Document:

Securities Amendment and Exchange Agreement

 Exhibit 10.1 
 SECURITIES AMENDMENT AND EXCHANGE AGREEMENT 
 This Securities Amendment and
Exchange Agreement (this “Agreement”) is made as of March 22, 2011 by and between Dais Analytic Corporation, a New York corporation (the “Company”), and Platinum-Montaur Life Sciences, LLC
(“Platinum”). 
 WHEREAS, on or about December 31, 2007, the Company issued to Platinum a warrant (the
“2007 Warrant”) to purchase up to 3,000,000 shares of the Common Stock, par value $0.01 per share, of the Company (the “Common Stock”); 
 WHEREAS, on or about March 12, 2009, the Company issued to Platinum a warrant (the “2009 Warrant”) to purchase up to 999,000 shares of Common Stock; 

WHEREAS, on or about December 17, 2009, the Company issued to Platinum a $1,000,000 unsecured promissory note, as amended (the
“Original Note”); 
 WHEREAS, the Company and Platinum have agreed, subject to the terms and conditions set
forth herein, to (i) amend the terms of the 2007 Warrant and the 2009 Warrant, and (ii) amend and restate the Original Note as described herein; and 
 WHEREAS, the Company and Platinum have further agreed that, in accordance with the terms set forth herein, and in consideration of the conversion of the Note (as defined below), the Company will issue to
Platinum the Company’s Stock Purchase Warrant (the “Exchange Warrant,” and together with the 2007 Warrant and the 2009 Warrant, collectively, the “Warrants”) to purchase up to 1,000,000 shares of Common Stock.

 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1.
Issuance and Exchange of Securities. 
 (a) Subject to the terms and conditions herein set forth, at the Closing (as
defined below) the Company will issue and deliver to Platinum the Amended and Restated Convertible Promissory Note in the initial principal amount of $1,000,000 (the “Note”). 

(b) Subject to the terms and conditions herein set forth, promptly following the Closing, Platinum will surrender to the Company for
cancellation the Original Note in exchange for the Note. 
 Section 2. Issuance of Exchange Warrant. Subject to the
terms and conditions herein set forth, the Company agrees to issue to Platinum, at the Closing, the Exchange Warrant in the form attached hereto as Exhibit A exercisable for up to 1,000,000 shares of Common Stock at an exercise price
of $.45 per share (as adjusted for splits, combinations and the like). 
 Section 3. Amendments to 2007 Warrant and 2009
Warrant. Subject to the terms and conditions herein set forth, the Company and Platinum agree to (i) amend the 2007 Warrant 

 
on the terms set forth in the Amendment to the 2007 Warrant (the “2007 Warrant Amendment”) attached hereto as Exhibit B, and (ii) amend the 2009 Warrant on the
terms set forth in the Amendment to 2009 Warrant (the “2009 Warrant Amendment” and, together with the 2007 Warrant Amendment, the “Warrant Amendments”) attached hereto as Exhibit C. 

Section 4. Closing. The issuance and exchange of the Note for the Original Note, the Amendment to the
2007 Warrant and the 2009 Warrant and the issuance of the Exchange Warrant shall take place at a closing (the “Closing”) simultaneously with the execution and delivery of this Agreement or on such other date and time as the parties
may agree (the “Closing Date”) at the offices of Platinum, 152 West 57th Street, 4th
Floor, New York, New York. Upon Closing, the Company shall deliver to Platinum a legal opinion from Richardson & Patel LLP, counsel for the Company, dated as of the Closing, in substantially the form attached hereto as Annex A.

 Section 5. Representations, Warranties and Covenants of the Company. The Company hereby represents and warrants
to, and covenants with, Platinum as follows: 
 (a) The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of New York and has the corporate power and authority to execute, deliver and perform its obligations under this Agreement as well as under the Exchange Warrant, the Warrant Amendments and the Note (collectively,
the “Transaction Documents”). 
 (b) The execution, delivery and performance by the Company of this Agreement
and the Transaction Documents, and the consummation of the transactions contemplated hereby and thereby, (a) has been duly authorized by all necessary corporate action; (b) do not and will not contravene the terms of the Certificate of
Incorporation or By-Laws of the Company, or any amendment thereof, or any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company
or by which any property or asset of the Company are bound or affected and a violation of which would have a material adverse effect on the condition, business or prospects, financial or otherwise, of the Company; (c) do not and will not
(i) conflict with, contravene, result in any material violation or breach of or material default under (with or without the giving of notice or the lapse of time or both), (ii) create in any other person or entity a right or claim of
termination or amendment, or (iii) require any material modification or acceleration or cancellation of, any contractual obligation of the Company; and (d) do not and will not result in the creation of any lien or encumbrance (or
obligation to create a lien or encumbrance) against any material property or asset of the Company, except, in all cases, for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or
in the aggregate, have a material adverse effect on the Company’s business, condition or prospects, financial or otherwise. 
 (c) This Agreement has been, and each of the Transaction Documents will be, duly executed and delivered by the Company, and this Agreement constitutes, and such Transaction Documents will constitute, the
legal, valid and binding obligation of the Company enforceable against the Company in accordance with their respective terms, except (a) as such enforceability may be limited by applicable bankruptcy, reorganization, moratorium, liquidation,
conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies, (b) as enforceability of any indemnification or contribution

  
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provisions may be limited under the federal and state securities laws, and (c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to
the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. 
 (d) The
Company is not required under federal, state, foreign or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental authority in order for it to execute, deliver
or perform any of its obligations under this Agreement or the other Transaction Documents in accordance with the terms hereof and thereof (other than any filings, consents and approvals which may be required to be made by the Company under
applicable state and federal securities laws, rules or regulations. 
 (e) The Note and the Exchange Warrant (the “New
Securities”) when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, to be issued at the Closing, and the shares of Common Stock issuable upon conversion or exercise of the same
in accordance with the Note and the Exchange Warrant, have been duly authorized by all necessary corporate action and shall be validly issued and outstanding, free and clear of all liens, encumbrances and rights of refusal of any kind other than
restrictions under applicable federal and state securities laws. 
 (f) The Company has authorized and reserved, and covenants
to continue to reserve, free of preemptive rights and other similar contractual rights of stockholders, shares of Common Stock sufficient to effect the conversion of the Note and the exercise of the Warrants in accordance with the Note, the Warrant
Amendments and the Exchange Warrant. 
 (g) The holding period, for purposes of Rule 144 under the Securities Act of 1933 (the
“Securities Act”), for the shares of Common Stock issuable solely upon cashless exercise or conversion of (i) the Note began on December 17, 2009, (ii) the amended 2007 Warrant began on December 31, 2007 and
(iii) the amended 2009 Warrant began on March 12, 2009, and the transactions contemplated hereby shall not affect the holding periods, in the case of cashless exercises or conversions, set forth in clauses (i) through (iii) above
for purposes of Rule 144. 
 (h) The Company has not employed any broker or finder or incurred any liability for any brokerage
or investment banking fees, commissions, finders’ structuring fees, financial advisory fees or other similar fees in connection with the transactions contemplated by this Agreement. 

(i) The Company shall provide (if in compliance with applicable securities laws), at the Company’s expense, such legal opinions in
the future as are reasonably necessary for the issuance and resale of the Common Stock issuable upon conversion of the Note and exercise of the Warrants in accordance with the Note and the Warrants, whether pursuant to an effective registration
statement, Rule 144 under the Securities Act or an exemption from registration thereunder; provided, that, the Company shall not be required to pay for more than four (4) such legal opinions pursuant to this Section 5(i) in
any one calendar year. 

  
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 Section 6. Representations and Warranties of Platinum. Platinum hereby
represents, warrants and covenants with the Company as follows: 
 (a) Platinum is a limited liability company duly organized,
validly existing and in good standing under the laws of Delaware. 
 (b) Platinum has full power and authority to enter into and
perform this Agreement and the Transaction Documents. The execution, delivery and performance of this Agreement and the Transaction Documents by Platinum and the consummation by it of the transactions contemplated hereby (a) have been duly
authorized by all necessary limited liability company action, and (b) does not contravene the terms of the organizational or governing documents of Platinum. No further consent or authorization of Platinum, its managers or other governing body,
or of its members, is required for the execution, delivery or performance of this Agreement and the Transaction Documents by Platinum. When executed and delivered by Platinum, this Agreement and the Transaction Documents shall constitute the valid
and binding obligation of Platinum enforceable against Platinum in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership
or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application. 
 (c) This Agreement is made with Platinum in reliance upon Platinum’s representation to the Company, which by Platinum’s execution of this Agreement Platinum hereby confirms, that the New
Securities and the Common Stock underlying the same will be acquired for Platinum’s own account, not as a nominee or agent, and not with a view to resale or a distribution in any part thereof. Platinum does not have a present intention to sell
or grant any participation in or otherwise distribute any of the New Securities; provided, however, that by making the representations herein, Platinum does not agree to hold the New Securities (or securities issued upon conversion or
exercise of the New Securities) for any minimum or other specific term (except as specifically set forth in Section 17 of this Agreement) and reserves the right to dispose of the New Securities at any time in accordance with federal and state
securities laws applicable to such disposition. By executing this Agreement, Platinum further represents that Platinum does not have any contract, undertaking, agreement or arrangement (whether or not legally binding) to or through any person or
entity to sell, transfer or grant participations to such person or to any third person, with respect to any of the New Securities 
 (d) Platinum is an “accredited investor” as defined in Rule 501(a) under the Securities Act, as presently in effect. Platinum is an investor in securities of companies in the development stage
and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in the
New Securities. Platinum also represents it has not been organized for the purpose of acquiring the New Securities. 
 (e)
Platinum understands that the New Securities are being issued in reliance on a transactional exemption from the registration requirements of federal and state securities laws and the Company is relying upon the truth and accuracy of the
representations, warranties, agreements, acknowledgments and understandings of Platinum set forth herein in order to determine the applicability of such exemptions. Platinum understands that no governmental

  
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authority has passed upon or made any recommendation or endorsement of the New Securities and that the New Securities may be deemed “restricted” under the Securities Act. 

(f) Platinum has not employed any broker or finder or incurred any liability for any brokerage or investment banking fees, commissions,
finders’ structuring fees, financial advisory fees or other similar fees in connection with the transactions contemplated by this Agreement. 
 (g) Platinum believes it has received all the information it considers necessary or appropriate for deciding whether to purchase the New Securities. Platinum further represents that it has had an
opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the New Securities and the business, properties, prospects and financial condition of the Company. The foregoing, however, does
not limit or modify the representations and warranties of the Company in Section 5 of this Agreement or the right of Platinum to rely thereon. 
 (h) It is understood that the certificates evidencing the New Securities may bear the following legend: “These securities have not been registered under the Securities Act of 1933, as amended. They
may not be sold, offered for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the securities under such Act or an opinion of counsel satisfactory to the Company that such registration is not required
or unless sold pursuant to Rule 144 of such Act.” 
 Section 7. No Other Modification. Except as expressly
modified or amended hereby, and by the Warrant Amendments, the terms and conditions of the 2007 Warrant and 2009 Warrant, as previously amended, shall remain unchanged and in full force and effect, and each of the parties hereby ratifies and
confirms the same. 
 Section 8. Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of New York without giving effect conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the parties consents to the exclusive
jurisdiction of the Federal courts whose districts encompass any part of the County of New York located in the City 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 waives its right to a trial by jury. 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 its address set forth herein. Nothing herein shall affect the right of any party to serve process in any
other manner permitted by law. 
 Section 9. Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, express overnight courier, registered first class mail, or telecopier, initially to the address set forth below, and thereafter at such other address, notice of which is given in accordance with
the provisions of this Section 11. 
 (a) if to the Company: 

  
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 Dais Analytic Corporation 

11552 Prosperous Drive 
 Odessa, FL 33556 
 Tel: (727) 375-8484 

Fax: (727) 375-8485 
 Attention: Chief Executive Officer 
 with a copy to: 

Richardson & Patel LLP 
 10900 Wilshire Blvd., Suite 500 
 Los Angeles, CA 90024 

Tel: (310) 208-1182 
 Fax: (310) 208-1154 
 Attention: Erick Richardson, Esq. 

(b) if to Platinum: 
 Platinum Montaur Life Sciences LLC 
 152 West 57th Street, 4th Floor 
 New York, NY 10019 
 Tel: (212) 271-7895 

Fax: (212) 582-2424 
 Attention: Michael M. Goldberg, M.D. 
 with a copy to: 

Burak Anderson & Melloni, PLC 
 30 Main Street 
 P.O. Box 787 

Burlington, VT 05402-0787 
 Tel: (802) 862-0500 
 Fax: (802) 862-8176 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; when sent
by confirmed telecopier or facsimile if sent during normal business hours of the recipient, if not, then on the next business day; five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or one
day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. 
 Section 10. Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and Platinum or, in
the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a
waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. 

  
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 Section 11. Entire Agreement. This Agreement constitutes the entire
understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior and/or contemporaneous oral or written proposals or agreements relating thereto all of which are merged herein. This Agreement may not be
amended or any provision hereof waived in whole or in part, except by a written amendment signed by both of the parties. 

Section 12. Legal Fees of Purchaser. The Company agrees to reimburse Platinum for reasonable legal fees and expenses incurred
in connection with the transactions contemplated by this Agreement in an amount not to exceed $10,000. 
 Section 13.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all such counterparts together shall constitute one and the same instrument. 

Section 14. Survival. The warranties, representations and covenants of the Company and Platinum contained in or made pursuant
to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of Platinum or the Company. 

Section 15. Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and assigns of the parties (other than any transferee of any Common Stock underlying any security in the Company held by Platinum). Nothing in this Agreement, express or implied,
is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 Section 16. Severability. If one or more provisions of this Agreement are held to be unenforceable under
applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

Section 17. Lock-Up. Platinum hereby agrees that, during the time periods specified herein, following the date of the final
prospectus relating to the first Qualified Offering (as defined in the Note) after the date hereof, it shall not, to the extent requested in writing by the underwriter of such offering, directly or indirectly sell, offer to sell, contract to sell,
or otherwise transfer or dispose of (other than to affiliates who agree to be similarly bound) any securities of the Company held by it at any time during such period, except Common Stock included for sale in such final prospectus, until the earlier
of (i) the date that is (30) days following the date of such final prospectus or (ii) the consummation of the sale contemplated by such final prospectus if such sale does not meet the requirements of the Qualified Offering described
in the Note. Platinum will further agree with such underwriter that, following the consummation of such Qualified Offering, and the thirty (30) day lock-up period described above, Platinum may not sell or otherwise dispose of securities of the
Company held by it (other than to affiliates who agree to be similarly bound) until 180 days after the date of the prospectus relating to such Qualified Offering, other than: up to 2.5% of the Company’s daily trading volume in the second
consecutive month, up to 3% of the Company’s daily trading volume in the third consecutive month, up to 3.5% of the Company’s daily trading volume in the fourth consecutive month, up to 4% of the Company’s daily trading volume in the
fifth consecutive month and up to 4.5% of the 

  
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Company’s daily trading volume in the sixth consecutive month. Such agreement shall be applicable only to the Qualified Offering, and only if all officers and directors of the Company, and
Leonard Samuels and Leah Kaplan Samuels (and their retirement accounts, collectively referred to as the “Samuels Parties”) enter into market stand-off agreements at least as restrictive as set forth in this Section 17. If
(i) the Company issues an earnings release or material news, during the last 17 days of the market stand-off period, or (ii) prior to the expiration of the market stand-off period, the Company announces that it will release earnings
results during the 16-day period beginning on the last day of the market stand-off period, the restrictions imposed by the market stand-off agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the
earnings release, unless the underwriter waives such extension. The provisions of this Section 17 shall be of no force and effect if the Qualified Offering shall not have occurred by August 15, 2011. 

Section 18. Equal Treatment. The Company covenants and agrees that it shall not, at any time prior to the earlier of the
Qualified Offering or the payment or conversion in full of this Note, enter into any exchange agreement or other agreement providing for the exchange of the Promissory Note, dated February 19, 2010, issued to RBC Capital Markets-Custodian of
Leonard Samuels IRA (as amended), on terms more beneficial to the holder of such note than the terms granted to Platinum hereunder and under the other Transaction Documents. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized persons as of the date first indicated above. 
  

			
	DAIS ANALYTIC CORPORATION
		
	By:	 	 /s/ Timothy N. Tangredi

		 	Name: Timothy N. Tangredi
		 	Title: President and Chief Executive Officer
	
	PLATINUM-MONTAUR LIFE SCIENCES, LLC
		
	By:	 	 /s/ Joseph Sanfilippo

		 	Name: Joseph Sanfilippo
		 	Title: CFO

  
 [Securities
Amendment and Exchange Agreement] 

 Annex A 
 [requested opinion coverage] 
 1. The Company is a corporation duly incorporated, validly
existing and in good standing under the laws of the state of New York and has the requisite corporate power to own, lease and operate its properties and assets, and to carry on its business as presently conducted. 

2. The Company has the requisite corporate power and authority to enter into and perform its obligations under the Transaction Documents and to issue the
Note, the Exchange Warrant and the Common Stock issuable upon conversion of the Note and exercise of the Warrants in accordance with the terms of the Note and Warrants. 
 3. The execution, delivery and performance of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated thereby have been duly and validly authorized by
all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or stockholders is required. 

4. Each of the Transaction Documents have been duly executed and delivered, and the Note and the Warrants have been duly executed, issued and delivered
by the Company and each of the Transaction Documents constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its respective terms except (a) as such enforceability may be limited by
applicable bankruptcy, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies, (b) as enforceability of any
indemnification or contribution provisions may be limited under the federal and state securities laws, and (c) that the remedy of specific performance and injunctive and other forms of or by other equitable principles of general application
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. 
 5.
The Note and the Warrants have been duly authorized and, when issued, sold and delivered in accordance with the terms of the Agreement against payment in full as provided in the Agreement, will be validly issued. The Warrants, when issued, sold and
delivered in accordance with the terms of the Agreement against payment in full as provided in the Agreement will be fully paid and nonassessable. The shares of Common Stock issuable upon conversion of the Note and exercise of the Warrants, have
been duly authorized and reserved for issuance, and, when delivered upon conversion or against payment in full as provided in the Note and the Warrants, as applicable, will be validly issued, fully paid and nonassessable. 

  
 [Securities
Amendment and Exchange Agreement] 

 Exhibit A 
 [Form of Warrant] 

  
 [Securities
Amendment and Exchange Agreement] 

 Exhibit B 
 [Form of 2007 Warrant Amendment] 

  
 [Securities
Amendment and Exchange Agreement] 

 Exhibit C 
 [Form of 2009 Warrant Amendment] 

  
 [Securities
Amendment and Exchange Agreement]Amended and Restated Convertible Promissory Note

 Exhibit 10.2 
 THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS
REGISTERED UNDER THAT ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION THEREUNDER IS AVAILABLE. 
 DAIS ANALYTIC CORPORATION 
 AMENDED AND RESTATED CONVERTIBLE PROMISSORY
NOTE 
  

			
	$ 1,000,000	  	Dated: March 22, 2011

 Dais Analytic Corporation, a New York corporation (the “Company”), hereby promises to pay to the order of Platinum-Montaur Life Sciences, LLC, a Delaware limited liability company with an
address of 152 West 57th Street, 4th Floor, New York, NY 10019 (the “Payee”), or its
registered assigns, the principal amount of One Million Dollars ($1,000,000) together with interest thereon from December 17, 2009 calculated in accordance with the provisions of this Amended and Restated Convertible Promissory Note (as
amended, modified and supplemented from time to time, this “Convertible Note” or this “Note”). This Convertible Note amends and restates the Company’s obligations under the 10% Promissory Note dated
December 17, 2009, as amended, from the Company as maker, to the Payee as holder. This Convertible Note is issued pursuant to the Securities Amendment and Exchange Agreement of even date herewith (as amended, modified or supplemented from time
to time, the “Exchange Agreement”) between the Company and the Payee. 
 Certain capitalized terms are defined
in Section 11 hereof. 
 1. Payment. 
 (i) Payment of Interest. Simple interest shall accrue on the unpaid principal amount of this Convertible Note at a rate equal to ten percent (10%) per annum (the “Interest
Rate”), commencing on December 17, 2009, and the principal amount hereof and shall be payable on March 22, 2012 (the “Maturity Date”) in cash or immediately available funds. Interest shall be computed on the basis
of the actual number of days elapsed in a 365-day year. 
 (ii) Payment of Convertible Note. Except in
connection with a Qualified Offering by the Company or acceleration by the Payee or otherwise as described herein, the Company may not, at any time prior to the Maturity Date, repay or prepay any outstanding principal of the Convertible Note or any
accrued and unpaid interest without the prior written consent of the Payee. 
 2. Maturity Date. The entire principal amount of this
Convertible Note and all accrued but unpaid interest thereon shall be due and payable in full in immediately available funds on the Maturity Date.

 3. Qualified Offering.
 (i) All outstanding principal and interest under this Convertible Note shall automatically convert into shares of the Company’s $.01 par value Common Stock (“Common Stock”), at the
then-effective Conversion Price, upon the earlier of (i) the closing of the sale of the Common Stock in a firm commitment, underwritten public offering registered under the Securities Act of 1933, as amended (the “Securities
Act”) other than an employee benefit plan of the Company, at a public offering price (prior to underwriters’ discounts and expenses) equal to or exceeding $0.30 per share of Common Stock (as adjusted for any stock dividends,
combinations or splits with respect to such shares) and the aggregate proceeds to the Company from such sales of Common Stock (after deduction for underwriters’ discounts and expenses relating to the issuance, including without limitation fees
of the Company’s counsel) of which exceed $5,000,000 (a “Qualified Offering”); and (ii) upon any sale, pledge, conveyance, hypothecation, assignment or other transfer of the Convertible Note, whether or not for value, by
the Payee, other than any such transfer by such holder to a nominee of such holder (without any change in beneficial ownership, as such term is defined under Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)); provided that any transfer by the Payee to any majority-owned subsidiary or other affiliate of the Payee shall not give rise to automatic conversion hereunder unless and until such transferee ceases to be a
majority-owned subsidiary or other affiliate of the Payee; and further provided that in the event any pledge, conveyance, hypothecation, assignment or other transfer shall not give rise to automatic conversion hereunder, then any subsequent transfer
or attempt thereof by the Payee (other than any such transfer by such holder to a nominee of such holder (without any change in “beneficial ownership”, as such term is defined under Section 13(d) of the Exchange Act) shall be subject
to automatic conversion upon the terms and conditions set forth herein. 
 (ii) In connection with an automatic conversion
pursuant to the terms of Section 3(i) hereof resulting from a Qualified Offering, unless the Payee has waived the provisions of this Section 3(ii) (which the Payee may elect to waive at any time prior to the consummation of the Qualified
Offering in its sole and absolute discretion), in the event that the conversion in full of amounts outstanding under this Convertible Note upon a Qualified Offering would cause the issuance to the Payee of a number of shares of Common Stock in
excess of the 9.99% Threshold (as defined below), the Company shall, in lieu of issuing any shares of Common Stock in excess of the 9.99% Threshold, issue up to that number of shares of Common Stock as would not violate the provisions of
Section 9 hereof (by means of an automatic conversion of an applicable portion of this Convertible Note), and with respect to the balance of amounts outstanding under this Convertible Note, apply the proceeds of the Qualified Offering, upon the
consummation thereof, to repay such excess amounts. 
 4. Conversion. 

(i) In addition to the automatic conversion described in Section 3(i) above, the Payee may, at any time and from time to time
prior to the Maturity Date, convert all or a portion of the principal amount of this Convertible Note plus any accrued and unpaid interest thereon into equity and equity instruments in the Company in accordance with the following provisions (the
“Equity”). 

  
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 (ii) Upon any conversion of this Convertible Note, the number of shares of Common Stock
that shall be issuable to Payee shall be derived by dividing (x) the principal amount converted plus any accrued and unpaid interest due and owing on this Convertible Note as of the date of conversion, by (y) twenty-six cents ($.26) (as
adjusted to reflect subsequent stock dividends, splits, combinations, recapitalizations and the like) (the “Conversion Price”). No fractional shares shall be issued upon conversion. 

(iii) Payee agrees that this Note and all stock certificates representing the Common Stock shall bear the following legend (or
substantially equivalent language): 
 “THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THAT ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION THEREUNDER
IS AVAILABLE.” 
 The Company agrees to reissue certificates representing any of the Conversion Shares, without the
legend set forth above if at such time, prior to making any transfer of any such securities, the Payee shall give written notice to the Company describing the manner and terms of such transfer. Such proposed transfer will not be effected until:
(a) either (i) the Company has received an opinion of counsel reasonably satisfactory to the Company, to the effect that the registration of such securities under the Securities Act is not required in connection with such proposed
transfer, (ii) a registration statement under the Securities Act covering such proposed disposition has been filed by the Company with the Securities and Exchange Commission and has become effective under the Securities Act, (iii) the
Company has received other evidence reasonably satisfactory to the Company that such registration and qualification under the Securities Act and state securities laws are not required, or (iv) the Payee provides the Company with reasonable
assurances that such security can be sold pursuant to Rule 144 under the Securities Act; and (b) either (i) the Company has received an opinion of counsel reasonably satisfactory to the Company, to the effect that registration or
qualification under the securities or “blue sky” laws of any state is not required in connection with such proposed disposition, or (ii) compliance with applicable state securities or “blue sky” laws has been effected or a
valid exemption exists with respect thereto. The Company will respond to any such notice from the Payee within five (5) Business Days from receipt of such notice. In the case of any proposed transfer under this Section 4, the
Company will use reasonable efforts to comply with any such applicable state securities or “blue sky” laws, but shall in no event be required, (x) to qualify to do business in any state where it is not then qualified, (y) to take
any action that would subject it to tax or to the general service of process in any state where it is not then subject, or (z) to comply with state securities or “blue sky” laws of any state for which registration by coordination is
unavailable to the Company. Whenever a certificate representing the Conversion Shares is required to be issued to the Payee without a legend, in lieu of delivering physical certificates representing the Conversion Shares, the Company shall cause its
transfer agent to electronically transmit the Conversion Shares to the Payee by crediting the account of the Payee’s Prime Broker with the Depository Trust and Clearing Company through its Deposit/Withdrawal at Custodian
(“DWAC”) system so long as the Company’s transfer agent is participating in the DWAC system. 

  
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 (iv) Except as otherwise expressly provided herein, the conversion of this Convertible
Note shall be deemed to have been effected as of the close of business on the date on which the Payee gives notice of the conversion to the Company and surrenders this Note (in the event of an automatic or voluntary conversion in full). At such
time as such conversion has been effected, the rights of the Payee of this Convertible Note as the Payee of that portion of the Convertible Note so converted shall cease. 
 (v) As soon as possible after a conversion has been effected (but in any event within ten (10) Business Days of all legal requirements for the issuance of said Conversion Shares having been
met), the Company shall deliver to the Payee a certificate or certificates representing the number of Conversion Shares issuable by reason of such conversion in the name of the Payee. 

(vi) The issuance of certificates for Conversion Shares shall be made without charge to the holder hereof for any issuance tax in
respect thereof or other cost incurred by the Company in connection with such conversion and the related issuance of shares of Common Stock. Upon conversion of this Convertible Note, the Company shall take all such actions as are necessary in
order to insure that the Conversion Shares shall be validly issued, fully paid and nonassessable. 
 (vii) The Company
shall not close its books against the transfer of Common Stock issued or issuable upon conversion of this Convertible Note in any manner which interferes with the timely conversion of this Convertible Note, unless required by applicable law.

 (viii) The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of issuance upon conversion hereunder, such number of Conversion Shares issuable upon conversion in full of this Convertible Note. All shares of such capital stock which are so issuable shall, when issued, be duly
and validly issued, fully paid and nonassessable and free from all taxes, liens and charges. The Company shall take all reasonable actions necessary to assure that all such Common Stock may be so issued without violation of any applicable law
or governmental regulation. 
 5. Conversion Price Protection. Until the Note has been paid in full or converted in full, the
Conversion Price shall be subject to adjustment from time to time as follows (but shall not be increased, other than pursuant to Section 5(i) hereof): 
 (i) If the Company shall at any time or from time to time after the issuance date of this Convertible Note, effect a stock split of the outstanding Common Stock, the applicable Conversion Price in effect
immediately prior to the stock split shall be proportionately decreased. If the Company shall at any time or from time to time after the Issuance Date, combine the outstanding shares of Common Stock, the applicable Conversion Price in effect
immediately prior to the combination shall be proportionately increased. Any adjustments under this Section 5(i) shall be effective at the close of business on the date the stock split or combination occurs. 

(ii) If the Company shall at any time or from time to time make or issue or set a record date for the determination of holders of Common
Stock entitled to receive a dividend or 

  
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other distribution payable in shares of Common Stock, then, and in each event, the applicable Conversion Price in effect immediately prior to such event shall be decreased as of the time of such
issuance or, in the event such record date shall have been fixed, as of the close of business on such record date, by multiplying each of the applicable Conversion Price then in effect by a fraction: 

(A) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to
the time of such issuance or the close of business on such record date; and 
 (B) the denominator of which shall
be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or
distribution. 
 (iii) If the Company shall at any time or from time to time, make or issue or set a record date for the
determination of holders of Common Stock entitled to receive a dividend or other distribution payable in securities of the Company or any other Person other than shares of Common Stock, then, and in each event, an appropriate revision to the
applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the holders of this Convertible Note shall receive upon conversions thereof, in addition to the number of shares of
Common Stock receivable thereon, the number of securities of the Company or other issuer (as applicable) which they would have received had this Convertible Note been converted into Common Stock on the date of such event and had thereafter, during
the period from the date of such event to and including the conversion date, retained such securities (together with any distributions payable thereon during such period), giving application to all adjustments called for during such period under
this Section 5(iii) with respect to the rights of the holders of this Convertible Note; provided, however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully
made on the date fixed therefor, the Conversion Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions. 
 (iv) If the Common Stock issuable upon conversion of this Note at any time or from time to time after the Issuance Date shall be changed to the same or different number of shares of any class or classes
of stock, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split or combination of shares or stock dividends provided for in Sections 5(i), (ii) and (iii), or a reorganization, merger,
consolidation, or sale of assets provided for in Section 5(v)), then, and in each event, an appropriate revision to the Conversion Price shall be made and provisions shall be made (by adjustments of the Conversion Price or otherwise) so that
the Payee shall have the right thereafter to convert this Note into the kind and amount of shares of stock and other securities receivable upon reclassification, exchange, substitution or other change, by holders of the number of shares of Common
Stock into which such Convertible Note might have been converted immediately prior to such reclassification, exchange, substitution or other change, all subject to further adjustment as provided herein. 

6. Seniority. Except for (A) indebtedness that pursuant to its terms is expressly subordinate to this Note in payment and priority,
(B) trade payables incurred in the ordinary course of business, (C) purchase money secured indebtedness for equipment or inventory 

  
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secured only by the equipment or inventory purchased with the proceeds of such indebtedness, (D) unsecured and subordinate indebtedness to, or unsecured and subordinate working capital
guarantees provided by, the Export Import Bank of the United States (the “EXIM Bank”), or if required by the EXIM Bank in accordance with its loan underwriting, such indebtedness or guarantees secured only by the receivable financed
by the EXIM Bank with the proceeds of such indebtedness, (E) indebtedness evidenced by (i) the promissory note dated February 19, 2010 issued to RBC Capital Markets- Custodian of Leonard Samuels IRA (as amended) in the principal
amount of $620,000, and (ii) the promissory note from the Company to Bruce Mora in the initial aggregate principal amount of approximately $50,000 (which shall be repaid in full on or prior to March 25, 2011), the Company shall not issue
or permit to exist any obligation for borrowed money. 
 7. Method of Payments. 

(i) Payment. Company will pay all sums for principal and interest, becoming due on this Convertible Note held by the
Payee not later than 5:00 p.m. Eastern Standard Time, on the date such payment is due, in immediately available funds, in accordance with reasonable payment instructions that the Payee may designate in writing, without the presentation or surrender
of such Convertible Note or the making of any notation thereon. Any payment made after 5:00 p.m. Eastern Standard Time, on a Business Day will be deemed made on the next following Business Day. If the due date of any payment in respect of
this Convertible Note would otherwise fall on a day that is not a Business Day, such due date shall be extended to the next succeeding Business Day. 
 (ii) Transfer and Exchange. Upon surrender of this Convertible Note for registration of transfer or for exchange to the Company at its principal office, the Company at its sole expense
will execute and deliver in exchange therefore a new Convertible Note or Convertible Notes, as the case may be, as requested by the Payee, which aggregate the unpaid principal amount of such Convertible Note, dated so that there will be no loss of
interest on the Convertible Note and otherwise of like tenor. The issuance of new Convertible Notes shall be made without charge to the holder(s) of the surrendered Convertible Note for any issuance tax in respect thereof or other cost incurred by
the Company in connection with such issuance. Notwithstanding any provision of this Convertible Note to the contrary, this Convertible Note may be transferred by Payee (or any Person taking from Payee) to any other Person without prior written
approval of the Company so long as such transferee agrees in writing to be bound by all the terms and provisions of this Note and the Exchange Agreement. 
 (iii) Replacement. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Convertible Note and, in the case of any such loss,
theft or destruction of any Convertible Note, upon receipt of an indemnity reasonably satisfactory to the Company or, in the case of any such mutilation, upon the surrender and cancellation of such Convertible Note, the Company, at its expense, will
execute and deliver, in lieu thereof, a new Convertible Note of like tenor and dated the date of such lost, stolen, destroyed or mutilated Convertible Note. 
 8. Consolidation, Merger and Sale. During the term of the Convertible Note, Company will not (a) consolidate or merge with or into (or permit any subsidiary to consolidate or merge with
or into) any other person without requiring said consolidation or merger be coincident with 

  
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the repayment of this Convertible Note, (b) sell or otherwise dispose of (or permit any subsidiary to sell or otherwise dispose of) substantially all of its property or assets in one or more
transactions to, any other person or entity without requiring said sale or disposal be coincident with the repayment of this Convertible Note. 

9. Conversion Restriction. Except as set forth in Section 3 hereof, at no time may the Payee convert all or a portion of this Convertible
Note if the number of shares of Common Stock to be issued pursuant to such conversion, when aggregated with all other shares of Common Stock owned by the Payee at such time, would result in the Payee beneficially owning (as determined in accordance
with Section 13(d) of the Exchange Act and the rules thereunder) in excess of 9.99% of the then issued and outstanding shares of Common Stock outstanding at such time (the “9.99% Threshold”); provided, however,
that upon the Payee providing the Company with at least 61 days’ prior written notice that the Payee waives the limitations contained in this Section 9 with regard to any or all shares of Common Stock issuable upon conversion of this Note,
this Section 9 shall be of no force or effect with regard to all or a portion of the Convertible Note referenced in such notice. 

10. Events of Default. If any of the following events take place (each, an “Event of Default”), Payee shall provide the
Company with written notification describing in reasonable detail the Event of Default whereupon the Company shall have fifteen (15) days from receipt thereof to cure such default (unless a shorter period is specified below) and if the Company
fails to cure said default within the foregoing period the Payee, at its option, may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Convertible Note immediately due and payable:

  

	 	(i)	a receiver, liquidator or trustee of the Company or any substantial part of the Company’s assets or properties is appointed by a court order; or

  

	 	(ii)	the Company is adjudicated bankrupt or insolvent; or 

  

	 	(iii)	any of the Company’s property is sequestered by or in consequence of a court order and such order remains in effect; or 

 

	 	(iv)	the Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to
the filing of any petition against it under such law, or 

  

	 	(v)	any petition against the Company is filed under bankruptcy, receivership or insolvency law and said petition is not vacated; or 

 

	 	(vi)	the Company makes a formal general assignment for the benefit of its creditors or consents to the appointment of a receiver or liquidator of the Company for all or
substantially all of its property; or 

  

	 	(vii)	the Company dissolves, liquidates or ceases all or substantially all business activity other than in the ordinary course of business; or 

  
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	 	(viii)	the Company breaches any material covenant or agreement on its part contained in this Convertible Note, the Exchange Agreement or the Warrants; or

  

	 	(ix)	the Company shall fail to make any payment of principal or interest hereunder on the date such payment is due; or 

 

	 	(x)	the Common Stock shall be suspended from listing, without subsequent listing on any one of, or the failure of the Common Stock to be listed or quoted on at least one of
the OTC Bulletin Board, the American Stock Exchange, the Nasdaq Global Market, the Nasdaq Capital Market or The New York Stock Exchange, Inc. for a period of ten or more (10) consecutive Business Days; or 

 

	 	(xi)	the Company’s notice to the Payee, including by way of public announcement, at any time, of its inability to comply or its intention not to comply with conversions
of this Convertible Note into shares of Common Stock; or 

  

	 	(xii)	the Company shall fail to timely deliver the shares of Common Stock upon conversion of the Convertible Note, which failure is not remedied within ten (10) Business
Days after the incurrence thereof; or 

  

	 	(xiii)	the Company shall (A) default in any payment of any amount or amounts of principal of or interest on any indebtedness (other than the indebtedness hereunder) the
aggregate principal amount of which indebtedness is in excess of $100,000 or (B) default in the observance or performance of any other agreement or condition relating to any indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or beneficiaries of such indebtedness
to cause with the giving of notice if required, such indebtedness to become due prior to its stated maturity; or 

  

	 	(xiv)	the Company shall fail to comply with its obligations under the Securities Amendment and Exchange Agreement or the Warrants (as defined in the Exchange Agreement).

 11. Definitions. 
 “Business Day” means a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their activities. 

“Conversion Shares” with respect to the shares of Common Stock issuable upon conversion of the Convertible Note.

  
 - 8 -

 “Person” means any person or entity of any nature whatsoever, specifically
including an individual, a firm, a company, a corporation, a partnership, a limited liability company, a trust or other entity. 

12. Amendment and Waiver. The provisions of this Convertible Note may not be modified, amended or waived, and the Company may not take
any action herein prohibited, or omit to perform any act herein required to be performed by it, without the written consent of the Payee and the Company. 
 13. Remedies Cumulative. No remedy herein conferred upon the Payee is intended to be exclusive of any other remedy and each and every such remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. 

14. Remedies Not Waived. No course of dealing between the Company and the Payee or any delay on the part of the Payee in exercising any
rights hereunder shall operate as a waiver of any right of the Payee. 
 15. Assignments. The Payee may assign, participate,
transfer or otherwise convey this Convertible Note and any of its rights or obligations hereunder or interest herein to any Person that the Company consents to (such consent not to be unreasonably withheld or delayed), and this Convertible Note
shall inure to the benefit of the Payee’s successors and assigns; provided, however, (i) no transferee of the Note shall be a competitor (as determined in the reasonable discretion of the Board of Directors of the Company) of the
Company and (ii) any transferee of the Note shall agree in writing to be bound as a holder to the terms and conditions of this Note and the provisions of Section 17 of the Exchange Agreement. The Company shall not assign or delegate
this Convertible Note or any of its liabilities or obligations hereunder without the prior written consent of the Payee. This Convertible Note, and any note issued in exchange or substitution therefor, shall bear a legend as to the applicable
restrictions on transferability under applicable securities laws. 
 16. Headings. The headings of the sections and paragraphs
of this Convertible Note are inserted for convenience only and do not constitute a part of this Convertible Note. 

17. Severability. If any provision of this Convertible Note is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Convertible Note will remain in full force and effect. Any provision of this Convertible Note held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or
unenforceable. 
 18. Cancellation. After all principal and accrued interest at any time owed on this Convertible Note have
been paid in full, or this Convertible Note has been converted in full, this Convertible Note will be deemed cancelled, shall be surrendered by the Payee to the Company and will not be reissued. 

19. Place of Payment and Notices. Payment of principal and interest is to be delivered to the Payee at the address first written above,
or at such other address as the Payee has specified by prior written notice Company. Any notice, demand, request, waiver or other communication 

  
 - 9 -

 
required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery, telecopy or facsimile (with confirmation of receipt) at the address or number
as set forth in the Exchange Agreement, or such other address or facsimile number as the Company shall have furnished to Payee in writing or (b) on the second business day following the date of mailing by express overnight courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. 
 20. Submission to
Jurisdiction. Any legal action or proceeding with respect to this Convertible Note shall be brought in the courts of the State of New York or of the United States of America sitting in Manhattan, New York, and, by execution, delivery and
acceptance of this Convertible Note, both the Company and Payee hereby accept for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. 

(i) The Company and Payee hereby irrevocably waive, in connection with any such action or proceeding, any objection, including, without
limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which they may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdictions. 

(ii) Nothing herein shall affect the right of the Payee or Company to serve process in any other manner permitted by law. 

21. Usury. In the event any interest is paid on this Convertible Note which is deemed to be in excess of the then legal maximum rate, then that
portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Convertible Note. 

22. Registration. The Company shall, in connection with the Qualified Offering, use reasonable efforts to include the Payee’s securities in
such offering, provided the Payee accepts the terms of the of the underwriting as agreed upon between the Company and the underwriters selected by it, and then only in such quantities as the underwriters determine in their reasonable discretion,
will not jeopardize the success of the offering by the Company. 
 23. GOVERNING LAW. ALL ISSUES AND QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS CONVERTIBLE NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR
PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has executed and delivered this Amended and Restated
Convertible Promissory Note on the date first written above. 
  

			
	DAIS ANALYTIC CORPORATION
		
	By:	 	     /s/ Timothy N. Tangredi

		 	Name: Timothy N. Tangredi
		 	Title:    President & CEO

 [Amended and Restated Convertible Promissory Note to Platinum-Montaur Life Sciences, LLC]

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