Document:

Exhibit
      10.1

    

    AMENDMENT
      TO SECURITIES PURCHASE AGREEMENT

    

    

    This
      Amendment to Securities Purchase Agreement (hereinafter referred to as this
      “Amendment”)
      dated
      as of November 30, 2006, is entered into by
      and
      among NEOPROBE CORPORATION (the “Company”),
      a
      Delaware corporation,
      BIOMEDICAL
      VALUE FUND, L.P.
      (“BVF”),
      a
      Delaware limited partnership, BIOMEDICAL
      OFFSHORE VALUE FUND, LTD.
      (“BOVF”
      and
      together with “BVF,”
      the
“BV
      Funds”),
      an
      exempted company incorporated under the provisions of the Companies Law of
      the
      Cayman Islands, and DAVID C. BUPP (“Bupp”
      and
      together with the BV Funds, each a “Purchaser”
      and
      collectively, the “Purchasers”).
      

    

    W
      I T N E
      S S E T H :

    

    WHEREAS,
      the Company and the Purchasers are parties to that certain Securities Purchase
      Agreement dated as of December 13, 2004 (hereinafter referred to as the
“Purchase
      Agreement”);
      and

    

    WHEREAS,
      the Purchasers and the Company desire to amend the Purchase Agreement in
      accordance with the terms and conditions of this Amendment.

    

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

    

    Section
      1.
      Definitions.
      Terms
      defined in the Purchase Agreement which are used herein shall have the same
      meaning as set forth in the Purchase Agreement unless otherwise specified
      herein. 

    

    Section
      2.
      Effect
      of this Amendment.
      This
      Amendment shall not change, modify, amend or revise the terms, conditions and
      provisions of the Purchase Agreement or the Security Agreement, the terms and
      provisions of which are incorporated herein by reference, except as expressly
      provided herein or in the replacement Notes and Warrants executed in connection
      herewith and agreed upon by the parties hereto. This Amendment is not intended
      to be nor shall it constitute a novation or accord and satisfaction of the
      outstanding Obligations. The Company and the Purchasers agree that, except
      as
      expressly provided herein or in other documents executed in connection herewith,
      all terms and conditions of the Purchase Agreement and Security Agreement shall
      remain and continue in full force and effect. The Company acknowledges and
      agrees that the indebtedness under the Purchase Agreement and Notes remains
      outstanding and is not extinguished, paid, or retired by this Amendment, or
      any
      other agreements between the parties hereto prior to the date hereof, and that
      the Company is and continues to be fully liable for all Obligations contemplated
      by or arising out of the Purchase Agreement, Security Agreement, Notes and
      Warrants, as amended or replaced pursuant to this Amendment. 

    

    Section
      3.
      Amendment
      of Purchase Agreement.
      

    

    3.1 The
      following definitions appearing in Section 1 of the Purchase Agreement are
      amended and replaced (except as to the definition of “Asset Disposition”, for
      which only the first sentence thereof is amended and replaced) to read as
      follows:

    

    “Asset
      Disposition”
      shall
      mean the disposition, whether by sale, lease, transfer, loss, damage,
      destruction, condemnation or otherwise, of any or all of the assets of the
      Company or any of its Subsidiaries other than sales of inventory in the ordinary
      course of business. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “BOVF
      Note”
shall
      mean the replacement senior secured convertible promissory note issued to BOVF
      pursuant to the Amendment in the principal amount of $3,600,000, substantially
      in the form attached to the Amendment as Exhibit
      A.

    

    “BOVF
      Warrant” shall
      mean the replacement warrant issued to BOVF pursuant to the Amendment,
      substantially in the form attached to the Amendment as Exhibit
      B.

    

    “Bupp
      Note”
      shall
      mean the replacement senior secured convertible promissory note issued to Bupp
      pursuant to the Amendment in the principal amount of $100,000, substantially
      in
      the form attached to the Amendment as Exhibit
      A.

    

    “BUPP
      Warrant”
      shall
      mean the replacement warrant issued to Bupp pursuant to the Amendment,
      substantially in the form attached to the Amendment as Exhibit
      B.

    

    “BVF
      Note”
shall
      mean the replacement senior secured convertible promissory note in the principal
      amount of $4,400,000 substantially in the form attached to the Amendment as
      Exhibit
      A.

    

    “BVF
      Warrant” shall
      mean the replacement warrant issued to BVF pursuant to the Amendment,
      substantially in the form attached to the Amendment as Exhibit
      B.

    

    3.2 The
      following Section 8.8 is hereby added to the Purchase Agreement:

    

    8.8 Sale
      of Additional Equity Securities.
      The
      Company agrees (i) to use its reasonable best efforts to commence on or before
      April 31, 2007, and continue during the balance of the term of the Notes, the
      offering and sale of its equity securities with aggregate gross proceeds during
      such period of up to $10,000,000 (an “Equity
      Sale”),
      and
      (ii) to apply not less than 50% of the Equity Proceeds to repayment of the
      principal balance of the Notes. For this purpose, “Equity
      Proceeds”
      means
      the actual cash proceeds received by the Company from any Equity Sale, net
      of
      all costs incurred by the Company in connection with the offering and sale
      of
      the securities, including without limitation all commissions and placement
      agent
      fees and expense reimbursements, registration, listing and qualifications fees,
      printers and accounting fees, and fees and disbursements of Company
      counsel.

    

    3.3 Section
      9.6 of the Purchase Agreement is amended and replaced to read as follows:

    

    9.6 Dispositions
      of Assets.
      Except
      as provided in Section 9.6(a), (b), (c), or (d) the Company will not, and will
      not permit any of its Subsidiaries, directly or indirectly, to (i) convey,
      sell
      (pursuant to a sale/leaseback or otherwise), lease, sublease, transfer or
      otherwise dispose of, or grant any Person an option to acquire, in one
      transaction or a series of transactions, any material amount of its property,
      business or assets, or the capital stock of or other equity interests in any
      of
      its Subsidiaries, whether now owned or hereafter acquired, or (ii) enter into
      any license, assignment, sharing or other transfer of Intellectual Property
      of
      the Company or Subsidiaries, or rights therein, whether through cooperative
      research and development agreements, strategic alliances, agreements providing
      for the manufacturing, distribution or sale of products or services of the
      Company or Subsidiaries, or otherwise (a “Partnering
      Transaction”):
      

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (a) Bona
      fide
      sales of inventory, including, without limitation, real estate acquired in
      the
      ordinary course of business, to customers for fair value in the ordinary course
      of business and dispositions of obsolete equipment not used or useful in the
      business; 

    

    (b) Asset
      Dispositions if all of the following conditions are met: 

    

    (i) the
      market value of assets sold or otherwise disposed of (by the Company and its
      Subsidiaries taken as a whole) in any fiscal year do not exceed $500,000;

    

    (ii) the
      Net
      Proceeds received is at least equal to the fair market value of such assets;
      

    

    (iii) at
      least
      75% of the consideration received is cash; 

    

    (iv) not
      less
      than 50% of the Net Proceeds are applied to repayment of the principal balance
      of the Notes;

    

    (v) the
      assets disposed of in the Asset Disposition are not subject to a security
      interest pursuant to the Security Agreement; and 

    

    (vi) no
      Event
      of Default then exists or shall result from such sale or other
      disposition.

    

    (c) Partnering
      Transactions if all of the following conditions are met:

    

    (i) at
      least
      50% of the consideration received is cash;

    

    (ii) not
      less
      than 50% of the Partnering Proceeds are applied to repayment of the principal
      balance of the Notes. For this purpose, “Partnering
      Proceeds”
      means
      the proceeds thereof to the Company (inclusive of cash and the fair market
      value
      of any property received as consideration for such Partnering Transaction),
      net
      of all costs incurred by the Company in connection with or pursuant to the
      Partnering Transaction, including without limitation all transaction fees and
      expenses of the Company, license fees or royalty payments required to be paid
      to
      third parties from proceeds, recording and transfer fees, accounting fees,
      and
      fees and disbursements of Company counsel; and

    

    (iii) the
      assets subject to the Partnering Transaction are not subject to a security
      interest pursuant to the Security Agreement; and 

    

    (iv) no
      Event
      of Default then exists or shall result from such Partnering
      Transaction.

    

    (d)
      Partnering Transactions with contract manufacturers to effect the outsourcing
      of
      formulation or manufacturing of products of the Company or Subsidiaries, where
      any associated license of Intellectual Property to the contract manufacturer
      is
      limited to those rights necessary to the formulation or manufacture of products
      for the sole benefit of the Company.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.4 Section
      9.8 of the Purchase Agreement is hereby deleted.

    

    Section
      4.
      Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants, in addition to any other representations
      and warranties contained in the Purchase Agreement, as follows:

    

    (a) This
      Amendment constitutes a legal, valid and binding obligation of the Company
      enforceable in accordance with its terms, except as enforceability may be
      limited by applicable bankruptcy, insolvency, or similar laws affecting the
      enforcement of creditors’ rights generally or by equitable principles relating
      to enforceability; 

    

    (b) The
      Company has taken all necessary and appropriate corporate action for the
      approval of this Amendment and the authorization of the execution, delivery
      and
      performance hereof, and the execution and delivery of the BOVF Note, the BOVF
      Warrant, the Bupp Note, the Bupp Warrant, the BVF Note and the BVF Warrant;
      and

    

    (c) As
      of the
      date hereof and after giving effect to the amendments to the Purchase Agreement
      contained herein, there is no Event of Default under the Purchase Agreement
      or
      the Notes.

    

    Section
      5.
      Representations
      and Warranties of the Purchasers.
      Each
      Purchaser, severally but not jointly, hereby represents and warrants, in
      addition to any other representations and warranties contained in the Purchase
      Agreement, as follows:

    

    (a) This
      Amendment constitutes a legal, valid and binding obligation of the Purchaser
      enforceable in accordance with its terms, except as enforceability may be
      limited by applicable bankruptcy, insolvency, or similar laws affecting the
      enforcement of creditors’ rights generally or by equitable principles relating
      to enforceability; 

    

    (b) The
      Purchaser has taken all necessary and appropriate corporate action for the
      approval of this Amendment and the authorization of the execution, delivery
      and
      performance hereof, and the exchange of the replacement Notes and Warrants
      for
      the Notes and Warrants currently outstanding.

    

    Section
      6.
      Closing.
      The
      closing of the transactions contemplated by this Amendment, including the
      exchange of the replacement Notes and Warrants for the currently outstanding
      Notes and Warrants, shall occur promptly following the execution and delivery
      of
      this Amendment by the parties, which may be effected as provided in Section
      11.5
      of the Agreement. Notwithstanding Section 11.5 of the Agreement, the Company
      shall deliver by overnight delivery to each of the Purchasers the replacement
      Notes and Warrants to the Purchasers, against surrender by the Purchasers to
      the
      Company by overnight delivery of the outstanding Notes and Warrants, and the
      closing shall be deemed complete upon completion of all such
      deliveries.

     

    Section
      7.
      Governing
      Law.
      This
      Amendment has been executed and delivered and is intended to be performed in
      the
      State of New York and shall be governed, construed and enforced in all respects
      in accordance with the substantive laws of the State of New York, except to
      the
      extent that the General Corporation Law of Delaware shall apply.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
      8.
      Headings.
      The
      section headings used in this Amendment are for convenience only and shall
      not
      be read or construed as limiting the substance or generality of this
      Amendment.

    

    Section
      9.
      Amendment
      Expenses.
      The
      Company shall pay or reimburse, promptly on demand, all costs and expenses
      incurred by the Purchasers in connection with this Amendment, including without
      limitation attorneys’ fees and disbursements.

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the
      parties hereto have caused this Amendment to be executed by their respective
      duly authorized representatives as of the date and year first written
      above.

     

    
      	 	 	 
	 	NEOPROBE
              CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Brent
              L.
              Larson
	 	
              
Name:
              Brent L. Larson
	 	
              Title:
                VP Finance/ CFO

            

    

     

    
      	 	 	 
	 	BIOMEDICAL
              VALUE FUND, L.P.
	 
 	 
By:	
               

              GREAT
                POINT GP, LLC,
its
                general partner 

            
	 	 	 
	 	By:  	/s/ David
              Kroin
	 	
              
Name:
              David Kroin
	 	
              Title:
                Managing Director

            

    

     

    
      	 	 	 
	 	BIOMEDICAL
              OFFSHORE VALUE FUND,
              LTD.
	 
 	 
By:	 
GREAT
              POINT PARTNERS, LLC,
its
              investment manager
	 	 	 
	 	By:  	/s/ David
              Kroin
	 	
              
Name:
              David Kroin
	 	Title:
              Managing Director

    

     

    
      	 	 	 
	 	DAVID
              C.
              BUPP
	 
 	 
 	 
 
	 	By:  	/s/ David
              C.
              Bupp 
	 	
              

            

    

     

    
      
        
        

      

      
        6Exhibit
      10.2

    

    [FORM
      OF REPLACEMENT NOTE]

    

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
      SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE
      DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
      ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION
      FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS

     

    

    NEOPROBE
      CORPORATION

    

    SERIES
      A
      CONVERTIBLE PROMISSORY NOTE

    DUE
      JANUARY 7, 2009

    

    

    
      	$____________	
              December
                13,
                2004

            

    

    

    FOR
      VALUE
      RECEIVED, the undersigned, NEOPROBE CORPORATION, a Delaware corporation (the
      “Borrower”),
      hereby
      promises to pay to the order of _________________ (“__________”), a
      ______________, or its registered assigns (the “Holder”),
      the
      principal sum of __________________________ DOLLARS ($____________) together
      with interest as hereinafter provided. The Borrower promises to pay the
      principal sum and the interest thereon at the time(s) and in the manner(s)
      hereinafter provided.

     

    1.  Purchase
      Agreement.
      This
      Convertible Promissory Note (the “Note”)
      is
      issued by the Borrower, as of the date hereof, pursuant to the Securities
      Purchase Agreement, dated as of December 13, 2004 by and among the Borrower,
      Biomedical Value Fund, L.P., Biomedical Offshore Value Fund, Ltd. and David
      C.
      Bupp, as amended by Amendment (the “Amendment”)
      dated
      as of November 30, 2006 (as so amended by the Amendment, the “Purchase
      Agreement”),
      and is
      subject to the terms thereof. This Note, together with all other promissory
      notes issued under the Purchase Agreement, and all promissory notes issued
      pursuant to paragraph 12 hereof or thereof are hereinafter referred to as the
      “Notes.”
      The
      obligations of Borrower under this Note are secured pursuant to a Security
      Agreement dated December 13, 2004 by and among the Borrower, Biomedical Value
      Fund, L.P., Biomedical Offshore Value Fund, Ltd. and David C. Bupp. The Holder
      is entitled to the benefits of this Note and the Purchase Agreement, as it
      relates to the Note and the Security Agreement, and may enforce the agreements
      of the Borrower contained herein and therein and exercise the remedies provided
      for hereby and thereby or otherwise available in respect hereto and thereto.
      Capitalized terms used herein without definition are used herein with the
      meanings ascribed to such terms in the Purchase Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.  Interest.

     

    (a)  Basic
      Interest. 

     

    (i)  The
      Borrower promises to pay interest on the principal amount of this Note at the
      rate of 8% per annum, which shall increase to 12% per annum effective on (and
      including) the date of the Amendment. The Borrower shall pay accrued interest
      quarterly on each March 31, June 30, September 30 and December 31 of each year
      or, if any such date shall not be a Business Day, on the next succeeding
      Business Day to occur after such date (each date upon which interest shall
      be so
      payable, an “Interest
      Payment Date”),
      beginning on December 31, 2004. Interest on this Note shall be paid by wire
      transfer of immediately available funds to an account at a bank designated
      in
      writing by the Holder. In the absence of any such written designation, any
      such
      Interest payment shall be deemed made on the date a check in the applicable
      amount payable to the order of Holder is received by the Holder at its last
      address as reflected in Borrower’s note register; if no such address appears,
      then to such Holder in care of the last address in such note register of any
      predecessor holder of this Note (or its predecessor). Interest on this Note
      shall accrue from and including the date of issuance through and until repayment
      of the principal and payment of all accrued interest in full. Interest shall
      accrue and be computed on the basis of a 360-day year of twelve 30-day
      months.

     

    (ii)  The
      foregoing to the contrary notwithstanding, if on any Interest Payment Date
      the
      Current Market Price per share of Common Stock is equal to or greater than
      $1.00, at Borrower’s election, the interest then due may be accrued and not paid
      by the Borrower on such Interest Payment Date and the aggregate of such amount
      so accrued shall be added to the principal sum hereof on such Interest Payment
      Date as additional principal (the “Additional
      Principal”)
      to be
      paid in accordance with the provisions of Section 3 hereinbelow. Interest shall
      accrue and be payable on the outstanding balance of the Additional Principal
      as
      set forth in Section 2(a)(i).

     

    (b)  Default
      Rate of Interest.
      Except
      with respect to interest accruing pursuant to Section 2(a)(ii), but subject
      to
      applicable law, any overdue principal of and overdue interest on this Note
      shall
      bear interest, payable on demand in immediately available funds, for each day
      from the date payment thereof was due to the date of actual payment, at a rate
      equal to the rate of interest otherwise in effect pursuant to the first sentence
      of this Section 2 plus 2% per annum, and, upon and during the occurrence of
      an
      Event of Default (as hereinafter defined), this Note shall bear interest, from
      the date of the occurrence of such Event of Default until such Event of Default
      is cured or waived, payable on demand in immediately available funds, at a
      rate
      equal to the rate of interest otherwise in effect pursuant to the first sentence
      of this Section 2 plus 2% per annum. Subject to applicable law, any interest
      that shall accrue on overdue interest on this Note as provided in the preceding
      sentence and shall not have been paid in full on or before the next Interest
      Payment Date to occur after the Interest Payment Date on which the overdue
      interest became due and payable shall itself be deemed to be overdue interest
      on
      this Note to which the preceding sentence shall apply.

     

    (c)  No
      Usurious Interest.
      In the
      event that any interest rate provided for herein shall be determined to be
      unlawful, such interest rate shall be computed at the highest rate permitted
      by
      applicable law. Any payment by the Borrower of any interest amount in excess
      of
      that permitted by law shall be considered a mistake, with the excess being
      applied to the principal of this Note without prepayment premium or penalty;
      if
      no such principal amount is outstanding, such excess shall be returned to
      Borrower.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    3.  Principal
      Payments.
      Prior to
      the Maturity Date, the Borrower shall make repayments of the principal sum
      in
      installments on the following dates and in the following amounts to the BV
      Funds:

     

    
      	
              Date

            	 	
              Amount

            
	 	 	 
	
              January
                8, 2007

            	 	
              $
                500,000.00

            
	 	 	 
	
              July
                9, 2007

            	 	
              $
                1,250,000.00

            
	 	 	 
	
              January
                7, 2008

            	 	
              $
                1,750,000.00

            
	 	 	 
	
              July
                7, 2008

            	 	
              $
                2,000,000.00

            

    

    

     

    The
      remaining principal balance, including any Additional Principal, shall be due
      and payable on January 7, 2009 (the “Maturity
      Date”).

     

    4.  Prepayments.

     

    (a)  Mandatory
      Prepayments.
      The
      principal balance of this Note outstanding at any time shall be prepaid as
      follows:

     

    (i)  Simultaneously
      with the closing of any Asset Disposition (as such term is defined in the
      Purchase Agreement) if feasible, or as soon after such closing as practicable,
      but in no event more than five (5) Business Days thereafter, the Company shall
      prepay principal in an amount equal to at least 50% of the Net Proceeds (as
      such
      term is defined in the Purchase Agreement). Such prepayment shall be applied
      pro
      rata to the then outstanding balance of each scheduled principal payment
      (including the payment due on the Maturity Date) provided in Section
      3.

     

    (ii)  Simultaneously
      with the closing of any Partnering Transaction (as such term is defined in
      the
      Purchase Agreement) if feasible, or as soon after such closing as practicable,
      but in no event more than five (5) Business Days thereafter, the Company shall
      prepay principal in an amount equal to at least 50% of the Partnering Proceeds
      (as such term is defined in the Purchase Agreement). Such prepayment shall
      be
      applied pro rata to the then outstanding balance of each scheduled principal
      payment (including the payment due on the Maturity Date) provided in Section
      3.

     

    (iii)  Simultaneously
      with the closing of any Equity Sale (as such term is defined in the Purchase
      Agreement) if feasible, or as soon after such closing as practicable, but in
      no
      event more than five (5) Business Days thereafter, the Company shall prepay
      principal in an amount equal to at least 50% of the Equity Proceeds (as such
      term is defined in the Purchase Agreement). Such prepayment shall be applied to
      the then outstanding balance of the scheduled principal payments (including
      the
      payment due on the Maturity Date) provided in Section 3, in the order of their
      maturity provided in Section 3.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (b)  Optional
      Prepayments.
      The
      principal balance of this Note outstanding at any time may be prepaid in whole
      or in part, at the option of the Company, as provided in this Section 4(b).
      If
      the Borrower desires to make a prepayment under this Section 4(b), the Borrower
      shall give the Holder written notice thereof at least ten (10) Business Days
      in
      advance of making such prepayment, stating the amount of the principal that
      the
      Borrower intends to prepay (the “Prepayment
      Amount”)
      and the
      date on which the prepayment will be made (the “Prepayment
      Date”).
      Not
      less than five (5) Business Days in advance of the Prepayment Date, the Holder
      may elect to exercise its right to convert the Prepayment Amount into Common
      Stock as provided in Section 7(a) below. If the Holder does not timely elect
      to
      exercise its conversion right as provided in the preceding sentence, the
      Borrower will pay the Prepayment Amount on the Prepayment Date, and the
      Prepayment Amount will be credited against the remaining installments of
      principal payable under Section 3 in the order in which such installments are
      due. If the Borrower fails to pay the Prepayment Amount on the Prepayment Date,
      the Borrower may not prepay that amount or any other amount without first
      providing the notice and opportunity to convert required by this Section
      4(b).

     

    5.  Amendment.
      Any
      amendment, supplement or modification of or to any provision of this Note,
      any
      waiver of any provision of this Note, and any consent to any departure by any
      party from the terms of any provision of this Note, may be made only in the
      manner provided in Section 11.4 of the Purchase Agreement, and then such
      amendment, supplement, modification, waiver or consent shall be effective only
      in the specific instance and for the specific purpose for which
      given.

     

    6.  Defaults
      and Remedies.

     

    (a)  Events
      of Default.
      An
“Event of Default” shall occur if:

     

    (i)  the
      Borrower shall default in the payment of the principal of this Note, when and
      as
      the same shall become due and payable, whether at maturity, at a date fixed
      for
      payment of any installment of principal, on the date that any Mandatory
      Prepayment is due pursuant to Section 4(a), or by acceleration or otherwise,
      and
      such default shall continue for a period of 5 business days; or

     

    (ii)  the
      Borrower shall default in the payment of any installment of interest on this
      Note according to its terms, when and as the same shall become due and payable
      and such default shall continue for a period of 5 business days; or

     

    (iii)  the
      Borrower shall default in the due observance or performance of any covenant
      to
      be observed or performed pursuant to Article 9 of the Purchase Agreement;
      or

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (iv)  the
      Borrower or any of its subsidiaries shall default in the due observance or
      performance of any other covenant, condition or agreement on the part of the
      Borrower or any of its subsidiaries to be observed or performed pursuant to
      the
      terms hereof or pursuant to the terms of the Purchase Agreement or any of the
      Transaction Documents (other than those referred to in clauses (i), (ii) or
      (iii) of this Section 6(a)), and such default shall continue for 30 days after
      the earliest of (A) the date the Borrower is required pursuant to the
      Transaction Documents or otherwise to give notice thereof to the Holder (whether
      or not such notice is actually given) or (B) the date of written notice thereof,
      specifying such default and, if such default is capable of being remedied,
      requesting that the same be remedied, shall have been given to the Borrower
      by
      the Holder; or

     

    (v)  any
      representation, warranty or certification made by or on behalf of the Borrower
      or any of its subsidiaries in the Purchase Agreement, this Note, the Transaction
      Documents or in any certificate or other document delivered pursuant hereto
      or
      thereto shall have been incorrect in any material respect when made;
      or

     

    (vi)  any
      event
      or condition shall occur that results in (A) the acceleration of the maturity
      of
      any Indebtedness of the Borrower or any of its subsidiaries, or (B) a default
      of
      any Indebtedness of the Borrower or any of its subsidiaries, which continues
      beyond any applicable period of cure and which would permit the holder to
      accelerate (automatically or upon notice and declaration) such Indebtedness,
      in
      either case in a principal amount aggregating $100,000 or more; or

     

    (vii)  any
      uninsured damage to or loss, theft or destruction of any assets of the Borrower
      or any of its subsidiaries shall occur that is in excess of $150,000;
      or

     

    (viii)  an
      involuntary proceeding shall be commenced or an involuntary petition shall
      be
      filed in a court of competent jurisdiction seeking (a) relief in respect of
      the
      Borrower or any of its subsidiaries, or of a substantial part of its property
      or
      assets, under Title 11 of the United States Code, as now constituted or
      hereafter amended, or any other Federal or state bankruptcy, insolvency,
      receivership or similar law, (b) the appointment of a receiver, trustee,
      custodian, sequestrator, conservator or similar official for the Borrower or
      any
      of its subsidiaries, or for a substantial part of its property or assets, or
      (c)
      the winding up or liquidation of the Borrower or any of its subsidiaries; and
      such proceeding or petition shall continue undismissed for 60 days, or an order
      or decree approving or ordering any of the foregoing shall be entered;
      or

     

    (ix)  the
      Borrower or any of its subsidiaries shall (a) voluntarily commence any
      proceeding or file any petition seeking relief under Title 11 of the United
      States Code, as now constituted or hereafter amended, or any other Federal
      or
      state bankruptcy, insolvency, receivership or similar law, (b) consent to the
      institution of, or fail to contest in a timely and appropriate manner, any
      proceeding or the filing of any petition described in paragraph (viii) of this
      Section 6(a), (c) apply for or consent to the appointment of a receiver,
      trustee, custodian, sequestrator, conservator or similar official for the
      Borrower or any of its subsidiaries, or for a substantial part of their property
      or assets, (d) file an answer admitting the material allegations of a petition
      filed against it in any such proceeding, (e) make a general assignment for
      the
      benefit of creditors, (f) become unable, admit in writing its inability or
      fail
      generally to pay its debts as they become due or (g) take any action for the
      purpose of effecting any of the foregoing; or

     

    
      
         

      

      
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    (x)  one
      or
      more judgments for the payment of money in an aggregate amount in excess of
      $150,000 (to the extent not covered by insurance) shall be rendered against
      the
      Borrower or any of its subsidiaries and the same shall remain undischarged
      for a
      period of 30 consecutive days during which execution shall not be effectively
      stayed, or any action shall be legally taken by a judgment creditor to levy
      upon
      assets or properties of the Borrower or any of its subsidiaries to enforce
      any
      such judgment.

     

    (b)  Acceleration.
      If an
      Event of Default occurs under Section 6(a)(viii) or (ix), then the outstanding
      principal of and all accrued interest on this Note shall automatically become
      immediately due and payable, without presentment, demand, protest or notice
      of
      any kind, all of which are hereby expressly waived. If any other Event of
      Default occurs and is continuing the Holder, by written notice to the Borrower,
      may declare the principal of and accrued interest on this Note to be immediately
      due and payable. Upon such declaration, such principal and interest shall become
      immediately due and payable. The Holder may rescind an acceleration and its
      consequences if all existing Events of Default, except nonpayment of principal
      or interest that has become due solely because of the acceleration, have been
      cured or waived and if the rescission would not conflict with any judgment
      or
      decree. Any notice or rescission shall be given in the manner specified in
      Section 15.

     

    7.  Conversion.

     

    (a)  Holder’s
      Right To Convert.

     

    (i)  The
      principal amount of this Note shall be convertible, at the option of the Holder,
      at any time, or from time to time, in whole or in part, into that number of
      shares of the Common Stock $.001 par value per share (the “Common
      Stock”),
      equal
      to a fraction, the numerator of which is the amount of the principal to be
      converted and the denominator of which is $0.40 as adjusted as provided below
      (as so adjusted, the “Conversion
      Price”).

     

    (ii)  The
      option to convert into shares of Common Stock shall be exercised by the Holder
      (A) giving written notice to the Borrower, at its principal corporate office,
      of
      the election to convert the same and shall state therein the name or names
      in
      which the certificate or certificates for shares of Common Stock issuable upon
      conversion are to be issued and (B) surrendering this Note for such purpose
      to
      the Borrower, at any place where the Corporation shall maintain a transfer
      agent
      for its Common Stock, duly endorsed in blank or accompanied by proper
      instruments of transfer. At the time of the surrender referred to in clause
      (B)
      above, the Person in whose name any certificate for shares of Common Stock
      shall
      be issuable upon such conversion shall be deemed to be the holder of record
      of
      such shares of Common Stock on such date, notwithstanding that the share
      register of the Borrower shall then be closed or that the certificates
      representing such Common Stock shall not then be actually delivered to such
      Person.

     

    
      
         

      

      
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    (b)  Certain
      Events. 

     

    (i)  In
      case
      at any time prior to the conversion or payment of all of the principal of this
      Note:

     

    (A)  the
      Borrower shall authorize the granting to all the holders of Common Stock of
      the
      Borrower of rights to subscribe for or purchase any shares of stock of any
      class
      or of any other rights; or

     

    (B)  there
      shall be any reclassification of the Common Stock of the Borrower(other than
      a
      subdivision or combination of its outstanding Common Stock); or

     

    (C)  there
      shall be any capital reorganization by the Borrower; or

     

    (D)  there
      shall be an Organic Transaction (as hereinafter defined); or

     

    (E)  there
      shall be voluntary or involuntary dissolution, liquidation and winding up by
      the
      Borrower or dividend or distribution to holders of Common Stock;

     

    then
      in
      any one or more of said cases, the Borrower shall cause to be delivered to
      the
      Holder, at the earliest practicable time (and, in any event, not less than
      15
      days before any record date or the date set for definitive action), written
      notice of the date on which the books of the Borrower shall close or a record
      shall be taken for such dividend, distribution or subscription rights or such
      reorganization, sale, consolidation, merger, dissolution, liquidation or winding
      up or other transaction shall take place, as the case may be. Such notice shall
      also set forth such facts as shall indicate the effect of such action (to the
      extent such effect may be known at the date of such notice) on the Conversion
      Price relating to the conversion of the Notes into Common Stock and the kind
      and
      amount of the shares of stock and other securities and property deliverable
      upon
      conversion of the Notes. Such notice shall also specify the date, if known,
      as
      of which the holders of record of the Common Stock shall participate in said
      dividend, distribution or subscription rights or shall be entitled to exchange
      their shares of the Common Stock for securities or other property (including
      cash) deliverable upon such reorganization, sale, consolidation, merger,
      dissolution, liquidation or winding up or other transaction, as the case may
      be.
      Anything herein to the contrary notwithstanding, the Holder may give a notice
      of
      conversion of all or a portion of the Note as contemplated in Section 7(a)(ii),
      which may be conditioned upon the actual occurrence of the event which is the
      subject of the notice, it being the intention of Borrower and Holder that Holder
      shall be entitled to obtain the benefits of such conversion if such event
      actually occurs, but shall be entitled to retain this Note in full at its option
      if such event does not occur for any reason, and the Borrower agrees to take
      all
      such action, including issuing a new Note in order to assure to the Holder
      the
      benefits contemplated by this Section 7(b).

     

    
      
         

      

      
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    (ii)  For
      purposes hereof, the term “Organic
      Transaction”
      means
      (A) the sale, lease, exchange, transfer or other disposition (including, without
      limitation, by merger, consolidation or otherwise) of assets constituting all
      or
      substantially all of the assets of the Borrower and its subsidiaries, taken
      as a
      whole, to a Person or group of Persons, (B) any merger, consolidation or other
      business combination or refinancing or recapitalization that results in the
      holders of the issued and outstanding voting securities of the Borrower
      immediately prior to such transaction beneficially owning or controlling less
      than a majority of the voting securities of the continuing or surviving entity
      immediately following such transaction or (C) any Person or Persons acting
      together or which would constitute a “group” for the purposes of Section 13(d)
      of the Exchange Act, together or with any Affiliates thereof, other than any
      of
      the holders of the Common Stock, the holders of the Series A Preferred Stock,
      as
      of the date of this Note as originally issued, and their respective Affiliates,
      beneficially owning (as defined in Rule 13d-3 of the Exchange Act) or
      controlling, directly or indirectly, at least 50% of the total voting power
      of
      all classes of capital stock entitled to vote generally in the election of
      directors of the Borrower.

     

    (c)  Company
      Right to Convert. 

     

    (i)  The
      principal amount of this Note and all other Notes shall be convertible, at
      the
      option of the Company, by delivery of written notice (a “Forced
      Conversion Notice”)
      to the
      persons then registered as the Holder of this Note and Holders of all other
      Notes stating that the Borrower is exercising its right to convert all, and
      not
      less than all, of the Notes into shares of Common Stock, the number of shares
      of
      Common Stock issuable upon such conversion, and instructions for tendering
      this
      Note and receiving stock certificates representing the shares of Common Stock
      issuable upon such conversion, provided that the Forced Conversion Notice may
      only be given if and at such time as each of the following conditions shall
      have
      been satisfied:

     

    (A)  The
      arithmetic weighted average trading prices for the ten consecutive trading
      days
      ending on the day immediately prior to the date the Forced Conversion Notice,
      as
      reported by Bloomberg, L.P. using the VAP function, is given is greater than
      $1.00 per share.

     

    (B)  The
      average daily trading volume reported by Bloomberg, L.P. for the 30 consecutive
      trading days ending on the day immediately prior to the date the Forced
      Conversion Notice is given is greater than 500,000 shares.

     

    (C)  The
      shares of Common Stock of the Company shall have been admitted for trading
      on
      either the American Stock Exchange or Nasdaq Stock Market.

     

    (D)  Either
      (A) a corporate partnership satisfactory to the holders of the Notes shall
      have
      been reached with RIGScan CR or (B) Lymphoseek shall have been approved by
      the
      U.S. Food and Drug Administration. 

     

    
      
         

      

      
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    (ii)  Upon
      the
      giving of the Forced Conversion Notice in accordance herewith, the registered
      Holder shall be deemed to be the holder of record of the shares of Common Stock
      issuable upon conversion of this Note the thereafter the Holder shall have
      no
      rights under this Note (including rights to receive payments of principal and
      interest hereunder) except the right to receive a certificate representing
      such
      shares upon surrender of this Note in accordance with the instructions set
      forth
      in the Forced Conversion Notice.

     

    (d)  Adjustment
      of Conversion Price.
      The
      Conversion Price shall be adjusted from time to time in the following manner
      upon the occurrence of the following events:

     

    (i)  Dividend,
      Subdivision, Combination or Reclassification of Common Stock.
      If the
      Company shall, at any time or from time to time, (A) declare a dividend on
      the
      Common Stock payable in shares of its capital stock (including Common Stock),
      (B) subdivide the outstanding Common Stock into a larger number of shares of
      Common Stock, (C) combine the outstanding Common Stock into a smaller number
      of
      shares of its Common Stock, or (D) issue any shares of its capital stock in
      a
      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 such case, the Conversion Price 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 adjusted so that the
      Holder of this Note upon conversion after such date shall be entitled to receive
      the aggregate number and kind of shares of capital stock which, if this Note
      had
      been converted immediately prior to such date, such holder would have owned
      upon
      such conversion and been entitled to receive by virtue of such dividend,
      subdivision, combination or reclassification. Any such adjustment shall become
      effective immediately after the record date of such dividend or the effective
      date of such subdivision, combination or reclassification. Such adjustment
      shall
      be made successively whenever any event listed above shall occur. If a dividend
      is declared and such dividend is not paid, the Conversion Price shall again
      be
      adjusted to be the Conversion Price, in effect immediately prior to such record
      date (giving effect to all adjustments that otherwise would be required to
      be
      made pursuant to this Section 7(d) from and after such record
      date).

     

    (ii)  Certain
      Distributions.
      If the
      Company shall, at any time or from time to time, fix a record date for the
      distribution to all holders of Common Stock (including any such distribution
      made in connection with a consolidation or merger in which the Company is the
      continuing corporation) of evidences of indebtedness, assets or other property
      (other than regularly scheduled cash dividends or cash distributions payable
      out
      of consolidated earnings or earned surplus or dividends payable in capital
      stock
      for which adjustment is made under Subsection 7(d)(i)) or subscription rights,
      options or warrants, then the Conversion Price shall be reduced to the price
      determined by multiplying the Conversion Price in effect immediately prior
      to
      such record date by a fraction (which shall in no event be less than zero),
      the
      numerator of which shall be the Current Market Price per share of Common Stock
      on such record date (or, if an ex dividend date has been established for such
      record date, on the next day preceding such ex dividend date), less the fair
      market value (as determined in good faith by the Board of Directors of the
      Company) of the portion of the assets, evidences of indebtedness, other
      property, subscription rights or warrants so to be distributed applicable to
      one
      share of Common Stock and the denominator of which shall be such Current Market
      Price per share of Common Stock. Any such adjustment shall become effective
      immediately after the record date for such distribution. Such adjustments shall
      be made successively whenever such a record date is fixed. In the event that
      such distribution is not so made, the Conversion Price shall be adjusted to
      the
      Conversion Price in effect immediately prior to such record date (giving effect
      to all adjustments that otherwise would be required to be made pursuant to
      this
      Section 3 from and after such record date).

     

    
      
         

      

      
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    (iii)  Determination
      of Current Market Price.
      For the
      purpose of any computation under Subsection 7(d)(ii) or any other provision
      of
      this Note, (A) the Current Market Price per share of Common Stock on any
      date shall be deemed to be the average of the daily Closing Prices (as defined
      below) per share of Common Stock for the 10 consecutive trading days commencing
      15 trading days before such date, and
      (B) “Closing Price” shall mean, with respect to each share of Common Stock
      for any day, (I) the last reported sale price regular way or, in case no such
      sale takes place on such day, the average of the closing bid and asked prices
      regular way, in either case as reported on the principal national securities
      exchange on which the Common Stock is listed or admitted for trading or (II)
      if
      the Common Stock is not listed or admitted for trading on any national
      securities exchange, the last reported sale price or, in case no such sale
      takes
      place on such day, the average of the highest reported bid and the lowest
      reported asked quotation for the Common Stock, in either case as reported on
      the
      Nasdaq Stock Market or OTCBB or a similar service if Nasdaq or OTCBB is no
      longer reporting such information. If on any such date the shares of Common
      Stock are not listed or admitted for trading on any national securities exchange
      or quoted by the Nasdaq Stock Market, OTCBB or a similar service, then the
      Company, on the one hand, and [Great
      Point Partners, LLC]
      [David
      C.
      Bupp],
      on the
      other hand, shall each promptly appoint as an appraiser an individual who shall
      be a member of a nationally recognized investment banking firm. Each appraiser
      shall be instructed to, within 30 days of appointment, determine the Current
      Market Price per share of Common Stock which shall be deemed to be equal to
      the
      fair market value per share of Common Stock as of such date. If the two
      appraisers are unable to agree on the Current Market Price per share of Common
      Stock within such 30 day period, then the two appraisers, within 10 days after
      the end of such 30 day period shall jointly select a third appraiser. The third
      appraiser shall, within 30 days of its appointment, determine, in good faith,
      the Current Market Price per share of Common Stock and such determination shall
      be controlling. If any party fails to appoint an appraiser or if one of the
      two
      initial appraisers fails after appointment to submit its appraisal within the
      required period, the appraisal submitted by the remaining appraiser shall be
      controlling. The cost of the foregoing appraisals shall be shared one-half
      by
      the Company and one-half by [Great
      Point Partners, LLC]
      [David
      C.
      Bupp],
      provided, however, in the event a third appraiser is utilized and one of the
      two
      initial appraisals (but not the other initial appraisal) is greater than or
      less
      than the appraisal by such third appraiser by 10% or more, then the cost of
      all
      of the foregoing appraisals shall be borne by the party who appointed the
      appraiser who made such initial appraisal.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (iv)  De
      Minimis Adjustments.
      No
      adjustment shall be made under this Section 7(d) if the amount of such
      adjustment would result in a change in the Conversion Price of less than one
      percent (1%), but in such case any adjustment that would otherwise be required
      to be made shall be carried forward and shall be made at the time of and
      together with the next subsequent adjustment, which together with any adjustment
      so carried forward, would result in a change of at least one percent (1%).
      Notwithstanding the provisions of the first sentence of this Subsection
      7(d)(iv), any adjustment postponed pursuant to this Subsection 7(d)(iv) shall
      be
      made no later than the earlier of the Maturity Date or the date on which the
      Note is converted.

     

    (v)  Reorganization,
      Reclassification, Merger and Sale of Assets.
      If
      there occurs any capital reorganization or any reclassification of the Common
      Stock of the Company, the consolidation or merger of the Company with or into
      another Person (other than a merger or consolidation of the Company in which
      the
      Company is the continuing corporation and which does not result in any
      reclassification or change of outstanding shares of its Common Stock) or the
      sale or conveyance of all or substantially all of the assets of the Company
      to
      another Person, then the Holder will thereafter be entitled to receive, upon
      the
      conversion of this Note in accordance with the terms hereof, the same kind
      and
      amounts of securities (including shares of stock) or other assets, or both,
      which were issuable or distributable to the holders of outstanding Common Stock
      of the Company upon such reorganization, reclassification, consolidation,
      merger, sale or conveyance, in respect of that number of shares of Common Stock
      then deliverable upon the conversion of this Note if this Note had been
      exercised immediately prior to such reorganization, reclassification,
      consolidation, merger, sale or conveyance; and, in any such case, appropriate
      adjustments (as determined in good faith by the Board of Directors of the
      Company) shall be made to assure that the provisions hereof (including, without
      limitation, provisions with respect to changes in, and other adjustments of,
      the
      Conversion Price) shall thereafter be applicable, as nearly as reasonably may
      be
      practicable, in relation to any securities or other assets thereafter
      deliverable upon conversion of this Note.

     

    (vi)  Certificate
      as to Adjustments.
      Whenever the Conversion Price shall be adjusted pursuant to the provisions
      hereof, the Company shall promptly give written notice thereof to the Holder,
      in
      accordance with Section 15, in the form of a certificate signed by the Chairman
      of the Board, President or one of the Vice Presidents of the Company, and by
      the
      Chief Financial Officer, Treasurer or one of the Assistant Treasurers of the
      Company, stating the adjusted Conversion Price, and setting forth in reasonable
      detail the method of calculation and the facts requiring such adjustment and
      upon which such calculation is based. Each adjustment shall remain in effect
      until a subsequent adjustment is required.

     

    (vii)  Fractional
      Shares.
      Notwithstanding an adjustment pursuant to Section 7(d) in the Conversion Price,
      the Company shall not be required to issue fractions of shares upon conversion
      of this Note or to distribute certificates which evidence fractional shares.
      In
      lieu of fractional shares, the Company may make payment to the Holder, at the
      time of conversion of this Note as herein provided, of an amount in cash equal
      to such fraction multiplied by the greater of the Current Market Price of a
      share of Common Stock on the Conversion Date and the Conversion
      Price.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (e)  Notice
      of Proposed Actions.
      In case
      the Company shall propose at any time or from time to time (i) to declare or
      pay
      any dividend payable in stock of any class to the holders of Common Stock or
      to
      make any other distribution to the holders of Common Stock (other than a
      regularly scheduled cash dividend), (ii) to offer to the holders of Common
      Stock
      rights or Notes to subscribe for or to purchase any additional shares of Common
      Stock or shares of stock of any class or any other securities, rights, Notes
      or
      options, (iii) to effect any reclassification of its Common Stock, (iv) to
      effect any consolidation, merger or sale, transfer or other disposition of
      all
      or substantially all of the property, assets or business of the Company which
      would, if consummated, adjust the Conversion Price or the securities issuable
      upon conversion of this Note, (v) to effect the liquidation, dissolution or
      winding up of the Company, or (vi) to take any other action that would require
      a
      vote of the Company’s stockholders, then, in each such case, the Company shall
      give to the Holder, in accordance with Section 15, a written notice of such
      proposed action, which shall specify (A) the record date for the purposes of
      such stock dividend, distribution of rights or Notes or vote of the stockholders
      of the Company, or if a record is not to be taken, the date as of which the
      holders of shares of Common Stock of record to be entitled to such dividend,
      distribution of rights or Notes, or vote is to be determined, or (B) the
      date on which such reclassification, consolidation, merger, sale, transfer,
      disposition, liquidation, dissolution or winding up is expected to become
      effective, and such notice shall be so given as promptly as possible but in
      any
      event at least ten (10) Business Days prior to the applicable record,
      determination or effective date specified in such notice.

     

    8.  Use
      of Proceeds.
      The
      Borrower shall use the principal amount of this Note in accordance with the
      permitted uses described in the Purchase Agreement.

     

    9.  Suits
      for Enforcement. 

     

    (a)  Upon
      the
      occurrence of any one or more Events of Default, the Holder of this Note may
      proceed to protect and enforce its rights hereunder by suit in equity, action
      at
      law or by other appropriate proceeding, whether for the specific performance
      of
      any covenant or agreement contained in the Purchase Agreement or this Note
      or in
      aid of the exercise of any power granted in the Purchase Agreement or this
      Note,
      or may proceed to enforce the payment of this Note, or to enforce any other
      legal or equitable right of the Holders of this Note.

     

    (b)  In
      case
      of any default under this Note, the Borrower will pay to the Holder such amounts
      as shall be sufficient to cover the costs and expenses of such Holder due to
      such default, as provided in Article 7 of the Purchase Agreement.

     

    10.  Remedies
      Cumulative.
      No
      remedy herein conferred upon the Holder is intended to be exclusive of any
      other
      remedy and each and every such remedy shall be cumulative and shall be in
      addition to every other remedy given hereunder or now or hereafter existing
      at
      law or in equity or by statute or otherwise.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    11.  Remedies
      Not Waived.
      No
      course of dealing between the Borrower and the Holder or any delay on the part
      of the Holder in exercising any rights hereunder shall operate as a waiver
      of
      any right.

     

    12.  Transfer.

     

    (a)  The
      term
“Holder”
      as used
      herein shall also include any transferee of this Note whose name has been
      recorded by the Borrower in the Note Register. Each transferee of this Note
      acknowledges that this Note has not been registered under the Securities Act,
      and may be transferred only pursuant to an effective registration under the
      Securities Act or pursuant to an applicable exemption from the registration
      requirements of the Securities Act.

     

    (b)  The
      Borrower shall maintain a register (the “Note
      Register”)
      in its
      principal offices for the purpose of registering the Note and any transfer
      or
      partial transfer thereof, which register shall reflect and identify, at all
      times, the ownership of record of any interest in the Note. Upon the issuance
      of
      this Note, the Borrower shall record the name and address of the initial
      purchaser of this Note in the Note Register as the first Holder. Upon surrender
      for registration of transfer or exchange of this Note at the principal offices
      of the Borrower, the Borrower shall, at its expense, execute and deliver one
      or
      more new Notes of like tenor registered in the name of the Holder or a
      transferee or transferees. Every Note surrendered for registration of transfer
      or exchange shall be duly endorsed, or be accompanied by written instrument
      of
      transfer duly executed by the Holder of such Note or such holder’s attorney duly
      authorized in writing.

     

    (c)  This
      Note
      may be transferred or assigned, in whole or in part, by the Holder at any
      time.

     

    13.  Replacement
      of Note.
      On
      receipt by the Borrower of an affidavit of an authorized representative of
      the
      Holder stating the circumstances of the loss, theft, destruction or mutilation
      of this Note (and in the case of any such mutilation, on surrender and
      cancellation of such Note), the Borrower, at its expense, will promptly execute
      and deliver, in lieu thereof, a new Note of like tenor. If required by the
      Borrower, such Holder must provide indemnity sufficient in the reasonable
      judgment of the Borrower to protect the Borrower from any loss which they may
      suffer if a lost, stolen or destroyed Note is replaced.

     

    14.  Covenants
      Bind Successors and Assigns.
      All the
      covenants, stipulations, promises and agreements in this Note contained by
      or on
      behalf of the Borrower shall bind its successors and assigns, whether so
      expressed or not.

     

    15.  Notices.
      All
      notices, demands and other communications provided for or permitted hereunder
      shall be made in writing and shall be by registered or certified first-class
      mail, return receipt requested, telecopier (with receipt confirmed), courier
      service or personal delivery at the addresses specified in Section 11.2 of
      the
      Purchase Agreement. All such notices and communications shall be deemed to
      have
      been duly given when: delivered by hand, if personally delivered; when delivered
      by courier, if delivered by commercial overnight courier service; if mailed,
      five Business Days after being deposited in the mail, postage prepaid; or if
      telecopied, when receipt is acknowledged.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    16.  GOVERNING
      LAW.
      THIS
      NOTE SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED UNDER,
      THE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS OR INSTRUMENTS ENTERED
      INTO AND PERFORMED ENTIRELY WITHIN SUCH STATE. EXCEPT TO THE EXTENT THE GENERAL
      CORPORATIONS LAW OF THE STATE OF DELAWARE SHALL APPLY.

     

    17.  Severability.
      If any
      one or more of the provisions contained herein, or the application thereof
      in
      any circumstance, is held invalid, illegal or unenforceable in any respect
      for
      any reason, the validity, legality and enforceability of any such provision
      in
      every other respect and of the remaining provisions hereof shall not be in
      any
      way impaired, unless the provisions held invalid, illegal or unenforceable
      shall
      substantially impair the benefits of the remaining provisions
      hereof.

     

    18.  Headings.
      The
      headings in this Note are for convenience of reference only and shall not limit
      or otherwise affect the meaning hereof

     

    
      	 	 	 
	 	NEOPROBE
              CORPORATION
	 
 	 
 	 
 
	Date: 	By:  	 
	 	
              
Name:
 Brent
              L. Larson
	 	Title: Vice
              President-Finance and Chief
              Financial Officer

    

     

    
      
         

      

        14

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