representations, warranties, covenants and agreements of the Investor contained
herein shall be true and correct in all material respects on and as of the date
of the Closing of the sale of Securities to the Investor hereunder as if made on
an as of such date and shall survive the execution and delivery of this
Agreement and the Investor’s purchase of the Securities. 

        (g)       IN
MAKING AN INVESTMENT DECISION, THE INVESTOR MUST RELY ON THE INVESTOR’S OWN
EXAMINATION OF THE COMPANY AND THE TERMS OF THE SECURITIES, INCLUDING THE MERITS
AND RISKS INVOLVED. 

        (h)       The
offering and sale of the Securities are intended to be exempt from registration
under the securities law of certain states in the United States. Persons
subscribing for the Securities must note that there are restrictions on the
transfer of the Securities as stipulated herein. The Investor hereby
acknowledges that he or she has read the following notices and has taken full
cognizance of and understands the notices applicable to such Investor and the
restrictions on the transfer of the Securities. 

RESIDENTS OF ALL U.S. STATES:  

	  	
THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE
SECURITIES LAWS OF ANY STATE AND ARE BEING  OFFERED AND SOLD IN RELIANCE
ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH
LAWS.  THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES  COMMISSION OR
OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED
UPON OR ENDORSED THE  MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE
CONTRARY IS UNLAWFUL. 

	  	
THE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT  AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION  THEREFROM, AND
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS
INVESTMENT FOR  AN INDEFINITE PERIOD OF TIME. 

RESIDENTS OF FLORIDA  

	  	
THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE FLORIDA SECURITIES ACT. EACH
OFFEREE WHO IS A  FLORIDA RESIDENT SHOULD BE AWARE THAT SECTION 517.061(11)(A)(5)
OF THE FLORIDA SECURITIES AND INVESTOR PROTECTION ACT  PROVIDES, IN RELEVANT PART,
AS FOLLOWS: “WHEN SALES ARE MADE TO FIVE OR MORE PERSONS IN THIS STATE, ANY SALE IN
THIS  STATE MADE PURSUANT TO THIS SUBSECTION IS VOIDABLE BY THE PURCHASER IN SUCH
SALE EITHER WITHIN 3 DAYS AFTER THE FIRST  TENDER OF CONSIDERATION IS MADE BY SUCH
PURCHASER TO THE ISSUER, AN AGENT OF THE ISSUER OR AN ESCROW AGENT OR WITHIN 3 
 

	  	
DAYS AFTER THE AVAILABILITY OF THAT PRIVILEGE IS COMMUNICATED TO SUCH PURCHASER, WHICHEVER
OCCURS LATER. 

RESIDENTS OF NEW YORK  

	  	
THIS
AGREEMENT HAS NOT BEEN REVIEWED BY THE ATTORNEY GENERAL PRIOR TO ITS ISSUANCE AND USE. THE
ATTORNEY GENERAL OF  THE STATE OF NEW YORK HAS NOT PASSED ON OR ENDORSED THE MERITS
OF THE SECURITIES OR THIS OFFERING. ANY  REPRESENTATION TO THE CONTRARY IS
UNLAWFUL. 

        (i)    The
Investor acknowledges that (a) the Company has entered into a non-binding letter
of intent with Organic Business Alliances LLC (“OBA”) pursuant to
which OBA would invest approximately $1.5 million in the Company under its
current offering under Regulation D (the “Offering”) and, subject to
the Company achieving certain specified milestones, invest up to an additional
$5.5 million on terms substantially the same as those of the Offering (the
“Investment”); (b) the Company is in default under its financing with
BlueCrest Venture Finance Master Fund Limited (“BlueCrest”), that the
BlueCrest financing has been accelerated, that the BlueCrest financing is
secured by substantially all of the assets of the Company, and that the Company
may use a portion of the proceeds from the Note to “cure” the defaults
under, and reinstate, the BlueCrest financing; (c) the Company continues to
pursue additional funding for the Company and that such funding may require the
issuance of equity, debt or equity-linked securities that may be substantially
dilutive to then current shareholders of the Company, including the Investor;
(d) the Company and BlueCrest may agree to convert all or a portion of the
BlueCrest financing to equity, which will be dilutive to the then current
shareholders of the Company, including the Investor, (e) the Company has
received notice from Nasdaq of the Company’s noncompliance with its Listing
Standards and its intention to delist the Company from Nasdaq if the Company
does not regain compliance with the Nasdaq Listing Standards. 

ARTICLE III

CONDITIONS TO OBLIGATIONS  

        Section
3.1 Conditions to Obligations of the Company. The obligation of the
Company to sell and issue the Securities to the Investor at the Closing is subject to,
among other things, the fulfillment on or prior to the Closing Date of the following
conditions, any of which may be waived by the Company: 

          		    (a)       
               each of the representations and warranties of the Investor contained in this
               Agreement shall be true and correct in all material respects on and as of the
               Closing Date as if made by such Investor on and as of such date, and each of the
               covenants and agreements of each Investor contained in this Agreement to be
               performed on or before the Closing Date shall have been duly and fully performed
               on or before such date, and, if requested by the Company, the Investor shall
               have delivered a certificate to the Company as to the truth and accuracy of the
               statements in this paragraph; 

               

          		    (b)       
               no order shall have been entered (or be in effect) by a court of competent
               jurisdiction which enjoins, prohibits or materially restrains the transactions
               contemplated by this Agreement; 

               

          		    (c)       
               the Investor shall have delivered to the Company a check or money order or
               federal funds wire transfer or ETF (as directed and requested by the Company
               prior to the 

               

	  	Closing Date), in the amount of and in payment in full of the
Purchase Price for the Securities to be purchased by such Investor as provided
hereunder; 

        Section
3.2 Conditions to Obligations of the Investors. The obligation of the
Investor to purchase the Securities at the Closing is subject to the fulfillment on or
prior to the Closing Date of the following conditions, any of which may be waived by such
Investor: 

        (a)       each
of the representations and warranties of the Company contained in this Agreement
shall be true and correct in all material respects on and as of the Closing Date
as if made by the Company on and as of such date, and each of the covenants and
agreements of the Company contained in this Agreement to be performed on or
before the Closing Date shall have been duly and fully performed on or before
such date; and 

        (b)       The
Company shall have obtained any and all consents (including all governmental or
regulatory consents, approvals or authorizations required in connection with the
valid execution and delivery of this Agreement), permits and waivers necessary
or appropriate for consummation of the transactions contemplated by this
Agreement. 

ARTICLE IV

ADDITIONAL AGREEMENTS AND PROVISIONS  

        Section
4.1 Assignment. Neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by any of the parties hereto without the prior
written consent of the other party. 

        Section
4.2 Expenses. Any legal or other fees, costs or expenses incurred in
connection with the consideration, preparation, and/or consummation of this Agreement and
the transactions contemplated hereby and thereby shall be borne and paid solely by the
party incurring such fees, costs and expenses. 

        Section
4.3 Pronouns and Plurals; “Person”. Whenever the
context may require, any pronouns and any variations thereof used herein shall be deemed
to refer to the masculine, feminine, impersonal, singular or plural, as the identity of
the person or persons may require. As used in this Agreement, the term “person”
shall mean and include an individual, entity, corporation, trust, partnership, limited
liability company or partnership, joint venture, unincorporated organization, association,
governmental authority or any agency or political subdivision thereof. 

        Section
4.4 Headings. The article, section, subsection, captions, headings and
other titles preceding the text of each section, subsection or paragraph hereof are for
convenience of reference only and shall not effect the construction, meaning or
interpretation of this Agreement (or of any provision hereof). 

        Section
4.5 Construction. The parties acknowledge that each party has reviewed
this Agreement and that any rule of construction to the effect that ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of this
Agreement (or of any provision hereof). 

        Section
4.6 Waiver of Compliance; Consents. Any failure of any party hereto to
comply with any obligation, covenant, agreement or condition herein may be waived by the
other parties hereto solely by a written instrument executed by such other parties; any
such written and signed waiver, and any failure by any party to insist upon strict
compliance with any obligation, covenant, agreement or condition herein, shall not operate
as a waiver of, or estoppel with respect to, any subsequent or other

failure. Whenever
this Agreement requires or permits consent by or on behalf of any party hereto, such
consent shall be given in writing. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof (whether or
not similar), nor shall any such waiver constitute a continuing waiver unless otherwise
expressly so provided. 

        Section
4.7 Amendment and Modification. Except as set forth elsewhere in this
Agreement, neither this Agreement nor any provision hereof shall be amended waived,
modified, supplements changed, discharged, terminated, revoked or canceled, except by a
written instrument mutually agreed upon and executed by all parties hereto. 

        Section
4.8 Notices. All notices, requests, demands, and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given on
the date of service if served personally on the party to whom notice is to be given, on
the date of transmittal of services via facsimile or telecopy to the party to whom notice
is to be given (if receipt is orally confirmed by phone and a confirming copy delivered
thereafter in accordance with this Section), or on the fifth day after mailing if mailed
to the party to whom notice is to be given, by first class mail, registered or certified,
postage prepaid, or via a nationally recognized overnight courier providing a receipt for
delivery and properly addressed to the applicable address as set forth below. Any party
may change its address for purposes of this paragraph by giving notice of the new address
to each of the other parties in the manner set forth above. 

	  	  	(a) 	  	       If
to the Company to:  

	  	
Bioheart, Inc.

13794 NW 4th Street

Suite 212

Sunrise, Florida 33325
 

Attention: Chief Financial Officer

Fax:       (954) 835-1500

Phone:   (954) 845-9976

 

	  	  	(b) 	  	                 If
to the Investor, to the Investor’s address set forth on the signature           page
hereto.  

        Section
4.9 Binding Effect. This Agreement and all the terms and provisions
hereof shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, estate, legal representatives, successors and permitted assigns and are
not intended and shall not be construed so as to confer any rights or benefits upon any
other person or party. 

        Section
4.10 Dealings in Good Faith; Best Efforts. Each party hereto agrees to
act in good faith with respect to the other party or parties hereto in exercising its
rights and discharging its obligations under this Agreement. Each party further agrees to
use its reasonable best efforts to ensure that the purposes of this Agreement (and the
related documents and agreements referred to herein) are realized and to take such further
actions or steps, and execute and deliver (and, as appropriate, file) such further
documents, certificates, instruments and agreements, as are reasonably necessary to
implement the provisions of this Agreement and to consummate the Closing, upon the terms
and as contemplated by this Agreement. 

        Section
4.11 Governing Law; Jurisdiction. The validity and effect of this
Agreement, and the rights and obligations of the parties hereto, shall be enforced,
governed by, and construed in all 

respect in accordance with the
internal laws of the State of Florida (without reference to conflict of laws provisions).
Each Party hereby irrevocably and unconditionally (a) agrees that any Action or
Proceeding, at Law or equity, arising out of or relating to this Agreement and any other
agreements or the transactions contemplated hereby and thereby shall only be brought in
the state or federal courts located in Broward County, Florida, (b) expressly submits to
the personal jurisdiction and venue of such courts for the purposes thereof and (c)
waives and agrees not to raise (by way of motion, as a defense or otherwise) any and all
jurisdictional, venue and convenience objections or defenses that such party may have in
such action or proceeding. Each party hereby irrevocably and unconditionally consents to
the service of process of any of the aforementioned courts. Nothing herein contained
shall be deemed to affect the right of any party to serve process in any manner permitted
by law or commence legal proceedings or otherwise proceed against any other party in any
other jurisdiction to enforce judgments obtained in any action or proceeding brought
pursuant to this Paragraph 4.11.  

        Section
4.12 Severability.  It is the desire and intention of the parties hereto
that, whenever possible, each provision of this Agreement be interpreted in such a manner
as to be effective and valid under applicable law; if, however, any provision of this
Agreement is found or held to be invalid or unenforceable under any applicable statute or
rule of law, then such provision shall be deemed inoperative to the extent that it may
conflict therewith and shall be deemed to be modified to conform with such statute or rule
of law. Any provision hereof that may prove invalid or unenforceable under any law shall
not affect the validity or enforceability of any other provision hereof. 

        Section
4.13 Entire Agreement. This Agreement, and the Securities constitute the
entire agreement and understanding of the parties hereto with respect to the subject
matter hereof, and supersedes all prior discussions, understandings, negotiations,
agreements, representations, warranties, promises, assurances, covenants, arrangements and
communications, both written and oral, express or implied, of any and every nature between
or among the parties hereto. 

        Section
4.14 Counterparts. This Agreement may be executed through the use of one
or more counterparts, all of which together shall be considered one and the same
agreement, binding on all parties hereto, notwithstanding that all parties are not
signatories to the same counterpart. 

        Section
4.15 Specific Performance. In addition to any and all other
remedies that may be available at law in the event of any breach of this Agreement, each
party shall be entitled to specific performance of the agreements and obligations of the
other party hereunder and to such other injunctive or other equitable relief as may be
granted by a court of competent jurisdiction. 

        Section
4.16 Waiver of Jury Trial. THE INVESTOR AND THE COMPANY HEREBY WAIVE
THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR
RELATED TO, THE SUBJECT MATTER OF THIS LETTER AGREEMENT. THIS WAIVER IS KNOWINGLY,
INTENTIONALLY AND VOLUNTARILY MADE BY THE INVESTOR AND THE COMPANY. 

NOTE PURCHASE
AGREEMENT SIGNATURE PAGE 

        IN
WITNESS WHEREOF, the parties hereto have executed this Note Purchase Agreement as of the
date hereof.  

	  	BIOHEART, INC.  

	  	
BY: /s/Howard J. Leonhardt

Name: Howard J. Leonhardt
Title: Chief Executive Officer 

[SIGNATURE PAGE OF
INVESTOR FOLLOWS] 

TO BE COMPLETED BY INVESTOR(s) 

	By: /s/ Bruce Meyers                  

Bruce Meyer 	Principal Amount of the Note: $100,000

Number of Shares of Common Stock: 100,000

Address for Notices: 

________________________________ 

________________________________ 

________________________________ 

Telephone No.: _______________________________ 

E-mail address: _______________________________ 

Tax ID: _______________________________ 

NOTE PURCHASE
AGREEMENT SIGNATURE PAGE 

        IN WITNESS
WHEREOF, the parties hereto have executed this Note Purchase Agreement as of the date
hereof. 

TO BE COMPLETED BY
INVESTOR(s) 

	By: /s/ Dana Smith             

Dana Smith
 	Principal Amount of the Note: $20,000

Number of Shares of Common Stock: 20,000
 

Address for Notices: 

________________________________ 

________________________________ 

________________________________ 

Telephone No.:
_______________________________ 

E-mail address:
_______________________________ 

Tax ID:  

EXHIBIT A 

FORM OF 10%
CONVERTIBLE PROMISSORY NOTENEITHER THIS SECURITY NOR THE SECURITIES ISSUABLE UPON THE
CONVERSION HEREOF HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE, OR UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE
SECURITIES ARE RESTRICTED AND MAY NOT BE OFFERED, RESOLD, PLEDGED OR TRANSFERRED
EXCEPT AS PERMITTED UNDER THE SECURITIES ACT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS.

10% CONVERTIBLE PROMISSORY NOTE DUE JULY 23, 2010 

Sunrise, Florida

July 23, 2009

$20,000

FOR VALUE RECEIVED,
BIOHEART, INC., a Florida corporation (hereinafter called the
“Borrower”), hereby promises to pay to the order of Dana Smith
or registered assigns (the “Holder”) the sum of $20,000, on
July 23, 2010 (the “Maturity Date”), together with interest
accrued on the principal balance of this Note outstanding from time to time at
the rate of ten percent (10%) (the “Interest Rate”) per annum
from the date hereof (the “Issue Date”) until the principal sum
is paid in full, whether at maturity or upon acceleration or by prepayment or
conversion to the Borrower’s common shares or otherwise.  Any amount
of principal or interest on this Note which is not paid when due shall bear
interest at the rate of fifteen percent (15%) per annum (“Default
Interest”), from the due date thereof until the same is paid.
 Interest shall commence accruing on the Issue Date, shall be computed on
the basis of a 365-day year and the actual number of days elapsed and shall be
due and payable, on the Maturity Date. All payments due hereunder shall be made
in lawful money of the United States of America.  All payments shall be
made at such address as the Holder shall hereafter give to the Borrower by
written notice made in accordance with the provisions of this Note.
 Whenever any amount expressed to be due by the terms of this Note is due
on any day which is not a business day, the same shall instead be due on the
next succeeding day which is a business day.  As used in this Note, the
term “business day” shall mean any day other than a Saturday, Sunday
or a day on which commercial banks in the city of New York, New York are
authorized or required by law or executive order to remain closed.  Each
capitalized term used herein, and not otherwise defined, shall have the meaning
ascribed thereto in that certain Securities Purchase Agreement, dated the date
hereof, pursuant to which this Note was originally issued (the “Purchase
Agreement”).  Borrower may repay this Note in whole, but not in
part, at any time, together with all accrued but unpaid interest thereon, but
without penalty or premium.

This Note is subject to original
issue discount in an amount equal to five percent (5%) of the stated principal
amount hereof.

This Note is free from all
taxes, liens, claims and encumbrances with respect to the issue thereof and
shall not be subject to preemptive rights or other similar rights of
shareholders of the Borrower and will not impose personal liability upon the
holder thereof.  The obligations of the Borrower, and the rights of the
Holder, under this Note are subject to a certain Subordination 

Agreement, dated as of the date hereof,
between BlueCrest Venture Finance Master Fund Limited
(“BlueCrest”), a Cayman Islands limited company, PO Box 309,
Ugland House, South Church Street, George Town, Cayman Islands, as assignee of
BlueCrest Capital Finance, L.P., and the Holder.

ARTICLE I. CONVERSION RIGHTS

1.1

Conversion Right.  The Holder shall have the
right from time to time, as long as any principal sum of this Note shall remain
outstanding to convert all or any part of the outstanding and unpaid principal
amount of this Note into fully paid and non-assessable shares of Common Stock,
as such Common Stock exists on the Issue Date, or any shares of capital stock or
other securities of the Borrower into which such Common Stock shall hereafter be
changed or reclassified at the conversion price  (the “Conversion
Price”) determined as provided herein (a
“Conversion”); provided, however, that in no
event shall the Holder be entitled to convert any portion of this Note in excess
of that portion of this Note upon conversion of which the sum of (1) the number
of shares of Common Stock beneficially owned by the Holder and its affiliates
(other than shares of Common Stock which may be deemed beneficially owned
through the ownership of the unconverted portion of the Notes or the unexercised
or unconverted portion of any other security of the Borrower (including, without
limitation, the warrants issued by the Borrower pursuant to the Purchase
Agreement) subject to a limitation on conversion or exercise analogous to the
limitations contained herein) and (2) the number of shares of Common Stock
issuable upon the conversion of the portion of this Note with respect to which
the determination of this proviso is being made, would result in beneficial
ownership by the Holder and its affiliates of more than 4.99% of the outstanding
shares of Common Stock.  For purposes of the proviso to the immediately
preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and
Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such
proviso.  The number of shares of Common Stock to be issued upon each
conversion of this Note shall be determined by dividing the Conversion Amount
(as defined below) by the applicable Conversion Price then in effect on the date
specified in the notice of conversion, in the form attached hereto as Exhibit A
(the “Notice of Conversion”), delivered to the Borrower by the
Holder in accordance with Section 1.4 below; provided that the Notice of
Conversion is submitted by facsimile (or by other means resulting in, or
reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New
York, New York time on such conversion date (the “Conversion
Date”).  The term “Conversion Amount” means, with
respect to any conversion of this Note, the principal amount of this Note to be
converted in such conversion as set forth in the Notice of Conversion.  The
term “Determination Date” means the last business day of each
month after the Issue Date.

1.2

Conversion Price.
 The Conversion Price shall be the product of (i) the Average
Conversion Price (as defined herein) and (ii) 77.5% (subject, in each case, to
equitable adjustments for stock splits, stock dividends or rights offerings by
the Borrower relating to the Borrower’s securities or the securities of any
subsidiary of the Borrower, combinations, recapitalization, reclassifications,
extraordinary distributions and similar events).  The “Average
Conversion Price” shall mean the average of the Closing Prices for the
Borrower’s Common Stock for the five (5) Trading Days immediately preceding
the Conversion Date.  “Closing 

2 

Price” means, for the
Borrower’s Common Stock, the closing bid price per share as reported by
Bloomberg, L.P. or, if the Common Stock no longer is traded on the Nasdaq Stock
Market, as reported by such other market or exchange that is its primary trading
market or as reported by a reliable reporting service (“Reporting
Service”) mutually acceptable to Borrower and Holder.
 “Trading Day” shall mean any day on which the Common
Stock is traded for any period on the Nasdaq, or on the principal securities
exchange or other securities market on which the Common Stock is then being
traded.

1.2

Authorized Shares.  If, at any time the Holder
submits a Notice of Conversion, and the Borrower does not have sufficient
authorized but unissued shares of Common Stock available to effect such
conversion in accordance with the provisions of this Article I (a
“Conversion Default”), other than by reason of Borrower not
have obtained approval of a supplemental listing application for such shares,
the Borrower shall issue to the Holder all of the shares of Common Stock which
are then available to effect such conversion and the balance shall be issued to
Holder immediately upon their availability without further notice, request or
demand by Holder. The Borrower shall use its best efforts to authorize a
sufficient number of shares of Common Stock as soon as practicable following the
earlier of (i) such time that the Holder notifies the Borrower or that the
Borrower otherwise becomes aware that there are or likely will be insufficient
authorized and unissued shares to allow full conversion thereof and (ii) a
Conversion Default.  

1.3

Method of Conversion.

(a)

Mechanics of
Conversion.  Subject to Article I, this Note may be converted by
the Holder in whole or in part at any time from time to time after the Issue
Date, by (A) submitting to the Borrower, before or after the Issue Date, a
Notice of Conversion (by facsimile or other reasonable means of communication
dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time)
and (B) subject to paragraph (b) of this Section, surrendering this Note at
the principal office of the Borrower on the later to occur of the Conversion
Date or the Issue Date.  

(b)

Surrender of Note Upon
Conversion.  Notwithstanding anything to the contrary set forth
herein, upon conversion of this Note in accordance with the terms hereof, the
Holder shall not be required to physically surrender this Note to the Borrower
unless the entire unpaid principal amount of this Note is so converted.
 The Holder and the Borrower shall maintain records showing the principal
amount so converted and the dates of such conversions or shall use such other
method, reasonably satisfactory to the Holder and the Borrower, so as not to
require physical surrender of this Note upon each such conversion.  In the
event of any dispute or discrepancy, such records of the Borrower shall be
controlling and determinative in the absence of manifest error.
 Notwithstanding the foregoing, if any portion of this Note is converted as
aforesaid, the Holder may not transfer this Note unless the Holder first
physically surrenders this Note to the Borrower, whereupon the Borrower will
forthwith issue and deliver upon the order of the Holder a new Note of like
tenor, registered as the Holder (upon payment by the Holder of any applicable
transfer taxes) may request, representing in the aggregate the remaining unpaid
principal amount of this Note.  The Holder and any assignee, by acceptance
of this Note, acknowledge and agree that, by reason of the provisions of this
paragraph, following conversion 

3 

of a portion of this Note, the unpaid
and unconverted principal amount of this Note represented by this Note may be
less than the amount stated on the face hereof.

(c)

Payment of Taxes.
 The Borrower shall not be required to pay any tax which may be payable
in respect of any transfer involved in the issue and delivery of shares of
Common Stock or other securities or property on conversion of this Note in a
name other than that of the Holder (or in street name), and the Borrower shall
not be required to issue or deliver any such shares or other securities or
property unless and until the person or persons (other than the Holder or the
custodian in whose street name such shares are to be held for the Holder’s
account) requesting the issuance thereof shall have paid to the Borrower the
amount of any such tax or shall have established to the satisfaction of the
Borrower that such tax has been paid.

(d)

Delivery of Common Stock
Upon Conversion.  Upon receipt by the Borrower from the Holder of a
facsimile transmission (or other reasonable means of communication) of a Notice
of Conversion meeting the requirements for conversion as provided in this
Section 1.3, the Borrower shall issue and deliver or cause to be issued and
delivered to or upon the order of the Holder certificates for the Common Stock
issuable upon such conversion within three (3) Trading Days after such receipt
(and, solely in the case of conversion of the entire unpaid principal amount
hereof, surrender of this Note) (such third Trading Day being hereinafter
referred to as the “Deadline”) in accordance with the terms
hereof and the Purchase Agreement.

(e)

Obligation of Borrower to
Deliver Common Stock.  Upon receipt by the Borrower of a Notice of
Conversion, the Holder shall be deemed to be the holder of record of the Common
Stock issuable upon such conversion, the outstanding principal amount and the
amount of accrued and unpaid interest on this Note shall be reduced to reflect
such conversion, and, unless the Borrower defaults on its obligations under this
Article I, all rights with respect to the portion of this Note being so
converted shall forthwith terminate except the right to receive the Common Stock
or other securities, cash or other assets, as herein provided, on such
conversion.  If the Holder shall have given a Notice of Conversion as
provided herein, the Borrower’s obligation to issue and deliver the
certificates for Common Stock shall be absolute and unconditional, irrespective
of the absence of any action by the Holder to enforce the same, any waiver or
consent with respect to any provision thereof, the recovery of any judgment
against any person or any action to enforce the same, any failure or delay in
the enforcement of any other obligation of the Borrower to the holder of record,
or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder of any obligation to the Borrower, and
irrespective of any other circumstance which might otherwise limit such
obligation of the Borrower to the Holder in connection with such conversion.
 The Conversion Date specified in the Notice of Conversion shall be the
Conversion Date as long as the Notice of Conversion is received by the Borrower
before 6:00 p.m., New York, New York time, on such date.

(f)

Delivery of Common Stock
by Electronic Transfer.  In lieu of delivering physical
certificates representing the Common Stock issuable upon conversion, provided
the Borrower’s transfer agent is participating in the Depository Trust
Company (“DTC”) Fast Automated Securities Transfer
(“FAST”) program, upon request of the Holder and its compliance
with the provisions contained in Section 1.1 and in this Section 1.3, the
Borrower shall use its best efforts to cause its transfer agent to
electronically transmit the Common Stock 

4 

issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system.

(g)

Failure to Deliver Common
Stock Prior to Deadline.  If the Borrower fails to deliver to the
Holder such certificate or certificates issuable upon a Conversion on or before
the third Trading Day after the Deadline applicable to such Conversion, then
unless such failure is for a reason beyond the reasonable control of the
Borrower and without the fault of the Borrower (which for these purposes shall
include Borrower not having obtained approval of a supplemental listing
application for such shares), Borrower shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each $5,000 of principal sum of
this Note being converted, $50 per trading day (increasing to $100 per trading
day three (3) trading days after such damages begin to accrue and increasing to
$200 per trading day six (6) trading days after such damages begin to accrue)
for each trading day after the Delivery Date until such certificates are
delivered.  Such cash amount shall be added to the principal amount of this
Note, in which event interest shall accrue thereon in accordance with the terms
of this Note and such additional principal amount shall be convertible into
Common Stock in accordance with the terms of this Note.

1.4

Concerning the Shares.  The shares of Common
Stock issuable upon conversion of this Note may not be sold or transferred
unless  (i) such shares are sold pursuant to an effective registration
statement under the Act or (ii) the Borrower or its transfer agent shall have
been furnished with an opinion of  counsel (which opinion shall be in form,
substance and scope customary for opinions of counsel in comparable
transactions) to the effect that the shares to be sold or transferred may be
sold or transferred pursuant to an exemption from such registration or
(iii) such shares are sold or transferred pursuant to Rule 144 under the
Act (or a successor rule) (“Rule 144”) or (iv) such shares are
transferred to an “affiliate” (as defined in Rule 144) of the Borrower
who agrees to sell or otherwise transfer the shares only in accordance with this
Section and who is an Accredited Investor (as defined in the Purchase
Agreement).  Except as otherwise provided in the Purchase Agreement (and
subject to the removal provisions set forth below), until such time as the
shares of Common Stock issuable upon conversion of this Note have been
registered under the Act or otherwise may be sold pursuant to Rule 144 without
any restriction as to the number of securities as of a particular date that can
then be immediately sold, each certificate for shares of Common Stock issuable
upon conversion of this Note that has not been so included in an effective
registration statement or that has not been sold pursuant to an effective
registration statement or an exemption that permits removal of the legend, shall
bear a legend substantially in the following form, as appropriate:

“THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED,
SOLD, CONVEYED, PLEDGED, GIFTED, ASSIGNED, ENCUMBERED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM REGISTRATION FROM THE SECURITIES
ACT AND THE RULES 

5 

PROMULGATED THEREUNDER AND UNDER APPLICABLE STATE SECURITIES
LAWS, PROVIDED THAT THE INVESTOR DELIVERS TO THE COMPANY AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY CONFIRMING THE AVAILABILITY OF SUCH
EXEMPTION. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME.”

The legend set forth above shall
be removed and the Borrower shall issue to the Holder a new certificate therefor
free of any transfer legend if (i) the Borrower or its transfer agent shall have
received an opinion of counsel, in form, substance and scope customary for
opinions of counsel in comparable transactions, to the effect that a public sale
or transfer of such Common Stock may be made without registration under the Act
and the shares are so sold or transferred, (ii) such Holder provides the
Borrower or its transfer agent with reasonable assurances that the Common Stock
issuable upon conversion of this Note (to the extent such securities are deemed
to have been acquired on the same date) can be sold pursuant to Rule 144 or
(iii) in the case of the Common Stock issuable upon conversion of this Note,
such security is registered for sale by the Holder under an effective
registration statement filed under the Act or otherwise may be sold pursuant to
Rule 144 without any restriction as to the number of securities as of a
particular date that can then be immediately sold.  

1.5

Effect of Certain Events.

(a)

Adjustment Due to Merger,
Consolidation, Etc.  If, at any time when this Note is issued and
outstanding and prior to conversion of all of the principal amount of this Note,
there shall be any merger, consolidation, exchange of shares, recapitalization,
reorganization, or other similar event, as a result of which shares of Common
Stock of the Borrower shall be changed into the same or a different number of
shares of another class or classes of stock or securities of the Borrower or
another entity, or in case of any sale or conveyance of all or substantially all
of the assets of the Borrower other than in connection with a plan of complete
liquidation of the Borrower, then the Holder of this Note shall thereafter have
the right to receive upon conversion of this Note, upon the basis and upon the
terms and conditions specified herein and in lieu of the shares of Common Stock
immediately theretofore issuable upon conversion, such stock, securities or
assets which the Holder would have been entitled to receive in such transaction
had this Note been converted in full immediately prior to such transaction
(without regard to any limitations on conversion set forth herein), and in any
such case appropriate provisions shall be made with respect to the rights and
interests of the Holder of this Note to the end that the provisions hereof
(including, without limitation, provisions for adjustment of the number of
shares issuable upon conversion of the Note) shall thereafter be applicable, as
nearly as may be practicable in relation to any securities or assets thereafter
deliverable upon the conversion hereof.  The above provisions shall
similarly apply to successive consolidations, mergers, sales, transfers or share
exchanges.

(b)

Adjustment Due to
Distribution.  If the Borrower shall declare or make any
distribution of its assets (or rights to acquire its assets) to holders of
Common Stock as a dividend, stock repurchase, by way of return of capital or
otherwise (including any dividend or distribution to the Borrower’s
shareholders in cash or shares (or rights to acquire shares) of capital stock of
a subsidiary (i.e., a spin-off)) (a “Distribution”), then the
Holder of this Note 

6 

shall be entitled, upon any conversion
of this Note after the date of record for determining shareholders entitled to
such Distribution, to receive the amount of such assets which would have been
payable to the Holder with respect to the shares of Common Stock issuable upon
such conversion had such Holder been the holder of such shares of Common Stock
on the record date for the determination of shareholders entitled to such
Distribution.

(c)

Notice of
Adjustments.  Upon the occurrence of each adjustment or
readjustment of the number of shares of Common Stock to be issued in connection
with a Conversion as a result of the events described in this Section, the
Borrower, at its expense, shall promptly compute such adjustment or readjustment
and prepare and furnish to the Holder of a certificate setting forth such
adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based.  The Borrower shall, upon the written
request at any time of the Holder, furnish to such Holder a like certificate
setting forth (i) such adjustment or readjustment, and (ii) the number of shares
of Common Stock and the amount, if any, of other securities or property which at
the time would be received upon conversion of the Note.

ARTICLE II. EVENTS OF DEFAULT

Any of the following events
(each, an “Event of Default”) shall entitle the Holder to
exercise any or all of the remedies provided in Section 2.9 hereof.
  

2.1

Failure to Pay Principal or Interest.  The
Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity, upon acceleration or otherwise.

2.2

Conversion and the Shares.  Except in the case
of a failure of Borrower to issue shares of Common Stock to Holder by reason of
Borrower not having obtained approval of a supplemental listing application for
such shares, if the Borrower fails to issue shares of Common Stock to the Holder
(or announces or threatens that it will not honor its obligation to do so) upon
exercise by the Holder of the conversion rights of the Holder in accordance with
the terms of this Note (for a period of at least sixty (60) days, if such
failure is solely as a result of the circumstances governed by Section 1.3, and
the Borrower is using its best efforts to authorize a sufficient number of
shares of Common Stock as soon as practicable), fails to transfer or cause its
transfer agent to transfer (electronically or in certificated form) any
certificate for shares of Common Stock issued to the Holder upon conversion of
or otherwise pursuant to this Note as and when required by this Note, or fails
to remove any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to
the Holder upon conversion of or otherwise pursuant to this Note as and when
required by this Note (or makes any announcement, statement or threat that it
does not intend to honor the obligations described in this paragraph) and any
such failure shall continue uncured (or any announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for ten (10)
days after the Borrower shall have been notified thereof in writing by the
Holder.

2.3

Effect
of Sale, Merger, Consolidation, Etc.  The sale, conveyance or
disposition of all or substantially all of the assets of the Borrower, the
effectuation by the 

7 

Borrower of a transaction or series of related transactions in
which more than 50% of the voting power of the Borrower is disposed of, or the
consolidation, merger or other business combination of the Borrower with or into
any other Person (as defined below) or Persons when the Borrower is not the
survivor.  “Person” shall mean any individual,
corporation, limited liability company, partnership, association, trust or other
entity or organization.

2.4

Breach
of Covenants.  The Borrower breaches any material covenant or other
material term or condition contained in the Purchase Agreement and such breach
continues for a period of thirty (30) days after written notice thereof to the
Borrower from the Holder.

2.5

Breach
of Representations and Warranties.  Any representation or warranty
of the Borrower made herein or in any agreement, statement or certificate given
in writing pursuant hereto or in connection herewith (including, without
limitation, the Purchase Agreement), shall be false or misleading in any
material respect when made and the breach of which has (or with the passage of
time will have) a material adverse effect on the rights of the Holder with
respect to this Note or the Purchase Agreement.

2.6

Receiver or Trustee.  The Borrower or any
subsidiary of the Borrower shall make an assignment for the benefit of
creditors, or apply for or consent to the appointment of a receiver or trustee
for it or for a substantial part of its property or business, or such a receiver
or trustee shall otherwise be appointed.

2.7

Conversion Default.  Except in the case of a
failure of Borrower to have sufficient shares of Common Stock available for
issuance to Holder by reason of Borrower not having obtained approval of a
supplemental listing application for such shares, if, at any time the Holder
submits a Notice of Conversion, and the Borrower does not have sufficient
authorized but unissued shares of Common Stock available to effect such
conversion in accordance with the provisions of this Note.

2.8

Bankruptcy.  Bankruptcy, insolvency,
reorganization or liquidation proceedings or other proceedings for relief under
any bankruptcy law or any law for the relief of debtors shall be instituted by
or against the Borrower or any subsidiary of the Borrower, unless such
proceeding shall be stayed within thirty (30) days.

2.9

Remedies Upon an Event of Default.  Upon the
occurrence and during the continuation of any Event of Default specified in this
Article III, at the option of the Holders of a majority of the aggregate
principal amount of the outstanding Notes issued pursuant to the Purchase
Agreement exercisable through the delivery of written notice to the Borrower by
such Holders (the “Default Notice”), and upon the occurrence of
an Event of Default specified in Section 2.6 or 2.8 (unless, under Section 2.8,
such proceeding shall be stayed within 30 days), the Notes shall become
immediately due and payable and the Borrower shall pay to the Holder, in full
satisfaction of its obligations hereunder, an amount equal to the sum of (x) the
then outstanding principal amount of this Note, plus (y) accrued and unpaid
interest on the unpaid principal amount of this Note to the date of payment (the
“Mandatory Prepayment Date”) plus (z) Default Interest,
if any, on the amounts referred to in clauses (x) and/or (y) (the amounts
referred to in clauses (x), (y) and (z) shall collectively be known as the 

8 

“Default Sum”) which shall immediately become due
and payable, all without demand, presentment or notice, all of which hereby are
expressly waived, together with all costs, including, without limitation, legal
fees and expenses, of collection, and the Holder shall be entitled to exercise
all other rights and remedies available at law or in equity.  The Borrower
may pay the Default Sum by delivery to the Holder of the number of shares of
Common Stock that, in the aggregate, have a value equal to the amount of the
Default Sum, using the Conversion Price for the purpose of determining such
value.  If the Borrower fails to pay the Default Sum (in cash or shares of
Common Stock) within five (5) business days of written notice that such amount
is due and payable, then the Holder shall have the right at any time, as long as
the Borrower remains in default (and as long and to the extent that there are
sufficient authorized shares), to require the Borrower, upon written notice, to
immediately issue, in lieu of the Default Amount, the number of shares of Common
Stock of the Borrower equal to the Default Amount divided by the Conversion
Price then in effect.

ARTICLE III. MISCELLANEOUS

3.1

Failure or Indulgence Not Waiver.  No failure
or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privileges.  All rights
and remedies existing hereunder are cumulative to, and not exclusive of, any
rights or remedies otherwise available.

3.2

Notices.  Any notice herein
required or permitted to be given shall be in writing and may be personally
served or delivered by courier or sent by United States mail and shall be deemed
to have been given upon receipt if personally served (which shall include
telephone line facsimile transmission) or sent by courier or three (3) days
after being deposited in the United States mail, certified, with postage
pre-paid and properly addressed, if sent by mail.  For the purposes hereof,
the address of the Holder shall be as shown on the records of the Borrower; and
the address of the Borrower shall be Bioheart,
Inc., 13794 NW 4th Street, Suite 212, Sunrise, FL 33325, Attn:  Howard
J. Leonhardt, CEO/Chairman; facsimile number 954-845-9976.  Both
the Holder and the Borrower may change the address for service by service of
written notice to the other as herein provided.

3.3

Notice
of Corporate Events.  Except as otherwise provided below, the
Holder of this Note shall have no rights as a Holder of Common Stock unless and
only to the extent that it converts this Note into Common Stock.  

3.4

Remedies.  The Borrower acknowledges that a
breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated
hereby.  Accordingly, the Borrower acknowledges that the remedy at law for
a breach of its obligations under this Note will be inadequate and agrees, in
the event of a breach or threatened breach by the Borrower of the provisions of
this Note, that the Holder shall be entitled, in addition to all other available
remedies at law or in equity, and in addition to the penalties assessable
herein, to an injunction or injunctions restraining, preventing or curing any
breach of this Note and to enforce specifically the terms and 

9 

provisions thereof, without the necessity of showing economic loss
and without any bond or other security being required.

3.5

Amendments.  This Note and any provision hereof
may only be amended by an instrument in writing signed by the Borrower and the
Holder.  The term “Note” and all reference thereto, as used
throughout this instrument, shall mean this instrument (and the other Notes
issued pursuant to the Purchase Agreement) as originally executed, or if later
amended or supplemented, then as so amended or supplemented.

3.6

Assignability.  This Note shall be binding upon
the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns.  Each transferee of this Note
must be an “accredited investor” (as defined in Rule 501(a) of the
1933 Act).  Notwithstanding anything in this Note to the contrary, this
Note may be pledged as collateral in connection with a bona fide
margin account or other lending arrangement.

3.7

Cost
of Collection.  If default is made in the payment of this Note, the
Borrower shall pay the Holder hereof costs of collection, including reasonable
attorneys’ fees.

3.8

Governing Law.  THIS NOTE SHALL BE ENFORCED,
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE,
WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS.  THE BORROWER HEREBY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS
LOCATED IN BROWARD COUNTY FLORIDA WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS
NOTE, THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING.  BOTH
PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS
MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE
PARTY IN ANY SUCH SUIT OR PROCEEDING.   NOTHING HEREIN SHALL AFFECT EITHER
PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.
 BOTH PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT
OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER.  THE PARTY WHICH DOES
NOT PREVAIL IN ANY DISPUTE ARISING UNDER THIS NOTE SHALL BE RESPONSIBLE FOR ALL
FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING
PARTY IN CONNECTION WITH SUCH DISPUTE.

10 

3.9

Purchase Agreement.  By its acceptance of this
Note, each Holder agrees to be bound by the applicable terms of the Purchase
Agreement.

IN WITNESS WHEREOF,
Borrower has caused this Note to be signed in its name by its duly authorized
officer this 24 day of July, 2009.

BIOHEART, INC.

By:

/s/Howard J. Leonhardt

Howard J. Leonhardt,

Chief Executive Officer

11 

EXHIBIT A

NOTICE OF CONVERSION

(To be Executed by the Registered Holder

in order to Convert the Note)

The undersigned hereby irrevocably elects to convert $__________ principal amount of the Note (defined below) into shares of common stock, par value $.001 per share (“Common Stock”), of Bioheart, Inc., a Florida corporation (the “Borrower”) according to the conditions of the 10% Convertible Promissory Note of the Borrower dated as of July 23, 2009 (the “Note”), as of the date written below.  If securities are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates.  No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.  A copy of the Note is attached hereto (or evidence of loss, theft or destruction thereof).

The Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).

Name of DTC Prime Broker:_________________________________________________

Account Number:__________________________________________________________

In lieu of receiving shares of Common Stock issuable pursuant to this Notice of Conversion by way of a DWAC Transfer, the undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

Name:_________________________________________________________________

Address:_______________________________________________________________

The undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable to the undersigned upon conversion of the Note shall be made pursuant to registration of the securities under the Securities Act of 1933, as amended (the “Act”), or pursuant to an exemption from registration under the Act.

Date of Conversion:___________________________

Applicable Conversion Price:____________________

Number of Shares of Common Stock to be Issued Pursuant to

Conversion of the Note:______________

Signature:___________________________________

Name:______________________________________

Address:____________________________________

12

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