Document:

Mickael A. Flaa Warrant

 EXHIBIT 4.3 
 THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS. SUCH WARRANT AND OTHER SECURITIES MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN
A TRANSACTION WHICH IN THE OPINION OF SECURITIES COUNSEL REASONABLY SATISFACTORY TO THE COMPANY IS EXEMPT FROM REGISTRATION UNDER APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT THEREUNDER. 

COMMON STOCK PURCHASE WARRANT 
 For the
Purchase of 250,000 Shares of Common Stock, 
 $.001 Par Value 
 of 
 CARDIOVASCULAR BIOTHERAPEUTICS, INC. 
 (A Delaware Corporation) 
 THIS CERTIFIES THAT, for $.001 per warrant and other
valuable consideration received, Mickael A. Flaa, as registered owner of this Warrant, is entitled to at any time or from time to time before 5:00 P.M., PDT, on the Expiration Date, but not thereafter, to subscribe for, purchase and receive Two
Hundred Fifty Thousand (250,000) shares of fully paid an nonassessable shares of the common stock, $.001 par value (the “Common Stock”), of CardioVascular BioTherapeutics, Inc., a Delaware corporation (the “Company”). As
used herein, the term “Expiration Date” shall mean the date that is Ten (10) years following the Effective Date; and the term “Effective Date” means the date hereof. The exercise price for such number of shares shall be Ten
Dollars ($10.00) per share. The number of shares of the Common Stock to be received upon the exercise of this Warrant and the price to be paid for a share of Common Stock may be adjusted from time to time as hereinafter set forth. The shares of
Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Stock” and the exercise price of a share of Common Stock in effect at any time and as adjusted from time to
time is hereinafter referred to as the “Exercise Price.” In addition, under certain circumstances as set forth herein, the Holder shall have the right to require the Company to register the Warrant Stock. 
 1. Exercise of Warrant. This Warrant may be exercised in whole or in part at any time or times during the period commencing on the date that is
one (1) year after the Effective Date and ending on the Expiration Date. This Warrant may be exercised by presentation and surrender of this Warrant and payment by cashier’s check of the Exercise Price for such shares of Common Stock to
the Company at the principal office of the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 P.M., PDT, on the Expiration Date, this Warrant shall without any action on the part of the Company being
required, become and be void without further force or effect, and all rights represented hereby shall cease and expire. This Warrant may be exercised in accordance with its terms in whole or in part (payment of a portion of the Exercise Price shall
proportionately reduce the number of shares to be issued to the Holder). In the event of the exercise of this Warrant in part only, the Company shall cause to be delivered to the Holder a new Warrant of like tenor to this Warrant in the name of the
Holder evidencing the right of the Holder to purchase the number of shares of the Common Stock purchasable hereunder as to which this Warrant has not been exercised. 
 2. Right of Repurchase. The Warrant contains no express or mandatory repurchase right. 
 3. Rights
of the Holder. The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable
against the Company except to the extent set forth herein. 
  

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 4. Anti-Dilution Provisions. 
 (a) Adjustments. In case (i) the outstanding shares of the Common Stock shall be subdivided into a greater number of shares,
(ii) a dividend in Common Stock shall be paid in respect of Common Stock, or (iii) the outstanding shares of Common Stock shall be combined into a smaller number of shares thereof, the Exercise Price per share in effect immediately prior
to such subdivision or combination or at the record date of such dividend or distribution shall simultaneously with the effectiveness of such subdivision or combination or immediately after the record date of such dividend or distribution be
proportionately adjusted to equal the product obtained by multiplying the Exercise Price by a fraction, the numerator of which is the number of outstanding shares of Common Stock prior to such combination, subdivision or dividend, and the
denominator of which is that number of outstanding shares of Common Stock after giving effect to such combination, subdivision or dividend. Any dividend paid or distributed on the Common Stock in stock or any other securities convertible into shares
of Common Stock shall be treated as a dividend paid in Common Stock to the extent that shares of Common Stock are issuable upon the conversion thereof. 
 Whenever the Exercise Price per share is adjusted as provided in the immediately preceding paragraph, the number of shares of the Warrant Stock purchasable upon exercise of the Warrant immediately prior to such
Exercise Price adjustment shall be adjusted, effective simultaneously with such Exercise Price adjustment, to equal the product obtained (calculated to the nearest full share) by multiplying such number of shares of the Warrant Stock by a fraction,
the numerator of which is the Exercise Price per share in effect immediately prior to such Exercise Price adjustment and the denominator of which is the Exercise Price per share in effect upon such Exercise Price adjustment, which adjusted number of
shares of the Warrant Stock shall thereupon be the number of shares of the Warrant Stock purchasable upon exercise of the Warrant until further adjusted as provided herein. 
 (b) No Adjustment for Small Amounts. Anything in this Section 4 to the contrary notwithstanding, the Company shall not be
required to give effect to any adjustment in the Exercise Price unless and until the net effect of one or more adjustments, determined as above provided, shall have required a change of the Exercise Price by at least ten cents, but when the
cumulative net effect of more than one adjustment so determined shall be to change the actual Exercise Price by at least ten cents, such change in the Exercise Price shall thereupon be given effect. 
 (c) Common Stock Defined. Whenever reference is made in this Section 4 to the issue or sale of shares of Common Stock, the
term “Common Stock” shall mean the Common Stock of the Company of the class authorized as of the date hereof and any other class of stock ranking on a parity with such Common Stock. However, shares issuable upon exercise hereof shall
include only shares of the class designated as Common Stock of the Company as of the date hereof. 
 5. Registration Rights with Respect
to this Warrant and Underlying Shares. 
 (a) Piggyback Registration Rights. In the event the Company proposes to
file a registration statement under the Securities Act of 1933 (“Securities Act” or “Act”) which relates to a current offering of securities of the Company (except in connection with an offering on Form S-8 or S-4 or any other
inappropriate form), such registration statement (and the prospectus included therein) shall also, at the written request to the Company by the Holder, relate to and meet the requirements of the Act with respect to any public offering of this
Warrant and Warrant Stock so as to permit the public sale of this Warrant and Warrant Stock. The Company shall give written notice to the Holder of its intention to file a registration statement under the Act relating to a current offering of
securities in the Company not less than thirty (30) days prior to the filing of such registration statement. The written request by Holder to include this Warrant and Warrant Stock held by such Holder shall be given to the Company not less than
twenty (20) days prior to the date specified in the notice(s) as the date on which it is intended to file such registration statement. Neither the delivery of such notice by the Company nor of such request by Holder shall obligate the Company
to file such registration statement and notwithstanding the filing of such registration statement, the Company may, at any time prior to the effective day thereof; determine to withdraw such registration statement and not offer the securities
intended to be offered by the Company to which the registration statement relate, without liability to the Holder on account thereof. 
  

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 (b) General. In each instance in which the Company shall take any action to permit
a public offering or sale or other distribution of this Warrant and Warrant Stock pursuant to a registration statement to be filed under subpart (a) above, the Company shall: 
 (i) Supply to Holder a reasonable number of copies of the preliminary, final and other prospectuses in conformity with requirements of the
Act and the rules and regulations promulgated thereunder and such other documents the Holder as shall reasonably request. 
 (ii) Use its best efforts to cause this Warrant and Warrant Stock to be registered, qualified or exempted under the securities laws of such reasonable number and selection of states selected by the Holder and do any and all other acts and
things which may be necessary or advisable to enable Holder to consummate the proposed sale or other disposition of this Warrant and Warrant Stock in such states; provided, however, that in no event shall the Company be obligated, in connection
therewith, to qualify to do business or to file a general consent to service of process in any jurisdiction where it shall not then be qualified. 
 (iii) Pay all costs of the Registration Statement and public offering exclusive of brokers or sales commissions on the sale of this Warrant and Warrant Stock; and any legal fees incurred by the Holder in connection
with the registration statement or public offering. 
 (iv) Indemnify and hold harmless Holder and each underwriter, within
the meaning of the Act, who may purchase from or sell for Holder, any Warrant or Warrant Stock, from and against any and all losses, claims, damages, and liabilities (including, but not limited to, any and all expenses whatsoever reasonably incurred
in investigating, preparing, defending or settling any claim) arising from any untrue or alleged untrue statement of a material fact contained in any registration statement furnished pursuant to Section 5, or any prospectus contained therein or
delivered thereunder, or from any omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, unless such untrue
statement or omission based upon information furnished or required to be furnished in writing to the Company by Holder or underwriter in writing expressly for use therein, which indemnification shall include each person, if any, who controls the
Holder or underwriter within the meaning of the Act; provided, however, that the Company shall not be so obligated to indemnify the Holder or underwriter or controlling person unless such Holder and underwriter shall at the same time indemnify the
Company, its directors, each officer signing any registration statement or any amendment to any registration statement and each person, if any, who controls the Company within the meaning of the Act, from and against any and all losses, claims,
damages and liabilities (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing, defending or settling any claim) arising from (a) any untrue or alleged untrue statement of a material fact
contained in any registration statement or any amendment to any registration or prospectus furnished pursuant to this Section 5, or (b) any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but the indemnity of the Holder, underwriter or controlling person shall be limited to liability based upon information furnished in
writing to the Company by the Holder or underwriter or controlling person expressly for use therein. The indemnity agreement of the Company herein shall not inure to the benefit of any such underwriter (or to the benefit of any person who controls
such underwriter) on account of any losses, claims, damages, liabilities (or actions or proceedings in respect thereof) arising from the sale of this Warrant or any Warrant Stock by such underwriter to any person if such underwriter failed to send
or give a copy of the prospectus furnished pursuant to this Section 5, as the same may then be supplemented or amended (if such supplement or amendment shall have been furnished pursuant to this Section 5, to such person with or prior to
the written confirmation of the sale involved. 
 (c) Additional Terms and Conditions. Notwithstanding any other
provision of this Section 5: 
 (i) The Company shall be obligated under subpart (a) to offer piggyback registration
two times only. 
 (ii) If, in the case of a public offering of the Company’s securities proposed to be made by the
Company or through a firm of underwriters, the Company shall certify in a writing addressed to the Holder that in their opinion a registration of the Warrant and Warrant Stock would adversely affect the offering, then 

  

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the Company may elect to suspend its obligations under subpart (a) until such as, in the opinion of the managing underwriters, the offering would not be
adversely affected by the registration of the Warrant and Warrant Stock. In the event of such a suspension, the Company shall remain obligated to offer the registration rights under subpart (a) on the occasion of its next public offering.

 (iii) The registration rights under this Section 5 shall expire at 5:00 P.M., PDT, on the Expiration Date, except as
otherwise provided in Section 5(c)(ii). 
 6. Transfer to Comply with the Securities Act of 1933. 
 (a) Unless registered for resale under the Securities Act, this Warrant may not be sold or assigned, and the Warrant Stock or any other
security issued or issuable upon exercise of this Warrant may not be sold, transferred or otherwise disposed of except to a person who, in the opinion of counsel for the Company, is a person to whom such Warrant or Warrant Stock may legally be
transferred without registration and without the delivery of a current prospectus under the Securities Act with respect thereto and then only against receipt of an agreement of such person to comply with the provisions of this Section 6 with
respect to any resale or other disposition of such securities. 
 (b) The Company may cause the following legend to be set
forth on each certificate representing Warrant Stock or any other security issued or issuable upon exercise of this Warrant not theretofore distributed to the public or sold to underwriters for distribution to the public pursuant to Section 5
hereof, unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary: 
 “The securities
represented by this certificate may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement made under the Securities Act of 1933 (the “Act”), or pursuant to an exemption from
registration under the Act, the availability of which is to be established to the satisfaction of the Company.” 
 IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed by it’s duly authorized officer on this 3rd day of April 2006. 
  

									
	ACKNOWLEDGED AND ACCEPTED	 		 	CARDIOVASCULAR BIOTHERAPUETICS, INC.
					
	By	 	/s/ MICKAEL A. FLAA	 		 	By	 	/s/ DANIEL C. MONTANO
		 	Mickael A. Flaa	 		 		 	Daniel C. Montano
		 		 		 		 	Chief Executive Officer

  

 4First Dunbar Securities Corporation Warrant

 EXHIBIT 4.4 
 THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THE TRANSFER OF THIS WARRANT IS 
 RESTRICTED AS
DESCRIBED HEREIN. 
 CARDIOVASCULAR BIOTHERAPEUTICS, INC. 
 Warrant for the Purchase of Shares of Common Stock, 
 par value $.001 per Share 
  

			
	No. 1	 	40,000 Shares

 THIS CERTIFIES that, for receipt in hand of $40.00 ($0.001 per share of underlying Common Stock)
and other value received, FIRST DUNBAR SECURITIES CORP. (the “Holder”), is entitled to subscribe for and purchase from CARDIOVASCULAR THERAPEUTICS, INC., a Delaware corporation (the “Company’), upon the terms and conditions set
forth herein, at any time or from time to time after August 11, 2005, and before 5:00 P.M. on February 11, 2010, New York time (the “Exercise Period”), 40,000 shares of the Company’s Common Stock, par value $.001 per share
(“Common Stock”), at a price of $12.50 per share (the “Exercise Price”). This Warrant is the warrant or one of the warrants (collectively, including any warrants issued upon the exercise or transfer of any such warrants in whole
or in part, the “Warrants”) issued pursuant to the Underwriting Agreement, dated February 11, 2005, between First Dunbar Securities Corp., as representative of the several Underwriters named therein, and the Company. As used herein,
the term “this Warrant” shall mean and include this Warrant and any Warrant or Warrants hereafter issued as a consequence of the exercise or transfer of this Warrant in whole or in part. This Warrant may not be sold, transferred, assigned
or hypothecated until August 11, 2005, except that it may be transferred, in whole or in part, to (i) one or more officers, members or employees of the Holder (or the officers, members or employees of any such member); (ii) any other
underwriting firm or member of the selling group which participated in the public offering of Common Stock (the “Offering”) which commenced on February 11, 2005 (or the officers, members or employees of any such firm); (iii) a
successor to the Holder, or the officers, members or employees of such successor; (iv) a purchaser of substantially all of the assets of the Holder; or (v) by operation of law; and the term the “Holder” as used herein shall
include any transferee to whom this Warrant has been transferred in accordance with the above. 
 The number of shares of Common Stock
issuable upon exercise of the Warrants (the “Warrant Shares”) and the Exercise Price may be adjusted from time to time as hereinafter set forth. 
 1. This Warrant may be exercised during the Exercise Period, as to the whole or any lesser number of whole Warrant Shares, by the surrender of this Warrant (with the election form at the end hereof duly executed) to
the Company at its office at 50 Congress Street, Boston, MA 02109, or at such other place as is designated in writing by the Company, together with a certified or bank cashier’s check payable to the order of the Company in an amount equal to
the Exercise Price multiplied by the number of Warrant Shares for which this Warrant is being exercised (the “Stock Purchase Price”). 
 2. (a) In lieu of the payment of the Stock Purchase Price, the Holder shall have the right (but not the obligation), to require the Company to convert this Warrant, in whole or in part, into shares of Common Stock (the “Conversion
Right”) as provided for in this Section 2. Upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Stock Purchase Price) that number of shares of Common Stock (the
“Conversion Shares”) equal to the quotient obtained by dividing (x) the value of this Warrant (or portion thereof as to which the Conversion Right is being exercised if the Conversion Right 

  

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is being exercised in part) at the time the Conversion Right is exercised (determined by subtracting the aggregate Stock Purchase Price of the shares of
Common Stock as to which the Conversion Right is being exercised in effect immediately prior to the exercise of the Conversion Right from the aggregate Current Market Price (as defined in Section 6(c) hereof) of the shares of Common Stock as to
which the Conversion Right is being exercised immediately prior to the exercise of the Conversion Right) by (y) the Current Market Price of one share of Common Stock immediately prior to the exercise of the Conversion Right. 
 (b) The Conversion Rights provided under this Section 2 may be exercised, in whole or in part, at any time and from time to time,
while any Warrants remain outstanding. In order to exercise the Conversion Right, the Holder shall surrender to the Company, at its offices, this Warrant with the Cashless Exercise Form at the end hereof duly executed. The presentation and surrender
shall be deemed a waiver of the Holder’s obligation to pay all or any portion of the aggregate purchase price payable for the shares of Common Stock as to which such Conversion Right is being exercised. This Warrant (or so much thereof as shall
have been surrendered for conversion) shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such Warrant for conversion in accordance with the foregoing provisions. 
 3. Upon each exercise of the Holder’s rights to purchase Warrant Shares or Conversion Shares, the Holder shall be deemed to be the holder of record
of the Warrant Shares or Conversion Shares issuable upon such exercise or conversion, notwithstanding that the transfer books of the Company shall then be closed or certificates representing such Warrant Shares or Conversion Shares shall not then
have been actually delivered to the Holder. As soon as practicable after each such exercise or conversion of this Warrant, the Company shall issue and deliver to the Holder a certificate or certificates for the Warrant Shares or Conversion Shares
issuable upon such exercise or conversion, registered in the name of the Holder or its designee. If this Warrant should be exercised or converted in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a
new Warrant evidencing the right of the Holder to purchase the balance of the Warrant Shares (or portions thereof) subject to purchase hereunder. 
 4. Any Warrants issued upon the transfer or exercise or conversion in part of this Warrant shall be numbered and shall be registered in a Warrant Register as they are issued. The Company shall be entitled to treat the registered holder of
any Warrant on the Warrant Register as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in such Warrant on the part of any other person, and shall not be liable for any
registration or transfer of Warrants which are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with the actual knowledge that a fiduciary or nominee is committing a breach of trust in requesting
such registration or transfer, or with the knowledge of such facts that its participation therein amounts to bad faith. This Warrant shall be transferable only on the books of the Company upon delivery thereof duly endorsed by the Holder or by his
duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment, or authority to transfer. In all cases of transfer by an attorney, executor, administrator, guardian, or other legal representative, duly
authenticated evidence of his or its authority shall be produced. Upon any registration of transfer, the Company shall deliver a new Warrant or Warrants to the person entitled thereto. This Warrant may be exchanged, at the option of the Holder
thereof, for another Warrant, or other Warrants of different denominations, of like tenor and representing in the aggregate the right to purchase a like number of Warrant Shares (or portions thereof), upon surrender to the Company or its duly
authorized agent. Notwithstanding the foregoing, the Company shall have no obligation to cause Warrants to be transferred on its books to any person if, in the opinion of counsel to the Company, such transfer does not comply with the provisions of
the Securities Act of 1933, as amended (the “Act”), and the rules and regulations thereunder. 
 5. The Company shall at all time
reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of providing for the exercise of the rights to purchase all Warrant Shares and/or Conversion Shares granted pursuant to the Warrants, such number of
shares of Common Stock as shall, from time to time, be sufficient therefor. The Company covenants that all shares of Common Stock issuable upon exercise of this Warrant, upon receipt by the Company of the full Exercise Price therefor, and all shares
of Common Stock issuable upon conversion of this Warrant, shall be validly issued, fully paid and nonassessable, without any personal liability attaching to the ownership thereof, and will not be issued in violation of any preemptive rights of
stockholders, optionholders, warrantholders and any other persons and the Holders will receive good title to the securities purchased by them, respectively, free and clear of all liens, security interests, pledges, charges, encumbrances,
stockholders’ agreements and voting trusts which might be created by acts or omissions to act of the Company. 
  

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 6. (a) In case the Company shall at any time after the date the Warrants were first issued
(i) declare a dividend on the outstanding Common Stock payable in shares of its capital stock, (ii) subdivide the outstanding Common Stock into a greater number of shares, (iii) combine the outstanding Common Stock into a smaller
number of shares, or (iv) issue any shares of its capital stock by reclassification of the Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then,
in each case, the Exercise Price, and the number and kind of securities issuable upon exercise or conversion of this Warrant, in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or
reclassification, shall be proportionately adjusted so that the Holder after such time shall be entitled to receive the aggregate number and kind of shares which, if such Warrant had been exercised or converted immediately prior to such time, the
Holder would have owned upon such exercise or conversion and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event listed above shall occur.

 (b) In case the Company shall distribute to all holders of Common Stock (including any such distribution made to the
stockholders of the Company in connection with a consolidation or merger in which the Company is the continuing corporation), evidences of its indebtedness, cash (other than any cash dividend which, together with any cash dividends paid within the
12 months prior to the record date for such distribution, does not (on a per share basis) exceed 5% of the Current Market Price per share of Common Stock at the record date for such distribution) or assets (other than distributions and dividends
payable in shares of Common Stock), or rights, options, or warrants to subscribe for or purchase Common Stock), or securities convertible into or exchangeable for shares of Common Stock, then, in each case, the Exercise Price shall be adjusted by
multiplying the Exercise Price in effect immediately prior to the record date for the determination of stockholders entitled to receive such distribution by a fraction, the numerator of which shall be the Current Market Price per share of Common
Stock on such record date, less the fair market value (as determined in good faith by the board of directors of the Company, whose determination shall be conclusive absent manifest error) of the portion of the evidences of indebtedness or assets so
to be distributed, or of such rights, options, or warrants or convertible or exchangeable securities, or the amount of such cash, applicable to one share, and the denominator of which shall be such Current Market Price per share of Common Stock.
Such adjustment shall be made successively whenever any such distribution is made, and shall become effective on the record date for the determination of stockholders entitled to receive such distribution. 
 (c) For the purpose of any computation under this Section 6, the term “Current Market Price” per share of Common Stock on
any date shall be deemed to be the average of the daily closing prices for the 30 consecutive trading days immediately preceding the date in question. The closing price for each day shall be the last reported sales price regular way or, in case no
such reported sale takes place on such day, the closing bid price regular way, in either case on the principal national securities exchange (including, for purposes hereof, the National Market System of The Nasdaq Stock Market, Inc.) on which the
Common Stock is listed or admitted to trading or, if the Common Stock is not listed or admitted to trading on any national securities exchange, the highest reported bid price for the Common Stock as furnished by the National Association of
Securities Dealers, Inc. through Nasdaq or a similar organization if Nasdaq is no longer reporting such information. If on any such date the Common Stock is not listed or admitted to trading on any national securities exchange and is not quoted by
Nasdaq or any similar organization, the fair value of a share of Common Stock on such date, as determined in good faith by the board of directors of the Company, whose determination shall be conclusive absent manifest error, shall be used.

 (d) No adjustment in the Exercise Price shall be required if such adjustment is less than $.05; provided, however, that any
adjustments which by reason of this Section 6(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 6 shall be made to the nearest cent or to the
nearest one-thousandth of a share, as the case may be. 
 (e) In any case in which this Section 6 shall require that an
adjustment in the Exercise Price be made effective as of a record date for a specified event, the Company may elect to defer, until the occurrence of such event, issuing to the Holder, if the Holder exercised or converted this Warrant after such
record date, the shares of Common Stock, if any, issuable upon such exercise or conversion over and above the shares of Common Stock, if any, issuable upon such exercise or conversion on the basis of the Exercise Price in effect prior to such
adjustment; 

  

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provided, however, that the Company shall deliver to the Holder a due bill or other appropriate instrument evidencing the Holder’s right to receive such
additional shares upon the occurrence of the event requiring such adjustment. 
 (f) Upon each adjustment of the Exercise
Price as a result of the calculations made in Section 6(a) or 6(b) hereof, this Warrant shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of shares (calculated to the nearest thousandth) obtained by
dividing (i) the product obtained in multiplying the number of shares purchasable upon exercise of this Warrant prior to adjustment of the number of shares by the Exercise Price in effect prior to adjustment of the Exercise Price, by
(ii) the Exercise Price in effect after such adjustment of the Exercise Price. 
 (g) Whenever there shall be an
adjustment as provided in this Section 6, the Company shall promptly cause written notice thereof to be sent by registered mail, postage prepaid, to the Holder, at its address as it shall appear in the Warrant Register, which notice shall be
accompanied by an officer’s certificate setting forth the number of Warrant Shares purchasable upon the exercise of this Warrant and the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such
adjustment and the computation thereof, which officer’s certificate shall be conclusive evidence of the correctedness of any such adjustment absent manifest error. 
 (h) The Company shall not be required to issue fractions of shares of Common Stock or other capital stock of the Company upon the exercise
or conversion of this Warrant. If any fraction of a share would be issuable on the exercise or conversion of this Warrant (or specified portions thereof) but for the preceding sentence, the Company shall purchase such fraction for an amount in cash
equal to the same fraction of the Current Market Price of such share of Common Stock on the date of exercise or conversion of this Warrant. 
 7. (a) In case of any consolidation with or merger of the Company with or into another corporation (other than a merger or consolidation in which the Company is the surviving or continuing corporation), or in case of any sale, lease or
conveyance to another corporation of the property and assets of any nature of the Company as an entirety or substantially as an entirety, such successor, leasing or purchasing corporation, as the case may be, shall (i) execute with the Holder
an agreement providing that the Holder shall have the right thereafter to receive upon exercise or conversion of this Warrant solely the kind and amount of shares of stock and other securities, property, cash, or any combination thereof receivable
upon such consolidation, merger, sale, lease, or conveyance by a holder of the number of shares of Common Stock for which this Warrant would have been exercisable or into which this Warrant could have been converted immediately prior to such
consolidation, merger, sale, lease or conveyance, and (ii) make effective provision in its certificate of incorporation or otherwise, if necessary, to effect such agreement. Such agreement shall provide for adjustments which shall be as nearly
equivalent as practicable to the adjustments in Section 6 hereof. 
 (b) In case of any reclassification or change of the
shares of Common Stock issuable upon exercise or conversion of this Warrant (other than a change in par value or from a specified par value to no par value, or as a result of a subdivision or combination, but including any change in the shares into
two or more classes or series of shares), or in case of any consolidation or merger of another corporation into the Company in which the Company is the continuing corporation and in which there is a reclassification or change (including a change to
the right to receive cash or other property) of the shares of Common Stock (other than a change in par value, or from a specified par value to no par value, or as a result of a subdivision or combination, but including any change in the shares into
two or more classes or series of shares), the Holder shall have the right thereafter to receive upon exercise or conversion of this Warrant solely the kind and amount of shares of stock and other securities, property, cash, or any combination
thereof receivable upon such reclassification, change, consolidation, or merger by a holder of the number of shares of Common Stock for which this Warrant would have been exercisable or into which this Warrant could have been converted immediately
prior to such reclassification, change, consolidation or merger. Thereafter, appropriate provision shall be made for adjustments which shall be as nearly equivalent as practicable to the adjustments in Section 6. 
 (c) The above provisions of this Section 7 shall similarly apply to successive reclassifications and changes of shares of Common
Stock and to successive consolidations, mergers, sales, leases or conveyances. 
  

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 8. In case at any time the Company shall propose (i) to pay any dividend or make any distribution on
shares of Common Stock in shares of Common Stock or make any other distribution (other than regularly scheduled cash dividends which are not in a greater amount per share than the most recent such dividend) to all holders of Common Stock; or
(ii) to issue any rights, warrants or other securities to all holders of Common Stock entitling them to purchase any additional shares of Common Stock or any other rights, warrants or other securities; or (iii) to effect any
reclassification or change of outstanding shares of Common Stock, or any consolidation, merger, sale, lease or conveyance of property, described in Section 7; or (iv) to effect any liquidation, dissolution or winding-up of the Company; or
(v) to take any other action which would cause an adjustment to the Exercise Price; then, and in any one or more of such cases, the Company shall give written notice thereof, by registered mail, postage prepaid, to each Holder at the address
for such Holder as it shall appear in the Warrant Register, mailed at least 15 days prior to (i) the date as of which the holders of record of shares of Common Stock to be entitled to receive any such dividend, distribution, rights, warrants,
other securities are to be determined, (ii) the date on which any such reclassification, change of outstanding shares of Common Stock, consolidation, merger, sale, lease, conveyance of property, liquidation, dissolution or winding-up is
expected to become effective, and the date as of which it is expected that holders of record of shares of Common Stock shall be entitled to exchange their shares for securities or other property, if any, deliverable upon such reclassification,
change of outstanding shares, consolidation, merger, sale, lease, conveyance of property, liquidation, dissolution or winding-up, or (iii) the date of such action which would require an adjustment to the Exercise Price. 
 9. The issuance of any shares or other securities upon the exercise or conversion of this Warrant, and the delivery of certificates or other instruments
representing such shares or other securities, shall be made without charge to the Holder for any tax or other charge in respect of such issuance. The Company shall not, however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of any certificate in a name other than that of the Holder and the Company shall not be required to issue or deliver any such certificate unless and until the person or persons requesting the issue thereof
shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
 10. (a) If, at any time during the period commencing upon February 11, 2005 and ending February 11, 2012, the Company shall file a registration statement (other than on Form S-4, Form S-8 or any successor form) with the
Securities and Exchange Commission (the “Commission”) while any Underwriters’ Securities (as hereinafter defined) are outstanding, the Company shall give all the then holders of any Underwriters’ Securities (the “Eligible
Holders”) at least 30 days prior written notice of the filing of such registration statement. If requested by any Eligible Holder in writing within 20 days after receipt of any such notice, the Company shall, at the Company’s sole expense
(other than the fees and disbursements of counsel for the Eligible Holders and the underwriting discounts, if any, payable in respect of the Underwriters’ Securities sold by any Eligible Holder), register or qualify all or, at each Eligible
Holder’s option, any portion of the Underwriters’ Securities of any Eligible Holder who shall have made such request, concurrently with the registration of such other securities, all to the extent required to permit the public offering and
sale of the Underwriters’ Securities through the facilities of all appropriate securities exchanges and the over-the-counter market, and will use its best efforts through its officers, directors, auditors and counsel to cause such registration
statement to become effective as promptly as practicable. Notwithstanding the foregoing, if the managing underwriter of any such offering shall advise the Company in writing that, in its opinion, the distribution of all or a portion of the
Underwriters’ Securities requested by the Eligible Holders to be included in the registration concurrently with the securities being registered by the Company would materially adversely affect the distribution of such securities by the Company
for its own account, then any Eligible Holder who shall have requested registration of his or its Underwriters’ Securities shall delay the offering and sale of such Underwriters’ Securities (or the portions thereof so designated by such
managing underwriter) for such period, not to exceed 90 days (the “Delay Period”), as the managing underwriter shall request, provided that no such delay shall be required as to any Underwriters’ Securities if any securities of the
Company are included in such registration statement and eligible for sale during the Delay Period for the account of any person other than the Company and any Eligible Holder unless the securities included in such registration statement and eligible
for sale during the Delay Period for such other person shall have been reduced pro rata to the reduction of the Underwriters’ Securities which were requested to be included and eligible for sale during the Delay Period in such registration. As
used herein, “Underwriters’ Securities” shall mean the Warrants and the Warrant Shares and the Conversion Shares which, in each case, have not been previously sold pursuant to a registration statement or Rule 144 promulgated under the
Act. 
  

 5 

 (b) If, at any time during the period commencing upon February 11, 2005 and ending
February 11, 2010, the Company shall receive a written request, from Eligible Holders who in the aggregate own (or upon exercise of all Warrants then outstanding would own) a majority of the total number of shares of Common Stock then included
(or upon such exercise would be included) in the Underwriters’ Securities (the “Majority Holders”), to register the sale of all or part of such Underwriters’ Securities, the Company shall, as promptly as practicable, prepare and
file with the Commission a registration statement sufficient to permit the public offering and sale of the Underwriters’ Securities through the facilities of all appropriate securities exchanges and the over-the counter market, and will use
such registration statement to become effective as promptly as practicable; provided, however, that the Company shall only be obligated to file one such registration statement for which all expenses incurred in connection with such registration
(other than the fees and disbursements of counsel for the Eligible Holders and underwriting discounts, if any, payable in respect of the Underwriters’ Securities sold by the Eligible Holders) shall be borne by the Company and one additional
such registration statement for which all such expenses shall be paid by the Eligible Holders. Within three business days after receiving any request contemplated by this Section 10(b), the Company shall give written notice to all the other
Eligible Holders, advising each of them that the Company is proceeding with such registration and offering to include therein all or any portion of any such other Eligible Holder’s Underwriters’ Securities, provided that the Company
receives a written request to do so from such Eligible Holder within 20 days after receipt by him or it of the Company’s notice. 
 (c) In the event of a registration pursuant to the provisions of this Section 10, the Company shall use its best efforts to cause the Underwriters’ Securities so registered to be registered or qualified for
sale under the securities or blue sky laws of such jurisdictions as the Holder or Holders may reasonably request; provided, however, that the Company shall not for any such purpose be required to (A) qualify generally to do business as a
foreign corporation in any jurisdiction wherein it is not otherwise required to be so qualified, (B) subject itself to taxation in any jurisdiction wherein it is not so subject or (C) consent to general service of process in any such
jurisdiction or otherwise take action that would subject it to the general jurisdiction of the courts of any jurisdiction to which it is not so subject. 
 (d) The Company shall keep effective any registration or qualification contemplated by this Section 10 and shall from time to time amend or supplement each applicable registration statement, preliminary
prospectus, final prospectus, application, document and communication for such period of time as shall be required to permit the Eligible Holders to complete the offer and sale of the Underwriters’ Securities covered thereby. The Company shall
in no event be required to keep any such registration or qualification in effect for a period in excess of nine months from the date on which the Eligible Holders are first free to sell such Underwriters’ Securities. 
 (e) In the event of a registration pursuant to the provisions of this Section 10, the Company shall furnish to each Eligible Holder
such number of copies of the registration statement and of each amendment and supplement thereto (in each case, including all exhibits), such reasonable number of copies of each prospectus contained in such registration statement and each supplement
or amendment thereto (including each preliminary prospectus), all of which shall conform to the requirements of the Act and the rules and regulations thereunder, and such other documents, as any Eligible Holder may reasonable request to facilitate
the disposition of the Underwriters’ Securities included in such registration. 
 (f) In the event of a registration
pursuant to the provisions of this Section 10, the Company shall furnish each Eligible Holder of any Underwriters’ Securities so registered with an opinion of its counsel (reasonably acceptable to the Eligible Holders) to the effect that
(i) the registration statement has become effective under the Act and no order suspending the effectiveness of the registration statement, preventing or suspending the use of the registration statement, any preliminary prospectus, any final
prospectus or any amendment or supplement thereto has been issued, nor has the Commission or any securities or blue sky authority of any jurisdiction instituted or threatened to institute any proceedings with respect to such an order, (ii) the
registration statement and each prospectus forming a part thereof (including each preliminary prospectus), and any amendment or supplement, thereto, complies as to form with the Act and the rules and regulations thereunder, and (iii) such
counsel has no knowledge of any material misstatement or omission in such registration statement or any prospectus, as amended or supplemented. Such opinion shall also state the jurisdictions in which the Underwriters’ Securities have been
registered or qualified for sale pursuant to the provisions of Section 10(c). 
  

 6 

 (g) In the event of a registration pursuant to the provision of this Section 10, the
Company shall enter into a cross-indemnity agreement and a contribution agreement, each in customary form, with each underwriter, if any, and, if requested, enter into an underwriting agreement containing conventional representations, warranties,
allocation of expenses, and customary closing conditions, including, but not limited to, opinions of counsel and accountants’ cold comfort letters, with any underwriter who acquires any Underwriters’ Securities. 
 (h) The Company covenants and agrees that, until all the Underwriters’ Securities have been sold under a registration statement or
pursuant to Rule 144 under the Act, it shall keep current in filing all reports, statements and other materials required to be filed with the Commission to permit holders of the Underwriters’ Securities to sell such securities under Rule 144.

 (i) The Company may delay any requested registration hereunder by giving written notice to Eligible Holders who have
elected to include their Underwriters’ Securities in a registration under this Section 10 if the Company’s Board of Directors determines in good faith that a registration at such time would be materially detrimental to the Company
provided that any such delay shall not exceed ninety (90) days and the Company cannot provide this notice more than twice in any twelve-month period. 
 11. (a) Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless each Eligible Holder, its officers, directors, members, employees, agents and counsel, and each person, if any,
who controls any such person within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and against any and all loss, liability, charge, claim,
damage and expense whatsoever (which shall include, for all purposes of this Section 11, but not be limited to, reasonable attorneys’ fees and any and all reasonable expense whatsoever incurred in investigating, preparing or defending
against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), as and when incurred, arising out of, based upon, or in connection with (i) any untrue statement
or alleged untrue statement of a material fact contained (A) in any registration statement, preliminary prospectus or final prospectus (as from time to time amended and supplemented), or any amendment or supplement thereto, relating to the sale
of any of the Underwriters’ Securities, or (B) in any application or other document or communication (in this Section 11 collectively called an “Application”) executed by or on behalf of the Company or based upon written
information furnished by or on behalf of the Company filed in any jurisdiction in order to register or qualify any of the Underwriters’ Securities under the securities or blue sky laws thereof or filed with the Commission or any securities
exchange; or any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon and in conformity with
written information furnished to the Company with respect to such Eligible Holder by or on behalf of such person expressly for inclusion in any registration statement, preliminary prospectus or final prospectus, or any amendment or supplement
thereto, or in any application, as the case may be, or (ii) any breach of any representation, warranty, covenant or agreement of the Company contained in this Warrant. The foregoing agreement to indemnify shall be in addition to any liability
the Company may otherwise have, including liabilities arising under this Warrant. 
 If any action is brought against any
Eligible Holder or any of its officers, directors, members, employees, agents or counsel, or any controlling persons of such person (an “Indemnified Party”) in respect of which indemnity may be sought against the Company pursuant to the
foregoing paragraph, such indemnified party or parties shall promptly notify the Company in writing of the institution of such action (provided that the failure so to notify shall not relieve the Company from any liability pursuant to this
Section 11(a), but shall only reduce the amount of the indemnification if any to the extent that the Company is materially prejudiced by such delay) and the Company shall promptly assume the defense of such action, including the employment of
counsel (reasonably satisfactory to such indemnified party or parties) and payment of expenses. Such indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel
shall be at the expense of such indemnified party or parties unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such action or the Company shall not have promptly employed
counsel reasonably satisfactory to such indemnified party or parties to have charge of the defense of such action or such indemnified party or parties shall have reasonably concluded that there may be a conflict of interest between the indemnified
party or parties and the Company in the conduct of the defense of such action in any of which events such fees and expenses shall be borne by the Company and the Company shall not have the right to direct the defense of such action on behalf of the
indemnified party or parties. Anything in this 

  

 7 

 
Section 11 to the contrary notwithstanding, the Company shall not be liable for any settlement of any such claim or action effected without its written
consent, which shall not be unreasonably withheld. The Company shall not, without the prior written consent of each indemnified party that is not released as described in this sentence, settle or compromise any action, or permit a default or consent
to the entry of judgment in or otherwise seek to terminate any pending or threatened action, in respect of which indemnity may be sought hereunder (whether or not any indemnified party is a party thereto), unless such settlement, compromise, consent
or termination includes an unconditional release of each indemnified party from all liability in respect of such action. The Company agrees promptly to notify the Eligible Holders of the commencement of any litigation or proceedings against the
Company or any of its Securities or any preliminary prospectus, prospectus, registration statement, or amendment or supplement thereto, or any application relating to any sale of any Underwriters’ Securities. 
 (b) The Holder agrees to indemnify and hold harmless the Company, each director of the Company, each officer of the Company who shall have
signed any registration statement covering Underwriters’ Securities held by the Holder, each other person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, and its or
their respective counsel, to the same extent as the foregoing indemnity from the Company to the Holder in Section 11(a), but only with respect to statements or omissions, if any, made in any registration statement, preliminary prospectus or
final prospectus (as from time to time amended and supplemented), or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with written information furnished to the Company with respect to the Holder by or on
behalf of the Holder expressly for inclusion in any such registration statement, preliminary prospectus or final prospectus, or any amendment or supplement thereto, or in any application, as the case may be. If any action shall be brought against
the Company or any other person so indemnified based on any such registration statement, preliminary prospectus or final prospectus, or any amendment or supplement thereto, or in any application, and in respect of which indemnity may be sought
against the Holder pursuant to this Section 11(b), the Holder shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have the rights and duties given to the indemnified parties, by the
provisions of Section 11(a). 
 (c) To provide for just and equitable contribution, if (i) an indemnified party
makes a claim for indemnification pursuant to Section 11(a) or 11(b) (subject to the limitations thereof) but it is found in a final judicial determination, not subject to further appeal, that such indemnification may not be enforced in such
case, even though this Agreement expressly provides for indemnification in such case, or (ii) any indemnified or indemnifying party seeks contribution under the Act, the Exchange Act or otherwise, then the Company (including for this purpose
any contribution made by or on behalf of any director of the Company, any officer of the Company who signed any such registration statement, any controlling person of the Company, and its or their respective counsel), as one entity, and the Eligible
Holders of the Underwriters’ Securities included in such registration in the aggregate (including for this purpose any contribution by or on behalf of an indemnified party), as a second entity, shall contribute to the losses, liabilities,
claims, damages and expenses whatsoever to which any of them may be subject, on the basis of relevant equitable considerations such as the relative fault of the Company and such Eligible Holders in connection with the facts which resulted in such
losses, liabilities, claims, damages and expenses. The relative fault, in the case of an untrue statement, alleged untrue statement, omission or alleged omission, shall be determined by, among other things, whether such statement, alleged statement,
omission or alleged omission relates to information supplied by the Company or by such Eligible Holders, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement, alleged statement,
omission or alleged omission. The Company and the Holder agree that it would be unjust and inequitable if the respective obligations of the Company and the Eligible Holders for contribution were determined by pro rata or per capita allocation of the
aggregate losses, liabilities, claims, damages and expenses (even if the Holder and the other indemnified parties were treated as one entity for such purpose) or by any other method of allocation that does not reflect the equitable considerations
referred to in this Section 11(c). In no case shall any Eligible Holder be responsible for a portion of the contribution obligation imposed on all Eligible Holders in excess of its pro rata share based on the number of shares of Common Stock
owned by it (or which would be owned by it upon exercise of all Underwriters’ Securities) and included in such registration as compared to the number of shares of Common Stock owned by it (or which would be owned by it upon exercise of all
Underwriters’ Securities by all Eligible Holders) and included in such registration. No person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who
is not guilty of such fraudulent misrepresentation. For purposes of this Section 11(c), each person, if any, who controls any Eligible Holder within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and each
officer, director, member, employee, agent and counsel 

  

 8 

 
of each such Eligible Holder or control person shall have the same rights to contribution as such Eligible Holder or control person and each person, if any,
who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, each officer of the Company who shall have signed any such registration statement, each director of the Company, and its or their
respective counsel shall have the same rights to contribution as the Company, subject in each case to the provisions of this Section 11(c). Anything in this Section 11(c) to the contrary notwithstanding, no party shall be liable for
contribution with respect to the settlement of any claim or action effected without its written consent. This Section 11(c) is intended to supersede any right to contribution under the Act, the Exchange Act or otherwise. 
 12. Unless registered pursuant to the provisions of Section 10 hereof, the Warrant Shares or Conversion Shares issued upon exercise or conversion of
the Warrants shall be subject to a stop transfer order and the certificate or certificates evidencing such Warrant Shares shall bear the following legend: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND, UNLESS SO REGISTERED, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.” 
 13. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of any Warrant (and upon surrender of any Warrant
if mutilated), and upon reimbursement of the Company’s reasonable incidental expenses, the Company shall execute and deliver to the Holder thereof a new Warrant of like date, tenor and denomination. 
 14. The Holder of any Warrant shall not have, solely on account of such status, any rights of a stockholder of the Company, either at law or in equity,
or to any notice of meetings of stockholders or of any other proceedings of the Company, except as provided in this Warrant. 
 15. This
Warrant shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and performed within such State, without regard to the principles thereof respecting conflicts of law. 
 Dated: February 15, 2005 
  

					
	CARDIOVASCULAR BIOTHERAPEUTICS, INC.
		
	By	 	/s/ Daniel C. Montano
		 	Name	 	Daniel C. Montano
		 	Title	 	President

  

 9 

 FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such holder desires to transfer the attached Warrant.) 
 FOR
VALUE RECEIVED,
                                        
hereby sells, assigns and transfers unto                      a Warrant to purchase
                     shares of Common Stock, par value $.001 per share, of CardioVascular BioTherapeutics, Inc. (the “Company”),
together with all right, title and interest therein, and does hereby irrevocably constitute and appoint                      attorney to
transfer such Warrant on the books of the Company, with full power of substitution. 
  

	Dated: 	                                      
           

  

			
		
	Signature: 	 	  

 NOTICE 
 The Signature on the foregoing Assignment must correspond to the name as written upon the fact of this Warrant in every particular, without alteration or enlargement or any change whatsoever. 
  

 10 

	To:	CardioVascular BioTherapeutics, Inc. 

 1700 West Horizon
Ridge Parkway 
 Suite 100 
 Henderson, NV 89012 
 ELECTION TO EXERCISE 
 The undersigned hereby exercises his or its rights to purchase                      Warrant Shares covered by
the within Warrant and tenders payment herewith in the amount of $                     in accordance with the terms thereof, and requests that
certificates for such securities be issued in the name of, and delivered to: 
 ___________________________________________________________

 ___________________________________________________________ 
 ___________________________________________________________ 
 (Print, Name, Address and Social Security

 or Tax Identification Number) 
 and, if such
number of shares shall not be all the shares exchangeable or purchasable under the within Warrant, that a new Warrant for the balance of the Warrant Shares covered by the within Warrant be registered in the name of, and delivered to, the undersigned
at the address stated below. 
  

									
		 		 	
					
	Dated:	 	  	 		 	Name:	 	  
		 		 		 		 	(Print)
					
	Address:	 	  	 	  	 	  	 	  
				
		 		 		 	  
		 		 		 		 	(Signature)

  

 11 

	To:	CardioVascular BioTherapeutics, Inc. 

 1700 West Horizon
Ridge Parkway 
 Suite 100 
 Henderson, NV 89012 
 CASHLESS EXERCISE FORM 
 (To be executed upon conversion of the attached Warrant) 
 The undersigned hereby irrevocably elects to
surrender its Warrant for the number of shares of Common Stock as shall be issuable pursuant to the cashless exercise provisions set forth in Section 2 of the within Warrant, in respect of
                     shares of Common Stock underlying the within Warrant, and requests that certificates for such securities be issued in the
name of and delivered to: 
 ___________________________________________________________ 
 ___________________________________________________________ 
 ___________________________________________________________ 
 (Print, Name, Address and Social Security

 or Tax Identification Number) 
 and, if such
number of shares shall not be all the shares exchangeable or purchasable under the within Warrant, that a new Warrant for the balance of the Warrant Shares covered by the within Warrant be registered in the name of, and delivered to, the undersigned
at the address stated below. 
  

									
		 		 	
					
	Dated:	 	  	 		 	Name:	 	  
		 		 		 		 	(Print)
					
	Address:	 	  	 	  	 	  	 	  
				
		 		 		 	  
		 		 		 		 	(Signature)

  

 12

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