Document:

Unassociated Document

    EXHIBIT
10.2

     

    FORM OF

    REGISTRATION RIGHTS
AGREEMENT

     

    This
Registration Rights Agreement (this “Agreement”) is made and
entered into effective as of ________ __, 2010, between Universal Gold Mining Corp.,
a Nevada corporation formerly known as “Federal Sports & Entertainment,
Inc.” (the “Company”)
and the persons who have executed omnibus or counterpart signature page(s)
hereto (each, a “Purchaser” and collectively,
the “Purchasers”).

     

    RECITALS:

     

    WHEREAS,
the Company is offering in compliance with Rule 506 of Regulation D and/or Rule
903 of Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), to
accredited investors and non-U.S. persons in a private placement offering (the
“PPO”), a minimum (the
“Minimum Amount”) of
23,000,000 units (the “Units”) and a maximum of
30,000,000 Units of the Company’s securities, at the purchase price of $0.10 per
Unit (the “Purchase
Price”), each Unit consisting of one share  (the “Purchaser Shares”) of the
Company’s common stock, par value $0.001 per share (the “Common Stock”); and in the
event the PPO is oversubscribed, the Company may, in its discretion, sell up to
5,000,000 additional Units at the same purchase price per Unit (the “Over-Allotment”);

     

    WHEREAS,
the initial closing of the PPO will occur upon the receipt of subscriptions and
payment for at least the Minimum Amount, and other conditions to closing of the
PPO are satisfied; and

     

    WHEREAS,
in connection with the sale and purchase of Units in the PPO, the Company shall
enter into a Subscription Agreement with each Purchaser (collectively, the
“Subscription
Agreements”) that provides for the Purchaser and the Company to enter
into a registration rights agreement on the terms set forth herein; and

     

    NOW,
THEREFORE, in consideration of the mutual promises, representations, warranties,
covenants, and conditions set forth herein, the parties mutually agree as
follows:

     

    1.           Certain
Definitions.  As used in this Agreement, the following terms
shall have the following respective meanings:

     

    “Approved Market”
means the Over-the-Counter Bulletin Board, the Nasdaq Stock Market, the New York
Stock Exchange or the American Stock Exchange.

     

    “Blackout Period”
means, with respect to a registration, a period, in each case commencing on the
day immediately after the Company notifies the Purchasers that they are
required, because of the occurrence of an event of the kind described in Section
4(f) hereof, to suspend offers and sales of Registrable Securities during which
the Company, in the good faith judgment of its board of directors, determines
(because of the existence of, or in anticipation of, any acquisition, financing
activity, or other transaction involving the Company, or the unavailability for
reasons beyond the Company’s control of any required financial statements,
disclosure of information which is in its best interest not to publicly
disclose, or any other event or condition of similar significance to the
Company) that the registration and distribution of the Registrable Securities to
be covered by such Registration Statement, if any, would be seriously
detrimental to the Company and its stockholders and ending on the earlier of (1)
the date upon which the material non-public information commencing the Blackout
Period is disclosed to the public or ceases to be material and (2) such time as
the Company notifies the selling Holders that sales pursuant to such
Registration Statement or a new or amended Registration Statement may
resume.

    
      
         

      

      
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     “Business Day” means
any day of the year, other than a Saturday, Sunday, or other day on which the
Commission is required or authorized to close.

     

    “Commission” means the
U. S. Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act.

     

    “Common Stock” means
the common stock, par value $0.001 per share, of the Company and any and all
shares of capital stock or other equity securities of: (i) the Company which are
added to or exchanged or substituted for the Common Stock by reason of the
declaration of any stock dividend or stock split, the issuance of any
distribution or the reclassification, readjustment, recapitalization or other
such modification of the capital structure of the Company; and (ii) any other
corporation, now or hereafter organized under the laws of any state or other
governmental authority, with which the Company is merged, which results from any
consolidation or reorganization to which the Company is a party, or to which is
sold all or substantially all of the shares or assets of the Company, if
immediately after such merger, consolidation, reorganization or sale, the
Company or the stockholders of the Company own equity securities having in the
aggregate more than 50% of the total voting power of such other
corporation.

     

    “Effective Date” means
the date of the final closing of the PPO.

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder.

     

    “Family Member” means
(a) with respect to any individual, such individual’s spouse, any descendants
(whether natural or adopted), any trust all of the beneficial interests of which
are owned by any of such individuals or by any of such individuals together with
any organization described in Section 501(c)(3) of the Internal Revenue Code of
1986, as amended, the estate of any such individual, and any corporation,
association, partnership or limited liability company all of the equity
interests of which are owned by those above described individuals, trusts or
organizations and (b) with respect to any trust, the owners of the beneficial
interests of such trust.

     

     “Holder” means (i)
each Purchaser or any of such Purchaser’s respective successors and Permitted
Assignees who acquire rights in accordance with this Agreement with respect to
any Registrable Securities directly or indirectly from a Purchaser or from any
Permitted Assignee.

     

     “Majority Holders”
means at any time Holders representing a majority of the Registrable
Securities.

     

    “Permitted Assignee”
means (a) with respect to a partnership, its partners or former partners in
accordance with their partnership interests, (b) with respect to a corporation,
its stockholders in accordance with their interest in the corporation, (c) with
respect to a limited liability company, its members or former members in
accordance with their interest in the limited liability company, (d) with
respect to an individual party, any Family Member of such party, (e) an entity
that is controlled by, controls, or is under common control with a transferor,
or (f) a party to this Agreement.

    
      
         

      

      
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    “Piggyback
Registration” means, in any registration of Common Stock referenced in
Section 3(c), the right of each Holder to include the Registrable Securities of
such Holder in such registration.

     

    “Purchaser Shares” has
the meaning given it in the recitals of this Agreement.

     

    The terms
“register,”
“registered,”
and “registration” refer
to a registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

     

    “Registrable
Securities” means the Purchaser Shares, excluding (i) any otherwise
Registrable Securities that have been publicly sold or may be immediately sold
under the Securities Act either pursuant to Rule 144 of the Securities Act or
otherwise during any ninety (90) day period; (ii) any otherwise Registrable
Securities sold by a person in a transaction pursuant to a registration
statement filed under the Securities Act, and (iii) any otherwise Registrable
Securities that are at the time subject to an effective registration statement
under the Securities Act.

     

    “Registration Default
Period” means the period during which any Registration Event occurs and
is continuing.

     

    “Registration Effectiveness
Date” means the date that is 180 days after the Registration Filing
Date.

     

    “Registration Event”
means the occurrence of any of the following events:

     

    (a)           the
Company fails to file with the Commission the Registration Statement on or
before the Registration Filing Date;

     

    (b)           the
Registration Statement is not declared effective by the Commission on or before
the Registration Default Date;

     

    (c)           after
the SEC Effective Date, the Registration Statement ceases for any reason to
remain continuously effective or the Holders are otherwise not permitted to
utilize the prospectus therein to resell the Registrable Securities (including a
Blackout Period), for more than fifteen (15) consecutive calendar days, except
as excused pursuant to Section 3(a); or

     

    (d)           the
Registrable Securities, if issued, are not listed or included for quotation on
an Approved Market, or trading of the Common Stock is suspended or halted on the
Approved Market, which at the time constitutes the principal market for the
Common Stock, for more than two (2) full, consecutive Trading Days; provided, however, a
Registration Event shall not be deemed to occur if all or substantially all
trading in equity securities (including the Common Stock) is suspended or halted
on the Approved Market for any length of time.

     

    “Registration Filing
Date” means the date that is 75 days after the Effective
Date.

    
      
         

      

      
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    “Registration
Statement” means the registration statement that the Company is required
to file pursuant to Section 3(a) of this Agreement to register the Registrable
Securities.

     

    “Rule 144” means Rule
144 promulgated by the Commission under the Securities Act, as such rule may be
amended or supplemented from time to time, or any similar successor rule that
may be promulgated by the Commission.

     

    “Rule 145” means Rule
145 promulgated by the Commission under the Securities Act, as such rule may be
amended or supplemented from time to time, or any similar successor rule that
may be promulgated by the Commission.

     

    “Rule 415” means Rule
415 promulgated by the Commission under the Securities Act, as such rule may be
amended or supplemented from time to time, or any similar successor rule that
may be promulgated by the Commission.

     

     “Securities Act” means
the Securities Act of 1933, as amended, or any similar federal statute
promulgated in replacement thereof, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect at the
time.

     

    “SEC Effective Date”
means the date the Registration Statement is declared effective by the
Commission.

     

    “Trading Day” means
any day on which such national securities exchange, the OTC Bulletin Board or
such other securities market or quotation system, which at the time constitutes
the principal securities market for the Common Stock, is open for general
trading of securities.

     

    2.           Term.  This
Agreement shall terminate on the earlier of: (i) two years from the Effective
Date; (ii) such date on which all Registrable Securities may immediately be sold
under Rule 144 during any ninety (90) day period; or (iii) the date
otherwise terminated as provided herein.

     

    3.           Registration.

     

    Registration on Form
S-1.  The Company shall file with the Commission a Registration
Statement on Form S-1, or other applicable form, relating to the resale by the
Holders of all of the Registrable Securities, and the Company shall use its
commercially reasonable efforts to (i) make the initial filing of the
Registration Statement within 75 days after the earlier of the final closing of
the PPO or the Termination Date (as defined in the Term Sheet attached to the
Subscription Agreement) of the PPO, and (ii) cause such Registration Statement
to be declared effective as soon as practicable after it is first filed; provided, that the
Company shall not be obligated to effect any such registration, qualification or
compliance pursuant to this Section, or keep such registration effective
pursuant to the terms hereunder in any particular jurisdiction in which the
Company would be required to qualify to do business as a foreign corporation or
as a dealer in securities under the securities laws of such jurisdiction or to
execute a general consent to service of process in effecting such registration,
qualification or compliance, in each case where it has not already done
so.  Notwithstanding the foregoing, in the event that the Commission
should limit the number of Registrable Securities that may be sold pursuant to
the Registration Statement, the Company may remove from the Registration
Statement such number of Registrable Securities as specified by the Commission
on behalf of all of the holders of Registrable Securities on a pro-rata
basis.  In such event, the Company shall give the Purchasers prompt
notice of the number of Registrable Securities excluded
therefrom.

    
      
         

      

      
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    Piggyback
Registration.    Piggyback Registration rights shall
apply to any Registrable Securities that are removed from the Registration
Statement as a result of a requirement by the Commission.  If, after
the SEC Effective Date, the Company shall determine to register for sale for
cash any of its Common Stock, for its own account or for the account of others
(other than the Holders), other than (x) a registration relating solely to
employee benefit plans or securities issued or issuable to employees,
consultants (to the extent the securities owned or to be owned by such
consultants could be registered on Form S-8) or any of their Family Members
(including a registration on Form S-8) or (y) a registration relating solely to
a Securities Act Rule 145 transaction or a registration on Form S-4 in
connection with a merger, acquisition, divestiture, reorganization or similar
event, then the Company shall promptly give to the Holders written notice
thereof (and in no event shall such notice be given less than 20 calendar days
prior to the filing of such registration statement), and shall, subject to
Section 3(c), include as a Piggyback Registration all of the Registrable
Securities specified in a written request delivered by the Holder thereof within
10 calendar days after delivery to the Holder of such written notice from the
Company. However, the Company may, without the consent of the Holders, withdraw
such registration statement prior to its becoming effective if the Company or
such other selling stockholders have elected to abandon the proposal to register
the securities proposed to be registered thereby.

     

    (a)           Underwriting.  If
a Piggyback Registration is for a registered public offering that is to be made
by an underwriting, the Company shall so advise the Holders of the Registrable
Securities eligible for inclusion in such Registration Statement pursuant to
Section 3(b).  In that event, the right of any Holder to Piggyback
Registration shall be conditioned upon such Holder’s participation in such
underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Holders proposing to sell any of
their Registrable Securities through such underwriting shall (together with the
Company and any other stockholders of the Company selling their securities
through such underwriting) enter into an underwriting agreement in customary
form with the underwriter selected for such underwriting by the Company or such
other selling stockholders, as applicable.  Notwithstanding any other
provision of this Section, if the underwriter or the Company determines that
marketing factors require a limitation on the number of shares of Common Stock
or the amount of other securities to be underwritten, the underwriter may
exclude some or all Registrable Securities from such registration and
underwriting.  The Company shall so advise all Holders (except those
Holders who failed to timely elect to include their Registrable Securities
through such underwriting or have indicated to the Company their decision not to
do so), and indicate to each such Holder the number of shares of Registrable
Securities that may be included in the registration and underwriting, if any.
The number of shares of Registrable Securities to be included in such
registration and underwriting shall be allocated among such Holders as
follows:

     

    (i)           If
the Piggyback Registration was initiated by the Company, the number of shares
that may be included in the registration and underwriting shall be allocated
first to the Company and then, subject to obligations and commitments existing
as of the date hereof, to all persons exercising piggyback registration rights
(including the Holders) who have requested to sell in the registration on a pro
rata basis according to the number of shares requested to be included therein;
and

    
      
         

      

      
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    (ii)           If
the Piggyback Registration was initiated by the exercise of demand registration
rights by a stockholder or stockholders of the Company, then the number of
shares that may be included in the registration and underwriting shall be
allocated first to such selling stockholders who exercised such demand to the
extent of their demand registration rights, and then, subject to obligations and
commitments existing as of the date hereof, to the Company and then, subject to
obligations and commitments existing as of the date hereof, to all persons
exercising piggyback registration rights (including the Holders) who have
requested to sell in the registration on a pro rata basis according to the
number of shares requested to be included therein.

     

    No
Registrable Securities excluded from the underwriting by reason of the
underwriter’s marketing limitation shall be included in such registration. If
any Holder disapproves of the terms of any such underwriting, such Holder may
elect to withdraw such Holder’s Registrable Securities therefrom by delivering a
written notice to the Company and the underwriter.  The Registrable
Securities so withdrawn from such underwriting shall also be withdrawn from such
registration; provided, however, that, if by
the withdrawal of such Registrable Securities, a greater number of Registrable
Securities held by other Holders may be included in such registration (up to the
maximum of any limitation imposed by the underwriters), then the Company shall
offer to all Holders who have included Registrable Securities in the
registration the right to include additional Registrable Securities pursuant to
the terms and limitations set forth herein in the same proportion used above in
determining the underwriter limitation.

     

    (d)           Other
Registrations.  Before such date that is six months following
the SEC Effective Date, the Company will not, without the prior written consent
of the Majority Holders, file any other registration statement with the
Commission or request the acceleration of any other registration statement filed
with the Commission, and during any time subsequent to the SEC Effective Date
when the Registration Statement for any reason is not available for use by any
Holder for the resale of any Registrable Securities, the Company shall not,
without the prior written consent of the Majority Holders, file any other
registration statement or any amendment thereto with the Commission under the
Securities Act or request the acceleration of the effectiveness of any other
registration statement previously filed with the Commission, other than (i) any
registration statement on Form S-8 or Form S-4 and (ii) any registration
statement or amendment which the Company is required to file or as to which the
Company is required to request acceleration pursuant to any obligation in effect
on the date of execution and delivery of this Agreement.

    
      
         

      

      
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    (e)           Occurrence of Registration
Event.  If a Registration Event occurs, then the Company will
make payments to each Holder of Registrable Securities, as partial liquidated
damages to such Holder by reason of the Registration Event, a cash sum equal to
1% of the purchase price in the PPO of the PPO Units that include Registrable
Securities which are affected by such Registration Event, for each full thirty
(30) days during which such Registration Event continues to affect such
Registrable Securities (which shall be pro-rated for any period less than 30
days).  Notwithstanding the foregoing, the maximum amount of
liquidated damages that may be paid by the Company pursuant to this Section 3(e)
shall be an amount equal to 10% of the purchase price paid in the PPO for the
PPO Units that include Registrable Securities which are affected by all
Registration Events in the aggregate.  Each payment of liquidated
damages pursuant to this Section 3(e) shall be due and payable in arrears within
five (5) days after the end of each full 30-day period of the Registration
Default Period until the termination of the Registration Default Period and
within five (5) days after such termination.  Such payments shall
constitute the Holder’s exclusive remedy for any Registration
Event.  If the Company fails to pay any partial liquidated damages
pursuant to this Section in full within seven (7) days after the date payable,
then the Company shall pay interest thereon at a rate of 8% per annum (or such
lesser maximum amount that is permitted to be paid by applicable law) to the
effected Holders, accruing daily from the date such partial liquidated damages
are due until such amounts, plus all such interest thereon, are paid in
full.  The Registration Default Period shall terminate upon (i) the
filing of the Registration Statement in the case of clause (a) of the definition
of Registration Event, (ii) the SEC Effective Date in the case of clause (b) of
the definition of Registration Event, (iii) the ability of the Holders to effect
sales pursuant to the Registration Statement in the case of clause (c) of the
definition of Registration Event, and (iv) the listing or inclusion and/or
trading of the Common Stock on an Approved Market, as the case may be, in the
case of clause (d) of the definition of Registration Event.  The
amounts payable as liquidated damages pursuant to this Section 3(e) shall be
payable in lawful money of the United States.  Notwithstanding the
foregoing, the Company will not be liable for the payment of liquidated damages
described in this Section 3(e) for any delay in registration of the Registrable
Securities that may be included and sold by the Holders in the Registration
Statement pursuant to Rule 415 solely as a result of a comment received by the
Commission requiring a limit on the number of Registrable Securities included in
such Registration Statement in order for such Registration Statement to be able
to avail itself of Rule 415.  In the event of any such delay, the
Company will use its commercially reasonable efforts at the first opportunity
that is permitted by the Commission to register for resale the Registrable
Securities that have been cut back from being registered pursuant to Rule 415
only with respect to that portion of the Holders’ Registrable Securities that
are then Registrable Securities.

     

    (f)           Notwithstanding
the provisions of Section 3(e) above, (a) if the Commission does not declare the
Registration Statement effective on or before the Registration Effectiveness
Date, or (b) if the Commission allows the Registration Statement to be declared
effective at any time before or after the Registration Effectiveness Date,
subject to the withdrawal of certain Registrable Securities from the
Registration Statement, and the reason for (a) or (b) is the Commission’s
determination that (x) the offering of any of the Registrable Securities
constitutes a primary offering of securities by the Company, (y) Rule 415 may
not be relied upon for the registration of the resale of any or all of the
Registrable Securities, and/or (z) a Holder of any Registrable Securities must
be named as an underwriter, the Holders understand and agree that in the case of
(b) the Company may reduce, on a pro rata basis, the total number of Registrable
Securities to be registered on behalf of each such Holder, and in the case of
(a) or (b) the Holder shall not be entitled to partial liquidated damages with
respect to the Registrable Securities not registered for the reason set forth in
(a) or so reduced on a pro rata basis as set forth in (b).

     

    4.           Registration Procedures for
Registrable Securities.  The Company will keep each Holder
reasonably advised as to the filing and effectiveness of the Registration
Statement.  At its expense with respect to the Registration Statement,
the Company will:

     

    (a)           prepare
and file with the Commission with respect to the Registrable Securities, a
Registration Statement on Form S-1, or any other form for which the Company then
qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of the Registrable Securities in accordance with
the intended methods of distribution thereof, and use its commercially
reasonable efforts to cause such Registration Statement to become effective and
to remain effective for a period of one year or for such shorter period ending
on the earlier to occur of (i) the sale of all Registrable Securities and (ii)
the availability under Rule 144 for the Holder to sell all of the Registrable
Securities within a 90 day period (the “Effectiveness
Period”).  Each Holder agrees to furnish to the Company a
completed questionnaire in the form attached to this Agreement as Annex A (a “Selling Shareholder
Questionnaire”) not later than three (3) Business Days following the date
on which such Holder receives draft materials of such Registration
Statement;

    
      
         

      

      
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    (b)           if
the Registration Statement is subject to review by the Commission, promptly
respond to all comments and diligently pursue resolution of any comments to the
satisfaction of the Commission;

     

    (c)           prepare
and file with the Commission such amendments and supplements to such
Registration Statement as may be necessary to keep such Registration Statement
effective during the Effectiveness Period;

     

    (d)           furnish,
without charge, to each Holder of Registrable Securities covered by such
Registration Statement (i) a reasonable number of copies of such Registration
Statement (including any exhibits thereto other than exhibits incorporated by
reference), each amendment and supplement thereto as such Holder may reasonably
request, (ii) such number of copies of the prospectus included in such
Registration Statement (including each preliminary prospectus and any other
prospectus filed under Rule 424 of the Securities Act) as such Holders may
reasonably request, in conformity with the requirements of the Securities Act,
and (iii) such other documents as such Holder may require to consummate the
disposition of the Registrable Securities owned by such Holder, but only during
the Effectiveness Period;

     

    (e)           use
its commercially reasonable efforts to register or qualify such registration
under such other applicable securities laws of such jurisdictions as any Holder
of Registrable Securities covered by such Registration Statement reasonably
requests and as may be necessary for the marketability of the Registrable
Securities (such request to be made by the time the applicable Registration
Statement is deemed effective by the Commission) and do any and all other acts
and things necessary to enable such Holder to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such Holder; provided, that the
Company shall not be required to (i) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
paragraph, (ii) subject itself to taxation in any such jurisdiction, or (iii)
consent to general service of process in any such jurisdiction.

     

    (f)           as
promptly as practicable after becoming aware of such event, notify each Holder
of Registrable Securities, the disposition of which requires delivery of a
prospectus relating thereto under the Securities Act, of the happening of any
event, which comes to the Company’s attention, that will after the occurrence of
such event cause the prospectus included in such Registration Statement, if not
amended or supplemented, to contain an untrue statement of a material fact or an
omission to state a material fact required to be stated therein or necessary to
make the statements therein not misleading and the Company shall promptly
thereafter prepare and furnish to such Holder a supplement or amendment to such
prospectus (or prepare and file appropriate reports under the Exchange Act) so
that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus shall not contain an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein not misleading, unless suspension of the use of such
prospectus otherwise is authorized herein or in the event of a Blackout Period,
in which case no supplement or amendment need be furnished (or Exchange Act
filing made) until the termination of such suspension or Blackout
Period;

    
      
         

      

      
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    (g)         comply,
and continue to comply during the Effectiveness Period, in all material respects
with the Securities Act and the Exchange Act and with all applicable rules and
regulations of the Commission with respect to the disposition of all securities
covered by such Registration Statement;

     

    (h)         as
promptly as practicable after becoming aware of such event, notify each Holder
of Registrable Securities being offered or sold pursuant to the Registration
Statement of the issuance by the Commission of any stop order or other
suspension of effectiveness of the Registration Statement;

     

    (i)           use
its commercially reasonable efforts to cause all the Registrable Securities
covered by the Registration Statement to be quoted on the OTC Bulletin Board or
such other principal securities market on which securities of the same class or
series issued by the Company are then listed or traded;

     

    (j)           provide
a transfer agent and registrar, which may be a single entity, for the shares of
Common Stock at all times;

     

    (k)         cooperate
with the Holders of Registrable Securities being offered pursuant to the
Registration Statement to issue and deliver, or cause its transfer agent to
issue and deliver, certificates representing Registrable Securities to be
offered pursuant to the Registration Statement within a reasonable time after
the delivery of certificates representing the Registrable Securities to the
transfer agent or the Company, as applicable, and enable such certificates to be
in such denominations or amounts as the Holders may reasonably request and
registered in such names as the Holders may request;

     

    (l)           during
the Effectiveness Period, refrain from bidding for or purchasing any Common
Stock or any right to purchase Common Stock or attempting to induce any person
to purchase any such security or right if such bid, purchase or attempt would in
any way limit the right of the Holders to sell Registrable Securities by reason
of the limitations set forth in Regulation M of the Exchange Act;
and

     

    (m)         take
all other reasonable actions necessary to expedite and facilitate the
disposition by the Holders of the Registrable Securities pursuant to the
Registration Statement during the term of this Agreement.

     

    5.           Suspension of Offers and
Sales.  Each Holder agrees that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section
4(f) hereof or of the commencement of a Blackout Period, such Holder shall
discontinue the disposition of Registrable Securities included in the
Registration Statement until such Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 4(f) hereof or notice
of the end of the Blackout Period, and, if so directed by the Company, such
Holder shall deliver to the Company (at the Company’s expense) all copies
(including, without limitation, any and all drafts), other than permanent file
copies, then in such Holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such
notice.

    
      
         

      

      
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    6.           Registration
Expenses.  The Company shall pay all expenses in connection
with any registration obligation provided herein, including, without limitation,
all registration, filing, stock exchange fees, printing expenses, all fees and
expenses of complying with applicable securities laws, and the fees and
disbursements of counsel for the Company and of its independent accountants;
provided, that,
in any underwritten registration, each party shall pay for its own underwriting
discounts and commissions and transfer taxes. Except as provided in this Section
and Section 9, the Company shall not be responsible for the expenses of any
attorney or other advisor employed by a Holder.

     

    7.           Assignment of
Rights.  No Holder may assign its rights under this Agreement
to any party without the prior written consent of the Company; provided, however, that any
Holder may assign its rights under this Agreement without such consent to a
Permitted Assignee as long as (a) such transfer or assignment is effected in
accordance with applicable securities laws; (b) such transferee or assignee
agrees in writing to become subject to the terms of this Agreement; and (c) such
Holder notifies the Company in writing of such transfer or assignment, stating
the name and address of the transferee or assignee and identifying the
Registrable Securities with respect to which such rights are being transferred
or assigned.

     

    8.           Information by
Holder.  Holders included in any registration shall furnish to
the Company such information as the Company may reasonably request in writing
regarding such Holders and the distribution proposed by such Holders including
an updated Selling Shareholder Questionnaire if requested by the
Company.

     

    9.           Indemnification.

     

    (a)           In
the event of the offer and sale of Registrable Securities under the Securities
Act, the Company shall, and hereby does, indemnify and hold harmless, to the
fullest extent permitted by law, each Holder, its directors, officers, partners,
each other person who participates as an underwriter in the offering or sale of
such securities, and each other person, if any, who controls or is under common
control with such Holder or any such underwriter within the meaning of Section
15 of the Securities Act, against any losses, claims, damages or liabilities,
joint or several, and expenses to which the Holder or any such director,
officer, partner or underwriter or controlling person may become subject under
the Securities Act or otherwise, insofar as such losses, claims, damages,
liabilities or expenses (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon any untrue
statement of any material fact contained in any registration statement prepared
and filed by the Company under which Registrable Securities were registered
under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained therein, or any amendment or supplement thereto, or
any omission to state therein a material fact required to be stated or necessary
to make the statements therein in light of the circumstances in which they were
made not misleading, and the Company shall reimburse the Holder, and each such
director, officer, partner, underwriter and controlling person for any legal or
any other expenses reasonably incurred by them in connection with investigating,
defending or settling any such loss, claim, damage, liability, action or
proceeding; provided, that such
indemnity agreement found in this Section 9(a) shall in no event exceed the net
proceeds from the PPO received by the Company; and provided further,
that the Company shall not be liable in any such case (i) to the extent that any
such loss, claim, damage, liability (or action or proceeding in respect thereof)
or expense arises out of or is based upon an untrue statement in or omission
from such registration statement, any such preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement in reliance upon and in
conformity with written information furnished to the Company for use in the
preparation thereof or (ii) if the person asserting any such loss, claim,
damage, liability (or action or proceeding in respect thereof) who purchased the
Registrable Securities that are the subject thereof did not receive a copy of an
amended preliminary prospectus or the final prospectus (or the final prospectus
as amended or supplemented) at or prior to the written confirmation of the sale
of such Registrable Securities to such person because of the failure of such
Holder or underwriter to so provide such amended preliminary or final prospectus
and the untrue statement or omission of a material fact made in such preliminary
prospectus was corrected in the amended preliminary or final prospectus (or the
final prospectus as amended or supplemented). Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
the Holders, or any such director, officer, partner, underwriter or controlling
person and shall survive the transfer of such shares by the
Holder.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (b)           As
a condition to including Registrable Securities in any registration statement
filed pursuant to this Agreement, each Holder agrees to be bound by the terms of
this Section 9 and to indemnify and hold harmless, to the fullest extent
permitted by law, the Company, each of its directors, officers, partners, legal
counsel and accountants and each underwriter, if any, and each other person, if
any, who controls the Company within the meaning of Section 15 of the Securities
Act, against any losses, claims, damages or liabilities, joint or several, to
which the Company or any such director or officer or controlling person may
become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon an untrue
statement in or omission from such registration statement, any such preliminary
prospectus, final prospectus, summary prospectus, amendment or supplement in
reliance upon and in conformity with written information furnished by the Holder
for use in the preparation thereof, and such Holder shall reimburse the Company,
and such Holders, directors, officers, partners, legal counsel and accountants,
persons, underwriters, or control persons, each such director, officer, and
controlling person for any legal or other expenses reasonably incurred by them
in connection with investigating, defending, or settling any such loss, claim,
damage, liability, action, or proceeding; provided, however, that
indemnity obligation contained in this Section 9(b) shall in no event exceed the
amount of the net proceeds received by such Holder as a result of the sale of
such Holder’s Registrable Securities pursuant to such registration statement,
except in the case of fraud or willful misconduct.  Such indemnity
shall remain in full force and effect, regardless of any investigation made by
or on behalf of the Company or any such director, officer or controlling person
and shall survive the transfer by any Holder of such shares.

     

    (c)           Promptly
after receipt by an indemnified party of notice of the commencement of any
action or proceeding involving a claim referred to in this Section (including
any governmental action), such indemnified party shall, if a claim in respect
thereof is to be made against an indemnifying party, give written notice to the
indemnifying party of the commencement of such action; provided, that the
failure of any indemnified party to give notice as provided herein shall not
relieve the indemnifying party of its obligations under this Section, except to
the extent that the indemnifying party is actually prejudiced by such failure to
give notice.  In case any such action is brought against an
indemnified party, unless in the reasonable judgment of counsel to such
indemnified party a conflict of interest between such indemnified and
indemnifying parties may exist or the indemnified party may have defenses not
available to the indemnifying party in respect of such claim, the indemnifying
party shall be entitled to participate in and to assume the defense thereof,
with counsel reasonably satisfactory to such indemnified party and, after notice
from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party shall not be liable to such
indemnified party for any legal or other expenses subsequently incurred by the
latter in connection with the defense thereof, unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties arises in respect of such claim after the assumption of the
defenses thereof or the indemnifying party fails to defend such claim in a
diligent manner, other than reasonable costs of
investigation.  Neither an indemnified nor an indemnifying party shall
be liable for any settlement of any action or proceeding effected without its
consent.  No indemnifying party shall, without the consent of the
indemnified party, consent to entry of any judgment or enter into any
settlement, which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of a release from all
liability in respect of such claim or litigation.  Notwithstanding
anything to the contrary set forth herein, and without limiting any of the
rights set forth above, in any event any party shall have the right to retain,
at its own expense, counsel with respect to the defense of a claim. Each
indemnified party shall furnish such information regarding itself or the claim
in question as an indemnifying party may reasonably request in writing and as
shall be reasonably required in connection with defense of such claim and
litigation resulting therefrom.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (d)           If
an indemnifying party does or is not permitted to assume the defense of an
action pursuant to Sections 9(c) or in the case of the expense reimbursement
obligation set forth in Sections 9(a) and (b), the indemnification required by
Sections 9(a) and 9(b) shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills received or
expenses, losses, damages, or liabilities are incurred.

     

    (e)           If
the indemnification provided for in Section 9(a) or 9(b) is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to
any loss, liability, claim, damage or expense referred to herein, the
indemnifying party, in lieu of indemnifying such indemnified party hereunder,
shall contribute to the amount paid or payable by such indemnified party as a
result of such loss, liability, claim, damage or expense (i) in such proportion
as is appropriate to reflect the proportionate relative fault of the
indemnifying party on the one hand and the indemnified party on the other
(determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission relates to information supplied
by the indemnifying party or the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission), or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law or provides a lesser sum to the
indemnified party than the amount hereinafter calculated, then in such
proportion as is appropriate to reflect not only the proportionate relative
fault of the indemnifying party and the indemnified party, but also the relative
benefits received by the indemnifying party on the one hand and the indemnified
party on the other, as well as any other relevant equitable considerations. No
indemnified party guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
indemnifying party who was not guilty of such fraudulent
misrepresentation.

     

    (f)           Notwithstanding
the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection
with an underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall
control.

     

    (g)           Other
Indemnification.  Indemnification similar to that specified in
this Section (with appropriate modifications) shall be given by the Company and
each Holder of Registrable Securities with respect to any required registration
or other qualification of securities under any federal or state law or
regulation or governmental authority other than the Securities
Act.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    10.           Rule
144.  For a period of at least 12 months following the
Effective Date, the Company will use its commercially reasonable efforts to
timely file all reports required to be filed by the Company after the date
hereof under the Exchange Act and the rules and regulations adopted by the
Commission thereunder, and if the Company is not required to file reports
pursuant to such sections, it will prepare and furnish to the Purchasers and
make publicly available in accordance with Rule 144(c) such information as is
required for the Purchasers to sell shares of Common Stock under Rule
144.

     

    11.           Independent Nature of Each
Purchaser’s Obligations and Rights.  The obligations of each
Purchaser under this Agreement are several and not joint with the obligations of
any other Purchaser, and each Purchaser shall not be responsible in any way for
the performance of the obligations of any other Purchaser under this Agreement.
Nothing contained herein and no action taken by any Purchaser pursuant hereto,
shall be deemed to constitute such Purchasers as a partnership, an association,
a joint venture, or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by this Agreement. Each Purchaser
shall be entitled to independently protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose.

     

    12.           Miscellaneous.

     

    (a)           Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the
United States of America and the State of New York, both substantive and
remedial, without regard to New York conflicts of law principles. Any judicial
proceeding brought against either of the parties to this Agreement or any
dispute arising out of this Agreement or any matter related hereto shall be
brought in the courts of the State of New York, New York County, or in the
United States District Court for the Southern District of New York and, by its
execution and delivery of this Agreement, each party to this Agreement accepts
the jurisdiction of such courts. The foregoing consent to jurisdiction shall not
be deemed to confer rights on any person other than the parties to this
Agreement.

     

    (b)           Remedies.  In
the event of a breach by the Company or by a Holder of any of their respective
obligations under this Agreement, each Holder or the Company, as the case may
be, in addition to being entitled to exercise all rights granted by law and
under this Agreement, including recovery of damages, shall be entitled to
specific performance of its rights under this Agreement.  The Company
and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall not assert
or shall waive the defense that a remedy at law would be adequate.

     

    (c)           Successors and
Assigns.  Except as otherwise provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon, the successors,
Permitted Assignees, executors and administrators of the parties
hereto.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    (d)           No Inconsistent
Agreements.  The Company has not entered, as of the date
hereof, and shall not enter, on or after the date of this Agreement, into any
agreement with respect to its securities that would have the effect of impairing
the rights granted to the Holders in this Agreement or otherwise conflicts with
the provisions hereof.

     

    (e)           Entire
Agreement.  This Agreement constitutes the full and entire
understanding and agreement between the parties with regard to the subjects
hereof.

     

    (f)           Notices, etc. All
notices or other communications which are required or permitted under this
Agreement shall be in writing and sufficient if transmitted by hand delivery, by
facsimile transmission, by registered or certified mail, postage pre-paid, by
electronic mail, or by nationally recognized overnight carrier, to the persons
at the addresses set forth below (or at such other address as may be provided
hereunder), and shall be deemed to have been delivered (i) if transmitted by
hand delivery, as of the date delivered, (ii) if transmitted by facsimile or
electronic mail, as of the date so transmitted with an automated confirmation of
delivery, (iii) if transmitted by nationally recognized overnight carrier, as of
the Business Day following the date of delivery to the carrier, and (iv) if
transmitted by registered or certified mail, postage pre-paid, on the third
Business Day following posting with the U.S. Postal Service:

     

    If to the
Company to:

    

    Universal
Gold Mining Corp.

    c/o
Gottbetter & Partners, LLP

    488
Madison Avenue, 12th
Floor

    New York,
NY  10022

    Attention:  David
Rector, CEO

    

    with copy to:

    

    Gottbetter
& Partners, LLP

    488
Madison Avenue, 12th
Floor

    New York,
NY  10022

    Attention:  Adam
S. Gottbetter, Esq.

    Facsimile:  (212)
400-6901

    

    if to a
Purchaser:

    

    to such
Purchaser at the address set forth on the signature page hereto;

    

    or at
such other address as any party shall have furnished to the other parties in
writing.

     

    (g)           Delays or
Omissions.  No delay or omission to exercise any right, power
or remedy accruing to any Holder, upon any breach or default of the Company
under this Agreement, shall impair any such right, power or remedy of such
Holder nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of any similar breach or default thereunder
occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofore or thereafter occurring. Any
waiver, permit, consent or approval of any kind or character on the part of any
Holder of any breach or default under this Agreement, or any waiver on the part
of any Holder of any provisions or conditions of this Agreement, must be in
writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement, or by law or otherwise
afforded to any holder, shall be cumulative and not
alternative.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (h)           Counterparts.  This
Agreement may be executed in any number of counterparts, and with respect to any
purchaser, by execution of an omnibus signature page to this Agreement and the
Subscription Agreement, each of which shall be enforceable against the parties
actually executing such counterparts, and all of which together shall constitute
one instrument.  In the event that any signature is delivered by
facsimile transmission, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page
were an original thereof.

     

    (i)           Severability. In the
case any provision of this Agreement shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

     

    (j)           Amendments. The
provisions of this Agreement may be amended at any time and from time to time,
and particular provisions of this Agreement may be waived, with and only with an
agreement or consent in writing signed by the Company and the Majority Holders.
The Purchasers acknowledge that by the operation of this Section, the Majority
Holders may have the right and power to diminish or eliminate all rights of the
Purchasers under this Agreement.

     

    (k)           Limitation on Subsequent
Registration Rights.  After the date of this Agreement, the
Company shall not, without the prior written consent of the Majority Holders,
enter into any agreement with any holder or prospective holder of any securities
of the Company that would grant such holder registration rights senior or equal
to those granted to the Holders hereunder.

     

    [SIGNATURE
PAGES FOLLOW]
 

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    This
Registration Rights Agreement is hereby executed as of the date first above
written.

     

    
      
        
          	 	
                  COMPANY:

                
	 	 
      
	 	
                  UNIVERSAL
      GOLD MINING CORP.

                
	 	 
      	 
      
	 	
                  By:

                	 
      
	 	 
      	
                  Name:  David
      Rector

                
	 	 
      	
                  Title:  Chief
      Executive Officer

                

        

      

    

     

    [SIGNATURE
PAGE OF PURCHASER FOLLOWS]

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    This
Registration Rights Agreement is hereby executed by the undersigned, as a
Purchaser thereunder, as of the ____ day of ___________, 20__.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      	 
      	
                                                              PURCHASER
      (Individual)

                                                            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                                                              (Print
      Name)

                                                            
	 
      	 
      
	 
      	
                                                              PURCHASER
      (Entity)

                                                            
	 
      	 
      
	 
      	
                                                              By:

                                                            	 
	 
      	 
      
	 	 
	 
      	
                                                              (Print
      Name)

                                                            
	 
      	 
      
	 
      	 
      
	 
      	
                                                              (Print
      Title)

                                                            
	 
      	 
      
	 
      	
                                                              Address
      for notices:

                                                            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          	 
      	
                  City

                	
                  State

                	
                  Zip
      Code

                

        

      

    
 

    
      
         

      

      
        17Exhibit
4.3

    

    THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”).  NO
INTEREST IN THIS NOTE MAY BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (ii) TO THE EXTENT
APPLICABLE, PURSUANT TO RULE 144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE
ACT), OR (iii) AN EXEMPTION FROM REGISTRATION UNDER THE ACT WHERE THE
HOLDER HAS FURNISHED TO THE COMPANY AN OPINION OF ITS COUNSEL THAT AN EXEMPTION
FROM REGISTRATION UNDER THE ACT IS AVAILABLE.

     

    HEMOBIOTECH,  INC.

    10%
SUBORDINATED PROMISSORY NOTE

    

    
      	
              $_______

            	
              October
      __, 2009

            

    

    

    FOR VALUE
RECEIVED, the undersigned, HemoBioTech, a Delaware corporation (the “Company” or “Payor”), having its
executive office and principal place of business at  5001 Spring
Valley Rd., Suite 1040 West, Dallas, Texas 75244,  hereby promises to
pay to ______________________ (“Payee”), having an address at
_____________________________ ___________________ at Payee’s address set forth
above (or at such other place as Payee may from time to time hereafter direct by
notice in writing to Payor), the principal sum of ______________________________
and 00/100 ($_______) Dollars, in such coin or currency of the United States of
America as at the time shall be legal tender for the payment of public and
private debts with simple and unpaid interest, thereon, payable in coin or
currency, or, at the Company’s discretion, in the form of Common Stock at a
conversion price equal to that of the price used in the Private Placement (as
defined below), on the first to occur of the following
dates:  (i):  October ___, 2010 (twelve months after the date of
issuance) (the “Maturity Date”); (ii)
the consummation of any $1.5 million financing (“ Financing” by the Company (the
“Consummation
Date”); (iii) the date on which the outstanding principal amount and
any accrued and unpaid interest on this Note is prepaid in full as hereinafter
permitted (the “Prepayment Date”);
and (iv) any other date on which any principal amount of, or accrued unpaid
interest on, this Note is declared to be, or becomes, due and payable pursuant
to its terms prior to the Maturity Date (the “Acceleration
Date”).

     

    This note
(the “Note”) is being issued in connection with a bridge financing (the “Bridge
Offering”) by the Company of $350,000 of Bridge Offering Notes being offered on
a “best efforts” basis. For each $1 principal amount of Bridge Notes issued the
Holder shall receive four (4) shares of Common Stock of the
Company.  The Bridge Offering is being made only to Investors who
qualify as “accredited investors” as such term is defined in Rule 501 of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). The
Company also expects to effect a private placement (the “Private Placement”)
to be sold only to accredited investors. The Holders will be required to convert
their Notes (but not the shares of Common Stock included with the Notes in a
unit), into the securities offered in the proposed Private Placement unless
earlier prepaid by the Company.

     

    All of
the proceeds of the Bridge Offering will be used by the Company for general
corporate purposes, including working capital.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
following terms shall apply to this Note:

     

    1.                           Interest
And Payment.

     

    1.1.           The
principal amount of this Note outstanding from time to time shall bear simple
interest at the annual rate (the "Note Rate") of ten
percent (10%) from the date hereof through the earliest to occur of (i) the
Maturity Date; (ii) the Consummation Date; (iii) the Prepayment Date; or
(iv) the Acceleration Date.  Interest shall be payable, at the
Company’s option in either cash or shares of Common Stock valued at the average
of the closing bid price for the Company’s Common Stock for the five (5) days
prior to the date of payment as reported by the OTC Bulletin Board (the “Market
Value”).

     

    1.2.           Interest
accrued on this Note shall be payable not later than, on the earliest to occur
of (i) the Maturity Date; (ii) the Consummation Date; (iii) the Prepayment Date;
or (iv) the Acceleration Date.

     

    1.3.           All
payments made by the Payor on this Note shall be applied first to the payment of
accrued unpaid interest on this Note and then to the reduction of the unpaid
principal balance of this Note.

     

    1.4.           In
the event that the date for the payment of any amount payable under this Note
falls due on a Saturday, Sunday or public holiday under the laws of the State of
New York, the time for payment of such amount shall be extended to the next
succeeding business day and interest at the Note Rate shall continue to accrue
on any principal amount so effected until the payment thereof on such extended
due date.

     

    2.                           Replacement
and Substitute Of Note.

     

    2.1.           In
the event that this Note is mutilated, destroyed, lost or stolen, Payor shall,
at its sole expense, execute, register and deliver a new Note, in exchange and
substitution for this Note, if mutilated, or in lieu of and substitution for
this Note, if destroyed, lost or stolen.  In the case of destruction,
loss or theft, Payee shall furnish to Payor indemnity reasonably satisfactory to
Payor, and in any such case, and in the case of mutilation, Payee shall also
furnish to Payor evidence to its reasonable satisfaction of the mutilation,
destruction, loss or theft of this Note and of the ownership
thereof.  Any replacement Note so issued shall be in the same
outstanding principal amount as this Note and dated the date to which interest
shall have been paid on this Note or, if no interest shall have yet been paid,
dated the date of this Note.

     

    2.2.           Every
Note issued pursuant to the provisions of Section 2.1 above in substitution for
this Note shall constitute an additional contractual obligation of the Payor,
whether or not this Note shall be found at any time or be enforceable by
anyone.

     

    3.                           Prepayment.

     

    The
principal amount of this Note may be prepaid in whole at any time, upon 20 days
prior written notice, without penalty or premium, together with unpaid interest
thereon accrued through the Prepayment Date.  The Payor has the option
to pay accrued and unpaid interest in cash or in shares of Common Stock at a 25%
discount to the then current Market Value.  During the 20 days notice
period, Payee may covert this Note into shares of the Company’s Common Stock at
a 25% discount to the then current Market Value.  Each partial
prepayment of this Note shall first be applied to interest accrued through the
Prepayment Date and then to principal.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    4.                           Covenants
of Payor.

     

    Payor
covenants and agrees that, so long as this Note remains outstanding and unpaid,
in whole or in part:

     

    4.1.           Payor
will not sell, transfer or dispose of a material part of its
assets;

     

    4.2.           Payor
will not make any loan to any person who is or becomes a shareholder or
executive employee of Payor, other than for reasonable advances for expenses in
the ordinary course of business;

     

    4.3.           Payor
will promptly pay and discharge all lawful taxes, assessments and governmental
charges or levies imposed upon it, its income and profits, or any of its
property, before the same shall become in default, as well as all lawful claims
for labor, materials and supplies which, if unpaid, might become a lien or
charge upon such properties or any part thereof; provided, however, that Payor
or such subsidiary shall not be required to pay and discharge any such tax,
assessment, charge, levy or claim so long as the validity thereof shall be
contested in good faith by appropriate proceedings and Payor or such subsidiary,
as the case may be, shall set aside on its books adequate reserves with respect
to any such tax, assessment, charge, levy or claim so contested;

     

    4.4.           Payor
will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, rights and franchises and
substantially comply with all laws applicable to Payor as its counsel may
advise;

     

    4.5.           Payor
will at all times maintain, preserve, protect and keep its property used or
useful in the conduct of its business in good repair, working order and
condition (except for the effects of reasonable wear and tear in the ordinary
course of business) and will, from time to time, make all necessary and proper
repairs, renewals, replacements, betterments and improvements
thereto;

     

    4.6.           Payor
will keep adequately insured, by financially sound reputable insurers, all
property of a character usually insured by similar corporations and carry such
other insurance as is usually carried by similar corporations;

     

    4.7.           Payor
will, promptly following the occurrence of an Event of Default or of any
condition or event which, with the giving of notice or the lapse of time or
both, would constitute an Event of Default, furnish a statement of Payor's Chief
Executive Officer or Chief Financial Officer to Payee setting forth the details
of such Event of Default or condition or event and the action which Payor
intends to take with respect thereto; and

     

    4.8.           Payor
will, and will cause  to, at all times, maintain books of account in
which all of its financial transactions are duly recorded in conformance with
generally accepted accounting principles.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    4.9.           Payor
shall initially reserve out of its authorized and unissued Common Stock shares
of Common Stock equal to the number of shares issuable upon conversion of the
Notes. So long as the Notes are outstanding, the Payor shall take all action
necessary to reserve and keep available out of its authorized and unissued
Common Stock, solely for the purpose of effecting the conversion of the
Notes.

     

    5.                           Events of
Default.

     

    If any of
the following events (each an "Event of Default")
occurs:

     

    5.1.           The
dissolution of Payor or any vote in favor thereof by the board of directors and
shareholders of Payor; or

     

    5.2.           Payor
makes an assignment for the benefit of creditors, or files with a court of
competent jurisdiction an application for appointment of a receiver or similar
official with respect to it or any substantial part of its assets, or Payor
files a petition or a petition is instituted against Payor seeking relief under
any provision of the Federal Bankruptcy Code or any other federal or state
statute now or hereafter in effect affording relief to debtors, or any such
application or petition is filed against Payor, which application or petition is
not dismissed or withdrawn within sixty (60) days from the date of its filing;
or

     

    5.3.           Payor
fails to pay the principal amount, or interest on, or any other amount payable
under, this Note as and when the same becomes due and payable; or

     

    5.4.           Payor
admits in writing its inability to pay its debts as they mature; or

     

    5.5.           Payor
sells all or substantially all of its assets or merges or is consolidated with
or into another corporation; other than a merger with or into a publicly traded
corporation, or

     

    5.6.           A
proceeding is commenced to foreclose a security interest or lien in any property
or assets of Payor as a result of a default in the payment or performance of any
debt (in excess of $50,000 and secured by such property or assets) of Payor or
of any subsidiary of Payor; or

     

    5.7.           A
final judgment for the payment of money in excess of $50,000 is entered against
Payor by a court of competent jurisdiction, and such judgment is not discharged
(nor the discharge thereof duly provided for) in accordance with its terms, nor
a stay of execution thereof procured, within sixty (60) days after the date such
judgment is entered, and, within such period (or such longer period during which
execution of such judgment is effectively stayed), an appeal therefrom has not
been prosecuted and the execution thereof caused to be stayed during such
appeal; or

     

    5.8.           An
attachment or garnishment is levied against the assets or properties of Payor or
any subsidiary of Payor involving an amount in excess of $50,000 and such levy
is not vacated, bonded or otherwise terminated within sixty (60) days after the
date of its effectiveness; or

     

    5.9.           Payor
defaults in the due observance or performance of any covenant, condition or
agreement on the part of Payor to be observed or performed pursuant to the terms
of this Note or the Stock and Note Purchase Agreement (other than the default
specified in Section 5.3 above) and such default continues uncured for a period
of thirty (30) days;

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    then,
upon the occurrence of any such Event of Default and at any time thereafter, the
holder of this Note shall have the right (at such holder's option) to declare
the principal of, accrued unpaid interest on, and all other amounts payable
under this Note to be forthwith due and payable, whereupon all such amounts
shall be immediately due and payable to the holder of this Note, without
presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived; provided, however, that in case of the occurrence of an
Event of Default under any of the sections above, such amounts shall become
immediately due and payable without any such declaration by the holder of this
Note; and in addition

     

    The
occurrence of any of the following events of default (“Event of Default”),
unless timely cured as set forth herein, shall, at the option of the Payee
hereof, make all sums of principal and interest then remaining unpaid hereon and
all other amounts payable hereunder immediately due and payable, upon demand,
without presentment, all of which hereby are expressly waived, except as set
forth below:

    

    5.10.         Any
material representation or warranty of the Payor made herein, in the Stock and
Note Purchase Agreement, or in any agreement, statement or certificate given in
writing pursuant hereto or in connection therewith shall be false or misleading
in any material respect as of the date made and the Closing Date.

     

    5.11.         A
default by the Payor of a material term, covenant, warranty or undertaking of
any other agreement to which the Payor and the Payee are parties, or agreement
made by Payor in favor of Payee, or the occurrence of any default under any such
other agreement which is not cured after any required notice and/or cure period
and which default may materially adversely affect the Payor’s ability to pay
this Note or satisfy its liability under any other obligation to the Payee or
the occurrence of an “Event of Default” under any such other
agreement.

     

    5.12.         If
Payor fails to pay the principal amount, or interest on, or any other amount
payable under, this Note as and when the same becomes due and payable (as
specified in Section 5.3 above) the Note Rate shall increase from 10% per annum
to 15% per annum.

     

    6.                           Suits for
Enforcement and Remedies.

     

    If any
one or more Events of Default shall occur and be continuing, the Payee may
proceed to (i) protect and enforce Payee's rights either by suit in equity
or by action at law, or both, whether for the specific performance of any
covenant, condition or agreement contained in this Note or in any agreement or
document referred to herein or in aid of the exercise of any power granted in
this Note or in any agreement or document referred to herein, (ii) enforce
the payment of this Note, or (iii) enforce any other legal or equitable
right of the holder of this Note.  No right or remedy herein or in any
other agreement or instrument conferred upon the holder of this Note is intended
to be exclusive of any other right or remedy, and each and every such right or
remedy shall be cumulative and shall be in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or by
statute or otherwise.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    7.                           Unconditional
Obligation; Fees, Waivers, Other.

     

    7.1.           The
obligations to make the payments provided for in this Note are absolute and
unconditional and not subject to any defense, set-off, counterclaim, rescission,
recoupment or adjustment whatsoever.

     

    7.2.           If,
following the occurrence of an Event of Default, Payee shall seek to enforce the
collection of any amount of principal of and/or interest on this Note, there
shall be immediately due and payable from Payor, in addition to the then unpaid
principal of, and accrued unpaid interest on, this Note, all costs and expenses
incurred by Payee in connection therewith, including, without limitation,
reasonable attorneys' fees and disbursements.

     

    7.3.           No
forbearance, indulgence, delay or failure to exercise any right or remedy with
respect to this Note shall operate as a waiver or as acquiescence in any
default, nor shall any single or partial exercise of any right or remedy
preclude any other or further exercise thereof or the exercise of any other
right or remedy.

     

    7.4.           This
Note may not be modified or discharged (other than by payment or exchange)
except by a writing duly executed by Payor and Payee.

     

    7.5.           Payor
hereby expressly waives demand and presentment for payment, notice of
nonpayment, notice of dishonor, protest, notice of protest, bringing of suit,
and diligence in taking any action to collect amounts called for hereunder, and
shall be directly and primarily liable for the payment of all sums owing and to
be owing hereon, regardless of and without any notice, diligence, act or
omission with respect to the collection of any amount called for hereunder or in
connection with any right, lien, interest or property at any and all times which
Payee had or is existing as security for any amount called for
hereunder.

     

    8.                           Conversion
and Exchange

     

    8.1.           This
Note (but not the shares of Common Stock issued together with the Note as part
of the Bridge Offering) shall be convertible, at the Payor’s option, into the
securities issued in the proposed Private Placement on the same terms and
conditions as the Private Placement.  The Payor shall continue to pay
interest on this Note through the date the exchange (the “Exchange”) takes place
(the “Exchange Date”).

     

    8.2.           The
Exchange Date shall take place simultaneously with the initial Closing of the
Private Placement, unless otherwise agreed to by the parties.

     

    8.3.           On
the Exchange Date, Payee shall tender to Payor this Note for cancellation
against receipt by Payee of the securities issued in the Private Placement,
registered in the name of Holder.

     

    8.4.           Interest
on this Note shall not accrue from and after the Exchange Date and the person or
persons entitled to receive securities issued in the Private Placement upon such
Exchange shall be treated for all purposes as having been the record holder or
holders thereof at such time.  The issuance of securities upon
exchange of this Note shall be made without charge to the holder of this Note
for any tax in respect of the issuance of such certificates.

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    8.5.           Payor
shall at all times keep available out of its authorized but unissued shares of
Common Stock, solely for effecting the Exchange of this Note, the full number of
whole shares then deliverable upon conversion of the entire principal amount of
this Note, and accrued and unpaid interest thereon, at the time outstanding.
Payor shall take at all times such corporate action as shall be necessary in
order that Payor may validly and legally issue fully paid and nonassessable
shares of Common Stock in accordance with the provisions of this Article
8.

     

    8.6.           In
no event shall Payor take any of the following actions prior to the Exchange
Date.  Thereafter, in the event of:

     

    (1)           any
taking by Payor of a record of any of the holders of any class of securities for
any purpose, including, but not limited to, determining the holders who are
entitled to receive any dividend or other distribution, or any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class or
any other securities or property, or to receive an other right; or

    

    (2)           any
meeting of holders of any class of securities of Payor or any action by holders
of any class of securities of Payor without a meeting; or

    

    (3)           any
capital reorganization of Payor, any reclassification of recapitalization of the
capital stock of Payor or any transfer of all or substantially all of the assets
of Payor to or consolidation or merger of Payor with or into any other person;
or

    

    (4)           any
proposed issue or grant by Payor to the holders of Common Stock of any shares of
stock of any class or any other securities (including but not limited to
convertible securities), or any right or option to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities;
or

    

    then and
in such event, Payor will mail or cause to be mailed to the holder of record of
this Note a notice specifying (i) the date on which any such record is or was to
be taken and the purpose therefor, (ii) the date and purpose of any shareholders
meeting or proposed shareholders action without meeting, (iii) the date on which
any such sale, reorganization, reclassification, recapitalization, transfer,
consolidation, merger, dissolution, liquidation or winding-up is to take place,
and the time, if any is to be fixed, as of which the holders of record of Common
Stock are to surrender or exchange such shares of Common Stock for securities or
other property deliverable on such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or
winding-up and (iv) the amount and character of any stock or other securities,
or rights or options with respect thereto, proposed to be issued or granted, the
date of such proposed issue or grant and the persons or class of persons to whom
such proposed issue or grant is to be offered or made. Such notice shall be
mailed at least fifteen (15) days prior to the record date, shareholders meeting
(or shareholders action without meeting) or other event specified in this
Section 8.6.

    

    9.                           Restriction
on Transfer.

     

    This Note
has been acquired for investment, and this Note has not been registered under
the securities laws of the United States of America or any state
thereof.  Accordingly, no interest in this Note may be offered for
sale, sold or transferred in the absence of registration and qualification of
this Note, under applicable federal and state securities laws or an opinion of
counsel of Payee reasonably satisfactory to Payor that such registration and
qualification are not required.

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

     

    10.                         Miscellaneous.

     

    10.1.         The
headings of the various paragraphs of this Note are for convenience of reference
only and shall in no way modify any of the terms or provisions of this
Note.

     

    10.2.         All
notices required or permitted to be given hereunder shall be in writing and
shall be deemed to have been duly given when personally delivered or sent by
registered or certified mail (return receipt requested, postage prepaid),
facsimile transmission or overnight courier to the address of the intended
recipient as set forth in the preamble to this Note or at such other address as
the intended recipient shall have hereafter given to the other party hereto
pursuant to the provisions of this Note.

     

    10.3.         The
term “Note” and
all references thereto, as used throughout this instrument, shall mean this
instrument as originally executed, or if later amended or supplemented, then as
so amended or supplemented.

     

    10.4.         The
Payor may not delegate its obligations under this Note and such attempted
delegations shall be null and void.  The Payee may not assign, pledge
or otherwise transfer this Note without the prior written consent of the Payor
(which consent shall not be unreasonably withheld except in such instance where
the proposed assignee or transferee is a direct or indirect competitor or owns
any interest in any business that competes, directly or indirectly, with the
Payor).  This Note inures to the benefit of Payee, its successors and
its assignee of this Note and binds the Payor, and its successors and assigns,
and the terms “Payee” and “the Payor” whenever occurring herein shall be deemed
and construed to include such respective successors and assigns.  Any
assignment or transfer made in violation of this Section 10.4 shall be
void ab
initio.

     

    10.5.         If
default is made in the payment of this Note, Payor shall pay the Payee hereof
reasonable costs of collection, including reasonable attorneys’
fees.

     

    10.6.         Governing
Law.  This Note shall be governed by and construed in
accordance with the laws of the State of New York, without regard to conflicts
of laws principles that would result in the application of the substantive laws
of another jurisdiction.  Any action brought by either party against
the other concerning the transactions contemplated by this Agreement shall be
brought only in the state courts of New York or in the federal courts located in
the City of New York, County of New York.  Both parties and the
individual signing this Note on behalf of the Payor agree to submit to the
personal jurisdiction of such courts. The parties to this Agreement hereby
irrevocably waive any objection to jurisdiction and venue in any action
instituted hereunder and shall not assert any defense based on lack of
jurisdiction or venue or based upon forum non
conveniens.  The parties executing this Agreement and the other
agreements referred to herein or delivered in connection herewith on behalf of
the Payor agree to submit to the jurisdiction of such courts and hereby
irrevocably waive trial by jury.  The prevailing party shall be
entitled to recover from the other party its reasonable attorneys’ fees, costs
and expenses.  In the event that any provision of this Note is invalid
or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or unenforceability of any other provision of this
Note. Nothing contained herein shall be deemed or operate to preclude the Payee
from bringing suit or taking other legal action against the Payor in any other
jurisdiction where the Payor holds assets to collect on the Payor’s obligations
to the Payee, to realize on any collateral or any other security for such
obligations, or to enforce a judgment in another court in favor of the
Payee.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

     

    10.7.         Maximum
Payments.  Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law.  In the event that
the rate of interest required to be paid or other charges hereunder exceed the
maximum permitted by such law, any payments in excess of such maximum shall be
credited against amounts owed by the Payor to the Payee and thus refunded to the
Payor.

    

       IN WITNESS
WHEREOF, Payor has caused this Note to be signed in its name by an
authorized officer as of the ___ day of October, 2009.

    

    
      
        
          	 
      	
                  HemoBioTech,
      Inc.

                
	 
      	 
      	 
      	 
      
	 
      	
                  By:

                	 
      	 
      
	 
      	
                  Name:

                	
                  Arthur
      P. Bollon, Ph.D.

                	 
      
	 	 	 	 
	 
      	
                  Title:

                	
                  President
      & Chief Executive Officer

                	 
      

        

      

    

     

    WITNESS:

    

    _________________________________

    
      
         

      

      
        -9-

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