Document:

Form of Repurchase Warrant

 EXHIBIT 10.9 
 FORM OF REPURCHASE WARRANT 
 THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS SOLD PURSUANT TO RULE
144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. ANY TRANSFEREE OF THIS WARRANT SHOULD CAREFULLY REVIEW
THE TERMS OF THIS WARRANT, INCLUDING SECTION 2(f) HEREOF. THE SECURITIES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE NUMBER SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 2(f) HEREOF. ASSIGNEES OR TRANSFEREES OF THIS WARRANT ARE BOUND BY THE
TRADING RESTRICTIONS OF SECTION 4(r) OF THE SECURITIES PURCHASE AGREEMENT (AS DEFINED HEREIN). 
 CARDIOVASCULAR BIOTHERAPEUTICS, INC.

 WARRANT TO PURCHASE COMMON STOCK 
  

			
	Warrant No.: ________	  	Number of Shares: ____
	Date of Issuance: ____________	  	

 CardioVascular BioTherapeutics, Inc., a Delaware corporation (the “Company”), hereby certifies
that, for Ten United States Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ____________________, the registered holder hereof or its permitted assigns, is entitled, subject
to the terms set forth below, to purchase from the Company upon surrender of this Warrant (if required by Section 2(f)), at any time or times on or after the date hereof, but not after 11:59 P.M. New York Time on the Expiration Date (as defined
in Section 1(b) below) ________________ (            ) [INSERT: the number of shares equal to the quotient of (i) the Principal of the Notes the redemption of which
results in the issuance of this Warrant plus any accrued and unpaid Interest thereon divided by (ii) the arithmetic average of the Weighted Average Trading Price of the Common Stock on each of the ten (10) consecutive Trading Days ending
immediately prior to the Company Alternative Redemption Date (as defined in the Notes to which this Warrant relates)] fully paid nonassessable shares of Common Stock (as defined in Section 1(b) below) of the Company (the “Warrant
Shares”) at the Warrant Exercise Price (as defined in Section 1(b) below); provided, however, that in no event shall the holder be entitled or required 

 
to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares that, upon giving effect to such exercise, would cause the
aggregate number of shares of Common Stock beneficially owned by the holder and its affiliates to exceed 4.99% of the outstanding shares of the Common Stock following such exercise. For purposes of the foregoing proviso, the aggregate number of
shares of Common Stock beneficially owned by the holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such proviso is being made, but shall
exclude shares of Common Stock that would be issuable upon (i) exercise of the remaining, unexercised Repurchase Warrants (as defined in Section 1(a) below) beneficially owned by the holder and its affiliates and (ii) exercise,
conversion or exchange of the unexercised, unconverted or unexchanged portion of any other securities of the Company beneficially owned by the holder and its affiliates (including the Notes, Initial Warrants (as defined in the Notes), and any other
convertible notes or preferred stock) subject to a limitation on conversion, exercise or exchange analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock a holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, (2) a more recent public announcement by the Company or (3) any other written (including e-mail) notice by the
Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of any holder, the Company shall promptly, but in no event later than two (2) Business Days following the receipt of such
request, confirm in writing to any such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion, exercise or exchange of
securities of the Company, including the Initial Warrants, the Notes and the Repurchase Warrants, if any, by such holder and its affiliates, since the date as of which such number of outstanding shares of Common Stock was reported. For purposes of
determining the maximum number of shares of Common Stock that the Company may issue to the holder of this Warrant upon exercise of this Warrant, such holder’s delivery of an Exercise Notice (as defined in Section 2(a) below) with respect
to such exercise shall constitute a representation (on which the Company may rely without investigation) by the holder of this Warrant that upon the issuance of the shares of Common Stock to be issued to such holder pursuant to such exercise, the
shares of Common Stock beneficially owned by such holder and its affiliates shall not exceed 4.99% of the total outstanding shares of Common Stock of the Company immediately after giving effect to such exercise as determined in accordance with this
paragraph. 
 Section 1. 
 (a) Securities Purchase Agreement. This Warrant is one of the warrants issued pursuant to those certain Senior Secured Convertible Notes of the Company, dated March 20, 2006, issued by the Company pursuant to that certain
Securities Purchase Agreement dated as of March 20, 2006 (the “Securities Purchase Agreement”), among the Company and the Persons (as defined below) referred to therein (as such notes may be amended from time to time as
provided in such notes, and together with all notes issued in exchange therefor or replacement thereof pursuant to the terms of such notes, the “Notes”), or issued in exchange or substitution therefor or replacement thereof (all
such warrants being collectively referred to as the 

  

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“Repurchase Warrants”). Each capitalized term used, and not otherwise defined herein, shall have the meaning ascribed thereto in the
Securities Purchase Agreement. 
 (b) Definitions. The following words and terms as used in this Warrant shall have the
following meanings: 
 (i) “Approved Stock Plan” means any employee benefit plan that has been approved by
the Board of Directors and stockholders of the Company prior to the date of the Securities Purchase Agreement, pursuant to which the Company’s securities may be issued to any consultant, employee, officer or director for services provided to
the Company. 
 (ii) “Business Day” means any day other than Saturday, Sunday or other day on which
commercial banks in the City of New York are authorized or required by law to remain closed. 
 (iii) “Common
Stock” means (i) the Company’s common stock, $0.001 par value per share, and (ii) any capital stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common
Stock. 
 (iv) “Convertible Securities” means any stock or securities (other than Options) directly or
indirectly convertible into or exchangeable or exercisable for Common Stock. 
 (v) “Expiration Date” means
the date that is March 20, 2009 or, if such date does not fall on a Business Day, then the next Business Day. 
 (vi)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization or a government or any department or agency thereof or any other legal entity.

 (vii) “Securities Act” means the Securities Act of 1933, as amended. 
 (viii) “Trading Day” means any day on which the Common Stock is traded on the Principal Market; provided that
“Trading Day” shall not include any day on which the Common Stock is scheduled to trade, or actually trades, on such exchange or market for less than 4.5 hours. 
 (ix) “Warrant” means this Warrant and all Warrants issued in exchange, transfer or replacement thereof pursuant to the
terms of this Warrant. 
 (x) “Warrant Exercise Price” shall be equal to, with respect to any Warrant Share,
$ [INSERT: the arithmetic average of the Weighted Average Price of the Common Stock on each of the ten (10) consecutive Trading Days ending immediately prior to the Company Alternative Redemption Date (as defined in the Notes to which this
Warrant relates)], subject to adjustment as hereinafter provided. 
  

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 (xi) “Weighted Average Price” means, for any security as of any date,
the dollar volume-weighted average price for such security on its Principal Market during the period beginning at 9:30 a.m. New York City time (or such other time as its Principal Market publicly announces is the official open of trading) and ending
at 4:00 p.m. New York City time (or such other time as its Principal Market publicly announces is the official close of trading) as reported by Bloomberg Financial Markets (or any successor thereto) (“Bloomberg”) through its
“Volume at Price” functions, or if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at
9:30 a.m. New York City time (or such other time as such over-the-counter market publicly announces is the official open of trading), and ending at 4:00 p.m. New York City time (or such other time as such over-the-counter market publicly announces
is the official close of trading) as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of
any of the market makers for such security as reported in the “pink sheets” by the National Quotation Bureau, Inc. If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing bases, the
Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the holder of this Warrant. If the Company and the holder of this Warrant are unable to agree upon the fair market value of
the Common Stock, then such dispute shall be resolved pursuant to Section 2(a). All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during any period during
which the Weighted Average Price is being determined. 
 Section 2. Exercise of Warrant. 
 (a) Subject to the terms and conditions hereof, this Warrant may be exercised by the holder hereof then registered on the books of the
Company, in whole or in part, at any time on any Business Day on or after the opening of business on the date hereof and prior to 11:59 P.M. New York Time on the Expiration Date by (i) delivery of a written notice, in the form of the exercise
notice attached as Exhibit A hereto (the “Exercise Notice”), of such holder’s election to exercise this Warrant, which notice shall specify the number of Warrant Shares to be purchased, (ii) (A) payment to the
Company of an amount equal to the Warrant Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) by wire transfer of immediately available funds (or by
check if the Company has not provided the holder of this Warrant with wire transfer instructions for such payment) or (B) by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in
Section 2(e)), and (iii) if required by Section 2(f) or unless the holder has previously delivered this Warrant to the Company and it or a new replacement Warrant has not yet been delivered to the holder, the surrender to a common
carrier for overnight delivery to the Company as soon as practicable following such date, of this Warrant (or an indemnification undertaking, in customary form, with respect to this Warrant in the case of its loss, theft or destruction pursuant to
Section 10); provided, that if such Warrant Shares are to be issued in any name other than that of the registered holder of this Warrant, such issuance shall be deemed a transfer and the provisions of Section 7 shall be applicable. In the
event of any exercise of the rights represented by this Warrant in compliance with this Section 2(a), on the second (2nd) Business Day (the “Warrant Share Delivery Date”) following the date of its receipt of the Exercise Notice, the Aggregate Exercise Price (or notice of Cashless 

  

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Exercise) and if required by Section 2(f) (or unless the holder of this Warrant has previously delivered this Warrant to the Company and it or a new
replacement Warrant has not yet been delivered to the holder), this Warrant (or an indemnification undertaking, in customary form, with respect to this Warrant in the case of its loss, theft or destruction pursuant to Section 10) (the
“Exercise Delivery Documents”), (A) provided that the transfer agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program and provided that the holder is eligible
to receive shares through DTC, the Company shall credit such aggregate number of shares of Common Stock to which the holder shall be entitled to the holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent
Commission system or (B) the Company shall issue and deliver to the address specified in the Exercise Notice, a certificate, registered in the name of the holder or its designee, for the number of shares of Common Stock to which the holder
shall be entitled. Upon the later of the date of delivery of (x) the Exercise Notice and (y) the Aggregate Exercise Price referred to in clause (ii)(A) above or notification to the Company of a Cashless Exercise referred to in
Section 2(e), the holder of this Warrant shall be deemed for all purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised (the date thereof being referred to as the “Deemed
Issuance Date”), irrespective of the date of delivery of this Warrant as required by clause (iii) above or the certificates evidencing such Warrant Shares. In the case of a dispute as to the determination of the Warrant Exercise Price,
the Weighted Average Price of a security or the arithmetic calculation of the number of Warrant Shares, the Company shall promptly issue to the holder the number of shares of Common Stock that is not disputed and shall submit the disputed
determinations or arithmetic calculations to the holder via facsimile within two (2) Business Days after receipt of the holder’s Exercise Notice. If the holder and the Company are unable to agree upon the determination of the Warrant
Exercise Price, the Weighted Average Price or arithmetic calculation of the number of Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the holder, then the Company shall
immediately submit via facsimile (i) the disputed determination of the Warrant Exercise Price or the Weighted Average Price to an independent, reputable investment banking firm agreed to by the Company and the holder of this Warrant or
(ii) the disputed arithmetic calculation of the number of Warrant Shares to its independent, outside public accountant. The Company shall cause the investment banking firm or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the holder of the results no later than three (3) Business Days after the time it receives the disputed determinations or calculations. Such investment banking firm’s or accountant’s
determination or calculation, as the case may be, shall be deemed conclusive absent error. 
 (b) If this Warrant is submitted
for exercise, as may be required by Section 2(f), and unless the rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, as soon as practicable and in no event later than three
(3) Business Days after receipt of this Warrant (the “Warrant Delivery Date”) and at its own expense, issue a new Warrant identical in all respects to this Warrant exercised except it shall represent rights to purchase the
number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which such Warrant is exercised (together with, in the case of a Cashless Exercise, the number of Warrant
Shares surrendered in lieu of payment of the Exercise Price). 
  

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 (c) No fractional shares of Common Stock are to be issued upon the exercise of this
Warrant, but rather the number of shares of Common Stock issued upon exercise of this Warrant shall be rounded up or down to the nearest whole number (with 0.5 rounded up). 
 (d) If the Company shall fail for any reason or for no reason (x) to issue and deliver to the holder within three (3) Business
Days of receipt of the Exercise Delivery Documents a certificate for the number of shares of Common Stock to which the holder is entitled or to credit the holder’s balance account with DTC for such number of shares of Common Stock to which the
holder is entitled upon the holder’s exercise of this Warrant or (y) to issue and deliver to the holder on the Warrant Delivery Date a new Warrant for the number of shares of Common Stock to which such holder is entitled pursuant to
Section 2(b) hereof, if any, then the Company shall, in addition to any other remedies under this Warrant or the Securities Purchase Agreement or otherwise available to such holder, including any indemnification under Section 8 of the
Securities Purchase Agreement, pay as additional damages in cash to such holder on each day after such third (3rd) Business Day that such shares of Common Stock are not issued and delivered to the holder, in the case of clause (x) above,
or such third (3rd) Business Day that such Warrant is not delivered, in the case of clause (y) above, an amount equal to the sum of (i) 0.5% of the product of (A) the number of shares of Common Stock not issued to the holder on
or prior to the Warrant Share Delivery Date and (B) the Weighted Average Price of the Common Stock on the Warrant Share Delivery Date, in the case of the failure to deliver Common Stock, and (ii) if the Company has failed to deliver a
Warrant to the holder on or prior to the Warrant Delivery Date, 0.5% of the product of (x) the number of shares of Common Stock issuable upon exercise of the Warrant as of the Warrant Delivery Date, and (y) the Weighted Average Price of
the Common Stock on the Warrant Delivery Date; provided that in no event shall cash damages accrue pursuant to this Section 2(d) during the period, if any, in which any Warrant Shares are the subject of a bona fide dispute that is subject to
and being resolved pursuant to, and in compliance with the time periods and other provisions of, the dispute resolution provisions of Section 2(a). Alternatively, subject to the dispute resolution provisions of Section 2(a), at the
election of the holder made in the holder’s sole discretion, the Company shall pay to the holder, in lieu of the additional damages referred to in the preceding sentence (but in addition to all other available remedies that the holder may
pursue hereunder and under the Securities Purchase Agreement (including indemnification pursuant to Section 8 thereof)), 110% of the amount that (A) the holder’s total purchase price (including brokerage commissions, if any) for
shares of Common Stock purchased to make delivery in satisfaction of a sale by such holder of the shares of Common Stock to which the holder is entitled but has not received upon an exercise, exceeds (B) the net proceeds received by the holder
from the sale of the shares of Common Stock to which the holder is entitled but has not received upon such exercise. 
 (e)
If, despite the Company’s obligations under the Securities Purchase Agreement and the Registration Rights Agreement, the Warrant Shares to be issued are not registered and available for resale pursuant to a registration statement in accordance
with the Registration Rights Agreement, including during a Grace Period (as defined in the Registration Rights Agreement), then notwithstanding anything contained herein to the contrary, the holder of this Warrant may, at its election exercised in
its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to 

  

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receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless
Exercise”): 
  

											
	Net Number	  	=	  	(A x B) - (A x C)	  	
		  		  	B	  	

 For purposes of the foregoing formula: 
 A= the total number of shares with respect to which this Warrant is then being exercised; 
 B= the Weighted Average Price of the Common Stock on the Trading Day immediately preceding the date of the delivery of the Exercise Notice; and

 C= the Warrant Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise. 
 (f) Book-Entry. Notwithstanding anything to the contrary set forth herein, upon exercise of this Warrant in accordance with the
terms hereof, the holder of this Warrant shall not be required to physically surrender this Warrant to the Company unless it is being exercised for all of the Warrant Shares represented by the Warrant. The holder and the Company shall maintain
records showing the number of Warrant Shares exercised and issued and the dates of such exercises or shall use such other method, reasonably satisfactory to the holder and the Company, so as not to require physical surrender of this Warrant upon
each such exercise. In the event of any dispute or discrepancy, such records of the Company establishing the number of Warrant Shares to which the holder is entitled shall be controlling and determinative in the absence of demonstrable error.
Notwithstanding the foregoing, if this Warrant is exercised as aforesaid, the holder may not transfer this Warrant unless the holder first physically surrenders this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon
the order of the holder a new Warrant of like tenor, registered as the holder may request, representing in the aggregate the remaining number of Warrant Shares represented by this Warrant. The holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following exercise of any portion of this Warrant, the number of Warrant Shares represented by this Warrant may be less than the number stated on the face hereof. Each
Warrant shall bear the following legend: 
 ANY TRANSFEREE OF THIS WARRANT SHOULD CAREFULLY REVIEW THE TERMS OF THIS WARRANT, INCLUDING
SECTION 2(f) HEREOF. THE SECURITIES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE NUMBER SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 2(f) HEREOF. 
  

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 Section 3. Covenants as to Common Stock. The Company hereby covenants and agrees as follows:

 (a) This Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly
authorized and validly issued. 
 (b) All Warrant Shares that may be issued upon the exercise of the rights represented by
this Warrant will, upon issuance and receipt of payment therefor from the holder (including pursuant to a Cashless Exercise, as applicable), be validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to
the issue thereof. 
 (c) During the period within which the rights represented by this Warrant may be exercised, the Company
will at all times have authorized and reserved at least 110% of the number of shares of Common Stock needed to provide for the exercise of the rights then represented by this Warrant. 
 (d) If, and so long as, any shares of Common Stock shall be listed on the NASDAQ Capital Market or another securities exchange or market,
the shares of Common Stock issuable upon exercise of this Warrant shall be so listed; and the Company shall so list on such exchange or market, and shall maintain such listing of, any other shares of capital stock of the Company issuable upon the
exercise of this Warrant if and so long as any shares of the same class shall be listed on such securities exchange or market. 
 (e) The Company will not, by amendment of its Certificate of Incorporation 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 to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant. Without limiting the generality of the
foregoing, the Company (i) will not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above $0.001 per share, and (ii) will take all such actions as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant. 
 (f) This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets. 
 Section 4. Taxes. The Company shall pay any and all taxes that may be payable with respect to the issuance and delivery of Warrant Shares upon
exercise of this Warrant. 
 Section 5. Warrant Holder Not Deemed a Stockholder. No holder, as such, of this Warrant shall be entitled
to vote or receive dividends or be deemed the holder of shares of the Company for any purpose (other than to the extent that the holder is deemed to be a beneficial holder of shares under applicable securities laws after taking into account the
limitation set forth in the first paragraph of this Warrant), nor shall anything contained in this Warrant be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote, give or
withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the Deemed Issuance Date of the Warrant Shares that such holder is then entitled to receive upon the due 

  

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exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on such holder to purchase any
securities (except to the extent set forth in an Exercise Notice) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 5, the Company will provide
the holder of this Warrant with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders. 
 Section 6. Representations of Holder. The holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant, and upon
exercise hereof (other than pursuant to a Cashless Exercise) will acquire the Warrant Shares, for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares,
except pursuant to sales registered or exempted under the Securities Act; provided, however, that by making the representations herein, the holder does not agree to hold this Warrant or any of the Warrant Shares for any minimum or other specific
term and reserves the right to dispose of this Warrant and the Warrant Shares at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. The holder of this Warrant further represents, by
acceptance hereof, that, as of this date, such holder is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act. Each delivery of an
Exercise Notice, other than in connection with a Cashless Exercise, shall constitute confirmation at such time by the holder of the representations concerning the Warrant Shares set forth in the first two sentences of this Section 6, unless
contemporaneous with the delivery of such Exercise Notice the holder notifies the Company in writing that it is not making such representations (a “Representation Notice”). If the holder delivers a Representation Notice in
connection with an exercise, it shall be a condition to such holder’s exercise of this Warrant and the Company’s obligations set forth in Section 2 in connection with such exercise, that the Company receive such other representations
as the Company considers reasonably necessary to assure the Company that the issuance of its securities upon exercise of this Warrant shall not violate any United States or state securities laws. 
 Section 7. Ownership and Transfer. 
 (a) The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice to the holder), a register for this Warrant, in which the Company shall
record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee. The Company may treat the person in whose name any Warrant is registered on the register as the owner and
holder thereof for all purposes, notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the terms of this Warrant. 
 (b) This Warrant and the rights granted hereunder shall be assignable by the holder hereof in accordance with the Securities Purchase
Agreement. Holder shall require each such assignee to acknowledge that such assignee shall be bound by the provisions of Section 4(r) of the Securities Purchase Agreement. 
  

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 (c) The Company is obligated to register the Warrant Shares for resale under the
Securities Act pursuant to the Registration Rights Agreement and the initial holder of this Warrant (and certain assignees thereof) is entitled to the registration rights in respect of the Warrant Shares as set forth in the Registration Rights
Agreement. 
 Section 8. Adjustment of Warrant Exercise Price and Number of Warrant Shares. The Warrant Exercise Price and the number
of shares of Common Stock issuable upon exercise of this Warrant shall be adjusted from time to time as follows: 
 (a)
Adjustment of Warrant Exercise Price and Number of Shares upon Issuance of Common Stock. If and whenever on or after the Warrant Date (as defined in Section 13), the Company issues or sells, or is deemed to have issued or sold, any
shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding Exempted Issuances (as defined below)), for a consideration per share less than a price (the
“Applicable Price”) equal to the Warrant Exercise Price in effect immediately prior to such issuance or sale, then immediately after such issue or sale the Warrant Exercise Price then in effect shall be reduced to an amount equal to
such consideration per share. Upon each such adjustment of the Warrant Exercise Price pursuant to the immediately preceding sentence, the number of shares of Common Stock acquirable upon exercise of this Warrant shall be adjusted to the number of
shares determined by multiplying the Warrant Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock acquirable upon exercise of this Warrant immediately prior to such adjustment and dividing the product
thereof by the Warrant Exercise Price resulting from such adjustment. For purposes of this Warrant, “Exempted Issuances” shall mean: (I) shares of Common Stock issued or deemed to be issued by the Company pursuant to an
Approved Stock Plan; (II) shares of Common Stock issued or deemed to be issued by the Company upon the conversion, exchange or exercise of any right, option, obligation or security outstanding on the date prior to the Warrant Date and set forth in
Schedule 3(c) to the Securities Purchase Agreement, provided that the terms of such right, option, obligation or security are not amended or otherwise modified on or after the date of the Securities Purchase Agreement, and provided that the
conversion price, exchange price, exercise price or other purchase price is not reduced, adjusted or otherwise modified and the number of shares of Common Stock issued or issuable is not increased (whether by operation of, or in accordance with, the
relevant governing documents or otherwise) on or after the date of the Securities Purchase Agreement, or (III) shares of Common Stock issued or deemed to be issued by the Company upon conversion of the Notes or exercise of the Initial Warrants or
the Repurchase Warrants. 
 (b) Effect on Warrant Exercise Price of Certain Events. For purposes of determining the
adjusted Warrant Exercise Price under Section 8(a) above (which, for the avoidance of doubt, the Company expressly agrees shall mean, at any date after the Warrant Date, for all purposes of this Section 8, including for purposes of
determining whether the Company has issued or sold, or shall be deemed to have issued or sold, any shares of Common Stock for a consideration per share less than a price equal to the Applicable Price), the following shall be applicable: 

(i) Issuance of Options. If the Company in any manner grants or sells any Options (other than pursuant to an Approved Stock
Plan) and the lowest price per share for 

  

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which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exchange or exercise of any Convertible Securities
issuable upon exercise of any such Option is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for
such price per share. For purposes of this Section 8(b)(i), the “lowest price per share for which one share of Common Stock is issuable upon exercise of any such Option or upon conversion, exchange or exercise of any Convertible Security
issuable upon exercise of any such Option” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of the Option,
upon exercise of the Option and upon conversion, exchange or exercise of any Convertible Security issuable upon exercise of such Option. No further adjustment of the Warrant Exercise Price shall be made upon the actual issuance of such Common Stock
or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such Common Stock upon conversion, exchange or exercise of such Convertible Securities. 
 (ii) Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest
price per share for which one share of Common Stock is issuable upon such conversion, exchange or exercise thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold
by the Company at the time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of this Section 8(b)(ii), the “lowest price per share for which one share of Common Stock is issuable upon such
conversion, exchange or exercise” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale of the Convertible Security
and upon conversion, exchange or exercise of such Convertible Security. No further adjustment of the Warrant Exercise Price shall be made upon the actual issuance of such Common Stock upon conversion, exchange or exercise of such Convertible
Securities, and if any such issue or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of the Warrant Exercise Price had been or are to be made pursuant to other provisions of this Section 8(b), no
further adjustment of the Warrant Exercise Price shall be made by reason of such issue or sale. 
 (iii) Change in Option
Price or Rate of Conversion. If the purchase, exchange or exercise price provided for in any Options, the additional consideration, if any, payable upon the issue, conversion, exchange or exercise of any Convertible Securities, or the rate at
which any Options or Convertible Securities are convertible into or exchangeable or exercisable for Common Stock changes at any time, the Warrant Exercise Price in effect at the time of such change shall be adjusted to the Warrant Exercise Price
that would have been in effect at such time had such Options or Convertible Securities provided for such changed purchase, exchange or exercise price, additional consideration or changed conversion rate, as the case may be, at the time initially
granted, issued or sold and the number of shares of Common Stock acquirable hereunder shall be correspondingly readjusted. For purposes of this Section 8(b)(iii), if the terms of any Option or Convertible Security that was outstanding as of the
date of issuance of this Warrant are changed in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed
to have been issued as of the date 

  

 -11- 

 
of such change. No adjustment shall be made if such adjustment would result in an increase of the Warrant Exercise Price then in effect. 
 (c) Effect on Warrant Exercise Price of Certain Events. For purposes of determining the adjusted Warrant Exercise Price under
Sections 8(a) and 8(b) above (which, for the avoidance of doubt, the Company expressly agrees shall mean, at least as of any date after the Warrant Date, for all purposes of this Section 8, including for purposes of determining whether the
Company has issued or sold, or shall be deemed to have issued or sold, any shares of Common Stock for a consideration per share less than a price equal to the Applicable Price), the following shall be applicable: 
 (i) Calculation of Consideration Received. In case any Options are issued in connection with the issue or sale of other securities
of the Company, together comprising one integrated transaction or series of related transactions, (A) the Options will be deemed to have been issued for a consideration equal to the greatest of (I) $0.01, (II) the specific aggregate
consideration, if any, allocated to such Options, and (III) the Black-Scholes Value (as defined below) of such Options (the greatest of (I), (II) and (III), the “Option Consideration”) and, for purposes of applying the provisions of
this Section 8, the Option Consideration shall be allocated pro rata among all the shares of Common Stock issuable upon exercise of such Options to determine the consideration per each such share of Common Stock and (B) the other
securities will be deemed to have been issued for an aggregate consideration equal to the aggregate consideration received by the Company for the Options and other securities (determined as provided below with respect to each share of Common Stock
represented thereby), less the Option Consideration. If any Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount
received by the Company therefor. If any Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration,
except where such consideration consists of marketable securities, in which case the amount of consideration received by the Company will be the Weighted Average Price of such securities on the date of receipt of such securities. If any Common
Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of
such portion of the net assets and business of the non-surviving entity as is attributable to such Common Stock, Options or Convertible Securities, as the case may be. The fair value of any consideration other than cash or securities will be
determined jointly by the Company and the holder of this Warrant. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value
of such consideration will be determined within five (5) Business Days after the tenth (10th) day following the Valuation Event by an independent, reputable appraiser jointly selected by the Company and the holder of this Warrant. The
determination of such appraiser shall be final and binding upon all parties absent error, and the fees and expenses of such appraiser shall be borne by the Company. 
 (ii) Record Date. If the Company takes a record of the holders of Common Stock for the purpose of entitling them (1) to
receive a dividend or other distribution payable in Common Stock, Options or in Convertible Securities or (2) to subscribe for or 

  

 -12- 

 
purchase Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale of the shares of Common
Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be. 
 (iii) Black-Scholes Value. The “Black-Scholes Value” of any Options shall mean the sum of the amounts resulting
from applying the Black-Scholes pricing model to each such Option, which calculation is made with the following inputs: (i) the “option striking price” being equal to the lowest exercise price possible under the terms of such
Option on the date of the issuance of such Option (the “Valuation Date”), (ii) the “interest rate” being equal to the Federal Reserve US H.15 T Note Treasury Constant Maturity 1 Year rate on the Valuation Date (as
reported by Bloomberg through its “ALLX H15T” function (accessed by typing “ALLX H15T” [GO] on a Bloomberg terminal, and inserting the date of the Valuation Date and then looking at the row entitled “Treas Const Mat 1
Year” under the column entitled “Previous Value”)), or if such rate is not available then such other similar rate as mutually agreed to by the Company and the holders of Notes and the Initial Warrants and Repurchase Warrants, if any,
representing at least two-thirds (2/3) of the aggregate number of shares of Common Stock obtainable upon conversion of the Notes (at the then prevailing Fixed Conversion Price) then outstanding and exercise of the Initial Warrants and the
Repurchase Warrants, if any (at the then prevailing exercise prices thereof), then outstanding, without regard to any limitations on conversion or exercise thereof, (iii) the “time until option expiration” being the time from the
Valuation Date until the expiration date of such Option, (iv) the “current stock price” being equal to the Weighted Average Price of the Common Stock on the Valuation Date, (v) the “volatility” being the 100-day
historical volatility of the Common Stock as of the Valuation Date (as reported by the Bloomberg “HVT” screen), and (vi) the “dividend rate” being equal to zero. Within three (3) Business Days after the Valuation Date,
each of the Company and the Holder shall deliver to the other a written calculation of its determination of the Black-Scholes Value of the Options. If the Holder and the Company are unable to agree upon the calculation of the Black-Scholes Value of
the Options within five (5) Business Days of the Valuation Date, then the Company shall submit via facsimile the disputed calculation to an investment banking firm (jointly selected by the Company and the holder of this Warrant) within seven
(7) Business Days of the Valuation Date. The Company shall cause such investment banking firm to perform the calculations and notify the Company and the Holder of the results no later than ten (10) Business Days after the Valuation Date.
Such investment banking firm’s calculation of the Black-Scholes Value of the Options shall be deemed conclusive absent error. The Company shall bear the fees and expenses of such investment banking firm for providing such calculation.

 (d) Adjustment of Warrant Exercise Price upon Subdivision or Combination of Common Stock. If the Company at any time
after the date of issuance of this Warrant subdivides (by any stock split, stock dividend, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Warrant Exercise Price in effect immediately prior
to such subdivision will be proportionately reduced and the number of shares of Common Stock obtainable upon exercise of this Warrant will be proportionately increased. If the Company at any time after the date of issuance of this Warrant combines
(by combination, reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Warrant Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of
shares of Common Stock obtainable upon exercise 

  

 -13- 

 
of this Warrant will be proportionately decreased. Any adjustment under this Section 8(d) shall become effective at the close of business on the date
the subdivision or combination becomes effective. 
 (e) Distribution of Assets. If the Company shall declare or make
any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common Stock, by way of return of capital or otherwise (including any distribution of cash, stock or other securities, property or options by way of a
dividend, spin off, reclassification, corporate rearrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case: 
 (i) the Warrant Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of
holders of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Warrant Exercise Price by a fraction of which (A) the numerator
shall be the Weighted Average Price of the Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of
Common Stock, and (B) the denominator shall be the Weighted Average Price of the Common Stock on the trading day immediately preceding such record date; and 
 (ii) either (A) the number of Warrant Shares obtainable upon exercise of this Warrant shall be increased to a number of shares equal
to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination of holders of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction
set forth in the immediately preceding clause (i), or (B) in the event that the Distribution is of common stock of a company whose common stock is traded on a national securities exchange or a national automated quotation system, then the
holder of this Warrant shall receive an additional warrant, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable for the amount of the assets that would have been payable to the holder of this
Warrant pursuant to the Distribution had the holder exercised this Warrant immediately prior to such record date and with an exercise price equal to the amount by which the exercise price of this Warrant was decreased with respect to the
Distribution pursuant to the terms of the immediately preceding clause (i). 
 (f) Certain Events. If any event occurs
of the type contemplated by the provisions of this Section 8 but not expressly provided for by such provisions (including the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the
Company’s Board of Directors will make an appropriate adjustment in the Warrant Exercise Price and the number of shares of Common Stock obtainable upon exercise of this Warrant so as to protect the rights of the holders of the Repurchase
Warrants; provided that no such adjustment will increase the Warrant Exercise Price or decrease the number of shares of Common Stock obtainable as otherwise determined pursuant to this Section 8. 
  

 -14- 

 (g) Notices. 
 (i) As soon as reasonably practicable, but in no event later than two (2) Business Days, upon any adjustment of the Warrant Exercise
Price, the Company will give written notice thereof to the holder of this Warrant, setting forth in reasonable detail, and certifying, the calculation of such adjustment; provided, however, that neither the timing of giving any such notice nor any
failure by the Company to give such a notice shall effect any such adjustment or the effective date thereof. 
 (ii) The
Company will give written notice to the holder of this Warrant at least ten (10) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock,
(B) with respect to any pro rata subscription offer to holders of Common Stock or (C) for determining rights to vote with respect to any Organic Change (as defined below), dissolution or liquidation, provided that such information shall be
made known to the public prior to or in conjunction with such notice being provided to such holder. 
 (iii) The Company will
also give written notice to the holder of this Warrant at least ten (10) days prior to the date on which any Organic Change, dissolution or liquidation will take place, provided that such information shall be made known to the public prior to
or in conjunction with such notice being provided to such holder. 
 Section 9. Purchase Rights; Reorganization, Reclassification,
Consolidation, Merger or Sale. (a) In addition to any adjustments pursuant to Section 8 above, if at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or
other property pro rata to the record holders of any class of its capital stock (the “Purchase Rights”), then the holder of this Warrant will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights that such holder could have acquired if such holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance or
sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 
 (b) Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s
assets to another Person or other transaction that is effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common
Stock is referred to herein as “Organic Change.” Prior to the consummation of any (i) sale of all or substantially all of the Company’s assets to an acquiring Person or (ii) other Organic Change following which the
Company is not a surviving entity, the Company will secure from the Person purchasing such assets or the successor resulting from such Organic Change (in each case, the “Acquiring Entity”) a written agreement (in form and substance
satisfactory to the holders of Repurchase Warrants representing at least two-thirds (2/3) of the shares of Common Stock obtainable upon exercise of the Repurchase Warrants then outstanding, without regard to any limitation on exercise thereof)
to deliver to each holder of Repurchase Warrants in exchange for each such Repurchase Warrant, a security of the Acquiring 

  

 -15- 

 
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant and satisfactory to the holders of such Repurchase
Warrant (including, an adjusted warrant exercise price equal to the value for the Common Stock reflected by the terms of such consolidation, merger or sale, and exercisable for a corresponding number of shares of Common Stock acquirable and
receivable upon exercise of such Repurchase Warrants (without regard to any limitations on exercises), if the value so reflected is less than the Warrant Exercise Price in effect immediately prior to such consolidation, merger or sale). Prior to the
consummation of any other Organic Change, the Company shall make appropriate provision (in form and substance satisfactory to the holders of such Repurchase Warrants representing at least two-thirds (2/3) of the shares of Common Stock
obtainable upon exercise of the Repurchase Warrants then outstanding, without regard to any limitation on exercise thereof) to ensure that each of the holders of the Repurchase Warrants will thereafter have the right to acquire and receive in lieu
of or in addition to (as the case may be) the shares of Common Stock immediately theretofore acquirable and receivable upon the exercise of such holder’s Repurchase Warrants (without regard to any limitations on exercises), such shares of
stock, securities or assets that would have been issued or payable in such Organic Change with respect to or in exchange for the number of shares of Common Stock that would have been acquirable and receivable upon the exercise of such holder’s
Warrant as of the date of such Organic Change (without taking into account any limitations or restrictions on the exerciseability of this Warrant). 
 Section 10. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on receipt of an indemnification undertaking in customary form (or in the case of a
mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed. 
 Section 11. Notice. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit
with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 
 If to the Company: 
 On or before
March 31, 2006: 
 CardioVascular BioTherapeutics, Inc. 
 7251 W. Lake Mead Blvd., Suite 300 
 Las Vegas, Nevada 89128 
 Facsimile:          (702) 617-5651 
 Attention:         Corporate Controller 
  

 -16- 

 After March 31, 2006: 
 CardioVascular BioTherapeutics, Inc. 
 1635
Village Center Circle, Suite 250 
 Las Vegas, Nevada 89134 
 Facsimile:          (702) 617-5651 
 Attention:
        Corporate Controller 
 With copy to: 
 Lord Bissell & Brook LLP 
 300 S.
Grand Ave. 8th Floor 
 Los Angeles, CA 90071 
 Facsimile:          (213) 485-1200

 Attention:         Ronald Warner, Esq. 
 If to a holder of this Warrant, to it at the address and facsimile number set forth on the Schedule of Buyers to the Securities Purchase Agreement, with copies to such
holder’s representatives as set forth on such Schedule of Buyers, or, in the case of the holder or any other Person named above, at such other address and/or facsimile number and/or to the attention of such other person as the recipient party
has specified by written notice to the other party at least five (5) Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a nationally
recognized overnight delivery service shall be rebuttable evidence of personal service, receipt by facsimile or deposit with a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above,
respectively. 
 Section 12. Limitation on Number of Warrant Shares. The Company shall not be obligated to issue any Warrant Shares
upon exercise of the Repurchase Warrants if the issuance of such shares of Common Stock would exceed that number of shares of Common Stock which the Company may issue upon exercise of the Repurchase Warrants, the Notes and the Initial Warrants (the
“Exchange Cap”) without breaching any obligations that the Company has under the rules or regulations of the Principal Market, if at the time of any determination, the Common Stock is listed on a national securities exchange or the
NASDAQ National Market (or successor thereto) or the NASDAQ Capital Market, except that such limitation shall not apply in the event that the Company (a) obtains Stockholder Approval or (b) obtains a written opinion from outside counsel to
the Company that such approval is not required, which opinion shall be reasonably satisfactory to the holders representing at least two-thirds (2/3) of the Warrant Shares then issuable upon exercise of outstanding Repurchase Warrants, at any
time, without regard to any limitation on exercise. Until such Stockholder Approval or written opinion is obtained, no holder of Repurchase Warrants shall be issued, upon exercise of the Repurchase Warrants, Warrant Shares in an amount greater than
the difference of (i) such holder’s Cap Allocation Amount (as defined in the Notes), minus (ii) the aggregate number of (x) Conversion Shares issued to such holder prior to such time upon conversion of any Notes and
(y) Warrant Shares 

  

 -17- 

 
issued to such holder prior to such time upon exercise of any Initial Warrants or Repurchase Warrants. In the event that any holder of Repurchase Warrants
shall sell or otherwise transfer any of such Repurchase Warrants, the transferee shall be allocated a pro rata portion of such holder’s Cap Allocation Amount. In the event that, after the Closing Date, any holder of the Repurchase Warrants
shall convert all of such holder’s Notes and exercise all of such holder’s Initial Warrants and Repurchase Warrants into a number of shares of Common Stock which, in the aggregate, is less than such holder’s Cap Allocation Amount,
then the difference between such holder’s Cap Allocation Amount and the number of Warrant Shares and Conversion Shares actually issued to such holder shall be allocated to the respective Cap Allocation Amounts of the remaining holders of
Initial Warrants, Repurchase Warrants and Notes on a pro rata basis in proportion to the Warrant Shares and Conversion Shares issuable upon exercise of the SPA Warrants and the Repurchase Warrants and conversion of the Notes (at the then prevailing
conversion price), then held by each such holder, without regard to any limitations on conversion or exercise. In the event that upon the delivery of an Exercise Notice the Company is prohibited from issuing Warrant Shares as a result of the
operation of this Section 12, the Company shall repurchase for cash, within five (5) Business Days, the portion of this Warrant with respect to which Warrant Shares cannot be issued as result of this Section 12, at a price per Warrant
Share equal to the difference between the Weighted Average Price of the Common Stock and the Warrant Exercise Price of such Warrant Shares as of the date of the attempted exercise. 
 Section 13. Date. The date of this Warrant is ________, 200_ (the “Warrant Date”). This Warrant, in all events, shall be
wholly void and of no effect after 11:59 P.M., New York Time, on the Expiration Date, except that notwithstanding any other provisions hereof, the provisions of Section 7 shall continue in full force and effect after such date as to any Warrant
Shares or other securities issued upon the exercise of this Warrant. 
 Section 14. Amendment and Waiver. Except as otherwise provided
herein, the provisions of the Repurchase Warrants may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the
holders of Repurchase Warrants representing at least two-thirds (2/3) of the shares of Common Stock obtainable upon exercise of the Repurchase Warrants then outstanding; provided that no such action may increase the Warrant Exercise Price of
any Repurchase Warrant or decrease the number of shares or change the class of stock obtainable upon exercise of any Repurchase Warrant without the written consent of the holder of such Repurchase Warrant. 
 Section 15. Descriptive Headings; Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. 
 Section 16. Rules of Construction. Unless the context otherwise requires, (a) all references to Articles, Sections, Schedules or Exhibits are
to Articles, Sections, Schedules or Exhibits contained in or attached to this Warrant, (b) each accounting term not otherwise defined 

  

 -18- 

 
in this Warrant has the meaning assigned to it in accordance with GAAP, (c) words in the singular or plural include the singular and plural and pronouns
stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter and (d) the use of the word “including” in this Warrant shall be by way of example rather than limitation. 
 * * * * * * 
  

 -19- 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed as of _______________, 200_.

  

			
	CARDIOVASCULAR BIOTHERAPEUTICS, INC.
		
	By:	 	  
	Name:	 	  
	Title:	 	  

  

 -20- 

 EXHIBIT A TO WARRANT 
 EXERCISE NOTICE 
 TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS
WARRANT 
 CARDIOVASCULAR BIOTHERAPEUTICS, INC. 
 The undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of CARDIOVASCULAR BIOTHERAPEUTICS, INC., a Delaware corporation (the
“Company”), evidenced by the attached Warrant (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 
 1. Form of Warrant Exercise Price. The holder intends that payment of the Warrant Exercise Price shall be made as: 
  

			
	 ____________
	  	a “Cash Exercise” with respect to ___________________ Warrant Shares; and/or
		
	 ____________
	  	a “Cashless Exercise” with respect to ______________ Warrant Shares (to the extent permitted by the terms of the Warrant).

 2. Payment of Warrant Exercise Price. In the event that the holder has elected a Cash Exercise
with respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant. 
 3. Delivery of Warrant Shares. The Company shall deliver __________ Warrant Shares in accordance with the terms of the Warrant in the following name and
to the following address: 
 Issue to:________________________________________________________________________________________ 
 Facsimile Number: _______________________________________________________________________________ 
 DTC Participant Number and Name (if electronic book entry transfer): ______________________________________ 
 Account Number (if electronic book entry transfer): _____________________________________________________ 
 Date: _______________ __, ______ 
  

			
	Name of Registered Holder
		
	By:	 	  
	Name:	 	
	Title:	 	

  

 -21- 

 ACKNOWLEDGMENT 
 The Company hereby acknowledges this Exercise Notice and hereby directs [TRANSFER AGENT] to issue the above indicated number of shares of Common Stock in
accordance with the Transfer Agent Instructions dated ________________, 200_ from the Company and acknowledged and agreed to by [TRANSFER AGENT]. 
  

			
	CARDIOVASCULAR BIOTHERAPEUTICS, INC.
		
	By:	 	  
	Name:	 	  
	Title:	 	  

  

 -22- 

 EXHIBIT B TO WARRANT 
 FORM OF WARRANT POWER 
 FOR VALUE RECEIVED, the undersigned does hereby assign and transfer to
________________, Federal Identification No. __________, a warrant to purchase ____________ shares of the capital stock of Cardiovascular Biotherapeutics, Inc., a Delaware corporation, represented by warrant certificate no. _____, standing in the
name of the undersigned on the books of said corporation. The undersigned does hereby irrevocably constitute and appoint ______________, attorney to transfer the warrants of said corporation, with full power of substitution in the premises.

 Dated: _________, 200_ 
  

			
	  
		
	Name:	 	  
	Title:	 	  

  

 -23-Form of Guaranty

 EXHIBIT 10.10 
 GUARANTY 
 THIS GUARANTY (this “Guaranty”) is made as of this
             day of     , 20    , by [NAME OF GUARANTOR] (each such entity, together with each other person or entity who
becomes a party to this Guaranty by execution of a joinder in the form of Exhibit A attached hereto, is referred to individually as a “Guarantor” and collectively as the “Guarantors”) in favor of Promethean
Asset Management L.L.C., on its own behalf and in its capacity as collateral agent (together with its successors and assigns in such capacity, the “Collateral Agent”) for the benefit of the entities identified on the Schedule of
Buyers attached to the Purchase Agreement defined below (together with their successors and assigns, the “Lenders”). 
 W
I T N E S S E T H: 
 WHEREAS, on March 20, 2006, Lenders made loans and certain other financial accommodations
(collectively, the “Loans”) to CardioVascular BioTherapeutics, Inc., a Delaware corporation (“Borrower”), as evidenced by those certain Convertible Senior Secured Notes, dated as of the date hereof, made by Borrower
payable to Lenders in the original aggregate principal amount of $20,000,000 (such notes, together with any promissory notes or other securities issued in exchange or substitution therefor or replacement thereof, and as any of the same may be
amended, restated, modified or supplemented and in effect from time to time, being herein referred to as the “Notes”). 
 WHEREAS, the Notes are being acquired by Lenders pursuant to a Securities Purchase Agreement with Borrower dated as of March 20, 2006 (as same may be amended, restated, modified or supplemented and in effect from time to time,
the “Purchase Agreement”). 
 WHEREAS, pursuant to a Security Agreement dated as of March 20, 2006 (as same may
be amended, restated, modified or supplemented and in effect from time to time, the “Security Agreement”) among Borrower, the other “Debtors” party thereto from time to time and Collateral Agent, such “Debtors”
have granted the Collateral Agent, for its benefit and the benefit of the Lenders, a first priority security interest in, lien upon and pledge of each of their rights in the Collateral (as defined in the Security Agreement). 
 WHEREAS, the Guarantors are direct or indirect subsidiaries of Borrower and, as such, will derive substantial benefit and advantage from the
Loans, and it will be to each Guarantor’s direct interest and economic benefit to assist the Borrower in procuring said Loans. 
 NOW, THEREFORE, for and in consideration of the premises and in order to induce Lenders to make the Loans, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Guarantor
hereby agrees as follows: 
 1. Definitions: Capitalized terms used herein without definition and defined in the Notes are used herein
as defined therein. In addition, as used herein: 
 “Bankruptcy Code” shall mean the Federal Bankruptcy
Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended and in effect from time to time thereunder. 

 “Obligations” shall mean (i) all obligations, liabilities and
indebtedness of every nature of the Borrower from time to time owed or owing to the Lenders and Collateral Agent under the Security Documents, the Purchase Agreement, the Notes, the Warrants, the Registration Rights Agreement and the other
Transaction Documents (as defined in the Purchase Agreement), including, without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest and all fees, indemnities, costs and expenses, whether primary,
secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable whether before or after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal, state, foreign
or other law and whether or not an allowed claim in any such proceeding, and (ii) all obligations, liabilities and indebtedness of every nature of the Guarantors from time to time owed or owing to the Lenders and Collateral Agent under or in
respect of this Guaranty, the Purchase Agreement, the Notes, the Warrants, the Registration Rights Agreement, the Security Documents and the other Transaction Documents, as the case may be, including, without limitation, the principal amount of all
debts, claims and indebtedness, accrued and unpaid interest and all fees, indemnities, costs and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable
whether before or after the filing of a bankruptcy, insolvency or similar proceeding under applicable federal, state, foreign or other law and whether or not an allowed claim in any such proceeding. 
 “Requisite Lenders” means Lenders having more than 50% of the sum of aggregate outstanding principal balance of the
Notes. 
 2. Guaranty of Payment. 
 (a) Each Guarantor, jointly and severally, hereby unconditionally and irrevocably guaranties the full and prompt payment and performance to Lenders and Collateral Agent, on behalf of itself and in its capacity as
agent for the benefit of Lenders, when due, upon demand, at maturity or by reason of acceleration or otherwise and at all times thereafter, of any and all of the Obligations. 
 (b) Each Guarantor acknowledges that valuable consideration supports this Guaranty, including, without limitation, the consideration set
forth in the recitals above, as well as any commitment to lend, extension of credit or other financial accommodation, whether heretofore or hereafter made by Lenders to the Borrower; any extension, renewal or replacement of any of the Obligations;
any forbearance with respect to any of the Obligations or otherwise; any cancellation of an existing guaranty; any purchase of any of the Borrower’s assets by any Lender or Collateral Agent; or any other valuable consideration. 
 (c) Each Guarantor agrees that all payments under this Guaranty shall be made in United States currency and in the same manner as provided
for the Obligations. 
 (d) Notwithstanding any provision of this Guaranty to the contrary, it is intended that this Guaranty,
and any interests, liens and security interests granted by Guarantors as security for this Guaranty, not constitute a “Fraudulent Conveyance” (as defined below) in the event that this Guaranty or such interest is subject to the Bankruptcy
Code or any applicable fraudulent conveyance or fraudulent transfer law or similar law of any state. Consequently, 

 
Guarantors, Collateral Agent and Lenders agree that if this Guaranty, or any such interests, liens or security interests securing this Guaranty, would, but
for the application of this sentence, constitute a Fraudulent Conveyance, this Guaranty and each such lien and security interest shall be valid and enforceable only to the maximum extent that would not cause this Guaranty or such interest, lien or
security interest to constitute a Fraudulent Conveyance, and this Guaranty shall automatically be deemed to have been amended accordingly at all relevant times. For purposes hereof, “Fraudulent Conveyance” means a fraudulent
conveyance under Section 548 of the Bankruptcy Code or a fraudulent conveyance or fraudulent transfer under the provisions of any applicable fraudulent conveyance or fraudulent transfer law or similar law of any state, as in effect from time to
time. 
 3. Costs and Expenses. 
 Each Guarantor, jointly and severally, agrees to pay on demand, all costs and expenses of every kind incurred by any Lender or Collateral Agent: (a) in enforcing this Guaranty, (b) in collecting any of the
Obligations from the Borrower or any Guarantor, (c) in realizing upon or protecting any collateral for this Guaranty or for payment of any of the Obligations, and (d) in connection with any amendment of, modification to, waiver or
forbearance granted under, or enforcement or administration of any Transaction Document or for any other purpose in connection with any Transaction Document to the extent Borrower or any Guarantor has an obligation to reimburse Collateral Agent or
any Lender for same pursuant to the terms thereof. “Costs and expenses” as used in the preceding sentence shall include, without limitation, reasonable attorneys’ fees incurred by any Lender or Collateral Agent in retaining
counsel for advice, suit, appeal, any insolvency or other proceedings under the Bankruptcy Code or otherwise, or for any purpose specified in the preceding sentence. 
 4. Nature of Guaranty: Continuing, Absolute and Unconditional. 
 (a) This Guaranty is
and is intended to be a continuing guaranty of payment of the Obligations, and not of collectibility, and is intended to be independent of and in addition to any other guaranty, indorsement, collateral or other agreement held by Lenders or
Collateral Agent therefor or with respect thereto, whether or not furnished by a Guarantor. None of Lenders and Collateral Agent shall be required to prosecute collection, enforcement or other remedies against Borrower, any other Guarantor or
guarantor of the Obligations or any other person or entity, or to enforce or resort to any of the Collateral or other rights or remedies pertaining thereto, before calling on a Guarantor for payment. The obligations of each Guarantor to repay the
Obligations hereunder shall be unconditional. Each Guarantor shall have no right of subrogation with respect to any payments made by any Guarantor hereunder until the termination of this Guaranty in accordance with Section 8 below, and hereby
waives any benefit of, and any right to participate in, any security or collateral given to Lenders to secure payment of the Obligations, and each Guarantor agrees that it will not take any action to enforce any obligations of the Borrower to any
Guarantor prior to the Obligations being finally and irrevocably paid in full in cash, provided that, in the event of the bankruptcy or insolvency of the Borrower, Collateral Agent, for the benefit of itself and Lenders, and Lenders shall be
entitled notwithstanding the foregoing, to file in the name of any Guarantor or in its own name a claim for any and all indebtedness owing to a Guarantor by the Borrower (exclusive of this Guaranty), vote such claim and to apply the proceeds of any
such claim to the Obligations. 

 (b) For the further security of Lenders and without in any way diminishing the liability
of the Guarantors, following the occurrence of an Event of Default or a Triggering Event, all debts and liabilities, present or future of the Borrower to the Guarantors and all monies received from the Borrower or for its account by the Guarantors
in respect thereof shall be received in trust for Lenders and Collateral Agent and forthwith upon receipt shall be paid over to Collateral Agent, for its benefit and in its capacity as collateral agent for the benefit of Lenders, until all of the
Obligations have been paid in full in cash. This assignment and postponement is independent of and severable from this Guaranty and shall remain in full effect whether or not any Guarantor is liable for any amount under this Guaranty. 
 (c) This Guaranty is absolute and unconditional and shall not be changed or affected by any representation, oral agreement, act or thing
whatsoever, except as herein provided. This Guaranty is intended by the Guarantors to be the final, complete and exclusive expression of the guaranty agreement between the Guarantors and Lenders. No modification or amendment of any provision of this
Guaranty shall be effective against any party hereto unless in writing and signed by a duly authorized officer of such party. 
 (d) Each Guarantor hereby releases the Borrower from all, and agrees not to assert or enforce (whether by or in a legal or equitable proceeding or otherwise) any “claims” (as defined in Section 101(5) of the Bankruptcy Code),
whether arising under any law, ordinance, rule, regulation, order, policy or other requirement of any domestic or foreign government or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or assets or
otherwise, to which the Guarantors are or would at any time be entitled by virtue of its obligations hereunder, any payment made pursuant hereto or the exercise by any Lender or Collateral Agent of its rights with respect to the Collateral,
including any such claims to which such Guarantors may be entitled as a result of any right of subrogation, exoneration or reimbursement. 
 5. Certain Rights and Obligations. 
 (a) Each Guarantor acknowledges and agrees that Lenders and Collateral
Agent, for its benefit and as collateral agent for the benefit of Lenders, may, without notice, demand or any reservation of rights against such Guarantor and without affecting such Guarantor’s obligations hereunder, from time to time:

 (i) renew, extend, increase, accelerate or otherwise change the time for payment of, the terms of or the interest on the
Obligations or any part thereof or grant other indulgences to the Borrower or others; 
 (ii) accept from any person or entity
and hold collateral for the payment of the Obligations or any part thereof, and modify, exchange, enforce or refrain from enforcing, or release, compromise, settle, waive, subordinate or surrender, with or without consideration, such collateral or
any part thereof; 
 (iii) accept and hold any indorsement or guaranty of payment of the Obligations or any part thereof, and
discharge, release or substitute any such obligation of any such indorser or guarantor, or discharge, release or compromise any Guarantor, or any other 

 
person or entity who has given any security interest in any collateral as security for the payment of the Obligations or any part thereof, or any other
person or entity in any way obligated to pay the Obligations or any part thereof, and enforce or refrain from enforcing, or compromise or modify, the terms of any obligation of any such indorser, guarantor, or person or entity; 
 (iv) dispose of any and all collateral securing the Obligations in any manner as the Collateral Agent, in its sole discretion (or upon the
instruction of the Requisite Lenders), may deem appropriate, and direct the order or manner of such disposition and the enforcement of any and all endorsements and guaranties relating to the Obligations or any part thereof as Collateral Agent in its
sole discretion (or upon the instruction of the Requisite Lenders) may determine; 
 (v) determine the manner, amount and time
of application of payments and credits, if any, to be made on all or any part of any component or components of the Obligations (whether principal, interest, fees, costs, and expenses, or otherwise), including, without limitation, the application of
payments received from any source to the payment of indebtedness other than the Obligations even though Lenders might lawfully have elected to apply such payments to the Obligations to amounts which are not covered by this Guaranty; and 

(vi) take advantage or refrain from taking advantage of any security or accept or make or refrain from accepting or making any
compositions or arrangements when and in such manner as Collateral Agent, in its sole discretion (or upon the instruction of the Requisite Lenders), may deem appropriate; 
 and generally do or refrain from doing any act or thing which might otherwise, at law or in equity, release the liability of such Guarantor as a guarantor or surety in whole or in part, and in no case shall Lenders or
Collateral Agent be responsible or shall any Guarantor be released either in whole or in part for any act or omission in connection with Lenders or Collateral Agent having sold any security at less than its value. 
 (b) Following the occurrence of an Event of Default or a Triggering Event, and upon demand by Collateral Agent (provided that the
Collateral Agent shall make such demand at the request of the Requisite Lenders), each Guarantor, jointly and severally, hereby agrees to pay the Obligations to the extent hereinafter provided: 
 (i) without deduction by reason of any setoff, defense (other than payment) or counterclaim of the Borrower or any other Guarantor;

 (ii) without requiring presentment, protest or notice of nonpayment or notice of default to any Guarantor, to the Borrower
or to any other person or entity; 
 (iii) without demand for payment or proof of such demand or filing of claims with a court
in the event of receivership, bankruptcy or reorganization of the Borrower or any other Guarantor; 
 (iv) without requiring
Lenders or Collateral Agent to resort first to the Borrower (this being a guaranty of payment and not of collection), to any other Guarantor, or to any other guaranty or any collateral which Lenders or Collateral Agent may hold; 

 (v) without requiring notice of acceptance hereof or assent hereto by any Lender or
Collateral Agent; and 
 (vi) without requiring notice that any of the Obligations has been incurred, extended or continued or
of the reliance by any Lender or Collateral Agent upon this Guaranty; 
 all of which each Guarantor hereby waives. 
 (c) Each Guarantor’s obligation hereunder shall not be affected by any of the following, all of which such Guarantor hereby waives:

 (i) any failure to perfect or continue the perfection of any security interest in or other lien on any collateral securing
payment of any of the Obligations or any Guarantor’s obligation hereunder; 
 (ii) the invalidity, unenforceability,
propriety of manner of enforcement of, or loss or change in priority of any document or any such security interest or other lien or guaranty of the Obligations; 
 (iii) any failure to protect, preserve or insure any such collateral; 
 (iv) failure of a Guarantor to receive notice of any intended disposition of such collateral; 
 (v) any defense arising by reason of the cessation from any cause whatsoever of liability of the Borrower including, without limitation,
any failure, negligence or omission by any Lender or Collateral Agent in enforcing its claims against the Borrower; 
 (vi)
any release, settlement or compromise of any obligation of the Borrower, any other Guarantor or any other guarantor of the Obligations; 
 (vii) the invalidity or unenforceability of any of the Obligations; 
 (viii) any change of
ownership of the Borrower, any other Guarantor or any other guarantor of the Obligations or the insolvency, bankruptcy or any other change in the legal status of the Borrower, any other Guarantor or any other guarantor of the Obligations;

 (ix) any change in, or the imposition of, any law, decree, regulation or other governmental act which does or might impair,
delay or in any way affect the validity, enforceability or the payment when due of the Obligations; 
 (x) the existence of
any claim, setoff or other rights which the Guarantor, Borrower, any other Guarantor or guarantor of the Obligations or any other person or entity may have at any time against any Lender, Collateral Agent or the Borrower in connection herewith or
any unrelated transaction; 

 (xi) any Lender’s or Collateral Agent’s election in any case instituted under
chapter 11 of the Bankruptcy Code, of the application of section 1111(b)(2) of the Bankruptcy Code; 
 (xii) any use of cash
collateral, or grant of a security interest by the Borrower, as debtor in possession, under sections 363 or 364 of the Bankruptcy Code; 
 (xiii) the disallowance of all or any portion of any of any Lender’s or Collateral Agent’s claims for repayment of the Obligations under sections 502 or 506 of the Bankruptcy Code; or 
 (xiv) any other fact or circumstance which might otherwise constitute grounds at law or equity for the discharge or release of a Guarantor
from its obligations hereunder, all whether or not such Guarantor shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (i) through (xiii) of this subsection 5(c). 
 6. Representations and Warranties. 
 Each Guarantor further represents and warrants to Lenders and Collateral Agent that: (a) such Guarantor is a corporation or other entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or formation, as applicable, and has full power, authority and legal right to own its property and assets and to transact the business in which it is engaged; (b) such Guarantor has full power, authority and
legal right to execute and deliver, and to perform its obligations under, this Guaranty, and has taken all necessary action to authorize the guarantee hereunder on the terms and conditions of this Guaranty and to authorize the execution, delivery
and performance of this Guaranty; (c) this Guaranty has been duly executed and delivered by such Guarantor and constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms,
except to the extent that such enforceability is subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance and moratorium laws and other laws of general application affecting enforcement of creditors’ rights generally,
or the availability of equitable remedies, which are subject to the discretion of the court before which an action may be brought; and (d) the execution, delivery and performance by each Guarantor of this Guaranty do not require any action by
or in respect of, or filing with, any governmental body, agency or official and do not violate, conflict with or cause a breach or a default under any provision of applicable law or regulation or of the organizational documents of any Guarantor or
of any agreement, judgment, injunction, order, decree or other instrument binding upon it. 
 7. Negative Covenants. 
 Each Guarantor covenants with Lenders and Collateral Agent that such Guarantor shall not grant any security interest in or permit any
lien, claim or encumbrance upon any of its assets in favor of any person or entity other than liens and security interests in favor of Lenders and Collateral Agent. 

 8. Termination. 
 This Guaranty shall remain in full force and effect until all of the Obligations shall be finally and irrevocably paid in full in cash and
any and all commitments to lend under the Purchase Agreement shall have terminated. Thereafter, but subject to the following, Collateral Agent, on its behalf and as agent for Lenders, shall take such action and execute such documents as the
Guarantors may request (and at the Guarantors’ cost and expense) in order to evidence the termination of this Guaranty. Payment of all of the Obligations from time to time shall not operate as a discontinuance of this Guaranty. Each Guarantor
further agrees that, to the extent that the Borrower makes a payment or payments to Lenders or Collateral Agent on the Obligations, or Lenders or Collateral Agent receive any proceeds of collateral securing the Obligations or any other payments with
respect to the Obligations, which payment or receipt of proceeds or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be returned or repaid to the Borrower, its estate, trustee,
receiver, debtor in possession or any other person or entity, including, without limitation, the Guarantors, under any insolvency or bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such payment, return or
repayment, the obligation or part thereof which has been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the date when such initial payment, reduction or satisfaction occurred, and this
Guaranty shall continue in full force notwithstanding any contrary action which may have been taken by any Lender or Collateral Agent in reliance upon such payment, and any such contrary action so taken shall be without prejudice to any
Lender’s or Collateral Agent’s rights under this Guaranty and shall be deemed to have been conditioned upon such payment having become final and irrevocable. 
 9. Guaranty of Performance. 
 Each Guarantor also guaranties the full, prompt and
unconditional performance of all obligations and agreements of every kind owed or hereafter to be owed by the Borrower to Lenders and Collateral Agent under the Purchase Agreement, Security Documents, the Warrants, the Registration Rights Agreement
and the Notes. Every provision for the benefit of Lenders and Collateral Agent contained in this Guaranty shall apply to the guaranty of performance given in this paragraph. 
 10. Assumption of Liens and Obligations. 
 To the extent that a Guarantor has received or shall hereafter receive distributions or transfers from the Borrower of property or cash that are subject, at the time of such contribution, to liens and security
interests in favor of Lenders in accordance with the Notes, the Security Agreement or any other Security Document, such Guarantor hereby expressly agrees that (i) it shall hold such assets subject to such liens and security interests, and
(ii) it shall be liable for the payment of the Obligations secured thereby. Each Guarantor’s obligations under this Section 10 shall be in addition to its obligations as set forth in other sections of this Guaranty and not in
substitution therefor or in lieu thereof. 
 11. Miscellaneous. 
 (a) The terms “Borrower” and “Guarantor” as used in this Guaranty shall include: (i) any successor individual or
individuals, association, partnership, limited liability 

 
company or corporation to which all or substantially all of the business or assets of the Borrower or such Guarantor shall have been transferred and
(ii) any other association, partnership, limited liability company, corporation or entity into or with which the Borrower or such Guarantor shall have been merged, consolidated, reorganized, or absorbed. 
 (b) Without limiting any other right of any Lender or Collateral Agent, whenever any Lender or Collateral Agent has the right to declare
any of the Obligations to be immediately due and payable (whether or not it has been so declared), Collateral Agent, on its behalf and in its capacity as agent for the benefit of Lenders, at its sole election without notice to the undersigned may
(and, at the request of the Requisite Lenders, the Collateral Agent shall) appropriate and set off against the Obligations: 
 (i) any and all indebtedness or other moneys due or to become due to any Guarantor by any Lender or Collateral Agent in any capacity; and 
 (ii) any credits or other property belonging to any Guarantor (including all account balances, whether provisional or final and whether or not collected or available) at any time held by or coming into the possession
of any Lender or Collateral Agent, or any affiliate of any Lender or Collateral Agent, whether for deposit or otherwise; 
 whether or not the
Obligations or the obligation to pay such moneys owed by any Lender or Collateral Agent is then due, and the applicable Lender or Collateral Agent shall be deemed to have exercised such right of set off immediately at the time of such election even
though any charge therefor is made or entered on such Lender’s or Collateral Agent’s records subsequent thereto. Collateral Agent agrees to notify such Guarantor in a reasonably practicable time of any such set-off; however, failure to so
notify such Guarantor shall not affect the validity of any set-off. 
 (c) Each Guarantor’s obligation hereunder is to
pay the Obligations in full in cash when due according to the Notes, the Security Documents and the other agreements, documents and instruments governing the Obligations to the extent provided herein, and shall not be affected by any stay or
extension of time for payment by the Borrower or any other Guarantor resulting from any proceeding under the Bankruptcy Code or any similar law. 
 (d) No course of dealing between the Borrower or any Guarantor and Lenders or Collateral Agent and no act, delay or omission by Lenders or Collateral Agent in exercising any right or remedy hereunder or with respect
to any of the Obligations shall operate as a waiver thereof or of any other right or remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right or remedy. Any Lender or
Collateral Agent may remedy any default by the Borrower under any agreement with the Borrower or with respect to any of the Obligations in any reasonable manner without waiving the default remedied and without waiving any other prior or subsequent
default by the Borrower. All rights and remedies of Lenders and Collateral Agent hereunder are cumulative. 
 (e) This
Guaranty shall inure to the benefit of each Lender and Collateral Agent, and each such entity’s successors and assigns. 

 (f) Collateral Agent may assign its rights hereunder without the consent of Guarantors,
in which event such assignee shall be deemed to be Collateral Agent hereunder with respect to such assigned rights. 
 (g)
Captions of the sections of this Guaranty are solely for the convenience of the parties hereto, and are not an aid in the interpretation of this Guaranty and do not constitute part of the agreement of the parties set forth herein. 
 (h) If any provision of this Guaranty is unenforceable in whole or in part for any reason, the remaining provisions shall continue to be
effective. 
 (i) Each Guarantor 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, 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 brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each Guarantor 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 to such party at the address for such 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 Parties
acknowledge that each of the Lenders has executed each of the Transaction Documents to be executed by it in the State of New York and will have made the payment of the Purchase Price (as defined in the Purchase Agreement) from its bank account
located in the State of New York. 
 (j) Notices. All notices, approvals, requests, demands and other communications
hereunder shall be delivered or made in the manner set forth in, and shall be effective in accordance with the terms of, the Purchase Agreement; provided, that any communication shall be effective as to any Guarantor if made or sent to the Borrower
in accordance with the foregoing. 
 12. WAIVERS. 
 (a) EACH GUARANTOR WAIVES THE BENEFIT OF ALL VALUATION, APPRAISAL AND EXEMPTION LAWS. 
 (b) UPON THE OCCURRENCE OF A DEFAULT OR EVENT OF DEFAULT OR TRIGGERING EVENT, EACH GUARANTOR HEREBY WAIVES ALL RIGHTS TO NOTICE
AND HEARING OF ANY KIND PRIOR TO THE EXERCISE BY ANY LENDER OR COLLATERAL AGENT, ON ITS BEHALF AND IN ITS CAPACITY AS AGENT FOR THE BENEFIT OF LENDERS, OF ITS RIGHTS TO REPOSSESS THE COLLATERAL WITHOUT JUDICIAL PROCESS OR TO REPLEVY, ATTACH OR LEVY
UPON THE COLLATERAL WITHOUT PRIOR NOTICE OR HEARING. EACH GUARANTOR ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY COUNSEL OF ITS CHOICE WITH RESPECT TO THIS TRANSACTION AND THIS GUARANTY. 

 (c) EACH GUARANTOR WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS GUARANTY, OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY LENDER OR COLLATERAL AGENT. EACH GUARANTOR AGREES THAT ANY SUCH
CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, EACH GUARANTOR FURTHER AGREES THAT ITS RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS GUARANTY OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS GUARANTY.

 13. Counterparts; Headings. This Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party; provided that a facsimile signature shall be considered due execution and shall be binding upon the
signatory thereto with the same force and effect as if the signature were an original, not a facsimile signature. The headings in this Agreement are for convenience of reference only and shall not alter or otherwise affect the meaning hereof.

 [rest of page intentionally left blank; signature page follows] 

 IN WITNESS WHEREOF, Guarantors have executed this Guaranty as of the date first written above.

  

			
	[GUARANTOR NAME]
		
	By:	 	  
	Name:	 	
	Title:	 	

 EXHIBIT A 
 Form of Joinder 
 Joinder to Subsidiary Guaranty 
 The undersigned, [                    ] a
[                    ], hereby joins in the execution of that certain Guaranty dated as of
                     , 20     (the “Guaranty”), by [GUARANTOR NAME], and each other person
or entity that becomes a Guarantor thereunder after the date and pursuant to the terms thereof, to and in favor of Promethean Asset Management L.L.C., as collateral agent By executing this Joinder, the undersigned hereby agrees that it is a
Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor. The undersigned agrees to be bound by all of the terms and provisions of the Guaranty and represents and warrants that the representations and
warranties set forth in Section 6 of the Guaranty are, with respect to the undersigned, true and correct as of the date hereof. Each reference to a Guarantor in the Guaranty shall be deemed to include the undersigned. 
 In Witness Whereof, the undersigned has executed this Joinder this              day of
                    , 20    .

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