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Unassociated Document

     

    
      NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN SECURED BY SUCH SECURITIES.

      

      SERIES
F COMMON STOCK PURCHASE WARRANT

      

      HEPALIFE
TECHNOLOGIES, INC.

       

       

    

    
      	

              Warrant
      No. F-______ 

               

              

                Warrant
      Shares: _________
      

              

            	 	

              

                Issue
      Date: _______________________

                 

              

              Initial
      Exercise Date: ________________

            

    

     

     

    
      THIS SERIES F COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies
that, for value received, ____________________________ (the “Holder”) is entitled,
upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to the close of business on the five year
anniversary of the Initial Exercise Date (the “Termination Date”)
but not thereafter (the “Exercise Period”), to
subscribe for and purchase from HepaLife Technologies, Inc., a Florida
corporation (the “Company”), up to
_____________________
shares (the “Warrant Shares”) of
common stock, par value $0.001 per share (the “Common
Stock”).  The purchase price of one share of Common Stock under
this Warrant shall be equal to the Exercise Price, as defined in Section 1(b).

       

      THIS
WARRANT IS BEING ISSUED PURSUANT TO THE TERMS OF THAT THAT CERTAIN SUBSCRIPTION
AGREEMENT (THE “SUBSCRIPTION
AGREEMENT”), BETWEEN THE COMPANY AND THE SUBSCRIBER SIGNATORY THERETO AND
ACCEPTED BY THE COMPANY ON MAY 11, 2010.

       

      
        
          
          

        

        
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      Section
1.            Exercise.

      

      a)           Exercise of
Warrant.  Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the
Initial Exercise Date and on or before the Termination Date by delivery to the
Company of a duly executed facsimile copy of the Notice of Exercise Form annexed
hereto (or such other office or agency of the Company as it may designate by
notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company); and, within 3 Trading Days (as defined
below) of the date said Notice of Exercise is delivered to the Company, the
Company shall have received  payment of the aggregate Exercise Price
of the shares thereby purchased by wire transfer or cashier’s check drawn on a
United States bank.  Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the
Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, the Holder
shall surrender this Warrant to the Company for cancellation within 3 Trading
Days of the date the final Notice of Exercise is delivered to the
Company.  Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have
the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares
purchased.  The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such
purchases.  The Company shall deliver any objection to any Notice of
Exercise Form within 2 Business Days following receipt of such
notice.  The Holder
and any assignee, by acceptance of this Warrant, acknowledge and agree that, by
reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for
purchase hereunder at any given time may be less than the amount stated on the
face hereof. For purposes of this Agreement, the term “Trading Day” means
any day on which the New York Stock Exchange is open for business.

      

      b)           Exercise
Price.  The exercise
price per share of the Common Stock under this Warrant shall be $0.20, subject to adjustment
hereunder (the “Exercise
Price”).

       

      
        
          
          

        

        
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      c)           Exercise
Limitations. The
Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 1 or
otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together
with the Holder’s Affiliates (as defined in the Subscription Agreement), and any
other person or entity acting as a group together with the Holder or any of the
Holder’s Affiliates), would beneficially own shares of Common Stock in excess of
the Beneficial Ownership Limitation (as defined below).  For purposes of
the foregoing sentence, the number of shares of Common Stock beneficially owned
by the Holder and its Affiliates shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (A) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its
Affiliates and (B) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company  subject to a
limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates.  Except
as set forth in the preceding sentence, for purposes of this Section 1(c), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act of 1934 as amended (the “Exchange Act”) and
the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance
therewith.   To the extent that the limitation contained in this
Section 1(c) applies,
the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates) and of which
portion of this Warrant is exercisable shall be in the sole discretion of the
Holder, and the submission of a Notice of Exercise shall be deemed to be the
Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or
confirm the accuracy of such determination.   In addition, a
determination as to any group status as contemplated above shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder.  For purposes of this Section
1(c), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as reflected in (x)
the Company’s most recent periodic or annual report, as the case may be, (y) a
more recent public announcement by the Company or (z) any other notice by the
Company or the Company’s transfer agent setting forth the number of shares of
Common Stock outstanding.  Upon the written or oral request of a Holder,
the Company shall within two Trading Days confirm orally and in writing to the
Holder the number of shares of Common Stock then outstanding.  In any case,
the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company,
including this Warrant, by the Holder or its Affiliates since the date as of
which such number of outstanding shares of Common Stock was
reported.  The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant.  The Holder, upon not
less than 61 days’ prior notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 1(c), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock upon exercise of this Warrant held by the
Holder and the provisions of this Section 1(c) shall continue to
apply.  Any such increase or decrease will not be effective until the
61st day
after such notice is delivered to the Company.  The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in
strict conformity with the terms of this Section 1(c) to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of
this Warrant.

       

      
        
          
          

        

        
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      d)           Mechanics of
Exercise.

      

      i.      Delivery
of Certificates Upon Exercise.  Certificates for
shares purchased hereunder shall be transmitted by the transfer agent of the
Company to the Holder by physical delivery to the address specified by the
Holder in the Notice of Exercise within 3 Trading Days from the delivery to the
Company of the Notice of Exercise Form, surrender of this Warrant (if required)
and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery
Date”).  This Warrant shall be deemed to have been exercised on
the date the Exercise Price is received by the Company.  The Warrant
Shares shall be deemed to have been issued, and the Holder or any other person
so designated to be named therein shall be deemed to have become a holder of
record of such shares for all purposes, as of the date the Warrant has been
exercised by payment to the Company of the Exercise Price and all taxes required
to be paid by the Holder, if any, pursuant to Section 1(d)(v) prior to the
issuance of such shares, have been paid.

       

      ii.      Delivery
of New Warrants Upon Exercise.  If this Warrant
shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the
certificate or certificates representing Warrant Shares, deliver to the Holder a
new Warrant evidencing the rights of the Holder to purchase the unpurchased
Warrant Shares called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant.

       

      iii.      Rescission
Rights.  If the Company
fails to cause its transfer agent to transmit to the Holder a certificate or
certificates representing the Warrant Shares pursuant to Section 1(d)(i) by the Warrant
Share Delivery Date, then the Holder will have the right to rescind such
exercise.

       

      iv.      No
Fractional Shares or Scrip.  No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant.  As to any fraction of a share which Holder would otherwise
be entitled to purchase upon such exercise, the Company shall at its election,
either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next
whole share.

       

      v.      Charges,
Taxes and Expenses.  Issuance of
certificates for Warrant Shares shall be made without charge to the Holder for
any issue or transfer tax or other incidental expense in respect of the issuance
of such certificate, all of which taxes and expenses shall be paid by the
Company, and such certificates shall be issued in the name of the Holder or in
such name or names as may be directed by the Holder; provided, however, that in the
event certificates for Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder;
and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.

       

      
        
          
          

        

        
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      vi.      Closing
of Books.  The Company will
not close its stockholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof.

       

      Section
2.           Adjustment
Provisions. During the Exercise Period, the Exercise Price and the number
of Warrant Shares issuable hereunder shall be subject to adjustment from time to
time as provided in this Section 2.

      

      a)           Stock
Dividends and Splits. If the Company, at any time during the Exercise
Period, subdivides (by any stock split, stock dividend, recapitalization,
reorganization, reclassification or otherwise) its shares of Common Stock into a
greater number of shares, then, after the date of record for effecting such
subdivision, the Exercise Price in effect immediately prior to such subdivision
shall be proportionately reduced. If the Company, at any time during the
Exercise Period, combines (by reverse stock split, recapitalization,
reorganization, reclassification or otherwise) its shares of Common Stock into a
smaller number of shares, then, after the date of record for effecting such
combination, the Exercise Price in effect immediately prior to such combination
shall be proportionately increased.

      

      b)           Fundamental
Transaction. If,
at any time while this Warrant is outstanding, (A) the Company effects any
merger or consolidation of the Company with or into another Person (as defined
in the Subscription Agreement), (B) the Company effects any sale of all or
substantially all of its assets in one or a series of related transactions, (C)
any tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Stock are permitted to tender or
exchange their shares for other securities, cash or property, or (D) the Company
effects any reclassification of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or
exchanged for other securities, cash or property (each “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate
Consideration”) receivable as a result of such merger, consolidation or
disposition of assets by a holder of the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to such event. For purposes
of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the
Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate
Consideration.  If holders of Common Stock are given any choice as to
the securities, cash or property to be received in a Fundamental Transaction,
then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental
Transaction.  To the extent necessary to effectuate the foregoing
provisions, any successor to the Company or surviving entity in such Fundamental
Transaction shall issue to the Holder a new warrant consistent with the
foregoing provisions and evidencing the Holder’s right to exercise such warrant
into Alternate Consideration. The terms of any agreement pursuant to which a
Fundamental Transaction is effected shall include terms requiring any such
successor or surviving entity to comply with the provisions of this Section 2(b) and insuring that
this Warrant (or any such replacement security) will be similarly adjusted upon
any subsequent transaction analogous to a Fundamental Transaction.

       

      
        
          
          

        

        
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      c)           Calculations.
All calculations under this Section 2 shall be made to the nearest cent or the
nearest 1/100th of a share, as the case may be. For purposes of this Section 2,
the number of shares of Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Common Stock (excluding
treasury shares, if any) issued and outstanding.

      

      d)           Voluntary
Adjustment By Company. The Company may at
any time during the term of this Warrant reduce the then current Exercise Price,
without in the sole discretion of the Company increasing the number of shares
issuable upon exercise of this Warrant, to any amount and for any period of time
deemed appropriate by the Board of Directors of the Company.

      

      e)           Notice to
Holder.

      

      i.      Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to
any provision of this Section 2, the Company shall promptly mail to the Holder a
notice setting forth the Exercise Price after such adjustment and setting forth
a brief statement of the facts requiring such adjustment.

       

      ii.      Notice to
Allow Exercise by Holder. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Common
Stock; (B) the Company shall declare a special nonrecurring cash dividend on or
a redemption of the Common Stock; (C) the Company shall authorize the granting
to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights; (D) the
approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which
the Company is a party, any sale or transfer of all or substantially all of the
assets of the Company, of any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property; (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company; then, in each case, the Company shall cause to be
mailed to the Holder at its last address as it shall appear upon the Warrant
Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record to be entitled to such
dividend, distributions, redemption, rights or warrants are to be determined or
(y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall
be entitled to exchange their shares of the Common Stock for securities, cash or
other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice
or any defect therein or in the mailing thereof shall not affect the validity of
the corporate action required to be specified in such notice.  The
Holder is entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such
notice.

       

      
        
          
          

        

        
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      Section
3.            Transfer of
Warrant.

       

      a)           Transferability.  Subject to
compliance with any applicable securities laws, this Warrant and all rights
hereunder (including, without limitation, any registration rights) are
transferable, in whole or in part, upon surrender of this Warrant at the
principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer.  Upon such
surrender and, if required, such payment, 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 such instrument of assignment, and
shall issue to the assignor a new Warrant evidencing the portion of this Warrant
not so assigned, and this Warrant shall promptly be cancelled.  A
Warrant, if properly assigned, may be exercised by a new holder for the purchase
of Warrant Shares without having a new Warrant issued.

       

      b)           New
Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.  Subject to compliance
with Section 3(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated
the Issue Date set forth above and shall be identical with this Warrant except
as to the number of Warrant Shares issuable pursuant thereto.

       

      c)           Warrant
Register. The
Company shall register this Warrant, upon records to be maintained by the
Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the
contrary.

       

      d)           Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with
any transfer of this Warrant, the transfer of this Warrant shall not be
registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws, the
Company may require, as a condition of allowing such transfer, that the Holder
or transferee of this Warrant, as the case may be, comply with the transfer provisions the Subscription
Agreement.

       

      
        
          
          

        

        
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      Section
4.            Call of Warrant.
          

       

      a)          Procedures.
The Company may at any time, subject to the conditions set forth herein, call
for the exercise of this Warrant (the “Call Notice”) if the
fair market value of the Common Stock for the twenty (20) consecutive Trading
Days ending three (3) days prior to the date of the Call Notice is at least
$0.41, subject to adjustment for stock dividends, stock splits and other
anti-dilution provisions as provided for in Section 2 of this Warrant. For
purposes of this Section
4(a), “fair
market value” at any date shall be deemed to be, as applicable: (i) the
last sale price as reported on the principal national securities exchange on
which the Common Stock is listed or admitted to trading; or (ii) if the Common
Stock is not listed or admitted for trading on any national securities exchange,
the average of the closing bid and asked prices, as reported on the OTC Bulletin
Board or if no such quotation is available, then the closing bid and asked
prices in the over-the-counter market as furnished by the National Quotation
Bureau, Inc; or (iii) if the Common Stock is not listed or admitted for trading
on any national securities exchange, no quotation is available on the OTC
Bulletin Board and no closing and asked prices are available from National
Quotation Bureau, Inc., then the value determined by an independent, qualified
appraiser selected by the Company in good faith. The Call Notice shall be deemed
effective upon mailing and the time of mailing is the “Effective Date of the
Notice.” The Call Notice shall state the exercise period and cancellation
date not less than thirty (30) days from the Effective Date of the Notice (the
“Cancellation
Date”). In the event the number of shares of Common Stock issuable upon
exercise of this Warrant being called are adjusted pursuant to Section 2 hereof, then upon
each such adjustment the Exercise Price will be adjusted by multiplying the
Exercise Price in effect immediately prior to such adjustment by a fraction, the
numerator of which is the number of shares of Common Stock issuable upon
exercise of this Warrant being exercised immediately prior to such adjustment
and the denominator of which is the number of shares of Common Stock issuable
upon exercise of this Warrant being exercised immediately after such adjustment.
The Holder may exercise this Warrant between the Effective Date of the Notice
and the Cancellation Date, such exercise being effective if done in accordance
with Section 1 hereof,
and if this Warrant, with the form of election to purchase duly executed, and
the Exercise Price are actually received by the Company at its offices no later
than 5:00 PM Eastern Time on or prior to the Cancellation Date.

       

      b)          Return
of Warrant. If the Holder does not wish to exercise this Warrant, the
Holder should mail this Warrant to the Company at its offices after receiving
the Call Notice required by this Section. If the Call Notice shall have been so
mailed, then, on and after such Cancellation Date, notwithstanding that this
Warrant subject to the Call Notice shall not have been surrendered for
redemption, the obligation evidenced by this Warrant not so surrendered or
effectively exercised shall be deemed no longer outstanding, and all rights with
respect hereto shall forthwith cease and terminate.

       

      
        
          
          

        

        
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      Section
5.            Miscellaneous.

       

      a)           No Rights
as Shareholder Until Exercise.  This Warrant does
not entitle the Holder to any voting rights or other rights as a shareholder of
the Company prior to the exercise hereof as set forth in Section 1(a).

       

      b)           Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that
upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant or any stock certificate
relating to the Warrant Shares, and in case of loss, theft or destruction, of
indemnity or security reasonably satisfactory to it (which, in the case of the
Warrant, shall not include the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated
as of such cancellation, in lieu of such Warrant or stock
certificate.

       

      c)           Saturdays,
Sundays, Holidays, etc.  If the last or
appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a business day, then such action may be
taken or such right may be exercised on the next succeeding business
day.

       

      d)           Authorized
Shares.  The Company
covenants that during the period the Warrant is outstanding, it will reserve
from its authorized and unissued Common Stock a sufficient number of shares to
provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant.  The Company further covenants that its
issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of the purchase
rights under this Warrant.  The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as
provided herein without violation of any applicable law or regulation, or of any
requirements of the Trading Market upon which the Common Stock may be
listed.  The Company covenants that all Warrant Shares which may be
issued upon the exercise of the purchase rights represented by this Warrant
will, upon exercise of the purchase rights represented by this Warrant, be duly
authorized, validly issued, fully paid and nonassessable and free from all
taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with
such issue).  “Trading Market” means
the following markets or exchanges on which the Common Stock is listed or quoted
for trading on the date in question: the NYSE Amex, the Nasdaq Capital Market,
the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange or the OTC Bulletin Board.

       

      Except
and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its articles of
incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms 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 actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against
impairment.  Without limiting the generality of the foregoing, the
Company will (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (b) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant, and (c) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary
to enable the Company to perform its obligations under this
Warrant.

       

      
        
          
          

        

        
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      Before
taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

       

      e)           Jurisdiction. All questions concerning the
construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the provisions of the Subscription
Agreement.

       

      f)           Restrictions.  The Holder
acknowledges that the Warrant Shares acquired upon the exercise of this Warrant,
if not registered, will have restrictions upon resale imposed by state and
federal securities laws.

       

      g)          Nonwaiver
and Expenses.  No course of
dealing or any delay or failure to exercise any right hereunder on the part of
Holder shall operate as a waiver of such right or otherwise prejudice the
Holder’s rights, powers or remedies, notwithstanding the fact that all rights
hereunder terminate on the Termination Date.  If the Company willfully
and knowingly fails to comply with any provision of this Warrant, which results
in any material damages to the Holder, the Company shall pay to the Holder such
amounts as shall be sufficient to cover any costs and expenses including, but
not limited to, reasonable attorneys’ fees, including those of appellate
proceedings, incurred by the Holder enforcing any of its rights, powers or
remedies hereunder.

       

      h)          Notices.  Any notice,
request or other document required or permitted to be given or delivered to the
Holder by the Company shall be delivered in accordance with the notice
provisions of the Subscription Agreement.

       

      i)           Limitation
of Liability.  No provision
hereof, in the absence of any affirmative action by the Holder to exercise this
Warrant to purchase Warrant Shares, and no enumeration herein of the rights or
privileges of the Holder, shall give rise to any liability of the Holder for the
purchase price of any Common Stock or as a stockholder of the Company, whether
such liability is asserted by the Company or by creditors of the
Company.

       

      j)           Remedies. The Holder, in addition to
being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this
Warrant.  The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Warrant and hereby agrees to waive and not to assert the
defense in any action for specific performance that a remedy at law would be
adequate.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

       

      k)           Successors
and Assigns.  Subject to
applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the
successors of the Company and the successors and permitted assigns of the
Holder.  The provisions of this Warrant are intended to be for the
benefit of all holders from time to time of this Warrant and shall be
enforceable by the Holder or holder of Warrant Shares.

       

      l)           Amendment.  This Warrant may
be modified or amended or the provisions hereof waived with the written consent
of the Company and the Holder.

       

      m)           Severability.  Wherever
possible, each provision of this Warrant shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of
this Warrant.

       

      n)           Headings.  The
headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

       

       

      IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly
authorized as of the date first above indicated.

       

       

      
        	
                HEPALIFE TECHNOLOGIES,
      INC.

              
	 	 	 
	 	 	 
	

                By: 

              	 	 
	
                 

              	
                

                  Name:

                

              
	
                 

              	
                

                  Title:

                

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

       

      NOTICE
OF EXERCISE

      (Series F
Warrant)

      

      TO:           HEPALIFE TECHNOLOGIES,
INC.

      

      (1)  The
undersigned hereby elects to purchase ______________Warrant Shares of the
Company pursuant to the terms of the attached Series F Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

       

      (2)  Please
issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned or in such other name as is specified below:

       

      _______________________________

      

      _______________________________

      

      _______________________________

      

      _______________________________

      

      (3)  Accredited
Investor.  The undersigned is an “accredited investor” as
defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

      

      [SIGNATURE
OF HOLDER]

      

      Name of
Investing Entity:
_______________________________________________________________________

      

      Signature of Authorized Signatory of
Investing Entity:
_________________________________________________

      

      Name of
Authorized Signatory:
___________________________________________________________________

      

      Title of
Authorized Signatory:
____________________________________________________________________

      

      Date:
_______________________________________________________________________________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      ASSIGNMENT
FORM

      

      (To
assign the foregoing warrant, execute

      this form
and supply required information.

      Do not
use this form to exercise the warrant.)

       

      

      FOR VALUE
RECEIVED,

       

      [  ]
all1;
or

      

      [                    ]2 shares of the
foregoing Series F Warrant and all rights evidenced thereby are hereby assigned
to

      

      _______________________________________________
whose address is

      

      _______________________________________________________________.

      

       

      _______________________________________________________________

      

      Dated:  ______________,
_______

       

      

        	 	Holder’s
      Signature:   	_____________________________ 	 	 
	 	 	 	 	 
	 	Holder’s
      Address:   	_____________________________ 	 	 
	 	 	 	 	 
	 	 	_____________________________ 	 	 

      

      

      

      Signature
Guaranteed:  ___________________________________________

      

      

      NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Series F Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust
company.  Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Series F Warrant.

      

      

        

      

      
        1 Check
if the entire Series F Warrant is being assigned.

      

      
        2 If
less than the entire Series F Warrant is being assigned, please indicate the
number of shares as to which the assignment is to be
effected.Unassociated Document

     

    
      This
Investor Relations Service Agreement is made and entered into between HepaLife
Technologies, Inc. (the “Company”) and Cogito, Corp.
(the “Consultant”) as of May 11, 2010.

      

      In consideration of and for the mutual
promises and covenants contained herein, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties agree as
follows:

      

      1.           Purpose.  The
Company hereby employs the Consultant during the Term (as defined below) to
render Public Relations Services (as defined below) to the Company, upon the
terms and conditions as set forth herein.

      

      2.           Term.  Subject to
the earlier termination of this Agreement as set forth in Section 5 hereof, this
Agreement shall be effective for a twelve-month period (the “Term”) commencing on the date
hereof (the “Effective
Date”).

      

      3.           Duties of
Consultant.  During the term of this Agreement, the Consultant
shall provide to the Company investor relations services which may include, but
which may not necessarily be limited, to those outlined in Exhibit A attached
hereto (collectively, the “Public Relations Services”).
Notwithstanding the foregoing, it is understood and acknowledged by the parties
that the Consultant: (a) shall perform its analysis and reach its conclusions
about the Company independently, and that the Company shall have no involvement
therein; and (b) shall not render advice and/or services to the Company in any
manner, directly or indirectly, that is in connection with the offer or sale of
securities in a capital raising transaction or that could result in or be deemed
to be “market making” activities.

      

      4.           Compensation;
Expenses and Payment; Escrow Agreement.

      

      (a)           In
consideration of the Services, the Consultant shall be paid:

      

      (i)           
a monthly consulting fee of $5,000 (the “Monthly Fee”);
and

      

      (ii)           upon
submission of supporting documentation, reimbursed for out-of-pocket expenses
incurred by it in connection with the Investor Relations Services, including,
but not limited to, all charges for travel, printing costs and other expenses
spent on the Company’s behalf (the “Expense
Reimbursement”).  The Escrow Agent (as defined below) shall
immediately pay such expenses upon the submission of invoices therefor.
Collectively, the Monthly Fee and the Expense Reimbursement are herein referred
to herein as the “Consulting
Expenses.”

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      (b)           In
order to ensure prompt payment of the Consulting Expenses, on the Effective
Date, the Company, subject to the terms of that certain Escrow Agreement dated
May 11, 2010(the “Escrow
Agreement”), by and among the Alfred V. Greco, PLLC, as the escrow agent
(the “Escrow Agent”),
the Company and the Consultant, simultaneously with the execution and delivery
of this Agreement, shall deposit with the Escrow Agent $271,503 and will, in
accordance with  the terms of the Escrow Agreement, deposit with the
Escrow Agent on or before May 17, 2010, an additional $230,000 if, as described
in the Escrow Agreement, the Company receives on or before May 17, 2010
additional proceeds from the Financing (as defined in the Escrow Agreement) of
up to $250,000 in the aggregate; collectively, the aggregate deposits, of up to
$501,503, to be  deposited by the Company to the Escrow
Agent,  is herein referred to as the “Escrowed
Funds.”   The Escrow Agent shall disburse the Consulting
Expense in payment of the Consulting Expenses, in accordance with the terms of
the Escrow Agreement.    If any Escrow Funds remain upon the
termination of this Agreement, such funds shall be returned to the Company. It
is acknowledged that the deposit of the Escrowed Funds with the Escrow Agent is
an accommodation to the Company by the Consultant, which would otherwise have
required payment in full upon execution of this Agreement.

      

      5.         
 Earlier Termination.

      

      (a)           Anything
herein to the contrary notwithstanding, this Agreement will automatically
terminate should the Escrowed Funds be depleted prior to the expiration of the
twelve month term. Otherwise, this Agreement will terminate on the one year
anniversary of this Agreement unless otherwise extended by the parties
hereto.

      

      (b)           In
addition, the Company, at its option exercisable in its sole discretion,
 shall havethe right to terminate this Agreement
upon three (3) days prior written notice to the Consultant
 for “Cause.”  For purposes of this Agreement, “Cause” shall
mean:

       

      (i)           the Consultant    shall:

(A) apply for or consent 
to the appointment of a receiver, trustee,
custodian, intervenor, or liquidator of itself or of all or a substantial part
of its assets; 
(B) file a voluntary
petition in bankruptcy or admit in writing that it is unable 
to pay its debts as they become due; 
(C) make a general assignment for the
benefit of creditors; 
(D) file a
petition or answer seeking reorganization or an arrangement with creditors or 
to take advantage of any d
 
ebtor relief laws; 
(E) file an answer admitting the
material allegations of, or consent 
to,
or default in answering, a petition filed against it in any bankruptcy,
reorganization or insolvency proceeding; or 
(F) take corporate action for the
purpose of effecting any of the foregoing;

       

      (ii)           an
order, order for relief, judgment or decree shall be entered by any court of
competent jurisdiction or other competent authority approving a petition seeking
reorganization of the Consultant, or appointing a receiver, custodian,
trustee, intervenor, or liquidator of the Consultant, or of all or substantially
all of its assets, and such order, judgment or decree shall 
continue unstayed and in effect for a
period of sixty (60) days;

       

      (iii)           the
Securities and Exchange Commission or any other federal, state or local
governmental authority shall impose sanctions against the Consultant
for violation of federal or state securities laws; and

       

      (iv)           the
conviction of, or plea of guilty or no contest to, a felony or any other crime
involving moral turpitude, fraud, theft, embezzlement or dishonesty by an
officer of the Consultant.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      In the event of a termination for Cause
pursuant to this Section 5(b), the Escrow Agreement shall provide for the
immediate release of the remaining amounts held in escrow by the Escrow Agent to
the Company.

       

      6.           Confidentiality.

      

      (a)           Consultant
acknowledges that as a consequence of its relationship with the Company, it may
be given access to confidential information which may include the following
types of information; financial statements and related financial information
with respect to the Company and its subsidiaries (the “Confidential Financial
Information”), trade secrets, products, product development, product
packaging, future marketing materials, business plans, certain methods of
operations, procedures, improvements, systems, customer lists, supplier lists
and specifications, and other private and confidential materials concerning the
Company’s business (collectively, “Confidential
Information”).

      

      (b)           Consultant
covenants and agrees to hold such Confidential Information strictly confidential
and shall only use such information solely to perform its duties under this
Agreement, and Consultant shall refrain from allowing such information to be
used in any way for its own private or commercial
purposes.  Consultant shall also refrain from disclosing any such
Confidential Information to any third parties.  Consultant further
agrees that upon termination or expiration of this Agreement, it will return all
Confidential Information and copies thereof to the Company and will destroy all
notes, reports and other material prepared by or for it containing Confidential
Information.

      

      (c)           Notwithstanding
the foregoing, nothing herein shall be construed as prohibiting Consultant from
disclosing any Confidential Information (a) which at the time of disclosure,
Consultant can demonstrate either (i)  was in the public domain and
generally available to the public or (ii) thereafter becomes a part of the
public domain and is generally available to the public by publication or
otherwise through no act of the Consultant; (b) which Consultant can establish
was independently developed by a third party who developed it without the use of
the Confidential Information and who did not acquire it directly or indirectly
from Consultant under an obligation of confidence; (c) which Consultant can show
was received by it after the termination of this Agreement from a third party
who did not acquire it directly or indirectly from the Company under an
obligation of confidence; or (d) which the Consultant can reasonably demonstrate
such disclosure is required by law or in any legal proceeding, governmental
investigation, or other similar proceeding.

      

      7.       
   Severability.  If any provision of this Agreement
shall be held or made invalid by a statute, rule, regulation, decision of a
tribunal or otherwise, the remainder of this Agreement shall not be affected
thereby and, to this extent, the provisions of this Agreement shall be deemed to
be severable.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      8.           Governing Law; Venue;
Jurisdiction.  This Agreement shall be construed and enforced
in accordance with and governed by the laws of the State of New York, without
reference to principles of conflicts or choice of law thereof.  Each
of the parties consents to the jurisdiction of the U.S. District Court in the
Southern District of New York in connection with any dispute arising under this
Agreement and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non conveniens,
to the bringing of any such proceeding in such jurisdictions.  Each
party hereby agrees that if another party to this Agreement obtains a judgment
against it in such a proceeding, the party which obtained such judgment may
enforce same by summary judgment in the courts of any country having
jurisdiction over the party against whom such judgment was obtained, and each
party hereby waives any defenses available to it under local law and agrees to
the enforcement of such a judgment.  Each party to this Agreement
irrevocably consents to the service of process in any such proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, to
such party at it address set forth herein.  Nothing herein shall
affect the right of any party to serve process in any other manner permitted by
law.  Each party waives its right to a trial by jury.

      

      9.           Miscellaneous.

      

      
        	
                 
      

              	
                (a)

              	
                Any
      notice or other communication between parties hereto shall be sufficiently
      given if sent by certified or registered mail, postage prepaid, if to the
      Company, addressed to it at:

              

      

       

      HepaLife
Technologies, Inc.

      850 Third
Avenue, Suite 1801

      New York,
NY 10022

      Attention:  Chief
Executive Officer

      Facsimile:
(800) 299-4869

       

      if to
Consultant, addressed to it at:

      

      Cogito
Corp.

      3138
Madeira Avenue

      Costa
Mesa, CA  92626

      Attention:
Cynthia Mulcahy

      Facsimile
number: (714) 424-9999

      

      or to
such address as may hereafter be designated in writing by one party to the
other.  Any notice or other communication hereunder shall be deemed
given three days after deposit in the mail if mailed by certified mail, return
receipt requested, or on the day after deposit with an overnight courier service
for next day delivery, or on the date delivered by hand or by facsimile with
accurate confirmation generated by the transmitting facsimile machine, at the
address or number designated above (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day
following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received).

      

      
        	
                 
      

              	
                (b)

              	
                This
      Agreement embodies the entire Agreement and understanding between the
      Company and the Consultant and supersedes any and all negotiations, prior
      discussions and preliminary and prior arrangements and understandings
      related to the central subject matter
hereof.

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                (c)

              	
                This
      Agreement has been duly authorized, executed and delivered by and on
      behalf of the Company and the
Consultant.

              

      

      

      
        	
                 
      

              	
                (d)

              	
                All
      services to be provided by the Consultant hereunder will be provided in
      compliance with all applicable laws, rules and
  regulations.

              

      

      

      
        	
                 
      

              	
                (e)

              	
                This
      Agreement and all rights, liabilities and obligations hereunder shall be
      binding upon and inure to the benefit of each party’s successors but may
      not be assigned without the prior written approval of the other
      party.

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the
parties hereto have executed this Agreement on the date first written
above

       

       

      
        	
                HEPALIFE
      TECHNOLOGIES, INC.

              	 
	 	 	 
	 	 	 
	
                By:
      

              	      
                /s/
      Richard Rosenblum

              	 
	
                Name: 

              	
                Richard
      Rosenblum

              	 
	
                Title:
      

              	
                President

              	 
	 	 	 

      

    

     

    
      	
              
                COGITO,
      CORP.

              

            	 
	 	 	 
	 	 	 
	
              By:
      

            	      
              /s/
      Cynthia Mulcahy

            	 
	
              Name: 

            	
              Cynthia
      Mulcahy

            	 
	
              Title:
      

            	
              President

            	 
	 	 	 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
A

      Public
Relations Services

       

      
        
          	
                  1.

                	
                  Non-deal
      road show including meetings with brokers, fund managers and high
      net-worth investors.

                

        

        

        
          	
                  2.

                	
                  Placement
      of Company in print and television
media.

                

        

        

        
          	
                  3.

                	
                  Assistance
      in the preparation and distribution of press
  releases.

                

        

        

        
          	
                  4.

                	
                  Assistance
      in identifying and introducing the Company to potential financial
      analysts.

                

        

        

        
          	
                  5.

                	
                  Calls
      to brokers and investment advisors.

                

        

        

        
          	
                  6.

                	
                  Arranging
      for interviews on web and television financial news
    programs.

                

        

        

        
          	
                  7.

                	
                  Investor
      line to handle call volume.

                

        

        

        
          	
                  8.

                	
                  Strategic
      advice, including technical analysis to ensure that press release
      distribution and other dissemination of news releases generates the
      maximum impact.

                

        

        

        
          	
                  9.

                	
                  Email
      and  Direct mail marketing campaigns (Company to pay
      expenses).

                

        

        

        
          	
                  10.

                	
                  IR
      related services, including periodic review and analysis of the
      Company’s web site updated, fielding investor inquiries,
    etc.

                

        

        

        
          	
                  11.

                	
                  Comprehensive
      marketing campaign, including outsourcing to third-party providers email,
      direct mail, email, television, radio and other mediums for advertising
      the Company to investors.

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