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Warrant Agreement No. __________

NEITHER THIS WARRANT NOR THE COMMON STOCK WHICH MAY BE
ACQUIRED UPON EXERCISE HEREOF HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT WITH RESPECT THERETO UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY RECEIVES
AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.  

January 23, 2011 (the “Effective Date”)

BIOHEART, INC.

(Incorporated under the laws of the State of Florida)

Common Stock Purchase Warrants

FOR VALUE RECEIVED, BIOHEART, INC., a
Florida corporation (the “Company”), hereby certifies that _____________________(the “Initial
Holder”), or his/her/its assigns (the “Holder”) is entitled, subject to the provisions of this Warrant, to
purchase from the Company, up to ____________________________(          ) (subject to
adjustment in accordance with Section 5 below) fully paid and non-assessable shares of the Common Stock (defined below) at a price
of $0.19 per share, subject to adjustment in accordance with Section 5 below (the “Exercise Price”).  This
Warrant is being issued pursuant to that certain Subscription Agreement, dated as of January 23, 2011, by and between the Company
and the Initial Holder (the “Subscription Agreement”).

The term “Common Stock”
means the Common Stock, par value $.001 per share, of the Company as constituted on the Effective Date (the “Base
Date”). The shares of Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter
referred to as “Warrant Stock.” The term “Other Securities” means any other equity or debt
securities that may be issued by the Company in addition thereto or in substitution for the Warrant Stock.  The term “
Company” means and includes the corporation named above as well as (i) any immediate or more remote successor entity
resulting from the merger or consolidation of such entity (or any immediate or more remote successor corporation of such entity)
with another entity, or (ii) any entity to which such entity (or any immediate or more remote successor corporation of such
corporation) has transferred all or substantially all of its property or assets.

Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) of indemnification reasonably satisfactory to the Company, and upon surrender and cancellation of this Warrant, if
mutilated, the Company shall execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered
shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen,
destroyed or mutilated shall be at any time enforceable by the Holder.

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The Holder agrees with the Company that
this Warrant is issued, and all the rights hereunder shall be held subject to, all of the conditions, limitations and provisions set
forth herein.

1.

Exercise of Warrant.  

(a)

In accordance with Section 2.2. of the
Subscription Agreement and the procedures set forth in Section 1(b) below, the applicable percentage of this Warrant will become
exercisable with respect to the Warrant Stock as per the following schedule:

  

(1)

10% shall become exercisable on the date that is six months and one day following the date of
the payment by Holder to Company of the first Installment Payment (as defined in the Subscription Agreement) in accordance with
Section 2.2(a) of the Subscription Agreement; and

(2)

40% shall become
exercisable on the date that is six months and one day following the date of the payment by Holder to Company of the second
Installment Payment (as defined in the Subscription Agreement) in accordance with Section 2.2(b) of the Subscription Agreement; and

(3)

the remaining 50% shall
become exercisable on the date that is six months and one day following the date of the payment by Holder to Company of the final
Installment Payment (as defined in the Subscription Agreement) in accordance with Section 2.2(c) of the Subscription Agreement.

Subject to the foregoing exercise
schedule, the Holder may exercise this Warrant, at any time, or from time to time, until the third year anniversary of the Effective
Date (the “Expiration Date”).  

(b)

During the period that this Warrant is
exercisable in accordance with Sections 1(a), the Holder may exercise this Warrant, in whole or in part, by presentation and
surrender of this Warrant to the Company at its principal office, or at the office of its stock transfer agent, if any, together
with the Warrant Exercise Form, attached hereto as Exhibit A, duly executed, accompanied by payment (either in cash or by
certified or official bank check, payable to the order of the Company) of the Exercise Price for the number of shares specified in
such form and instruments of transfer, if appropriate, duly executed by the Holder or his, her or its duly authorized attorney.
 If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute
and deliver a new Warrant evidencing the rights of the Holder thereof to purchase the balance of the shares purchasable hereunder.
Upon receipt by the Company of this Warrant, together with a duly executed Warrant Exercise Form and the Exercise Price, at its
office, or by the stock transfer agent of the Company at its office, in proper form for exercise, the Holder shall, subject to
compliance with any applicable securities laws, be deemed to be the holder of record of the shares of Common Stock issuable upon
such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing
such shares of Common Stock shall not then be actually delivered to the Holder.  

2.

Reservation of Shares.  The
Company covenants that during the term this Warrant is exercisable, the Company will have available for issuance a sufficient number
of shares to provide for the issuance of Common Stock upon the exercise of this Warrant.  

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3.

Fractional Shares. No fractional
shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant, but the Company shall issue one
additional share of its Common Stock or Other Securities (as applicable) in lieu of each fraction of a share otherwise called for
upon exercise of this Warrant.

4.

Transfer of Warrant.   

(a)

Subject to compliance with any applicable
federal and state securities laws and the conditions set forth in Sections 4(b) below, this Warrant may be transferred by the Holder
with respect to any or all of the shares purchasable hereunder at any time after the First Exercise Date.  No transfer of this
Warrant shall be permitted on or before the First Exercise Date.  Upon surrender of this Warrant to the Company or at the
office of its stock transfer agent, if any, together with the Assignment Form, attached hereto as Exhibit B duly executed,
the Transferor Representation Letter (as defined below) duly executed, the Transferee Representation Letter (as defined below) duly
executed and funds sufficient to pay any transfer tax, the Company shall execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees and in the denomination or denominations specified in the Assignment Form and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned.  Thereafter, this Warrant shall promptly be
cancelled. This Warrant may be divided or combined with other Warrants that carry the same rights upon presentation hereof at the
office of the Company or at the office of its stock transfer agent, if any, together with a written notice specifying the names and
denominations in which new Warrants are to be issued and signed by the Holder hereof.  Notwithstanding the foregoing, the
Company shall not be required to issue a Warrant covering less than 1,000 shares of Common Stock.

(b)

Notwithstanding anything to the contrary set
forth herein, no transfer of all or any portion of this Warrant shall be made except for transfers to the Company, unless the Holder
and the proposed transferee each truthfully certify and provide to the Company a written representation letter (the “
Transferor Representation Letter” and the “Transferee Representation Letter”, respectively) that such
transfer is to a person that is an “accredited investor” within the meaning of Regulation D under the Securities Act.

5.

Anti-Dilution Provisions.

5.1

Adjustment for Dividends in Other
Securities, Property, Etc.  In case at any time or from time to time after the Base Date the shareholders of the Company
shall have received, or on or after the record date fixed for the determination of eligible shareholders, shall have become entitled
to receive without payment therefor: (a) other or additional securities or property (other than cash) by way of dividend, (b) any
cash paid or payable or (c) other or additional (or less) securities or property (including cash) by way of stock-split, spin-off,
split-up, reclassification, combination of shares or similar corporate rearrangement, then, and in each such case, the Holder of
this Warrant, upon the exercise thereof as provided in Section 1, shall be entitled to receive the amount of securities and property
(including cash in the cases referred to in clauses (b) and (c) above) which such Holder would hold on the date of such exercise if
on the Base Date it had been the holder of record of the number of shares of Common Stock or Other Securities (as applicable) as
constituted on the Base Date subscribed for upon such exercise as provided in Section 1 and had thereafter, during the period from
the Base Date to and including the date of such exercise, retained such shares and/or all other additional (or less) securities and
property (including cash in the cases referred to in clauses (b) and (c) above) receivable by it as aforesaid during such period,
giving effect to all adjustments called for during such period by this Section 5.1 and Sections 5.2 and 5.3 below.

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5.2

Adjustment for Recapitalization.
If the Company shall at any time subdivide its outstanding shares of Common Stock (or Other Securities at the time receivable upon
the exercise of the Warrant), or if the Company shall declare a stock dividend or distribute shares of Common Stock (or Other
Securities) to its shareholders, the number of shares of Common Stock (or Other Securities, as the case may be) subject to this
Warrant immediately prior to such subdivision shall be proportionately increased and the Exercise Price shall be proportionately
decreased, and if the Company shall at any time combine the outstanding shares of Common Stock, the number of shares of Common Stock
or Other Securities subject to this Warrant immediately prior to such combination shall be proportionately decreased and the
Exercise Price shall be proportionately increased. Any such adjustments pursuant to this Section 5.2 shall be effective at
the close of business on the effective date of such subdivision or combination or if any adjustment is the result of a stock
dividend or distribution then the effective date for such adjustment based thereon shall be the record date therefor.

5.3 

Adjustment for Reorganization,
Consolidation, Merger, Etc. In case of any reorganization of the Company (or any other entity, the securities of which are at
the time receivable on the exercise of this Warrant) after the Base Date or in case after such date the Company (or any such other
entity) shall consolidate with or merge into another corporation or convey all or substantially all of its assets to another
corporation, then, and in each such case, the Holder of this Warrant upon the exercise thereof as provided in Section 1 at any time
after the consummation of such reorganization, consolidation, merger or conveyance, shall be entitled to receive, in lieu of the
securities and property receivable upon the exercise of this Warrant prior to such consummation, the securities or property to which
such Holder would have been entitled upon such consummation if such Holder had exercised this Warrant immediately prior thereto; in
each such case, the terms of this Warrant shall be applicable to the securities or property receivable upon the exercise of this
Warrant after such consummation.

5.4

No Impairment. The Company will
not, by amendment of its Articles of Incorporation or through reorganization, consolidation, merger, dissolution, issue or sale of
securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the Holder of this Warrant against impairment. Without
limiting the generality of the foregoing, while this Warrant is outstanding, the Company will take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue or sell fully paid and non-assessable shares of
capital stock upon the exercise of this Warrant.

5.5

Certificate as to Adjustments.
In each case of an adjustment in the number of shares of Warrant Stock or Other Securities receivable on the exercise of this
Warrant, the Company at its expense will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a
certificate executed by an executive officer of the Company setting forth such adjustment and showing in detail the facts upon which
such adjustment is based. The Company will forthwith mail a copy of each such certificate to the Holder.

5.6

Notices
of Record Date, Etc.

In case:

(a)

the Company shall take a record of the
holders of its Common Stock (or Other Securities at the time receivable upon the exercise of the Warrant) for the purpose of
entitling them to receive any dividend (other than a cash dividend at the same rate as the rate of the last cash dividend
theretofore paid) or other distribution, or any right to subscribe for, purchase or otherwise acquire any 

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shares of stock of any class or any
other securities, or to receive any other right; or

(b)

of any capital reorganization of the
Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company with or into another
corporation, or any conveyance of all or substantially all of the assets of the Company to another corporation; or

(c)

of any voluntary or involuntary
dissolution, liquidation or winding up of the Company,

then, and in each such case, the Company shall mail or cause
to be mailed to the Holder of the Warrant at the time outstanding a notice specifying, as the case may be, (i) the date on which a
record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such
dividend, distribution or right, or (ii) the date on which such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding up is to take place, and the time, if any, which is to be fixed, as to which the holders of
record of Common Stock (or such other securities at the time receivable upon the exercise of the Warrant) shall be entitled to
exchange their shares of Common Stock (or such other securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, conveyance, dissolution, liquidation or winding up. Such notice shall be
mailed at least twenty (20) days prior to the date therein specified and the Warrant may be exercised prior to said date during the
term of the Warrant.

6.

Legend.  Unless the shares
of Warrant Stock or Other Securities have been registered under the Securities Act, upon exercise of any of the Warrants and the
issuance of any of the shares of Warrant Stock or Other Securities, all certificates representing such securities shall bear on the
face thereof substantially the following legend:

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

7.

No Voting Rights as a Shareholder.  This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company.  

8.

Notices.  All notices,
requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on
the date of service if served personally on the party to whom notice is to be given, on the date of transmittal of services via 

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facsimile or telecopy to the party to whom notice is to be
given (if receipt is orally confirmed by phone and a confirming copy delivered thereafter in accordance with this Section), or on
the fifth day after mailing if mailed to the party to whom notice is to be given, by first class mail, registered or certified,
postage prepaid, or via a nationally recognized overnight courier providing a receipt for delivery and properly addressed to the
applicable address as set forth in Section 7.8 of the Subscription Agreement.

9.

Applicable Law. The Warrant is
issued under and shall for all purposes be governed by and construed in accordance with the laws of the State of Florida, without
giving effect to the choice of law rules thereof.

10.

Modification of the Terms.
 This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by
the Holder and the Company.  

11.

Venue.  The parties
irrevocably submit to the exclusive jurisdiction of the courts of State of Florida located in Miami-Dade County and federal courts
of the United States for the Southern District of Florida in respect of the interpretation and of the provisions of this Agreement
and in respect of the transactions contemplated hereby.

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

13.

Payment of Certain Taxes and Charges.
  The Company shall not be required to issue or deliver any certificate for shares of Common Stock or other securities upon
the exercise of this Warrant or to register any transfer of this Warrant until any applicable transfer tax and any other taxes or
governmental charges that the Company may be required by law to collect in respect of such exercise or transfer shall have been
paid, such tax being payable by Holder at the time of surrender for the exercise or transfer. 

14.

Register.  The Company or its
stock transfer agent, if any, will maintain a register containing the name and address of the Holder of this Warrant and of the
holders of other warrants of like tenor issued simultaneously hereunder.  Any Holder may change its, his or her address as
shown on the warrant register by written notice to the Company requesting such change.  The Company may treat the Holder of
this Warrant as the absolute owner hereof for all purposes and shall not be bound to recognize any equitable or other claim to or
interest in this Warrant on the part of any other person.

15.

Specific Performance.  The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Warrant
were not performed in accordance with their specific terms or were otherwise breached.  Accordingly, it is agreed that they
shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Warrant and to enforce specifically
the terms and provisions hereof in any court of competent jurisdiction in the United States or any state thereof, in addition to any
other remedy to which they may be entitled at law or equity.

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Remainder of Page Intentionally Left Blank

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IN WITNESS WHEREOF, the
Company has caused this Warrant to be signed on its behalf, in its corporate name, by its duly authorized officer, all as of the day
and year first above written.

BIOHEART, INC.

By:  /s/Mike Tomas
                                 

Name: Mike Tomas

Title: Chief Executive Officer & President 

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EXHIBIT A

WARRANT EXERCISE FORM

To:

Bioheart, Inc.

ELECTION TO EXERCISE

The undersigned
hereby exercises its rights to purchase ______________ shares of the Warrant Stock covered by the within Warrant and tenders payment
herewith in the amount of $_____________ in accordance with the terms thereof, and requests that certificates for such securities be
issued in the name of, and delivered to:

_______________________________________________________________________________________________________________

_______________________________________________________________________________________________________________

_______________________________________________________________________________________________________________

(Print Name, Address and Social Security

or Tax Identification Number)

and, if such number of shares
shall not be all the Warrant Stock covered by the within Warrant, that a new Warrant for the balance of the Warrant Stock covered by
the within Warrant be registered in the name of, and delivered to, the undersigned at the address stated below. 

Dated:_________________________

Name ____________________________________________________________

(Print)

Address: _________________________________________________________________________________________________

___________________________________

(Signature)

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EXHIBIT B

ASSIGNMENT FORM

FOR VALUE RECEIVED, ___________________________________________________________________________________

hereby sells, assigns and transfers unto

Name ____________________________________________________________________________________________________

(Please typewrite or print in block letters)

the right to purchase up to ____________ shares of Common
Stock of BIOHEART, INC., a Florida corporation, pursuant to Section 4 of this Warrant, to the extent of shares as to which such
right is exercisable and does hereby irrevocably constitute and appoint Attorney, to transfer the same on the books of the Company
with full power of substitution in the premises.

DATED: ________,_____

10Converted by EDGARwiz

FORM OF SUBSCRIPTION AGREEMENT

THIS
SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into by and between BIOHEART, INC., a
Florida corporation (OTCBB: BHRT) (the “Company”), and the undersigned Investor (the "Investor”).

WHEREAS,
the Investor desires to purchase directly from the Company an aggregate number of Units (as hereinafter defined)
(collectively, the “Subscribed Units”) equal to quotient of (a) Two Million, One Hundred Thirty-Three Thousand,
Three Hundred, Thirty-Three Dollars (US $2,133,333) (the “Aggregate Purchase Price”) divided by (b) the
Unit Purchase Price (as hereinafter defined) upon the terms and subject to the conditions described in this agreement;

WHEREAS,
each “Unit” consists of ten (10) shares of the Company's common stock, par value $0.001 per share (the "
Common Stock") (each, a “Share”) and one (1) warrant to purchase five (5) shares of the Common Stock
(the “Warrant” and, collectively with the Units and the shares issuable upon the exercise of the Warrant, the
“Securities”);

WHEREAS, the purchase price of each
Subscribed Unit to be purchased by the Investor pursuant to this Agreement shall be an amount (the “
Unit Purchase Price”) equal to the
greater of:

(a)

One
and 50/100 Dollars (US $1.50); or

(b)

the
product of: (i) fifty percent (50%)  of the average closing price of the Common Stock, as quoted on the OTCBB for each of the
five (5) trading days immediately preceding the First Installment Payment Date
 (as defined below); multiplied by (ii) ten (10).  

WHEREAS,
each Warrant shall be evidenced by the form of Warrant Agreement attached hereto as Exhibit A (the “Warrant Agreement”) and Each Warrant will be exercisable for five (5) shares of Common Stock at an anticipated exercise price (the
“Exercise Price”) equal to 120% of the quotient obtained by dividing the Per Unit Purchase Price by 10 (the
“Anticipated Exercise Price”) payable in cash.    

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

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

ARTICLE I

INFORMATION

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

(a)

This Agreement;

(b)

The Warrant Agreement; 

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(c)

The Registration Rights
Agreement, attached hereto as Exhibit B (the “Registration Rights Agreement”);  

(d)

The Company’s Annual
Report on Form 10-K, as amended by Amendment No. 1 on Form 10-K/A for the each of the years ended December 31 2008 and December 31,
2009 (the “Annual Reports”); 

(e)

The Company’s Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010 (the “Quarterly Reports”); and

(f)

The Company’s Current
Reports on Form 8-K, or Form 8-K/A, including without limitation, those filed on  January 9, 2009, January 13, 2009, January
15, 2009, January 20, 2009, January 28, 2009, February 3, 2009, February 4, 2009, February 17, 2009, February 26, 2009, April 8,
2009, May 18, 2009, July 9, 2009, August 3, 2009, August 18, 2009, November 12, 2009, December 31, 2009, January 6, 2010, February
5, 2010, February 17, 2010, March 31, 2010, June 24, 2010, July 9, 2010, July 21, 2010, July 22, 2010, August 19, 2010, September 9,
2010,September 23, 2010, September 28, 2010, October 6, 2010, October 29, 2010, November 1, 2010, November 3, 2010, December 6,
2010, December 17, 2010, December 22, 2010 and January 6, 2011 (the “Current Reports”). 

ARTICLE II

SUBSCRIPTION AND PAYMENT; CERTAIN TERMS AND PROCEDURES

Section 2.1 

Upon the terms and subject to
the conditions of this Agreement: the Investor hereby subscribes for and agrees to purchase from the Company, and the Company hereby
agrees to sell to the Investor, all of the Subscribed Units at the Unit Purchase price as defined herein.  

Section 2.2

Investor shall pay the
Aggregate Purchase Price to Company, in immediately available US funds, in installments (each, an “Installment Payment”), as follows:

(a)

Two Hundred Thirteen Thousand, Three Hundred, Thirty-Three Dollars (US $213,333) shall be
paid on or before the date of this Agreement (the “First Installment Payment
Date”) for ten percent (10%) of the Subscribed Units;  

(b)

Eight Hundred Fifty Three
Thousand, Three Hundred, Thirty-Three Dollars (US $853,333) shall be paid on or before March 5, 2011for forty percent (40%) of the
Subscribed Units; and

(c)

Subject to Company’s receipt of all 
Required Approvals (as hereinafter defined), the remaining One Million,
Sixty-Six Thousand, Six Hundred, Sixty-Seven Dollars (US $1,066,667)  shall be paid on or before April 20, 2011 for the
remaining fifty percent (50%) of the Subscribed Units.  

As used herein, “
Required Approvals” means:
all actions and approvals necessary for compliance by Company with applicable law in connection with the sale of the Securities and
the increase in authorized shares, including without limitation, the filing of Schedule 14C and the satisfaction of any related
requirements imposed by the SEC or securities laws and regulations.  The Company represents to Investor that a majority of the
Company’s shareholders has already approved, or will prior to the First Installment Payment Date approve, an increase in the
number of authorized shares of the Company’s Common Stock to enable Company to sell the Subscribed Units to the Investor upon
the terms and conditions of this Agreement.  The Company will use commercially reasonable efforts to obtain the Required
Approvals prior to the date contemplated herein for the final Installment Payment   

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Section 2.3

On
or prior to the First Installment Payment Date, Investor shall execute and deliver to the Company, and the Company shall execute and
deliver to the Investor: the Warrant Agreement and the Registration Rights Agreement.

Section 2.4

No later than five (5) days after the Company’s receipt of each Installment Payment
(each, an “Installment Payment Date”), Company shall deliver to Investor the number of Shares included in the Units paid
for by Investor with such Installment Payment.  Notwithstanding the foregoing, Company shall not be obligated to issue and
deliver the Shares included in the Units paid for by the final Installment Payment until all Required Approvals have been obtained.
The Company’s obligation to deliver the Shares to the Investor shall be conditioned upon the Company’s receipt of the
applicable Installment Payment.  Subject to obtaining the Required Approvals, the Company will reserve the applicable number of
Shares for issuance to the Investor upon the terms of this Agreement to ensure that all of the Shares will be available to be titled
in the name of the Investor as each Installment Payment is paid by the Investor and received by the Company.

ARTICLE III

REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE COMPANY

Section 3.1

The Company hereby represents
and warrants to the Investor as of the date hereof and as of each Installment Payment Date (except as set forth herein) as follows:

(a)

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

(b)

Capitalization and Voting Rights.
 As of December 31, 2010, the authorized capital of the Company consisted of (i) 5,000,000 shares of preferred stock, par value
$0.001 (the "Preferred Stock"), none of which are outstanding and (ii) 75,000,000 shares of Common Stock, of which
37,545,865 shares of Common Stock were issued and outstanding as of December 31, 2010. 
As of December 31, 2010, there were outstanding options to purchase 2,110,544 shares of Common Stock at a weighted average
exercise price of $2.78 per share and outstanding warrants to purchase 13,920,729 shares of Common Stock at a weighted average
exercise price of $1.98 per share.

(c)

Authorization.  Except for
action required in connection with the Required Approvals (as defined in Section 2.2 above), all corporate action on the part of the
Company, its officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement, the
Warrant Agreement and the Registration Rights Agreement, the performance of all obligations of the Company hereunder and thereunder,
and the authorization, issuance, sale and delivery of the Securities has been taken or will be taken prior to the First Installment
Payment Date, and this Agreement, the Warrant Agreement and the Registration Rights Agreement constitute the valid and legally
binding obligation of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies, and (iii) to the extent any indemnification provisions or agreements therein may be limited by applicable
United States federal or state securities laws.

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(d)

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

(e)

Compliance with Charter Documents.
 Subject to obtaining the Required Approvals and the filing of the Articles of Amendment that have been or will be approved by
a majority of the shareholders of Company for the purpose of increasing the number of authorized shares of Common Stock, neither the
execution and delivery of, nor the consummation of any transaction or execution of any instrument contemplated by, this Agreement,
nor the issuance of the Securities has constituted or resulted in, or will constitute or result in, a default under or breach or
violation of any term or provision of the Company’s Articles of Incorporation or Bylaws.

ARTICLE IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR

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

Section 4.1

Authorization;
Validity; No Conflict; Binding Effect.

(a)

The Investor has the full power and authority to
execute and deliver this Agreement, the Warrant Agreement and the Registration Rights Agreement, to perform all of its obligations
hereunder and thereunder, and to purchase, acquire and accept delivery of the Securities purchased hereunder. 

(b)

The execution and delivery by the Investor of
this Agreement, the Warrant Agreement and the Registration Rights Agreement, the performance by the Investor of its obligations
hereunder and thereunder, and the purchase, acquisition and acceptance of delivery of the Securities by the Investor have been duly
and validly authorized by all requisite corporate or other action on the part of the Investor. 

(c)

Each of this Agreement, the
Warrant Agreement and the Registration Rights Agreement has been duly executed and delivered by the Investor and constitutes the
legal, valid and binding obligation of the Investor, enforceable in accordance with its terms except (i) as may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting creditors' rights
generally, (ii) as may be limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies, and (iii) to the extent any indemnification provisions or agreements therein may be limited by applicable
United States federal or state securities laws.  Investor has not previously traded in any of the securities of the Company.

Section
4.2

Investment Representations, Warranties and Covenants.

(a)

The Investor is familiar with and understands
(i) the current and proposed business of the Company and (ii) that the Company is a development stage corporation with no
profitability to date. The Investor has carefully considered and has, to the extent the Investor believes such discussion necessary,
discussed with the Investor’s professional legal, tax, accounting and financial advisers the suitability of an 

4

investment in the Securities for the Investor’s particular
tax and financial situation and has determined that the Units being subscribed for are a suitable investment for the Investor.

(b)

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

(c)

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

(d)

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

(e)

The Investor is not subscribing for the
Securities as a result of or subsequent to any advertisement, article, notice, registration statement or other communication
published in any newspaper, magazine or similar media, filed with the Securities and Exchange Commission or broadcast over
television or radio or presented at any seminar or meeting to which the public was invited.

(f)

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

(g)

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

(h)

The Investor understands that the Securities are
being offered and sold to it, him or her in reliance upon specific exemptions from the registration requirements of the Securities
Act and applicable 

5

state exemption(s) and that the Company is relying upon the truth
and accuracy of, and the Investor's compliance with, the Investor's representations, warranties, covenants, agreements,
acknowledgments and understandings set forth herein in order to determine the availability of such exemptions and his, her or its
eligibility to acquire the Securities.

(i)

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

(j)

The Investor acknowledges that the Shares herein
subscribed for have not been registered under the Securities Act, or under the securities laws of any state and, therefore, cannot
be sold, transferred or otherwise disposed of unless they are either registered under the Securities Act and any applicable state
securities laws or unless exemptions from such registration are available, provided that the Investor delivers to the Company an
opinion of counsel reasonably satisfactory to the Company confirming the availability of such exemption.  The Investor
acknowledges that the Warrant herein subscribed for and the shares underlying the Warrant have not been registered under the
Securities Act, or under the securities laws of any state and, therefore, cannot be sold, transferred or otherwise disposed of
unless (x) they are either registered under the Securities Act and any applicable state securities laws or unless exemptions
from such registration are available, provided that the Investor delivers to the Company an opinion of counsel reasonably
satisfactory to the Company confirming the availability of such exemption, and (ii) the transfer is permitted by and conducted
in accordance with the Warrant Agreement. The Investor represents that the Investor is purchasing Securities for the Investor’s
own account, for investment and neither as a nominee, nor with a view to the resale or distribution thereof except in compliance
with the Securities Act and the restrictions contained in the immediately preceding sentence. The Investor has not offered or sold
any portion of the Securities being acquired nor does the Investor have any present intention, agreement, understanding or
arrangement to subdivide, sell, distribute, assign, transfer or otherwise dispose of all or any portion of the Securities to any
other person either currently or after the passage of a fixed or determinable period of time or upon the occurrence or
nonoccurrence of any predetermined event or circumstance in violation of the Securities Act. The Investor further recognizes that,
except to the extent set forth in the Registration Rights Agreement, the Company is not assuming any obligation to register the
Securities or the shares underlying the Warrant.

(k)

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

(l)

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

6

(m)

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

(n)

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

(o)

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

(p)

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

(q)

THE INVESTOR ACKNOWLEDGES AND AGREES THAT THE PER UNIT PURCHASE PRICE AT
WHICH IT IS PURCHASING UNITS UNDER THIS AGREEMENT MAY BE HIGHER OR LOWER FROM THE PER UNIT PURCHASE PRICE AT WHICH OTHER INVESTORS
ACQUIRE UNITS AND THAT THE EXERCISE PRICE UNDER THE WARRANTS OTHER INVESTORS RECEIVE MAY BE LESS THAT THE EXERCISE PRICE UNDER THE
WARRANTS ISSUED AS A PART OF THE UNITS; PROVIDED THAT SUCH OTHER ACQUISITION IS EVIDENCED BY AN AGREEMENT THAT BECAME EFFECTIVE ON A
DATE AFTER THE EFFECTIVE DATE HEREOF.

Section 4.3

Legends on Stock Certificates and Warrant.

(a)

The Investor acknowledges and understands that
the certificates representing the Shares to be purchased by such Investor and the shares issuable upon exercise of the Warrant (the
“Warrant Shares”) will bear, by imprint or endorsement, appropriate legends reflecting the status of the Shares
 and the Warrant Shares under the Securities Act and applicable state securities laws. The Investor understands that the Shares
and Warrant Shares shall bear a restrictive legend in, or substantially in, the form set forth below: 

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

7

REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

(b)

The Investor agrees, that so long as the
restrictive legends described herein in this Agreement remain on the certificates representing the Shares and the Warrant Shares,
the Company may maintain appropriate "stop transfer" orders with respect to the Shares and the Warrant Shares, or any
portion thereof, on its stock books and ledger and with its registrar and transfer agent, if any.

ARTICLE V

UNDERSTANDINGS AND NOTICE TO THE INVESTOR

The Investor understands and
acknowledges as follows:

(a)

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

(b)

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

(c)

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

(d)

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

(e)

The Investor acknowledges that any information
provided to the Investor and/or the Investor's legal and financial advisors with respect to the sale of Securities, including the
information contained in the Materials and all additional information furnished by the Company to the Investor and/or his advisors
in connection with the Securities, is confidential and nonpublic and agrees that all such information shall be kept in confidence by
the Investor and his advisors and neither used by the Investor nor his advisors for the Investor’s or other person’s
personal benefit (other than in connection with this 

8

Subscription Agreement), nor disclosed to any other third party
for any reason; provided, however, that this obligation shall not apply to any such information that (i) is part of the public
knowledge or literature and readily accessible at the date hereof, or (ii) becomes part of the public knowledge or literature and
readily accessible by publication (except as a result of breach of this provision).

(f)

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

(g)

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

(h)

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

RESIDENTS OF ALL U.S. STATES:

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

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

ARTICLE VIII

CONDITIONS TO OBLIGATIONS

Section 6.1

Conditions to
Obligations of the Company.  The obligation of the Company to sell and issue the Subscribed Units purchasable by
Investor to the Investor in accordance with this Agreement 

9

is subject to, among other things, the
fulfillment on or prior to the applicable Installment Payment Date of the following conditions, any of which may be waived by the
Company:

(a)

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

(b)

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

(c)

the Investor shall have delivered
to the Company,  a check or money order of federal funds wire transfer (as directed and requested by the Company prior to the
applicable Installment Payment Date), the applicable portion of the Aggregate Purchase Price payable for the Units to be purchased
by such Investor as provided hereunder.

(d)

the Investor shall have executed
and delivered to the Company the Warrant Agreement and the Registration Rights Agreement.

Section

6.2

Conditions to Obligations of the Investor.
 The obligation of the Investor to purchase the Subscribed Units purchasable by Investor upon the payment of each
Installment Payment is subject to the fulfillment on or prior to the applicable Installment Payment Date of the following
conditions, any of which may be waived by such Investor: 

(a)

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

(b)

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

ARTICLE IIIII

ADDITIONAL AGREEMENTS AND PROVISIONS

Section 7.1

Certain Covenants of the
Company.

(a)

Following its receipt of the First Installment Payment, the Company will cause a vacancy on
the Company’s main Board of Directors to be filled by one person designated by the Investor, which Investor designated Board
member shall have rights, benefits and authority consistent with each of the other members of the Company’s main Board of
Directors.   Additionally, the Company shall not call a meeting nor schedule a meeting of its shareholders to be held
prior to April 20, 2011.  

 

(b)

Until April 20, 2011, the Company shall not initiate or support any action to increase the
number of directors serving on the Company’s main Board of Directors and, subject to unforeseen circumstances outside of the

10

Company’s control (i.e., the death or disability of a board member), the Company will not
initiate or support any change to the composition of the Board of Directors’ Committees without the Investor’s prior
consent.

(c)

Company will provide the Investor with an
estimated Use of Proceeds prior to the First Installment Payment Date; provided that the Company agrees that it will utilize not
less than sixty percent (60%) of such proceeds for research and development costs and clinical trial costs.  The parties
acknowledge and agree that a portion of the proceeds may be used to attract and hire a new Company Chief Financial Officer.
 The Company agrees that Investor, or such person as designated by the Investor, will have the right to participate in the
interviewing of, and the selection of, that new Chief Financial Officer.  Additionally, the Company shall provide the Investor
with a copy of its financial statements after the closing of each accounting month.

(d)

Until
April 20, 2011, the Company shall not issue more than Two Hundred, Fifty Thousand (250,000) shares of the Company’s Common
Stock in connection with any single transaction (other than shares that may be issued in connection with the conversion of the
existing convertible promissory note into such shares of common stock by Magna Group, LLC). 

Section

 7.2

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

Section 7.3

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

Section 7.4

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

Section 7.5

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

Section 7.6

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

Section 7.7

Waiver of Compliance;
Consents.  Any failure of any party hereto to comply with any obligation, covenant, agreement or condition herein may
be waived by the other parties hereto solely by a written instrument executed by such other parties; any such written and signed
waiver, and any failure by any party to insist upon strict compliance with any obligation, covenant, agreement or condition herein,
shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Whenever this Agreement requires or
permits consent by or on behalf of any party hereto, such consent shall be given in writing. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall any
such waiver constitute a continuing waiver unless otherwise expressly so provided.

11

Section 7.8

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

Section 7.9

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

(a)

If to the Company to:

Bioheart, Inc.

13794 NW 4th Street

Suite 212

Sunrise, Florida 33325

Attention: Catherine Sulawske-Guck

     COO and
Corporate Secretary

Fax:       (954) 845-9976

Phone:   (954) 835-1500

With a
copy to:

Gregory Sichenzia

Sichenzia Ross Friedman Ference LLP

61 Broadway

32nd Floor

New York, NY 10006

Fax:  ( (212) 930-9725

Phone:  (212) 930-9700

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

Section 7.10

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

Section 7.11

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

12

documents, certificates, instruments and
agreements, as are reasonably necessary to implement the provisions of this Agreement and to consummate the transactions
contemplated by this Agreement.

Section 7.12

Governing Law;
Jurisdiction.  The validity and effect of this Agreement, and the rights and obligations of the parties hereto, shall
be enforced, governed by, and construed in all respect in accordance with the internal laws of the State of Florida (without
reference to conflict of laws provisions).  Each Party hereby irrevocably and unconditionally (a) agrees that any Action or
Proceeding, at Law or equity, arising out of or relating to this Agreement and any other agreements or the transactions contemplated
hereby and thereby shall only be brought in the state or federal courts located in Miami-Dade County, Florida, (b) expressly submits
to the personal jurisdiction and venue of such courts for the purposes thereof and (c) waives and agrees not to raise (by way of
motion, as a defense or otherwise) any and all jurisdictional, venue and convenience objections or defenses that such party may have
in such action or proceeding.  Each party hereby irrevocably and unconditionally consents to the service of process of any of
the aforementioned courts.  Nothing herein contained shall be deemed to affect the right of any party to serve process in any
manner permitted by law or commence legal proceedings or otherwise proceed against any other party in any other jurisdiction to
enforce judgments obtained in any action or proceeding brought pursuant to this Paragraph 7.11.

Section 7.13

Severability. 

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

Section 7.14

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

Section 7.15

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

Section 7.16

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

Section 7.17

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

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

INVESTOR SIGNATURE PAGE FOLLOWS]

13

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14

SUBSCRIPTION AGREEMENT SIGNATURE PAGE

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date this Agreement is accepted by the Company as set forth below.

TO BE COMPLETED BY INVESTOR(s)

By:/s/Ariel Quiros

(Signature)

By: Ariel Quiros

(Signature)

Name: AnC  Bio Holdings, Inc.

Date:

January 23, 2011                 

(Print Name of Individual or Entity)

Title:

President- AnC Bio Holdings US Operations

Address:

10th Floor, H&S Tower 

119-2 Nonhyun-Dong, Gangnam-Gu

Seoul, Korea 135-820

Telephone No.: _______________________________

E-mail address: _______________________________

Tax ID: _____________________________________

COMPANY

BIOHEART, INC.

/s/Mike Tomas    

  Date Subscription Accepted:  January
23, 2011     

Name: Mike Tomas

Title:  CEO & President  

Address:

Bioheart, Inc.

13794 NW 4th Street, Suite 212

Sunrise, Florida 33325

15

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